TCREUR_Public/050426.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, April 26, 2005, Vol. 6, No. 81

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: Suspending Hellas Flights to Save Money


G E R M A N Y

AGIV REAL: IVG Immobilien Interested in Main Subsidiary
BUCHER AM BISMARCKPLATZ: Under Bankruptcy Administration
BRUCKMAIER + MAIRHOFER: Creditors' Claims Due Later this Month
CONTRANS LOGISTIK: Court Appoints Heiko Fialski Administrator
DAIMLERCHRYSLER AG: Sale of debis AirFinance Stake Forthcoming

DIMEX AGRARPRODUKTE: Cologne Court Stays All Pending Lawsuits
ELLINIKON GMBH: Court to Verify Claims June
FRIEDL WOHNBAU: Creditors to Meet Mid-May
GRAPHIX GMBH: Calls First Creditors Meeting
GZ SYSTEMTECHNIK: Creditors Have Until May to File Claims

HAWE HASBERG: Proofs of Claim Due Next Month
HEINRICH HACKENBUCHNER: Administrator's Report Out June
HEYER HAUSBAU: Creditors May File Claims Until May 20
IBK IMMOBILIENKONZEPTE: Sets Creditors Meeting June
IVG IMMOBILIEN: Creditors to Meet in Two Months

KLEIDERFABRIK KIMMICH: Under Bankruptcy Administration
KLOECKNER & CO.: Gets Senior Implied Rating of 'B1' from Moody's
KONIGHOLZ GMBH: Claims Verification Set Third Week of May
LUCKEMEIER GMBH: Creditors Have Until June to File Claims
OSTERWALD SPORTBODEN: Court Appoints Interim Administrator
SCHAFER & PARTNER: Proofs of Claim Due Next Month


I T A L Y

CIRIO FINANZIARIA: Bidders Balk at Del Monte's Price
LUCCHINI SPA: Severstal Takes Majority Control


L U X E M B O U R G

THIEL LOGISTIK: Moody's Revises Outlook to Negative


N E T H E R L A N D S

HEAD N.V.: Ships Bulk of Racquet Production to China


R U S S I A

AGRO-RUS: Gives Creditors Until Next Month to File Claims
CHITINSKIY MACHINE-TOOL: Under Bankruptcy Supervision
ELECTRO-CABLE: Declared Insolvent
FORA-GAS-PROM: Kaluga Court Appoints Insolvency Manager
KRASNOVIDOVSKOYE: Bankruptcy Hearing Resumes June

NEW MEDICAL: Deadline for Proofs of Claim May 19
NOVOCHERKASSKIY: Applies for Bankruptcy Proceedings
NURLAT-OKTYABRSKIY: Court Sets Bankruptcy Hearing July
OAO GAZPROM: Russia Calls off Rosneft Merger
REPAIR-BUILDING ENTERPRISE: Falls into Bankruptcy

SOVETSKAYA: Undergoes Bankruptcy Supervision Procedure
YUKOS OIL: Khodorkovsky Verdict Out this Week
YUKOS OIL: Still No Takers for Board Seats


T U R K E Y

VESTEL ELEKTRONIK: Rating Raised to 'B+' on Improved Liquidity


U N I T E D   K I N G D O M

ACCURACY GROUP: Creditors Meeting Set Next Week
AHC PRODUCTIONS: Members Pass Winding-up Resolution
AIR CARE: In Administrative Receivership
ANCHOR COMMERCIAL: Liquidators from P&A Partnership Move in
ANGLO EASTERN: Hires Maurice J. Bushell & Co. as Liquidator

A R DIBLEY: Members Decide to Wind up Firm
AVO TECHNICAL: Members Final Meeting Set Later Next Month
BARNSLEY INVESTMENTS: Final General Meeting Set May
BASEBUY LTD.: Hires Joint Administrators from BDO Stoy Hayward
BERRY KING: Members Call in Liquidator from Baker Tilly

BIGBEN INTERACTIVE: Business for sale
BLAKES OPTICAL: Calls in Liquidators
BRINDLE FINE: Opts for Liquidation
CAPULET LIMITED: Final General Meeting Set Last Week of May
CATHAY DEVELOPMENTS: Members Meeting Set Third Week of May

CONSUMER REDUCTION: Names Antony Batty & Company Administrator
COWELLS INDUSTRIAL: Final Creditors Meeting Set Last Week of May
DEEMLIGHT LIMITED: Sets Creditors Meeting May
GLASS SHOP: Names Kroll Limited Administrator
HHG PLC: Renames Henderson Group

IRONDEEP LIMITED: Creditors Meeting Set Late June
KINGS PATENT: Members Decide to Wind up Firm
LIFE SUPPORT: Winding-up Report Out Next Month
LOUIS PROCTOR: Members Final Meeting Set Next Month
MG ROVER: E.U. Comes to the Rescue of West Midlands

MG SPORTS: Race for Acquisition Begins
MITCHAM MOTORS: Appoints Chantrey Vellacott DFK Administrator
OCTEL CORPORATION: Chief Executive Officer Resigns
PERSEVERANCE MILLS: For Sale as Going Concern
PTW HOLDINGS: Calls in Administrators from Grant Thornton

RAMCO ENERGY: Shares Drop After Sale Talks Ended
SFI GROUP: Ex-Laurel Pub CEO into 2nd Round of Bidding
SHERRIFFS OF KINGSBRIDGE: Biscuit Factory Enters Administration
SILBURY 278: Names Liquidators from Elwell Watchorn & Saxton
STEEL CONSTRUCTION: Meeting Set May

STOCKTON PLANT: Joint Liquidators to Present Report Late June
STONEYGATE 179: Names Liquidator from GCP
TURNER & NEWALL: Pension Fund Cost Weighs on Parent's Book
WHITEHEAD MANN: EGM Approves GBP13.1 Mln Share Issuance
WINTON CAVEN: Plastic Producer Calls Administrator from KPMG

* Large Companies with Insolvent Balance Sheets


                            *********


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


CYPRUS AIRWAYS: Suspending Hellas Flights to Save Money
-------------------------------------------------------
Loss-making national carrier Cyprus Airways (CAIR) will suspend
Hellas Jet flights beginning May 10, Reuters says.

In a statement to the local stock exchange, CAIR said: "This
decision was taken because market conditions are not favorable
for an implementation of [Hellas'] business strategy."

According to executives, the Greek subsidiary is losing EUR1.5
million a month, adding to the problems at CAIR.  Routes affected
by the suspension are those going to Brussels, Manchester, London
Heathrow and Paris.  CAIR is currently implementing cost
reduction and waiting for the approval of the European Commission
on a key government loan.

The carrier recently strengthened its foothold in Hellas by
exercising a call option to purchase the 25% stake held by AEF
European Capital Investment B.V.  The move allowed CAIR to fully
owned Hellas Jet, after increasing its holdings from 75% to 100%.

CAIR had previously sought buyers for Hellas Jet to repair its
tattered finances and return to profitability.  Subsequent
offers, however, failed to satisfy CAIR.  CAIR created Hellas Jet
in 2003 to cater to a large number of passengers coming to Athens
for the 2004 Olympic games.

Cyprus Airways has been posting losses in recent years, booking
CYP33.5 million in net loss for 2004.  The carrier attributed
last year's huge loss to the liberalization of air transport,
high fuel prices and costly fleet renewal.  In December 2004, the
carrier revealed a CYP60 million financing requirement to meet
short-term and long-term needs.

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


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


AGIV REAL: IVG Immobilien Interested in Main Subsidiary
-------------------------------------------------------
IVG Immobilien, one of Europe's largest real estate groups, is
reportedly planning to take over insolvent rival Agiv Real
Estate, Borsen Zeitung says.

IVG is also reportedly interested in acquiring Agiv's subsidiary
Deutsche Real Estate, which owns commercial properties valued at
EUR500 million.  Spokespersons for both groups declined to
comment on the matter.

Agiv recently announced it might demand EUR200 million in
compensation from banks involved in its merger with HBAG Real
Estate three years ago.  Agiv's targets are Germany's largest
bank, Deutsche Bank, and BHF-Bank, which belong to private bank
Sal. Oppenheim.

The district court of Hamburg launched bankruptcy proceedings
against Agiv Real Estate in February and appointed Reinhard Titz
provisional administrator.  Energy company EnBW holds a 14.2%
stake in Agiv while investment firm WCM controls 7%.  Two
families own roughly 14% of Agiv while 53% of the real estate
group is in free float.

CONTACT:  AGIV REAL ESTATE AG
          Warburgstrasse 50
          D-20354 Hamburg
          Phone: +49-40 4 15 26-0
          Fax: +49-40 4 15 26-199
          Web site: http://www.agiv.de

          Reinhard Titz, Provisional Administrator
          Speersort 4-6
          20095 Hamburg

          IVG Immobilien AG
          Zanderstrasse 5-7
          53177 Bonn
          Phone: +49-228-844-0
          Fax: +49-228-844-107
          Web site: http://www.ivg.de


BUCHER AM BISMARCKPLATZ: Under Bankruptcy Administration
--------------------------------------------------------
The district court of Heidelberg opened bankruptcy proceedings
against Bucher am Bismarckplatz GmbH on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 9, 2005 to
register their claims with court-appointed provisional
administrator Jurgen Dernbach.

Creditors and other interested parties are encouraged to attend
the meeting on June 17, 2005, 9:00 a.m. at the district court of
Heidelberg, 69115 Heidelberg, Kurfurstenanlage 21, EG, Saal 12
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this meeting,
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  BUCHER AM BISMARCKPLATZ GMBH
          Sofienstr. 3, 69115 Heidelberg
          Contact:
          Hans-Jurgen Kleiss, Manager

          Jurgen Dernbach, Administrator
          Im Breitspiel 9, 69126 Heidelberg
          Phone: 06221/31130
          Fax: 06221/311311


BRUCKMAIER + MAIRHOFER: Creditors' Claims Due Later this Month
--------------------------------------------------------------
The district court of Landshut opened bankruptcy proceedings
against Bruckmaier + Mairhofer Heizung Sanitar GmbH on April 1,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until April 29,
2005 to register their claims with court-appointed provisional
administrator Matthias Riemer.

Creditors and other interested parties are encouraged to attend
the meeting on May 20, 2005, 8:55 a.m. at the district court of
Landshut, Insolvenzgericht, Maximilianstrasse 22-24 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:  BRUCKMAIER + MAIRHOFER HEIZUNG SANITAR GMBH
          Heraklithstr. 10
          84359 Simbach am Inn

          Matthias Riemer, Administrator
          Bayerwaldstrasse 57
          84030 Landshut
          Phone: 0871/4307593
          Fax: 0871/4307595


CONTRANS LOGISTIK: Court Appoints Heiko Fialski Administrator
-------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against ConTrans Logistik & Service GmbH on March 31.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 27, 2005 to
register their claims with court-appointed provisional
administrator Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 10:00 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122d, 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:  CONTRANS LOGISTIK & SERVICE GMBH
          Halskestrasse 50, 22113 Hamburg
          Contact:
          Wilfried Krohm, Manager

          Heiko Fialski, Administrator
          Raboisen 38, 20095 Hamburg
          Phone: 33446-0
          Fax: 33446-111


DAIMLERCHRYSLER AG: Sale of debis AirFinance Stake Forthcoming
--------------------------------------------------------------
The sale of DaimlerChrysler AG's 45 percent stake in debis
AirFinance to Cerberus Capital Management LP is underway, The
Wall Street Journal said Monday.

A DaimlerChrysler spokesman admitted Sunday the company is "in
the process of" selling its debis stake to Cerberus, but the
value of the deal remains unclear.  A person privy to the
transaction said the financing firm could be valued at more than
US$1 billion, or about EUR765 million.

Another source noted the deal is not a result of the pressures on
the firm's Mercedes venture, citing the financial services arm's
efforts to focus on automotive leasing.  The source also stressed
the company aims to take advantage of the improved conditions in
the aviation business outside the U.S. lately.  German banks
Bayerische Landesbank, HypoVereinsbank AG and the Dresdner Bank
AG unit of Allianz AG also own stakes in debis, with 15 percent
each, while DZ Bank AG controls 10 percent.

Earlier this month, DaimlerChrysler Chief Executive Juergen
Schrempp and top managers came under heavy fire from disgruntled
shareholders.  At the company's annual meeting, investors blasted
Mr. Schrempp's poor performance and grumbled about the problems
hounding the carmaker, which involved last month's biggest-ever
car recall and news of hefty charges to restructure the
loss-making Smart minicar brand.

"Shareholders' patience is exhausted," Klaus Kaldemorgen, of
German fund manager DWS, declared at the annual meeting.  He
scoffed at Mr. Schrempp's self-proclaimed ability to master
difficult situations, adding management has put the flagship
Mercedes brand at risk by allowing quality to lag badly.

CONTACT:  DAIMLERCHRYSLER AG
          70546 Stuttgart, Germany
          Phone: +49 711 17 0
          Fax: +49 711 17 22244
          Web site: http://www.daimlerchrysler.com


DIMEX AGRARPRODUKTE: Cologne Court Stays All Pending Lawsuits
-------------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Dimex Agrarprodukte IM- und Exporthandelsgesellschaft mbH
on April 1, 2005.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
June 1, 2005 to register their claims with court-appointed
provisional administrator Dr. Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 11:20 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne 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:  DIMEX AGRARPRODUKTE IM-UND EXPORTHANDELSGESELLSCHAFT
          MBH
          Zeissstrasse 32
          50171 Kerpen
          Contact:
          Helmut Uwe Mann, Manager
          von Groote Strasse 4
          53332 Bornheim

          Dr. Jorg Nerlich, Administrator
          Aachener Str. 563-565
          50933 Cologne
          Phone: 0221/ 940 80 30
          Fax: +492219408039


ELLINIKON GMBH: Court to Verify Claims June
-------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Ellinikon GmbH on March 30.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 20, 2005 to register their claims with
court-appointed provisional administrator Dr. Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting on June 21, 2005, 11:15 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122d, 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:  ELLINIKON GMBH
          Hammerbrookstrasse 43, 20097 Hamburg
          Contact:
          Margarita Siouzou, Manager

          Dr. Achim Ahrendt, Administrator
          Albert Einstein Ring 11/15, 22761 Hamburg
          Phone: 899560
          Fax: 8995610


FRIEDL WOHNBAU: Creditors to Meet Mid-May
-----------------------------------------
The district court of Landshut opened bankruptcy proceedings
against Friedl Wohnbau GmbH on April 1, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 20, 2005 to register their
claims with court-appointed provisional administrator Dr. Petert
May.

Creditors and other interested parties are encouraged to attend
the meeting on May 13, 2005, 8:15 a.m. at the district court of
Landshut, Insolvenzgericht, Maximilianstrasse 22-24 at which time
the administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on July 22, 2005, 8:15 a.m. while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  FRIEDL WOHNBAU GMBH
          Alte Regensburger Str. 60
          84030 Landshut

          Dr. Peter May, Administrator
          Bachstr. 6
          84036 Landshut
          Phone: 0871/94321-0
          Fax: 0871/9432150


GRAPHIX GMBH: Calls First Creditors Meeting
-------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
graphiX GmbH on April 5.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until May 27, 2005 to register their claims with
court-appointed provisional administrator Markus Lehmkuhler.

Creditors and other interested parties are encouraged to attend
the meeting on July 4, 2005, 2:00 p.m. at the district court of
Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 2.
Stock, Saal S 2.22, 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:  GRAPHIX GMBH
          Rochusstrasse 230-234, 53123 Bonn
          Contact:
          Desiree Gorrissen, Manager
          Dietmar Hallmann, Manager
          Am Blauen See 12, 53639 Konigswinter

          Markus Lehmkuhler, Administrator
          Wilhelmstr. 40, 53111 Bonn
          Phone: 0228/92 66 60
          Fax: 92 66 699


GZ SYSTEMTECHNIK: Creditors Have Until May to File Claims
---------------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against GZ Systemtechnik GmbH on March 30.  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 Dr. Helmut.

Creditors and other interested parties are encouraged to attend
the meeting on June 2, 2005, 11:15 a.m. at the district court of
Heilbronn, 74072 Heilbronn, Rollwagstr. 10 A, Erdgeschoss, Saal 4
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this meeting,
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  GZ SYSTEMTECHNIK GMBH
          Starenweg 6, 74354 Besigheim

          Dr. Helmut Hemmerling, Administrator
          Talstr. 108, 70188 Stuttgart


HAWE HASBERG: Proofs of Claim Due Next Month
--------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against HAWE Hasberg Fenster und Rolladen GmbH on April 5.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 27, 2005 to
register their claims with court-appointed provisional
administrator Caroline Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting on July 12, 2005, 8:30 a.m. at the district court of
Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070
Aachen, II. Etage, Zimmer 21, at which time the administrator
will present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  HAWE HASBERG FENSTER UND ROLLADEN GMBH
          Morschenicher Strasse 42, 52399 Merzenich
          Contact:
          Magdalena Hasberg Weber, Manager
          Morschenicher Strasse 42, 52399 Merzenich

          Caroline Schmitz, Administrator
          Waisenhausstr. 3, 52349 Duren
          Phone: 02421/20908-0
          Fax: 02421/20908-18


HEINRICH HACKENBUCHNER: Administrator's Report Out June
-------------------------------------------------------
The district court of Landshut opened bankruptcy proceedings
against Heinrich Hackenbuchner GmbH & Co. Betriebs KG on April 1,
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 Matthias Dieckmann.

Creditors and other interested parties are encouraged to attend
the meeting on June 2, 2005, 9:10 a.m. at the district court of
Landshut, Insolvenzgericht, Maximilianstrasse 22-24 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 HACKENBUCHNER GMBH & CO. BETRIEBS KG
          St.-Georgen 2
          84378 Dietersburg

          Matthias Dieckmann, Administrator
          Gute Anger 11
          85356 Freising
          Phone: 08161/988110
          Fax: 08161/82472


HEYER HAUSBAU: Creditors May File Claims Until May 20
-----------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against Heyer Hausbau GmbH on March 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 20, 2005 to register their
claims with court-appointed provisional administrator Jochen
Horch.

Creditors and other interested parties are encouraged to attend
the meeting on June 16, 2005, 10:30 a.m. at the district court of
Heilbronn, 74072 Heilbronn, Rollwagstr. 10 A, Erdgeschoss, Saal 4
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this meeting,
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  HEYER HAUSBAU GMBH
          Contact:
          Torsten Heyer, Manager
          Hohenloher Str. 1, 74172 Neckarsulm

          Jochen Horch, Administrator
          Wilhelmstr. 23, 74072 Heilbronn


IBK IMMOBILIENKONZEPTE: Sets Creditors Meeting June
---------------------------------------------------
The district court of Karlsruhe opened bankruptcy proceedings
against IBK Immobilienkonzepte und Beteiligungs AG on April 1,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until May 17,
2005 to register their claims with court-appointed provisional
administrator Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting on June 7, 2005, 11:00 a.m. at the district court of
Karlsruhe, Schlossplatz 23, 76131 Karlsruhe at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  IBK IMMOBILIENKONZEPTE UND BETEILIGUNGS AG
          Bulacher Str. 70
          76275 Ettlingen

          Ottmar Hermann, Administrator
          Bleichstr. 2-4
          60313 Frankfurt a. Main
          Phone: 069/9130920


IVG IMMOBILIEN: Creditors to Meet in Two Months
-----------------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against IVG Immobilien Vermogensgesellschaft mbH on April 1.
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 Stefan Roth.

Creditors and other interested parties are encouraged to attend
the meeting on June 27, 2005, 10:15 a.m. at the district court of
Mannheim, 68149 Mannheim, Schloss, Westflugel, 2. Stockwerk, Raum
232 at which time the administrator will present his first report
of the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this meeting,
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  IVG IMMOBILIEN VERMOGENSGESELLSCHAFT MBH
          Contact:
          Johannes Lappe, Manager
          Friedrich-Karl-Str. 14, 68165 Mannheim

          Stefan Roth, Administrator
          Bachstr. 5-7, 68165 Mannheim
          Phone: 0621/4400441


KLEIDERFABRIK KIMMICH: Under Bankruptcy Administration
------------------------------------------------------
The district court of Aschaffenburg opened bankruptcy proceedings
against Kleiderfabrik Kimmich GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 10, 2005 to register their
claims with court-appointed provisional administrator Nikolaus
Ackermann.

Creditors and other interested parties are encouraged to attend
the meeting on June 14, 2005, 10:35 a.m. at the district court of
Aschaffenburg (Nebenstelle), Schlossplatz 5, 63739 Aschaffenburg,
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:  KLEIDERFABRIK KIMMICH GMBH
          Obernburger Str. 53, 63811 Stockstad

          Nikolaus Ackermann, Administrator
          Friedrichstr. 19, 63739 Aschaffenburg
          Phone: 06021/368919
          Fax: 06021/3689249


KLOECKNER & CO.: Gets Senior Implied Rating of 'B1' from Moody's
----------------------------------------------------------------
Moody's Investors Service assigned a B1 senior implied rating to
Kloeckner & Co. International GmbH, a holding company established
for the acquisition of Kloeckner & Co. AG and its businesses,
herein referred to as "Kloeckner" or "the group".  Moody's has
also assigned a provisional (P)B3 rating to the subordinated
secured bond at Kloeckner Investment S.C.A. and a Caa1 issuer
rating to Kloeckner & Co. International GmbH.

The outlook for the rating is positive.  This is the first time
Moody's has assigned a rating to Kloeckner.

Ratings Rationale

The B1 senior implied rating reflects:

(a) Kloeckner's relatively high leverage and limited equity in
    the capital structure;

(b) refinancing risk related to the bullet repayment of the bond
    since the debt amortization is structured in line with the
    expected relatively limited free cash flow generation of the
    company;

(c) contingent risks from litigation issues resulting from the
    prior ownership of Kloeckner by the Balli Group companies;
    and

(d) limited geographical reach into emerging markets.

Moody's ratings also consider:

(a) Kloeckner's leading European market share in steel
    distribution and its growing position in North America;

(b) the relative stability, particularly in comparison with the
    steel industry, of the group's cash flows and margins;

(c) the diversity of Kloeckner's customers, suppliers, products
    and geographies;

(d) anticipation of further outsourcing of steel distribution in
    Europe;

(e) the group's know-how with regard to supply chain management
    and logistics processes; and

(f) experienced management having achieved significant cost
    savings and potential for further savings from coordination
    of group shared services.

In addition to the limited repayment capacity and requirements of
the group, Moody's regards the risk from ongoing litigation
issues to be an important consideration in assigning the senior
implied rating at the B1 category.  The positive rating outlook
reflects Moody's expectation that the successful resolution of an
ongoing lawsuit relating to the Balli case, which appears likely
but not definitive at this time, would eliminate the broader
uncertainties raised by this dispute and result in the
qualitative financial risk profile improving as a result of the
elimination of this contingent exposure.

Transaction Overview

In March 2005 a private equity fund, managed and advised by
Lindsay Goldberg & Bessemer ("LGB", 92-93%) and the management of
Kloeckner (7-8%), closed the acquisition of 100% of Kloeckner and
its businesses, including the Swiss activities, for a total
consideration of EUR839 million in cash and assumed debt.

Due to 40% minority shareholdings, the Swiss subsidiary has (for
the purpose of a conservative analysis) only been treated as an
investment with the respective dividend payments accounted for as
other income within operating profit.

As Kloeckner uses the average price method to account for
inventory, its operating results from an accounting perspective
are affected by fluctuations in steel prices.  With increasing
steel prices the company therefore realizes a higher gross profit
margin, resulting in windfall profits, until the average
inventory prices rise to the market price level.  When steel
prices decline the opposite applies and the group realizes
windfall losses.  Therefore, EBITDA less change in inventory
(rather than EBITDA) is considered to be a better indicator of
the recurring cash flow generation capacity of the business as it
mitigates, on an approximate basis, the accounting windfall
profit or loss created by rapid movements in steel prices.

The EUR250 million senior secured term loans and the EUR350
million subordinated secured notes made available to Kloeckner
will be used primarily to refinance existing indebtedness of
EUR381 million and to meet a portion of the equity purchase price
of EUR320 million, with the remaining undrawn revolving credit
facility used for seasonal working capital requirements and
general corporate purposes.  Cash equity of EUR218.6 million is
also part of the acquisition funding package.

In addition, the group intends to launch a EUR420 million
Asset-Backed Financing program, which, if successfully launched,
would lead to the early termination of EUR420 million of the
initial EUR520 million senior secured credit facility (term loans
A, B and C and EUR170 million of the EUR270 million revolving
credit facility) leaving the EUR100 million senior secured
revolving credit facility, as well as the possibility for
Kloeckner to pay out a special cash dividend of EUR50 million
within six months after the completion of the Acquisition,
provided that, among other things, the receivables securitization
in a minimum amount of EUR370 million has been completed.  The
group has not made a decision whether to use this option or not;
however, Moody's has factored the possibility of a special
dividend into its rating assessment.

Key Credit Risks

Moody's B1 senior implied rating reflects Kloeckner's relatively
high indebtedness with total debt-to-capitalization of 69.9% at
closing, on a pro forma basis.  Although pro forma net on-balance
sheet debt-to-EBITDA of 1.5x appears relatively conservative,
Moody's also makes adjustments to take into account the windfall
effects from the accounting method Kloeckner applies to
inventory.  The rating agency also factors into its consideration
the exceptional year experienced by the steel industry sector
during 2004.  Adjusting the EBITDA for changes in inventory, pro
forma net debt-to-EBITDA increases to 3.0x.  Adjusting the ratio
further by Pension provisions and operating lease commitments
according to Moody's methodology, pro forma net adjusted
debt-to-EBITDAR less inventory further increases to 4.6x.

If the Asset-Backed Securitization (ABS) transaction is placed
successfully, the group has the right to pay its shareholders a
special dividend of EUR50 million in light of the cheaper
refinancing of the ABS as compared to the classic term loans.  In
addition, the ABS program removes some of the most liquid assets
from the other creditors, although the coverage ratio on the
remaining assets for the creditors will improve.  Including a
dividend payment of EUR50 million, pro forma net adjusted
debt-to-EBITDAR less change in inventory will increase to 4.8x.
This level of leverage is projected to decrease gradually over
the course of the coming years.

The Balli Group that formerly owned the Kloeckner business has
commenced two lawsuits relating to the termination of the Balli
Group's interest in Kloeckner & Co. AG.  One of the lawsuits
alleges that WestLB, the vendor of the Kloeckner shares, did not
acquire valid title to the shares.  In the second lawsuit, Balli
seeks damages in excess of GBP200 million.  The basis of this
claim was in part that Kloeckner had acted to prevent a
refinancing of the acquisition debt whilst under a restructuring
agreement.  Based on discussions with Kloeckner's legal counsel,
Moody's acknowledges that the company regards their potential
exposure to an unfavorable outcome as quite low.  Moreover,
WestLB has agreed to indemnify the group against Balli-related
claims up to a maximum of EUR320 million.  Nevertheless, these
lawsuits are still in their early stages and it is very difficult
to predict the ultimate outcomes.

From an earlier sale of a Kloeckner entity (Kloeckner Steel
Trading) to Balli in 2000, Kloeckner has agreed to provide
guarantees for the loans of a special-purpose vehicle (SPV) set
up to cover overdue receivables of Kloeckner Steel Trading.  The
loan is due for repayment in October 2005.  Moody's has factored
this potential payment into the rating.

Kloeckner is exposed to price risk as it may not be able to pass
on steel producer price increases immediately to its customers
and has to maintain significant inventory levels.  However,
Moody's considers this risk to be low due to the high inventory
turnover levels (above five times per year).

Kloeckner does not have operations in the emerging markets of
Eastern Europe or Asia.  This leads to low growth assumptions
going forward, and vulnerability in the event of further slowdown
in the mature European economies; but even in a low growth
scenario with decreasing steel prices the group's leverage is
expected to improve, albeit at a slow pace.

The U.S. steel distribution market is very fragmented with the
top five players accounting for only approximately 17% of the
market despite ongoing consolidation.  With a market share of
only around 1% Kloeckner is not one of the top five players.
Main competitors are Ryerson Tull (6% market share, Moody's
rating B1), Worthington Industries Inc. (4%, Baa2), Reliance
(3%), and the services division of ThyssenKrupp (3%).  Moody's
assumes that to be successful in this market Kloeckner will have
to decide whether to grow externally or to exit the market.
However, both options give rise to increased risks related, on
the one hand, to potentially increasing leverage due to debt
financed acquisition or on the other hand due to a further
reduction in geographical diversification.  Moody's notes that
the group does not intend to undertake major acquisitions in the
short-to-medium term.  Moody's ratings therefore only factor in
the possibility of small bolt-on acquisitions.

Currently the entities in the respective countries are acting on
an independent basis; there is no central purchasing department
and no unified IT system for the whole group.  Kloeckner is in
the process of implementing a unified IT system throughout all
operating entities.  To date, this system has only been rolled
out in four European countries (including Germany).  In addition,
management plans to centralize purchasing functions in
Kloeckner's headquarters to increase purchasing power with its
suppliers.

Dependency on single suppliers is a cause for concern especially
at the single-country level.  In Europe the five largest
suppliers account for less than 50% of the group's purchased
volumes while in the U.S. just over 50% of volumes are sourced
from the top five suppliers.  There is a residual risk that in
the event of scarce steel supplies the distributors owned by the
steel mills could find it easier to have access to the volumes
needed; however, given Kloeckner's market share, this has not yet
occurred and such an event is not expected.

Key Credit Positives

Moody's B1 senior implied rating recognizes the position
Kloeckner holds with a leading 11% market share in steel
distribution in Europe and its position as the only
mill-independent major steel distributor.  The rating agency also
views favorably Kloeckner's geographic, product, and customer
diversity with its products being used across all manufacturing
sectors.  The primary customers are well diversified in different
industrial sectors and Kloeckner serves more than 200,000
customers with an average order size of less than EUR2,000.
These customer orders are often made at short notice, by
customers requiring the products just-in-time, requiring an
efficient logistics chain and strategically well-located
warehouses.  Customer concentration is very low with no customer
accounting for more than 1% of annual turnover.

Moody's considers the market's barriers to entry to be high
because the extensive distribution network is hard to replicate
and because of the diversity of offered products requiring high
levels of assets.  In addition, purchasing power against the
suppliers is high due to the importance of Kloeckner as a
customer of the established steel mills.

In contrast to the steel-manufacturing sector, the steel
distribution industry is characterized by relative stability of
margins.  During 2001-2003, when the steel industry faced a
difficult business environment, Kloeckner's EBITDA margins were
stable in a range of between 3.6% and 3.9%.  Moody's also notes
that the group's margins have been higher than those of its main
competitors in Europe.  The cash flow stability of the business
mitigates the risks related to the group's relatively highly
leveraged capital structure.

Moody's considers the management team to be experienced.
Cost-cutting measures have been successfully implemented
following the weaknesses especially in the German market from
2001 until 2003.

Moody's views Kloeckner's liquidity as sufficient to meet its
current operational and capital expenditure requirements.  After
closing of the EUR420 million ABS program, the group will have
access to a EUR100 million senior secured revolving credit
facility for working capital and general corporate purposes which
will be undrawn at the time of closing (EUR270 million in the
event the ABS transaction is not pursued) and availability of
between EUR35 million and 180 million under the ABS program
subject to the availability of eligible receivables, which follow
seasonal patterns.

Moody's notes that the bank loan is subject to financial
covenants that are considered to have sufficient headroom, and
the ABS transaction is subject to a cross-default clause with
regard to any senior debt facility coming due prematurely.  It is
assumed that the group will use its liquidity and cash available
to finance capital expenditures and meet its initially low
amortization schedule (nil in case of the successful
implementation of the ABS transaction) in light of its relatively
limited free cash flow generation.  However, this leaves the
group with the risk of either refinancing its ABS program after
five years or the bullet refinancing requirement of the different
term loans after eight and nine years and the bullet repayment of
the bond after 10 years.

Currency risk is limited to translation as Kloeckner usually
sources its supplies in the same currency region where the
products are being sold.

Structural Considerations

The revolving credit facility, and the senior term loan
facilities A, B and C of the EUR520 million syndicated bank loan
are all senior secured benefiting from guarantees from the main
operating companies of the group and certain material
subsidiaries as well as a first ranking fixed and floating
security over all the assets for each obligor.  The bank debt
facilities are made available to Kloeckner & Co. International
GmbH and its indirect operating subsidiaries.

In addition to being structurally subordinated to the senior
secured bank facility the High Yield Bond has only a second
ranked guarantee from Kloeckner's main operating companies and a
first ranking guarantee from the top-holding company, Multi Metal
Beteiligungs GmbH.

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

Company Summary

Headquartered in Duisburg, Germany, Kloeckner is one of the
world's leading multi-metal distributors with an emphasis on
steel and metal products for customized specifications requiring
value-added processing to more than 200,000 active customers in
Western Europe and Northern America.  The company generated
consolidated sales of EUR4.8 billion in 2004.

CONTACT:  MOODY'S DEUTSCHLAND GMBH
          Frankfurt
          Matthias Hellstern
          Vice President - Senior Analyst
          Corporate Finance Group
          For Journalists
          Phone: 44 20 7772 5456

          MOODY'S INVESTORS SERVICE LTD.
          London
          David G. Staples
          Managing Director
          Corporate Finance Group
          For Journalists
          Phone: 44 20 7772 5456


KONIGHOLZ GMBH: Claims Verification Set Third Week of May
---------------------------------------------------------
The district court of Landshut opened bankruptcy proceedings
against KonigHolz GmbH on April 1, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 29, 2005 to register their
claims with court-appointed provisional administrator Daniel
Bauch.

Creditors and other interested parties are encouraged to attend
the meeting on May 20, 2005, 9:10 a.m. at the district court of
Landshut, Insolvenzgericht, Maximilianstrasse 22-24 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:  KONIGHOLZ GMBH
          Am Konigholz Ost 6
          85411 Hohenkammer

          Daniel Bauch, Administrator
          Steinmetzstrasse 10
          85435 Erding
          Phone: 08122/22960-83
          Fax: 08122/22960-84


LUCKEMEIER GMBH: Creditors Have Until June to File Claims
---------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Luckemeier GmbH on April 5.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 1, 2005 to register their claims with
court-appointed provisional administrator Hans Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 9:30 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  LUCKEMEIER GMBH
          Buschstr. 44, 32278 Kirchlengern
          Contact:
          Kurt Luckemeier

          Hans Peter Burghardt, Administrator
          Bunsenstr. 3, 32052 Herford


OSTERWALD SPORTBODEN: Court Appoints Interim Administrator
----------------------------------------------------------
The district court of Hildesheim opened bankruptcy proceedings
against Osterwald Sportboden GmbH on April 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 20, 2005 to
register their claims with court-appointed provisional
administrator Bernd Wetjen.

Creditors and other interested parties are encouraged to attend
the meeting on June 13, 2005, 9:15 a.m. at the district court of
Hildesheim, Hauptgebaude, Kaiserstrasse 60, 31134 Hildesheim at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  OSTERWALD SPORTBODEN GMBH
          Industriestr. 4
          31089 Duingen
          Contact:
          Manfred Flitsch, Manager

          Bernd Wetjen, Administrator
          Alter Markt (Kaiserhaus) 1
          31134 Hildesheim
          Phone: 91710
          Fax: 917171


SCHAFER & PARTNER: Proofs of Claim Due Next Month
-------------------------------------------------
The district court of Kassel opened bankruptcy proceedings
against Schafer & Partner Steuerberatungsgesellschaft mbH 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 Dr. Fritz Westhelle.

Creditors and other interested parties are encouraged to attend
the meeting on June 15, 2005, 10:15 a.m. at Saal 234, Amtsgericht
Kassel, Friedrichsstrasse 32-34, 34117 Kassel 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:  SCHAFER & PARTNER STEUERBERATUNGSGESELLSCHAFT MBH
          Hupfeldstr. 6, 34121 Kassel
          Contact:
          Rudolf Grah, Manager
          Hupfeldstr. 6, 34121 Kassel

          Dr. Fritz Westhelle, Administrator
          Wilhelmshoher Alle 270, 34131 Kassel
          Phone: 0561/3166311
          Fax: 0561/3166312


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


CIRIO FINANZIARIA: Bidders Balk at Del Monte's Price
----------------------------------------------------
San Miguel Corporation and Filipino tycoon Lucio Tan have decided
to pull out their offer for Cirio's 40% stake in Del Monte
Pacific, BusinessWorld reports.

The Philippine's largest beverage maker and Mr. Tan found Cirio's
asking price of between US$150 million and US$250 million too
high.  Mr. Tan in January offered to pay US$180 million for the
shares, but wanted to buy them in tranches.

The withdrawal left former Philippine Agriculture Secretary Luis
Lorenzo as only remaining bidder.  His family already owns 21% of
Del Monte, which is listed in Singapore.  They have the option to
match the best bid for the shares.

Cirio is selling assets to pay creditors after defaulting on more
than EUR1 billion of bonds in late 2002.

CONTACT:  CIRIO DEL MONTE ITALIA S.P.A.
          Legal Address:
          Via Augusto Valenziani
          10 - 00187 Rome
          Phone: 06 421761
          Fax: 06 42176230

          Administrative Address:
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Web site: http://www.cirio.it


LUCCHINI SPA: Severstal Takes Majority Control
----------------------------------------------
Lucchini S.p.A. shareholders approved a EUR450 million capital
increase at a shareholders meeting held April 20 in Milan.
Severstal Group subscribed for EUR430 million, funding the
transaction from existing cash.  As a result of this transaction
the total stake of Severstal Group in Lucchini is approximately
62%.  The Lucchini family and other shareholders of the company
will own 29% and 9% stakes, respectively.  EUR430 million of the
capital increase were made in form of a reserved subscription
offered to Severstal Group.  EUR20 million issue was offered to
all Lucchini shareholders.

The shareholders meeting approved new members of the Board of
Directors in which six from nine places will be held by
representatives of Severstal Group.  During the shareholders'
general meeting the President Giuseppe Lucchini thanked the
former Board of Directors and the Board of Auditors, especially
thanking Mr. Enrico Bondi for his work.

Board of Directors of Lucchini:

Giuseppe Lucchini - Chairman of the Board of Directors;
Vadim Makhov - Vice Chairman;
Giovanni Gillerio - Board member and CEO;
Igor Molibog - Board member and CFO;
Vladimir Lukin - Board member;
Gregory Mason - Board member;
Alexander Mikhaylov - Board member;
Severo Bocchio - Board member;
Alberto Bigliardi - Board member.

"We believe that the shareholders meeting took decisions which
initiate a long-term strategic partnership of Severstal Group and
the Lucchini family and all stakeholders of the Italian company,"
Vadim Makhov said.

"All parts of the transaction get a great opportunity to join
their experience and knowledge.  It will substantially strengthen
the market positions of our companies and noticeably improve
their competitiveness in the world steel industry," he said.

"We realize how important it is to retain the corporate values
and traditions of the Lucchini family.  These values and
traditions have formed the business reputation of Lucchini for
more than 60 years of company history.  As a major shareholder of
Lucchini we intend to work together with all stake-holders."

On February 8, 2005 Severstal Group and Lucchini S.p.A. signed an
Agreement on the acquisition of a 62% stake.  On April 12, 2005
the European Commission approved the deal.

Severstal and Lucchini were assisted by Citigroup and Lazard
respectively.  Delfino Wilkie Farr Gallagher acted as Legal
Advisor to Severstal and Grimaldi e Associati, Studio Legale
Tracanella and McDermott Will Emery Carnelutti as Legal Advisors
to Lucchini and the Lucchini family.  Marsh acted as
Environmental Advisor to Severstal.

Severstal Group

Severstal is the main company within a major Russia-based
industrial group with substantial assets in metallurgy, mining,
automobile manufacture, machinery, transportation and other
business.  The company's main activity is the production and sale
of steel and steel products.  The Group, which employs 150,000
people, operates more than 30 plants in 14 regions across Russia
and in the United States, produces approximately 12.8 million
tons of steel annually, and exports to more than 100 countries.

Metallurgy is the core business of Severstal Group.  The
company's steel-making division unites assets of Cherepovets
steel mill in Russia and Severstal North America Inc., Dearborn,
MI, USA.  According to preliminary operational and unaudited
financial results, in 2004, steel-making division produced 12.8
million tons of crude steel, of which 10.4 million were produced
by Cherepovets Steel Mill and 2.4 million by Severstal North
America, Dearborn, MI, U.S.A.  The expected sales revenues (net
of VAT and other taxes) reached US$6,415 million, a two-fold
increase compared to the previous FY2003 figure of US$3,202
million.  EBITDA increased to US$2,376 million, with a margin of
37.0%, versus EBITDA of US$1,002 million and a margin of 31.3% in
2003.  The net profit increased by 127% to US$1,344 million,
compared to US$591 million for the FY2003.

Lucchini Group

The Lucchini Group, founded by Luigi Lucchini after the Second
World War, is a significant steel producer and is the European
leader for the complete-cycle production of special steel long
products.  With approximately 9,000 employees and 20 industrial
plants located in Italy, France, Poland, Great Britain and
Sweden, the Lucchini Group produces annually around 4.0 million
tons of steel in various forms and sizes, including: hot rolled
long products (wire rod, bars and billets), railway products
(rails and switches and parts for rolling stock), castings,
forgings, tool steels, bright steels (drawn, peeled, ground and
shaved) and semi-finished products (continuous cast billets,
slabs, ingots and pig iron for foundries).  In 2004 the Lucchini
group reported revenues of EUR2.35 billion, an EBITDA of EUR283
million and a net profit of EUR36.1 million.

CONTACT:  LUCCHINI S.p.A.
          Head Office
          Via Oberdan, 1/a
          I-25128 Brescia BS
          Phone: +39 030 3992.1
          Web site: http://www.lucchini.it


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


THIEL LOGISTIK: Moody's Revises Outlook to Negative
---------------------------------------------------
Moody's Investors Service changed the outlook for all ratings of
Thiel Logistik to Negative following the recent profits warning
and the announced departure of the CEO Klaus Eierhoff with effect
from 30 June 2005.  These ratings are assigned as definitive
ratings, however, recognizing the company's strong cash position
to weather the current one-time expenses, good market positions
and strong core business mix:

(a) Senior Implied Rating of B1,

(b) Guaranteed Senior Subordinated Notes due 2012 Rating of B3,

(c) Unsecured Issuer Rating of Caa1

The expectation that EBIT for 2005 will now be approximately 25%
lower then originally planned and management's explanations for
this shortfall, have lead Moody's to conclude that certain risks
have magnified since the ratings were first assigned in December
2004.

Moody's believes that negative trends have increased in the
business volumes and operating performance of the Automotive and
Suedkraft businesses.  In 2004 the combined sales contribution of
these business units to group revenues was 25%, therefore if poor
performance were to continue throughout 2005 the negative impact
on group sales and profitability would be significant.
Furthermore, the lower sales and profitability of the Automotive
business for the first quarter of 2005 primarily reflects its
exposure to the weak German economy and the wider automotive
industry trend of contracting OEM vehicle production volumes and
operating margins.  The observed delays in tender processes may
cause further sales and margin reductions at this division during
2005.

The anticipated increase in profitability that was to result from
Suedkraft's strategic reorientation has not yet materialized,
hindered by the need for additional middle management changes and
the continuing poor economic conditions in Germany.  The latter
issue may perpetuate throughout 2005 and therefore may delay
operating performance improvement, leading to further below plan
results.

The unexpected departure of Klaus Eierhoff, former CEO, due to
lack of agreement over business development strategy for the
group, is potentially destabilizing and could prove to be a
distraction to the remaining senior management team.

The already thin margins mean that expected lower profitability
is likely to have a negative impact on cash flow and credit
metrics, such as debt leverage ratios and interest cover ratios,
leading to weaker positioning in this rating category.

On a more positive note, the warehouse transition problems in the
furniture business and related additional personnel costs are
considered largely one-time in nature and are expected to be
resolved in the short term.  Other positive factors are that the
group remains a leading operator in specialist and general
logistics services with strong market positions in Germany within
the specialized logistics markets of hanging garments, print
media and new furniture distribution, standing it in good stead
for increased organic growth through cross selling and rising
demand for full supply chain management logistics services,
market conditions permitting.  The mix of core businesses is also
strong as is the diverse customer base and geographical focus,
all of which should help underpin relative stability in revenues
streams.

Historically, the experienced management team, have delivered on
their plan to turn around the group's business as a whole, having
made strong progress in the sale of unprofitable and non core
businesses, reduced headcount by 19% (-2,169 people) since Q1
2003 and introduced reliable financial reporting and controls.
The result is a more integrated service offering with the
possibility of sales and earnings growth through cross-segmental
selling and enhancing synergies.

The group also continues to enjoy well-developed and established
technology, special equipment networks, contract logistics
expertise and long-term client relationships.  All of these
factors should enable the group to sustain its prominent position
in its chosen specialized and regional logistics services
markets.

The strong cash position can be expected to adequately support
liquidity needs should operating margins fail to stabilize.

Ratings could stabilize if the group were to demonstrate a
sustainable improvement in operating margins from their current
level of 1.4% up to around 2.5%, sustainable increased internal
cash flow generation giving an Adjusted Retained Cash Flow/Net
Adjusted Debt ratio in the mid teens and progressive
de-leveraging of the balance sheet to give an Adjusted
Debt/EBITDAR ratio in the region of 3.5x to 4x.

Conversely, the adoption of an aggressive acquisition strategy,
rising absolute debt and further erosion of profit margins and
free cash flow would put increased downward pressure on the
ratings.

Thiel Logistik AG based in Grevenmacher, Luxembourg, is a
medium-sized provider of specialist and traditional logistics
services, operating primarily in the Central and Eastern European
markets (Germany, Austria and Switzerland) and Asia (mainly
China).  The group specializes in providing entire supply chain
logistics services and solutions including: overland road, rail,
air transportation services and sea freight services; warehousing
and supply chain management (SCM); design and execution of
customized logistics solutions.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          David G. Staples
          Managing Director
          Corporate Finance Group

          London
          Susie Maidment
          Asst Vice President - Analyst
          Corporate Finance Group

          For Journalists
          Phone: 44 20 7772 5456


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


HEAD N.V.: Ships Bulk of Racquet Production to China
----------------------------------------------------
Head Sport AG has decided to outsource 90% of its tennis racquet
production from its European sites in Kennelbach, Austria and
Ceske Budejovice, Czech Republic to China.  The initiative by the
world's No.2 racquet brand is in response to the sharp rise in
the euro-dollar exchange rate over the past two years and the
substantial cost increase of the main raw material used in
racquets, carbon fiber.  Social plans for the employees
concerned -- 120 in Kennelbach and 130 in Budejovice -- will be
worked out in talks with the workers council and employees.  No
changes are planned in the Winter Sports Division of HEAD.

Head is the only racquet manufacturer that still has its own
production capacity, and currently makes about 500,000 units or
some 25% of its annual output of 2.1 million racquets in
Kennelbach and Budejovice.  The remaining 75% have been sourced
from China for some years.  Major rationalization programs have
been under way since 2001, and these have cut Tennis unit costs
by about 20%.  However, the strength of the euro, which has risen
by about 50% against the U.S. dollar since 2001, and the doubling
in carbon fiber prices since 2003 have impacted the division's
earnings over the past two years.  Since all of Head's
competitors source their products in US$ from China, Head is now
at a competitive disadvantage since our costs are about 30%
higher than our competitors.

These trends, and the fact that the euro-dollar exchange rate is
unlikely to fall below parity in the next few years, have now
forced Head to take decisive action to cut costs, in order to
improve the Racquet Sports Division's profitability levels and
enable it to make a sustained contribution to the recovery of the
group as a whole.  Head will therefore be moving 90% of its
production or 450,000 racquets per year from the European sites
to China by summer 2005.  These products will be exclusively
manufactured by a long-term Taiwanese business partner.  The
total one-time capacity reduction costs at both locations will
amount to approximately US$6 million, of which 50% are asset
write-offs and 50% are cash costs.

Head's global tennis operations will continue to be run from
Austria.  Key functions such as research and development, quality
control, marketing and sales and logistics functions in the
Racquet Sports Division, as well as a limited production of
approximately 50,000 racquets will remain at the Kennelbach site.
This entire set up will ensure that current quality standards
will be maintained and Head will be able to retain its
technological leadership.

About 120 employees in Kennelbach and 130 in Budejovice are
affected by the downsizing of capacity.  Despite the continued
pressure on earnings in the Head Group, management is committed
to support social plans for those dismissed, including support
for a workers trust, a retaining foundation and hardship trust.

Head's Winter Sports Division is not affected by these changes,
despite the difficult trading conditions in the Industry due to
the strength of the Euro against the Dollar and the Japanese Yen.
Head's Winter Sport Division is not exposed to the same
competitive distortions as those in the tennis equipment market.

About Head

Head N.V. is a leading manufacturer and marketer of premium
sports equipment.  Its operations are organized in four
divisions: Winter Sports, Racquet Sports, Diving and Licensing.
Head N.V. sells under the following brands: Head (tennis, squash
and racquet sports, alpine skis and ski boots, and snowboarding
boards, bindings and boots); Penn (tennis and racquetball balls);
Tyrolia (alpine ski bindings); and Mares/Dacor (diving
equipment).  Head products are endorsed by some of the world's
top athletes including Andre Agassi, Gustavo Kuerten, Marat
Safin, Juan Carlos Ferrero, Johann Grugger and Maria Riesch.

Head Sport AG is owned by Vienna and New York listed Head N.V.,
(NYSE: HED; VSX: HEAD).

                            *   *   *

Moody's Investors Service downgraded Head N.V.'s senior implied
rating from B1 to B2 last month.

Moody's observed that during the last quarter of 2004, Head N.V.
reported a significant deterioration in profitability with
operating profit (adjusted for one-off charges and gains on asset
disposals) declining to US$11.8 million for Q4 2004 compared to
US$18.0 million for the same period in the prior year.

Although Moody's recognizes that Head's Q4 2003 results benefited
from new product launches (i.e. Liquidmetal racquets), the rating
agency notes that the company's gross profit at its racquet
sports and diving divisions significantly deteriorated during Q4
2004, mainly reflecting increasing pricing pressure from
competition, lower sales volumes for tennis balls and higher raw
material prices, only partly off-set by positive developments in
winter sports (i.e. higher sales volumes of skis and bindings and
higher sales price for ski boots).

In addition, operating profit was also impacted by unexpectedly
high provisions booked in connection with product warranties and
litigations for trademark infringements; and for full year 2004,
increased administrative costs for services provided by companies
ultimately owned by Head's principal shareholder.

CONTACT:  HEAD SPORT AG
          Gerald Skrobanek
          Vice President Operations
          Wuhrkopfweg 1
          A-6921 Kennelbach
          Phone: +43 (0) 5574 6080
          E-mail: g.skrobanek@head.com

          Robert Marte
          Division Manager Racquet Sports
          Wuhrkopfweg 1
          A-6921 Kennelbach
          Phone: +43 (0) 5574 6080
          E-mail: r.marte@head.com


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


AGRO-RUS: Gives Creditors Until Next Month to File Claims
---------------------------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
proceedings against Agro-Rus after finding the open joint stock
company insolvent.  The case is docketed as A08-557/05-24.  Mr.
N. Krasilnikov has been appointed insolvency manager.   Creditors
have until May 19, 2005 to submit their proofs of claim to
308000, Russia, Belgorod, Post Office.

CONTACT:  AGRO-RUS
          Russia, Belgorod region,
          Volokonovka, Tolstogo Str. 47

          Mr. N. Krasilnikov
          Insolvency Manager
          308000, Russia,
          Belgorod region, Post Office


CHITINSKIY MACHINE-TOOL: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Chita region has commenced bankruptcy
supervision procedure on open joint stock company Chitinskiy
Machine-Tool Plant.  The case is docketed as A78-4210/2004-B-53.
Mr. V. Yan'kov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 672042, Russia,
Chita-42, Post User Box 917.  A hearing will take place on June
8, 2005.

CONTACT:  CHITINSKIY MACHINE-TOOL PLANT
          672022, Russia, Chita region,
          Stroiteley Str. 1

          Mr. V. Yan'kov
          Temporary Insolvency Manager
          672042, Russia, Chita-42,
          Post User Box 917


ELECTRO-CABLE: Declared Insolvent
---------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Electro-Cable Manufacture after finding the
close joint stock company insolvent.  The case is docketed as
A60-27855/2004-S1.  Mr. P. Astrakhanov has been appointed
insolvency manager.  Creditors have until May 19, 2005 to submit
their proofs of claim to 620075, Russia, Ekaterinburg, Post User
Box 165.

CONTACT:  ELECTRO-CABLE MANUFACTURE
          101000, Russia, Moscow,
          Pokrovka Str. 18/18-1.

          Post Address: 623750, Russia,
          Sverdlovsk region, Rezh,
          Pionerskiy Per. 37

          Mr. P. Astrakhanov
          Insolvency Manager
          620075, Russia, Ekaterinburg,
          Post User Box 165


FORA-GAS-PROM: Kaluga Court Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Kaluga region has commenced bankruptcy
supervision procedure on limited liability company Fora-Gas-Prom
(TIN 4003004378).  The case is docketed as A23-360/05B-10-11.
Mr. M. Chernyj has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 305026, Russia,
Kursk, Akkumulyator, 20 B, Office 67.  A hearing will take place
on Aug. 15, 2005, 9:30 a.m.

CONTACT:  FORA-GAS-PROM
          249000, Russia, Kaluga region, Borovskiy region,
          Balabanova, Lermontova Str. 16a

          Mr. M. Chernyj
          Temporary Insolvency Manager
          305026, Russia, Kursk,
          Akkumulyator, 20 B, Office 67


KRASNOVIDOVSKOYE: Bankruptcy Hearing Resumes June
-------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Krasnovidovskoye Grain Receiving Enterprise.  The case is
docketed as A-65/16/2005-SG4-31.  Mr. F. Safin has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 420097, Russia, Kazan, Akademicheskaya Str. 2-212.  A
hearing will take place on June 16, 2005, 12:40 p.m.

CONTACT:  KRASNOVIDOVSKOYE GRAIN RECEIVING ENTERPRISE
          422823, Russia, Tatarstan republic,
          Kamsko-Ustinyinskiy region, Krasnovidovo

          Mr. F. Safin
          Temporary Insolvency Manager
          420097, Russia, Kazan,
          Akademicheskaya Str. 2-212


NEW MEDICAL: Deadline for Proofs of Claim May 19
------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against New Medical Technologies after finding the
close joint stock company insolvent.  The case is docketed as
A76-14163/04-52-30.  Ms. E. Krestovskikh has been appointed
insolvency manager.  Creditors have until May 19, 2005 to submit
their proofs of claim to 456300, Russia, Chelyabinsk region,
Miass, Chucheva Str. 1.

CONTACT:  NEW MEDICAL TECHNOLOGIES
          454047, Russia, Chelyabinsk region,
          Stalevarov Str. 7

          Ms. E. Krestovskikh
          Insolvency Manager
          456300, Russia, Chelyabinsk region,
          Miass, Chucheva Str. 1


NOVOCHERKASSKIY: Applies for Bankruptcy Proceedings
---------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
proceedings against Novocherkasskiy (TIN 6150014821) after
finding the grain producing company insolvent.  The case is
docketed as A53-15449/04-S2-8.  Mr. V. Egorenkov has been
appointed insolvency manager.

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

(a) Novocherkasskiy
    346430, Russia, Novocherkassk,
    Sotsialisticheskaya Str. 1V

(b) Insolvency Manager
    192148, Russia, Saint-Petersburg,
    Sedova Str. 23, Post User Box 49

(c) The Arbitration Court of Rostov region
    344008, Russia, Rostov-na-Donu,
    Stanislavskogo Str. 8a

A hearing will take place on July 12, 2005, 3:00 p.m. at 344008,
Russia, Rostov-na-Donu, Stanislavskogo Str. 8a.


NURLAT-OKTYABRSKIY: Court Sets Bankruptcy Hearing July
------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Nurlat-Oktyabrskiy Meat Combine.  The case is docketed as
A65-2630/2005-SG4-27.  Mr. A. Sabitov has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 422650, Russia, Tatarstan republic, Rybnaya Slobody
St. Pochtovaya Str. 3-4.  A hearing will take place on July 12,
2005.

CONTACT:  NURLAT-OKTYABRSKIY MEAT COMBINE
          Russia, Tatarstan republic, Nurlat

          Mr. A. Sabitov
          Temporary Insolvency Manager
          422650, Russia, Tatarstan republic,
          Rybnaya Slobody St. Pochtovaya Str. 3-4


OAO GAZPROM: Russia Calls off Rosneft Merger
--------------------------------------------
The biggest merger in Russian history will not happen after all.
According to MosNews Thursday, Russia shelved the plan to merge
Gazprom and Rosneft after rival factions inside the Kremlin
clashed over the matter.

Several senior government officials, speaking on condition of
anonymity, told Reuters a new scheme is in the works.
Accordingly Yuganskneftegas, the main production unit of Yukos
that Rosneft acquired last year, would stay with Rosneft; while
the government pursue its plan to increase its Gazprom stake to
51% from 38%.  Russia's dilemma is how to gain majority control
over Gazprom and at the same time give the latter a stake in
Rosneft-Yugask.

The new arrangement, if approved, is great victory for Rosneft
President Sergei Bogdanchikov and Chairman Igor Sechin, who have
been fighting the merger with Gazprom.

"Gazprom is not happy (with the new scheme), but it is already
very unlikely to change anything," one source said, as Gazprom's
local and Western proxy shares fell 1% following the news.

In November, Fitch Ratings revised Gazprom's 'BB' Senior
Unsecured foreign currency and local currency ratings to Rating
Watch Positive from Evolving, following the upgrade of Russia's
sovereign rating to 'BBB-' from 'BB+'.

The revision reflected the increased likelihood of an upgrade for
Gazprom due to its strategic linkage to the state and synergies
to be gained from an increase of state ownership
following its merger with Rosneft, which was still pending
regulatory approval at the time.  With the full merger, Moscow
would have gained control over expected increases of natural gas
exports to the Asia-Pacific region through buying Rosneft's Far
East interests, especially in the Sakhalin venture blocks.

Gazprom is the country's gas monopoly, while Rosneft is a
state-owned oil giant.

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

          OAO ROSNEFT
          26/1 Sofiyskaya Embankment
          1, GSP-8 115998 Moscow
          Phone: +7-95-777-4422
          Fax: +7-95-777-4444
          Web site: http://www.rosneft.ru


REPAIR-BUILDING ENTERPRISE: Falls into Bankruptcy
-------------------------------------------------
The Arbitration Court of Udmurtiya republic commenced bankruptcy
proceedings against Repair-Building Enterprise (TIN/KPP
1835011815/183501001) after finding the open joint stock company
insolvent.  The case is docketed as A71-114/2004-G2.  Mr. A.
Rybakov has been appointed insolvency manager.

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

(a) Repair-Building Enterprise
    426063, Russia, Izhevsk,
    Ordzhonikidze Str. 3

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

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


SOVETSKAYA: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Mariy El republic has commenced
bankruptcy supervision procedure on open joint stock company
Sovetskaya.  Mr. V. Yakovlev has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to:

(a) Sovetskaya
    425408, Russia, Mariy El republic,
    Sovetskiy region, Goluboy

(b) Temporary Insolvency Manager
    414000, Russia, Mariy El republic,
    Yoshkar-Pla, Main Post Office, Post User Box 67

(c) The Arbitration Court Of Mariy El Republic
    424002, Russia, Yoshkar-Ola,
    Leninskiy Pr. 40

A hearing will take place on June 2, 2005.


YUKOS OIL: Khodorkovsky Verdict Out this Week
---------------------------------------------
Moscow's Meshchansky Court will announce on Wednesday the result
of the 10-month trial of Mikhail Khodorkovsky, Yukos' founder and
former chief executive.

Mr. Khodorkovsky has been accused of fraud, forgery and tax
evasion.  He faces a maximum sentence of 10 years in Russian
labor camp if proven guilty.

Observers do not expect a positive verdict, according to Canadian
press.  Mr. Khodorkovsky's trial has been widely viewed as a
political vendetta carried out by the Kremlin, which see him as a
threat to President Vladimir Putin.

Following his arrest in 2003, Yukos was billed back taxes
amounting to as much as US$28 billion.  The company eventually
sought bankruptcy protection in the U.S. in December, which did
little to prevent the sale of its main asset, Yuganskneftegaz.

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

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


YUKOS OIL: Still No Takers for Board Seats
------------------------------------------
Nobody appears to be interested in running Yukos Oil anymore.
The terms of the present directors expire on June 23, but there
are no candidates willing to replace them.  The list of nominees,
which is due this week, contains not a single name, according to
local daily Vedomosti.

Group Menatep, its largest shareholder, has found no candidate.
Its other shareholder, Sibneft, is reportedly no longer
interested in sending its men.

"It is pointless to participate in this farce.  Whatever we do,
it plays into the hands of the Kremlin, which is persecuting
Yukos," said Leonid Nevzlin, key shareholder at Group Menatep.

The government has effectively dismantled the company to extract
payment for US$27.5 billion in alleged back taxes for 2000 to
2003.  The incumbent directors are all leaving and they have the
authority to call an extraordinary general meeting to elect a new
board.  If they fail to, analysts think Yukos will be run by its
managers; but their power will be limited.  The report says they
might perhaps leave, effectively suspending all Yukos
transactions.

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

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


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


VESTEL ELEKTRONIK: Rating Raised to 'B+' on Improved Liquidity
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Vestel Elektronik Sanayi Ve Ticaret A.S., a
Turkish integrated low-cost consumer electronics manufacturer, to
'B+' from 'B'.  The outlook is stable.  The long-term rating on
the outstanding senior unsecured debt guaranteed by Vestel and
housed at Vestel Electronics Finance Ltd. and Financial
Enterprises Ltd. was also raised to 'B+' from 'B'.

At the same time, Standard & Poor's assigned its 'B+' long-term
debt rating to the proposed guaranteed senior unsecured notes to
be issued by Vestel Electronics Finance Ltd.

"The notes are rated the same as Vestel's corporate credit
rating, reflecting our expectation that prior-ranking debt is
likely to be restructured when Vestel acquires majority control
of its Vestel White Goods subsidiary to avoid structural
subordination issues for its noteholders," said Standard & Poor's
credit analyst Benedetta Rospigliosi.

Proceeds from the notes offering will be used to repay the
outstanding US$200 million notes due in 2007.

"The upgrade reflects markedly higher headroom under the recently
amended financial covenants of Vestel's public debt indentures,
and our belief that headroom will remain adequate over the medium
term," added Ms. Rospigliosi.

It also reflects the company's 2004 operating performance, which
was in line with Standard & Poor's expectations in a context of a
more stable currency environment and highly competitive consumer
electronics and white-goods markets.

Total debt was TRL1,138 trillion (about US$848 million) at Dec.
31, 2004, including TRL437 trillion of vendor financing.

Standard & Poor's expects Vestel to be able to maintain sound
financial flexibility (including cash balances and covenant
headroom) at all times, as well as preserve its solid business
positions as a contract manufacturer for the European consumer
electronics market.

"In particular, we expect the company to be able to moderate its
negative free cash generation following a heavy investment phase
in the 2003-2005 period, and to back any further expansion with a
controlled financial policy," said Ms. Rospigliosi.

The ratings will continue to be affected, either positively or
negatively, by risks relating to Turkey's economic environment
and currency evolution.

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

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

          VESTEL ELEKTRONIK SANAYI VE TICARET A.S.
          Ambarli Petrol Ofisi Dolum Tes. Yolu
          Avcilar, Istanbul 34840
          TURKEY
          Phone: +90 212 422 00 00
              Or +90 212 422 03 35
          Web site: http://www.vestel.com


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


ACCURACY GROUP: Creditors Meeting Set Next Week
-----------------------------------------------
Name of companies:
Accuracy Group Limited
Accuracy International Limited

The unsecured creditors of these companies will meet on May 4,
2005 at 10:00 a.m.  It will be held at Room PCM17,
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Plumtree Court, London
EC4A 4HT not later than 12:00 noon, May 3, 2005.

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


AHC PRODUCTIONS: Members Pass Winding-up Resolution
---------------------------------------------------
At the meeting of the members of AHC Productions Limited on April
11, 2005, the extraordinary resolution to wind up the company was
passed.  David Birne and Stephen Katz of Acre House, 11-15
William Road, London NW1 3ER have been appointed joint
liquidators of the company.

CONTACT:  FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


AIR CARE: In Administrative Receivership
----------------------------------------
HSBC Bank Plc appointed Philip Michael Lyon and Alistair Steven
Wood, (Office Holder Nos 002108, 007929) joint administrative
receivers for Air Care (UK) Limited (Reg No 03796497, Trade
Classification: 2923-Manufacture Non-domestic Ventilation).  The
application was filed April 14, 2005.  The company installs air
conditioning.

CONTACT:  MAZARS LLP
          Cartwright House,
          Tottle Road,
          Nottingham NG2 1RT
          Web site: http://www.mazars.co.uk


ANCHOR COMMERCIAL: Liquidators from P&A Partnership Move in
-----------------------------------------------------------
At the extraordinary general meeting of Anchor Commercial
Services Limited on April 14, 2005 held at Comfort Inn Leicester
North, Station Road, A46 Fosse Way, Upper Broughton, Melton
Mowbray, Leicestershire LE14 3BH, the extraordinary resolutions
to wind up the company were passed.  Andrew Philip Wood and
Philip Andrew Revill of The P&A Partnership, 93 Queen Street,
Sheffield S1 1WF have been appointed liquidators of the company.

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


ANGLO EASTERN: Hires Maurice J. Bushell & Co. as Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of Anglo Eastern Commercial
Limited on April 4, 2005 held at New Commonwealth Building,
Railway Road, Downham Market, Norfolk PE38 9ED, the special and
ordinary resolutions to wind up the company were passed.  Mark
Philip Bassford of Well Court, 14-16 Farringdon Lane, London EC1R
3AU has been appointed liquidator of the company.

CONTACT:  MAURICE J. BUSHELL & CO.
          Well Court
          14-16 Farringdon Lane
          London EC1R 3AU
          Phone: 020 7688 7700
          Fax: 020 7688 7720
          E-mail: bassfordm@mjb.co.uk


A R DIBLEY: Members Decide to Wind up Firm
------------------------------------------
At the meeting of the members of A R Dibley Iron Works Limited,
the extraordinary resolution to wind up the company was passed.
David Birne and Stephen Katz of Acre House, 11-15 William Road,
London NW1 3ER have been appointed joint liquidators of the
company.

CONTACT:  FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


AVO TECHNICAL: Members Final Meeting Set Later Next Month
---------------------------------------------------------
Name of companies:
Avo Technical Services Limited
H.W. Sullivan Limited
Record Electrical Company Limited

The final meetings of the members of these companies will be on
May 23, 2005 at 10:30 a.m.  It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged with
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT not
later than 12:00 noon, May 20, 2005.

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


BARNSLEY INVESTMENTS: Final General Meeting Set May
---------------------------------------------------
The final general meeting of Barnsley Investments & Pensions
Limited will be on May 20, 2005 at 11:00 a.m.  It will be held at
the offices of Daly & Co, The Portergate, Eclesall Road,
Sheffield S11 8NX.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.

CONTACT:  DALY & CO.
          The Portergate
          Ecclesall Road
          Sheffield
          South Yorkshire S11 8NX
          Phone: 0114 209 6262
          Fax: 0114 200 6001
          E-mail: dalyco@btconnect.com


BASEBUY LTD.: Hires Joint Administrators from BDO Stoy Hayward
--------------------------------------------------------------
Dermot Justin Power and David Swaden (IP Nos 6006/01, 5495/01)
have been appointed joint administrators for Basebuy Ltd. (t/a
Eisenegger & Foxhole).  The appointment was made April 12, 2005.
The store retails clothing.

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


BERRY KING: Members Call in Liquidator from Baker Tilly
-------------------------------------------------------
At the extraordinary general meeting of the members of Berry King
Limited on April 14, 2005 held at Baker Tilly, City Plaza, Temple
Row, Birmingham B2 5AF, the extraordinary resolution to wind up
the company was passed.  Phillip Hartland Allen and Guy Edward
Brooke Mander of Baker Tilly, City Plaza, Temple Row, Birmingham
B2 5AF have been appointed joint liquidators of the company.

CONTACT:  BAKER TILLY
          3rd & 4th Floors
          Temple Plaza
          Temple Row
          Birmingham
          West Midlands B2 5AF
          Phone: 0121 214 3100
          Fax: 0121 214 3101
          E-mail: hedleybrunt@hotmail.com


BIGBEN INTERACTIVE: Business for sale
-------------------------------------
The Joint Administrators, S. Allport and M. Rollings of Ernst &
Young LLP, offer for sale the business and assets of BigBen
Interactive U.K. Limited.

Features:

(a) Specialist in video accessories market;

(b) Market leader with its "4 Gamers" game accessories brand;

(c) Distributor of licensed products for leading video game
    consoles;

(d) Innovative product development, including the successful
    "Dance U.K." product range;

(e) Available stock of around GBP2 million;

(f) Two leasehold sites in Stockport and Eastleigh;

(g) Annual turnover of around GBP20 million;

(h) Multiple high street retailer customer base; and

(i) Workforce of around 25 employees.

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

          Neil Baishnab
          Phone: +44 [0] 161 333 2585
          Fax: +44 [0] 161 333 3008
          E-mail: nbaishnab@uk.ey.com


BLAKES OPTICAL: Calls in Liquidators
------------------------------------
At the extraordinary general meeting of Blakes Optical Limited on
April 11, 2005 held at Tomlinsons, St John's Court, 72 Gartside
Street, Manchester M3 3EL, the resolutions to wind up the company
were passed.  Alan H. Tomlinson of Tomlinsons, St John's Court,
72 Gartside Street, Manchester M3 3EL and Vincent Simmons of
Bennett Verby, 7 St Petersgate, Stockport SK1 1EB have been
appointed joint liquidators of the company.

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

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


BRINDLE FINE: Opts for Liquidation
----------------------------------
At the extraordinary general meeting of Brindle Fine Arts Limited
on April 7, 2005 held at 2 Derby Street, Colne, Lancashire BB8
9AD, the resolutions to wind up the company were passed.  Alan H.
Tomlinson of Tomlinsons, St John's Court, 72 Gartside Street,
Manchester M3 3EL has been appointed liquidator of the company.

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


CAPULET LIMITED: Final General Meeting Set Last Week of May
-----------------------------------------------------------
The final general meeting of the members of Capulet Limited will
be on May 24, 2005 at 11:00 a.m.  It will be held at Sherwood
House, 7 Glasgow Road, Paisley PA1 3QS.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and of hearing any explanation that may be
given by the Liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged with
Campbell Dallas, Sherwood House, 7 Glasgow Road, Paisley PA1 3QS
not later than 12:00 noon, May 23, 2005.

CONTACT:  CAMPBELL DALLAS
          Sherwood House
          7 Glasgow Road
          Paisley
          Strathclyde PA1 3QS
          Phone: 0141 887 4141
          Fax: 0141 887 1103


CATHAY DEVELOPMENTS: Members Meeting Set Third Week of May
----------------------------------------------------------
The members of Cathay Developments Limited will meet on May 18,
2005 at 10:00 a.m.  It will be held at Tomlinsons, St Johns
Court, 72 Gartside Street, Manchester M3 3EL.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged with
Tomlinsons, St Johns Court, 72 Gartside Street, Manchester M3 3EL
not later than 12:00 noon, May 17, 2005.

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


CONSUMER REDUCTION: Names Antony Batty & Company Administrator
--------------------------------------------------------------
William Antony Batty (IP No 1049) has been appointed
administrator for Consumer Reduction Services Limited.  The
appointment was made April 13, 2005.

The company is engaged in reduction of utility costs.  Its
registered office is located at New House, Suite 24, 67-68 Hatton
Garden, London EC1N 8JY.

CONTACT:  ANTONY BATTY & COMPANY
          New House
          Suite 24
          67-68 Hatton Garden
          London EC1N 8JY
          Phone: 020 7831 1234
          Fax: 020 7430 2727
          E-mail: antonybatty@hotmail.com


COWELLS INDUSTRIAL: Final Creditors Meeting Set Last Week of May
----------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Cowells Industrial Holdings Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that the Final Meeting of the Creditors of the
above-named Company will be held at Athene Place, 66 Shoe Lane,
London EC4A 3WA, on May 26, 2005, at 10:30 am, for the purpose of
having an account laid before them showing the manner in which
the winding-up has been conducted and the property of the Company
disposed of, and of hearing any explanation that may be given by
the Liquidator.

A Creditor entitled to attend and vote at the above Meetings may
appoint a proxy to attend and vote on his or her behalf.  It is
not necessary for the proxy to be a Creditor.

F. K. A. Silcock, Liquidator
April 14, 2005

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


DEEMLIGHT LIMITED: Sets Creditors Meeting May
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Deemlight Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Meeting of the Creditors of Deemlight Limited
will be held at KPMG, Dukes Keep, Marsh Lane, Southampton SO14
3EX, on May 27, 2005, at 10:45 a.m. for the purposes of receiving
the report of the Liquidator of the winding-up and determining
whether the Liquidator should have his release under section 174
of the Insolvency Act 1986.

Proxy forms if applicable, must be lodged at KPMG Corporate
Recovery, KPMG, Dukes Keep, Marsh Lane, Southampton SO14 3EX, fax
+44 (0) 23 8020 2003, on or before 12:00 noon of May 26, 2005.

S. Treharne, Liquidator
April 18, 2005

CONTACT:  KPMG LLP
          Dukes Keep
          Marsh Lane
          Southampton SO14 3EX
          Phone: (023) 8020 2000
          Fax: (023) 8020 2001
          Web site: http://www.kmpg.co.uk

          Stephen Treharne
          E-mail: steve.treharne@kpmg.co.uk
          Phone: 020 7311 1000
          Fax: 020 7311 3607


GLASS SHOP: Names Kroll Limited Administrator
---------------------------------------------
S. C. E. Mackellar and C. P. Holder (IP Nos 6883, 9093) have been
appointed joint administrators for The Glass Shop Limited.  The
appointment was made April 11, 2005.

The factory manufactures double glazing.  Its registered office
is located at 13 Huddersfield Road, Barnsley S70 2LW.

CONTACT:  KROLL LIMITED
          Wellington Plaza,
          31 Wellington Street,
          Leeds LS1 4DL
          Web site: http://www.krollworldwide.com


HHG PLC: Renames Henderson Group
--------------------------------
Henderson Group plc has changed its name Friday from HHG PLC to
Henderson Group plc.  The formal notice of name change was lodged
with Companies House in the United Kingdom on 22 April 2005.

The stock code is expected to change to HGI (from HHG) on the
London Stock Exchange on 26 April 2005 and on the Australian
Stock Exchange from 10 May 2005.

                            *   *   *

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

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

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

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


IRONDEEP LIMITED: Creditors Meeting Set Late June
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Irondeep Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Meeting of the Creditors of Irondeep Limited
will be held at KPMG, 4 Lakeside, Festival Park, Stoke on Trent
ST1 5RY, on June 30, 2005, at 10:30 a.m. for the purposes of
receiving the report of the Joint Liquidators of the winding-up
and determining whether the Joint Liquidators should have their
release under section 174 of the Insolvency Act 1986.

Proxy forms if applicable, must be lodged at KPMG Corporate
Recovery, KPMG, 4 Lakeside, Festival Park, Stoke on Trent ST1
5RY, fax +44 (0) 1782 216376, on or before 12:00 noon of June 29,
2005.

P. Bateman, Joint Liquidator
April 18, 2005

CONTACT:  KPMG LLP
          4 Lakeside
          Fastival Park
          Stoke-on-Trent ST1 5RY
          Phone: (01782) 216 363
          Fax: (01782) 216 373
          Web site: http://www.kpmg.co.uk

          John Paul Bateman
          E-mail: paul.bateman@kpmg.co.uk


KINGS PATENT: Members Decide to Wind up Firm
--------------------------------------------
At the extraordinary general meeting of the members of Kings
Patent Agency Limited on March 24, 2005 held at 73 Farringdon
Road, London EC1M 3JQ, the subjoined special resolution to wind
up the company was passed.  James Bradney and Nigel
Hamilton-Smith of Vantis Business Recovery, Torrington House, 47
Holywell Hill, St Albans, Hertfordshire AL1 1HD have been
appointed joint liquidators of the company.

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


LIFE SUPPORT: Winding-up Report Out Next Month
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Life Support Engineering Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Meeting of the Creditors of Life Support
Engineering Limited will be held at KPMG, Dukes Keep, Marsh Lane,
Southampton SO14 3EX, on May 27, 2005, at 10:15 a.m. for the
purposes of receiving the report of the Liquidator of the
winding-up and determining whether the Liquidator should have his
release under section 174 of the Insolvency Act 1986.

Proxy forms if applicable, must be lodged at KPMG Corporate
Recovery, KPMG, Dukes Keep, Marsh Lane, Southampton SO14 3EX, fax
+44 (0) 23 8020 2003, on or before 12:00 noon of May 26, 2005.

S. Treharne, Liquidator
April 18, 2005

CONTACT:  KPMG LLP
          Dukes Keep
          Marsh Lane
          Southampton SO14 3EX
          Phone: (023) 8020 2000
          Fax: (023) 8020 2001
          Web site: http://www.kmpg.co.uk

          Stephen Treharne
          E-mail: steve.treharne@kpmg.co.uk
          Phone: 020 7311 1000
          Fax: 020 7311 3607


LOUIS PROCTOR: Members Final Meeting Set Next Month
---------------------------------------------------
The final meeting of Louis Proctor & Son Limited will be on May
20, 2005 at 10:00 a.m.  It will be held at BWC Business
Solutions, 8 Park Place, Leeds LS1 2RU.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

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


MG ROVER: E.U. Comes to the Rescue of West Midlands
---------------------------------------------------
Danuta Hubner, E.U. Commissioner for regional policy, has offered
support for the West Midlands region of the United Kingdom
affected by the collapse of car producer MG Rover.  Danuta Hubner
said she was acutely aware of the impact that the job losses
would have in Birmingham and the West Midlands as a whole and
that the Commission wished "to be of the greatest possible
assistance in this matter."

A team of Commission experts -- including officials from the
Directorates General for Regional Policy, Employment and social
affairs, and Enterprise -- traveled to Birmingham on 18 April for
emergency talks with officials from the U.K. Government Office
for the West Midlands (GOWM).  E.U. officials are looking
urgently at how E.U. structural funds can be used to help, in
cooperation with the GOWM -- the body responsible for managing
the European regional development program locally.

EUR890 million from the E.U. Structural Funds are already being
invested under the West Midlands 2000-2006 Objective 2 program.
Priorities include diversifying the region's industrial base,
encouraging the development of high-growth sectors and providing
training and retraining opportunities.  In these ways, E.U. funds
have helped the region reduce its dependence on traditional
manufacturing, which has been cited by both U.K. and E.U.
officials as one reason for the West Midlands' under-performance
relative to other U.K. regions.

Part of the EUR890 million program could now be redirected to
alleviate the consequences of large-scale redundancies.  The team
of E.U. experts will also examine how E.U. grant finance could be
combined with loans to lever additional financial resources into
the emergency aid package being put in place by the United
Kingdom government.

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


MG SPORTS: Race for Acquisition Begins
--------------------------------------
The Joint Administrators, Steve Pearson and Robert Hunt, offer
for sale the business and assets of MG Sports and Racing Limited,
an independent performance sports car, motor racing and
performance car parts company.

Features:

(a) Makes MG SV Sports GT car with approval in most European
    markets;

(b) Fully engineered vehicle platform and related intellectual
    property;

(c) Workforce of 48 employees;

(d) Stock of new and used vehicles; and

(e) Large sports car customer base.

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

          Jeremy Lewin
          Phone: [44] (20) 7212 3296
          Fax: [44] (20) 7804 5566
          E-mail: chris.head@uk.pwc.com


MITCHAM MOTORS: Appoints Chantrey Vellacott DFK Administrator
-------------------------------------------------------------
Kenneth William Touhey and David John Oprey (IP Nos 8369, 5814)
have been appointed joint administrators for Mitcham Motors
Limited.  The appointment was made April 13, 2005.

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


OCTEL CORPORATION: Chief Executive Officer Resigns
--------------------------------------------------
Octel Corporation on April 11 said that by mutual agreement its
Chief Executive Officer and President, Dennis J. Kerrison is
resigning from Octel to pursue his other business interests.

Mr. Kerrison's resignation as Chief Executive Officer and
President of Octel Corp. and as a member of the Board of the
Company was effective April 15, 2005.

A special investigation relating to a transaction between the
Chief Executive Officer and the Associated Octel Company (South
Africa) (Pty) Limited, a wholly owned indirect subsidiary of the
Company, by members of the Company's Audit Committee and the
Company's Corporate Governance and Nominating Committee (the
'Special Committee') was completed, as previously disclosed by
the Company in a press release dated March 31, 2005.  As a result
of the investigation, the Board of Directors and Mr. Kerrison
have agreed on Mr. Kerrison's resignation from the Board and from
the positions of Chief Executive Officer and President of the
Company.

Mr. Kerrison will not seek re-election to the Board of the
Company.  He will, however, remain available to the Board as an
advisor until April 2007.

The terms of Mr. Kerrison's resignation are governed by an
agreement between the Company and Mr. Kerrison dated April 8,
2005.  Under the Agreement, Mr. Kerrison will receive his salary
and bonus for the period up to and including December 31, 2005
and thereafter until April 2007 he will receive his salary and a
discretionary bonus.  Mr. Kerrison will have twelve months from
the date of resignation to exercise any options due to him under
the Octel Corp.  Performance Related Share Option Plan and the
Octel Corp. Company Share Option Plan and will receive a
proportion of the matching shares available under the Co
Investment Plan.

Mr. Kerrison has no other outstanding options.  He will serve as
an advisor to the Board until 2007, but has resigned from any
positions he holds as Chief Executive Officer, President,
Director, Board member or trustee of the Company or its
affiliates.

Mr. Kerrison has led Octel Corp. through its spin-off from Great
Lakes and has made a significant contribution to the management
team over the last nine years in developing the Company.  The
Company will be conducting a formal search for a new Chief
Executive Officer and an announcement regarding Mr. Kerrison's
successor will be made in due course.  The Board of Directors,
which is confident in the ability of the senior management team
to manage the Company, has asked Paul Jennings, Executive Vice
President and Chief Financial Officer, to exercise the
administrative and authorization responsibilities of the Chief
Executive Officer during this period.

Octel Corp., a Delaware corporation, is a global chemical company
specializing in high performance fuel additives and special and
effect chemicals.  The company's strategy is to manage profitably
and responsibly the decline in world demand for its major
product -- tetraethyl lead (TEL) in gasoline -- through
competitive differentiation and stringent product stewardship, to
expand its Specialty Chemicals business organically through
product innovation and focus on customer needs, and to seek
synergistic growth opportunities through joint venture,
alliances, collaborative arrangements and acquisitions.

                            *   *   *

In February, Standard & Poor's Ratings Services revised its
outlook on Octel Corp. to negative from stable, as a result of
the declining market of its main product tetraethyl lead (TEL), a
lead-based fuel additive, and the challenges faced by the company
in seeking replacement activities.  At the same time, the 'BB'
long-term corporate credit rating on the group was affirmed.

CONTACT:  OCTEL CORPORATION
          Global House, Bailey Lane
          Manchester, EN M90 4
          Phone: +44 011-44-161-498-8889
          Web site: http://www.octel-corp.com/
          Contact:
          Heather Ashworth, Investor Relations
          Phone: 011-44-161-498-8889

          CITIGATE SARD VERBINNEN
          Contact:
          Victoria Hofstad
          Phone: 1-212-687-8080


PERSEVERANCE MILLS: For Sale as Going Concern
---------------------------------------------
The Joint Administrators, Ian C. Schofield and Philip J. Long,
offer for sale the business and assets of Perseverance Mills
Limited as a going concern.

Features:

(a) Annual turnover of around GBP12 million;

(b) Employs 205 people;

(c) Supplies leading outdoor leisurewear brand;

(d) Manufactures specialist fabrics for military and leisure
    parachutes;

(e) Exports 60% of its products;

(f) Has two freehold mill properties; and

(g) Niche market and product

CONTACT:  PKF
          Pannell House
          6 Queen St
          Leeds LS1 2TW
          Phone: 0113 228 0000
          Fax: 0113 228 4242
          Web site: http://www.pkf.co.uk

          Ian Schofield
          E-mail: ian.schofield@uk.pkf.com


PTW HOLDINGS: Calls in Administrators from Grant Thornton
---------------------------------------------------------
Leslie Ross and Keith Hinds (IP Nos 7244, 6745) have been
appointed joint administrators for PTW Holdings Limited.  The
appointment was made April 11, 2005.  Its registered office is
located at Unit 1, Navigation Park, Lockside Road, Leeds LS10
1EP.

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


RAMCO ENERGY: Shares Drop After Sale Talks Ended
------------------------------------------------
Shares in Ramco Energy closed down 3 pence or 7.6 percent at 36.5
pence (53), after it revealed Friday it has ended its two-month
takeover negotiation with an undisclosed potential buyer.

The Aberdeen-based oil and gas company, with sites in Bulgaria
and Montenegro, announced in a statement 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.

In January, the company described as "extremely disappointing"
the results of the review of the company's operations.  It was
found out that the site lacked gas-bearing rock, which caused the
build-up of water in the chambers.  Creditors, however, allowed
the company to seek further financing to continue the digging at
the site.

Last year, Ramco reported revenue quadrupled in the first half of
2004 as its loss after tax reduced to closed to GBP1 million,
compared with GBP1.4 million in 2003.

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


SFI GROUP: Ex-Laurel Pub CEO into 2nd Round of Bidding
------------------------------------------------------
Ian Payne is into the second round of bidding for SFI Group, the
Tribune Business News said Sunday.

The former Laurel Pub Company chief executive is reportedly
joined by the Yates Group, which owns the Yates's Wine Lodge, and
Robert Tchenquiz, who bought Laurel Pub for GBP151 million last
year.  The takeover apparently triggered Mr. Payne's exit from
the company.

SFI is a multiple retailer in the licensed trade with a host of
pubs in the U.K., including The Slug and Lettuce, and The Litten
Tree as well as Latin bars.  Owners valued the company at up to
GBP75 million.

In 2003, SFI discovered irregularities in its accounts, which
resulted to its delisting from the Stock Market.

CONTACT:  SFI GROUP
          SFI House
          165 Church Street East
          Woking
          Surrey GU21 6HJ
     Phone: 01483 227900
          Fax: 01483 227903
          Web site: http://www.sfigroup.co.uk


SHERRIFFS OF KINGSBRIDGE: Biscuit Factory Enters Administration
---------------------------------------------------------------
Anthony Murphy, Roger Tulloch and Robert Williams Leslie Horton
(IP Nos 8716, 9174, 8922) have been appointed joint
administrators for Sheriffs Of Kingsbridge Limited.  The
appointment was made April 11, 2005.  The factory manufactures
biscuits.

CONTACT:  SMITH & WILLIAMSON LIMITED
          No 1 Bishops Wharf
          Walnut Tree Close
          Guildford GU1 4RA
          Phone: 01483 407 100
          Fax: 01483 301 232
          Web site: http://www.smith.williamson.co.uk


SILBURY 278: Names Liquidators from Elwell Watchorn & Saxton
------------------------------------------------------------
At the extraordinary general meeting of Silbury 278 Limited on
April 15, 2005 held at Power House, Davy Avenue, Knowlhill,
Milton Keynes MK5 8RR, the subjoined extraordinary resolution to
wind up the company was passed.  Graham Stuart Wolloff and David
John Watchorn of Elwell Watchorn & Saxton LLP, 2 Axon, Commerce
Road, Peterborough PE2 6LR have been appointed liquidators of the
company.

CONTACT:  ELWELL WATCHORN & SAXTON
          2 Axon, Commerce Road,
          Lynchwood, Peterborough PE2 6LR
          Phone: (+44) 01733 235253
          Fax: (+44) 01733 236391
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


STEEL CONSTRUCTION: Meeting Set May
-----------------------------------
The contributories of Steel Construction & Fabrication (Lye)
Limited will meet on May 25, 2005 at 10:30 a.m.  It will be held
at No 1 St Swithin Street, Worcester WR1 2PY.

The purpose of the meeting is to receive the account showing how
the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.

CONTACT:  SMITH & WILLIAMSON
          1 St Swithin Street
          Worcester
          Worcestershire WR1 2PY
          Phone: 01905 730100
          Fax: 01905 723502
          E-mail: nfh@smith.williamson.co.uk


STOCKTON PLANT: Joint Liquidators to Present Report Late June
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Stockton Plant & Equipment Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Meeting of the Creditors of Stockton Plant &
Equipment Limited will be held at KPMG, 4 Lakeside, Festival
Park, Stoke on Trent ST1 5RY, on June 30, 2005, at 10:15 a.m. for
the purposes of receiving the report of the Joint Liquidators of
the winding-up and determining whether the Joint Liquidators
should have their release under section 174 of the Insolvency Act
1986.

Proxy forms if applicable, must be lodged at KPMG Corporate
Recovery, KPMG, 4 Lakeside, Festival Park, Stoke on Trent ST1
5RY, fax +44 (0) 1782 216376, on or before 12:00 noon of June 29,
2005.

P. Bateman, Joint Liquidator
April 15, 2005

CONTACT:  KPMG LLP
          4 Lakeside
          Fastival Park
          Stoke-on-Trent ST1 5RY
          Phone: (01782) 216 363
          Fax: (01782) 216 373
          Web site: http://www.kpmg.co.uk

          John Paul Bateman
          E-mail: paul.bateman@kpmg.co.uk


STONEYGATE 179: Names Liquidator from GCP
-----------------------------------------
At the extraordinary general meeting of Stoneygate 179 Limited on
April 14, 2005 held at Farnley House, La Charroterie, St Peter
Port, Guernsey GY1 3AG, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Jane Lindsay
Gandon of 2 Preston Park Avenue, Brighton BN1 6HJ has been
appointed liquidator of the company.

CONTACT:  GCP
          Flat 7
          2 Preston Park Avenue
          Brighton
          West Sussex BN1 6HJ
          Phone: 01273 556925


TURNER & NEWALL: Pension Fund Cost Weighs on Parent's Book
----------------------------------------------------------
U.S. firm Federal-Mogul spent some US$13 million (EUR10 million)
for the pension scheme of its U.K. subsidiary Turner & Newall in
the recent financial year, according to IPE.com 20.

The extra cost helped pushed Federal-Mogul deeper into the red.
The firm reported net loss of US$48 million compared to US$20
million a year ago.

Turner & Newall's pension scheme had a GBP875 million shortfall.
Its situation last year was feared to leave 20,000 workers with
70% cuts to the pensions they were expecting to receive at
retirement.  Federal-Mogul was forced to enter an extra US$14
million in pension plan costs for the firm at the time.

Federal-Mogul sought bankruptcy protection in the U.S. in 2001
due to asbestos-related class actions.

CONTACT:  TURNER & NEWALL LIMITED
          Manchester International Office
          Centre Styal road
          Manchester M22 5TN

          FEDERAL-MOGUL CORPORATION
          26555 Northwestern Hwy.
          Southfield, MI 48034 (Map)
          Phone: 248-354-7700
          Fax: 248-354-8950
          Web site: http://www.Federal-Mogul.com


WHITEHEAD MANN: EGM Approves GBP13.1 Mln Share Issuance
-------------------------------------------------------
On 30 March 2005, Whitehead Mann announced details of a Placing
and Open Offer of 32,694,910 New Ordinary Shares at 40 pence per
share to raise gross proceeds of approximately GBP13.1 million.

At the Extraordinary General Meeting held Friday, the Resolutions
which were set out in the Notice of EGM included in the
prospectus dated 30 March 2005 in relation to the Placing and
Open Offer were duly passed without amendment, subject to (and
with effect immediately prior to) Admission becoming effective.

By 11.00 a.m. Thursday, being the latest time and date for
acceptance under the Open Offer, valid applications had been
received from Qualifying Shareholders in respect of 22,709,984 of
the 32,694,910 New Ordinary Shares offered under the Open Offer.
This represents approximately 69.5% of such New Ordinary Shares.

9,984,926 New Ordinary Shares not applied for by Qualifying
Shareholders under the Open Offer will be placed with
institutional and other investors under the Placing pursuant to
the Placing and Open Offer Agreement.

The New Ordinary Shares to be issued in connection with the
Placing and Open Offer will rank, when issued, pari passu with
the Existing Ordinary Shares in all respects.

The Placing and Open Offer remains conditional upon, inter alia,
admission of the New Ordinary Shares to trading on AIM.
Application has been made to the London Stock Exchange for the
32,694,910 New Ordinary Shares to be admitted to trading on AIM
and it is expected that Admission will become effective and
dealings in the New Ordinary Shares will commence at 8.00 a.m. on
28 April 2005.

A copy of the Notice of EGM, containing the Resolutions passed by
Whitehead Mann Group Plc at the EGM, has been submitted to the
U.K. Listing Authority and is available for inspection at the
U.K. Listing Authority's Document Viewing Facility, which is
situated at The Financial Services Authority, 25 The North
Colonnade, Canary Wharf, London E14 5HS.

Terms defined in the Prospectus shall have the same meaning in
this announcement.

CONTACT:  WHITEHEAD MANN GROUP PLC
          14 Hay's Mews
          London
          United Kingdom
          W1J 5PT
          Phone: +44 20 7290 2000
          Fax: +44 20 7290 2050
          Web site: http://www.wmann.com


WINTON CAVEN: Plastic Producer Calls Administrator from KPMG
------------------------------------------------------------
Mark Jeremy Orton and Allan Watson Graham (IP Nos 8846, 8719)
have been appointed joint administrators for The Winton Caven
Company Limited.  The appointment was made April 13, 2005.  The
company manufactures other plastic products.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk




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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *