TCREUR_Public/050427.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

            Wednesday, April 27, 2005, Vol. 6, No. 82

                            Headlines

B E L G I U M

REAL SOFTWARE: Latest Capital Hike to Raise EUR100,512


C Z E C H   R E P U B L I C

ZETOR A.S.: Settles CZK232 Million ZKL Claims


G E R M A N Y

BERND WEBER: Heilbronn Court Appoints Interim Administrator
BIOKRAFT NORTORF: Claims Verification Set Mid-June
BON VITA: Sets Creditors Meeting June
BUSCHMANN SANITAR: Applies for Bankruptcy Proceedings
DUERR AG: 2004 Pre-tax Earnings Back in Black

EMT WERKZEUG: Claims Deadline Expires Next Month
FLIESEN-HANSEN: Neumunster Court Appoints Interim Administrator
FS FASSADEN: Wurzburg Court Stays All Pending Lawsuits
GG SAATEN: Gives Creditors Until Next Month to File Claims
GST GMBH: Court to Verify Claims June 21

INFINEON TECHNOLOGIES: Selling Software Unit
KARSTADTQUELLE AG: e-Commerce Boosts Total Sales
KLOCKNER & CO.: S&P Rates Corporate Credit 'B+'
METALL-FASSADEN: Creditors Meeting Set Second Week of May
MH REIFENCENTER: Proofs of Claim Due Later Next Month

SCHWEINEZUCHT STEIMKE: Claims Filing Period Ends May 27
TBIG THURINGEN: Falls into Bankruptcy
THOMAS COOK: Advent International Interested in Aldiana
VECTONE TELECOM: Court Appoints Dr. Holger Lessing Administrator
VON KOSS: Interim Administrator Takes over Operations
WCM GROUP: Aims to Break even at Operating Level this Year
WEITZEL & WEITZEL: Creditors Claims Due Next Month


H U N G A R Y

ZALAKERAMIA RT: Posts HUF2.4 Billion Full-year Loss


I R E L A N D

JSG FUNDING: To Release First-quarter Results Next Month


I T A L Y

ALITALIA SPA: E.U. Approval of Rescue Plan Out May or June
FIAT SPA: Postpones Annual General Meeting to June
FIAT SPA: Execs Lead by Example; Buy EUR1 Mln Worth of Shares
FINPART SPA: Auditor Refuses to Sign Annual Report
PARMALAT FINANZIARIA: Asks Court to Junk Citigroup Counterclaim


N E T H E R L A N D S

ROYAL SHELL: Mulls Merger of Key Departments


P O L A N D

NETIA SA: Subscription Warrant Buyback Program Receives Go-ahead
NETIA SA: Buys back Shares Under 1999 Employee Stock Option Plan


R U S S I A

ASSEMBLY-BUILDING TRUST: Creditors' Claims Due Late May
BUILDER ENERGETIC: Creditors Have Until May to File Claims
INDUSTRIAL-LEASING COMPANY: Declared Insolvent
KAMESHKOVSKIY TEXTILE: Proofs of Claim Deadline May 26
KRASNOLIPYE-CRYSTAL: Insolvency Manager Takes over Helm

KRASNOYARSKIYE FIBERS: Appoints A. Komarov Insolvency Manager
METAL WORKING: Under Bankruptcy Supervision
NALCHIKSKIY BAKERY: Undergoes Bankruptcy Supervision Procedure
OAO SIBIRTELECOM: Fitch Revises Outlook to Stable
OAO URALSVYAZINFORM: 'BB-/B' Ratings Affirmed; Outlook Stable

ORSKIY: Insolvency Manager Takes over Helm
RYAZAN-GOR-GRAZHDAN-STROY: Succumbs to Insolvency
SIBERIAN ATHENS: Bankruptcy Proceedings Begin
SOL'-ILETSKIY ELEVATOR: Bankruptcy Proceedings Begin
SOSNOVSKIY: Gives Creditors Until Next Month to File Claims
TUVINSKIY ENGINEERING: Bankruptcy Hearing Set Last Week of May
VINTER: Undergoes Bankruptcy Supervision Procedure


S P A I N

AUNA OPERADORES: Shareholders Review Takeover Offers


T U R K E Y

VESTEL ELECTRONICS: Proposed Guaranteed Notes Rated (P)Ba3


U N I T E D   K I N G D O M

3 V UK: Hires Liquidators from BDO Stoy Hayward
AFS GROUP: Final Meeting Set Last Week of May
A M CATERING: Members Decide to Wind up Firm
APPCO LIMITED: Proofs of Claim Deadline Set Last Week of May
ASHALL CONSTRUCTION: Hires Liquidator from Begbies Traynor

AUTOCUE INTERNATIONAL: Retailer Calls in Administrator
BEGGARMANS FARMS: Deadline for Debt Claims Next Week
B & M FABRICS: Names Elwell Watchorn & Saxton Administrator
BRITANNIC SMALLER: Appoints Joint Liquidators from PwC
BRITISH ENERGY: Expects Higher Nuclear Output in Coming Years

CAUSEWAY INVESTMENTS: Members Final Meeting Set May
COLD JET: Sets Creditors Meeting Next Week
COSTAIN GROUP: Andrew Wyllie to Replace Stuart Doughty as CEO
DOT SWALLOW: Members Hire Liquidator from Phillip A. Roberts
DRAX GROUP: Chief Executive Gerald Wingrove Resigns

EAST MIDLANDS: Schedules General Meeting June
FAST TRACK: Hires Joint Administrators from Chantrey Vellacott
HENDERSON GROUP: Court Approves Capital Reduction
INTEGRA INTERIORS: Names Portland Business Administrator
JOHN LESTER: Administrators from BDO Stoy Hayward Move in

LAMINATE KING: Creditors to Meet Next Week
LIGHTMODE LIMITED: Creditors Meeting Set Friday
LOMBARD ODIER: Members Pass Winding-up Resolutions
MACKAY (CONSTRUCTION CHEMICALS): Creditors Meeting Set Next Week
MELDFORM GERMANIUM: Members Decide to Wind up Firm

MG ROVER: Iranian Carmakers Among Potential Buyers
MG ROVER: Collapse Leaves Dealers in Debt for Unwanted Cars
MG ROVER: Dealers Target Phoenix Four
MISYS PLC: Credit Libanais Employs Equation System
NORHAM HOUSE: Members Pass Winding-up Resolution

PHASK LIMITED: Hires Administrators from Bridgestones
QUINTIC LIMITED: Hires Peters Elworthy & Moore as Liquidator
REGIONAL & CITY: Members Decide to Wind up Firm
RIGGS KEEP: Debt Claims Deadline Set Next Month
ROYAL & SUNALLIANCE: European IFSR Raised to 'Baa1'

RUBISLAW GROUP: Liquidator Takes over Operations
SANDBACH TRAVEL: Travel Agencies Hire Administrators from PwC
SWITCH TM: Administrator from Thompson Partnership Moves in
TRUFIT LIMITED: Sets Creditors Meeting Next Week


                            *********


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


REAL SOFTWARE: Latest Capital Hike to Raise EUR100,512
------------------------------------------------------
The board of Real Software N.V. resolved to increase the share
capital of the firm by EUR100,512 with an issuance premium of
EUR699,488.  Indi N.V., with which Real and Mr. Rudy Hageman
entered into a settlement agreement on March 3, will contribute
in kind EUR800,000 in receivables.  It will also subscribe to
1,600,000 shares at EUR0.50 per share.  Consequently, the share
capital of Real Software will amount to EUR11,499,171.69
represented by 183,048,916 shares.

CONTACT:  REAL SOFTWARE GROUP N.V.
          Prins Boudewijnlaan 26
          2550 Kontich
          Phone: +32 3 290 23 11
          Fax: +32 3 290 23 00

          Dina Boschmans
          Corporate Communications Manager
          E-mail: Dina.Boschmans@realsoftware.be
          Web site: http://www.realsoftwaregroup.com


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


ZETOR A.S.: Settles CZK232 Million ZKL Claims
---------------------------------------------
Tractor maker Zetor a.s. claims it has fully settled the debt
that the companies, which formerly made up the ZKL group, are
demanding it to pay.

Ales Ondruj, spokesman for HTC holding, the owner of Zetor, told
Czech Happenings the firm has already paid the balance of ZKL's
claims, which was partially satisfied last week.  Zetor coughed
up CZK70 million on Friday after bailiffs halted its operations.

ZKL's claims, which total CZK232 million, date back to the
privatization of Zetor in 1993.  The amount does not include
about CZK100 million in defaulted interest payments.

For eight years ZKL, together with companies related to VLT
Brno, tried to enforce the claim on Zetor.  They finally
succeeded in getting a distraint order in January after the high
court in Olomouc upheld their claims and ordered Zetor to pay.

Zetor initially challenged the grounds for the distraint order
and later argued it did not know where to deposit payments.  ZKL
countered Zetor only tried to get the account numbers after the
due dates had passed.

The bailiffs' visit last Friday cost the company CZK10 million,
according to the paper.

CONTACT:  ZETOR A.S.
          Web site: http://www.zetor.cz/
          Trnkova 111 632 00 Brno - Lisen Ceska republika
          Phone: +42 05 44 13 24 00
          Fax: +42 05 44 21 03 44
          E-mail: zetor@zetor.cz

          HTC HOLDING
          Dobrovicova 8 811 09 Bratislava


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


BERND WEBER: Heilbronn Court Appoints Interim Administrator
-----------------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against Bernd Weber 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 Walter Eckelmann.

Creditors and other interested parties are encouraged to attend
the meeting on June 6, 2005, 10:45 a.m. at the district court of
Heilbronn, 74072 Heilbronn, Rollwagstr. 10 a, Saal 4, EG 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:  BERND WEBER GMBH
          Contact:
          Bernd Weber, Manager
          In den Rennwiesen 32, 71726 Benningen

          Walter Eckelmann, Administrator
          Grosse Bahngasse 8-10, 74072 Heilbronn
          Phone: 07131/62160


BIOKRAFT NORTORF: Claims Verification Set Mid-June
--------------------------------------------------
The district court of Neumunster opened bankruptcy proceedings
against BioKraft Nortorf GmbH & Co. KG on March 24, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 19, 2005 to
register their claims with court-appointed provisional
administrator Hans-Peter Rechel.

Creditors and other interested parties are encouraged to attend
the meeting on June 16, 2005, 10:45 a.m. at the district court
of Neumunster 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:  BIOKRAFT NORTORF GMBH & CO. KG
          Kolberger Strasse 13
          24589 Nortorf
          Contact:
          Herrn Armin Weiss, Manager
          Brinkstrasse 5
          38159 Vechelde

          Hans-Peter Rechel, Administrator
          Magdalenenstrasse 64c
          20148 Hamburg


BON VITA: Sets Creditors Meeting June
-------------------------------------
The district court of Cuxhaven opened bankruptcy proceedings
against BON VITA Klinik und Hotel GmbH on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 31, 2005 to
register their claims with court-appointed provisional
administrator Christoph Henningsmeier.

Creditors and other interested parties are encouraged to attend
the meeting on June 28, 2005, 9:00 a.m. at the district court of
Cuxhaven, Saal 112, Altbau, Deichstr. 12a, 27472 Cuxhaven, 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:  BON VITA KLINIK UND HOTEL GMBH
          Muggendorfer Str. 2, 21762 Otterndorf
          Contact:
          Dr. Andrea Hahn, Manager

          Christoph Henningsmeier, Administrator
          Osdorfer Landstr. 230, 22549 Hamburg
          Phone: 040/8078810
          Fax: 040/807881-20


BUSCHMANN SANITAR: Applies for Bankruptcy Proceedings
-----------------------------------------------------
The district court of Cuxhaven opened bankruptcy proceedings
against Buschmann Sanitar und Heizung GmbH on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 26, 2005 to
register their claims with court-appointed provisional
administrator Stefanie Engelhard.

Creditors and other interested parties are encouraged to attend
the meeting on June 23, 2005, 9:00 a.m. at the district court of
Cuxhaven, Uhr, Saal 112, Altbau, Deichstr. 12a, 27472 Cuxhaven,
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:  BUSCHMANN SANITAR UND HEIZUNG GMBH
          Poststrasse 14, 27616 Beverstedt
          Contact:
          Gabriele Sinteck

          Stefanie Engelhard, Administrator
          Domshof 18-20, 28195 Bremen
          Phone: 0421/36860
          Fax: 0421/3686-100


DUERR AG: 2004 Pre-tax Earnings Back in Black
---------------------------------------------
The Duerr Group accomplished an earnings turnaround in 2004,
registering earnings before taxes of EUR11.8 million (previous
year: -EUR5.7 million).  With its new organizational structure
in effect since March 1, the Group has fulfilled an important
prerequisite for further strengthening its earning power.

Earnings before taxes, calculated for the first time in
accordance with International Financial Reporting Standards
(IFRS), rose in the new Group structure, consisting of
continuing operations, by EUR19.5 million to EUR18.6 million.
The Services business unit, which has been sold to the Voith
Group, and the Development Test Systems (DTS) product line, are
not included in continuing operations.  DTS, a supplier of
measuring and testing technology for vehicle development, is to
be put into a venture in which Duerr has a minority holding, or
is to be sold entirely.  Duerr plans to increase the earnings
before taxes and EBITDA of continuing operations further in
2005.

Expansion of High-margin Industrial Business

Expansion of industrial business, which means outside the
automotive sector, is expected to contribute importantly to the
planned improvement of earnings.  "In the framework of our
strategic reorientation, we intend to expand in fast-growing,
high-margin business areas.  Those include, for example, process
technology for the mining industry, environmental technology,
and painting and assembly systems for the aviation industry,"
said Mr. Rojahn.  Duerr is also counting on expansion of
modernization and remodeling business in the automotive industry
and efficiency gains resulting from the »sprint« earnings
enhancement program.  The new Group structure with two
divisions, Paint and Assembly Systems and Measuring and Process
Systems, will give Duerr more clout on the market.  Duerr
expects the leaner organizational structure to yield annual
savings of EUR10 million from 2006 onward.

Opportunities in Remodeling and Modernization Business

Duerr intends to achieve the forecast earnings improvement in
2005 even though it plans on lower sales this year. In view of
the current competitive situation, Duerr is carefully selecting
the orders that it accepts: "We are not looking for sales at any
price, but rather for order quality," said Mr. Rojahn.

Duerr furthermore sees good business opportunities in remodeling
existing production plants: "Worldwide, there are far more than
a hundred car body paint shops in operation that we have built.
With retooling and modernization, we are providing our customers
with more support in dealing with pressing issues such as
quality improvement, production cost reduction, and compliance
with environmental standards," said Mr. Rojahn.

Sales and Incoming Orders

Consolidated sales in continuing operations came to EUR1,903.3
million in 2004 and were thus 6.9% below the previous year's
figure (EUR2,044.9 million).  Adjusted for currency effects,
sales would have amounted to EUR1,968.7 million, or 3.7% less
than in the previous year.  In the Group, which means including
Services and DTS, sales amounted to EUR2,136.4 million (previous
year: EUR2,271.9 million).

Against the background of contracting market volume,
consolidated incoming orders in continuing operations came to
EUR1,584.6 million after EUR2,127.0 million in the previous
year.  It should be noted that the amount reported for 2003 was
far above normal due to a large order received from General
Motors that will impact sales over several years.  The Group's
consolidated incoming orders were down from EUR2,356.2 million
to EUR1,841.3 million.  That is also mainly an effect of the
previous year's large order from GM.

Significant Earnings Improvement in Measuring Systems

The Measuring Systems business unit (excluding DTS) played a
substantial role in last year's earnings improvement.  Operating
improvements and lower restructuring expenses compared with the
previous year led to an increase of its earnings before taxes to
EUR10.9 million (previous year: -EUR14.5 million).

Earnings were burdened in 2004 by unplanned expenditures in the
amount of EUR15.1 million.  Those were incurred in the Ecoclean
and Final Assembly Systems business units, where problems arose
in the handling of some orders.

In 2003 and 2004, Duerr achieved savings totaling around EUR105
million by means of its "sprint" earnings enhancement program;
the amount saved will reach about EUR170 million by the end of
2005.  "These savings are of crucial importance for ensuring our
competitiveness in an aggressive price environment," explained
Mr. Rojahn.

Net income in continuing operations rose to EUR11.6 million in
2004, after Duerr had reported a loss of EUR22.0 million in the
previous year.  Correspondingly, earnings per share after
minority interests increased to EUR0.88 (previous year: negative
EUR1.56).  The Group achieved earnings per share after minority
interests of EUR0.40 (preceding year: negative EUR2.14) on net
income for the year of EUR4.7 million (previous year: loss of
EUR30.3 million).  The Group's tax expense of EUR7.1 million
resulted mainly from valuation allowances on deferred tax assets
at DTS and from non-deductible interest charges for long-term
loans.

Duerr announced that no dividend distribution to shareholders
will be proposed for 2004.  Unappropriated profit is to be
employed instead to strengthen the company's equity base.

Balance Sheet Structure Improved

The Group's financial ratios improved with the placement in July
2004 of a corporate bond for EUR200 million and a syndicated
loan arranged at the same time.  Duerr managed to lower the
ratio of the Group's current financial liabilities from 52% to
29%.  The Group's equity ratio rose to 15.5% as of December 31,
2004 from 13.1% on the previous year's balance sheet date.

Number of employees adjusted to difficult market environment
In the framework of the "sprint" program, Duerr has further
adjusted its personnel capacities to the difficult market
environment in the automotive industry.  On December 31, 2004,
there were 7,280 employees in continuing operations.  That was
4.7% fewer than in the previous year (7,642).  In the
traditional markets of Europe and the Americas, the number of
employees decreased by 546.  In the Asian market, where Duerr
managed to raise sales by 14% and is further expanding business,
the number of employees increased by 33% to 735 (+184).  The net
total number of employees in the Group rose to 13,295 at the end
of 2004 (previous year: 12,747).  That was solely to the
Services business unit, which has meanwhile been sold.

Investing in Future Growth: Foundation Laid for Mining Business
Expansion

Duerr's capital expenditures on property, plant, and equipment
and intangible assets in continuing operations amounted to
EUR41.3 million in 2004 (previous year: EUR24.5 million).  The
largest capital expenditure of EUR11.6 million was made to
increase the share held in subsidiary Schenck Australia.  Duerr
has thus laid an important foundation for further expansion of
the high-margin business in process technology for the mining
industry, which is largely handled by Schenck Australia.  There
are good growth opportunities in this area, including coal-
washing plants for the Chinese market, for example.

R&D Expense Remains High

Duerr is bolstering its efforts to enhance earnings by
developing new technological solutions with high demand
potential.  In 2004, Duerr again invested about 6% of its sales,
including expenditures in the framework of customer projects, in
new products and technologies.  Among those were improved
software solutions such as the EcoEMOS supervisory control
system for production processes and the CAB 900 high-precision
measuring system for balancing equipment from Schenck.

In the area of final vehicle assembly, Duerr introduced the
FAStplant modular factory concept, with which the main line of a
final assembly facility can be set up or reconfigured in a very
short time.  Duerr will also keep its R&D spending at a high
level in the future.  "Our innovation management aims at
developing products that give customers measurable added value,
for example, by reducing unit costs.  That way we can generate
demand despite the difficult situation in the automotive
industry," said Mr. Rojahn.

Opportunities Despite Difficult Economic Environment
The economic environment remains difficult and intensely
competitive in 2005.  Capital spending shifts and cost-cutting
programs are shaping the picture in the automotive industry in
many places.  With an increased offering in the area of
remodeling, Duerr is gearing itself to the rising modernization
and retooling needs of customers.  Duerr sees high growth and
earnings potential in the expansion of industrial business.  At
the same time, the company will systematically continue its
cost-cutting efforts and the initiated reorientation process to
maintain its competitiveness in the difficult market
environment.

Duerr Group
                                         2004   2003    Change
(new structure: continuing operations)                  (in %)
Consolidated sales revenues in EURm   1,903.3  2,044.   9  -6.9
EBT in EURm                              18.6     -0.9  2,166.7
Net income/loss in EURm                  11.6    -22.0    152.7
Earnings per share in EUR                 0.88    -1.56   156.4
Capital expenditures on property, plant and equipment and
intangible assets in EURm                41.3     24.5     68.6
Employees as of December 31           7,280    7,642       -4.7


Key figures for the business units   2004  2003  Change
Continuing operations
Paint Systems
  Total sales * in EURm            1,154.5  1,250.2    -7.7%
  EBT in EURm                         28.3     29.3    -3.4%
  Employees as of December 31      2,690    2,808      -4.2%
Final Assembly Systems
  Total sales * in EURm              374.0    445.0   -16.0%
  EBT in EURm                          2.0      7.5   -73.3%
  Employees as of December 31      1,546    1,593      -3.0%
Ecoclean
  Total sales * in EURm              186.1    208.1   -10.6%
  EBT in EURm                         -5.1      5.7  -189.5%
  Employees as of December 31        909      932      -2.5%
Measuring Systems (without DTS)
  Total sales * in EURm              307.2    283.7     8.3%
  EBT in EURm                         10.9    -14.5   175.2%
  Employees as of December 31      2,084    2,255      -7.6%
Discontinued operations
Services, DTS
  Total sales * in EURm              233.4    227.8     2.5%
  EBT in EURm                         -6.8     -4.8   -41.7%
  Employees as of December 31      6,015    5,105      17.8%

The Corporate Center had 51 employees as of December 31, 2004
(2003: 54); its EBT amounted to -EUR17.5 million (2003: -EUR28.9
million).

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Total sales: Sales of a business unit including intra-group
transactions with other business units
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

CONTACT:  DUERR AG
          Stephan Haas
          Corporate Communications & Investor Relations
          Phone: + 49 711 136 1785
          Fax: + 49 711 136 1034
          E-mail: corpcom@durr.com


EMT WERKZEUG: Claims Deadline Expires Next Month
------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against EMT Werkzeug- u. Formenbau GmbH on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 12, 2005 to
register their claims with court-appointed provisional
administrator Gerhard Tonhauser.

Creditors and other interested parties are encouraged to attend
the meeting on June 2, 2005, 9:15 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:  EMT WERKZEUG- U. FORMENBAU GMBH
          Daimlerstr. 31, 74523 Schwabisch Hall
          Contact:
          Thomas Bay, Manager
          Matthias Ruck, Manager

          Gerhard Tonhauser, Administrator
          Moltkestr. 40, 74072 Heilbronn


FLIESEN-HANSEN: Neumunster Court Appoints Interim Administrator
---------------------------------------------------------------
The district court of Neumunster opened bankruptcy proceedings
against Fliesen-Hansen GmbH on May 31, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 15, 2005 to register their
claims with court-appointed provisional administrator Christian
Kruger.

Creditors and other interested parties are encouraged to attend
the meeting on July 6, 2005, 10:00 a.m. at the district court of
Neumunster 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:  FLIESEN-HANSEN GMBH
          Industriestrasse 1
          24211 Preetz
          Contact:
          Erwin Hansen, Manager
          Zum Sportplatz 15
          24211 Lepahn

          Christian Kruger, Administrator
          Lessingplatz 4
          24116 Kiel


FS FASSADEN: Wurzburg Court Stays All Pending Lawsuits
------------------------------------------------------
The district court of Wurzburg opened bankruptcy proceedings
against FS Fassaden und Glasbau GmbH on April 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 10, 2005 to
register their claims with court-appointed provisional
administrator Werner Muller.

Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 9:30 a.m. at the district court of
Wurzburg Virchowstr. 14, Wurzburg, 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:  FS FASSADEN UND GLASBAU GMBH
          Schleehofstr. 2
          97209 Veitshochheim
          Contact:
          Uwe Steigerwald, Manager

          Werner Muller, Administrator
          Mergentheimer Str. 26
          97082 Wurzburg
          Phone: 0931/880800


GG SAATEN: Gives Creditors Until Next Month to File Claims
----------------------------------------------------------
The district court of Hildesheim opened bankruptcy proceedings
against GG Saaten GmbH on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 19, 2005 to register their claims with
court-appointed provisional administrator Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting on June 13, 2005, 9:00 a.m. at Saal 124,
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:  GG SAATEN GMBH
          Wenderter Str. 19, 31157 Sarstedt
          Contact:
          Thomas Pramann, Manager
          Weinkampswende 10, 30539 Hannover

          Helge Wachsmuth, Administrator
          Alexanderstr. 2, 30159 Hannover
          Phone: 0511/325095
          Fax: 0511/329934


GST GMBH: Court to Verify Claims June 21
----------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against GST GmbH on April 1.  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. Klaus Pannen.

Creditors and other interested parties are encouraged to attend
the meeting on June 21, 2005, 10:15 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:  GST GMBH
          Kreuzbrook 15, 20537 Hamburg
          Contact:
          Norbert Ernst Holzlehner

          Dr. Klaus Pannen, Administrator
          Jungfernstieg 51, 20354 Hamburg
          Phone: 35005266
          Fax: 35005119


INFINEON TECHNOLOGIES: Selling Software Unit
--------------------------------------------
Infineon Technologies is currently in talks with investment
group Apax Partners over the sale of its small software
division, Borsen Zeitung says.  Apax is waiting for the
permission of the local anti-trust authority to take over the
unit.  An Infineon spokesman has confirmed the talks, but
declined to provide more details.

Infineon is currently streamlining its business activities to
focus on core markets in wireless and broadband access
communication.  The group has already sold several marginal
units: parts of its glass fiber operations went to U.S. rival
Finisar while its optical networks division became part of Exar
Corporation.  The latter fetched US$11 million for Infineon.

CONTACT:  INFINEON TECHNOLOGIES AG
          St. Martin Str. 53
          81669 Munich
          Phone: +49-89-234-0
          Fax: +49-89-234-2-84-82
          Web site: http://www.infineon.com

          APAX PARTNERS, INC.
          445 Park Ave., 11th Fl.
          New York, NY 10022
          Phone: 212-753-6300
          Fax: 212-319-6155
          Web site: http://www.apax.com


KARSTADTQUELLE AG: e-Commerce Boosts Total Sales
------------------------------------------------
Online demand in 2004 again markedly increased despite difficult
market conditions, according to KarstadtQuelle AG.  The three
largest Group portals (karstadt.de, quelle.de, neckermann.de)
between them accounted for a total order value of EUR1.76
billion.  Compared with an order volume of EUR1.59 billion in
the previous year, this represents a growth of 10.9%.  Abroad,
the Group recorded demand amounting to EUR269 million.  The
total value of online orders in the KarstadtQuelle Group stands
at EUR2.02 billion.

Accordingly, the share contributed by e-commerce to total sales
in the KarstadtQuelle Group continued to increase.  Including
foreign demand, it comes to 15.02%.

Online demand rose particularly markedly over the Christmas
period.  December saw the volume of orders at the karstadt.de,
quelle.de and neckermann.de shops rise by 25.8%.

The number of visits to quelle.de, neckermann.de and karstadt.de
likewise developed positively: in 2004 the portals recorded
12.9% more visits than in the previous year.  The attractiveness
of the shops was particularly enhanced by creative marketing
drives, innovative technologies for product presentation and
expansion of the product portfolio.

In 2004 once again the quelle.de Online Shop was distinguished
for its innovative functions, optimum service and optimum
convenience.  quelle.de recorded an increase of 60% in the
number of registered customers and for years has ranked
continuously amongst Germany's leading Internet shops.  In the
multimedia world, for example, quelle.de is adapting to meet
modern customer requirements: the site features unique and
customer-friendly moving picture and video presentations and
graphic 3D animations.

In 2004, the "Q" key on the computer keyboard, which figured in
special promotions, also drew the particular attention of users
of the quelle.de site: as a result of the "Thursday promotions"
the Online Shop considerably increased the use of its sites.

It was awarded the industry's most important distinctions: the
"Quelle Key" received the coveted 2004 German Multimedia Award
and the 2005 German Dialogue Marketing Prize in gold and silver.

The share contributed by e-commerce to Quelle's Christmas
business rose to 30%.  Over the important December period
quelle.de, with 41.2% more visits, achieved a visitor record.

In 2005, too, for quelle.de customer service is a priority:
since January the Furth-based company, in collaboration with
Musicload, has been offering over 420,000 music titles for
downloading and is thus entering its tenth year of existence on
a musical note.

Business at neckermann.de continues to develop very
gratifyingly.  The share contributed by Online to total business
already stood at over 25% in the second half of 2004.  The
positive performance over the Christmas period, which saw an
increase of 70%, continued: in the first quarter of 2005 once
again growth of 30% above the previous year was achieved.  March
2005 brought neckermann.de a record number of visits, virtually
double that logged the previous year.

In March 2005, following the award of two online Oscars for
"Best Online Shop" and "Best E-mail Campaign" by a panel of
experts at the end of 2004, neckermann.de received its third
distinction in under six months: neckermann.de was named "Best
Web site of 2004" in the Online Shop category amongst 122,000
German Internet users.  The success of the Web site is due,
amongst other things, to the innovations regularly presented in
the Shop.  In January 2005, for example, neckermann.de put out
the first interactive Internet TV commercial.  At a mouse click
customers were able to access product information and actually
order products while the commercial was still running.

In 2004 karstadt.de particularly boosted its sales of high-
return product lines.  For example, the watch and jewelry
offering was markedly expanded.  Further features were new
offerings in the household goods segment and golfing holidays.
The music-download offering integrated in 2003 established
itself firmly in the market in 2004 and continued to grow
substantially.

As well as the product lines, karstadt.de further expanded its
distribution partnerships.  Over 40 partners, amongst them an
Internet pharmacy, make up the offering.  New services, such as
a personal wine adviser and a gift finder, also feature.  The
Internet is also growing in importance as a marketing
instrument, as has been shown by successful multi-channel
promotions, for example, a mobile phone marketing drive.

A positive response was also achieved by the online portal in
the area of customer retention: In addition to the increase in
the number of visits to the Web site, the number of subscribers
to the newsletter rose by 40 % on the previous year and reached
over 700,000.

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com

          Corporate Communications
          Martin Schleinhege
          Phone: +49(0)201/ 727 -96 67
          E-mail: martin.schleinhege@karstadtquelle.com


KLOCKNER & CO.: S&P Rates Corporate Credit 'B+'
-----------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Germany-based metal distributor Klockner & Co.
GmbH. The outlook is stable.

At the same time, Standard & Poor's assigned its 'B-'
subordinated debt rating to the proposed EUR350 million ($457
million) bond to be issued by the group's finance subsidiary,
Luxembourg-based Klockner Investment S.C.A.  The two-notch
differential in the rating of the proposed bond reflects the
bond's legal subordination to senior debt and structural
subordination to senior debt and a material level of group
liabilities.

"The ratings reflect Klockner's high leverage, relatively low
cash generation, and high level of working capital intensity, in
addition to the fragmented and competitive nature of the metal-
distribution industry," said Standard & Poor's credit analyst
Jarrad Oberhardt.  "At the same time, however, we note
Klockner's good customer, product, and geographical
diversification and its position as Europe's leading independent
metal distributor."

The stable outlook reflects Standard & Poor's expectation that
Klockner's performance will be influenced by the competitive
nature of its markets, and that the group will continue to
experience a substantial degree of volatility from the
fluctuation in metal prices.

"Significant cash flows above expected levels, combined with
deleveraging of the group's balance sheet, could lead to
positive upward pressure on the ratings," said Mr. Oberhardt.
"Conversely, any material increase in leverage or deterioration
in earnings is likely to exert a negative influence on the
ratings."

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

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


METALL-FASSADEN: Creditors Meeting Set Second Week of May
---------------------------------------------------------
The district court of Osnabruck opened bankruptcy proceedings
against Metall-Fassaden-Systeme GmbH on April 1, 2005.
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 Klaus Niemeyer.

Creditors and other interested parties are encouraged to attend
the meeting on May 9, 2005, 11:20 a.m. at the district court of
Osnabruck Kollegienwall 10, 49074 Osnabruck at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on June 30, 2005, 9:00 a.m.

CONTACT:  METALL-FASSADEN-SYSTEME GMBH
          Hafenstr. 5
          49152 Bad Essen
          Contact:
          Gerd-Werner Kuberka, Manager

          Klaus Niemeyer, Administrator
          Schillerstr. 20
          49074 Osnabruck
          Phone: 0541/338500
          Fax: 0541/33850-50


MH REIFENCENTER: Proofs of Claim Due Later Next Month
-----------------------------------------------------
The district court of Heidelberg opened bankruptcy proceedings
against MH Reifencenter Nussloch GmbH on March 31.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 31, 2005 to
register their claims with court-appointed provisional
administrator Thorsten Konrad.

Creditors and other interested parties are encouraged to attend
the meeting on June 10, 2005, 11:30 a.m. at Gebaude des
Amtsgerichts 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:  MH REIFENCENTER NUSSLOCH GMBH
          Max-Berk-Str. 4, 69226 Nussloch
          Contact:
          Phuc-Loc Dang, Manager

          Thorsten Konrad, Administrator
          Saarburger Ring 10-12, 68229 Mannheim
          Phone: 0621/483240
          Fax: 0621/483276


SCHWEINEZUCHT STEIMKE: Claims Filing Period Ends May 27
-------------------------------------------------------
The district court of Stendal opened bankruptcy proceedings
against Schweinezucht Steimke GmbH on April 4, 2005.
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 Christian Struck.

Creditors and other interested parties are encouraged to attend
the meeting on June 8, 2005, 2:00 p.m. at the district court of
Stendal Scharnhorststrasse 40, 39576 Stendal 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:  SCHWEINEZUCHT STEIMKE GMBH
          Vordorf 14c
          38486 Steimke

          Christian Struck, Administrator
          Steinstrasse 29
          D-19053 Schwerin
          Phone: 0385/555322
          Fax: 0385/555324


TBIG THURINGEN: Falls into Bankruptcy
-------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against TBiG Thuringen GmbH on April 1.  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 Mr. Bloss.

Creditors and other interested parties are encouraged to attend
the meeting on June 1, 2005, 1:00 p.m. at the district court of
Erfurt, Justizzentrum, Rudolfstr. 46, 99092 Erfurt, Saal 6, 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:  TBIG THURINGEN GMBH
          Contact:
          Klaus Dieter Kunze, Manager
          Gothaer Str. 5, 99880 Waltershausen

          Mr. Bloss, Administrator
          Charlottenstr. 7, 99086 Erfurt


THOMAS COOK: Advent International Interested in Aldiana
-------------------------------------------------------
Travel group Thomas Cook is holding exclusive talks with U.S.
financial investor Advent International over the sale of loss-
making subsidiary Aldiana, Suddeutsche Zeitung says.

Thomas Cook has been peddling the non-performing club operator,
which contributed to its EUR175.9 million loss last year via a
EUR29.3 million write-down.  It did not say how much money it is
asking for the subsidiary that operates 13 holiday resorts.

The German tour operator is currently restructuring to return to
profitability by October.  It booked EUR7.5 billion in turnover
last year.  Lufthansa and KarstadtQuelle jointly own Thomas
Cook, Europe's No.2 travel agency.

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

          KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com

          DEUTSCHE LUFTHANSA AG
          Von-Gablenz-Strasse 2-6
          D-50679 Cologne, 21
          Phone: +49-69-696-0
          Fax: +49-69-696-6818
          Web site: http://www.lufthansa.com


VECTONE TELECOM: Court Appoints Dr. Holger Lessing Administrator
----------------------------------------------------------------
The district court of Frankfurt opened bankruptcy proceedings
against Vectone Telecom Centers GmbH on March 17.  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. Holger Lessing.

Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 9:15 a.m. at the district court of
Frankfurt, Saal 2, Gebaude F, Klingerstrasse 20, 60313 Frankfurt
am Main, 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:  VECTONE TELECOM CENTERS GMBH
          Kaiserstrasse 72, 60329 Frankfurt am Main
          Contact:
          Thierry Herschkorn, Manager
          Space 28 North Lott Street, Dublin 1, Ireland

          Dr. Holger Lessing, Administrator
          Hanauer Landstrasse 287-289, 60314 Frankfurt am Main
          Phone: 069/15051300
          Fax: 069/15051400


VON KOSS: Interim Administrator Takes over Operations
-----------------------------------------------------
The district court of Hildesheim opened bankruptcy proceedings
against von Koss GmbH on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 3, 2005 to register their claims with
court-appointed provisional administrator Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting on July 1, 2005, 9:15 a.m. at Saal 16, 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:  VON KOSS GMBH & CO. KG.
          Alte Heerstr. 20, 31061 Alfeld

          VON KOSS BETEILIGUNGS- UND VERWALTUNGS-GMBH
          Alte Heerstr. 20, 31061 Alfeld
          Contact:
          Tam-Wedig von Flemming, Manager

          Dr. Steffen Koch, Administrator
          Konigstr. 26, 30175 Hannover
          Phone: 0511/5248523
          Fax: 0511/5422944


WCM GROUP: Aims to Break even at Operating Level this Year
----------------------------------------------------------
"In the future we see ourselves as a focused industrial group
that will be known on the market for special machines and as a
systems providers for filling and packaging machines as one of
the leading suppliers for the beverage and non-beverage
industry," said Roland Flach at Thursday's Annual WCM Press
Conference.

In line with the current planning, WCM anticipates sales for the
current financial year according to IFRSs of just under EUR1
billion.  The expected year-on-year sales increase (on a like-
for-like basis) amounts to EUR80 million, around EUR30 million
of which is attributable to a pure increase in sales in the KHS
Group and approximately EUR50 million of which is from
commercial property disposals.

In terms of the result from ordinary activities in accordance
with IFRSs, WCM is aiming to break even for the 2005 financial
year.  The result could also be negatively impacted by
fundamental market price risk at the companies that are
available for sale.  In subsequent years -- after managing the
existing risks -- we project a considerable increase of the
result.  We see great potential particularly in our KHS
Maschinen- und Anlagenbau-AG holding.

Annual Financial Statements 2004

In 2004, the key factors impacting the profit and loss account
of the Group and the AG were the sale of the Residential
Property division and the disposal of further equity holdings.
Three aspects are important for the declaration of the annual
financial results for 2004.

Firstly: In our core business of Filling and Packaging
Technology, WCM asserted its position well in the 2004 financial
year, generating an EBITDA of approximately EUR37 million.

Secondly: There was a reduction of net financial liabilities
from EUR1.3 billion to under EUR0.2 billion, relating largely to
the disposal of the Residential Property division.

Thirdly: The net loss for the year primarily consists of book
losses in connection with the disposal of the Residential
Property division and the high financing costs of WCM AG.

EBITDA is positive at EUR30 million after -EUR99 million in the
previous year.  Group EBIT is -EUR19 million after -EUR190
million in the previous year and the consolidated result of
ordinary business activities is minus EUR82 million after -
EUR287 million.  As a result of the disposals, Group net
liabilities due to banks were reduced from EUR1.3 billion as at
September 30, 2004 to below EUR0.2 billion.  The Group financial
result moved down from -EUR125 million to -EUR68 million and is
expected to halve again in 2005.

Transition to IFRSs

The WCM Group will switch its accounting from the German
Commercial Code (HGB) to international accounting according to
IFRSs (International Financial Reporting Standards) as at March
31, 2005.  Originally, a transition to IFRS was planned to the
end of 2005. However, with the numerous company disposals, the
change is now being brought forward.  As a result the date for
publishing the interim report for the first quarter has been put
back to May 30, 2005.  The publication dates for the other
quarters remain as announced.

Background Information

In the past, WCM operated in the buying and selling of listed
and undervalued companies as well as in the management and
privatization of residential property portfolios.  As a result
of the general crisis on the stock exchange three years ago, and
the losses subsequently sustained, the Equity Holdings divisions
was discontinued.  The Residential Property division was sold to
the financial investor Blackstone in December 2004.  In the
future, WCM AG will be purely a holding company, holding almost
exclusively the stake in Klockner-Werke AG. The core of
Klockner-Werke is the area of filling and packaging technology
represented by the KHS Group.

In its sub-markets, the KHS Group is already a world leader in
planning, manufacturing and installing filling and packaging
systems for the beverages and non-beverages industry.  Our
company group also owns machine companies, which produce special
machines for confectionary, hard rubber parts, plastic injection
moulding and shoe machines as well as robot systems for plastic
machines.  Various financial holdings of WCM, which are
available for sale in the short to medium term, initially form a
further area in the WCM Group.

CONTACT:  WCM GROUP
          Ms. Maren Moisl
          Phone: +49 (0) 69 90026-510
          Fax: +49 (0) 69 90026-110
          E-mail: presse@wcm.de


WEITZEL & WEITZEL: Creditors Claims Due Next Month
--------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Weitzel & Weitzel GmbH on March 29.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 31, 2005 to
register their claims with court-appointed provisional
administrator Dr. Jur. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on June 21, 2005, 11:30 a.m. at the district court
of Halle-Saalkreis, Saal 1.043, Justizzentrum, Thuringer Strasse
16, 06112 Halle, 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:  WEITZEL & WEITZEL GMBH
          Dorfstrasse 26/27, 06308 Thondorf
          Contact:
          Dieter Weitzel

          Dr. Jur. Rainer Eckert, Administrator
          Universitatsring 6, 06108 Halle
          Phone: 0345/530490
          Fax: 0345/5304926


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


ZALAKERAMIA RT: Posts HUF2.4 Billion Full-year Loss
---------------------------------------------------
Loss-making tile maker Zalakeramia Rt. booked HUF2.355 billion
in losses for 2004, despite HUF8.109 billion in sales, Budapest
Business Journal says.

The company attributed the huge loss to the depreciation of its
Croatian subsidiary Inker, in which the group controls a 70%
stake.  Last year, Zalakeramia laid off 270 Inker employees,
draining its already cash-strapped coffers.  The group plans to
charge the losses to its profit reserves, increasing the deficit
from HUF3.284 billion to HUF5.639 billion.  Zalakeramia will
defer the losses for five years.

CONTACT:  ZALAKERAMIA RT
          Vevoszolgalat 8900 Zalaegerszeg,
          Kosztolanyi Dezso ter 6.
          E-mail: info@zalakeramia.hu
          Web site: http://www.zalakeramia.hu


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


JSG FUNDING: To Release First-quarter Results Next Month
--------------------------------------------------------
JSG Funding plc, incorporating Jefferson Smurfit Group, will
release its 2005 first quarter earnings on Tuesday, May 10, 2005
at 12:00 p.m. BST (7:00 a.m. ET).

The Jefferson Smurfit Group management team will discuss first
quarter financial performance with investors on a conference
call scheduled for 3:30 p.m. BST (10:30 a.m. ET) on that date.

The purpose of the call is to provide investors and analysts
with an overview of the financial results, a perspective on
product market conditions and progress relative to corporate and
financial objectives.

                            *   *   *

In January, Fitch Ratings assigned JSG Funding plc's new EUR370
million equivalent of senior subordinated notes due 2015 a 'B-'
rating.  Fitch has also assigned JSG Holdings Plc's new EUR325
million subordinated PIK notes due 2015 a 'CCC+' rating.

Both JSG Funding and JSG Holdings are intermediate holding
companies of Ireland-based Jefferson Smurfit group.

CONTACT:  JSG FUNDING PLC
          Beech Hill, Clonskeagh
          Dublin, 4, Ireland
          Phone: +353-1-202-7000
          Fax: +353-1-269-4481
          Web site: http://www.smurfit-group.com

          Gary McGann
          Phone: +353 1 202 7000

          Ian Curley
          Phone: +353 1 202 7000

          K CAPITAL SOURCE
          Mark Kenny
          Phone: +353 1 631 5500
          E-mail: smurfit@kcapitalsource.com


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


ALITALIA SPA: E.U. Approval of Rescue Plan Out May or June
----------------------------------------------------------
The final decision on Alitalia's rescue plan could be expected
at the end of May or early June, a European Commission spokesman
said in Brussels.

The unnamed official said the Commission still has to analyze
"over the days and weeks to come" the information it had asked
from Italian authorities.  It is also verifying whether the plan
violates any of the E.U. rules on state aid.

On Monday, Alitalia shares climbed over six percent following
reports from Italian news agency ANSA that competition
authorities will approve the plan.  A source privy to the matter
also said there has been "initial technical approval" from the
Commission.  The airline plans to issue shares worth up to
EUR1.2 billion (US$1.57 billion) to avoid bankruptcy and steer
itself to breakeven next year.

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

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


FIAT SPA: Postpones Annual General Meeting to June
--------------------------------------------------
Statement by Sergio Marchionne, Fiat Group Chief Executive
Officer:

"Fiat Group has decided to move the date of the annual general
meeting of shareholders to the second half of June 2005 in order
to bring about a thorough updating of its corporate governance
regime.  As a first measure, we anticipate that the Board will
be augmented by three or four independent directors.  It will
allow, at the same time, for the nomination of directors
representing qualified minorities.

"The role and composition of the Audit Committee of the Board
will also be reviewed to ensure full compliance with American
based requirements of U.S. listed companies.  All of these
measures, none of which will require a change to the Group's
bylaws, are designed to bring Fiat Group fully in compliance
with the most recent and updated norms of corporate governance
available in continental Europe.

"Recent speculations about the fate of the EUR3 billion
mandatory convertible are unfounded.  The Group will not request
any modification to the terms of this instrument, and conversion
will take place, as agreed in 2002, in September 2005.

"Our discussions with General Motors relating to the conclusion
of the put arrangement and industrial alliances are proceeding
well and finalization and receipt of the remaining EUR550
million is expected no later than May 13 2005.  Transfer of
title to the intellectual property relating to diesel engines
and to 50% of the Polish engine plant will occur only upon
receipt of the final installment.

"We also confirm our commitment to the financial objectives set
out in July 2004 and reaffirmed in February 2005 for the Group's
performance during the period 2005 to 2007.  As previously
stated, we see 2004 as the final year of losses for the Group,
and 2005, although characterized by a difficult trading
environment in the first half of the year, should close with the
achievement of the objectives we have previously announced."

Turin, April 18, 2005

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


FIAT SPA: Execs Lead by Example; Buy EUR1 Mln Worth of Shares
-------------------------------------------------------------
Top managers of industrial conglomerate Fiat S.p.A. purchased
more than EUR1 million of the firm's stock in the market on
Friday.  A company spokesman said around 35 senior managers,
including the 23-member steering committee of Fiat Auto,
participated in the transaction.

The purchase came a week after Chief Executive Sergio Marchionne
bought 220,000 Fiat shares for more than EUR1 million, Dow Jones
says.  It is apparently aimed at rallying confidence in the
company whose shares are trading at historic lows.  Shares in
Fiat are weighed down by fears that the firm may face liquidity
crisis or conflict with some core creditor.

Mr. Marchionne has promised to return Fiat to profit starting
2005.  This year's result is expected to be helped by the EUR1
billion payment made by General Motors Corporation for canceling
its put option in Fiat's unprofitable auto division.

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


FINPART SPA: Auditor Refuses to Sign Annual Report
--------------------------------------------------
Mazars & Guerard has again declined to certify the 2004 accounts
of fashion holding group Finpart S.p.A., according to Il Sole 24
Ore.

The auditor had also declined to certify Finpart's first-half
accounts for 2004, adding it could not issue an opinion.  Now,
for the full year, it is highlighting how bad things have turned
for the firm.

TCR-Europe reported in February that Finpart booked a loss of
EUR59.5 million for the first nine months of 2004, up from a
loss of EUR49.7 million in the same period in 2003.  Revenue
fell EUR58.4 million in 2003 to EUR245.8 million in 2004, though
it managed to reduce net financial debt from EUR357 million in
November 2004 to EUR347.5 million in December 2004.  The group
was also able to cut short-term bank debt by EUR10.8 million in
the same period.

Finpart's restructuring plan includes the sale of its operating
groups and brands Frette, Pepper and Star, Il Sole says.

CONTACT:  FINPART S.P.A.
          Foro Buonaparte, 51
          20121 Milan
          Phone: +39-02-72-55-01
          Fax: +39-02-86-46-32-42
          Web site: http://www.finpart.com


PARMALAT FINANZIARIA: Asks Court to Junk Citigroup Counterclaim
---------------------------------------------------------------
Court-appointed Parmalat Finanziaria administrator, Enrico
Bondi, has rejected the EUR540 million counterclaim of U.S. bank
Citigroup, according to Il Sole 24 Ore.

Mr. Bondi's party argues that Citigroup has filed the claims
twice, with Parmalat and with an Italian administrative court.
The administrator said the claim had already been recognized in
Parmalat's convention with creditors.  As such, the counterclaim
must be rejected so that only one claim could be honored.  Under
the convention with creditors, the debt will be paid with equity
in a reorganized Parmalat.

Parmalat is suing Citigroup for fraud at a New Jersey court.
The case is worth US$10 billion.  Recently, it was allowed to
pursue the case after a New Jersey court of appeals reversed a
Bergen County court's decision suspending the suit.

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

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


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


ROYAL SHELL: Mulls Merger of Key Departments
--------------------------------------------
Royal Dutch/Shell is studying the possibility of consolidating
its worldwide pension assets and investment advice departments.

Shell spokesman Henk Bonder said they initially consider
combining the two departments of the Shell Pensioenfonds Beheer
B.V. in the Netherlands and the Shell Pension Management
Services in U.K.  The company, which aims to cut overall costs
by carrying out cost-effective methods of controlling its assets
and investments, is not targeting a total merger.

Shell said the new organization will be based in Rijswijk, the
Netherlands, although it has yet to give a timeframe, and the
number of employees that would be affected.  It has not also
commented on the likelihood of conflict between the Dutch fund,
with US$12 billion in assets, and the U.K. fund, which has US$25
billion, when the merger is realized.

Meanwhile, the company mulls the involvement of the rest of its
200 pension funds in 65 countries worldwide in the study.  The
results of which will be endorsed to corresponding advisory
committees for assessment.

Mr. Bonder brushed aside earlier reports of centralization of
administration on all pension funds.

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


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


NETIA SA: Subscription Warrant Buyback Program Receives Go-ahead
----------------------------------------------------------------
Netia S.A. received on Friday the decision of the Regional Court
in Warsaw regarding the registration on April 14, 2005 of the
amendment to Netia's statute by adding S5C as:

"S5C

(a) Shares of the Company may be redeemed based on a resolution
    of the General Shareholders' Meeting;

(b) The Company may redeem its shares only upon the consent of
    the shareholder (voluntary redemption); and

(c) The General Shareholders' Meeting may authorize the
    Management Board to purchase the Company's shares from the
    shareholders for the sake of their future redemption."

The amendment to Netia's statue was adopted by Netia's ordinary
shareholders' meeting on March 17, 2005 and its registration by
the court was a necessary condition for commencing the execution
of the share and subscription warrant buy-back program.

Due to this, Netia announces the details of the Program:

(a) the Company's shares and subscription warrants will be
    purchased during the Program for the sake of their
    redemption and decrease of the Company's share capital.
    Such action is justified by a relatively low valuation of
    the Company in spite of the Company's good balance sheet,
    and especially such factors as no debt and consistent cash
    generation by the Company.  Thus, it is justified to
    implement a buy-back and redemption program as an
    alternative for dividend payment for the benefit of the
    shareholders and consistent with the Company's long term
    targets;

(b) the Company shall start the Company's share and warrant
    purchasing on May 9, 2005;

(c) the Program shall be executed up to June 30, 2006, however
    not longer than till the funds allocated for its execution
    by the Ordinary Shareholders' Meeting on March 17, 2005, are
    consumed;

(d) during the Program the Company can purchase shares in the
    total amount not exceeding 10% of the Company's share
    capital in the amount determined as on the last day of the
    Program execution;

(e) according to the resolution no. 23 of the Ordinary
    Shareholders' Meeting dated March 17, 2005, the amount of
    PLN120,000,000 was allocated for the purchase of the
    Company's shares and subscription warrants; and

(f) the number of shares purchased by the Company and the number
    of the subscription warrants purchased by the Company during
    one day cannot exceed 25% of the relevant average daily
    volume of trade in shares or subscription warrants at the
    WSE within 20 days period prior to each purchase day.

Netia (WSE: NET) is Poland's largest alternative provider of
fixed-line telecommunications services.

CONTACT:  NETIA S.A.
          02-822 Warszawa
          ul. Poleczki 13
          Phone: [48] (22) 330 2000
          Fax: [48] (22) 330 2323

          Investor Relations Manager
          Anna Kuchnio
          Phone: [48] (22) 330 2061
          E-mail: anna_kuchnio@netia.pl

          Netia Public Relations
          Jolanta Ciesielska
          Phone: [48] (22) 330 2407
          E-mail: jolanta_ciesielska@netia.pl


NETIA SA: Buys back Shares Under 1999 Employee Stock Option Plan
----------------------------------------------------------------
Netia S.A. on Friday repurchased from Centralny Dom Maklerski
Pekao S.A. (CDM Pekao) 176,881 of its series "C" shares and
291,767 of its series "E" shares for PLN6 per share.  The price
is the nominal value of the Shares at the moment of their
issuance.

Netia's options to acquire the shares under the employee stock
option plan adopted in 1999 expired January 1, 2004.  It bought
the shares to fulfill the requirements of the agreements it
signed with CDM Pekao, a trustee of the incentive plan, on May
17, 2000, as well as to avoid breaching the agreements based on
the decision No. DIA/S/416/07/05 of the Polish S.E.C. (Komisja
Papierow Wartosciowych i Gield).

The Shares, with a nominal value of PLN1 each, give right to
468,648 votes at Netia's general meeting of shareholders and
represent 0.12% of Netia's issued and outstanding share capital
as of April 5, 2005.

Netia (WSE: NET) is Poland's largest alternative provider of
fixed-line telecommunications services.

CONTACT:  NETIA S.A.
          02-822 Warszawa
          ul. Poleczki 13
          Phone: [48] (22) 330 2000
          Fax: [48] (22) 330 2323

          Investor Relations Manager
          Anna Kuchnio
          Phone: [48] (22) 330 2061
          E-mail: anna_kuchnio@netia.pl

          Netia Public Relations
          Jolanta Ciesielska
          Phone: [48] (22) 330 2407
          E-mail: jolanta_ciesielska@netia.pl


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


ASSEMBLY-BUILDING TRUST: Creditors' Claims Due Late May
-------------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Assembly-Building Trust 3 (TIN 3651000292)
after finding the open joint stock company insolvent.  The case
is docketed as A14-11306/2004/74/7b.  Mr. A. Pechenkin has been
appointed insolvency manager.

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

(a) ASSEMBLY-BUILDING TRUST 3
    396072, Russia, Voronezh region,
    NovoVoronezh region, Promzone Vostochnaya

(b) Mr. A. Pechenkin
    Insolvency Manager
    394068, Russia, Voronezh region,
    Kholzunova Str. 5,
    Apartment 38
    Phone: 8-901-993-61-73
           8 (0732) 20-42-96


BUILDER ENERGETIC: Creditors Have Until May to File Claims
----------------------------------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
proceedings against Builder Energetic after finding the limited
liability company insolvent.  The case is docketed as A11-
7349/2004-K1-58B/2B.  Mr. N. Kochugov has been appointed
insolvency manager.  Creditors have until May 26, 2005 to submit
their proofs of claim to 600024, Russia, Vladimir,
Universitetekaya Str. 6.

CONTACT:  BUILDER ENERGETIC
          601213, Russia, Vladimir region,
          Sobinskiy region, Oderikhino

          Mr. N. Kochugov
          Insolvency Manager
          600024, Russia, Vladimir region,
          Universitetekaya Str. 6
          Phone/Fax: 8 (0922) 34-06-78


INDUSTRIAL-LEASING COMPANY: Declared Insolvent
----------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Industrial-Leasing Company (TIN 3808005510)
after finding the open joint stock company insolvent.  The case
is docketed as A19-4872/05-29.  Mr. V. Vologzhin has been
appointed insolvency manager.

Creditors had until April 26, 2005 to submit their proofs of
claim to 664025, Russia, Irkutsk, S. Razina Str. 23, Post User
Box 3311.  A hearing will take place on Aug. 25, 2005, 10:00
a.m. at the Arbitration Court of Irkutsk region located at
664025, Russia, Irkutsk, Gagarina Avenue, 70, Room 303.

CONTACT:  INDUSTRIAL-LEASING COMPANY
          664003, Russia, Irkutsk region,
          Gorkogo Str. 36A

          Mr. V. Vologzhin
          Insolvency Manager
          664025, Russia, Irkutsk region,
          S. Razina Str. 23, Post User Box 3311

          The Arbitration Court of Irkutsk region
          664025, Russia, Irkutsk region,
          Gagarina Avenue, 70, Room 303


KAMESHKOVSKIY TEXTILE: Proofs of Claim Deadline May 26
------------------------------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
proceedings against Kameshkovskiy Textile (TIN 3315008496) after
finding the open joint stock company insolvent.  The case is
docketed as A11-7392/2204-K1-59B/3B.  Ms. V. Pronyushkina has
been appointed insolvency manager.  Creditors have until May 26,
2005 to submit their proofs of claim to 109029, Russia, Moscow,
Nizhegorodskaya Str. 32, Building 15.

CONTACT:  KAMESHKOVSKIY TEXTILE
          601300, Russia, Vladimir region,
          Kameshkovo, Shkolnaya Str. 14

          Ms. V. Pronyushkina
          Insolvency Manager
          109029, Russia, Moscow,
          Nizhegorodskaya Str. 32, Building 15

          The Arbitration Court of Vladimir region
          600025, Russia, Vladimir region,
          Oktyabrskiy Pr. 14


KRASNOLIPYE-CRYSTAL: Insolvency Manager Takes over Helm
-------------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Krasnolipye-Crystal (TIN 3626002666) after
finding the close joint stock company insolvent.  The case is
docketed as A14-17650-2004 94/20b.  Mr. B. Borisevich has been
appointed insolvency manager.

CONTACT:  KRASNOLIPYE-CRYSTAL
          Russia, Voronezh region,
          Relyevskiy region, Krasnolipye

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


KRASNOYARSKIYE FIBERS: Appoints A. Komarov Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on limited liability company
Krasnoyarskiye Fibers.  The case is docketed as A33-2640/2005.
Mr. A. Komarov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 660028, Russia,
Krasnoyarsk, Post User Box 11940.

CONTACT:  KRASNOYARSKIYE FIBERS
          660027, Russia, Krasnoyarsk region,
          Krasnoyaskiy Rabochij Pr. 27

          Mr. A. Komarov
          Temporary Insolvency Manager
          660028, Russia, Krasnoyarsk region,
          Post User Box 11940


METAL WORKING: Under Bankruptcy Supervision
-------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy supervision procedure on open joint stock company
Metal Working Factory.  The case is docketed as A26-654/2005-18.
Ms. T. Rogozina has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 185001, Russia,
Petrozavodsk, Post User Box 260.  A hearing will take place on
August 26, 2005.

CONTACT:  METAL WORKING FACTORY
          186500, Russia, Kareliya republic,
          Belomorsk, Voronina Str. 4A

          Ms. T. Rogozina
          Temporary Insolvency Manager
          185001, Russia, Petrozavodsk,
          Post User Box 260


NALCHIKSKIY BAKERY: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy supervision procedure on open joint stock
company Nalchikskiy Bakery.  The case is docketed as A20-
12288/04.  Mr. B. Kantor has been appointed temporary insolvency
manager.  Creditors may submit their proofs of claim to 360000,
Russia, Nalchik, Lermontova Str. 54, Apartment 203.

CONTACT:  NALCHIKSKIY BAKERY
          Russia, Kabardino Balkariya republic,
          Nalchik, 9th Janvarya Str. 136

          Mr. B. Kantor
          Temporary Insolvency Manager
          360000, Russia, Nalchik,
          Lermontova Str. 54, Apartment 203


OAO SIBIRTELECOM: Fitch Revises Outlook to Stable
-------------------------------------------------
Fitch Ratings changed Russia-based OAO Sibirtelecom's Outlook to
Stable from Positive.  Its ratings are affirmed at Senior
Unsecured foreign currency 'B+' and Short-term 'B'.

The change in Outlook reflects increasing competition in the
profitable long-distance segment and expectation that Sibir will
remain free cash flow-negative in the medium term on the back of
high capital expenditure.  In the long-distance segment its
competitiveness is eroded by its tariffs being often higher than
alternative operators'.

A proliferation of card VoIP operators over the last three years
has resulted in a substantial reduction in Sibir's share of
long-distance traffic.  As VoIP operators do not require direct
access to the last-mile infrastructure, they are able to side-
step Sibir's strategic advantage of network control.  Over the
long-term, Sibir may also face more competition in the long-
distance sector.  Sibir is facing high regulatory risks in the
fixed-line segment with its tariffs on both local services and
long-distance calls set by the Federal Tariff Agency.  In the
future tariff hikes may not be sufficient to keep up with a
rising cost base while Sibir may not be immediately compensated
for any delays in tariff increases.  Furthermore, Sibir is
unlikely to remove cross-subsidization between its loss-making
local services and profitable long-distance telephony in the
medium term, which could further erode its competitiveness.

The ratings reflect Sibir's dominant market position in Eastern
and much of Western Siberia.  Fixed-line penetration in the
serviced area was at 19.5% at end-2004; in that year the company
held 89% market shares of local services and 87% of long-
distance telephony (both by revenues).  Its operational
territory is vast, and although population is concentrated in
major cities, an obligation to service distant areas and
maintain large network make it a relatively high-cost telecom
provider.  Fitch estimates that Sibir's leadership in the
residential sector will not be challenged over the medium term,
while competition in the business segment may intensify only
moderately.

Sibir's mobile subscriber base is rapidly expanding, with mobile
revenues increasing as a proportion of the total.  However, at
present it is only the number three mobile provider on its
territory of operations and its market share has decreased in
the last two years.  At end-2004 the company had around 1
million mobile subscribers with an estimated market share of 18%
against regional penetration of 39%.  In this segment, Sibir
faces fierce competition from all three nationwide mobile
companies. In future it may find it difficult to keep up capital
expenditure with its rivals to provide competitive roaming
opportunities for its subscribers.  Growing competition may
squeeze its margins in this segment and longer term it might be
forced to look for merger or divestment opportunities in this
business.

Sibir's leverage is not excessive with net debt/EBITDA estimated
to have reached 1.8x at end-2004.  In future leverage is
projected to rise on the back of aggressive capital expenditure
in both fixed-line and mobile segments; however, net debt/EBITDA
is expected to remain below 2.5x.  Should leverage rise on the
back of investment into segments with low profitability, it may
have negative implications for Sibir's ratings.  The company has
extended its average maturity over the last two years with
short-term debt declining to 36.2% of the total in H104 from
67.4% at end-2002.

The ratings also reflect the dominant influence of the company's
majority shareholder, Svyazinvest, on the strategic decision-
making process at Sibir.

CONTACT:  FITCH RATINGS
          Nikolai Lukashevich, Moscow
          Phone: +7 095 956 9901

          Raymond Hill, London
          Phone: +44 (0) 20 7417 4314

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


OAO URALSVYAZINFORM: 'BB-/B' Ratings Affirmed; Outlook Stable
-------------------------------------------------------------
Fitch Ratings affirms OAO Uralsvyazinform's ratings at Senior
Unsecured foreign currency at 'BB-' with Stable Outlook and
Short-term 'B'.  The company's National Senior Unsecured rating
is affirmed at 'A+(rus)', with Stable Outlook, while its two
domestic bonds of RUB2 billion and RUB3 billion are also
affirmed at 'A+(rus)'.

The ratings reflect Urals' strong market position in the Urals
and part of Western Siberia, in both the fixed-line and mobile
segments.  The Stable Outlook reflects Fitch's expectation of
Urals' gradual de-leveraging in the mid-term, while negative
implications of the increasing competition in the long-distance
segment will be counterbalanced by favorable trends in the
mobile business.

In the fixed-line Urals has been ahead of its peers in operating
efficiency and network modernization, which has helped it to
exercise tighter control over costs.  At end-2004 regional
fixed-line penetration was at 24%; management estimated Urals'
market share of local services and regional long-distance at 91%
and around 76% respectively (both by revenues).  Although
tariffs on fixed-line services are capped, exposing the company
to significant regulatory risks, Urals has managed to
significantly reduce cross-subsidization that makes it less of a
concern.

Mass network upgrade over the last three years has allowed it to
improve the quality of service.  Coupled with relatively more
balanced tariffs and a focus on customer satisfaction, this has
helped Urals to maintain its competitiveness in the most
sensitive long-distance market while its market position in the
local services is unlikely to be rivaled in the foreseeable
future.  The company has the most extensive backbone and last-
mile fixed-line network in the region, which is capable of
offering a wide range of VAS services after recent modernization

In the mobile segment Urals benefits from strong local clout and
market knowledge, and control over public switch telephone
infrastructure, which has provided it with interconnect costs
advantages and helped it to economize on roll-out and
maintenance costs.  The company is a leading regional mobile
provider with 40% market share in an area where mobile
penetration was at around 46% at end-2004.  Longer-term Urals
can take advantage of fixed-mobile convergence.

However, in future the company is expected to gradually succumb
to competition from three nation-wide mobile companies operating
in the region with its market share likely to decline.  Urals'
average revenue per user is also projected to significantly
decline, paving the way for deterioration in margins.  While
Urals is well positioned to remain a strong regional mobile
player in the medium term, its mobile prospects are exposed to
higher uncertainty in the long term.

Although Urals' leverage is higher than that of its peers, it is
not excessive.  At end-2003 net debt/EBITDA was at 1.9x and is
estimated to have further risen to 2.1x-2.2x at end-2004.  The
company has taken a decision to cut its capital expenditure in
2005 compared to the earlier plans.  However, it is likely to
remain free cash flow-negative in the medium term, so Fitch does
not expect Urals to materially de-leverage.  Although current
leverage is consistent with the rating category, a further
increase in leverage on the back of investing into sectors with
low profitability may limit the company's financial flexibility
with negative implications for the ratings.  Over the last two
years Urals has significantly extended its maturity profile
mitigating short-term refinancing risks.

The ratings also reflect the dominant influence of Urals'
majority shareholder, Svyazinvest, on the strategic decision-
making process.  This has at times given rise to corporate
governance concerns; however, as a government-controlled company
it is, in Fitch's view, able to provide political support to
Urals in case of need.

CONTACT:  FITCH RATINGS
          Nikolai Lukashevich, Moscow
          Phone: +7 095 956 9901

          Raymond Hill, London
          Phone: +44 (0) 20 7417 4314

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


ORSKIY: Insolvency Manager Takes over Helm
------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Orskiy after finding the factory of non-
ferrous metals insolvent.  The case is docketed as A47-
2595/2004-14GK.  Mr. V. Ivanov has been appointed insolvency
manager.

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

(a) ORSKIY
    Russia, Orenburg region,
    Orsk, Zavodskaya Str. 6.

(b) Mr. V. Ivanov
    Insolvency Manager
    460000, Russia, Orenburg region,
    Gaya Str. 23a
    Phone/Fax: (3532) 78-38-44


RYAZAN-GOR-GRAZHDAN-STROY: Succumbs to Insolvency
-------------------------------------------------
The Arbitration Court of Ryazan region commenced bankruptcy
proceedings against Ryazan-Gor-Grazhdan-Stroy after finding the
open joint stock company insolvent.  The case is docketed as
A54-3219/03-S6.  Mr. Y. Mesheryakov has been appointed
insolvency manager.

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

(a) RYAZAN-GOR-GRAZHDAN-STROY
    Russia, Ryazan region,
    Kasimovskoye Shosse, 5.

(b) Mr. Y. Mesheryakov
    Insolvency Manager
    390015, Russia, Ryazan region,
    Belyakova Str. 23, Apartment 64


SIBERIAN ATHENS: Bankruptcy Proceedings Begin
---------------------------------------------
The Arbitration Court of Tomsk region commenced bankruptcy
proceedings against Siberian Athens after finding the transport
company insolvent.  The case is docketed as A67-53/05.  Mr. I.
Odintsov has been appointed insolvency manager.  Creditors have
until May 26, 2005 to submit their proofs of claim to 634009,
Russia, Tomsk, Poymennyj Per. 4.

CONTACT:  SIBERIAN ATHENS
          634009, Russia, Tomsk region,
          Poymennyj Per. 4

          Mr. I. Odintsov
          Insolvency Manager
          634009, Russia, Tomsk region,
          Poymennyj Per. 4


SOL'-ILETSKIY ELEVATOR: Bankruptcy Proceedings Begin
----------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Sol'-Iletskiy Elevator after finding the
open joint stock company insolvent.  The case is docketed as
A47-3186/2004-14GK.  Mr. A. Shipitsyn has been appointed
insolvency manager.  Creditors have until May 26, 2005 to submit
their proofs of claim to 644043, Russia, Omsk, 5th Armii Str. 4,
Office 1.

CONTACT:  SOL'-ILETSKIY ELEVATOR
          461530, Russia, Orenburg region,
          Sol'-Iletsk, Ukrainskaya Str. 2

          Mr. A. Shipitsyn
          Insolvency Manager
          644043, Russia, Omsk region,
          5th Armii Str. 4, Office 1


SOSNOVSKIY: Gives Creditors Until Next Month to File Claims
-----------------------------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Sosnovskiy after finding the open joint
stock company insolvent.  The case is docketed as A64-5590/04-2.
Mr. A. Semenov has been appointed insolvency manager.

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

(a) SOSNOVSKIY
    Russia, Tambov region,
    Sosnovka

(b) Mr. A. Semenov
    Insolvency Manager
    392023, Russia, Tambov region,
    Rucheynyj Proezd, 5


TUVINSKIY ENGINEERING: Bankruptcy Hearing Set Last Week of May
--------------------------------------------------------------
The Arbitration Court of Tyva republic has commenced bankruptcy
supervision procedure on Tuvinskiy Engineering Works.  The case
is docketed as A69-464/05-3.  Mr. Ch. Ondar has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 667000, Russia,
Tyva republic, Kyzyl, Kochetova Str. 1, 2nd floor, Office 6.  A
hearing will take place on May 24, 2005.

CONTACT:  TUVINSKIY ENGINEERING WORKS
          Russia, Tyva republic,
          Kyzyl, Kalinina Str. 16

          Mr. Ch. Ondar
          Temporary Insolvency Manager
          667000, Russia, Tyva republic,
          Kyzyl, Kochetova Str. 1, 2nd floor, Office 6


VINTER: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------
The Arbitration Court of Pskov region has commenced bankruptcy
supervision procedure on open joint stock company Vinter.  The
case is docketed as A52/639/2005/4.  Mr. V. Danilov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 180019, Russia,
Pskov, Truda Str. 37.  A hearing will take place on Sept. 19,
2005, 11:00 a.m. at the Arbitration Court of Pskov region
located at 180001, Russia, Pskov, Nekrasova Str. 23, 1st floor.

CONTACT:  VINTER
          182250, Russia, Pskov region,
          Sebezh, 7th November Str. 56

          Mr. V. Danilov
          Temporary Insolvency Manager
          180019, Russia, Pskov region,
          Truda Str. 37


=========
S P A I N
=========


AUNA OPERADORES: Shareholders Review Takeover Offers
----------------------------------------------------
Auna shareholders admitted Monday night the Spanish
telecommunications group is up for sale.  Electricity groups
Endesa and Union Fenosa, and Spain's largest bank Santander
Central Hispano confirmed they started considering offers after
a year of market speculation.  The three firms control 83.5
percent of the company.

Auna's weak position is attributed to its failure to acquire
Spanish cable telecommunications company Ono last year, and
several investors' intentions to sell their stakes.  The company
has debt of EUR4.5 billion.

The two energy groups reportedly support the EUR12 billion-offer
by private equity groups Apax and CVC Capital Partners from the
U.K. and Blackstone from the U.S.  The Spanish government and
Santander Central Hispano, which own 17.03 percent of Ono and
32.08 percent of Auna, remain neutral.

Meanwhile, both SCH and the government are said to be supporting
Ono's intentions to buy Auna's fixed-line telecoms division.
Venture capital groups Providence and Carlyle, which had
previously offered to buy Auna for EUR11 billion, also backed
Ono's offer.  Ono only awaits the approval of its own
shareholders.

CONTACT:  AUNA OPERADORES DE TELECOMUNICACIONES S.A.
          Paseo de la Castellana, 83-85
          28046 Madrid, Spain
          Phone: +34-91-202-41-00
          Fax: +34-91-202-51-71
          Web site: http://www.grupoauna.com


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


VESTEL ELECTRONICS: Proposed Guaranteed Notes Rated (P)Ba3
----------------------------------------------------------
Moody's Investors Service assigned a (P)Ba3 rating to the
proposed up to US$300.0 million senior notes issued by Vestel
Electronics Finance Ltd., a finance vehicle, and guaranteed on a
senior unsecured basis by Vestel Elektronik Sanayi ve Ticaret
Anonim Sirketi.  The outlook on the proposed senior notes is
stable.

Affected ratings are:

(a) (P)Ba3 rating assigned to the proposed up to US$300.0
    million senior notes,

(b) Ba3 rating on the existing US$200.0 million senior notes due
    2007 will be withdrawn following redemption of the existing
    notes through the proposed refinancing

Vestel plans to raise up to US$300.0 million senior notes and
use the net proceeds to:

(a) redeem the existing US$200.0 million senior notes due May
    2007 issued by Vestel Electronics Finance Ltd. (the same
    financing vehicle which will be the issuer under the
    proposed notes);

(b) refinance a portion of current short-term debt; and

(c) fund working capital requirements.

In addition, in Moody's view, the net proceeds of the proposed
issuance may be also used to finalize the acquisition of Vestel
White Goods together with cash and cash equivalents available on
B/S.  The completion of the tender for the existing bond and the
offering of the new US$300.0 million will be cross conditioned
upon the success of the other, unless such conditions are waived
by Vestel.

While the notes will be guaranteed on a senior unsecured basis
by Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi, none of
the company's subsidiaries will be guarantors under the
indenture.  Therefore, Moody's notes that the proposed senior
notes will be structurally subordinated to the indebtedness
raised at the operating subsidiaries' level including Vestel
White Goods, which accounts for approximately 16% of the
company's consolidated debt.

The indenture governing the proposed senior notes mainly
reflects the terms and conditions of the existing notes.
However, certain covenants have been revised to include:

(a) a change in the definition of restricted payments test which
    will be based on 25% of the company's consolidated net worth
    compared to 50% cumulative consolidated adjusted net income
    provision used in the previous indenture;

(b) the increase of total Debt (gross of notes payables and
    letter of credits)/EBITDA leverage ratio from 3.0x to 4.0x;
    and

(c) the introduction of the fixed charge coverage ratio at
    2.25x.  While these changes may lend to the company some
    additional financial flexibility, however, Moody's cautions
    that the new terms of the notes would allow for a more
    aggressive financial strategy and increased likelihood of
    cash flows upstreamed to the company's shareholders.

The (P)Ba3 rating assigned to the notes pierces the Turkey's B1
sovereign ceiling for foreign currency debt of issuers domiciled
in Turkey to reflect:

(a) the significant portion of exports and non-TL-denominated
    cash flows in the business;

(b) the continued importance of the export sector to the Turkish
    economy;

(c) currently stabilizing trends in the Turkish economic
    environment; and

(d) Moody's estimates of the risk that the government would
    impose a moratorium in a crisis situation and of the
    likelihood that Vestel could continue servicing its debt
    even if a moratorium were imposed.

However, Moody's cautions of the negative trends currently
experienced by the credit which reflects the continued decline
in operating performance experienced by the company starting in
financial year 2003.  While Moody's recognizes that the
reduction in gross margin from 24% in 2002 to 18% in 2003 and
16.3% in 2004 is partly related to the revaluation of the
Turkish Lira against the U.S. dollar and the Euro, Vestel's
declining profitability also reflected a more aggressive
competitive environment, a material price decline especially in
DVD players and digital products, increasing labor and energy
costs and price volatility of a number of major product
components (i.e. LCD and Plasma panels).

Moody's also notes that the full consolidation from financial
year 2004 of the partly-owned Vestel White Goods (refrigerators,
air conditioners and washing machines) believed to command
higher operating margins was not sufficient to off-set the
decline in profitability experienced in electronic goods.

Although the company's management has taken some actions to
optimize procurement management, reduce production costs and
achieve efficiency gains, Moody's cautions that continued price
erosion may continue to depress Vestel's profitability going
forward, in particular in the lower-end product categories.

In addition, while the company intends to continue to
significantly expand its production capacity to support growth
in new geographic markets (i.e. Russia, CIS countries and
Central Asia), Moody's cautions that an aggressive investment
strategy may weaken returns on investments in a scenario of
declining profitability and highly competitive market
environment.

More positively, the (P)Ba3 rating reflects:

(a) the company's leading market position in the European color
    TVs and DVDs market;

(b) Vestel's cost competitive advantage and its proven ability
    to service customer needs;

(c) the quality of the company's trade receivables, which are
    largely denominated in foreign currencies; and

(d) the conservative capital structure and solid liquidity
    profile with approximately NTL596.0 million cash on B/S at
    the end of December 2004.

Moreover, Moody's anticipates that the expected acquisition by
Vestel of a majority stake in Vestel White Goods would be mainly
credit neutral as the rating agency recognizes the strategic
rationale behind the proposed acquisition and foresees limited
cash out-flows related to the transaction.  The company, which
currently owns 35% of the target, intends to increase its stake
to approximately 73% of Vestel White Goods' share capital.
Moody's understands that the company will acquire the Zorlu
family's stakeholding in Vestel White Goods through a private
transaction and that the total consideration will reflect the
price defined through the IPO of the targeted entity.

In Moody's view, a further decline in operating performance
coupled with a steady deterioration in the return on investments
as well as a material cash out-flow related to funds upstreamed
to the company's shareholders would put pressure on the rating.
Conversely, an upgrade of Turkey's B1 sovereign rating would put
upward pressure on the bond rating.

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

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

Headquartered in Istanbul, Turkey, Vestel is a leading
manufacturer of consumer electronic products, mainly televisions
and digital equipment, and white goods.  The company is one of
the largest OEMs in Europe with a market share of 26% (in volume
terms) of the color and flat screen televisions sold in the E.U.
For financial year ended 31 December 2004, Vestel reported
consolidated sales and EBITDA of NTL4,404.7 million (US$3,282
million) and NTL362.0 million (US$269.7 million), respectively,
for a total debt of NTL636.9 million (US$474.9 million),
excluding letter of credits and notes payables.

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

          David G. Staples
          Managing Director
          Corporate Finance Group

          For Journalists
          Phone: 44 20 7772 5456


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


3 V UK: Hires Liquidators from BDO Stoy Hayward
-----------------------------------------------
At the extraordinary general meeting of 3 V UK Limited on April
15, 2005 held at Commercial Buildings, 11-15 Cross Street,
Manchester M2 1BD, the subjoined extraordinary resolution to
wind up the company was passed.  Dermot Justin Power and David
Swaden of BDO Stoy Hayward LLP, Commercial Buildings, 11-15
Cross Street, Manchester M2 1BD have been appointed joint
liquidators of the company.

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


AFS GROUP: Final Meeting Set Last Week of May
---------------------------------------------
The final meeting of AFS Group Holdings Limited will be on May
25, 2005 at 2:00 p.m.  It will be held at Athene Place, 66 Shoe
Lane, London EC4A 3WA.

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:  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


A M CATERING: Members Decide to Wind up Firm
--------------------------------------------
At the extraordinary general meeting of the members of A M
Catering Limited (t/a Platos) on April 18, 2005 held at
Mountview Court, 1148 High Road, Whetstone, London N20 0RA, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Kikis Kallis has been appointed liquidator of the
company.

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


APPCO LIMITED: Proofs of Claim Deadline Set Last Week of May
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF APPCO Limited
                        (In Liquidation)

Notice is hereby given pursuant to Rule 4.182A of the Insolvency
Rules 1986 that Phillip Sykes and Jeremy Willmont of Moore
Stephens of 1 Snow Hill, London EC1A 2DH, the joint liquidators
of APPCO Limited, intend to make the first and only distribution
to creditors.

Creditors are required to send their names and addresses and
particulars of their claim to the joint liquidators on or before
May 25, 2005 the last date for proving.  Thereafter the
distribution may be made without regard to the claim of any
person whose debt has not been proved by that date.

It should be noted that all of the Directors of the Company have
made a Statutory Declaration that they have made a full inquiry
into the affairs of the Company and that they are of the opinion
that the Company will be able to pay its debt in full within 12
months from the date of liquidation.

Jeremy Willmont, Joint Liquidator
April 19, 2005

CONTACT:  MOORE STEPHENS
          St. Paul's House
          Warwick Lane
          London EC4M 7BP
          Phone: 020 7334 9191
          Fax: 020 7248 3408
          Web site: http://www.moorestephens.co.uk


ASHALL CONSTRUCTION: Hires Liquidator from Begbies Traynor
----------------------------------------------------------
At the extraordinary general meeting of Ashall Construction
Limited on April 15, 2005 held at Elliot House, 151 Deansgate,
Manchester M3 3BP, the special and extraordinary resolutions to
wind up the company were passed.  Donald Bailey of Begbies
Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP has been
appointed liquidator of the company.

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


AUTOCUE INTERNATIONAL: Retailer Calls in Administrator
------------------------------------------------------
Alan M. Hudson and Mike D. Rollings (IP Nos 9200, 8107) have
been appointed joint administrators for retailer Autocue
International Limited.  The appointment was made April 18, 2005.
Its registered office is located at Autocue House, 265 Merton
Road, London SW18 5JS.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


BEGGARMANS FARMS: Deadline for Debt Claims Next Week
----------------------------------------------------
The unsecured creditors of Beggarmans Farms Limited will meet on
May 9, 2005 at 11:00 a.m.  It will be held at 68 Ship Street,
Brighton, East Sussex BN1 1AE.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to 68 Ship Street, Brighton, East Sussex BN1 1AE not
later than 12:00 noon, May 6, 2005.

CONTACT:  JEREMY KNIGHT & CO.
          68 Ship Street
          Brighton
          Sussex BN1 1AE
          Phone: 01273 203654
          Fax: 01273 206056
          E-mail: jknight@mistral.co.uk


B & M FABRICS: Names Elwell Watchorn & Saxton Administrator
-----------------------------------------------------------
Paul Anthony Saxton and David John Watchorn (IP Nos 6680, 8686)
have been appointed joint administrators for B & M Fabrics
Limited.  The appointment was made April 18, 2005.  The company
purchase and sells fabrics and offers provision of dyeing
services.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


BRITANNIC SMALLER: Appoints Joint Liquidators from PwC
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

     IN THE MATTER OF Britannic Smaller Companies Trust Plc

Notice is hereby given that on April, we, Richard Setchim and
Jonathan Sisson, both of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT were appointed joint liquidators of
Britannic Smaller Companies Trust Plc, which trades at Britannia
Court, 50 Bothwell Street, Glasgow G2 6HR by resolution of a
meeting of members, pursuant to section 109 of the Insolvency
Act 1986.

Richard Setchim
Jonathan Sisson, Joint Liquidators

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


BRITISH ENERGY: Expects Higher Nuclear Output in Coming Years
-------------------------------------------------------------
Results based on the trading of British Energy Limited (formerly
British Energy plc) for the nine and a half months to 14 January
2005 and the trading of British Energy Group plc for the period
from 15 January 2005 to 31 March 2005:

2004/2005

As anticipated at the time of the Prospectus dated 29 November
2004, nuclear output for the financial year ended 31 March 2005
was 59.8TWh.  Output for Eggborough was 7.6TWh.

Cash balances, including amounts held as trading collateral, at
31 March 2005 were approximately GBP450 million (unaudited).

2005/2006 Outlook

Now that the data for the financial year ended 31 March 2005 is
available, the Company confirms the guidance given in the
Prospectus with respect to forecast nuclear output in the
financial years 2005/06 and 2006/07 which it expects to be on
average 63TWh per year.

Based on current expectations of future electricity prices and
output, the Company believes that investment in plant projects,
major repairs and strategic spares including costs associated
with the Performance Improvement Program (PIP) will be in the
range of GBP230 million to GBP250 million for the financial year
ending 31 March 2006.

As at 31 March 2005, fixed price contracts were in place for
approximately two-thirds of planned output for the 2005/06
financial year at an average contracted price of GBP26.4/MWh.

Our contracted price position continues to include the impact of
existing fixed price contracts entered into at a time when lower
market prices prevailed and excludes the impact of higher prices
that might be achieved for our coal output as a result of
running the plant to take advantage of the differential between
peak and baseload prices.  The contract portfolio also includes
profiled contracts (both wholesale and direct sales) and
therefore the contracted price is not directly comparable to a
baseload market price.

Wholesale market forward prices for baseload electricity in the
forward market for the financial year 2005/06 continue to show
considerable volatility and have risen strongly due to high oil
and gas prices over recent months.  In addition, the price of
carbon dioxide emission allowances has risen to over EUR15/tonne
of carbon dioxide since the EU Emissions Trading Scheme started
on 1 January 2005, increasing the cost of marginal coal and gas
production.  However, sales of our planned output for Winter
2005/06, the largest portion of our uncontracted output, are
exposed to further movements in market prices.

Realized prices (which are calculated by dividing turnover, net
of energy supply costs and miscellaneous income, by total output
during the period) should benefit from the rise in wholesale
market prices.  Our realized price takes account of other income
and charges that are reported in turnover and are not included
in the average contracted price.  Costs include Balancing
Services Use of System (BSUoS) and other electricity market
participation charges of around GBP0.7/MWh and costs incurred
through the balancing mechanism and short term market arising
from output variations and unreliability (excluding major
unplanned outages) are expected to be around GBP1/MWh.  Other
ancillary income and charges are expected to have a limited
impact overall.

CONTACT:  BRITISH ENERGY GROUP PLC
          Systems House
          Alba Campus
          Livingston
          EH54 7EG
          Phone: +44 (0) 1506 408700
          Fax: +44 (0) 1506 408888
          Web site: http://www.british-energy.com

          Media Enquiries
          Andrew Dowler
          Phone: 020 7831 3113

          Investor Relations
          John Searles
          Phone: 01506 408 715


CAUSEWAY INVESTMENTS: Members Final Meeting Set May
---------------------------------------------------
Name of companies:
Causeway Investments Limited
Kingsway Property Investments Limited
NCI Limited

The final meeting of these companies will be on May 26, 2005 at
10:00 a.m. and 11:00 a.m.  It will be held at Athene Place, 66
Shoe Lane, London EC4A 3WA.

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:  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


COLD JET: Sets Creditors Meeting Next Week
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Cold Jet Europe Limited

Notice is hereby given, pursuant to Section 98 of the Insolvency
Act 1986, that a meeting of creditors of Cold Jet Europe Limited
will be held at the Rose & Crown Hotel, 23 Market Place,
Wisbech, Cambridgeshire PE13 1DG on May 6, 2005 at 10:15 a.m.
for the purpose of dealing with Sections 99 to 101 of the
Insolvency Act 1986.

The resolutions to be taken at the meeting may include a
resolution specifying the terms on which the liquidators are to
be remunerated and the meeting may receive information about,
and be called upon to approve, the costs of preparing the
statement of affairs and convening the meeting.

A full list of the names and addresses of the company's
creditors may be examined free of charge at the offices of Baker
Tilly, Garrick House, 76-80 High Street, Old Fletton,
Peterborough PE2 8ST between 10:00 a.m. and 4:00 p.m., two
business days prior to the meeting.

By Order of the Board,
Ms. J M Lloyd, Director
April 11, 2005

CONTACT:  BAKER TILLY
          Garrick House
          76-80 High Street
          Old Fletton
          Peterborough PE2 8ST
          Phone: 01733 342444
          Fax: 01733 554704
          Web site: http://www.bakertilly.co.uk


COSTAIN GROUP: Andrew Wyllie to Replace Stuart Doughty as CEO
-------------------------------------------------------------
The Board of Costain Group has appointed Monday Andrew Wyllie,
currently Managing Director of Taylor Woodrow Construction
Limited, as Chief Executive.  Mr. Wyllie will succeed Stuart
Doughty at a date to be finalized, but expected to be not later
than September 2005.

Andrew Wyllie joined Taylor Woodrow in 1984 after graduating
from the University of Strathclyde, Glasgow with a BSc (Hons)
degree in Civil Engineering.  He worked for several years on a
variety of major contracts in Saudi Arabia, Ghana, the Falklands
and Malaysia, as well as projects in the United Kingdom.

After becoming a Chartered Engineer (MICE) Andrew studied full
time between 1991 and 1993 for his MBA degree at the London
Business School.  In 1999, following a period as Business
Development Executive for Taylor Woodrow plc, Andrew was
appointed a Director of Taylor Woodrow Construction Limited and
in 2001 became Managing Director of the business which today has
a turnover of some GBP500 million.  He is also a member of the
Taylor Woodrow plc Executive Committee.

Commenting on the appointment, David Jefferies, the Chairman of
Costain, said: "It is excellent news that Andrew Wyllie will be
joining Costain.  When we commenced the search for Stuart's
successor, Andrew was immediately identified as a leading
candidate for the job.  His experience in the industry and
robust management approach make Andrew ideally suited to taking
Costain into the next phase of its development.

"Stuart Doughty has led Costain through a rapid recovery and,
when he steps down, he can be proud of what he has achieved.  We
have been extremely fortunate to have had him at the helm and,
on behalf of everyone at Costain, thank him for his major
contribution over the last four years."

Stuart Doughty said: "The Costain business has once again become
a major name in the U.K. and international arenas.  It has been
a privilege to have been a part of the Costain story and to have
worked with some wonderful colleagues who, I am absolutely
confident, will continue to build on the Company's success under
Andrew's leadership."

                            *   *   *

In Sept., Fitch Ratings affirmed Costain Group's ratings at
Senior Unsecured 'B' and Short-term 'B'.  The Outlook is Stable.

Fitch said the ratings reflect Costain's established market
position in the U.K. engineering and construction sector.  They
also reflect management's progress in adopting a more risk-
averse approach in its business model and towards meeting
previously stated financial targets of 15% annual sales growth
and 3% pre-tax profit margins by 2006.

The ratings also reflect Costain's weak financial profile,
evident in low profitability, negative operational cash flow, a
reliance on profits from joint ventures in overseas property
development, together with a continued sizeable net pension
liability.

CONTACT:  COSTAIN GROUP PLC
          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director
          Graham Read, Public Relations
          Phone: 01628 842 444

          COLLEGE HILL
          Mark Garraway
          Matthew Gregorowski
          Phone: 020 7457 2020


DOT SWALLOW: Members Hire Liquidator from Phillip A. Roberts
------------------------------------------------------------
At the extraordinary general meeting of the members of Dot
Swallow Limited on April 12, 2005 held at 29-30 Fitzroy Square,
London W1T 6ET, the special resolution to wind up the company
was passed.  Phillip Anthony Roberts of 29-30 Fitzroy Square,
London W1T 6ET has been appointed liquidator of the company.

CONTACT:  PHILLIP A. ROBERTS
          29-30 Fitzroy Square
          London W1P 6LQ
          Phone: 020 7388 7828
          Fax: 020 7387 0207


DRAX GROUP: Chief Executive Gerald Wingrove Resigns
---------------------------------------------------
Drax Group Limited said on April 20 that Gerald Wingrove, who
has been Chief Executive of the Group since the financial
restructuring was completed in December 2003, stepped down from
that role.

Mr. Wingrove's agreement to step down from Drax recognizes that
his role to help lead the transformation of the Drax Power
Station from a plant within a portfolio to a full-fledged
business has now been largely completed.  Both he and the Board
believe that by leaving at this stage the new person to be
recruited to take the business through the next stages of its
development will be able to participate fully in the process for
the planned listing.

Mr. Wingrove has agreed to be available to the business going
forward.  A search is in hand for a new CEO.  In the meantime,
at the request of the Board, Gordon Horsfield, Chairman of Drax
Group Limited will resume a full-time executive role.

Mr. Wingrove said: "A lot has been achieved in the period since
I joined Drax nearly two years ago.  The business is now in good
shape and the preparations for listing are moving forward as we
have planned.  I have enjoyed my period as CEO of Drax and have
every confidence in its future and will give it my continued
support."

Mr. Horsfield said: "Gerald has made a substantial contribution
to Drax during the period since we came together in August 2003.
I have greatly valued Gerald as a colleague on the Board and I
wish him well for the future."

CONTACT:  DRAX POWER LIMITED
          Melanie Wedgbury
          Phone: 01757 618381

          BUCHANAN COMMUNICATIONS
          Kelly-Ann French/Eric Burns
          Phone: 01943 883990
          Charles Ryland/Ben Willey

          BUCHANAN COMMUNICATIONS
          Phone: 020 7466 5000


EAST MIDLANDS: Schedules General Meeting June
---------------------------------------------
The general meeting of the contributories of East Midlands
Medical Imaging Plc will be on June 2, 2005 at 11:00 a.m.  It
will be held at the offices of Tenon Recovery, Charnwood House,
Gregory Boulevard, Nottingham NG7 6NX.

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:  TENON RECOVERY
          Charnwood House,
          Gregory Boulevard,
          Nottingham NG7 6NX
          Phone: 0115 955 2000
          Fax: 0115 918 4500
          Web site: http://www.tenongroup.com


FAST TRACK: Hires Joint Administrators from Chantrey Vellacott
--------------------------------------------------------------
David John Oprey and Kenneth William Touhey (IP Nos 8369, 5814)
have been appointed joint administrators for Fast Track Repairs
Limited.  The appointment was made April 13, 2005.  The company
maintains and repairs motor.

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


HENDERSON GROUP: Court Approves Capital Reduction
-------------------------------------------------
Henderson Group plc (formerly HHG plc) received on Monday a
court approval for the cancellation of shares under the
Reduction of Investor Base transaction.  The Court Order has
been registered by the U.K. Registrar of Companies.

The cancellation was effective Monday as a result of which the
total issued ordinary capital of Henderson Group plc has been
reduced from 1,301,200,560 ordinary shares to 1,152,431,079
ordinary shares of 10 pence each.

Under the Reduction of Investor Base transaction, approximately
698,000 holdings have been cashed out leaving Henderson Group
with approximately 157,000 holders on its register.  Around
39,000 holders elected to opt out of the Reduction of Investor
Base transaction.

Following the Return of Cash and Reduction of Investor Base
transactions, approximately GBP871 million will be paid to
shareholders.

Trading of Shares

On the London Stock Exchange, conditional dealings on an ex-
return of capital basis in the ordinary shares end at the close
of business on 25 April 2005.

Application has been made for the ordinary shares to be admitted
to the Official List of the U.K. Listing Authority and to trade
on the LSE.  The stock code of the ordinary shares will be HGI.

Block Listing

Application has also been made to the U.K. Listing Authority and
the LSE for block listings totaling 475,046 ordinary shares to
trade on the LSE and to be admitted to the Official List upon
issuance.  The shares rank pari passu with the existing issued
shares of the Company.

The block listings consist of 345,636 ordinary shares, which may
be issued under the Henderson Share Incentive Plan and 129,410
ordinary shares, which may be issued under the HHG PLC Sharesave
Scheme.

Trading of CDIs

On the Australian Stock Exchange (ASX), ex-entitlement deferred
settlement trading of CHESS Depositary Interests (CDIs) under
the stock code HHGDA will continue until normal trading resumes
on 9 May 2005 under the stock code HHG.  The stock code will
change to HGI with effect from 10 May 2005.

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@henderson.com


INTEGRA INTERIORS: Names Portland Business Administrator
--------------------------------------------------------
James Richard Tickell and Carl Derek Faulds (IP Nos 8125, 8767)
have been appointed joint administrators for Integra Interiors
Limited.  The appointment was made April 12, 2005.  The company
is engaged in installing buildings.

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


JOHN LESTER: Administrators from BDO Stoy Hayward Move in
---------------------------------------------------------
David Harry Gilbert and Simon James Michaels (IP Nos 2376/01,
8824/01) have been appointed joint administrators for John
Lester Foods Limited.  The appointment was made April 15, 2005.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


LAMINATE KING: Creditors to Meet Next Week
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Laminate King Limited

Notice is hereby given, pursuant to Section 98 of the Insolvency
Act 1986, that a meeting of creditors of Laminate King Limited
will be held at Allan House, 25 Bothwell Street, Glasgow G2 6NL
on Wednesday May 4, 2005 at 12:00 noon for the purposes
mentioned in Sections 99, 100 and 101 of the said Act.

A list of names and addresses of the company's creditors will be
available for inspection free of charge within the offices of
Moore Stephens Corporate, Allan House, 25 Bothwell Street,
Glasgow G2 6NL, two business days prior to the meeting.

By Order of the Board,
Paul Morris, Director

CONTACT:  MOORE STEPHENS
          25 Bothwell Street
          Glasgow G2 6NL
          Phone: 0141 567 4500
          Fax: 0141 567 4535
          E-mail: info@scott-moncrieff.com
          Web site: http://www.moorestephens.co.uk


LIGHTMODE LIMITED: Creditors Meeting Set Friday
-----------------------------------------------
The creditors of Lightmode Limited will meet on April 29, 2005
at 11:00 a.m.  It will be held at Newcastle Marriott Gosforth
Park Hotel, High Gosforth Park, Newcastle upon Tyne NE3 5HN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tait Walker, Bulman House, Regent Centre,
Gosforth, Newcastle upon Tyne NE3 3LS not later than 12:00 noon,
April 28, 2005.

CONTACT:  TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


LOMBARD ODIER: Members Pass Winding-up Resolutions
--------------------------------------------------
At the extraordinary general meeting of the members of Lombard
Odier Darier Hentsch Unit Trust Managers Limited on April 11,
2005 held at 3 Waterhouse Square, London EC1N 2NT, the special
resolutions to wind up the company were passed.  David S.
Merrygold and Brian James Hamblin of PKF have been appointed
joint liquidators of the company.

CONTACT:  PKF
          Farringdon Place,
          20 Farringdon Road, London EC1M 3AP
          Phone: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk


MACKAY (CONSTRUCTION CHEMICALS): Creditors Meeting Set Next Week
----------------------------------------------------------------
The creditors of Mackay (Construction Chemicals) Limited will
meet on May 4, 2005 at 11:00 a.m.  It will be held at Tenon
Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tenon Recovery, Tenon House, Ferryboat Lane,
Sunderland SR5 3JN not later than 12:00 noon, May 3, 2005.

CONTACT:  TENON RECOVERY
          Tenon House, Ferryboat Lane,
          Sunderland SR5 3JN
          Phone: 0191 511 5000
          Fax:   0191 511 5001
          Web site: http://www.tenongroup.com


MELDFORM GERMANIUM: Members Decide to Wind up Firm
--------------------------------------------------
At the extraordinary general meeting of the members of Meldform
Germanium Limited on April 15, 2005 held at Salisbury House,
Station Road, Cambridge CB1 2LA, the special and ordinary
resolutions to wind up the company were passed.  Shay Lettice of
Peters Elworthy & Moore has been appointed liquidator of the
company.

Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims and the names and addresses of their
Solicitors (if any), to Shay Lettice of Salisbury House, Station
Road, Cambridge CB1 2LA on or before May 31, 2005.

CONTACT:  PETERS ELWORTHY & MOORE
          Salisbury House
          Station Road
          Cambridge
          Cambridgeshire CB1 2LA
          Phone: 01223 362333
          Fax: 01223 461424
          E-mail: slettice@pem.co.uk


MG ROVER: Iranian Carmakers Among Potential Buyers
--------------------------------------------------
More than 200 parties have expressed interest in MG Rover,
according to PricewaterhouseCoopers, the carmaker's court-
appointed administrator.

"Interest has been expressed by potential buyers from Asia, the
Middle East, India, Russia and China as well as from the U.K. We
have had over 200 expressions of interest," PwC partner Tony
Lomas told The Scotsman Sunday.

Citing Iranian news agency ISNA, the paper identified some of
the bidders as Iran Khodro, the largest carmaker in the Middle
East; and Dastaan, which was recently granted by the ministry of
industry a permit to open a Rover factory in Iran.  Saipa,
Iran's No.2 carmaker, was also touted as a potential buyer, but
it denied the report.

"[B]ecause of the undetermined situation of the British Rover
company, we are not intending to purchase it," Saipa managing
director Ahmad Ghale Bani told news agency ISNA.

MG Rover fell into administration on April 8 after a tie-up with
China's largest carmaker, Shanghai Automotive Industry
Corporation (SAIC), failed to materialize.  SAIC, however,
bought the intellectual rights to certain Rover models and plans
to build Rover cars in China under a different name.

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

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

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


MG ROVER: Collapse Leaves Dealers in Debt for Unwanted Cars
-----------------------------------------------------------
MG Rover dealers are to meet CapitalBank this week to settle
debt on unordered cars that landed on their end in the
carmaker's desperate attempt to stay afloat.

MG Rover has dumped an extra 3,000 to 4,000 cars to its dealer
network in the final months before it collapsed, it emerged
according to the Financial Times.

Alan Pulham, of the National Franchise Dealers' Association of
the Retail Motor Industry Federation, said dealers have not
asked for the cars.

"It is commercially naughty, but it is not fraud.  What Rover
would claim is that they don't think dealers are ordering enough
cars and they were helping them," he said.  He was speaking at a
meeting of Rover task force chaired by Sir Digby Jones,
director-general of the CBI employers' organization, last week.

CapitalBank, part of HBOS, released cash to MG Rover when the
cars were ordered.  The dealers are liable to pay the debt after
180 days.  HBOS denies knowledge of how the cars were allocated
since this is between the manufacturer and the individual
dealers.  Mr. Pulham said the debt could be more than GBP40
million.  The dealers may have the right to refuse to pay,
although this promised to be a "very complex situation," being
the first case, he said.

Richard Cort, chairman of the Rover dealer council, declined to
comment, according to the report.

Among those at loss for their money when MG Rover collapsed were
dealers who were promised a bonus of GBP1,000 a car for selling
certain types of cars.  Mr. Pulham said MG Rover resorted to
this scheme particularly at the end of March and early April.
The company also allowed up 28% discount on new cars in March to
raise much-needed cash.

Earlier Sir Digby Jones, chairman of the task force formed to
address the dealers' concern, said he will ask Customs & Excise
and the Inland Revenue to give the network VAT and income tax
holiday.

According to him, half of U.K.'s 260 main agents, and other
independent dealers are in danger of going under without
government help.  He said the sector is suffering "acute cash
flow" crisis.  The precarious situation puts 8,500 jobs at
stake.  MG Rover has 280 dealers.

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 ROVER: Dealers Target Phoenix Four
-------------------------------------
MG Rover dealers are considering suing the owners of the
carmaker to compel them to pay the firm's debt, according The
Express on Sunday.

Alan Pulham, franchised dealers director of the Retail Motor
Industry Federation, admitted they might sue the Phoenix Four
for millions of pounds of unpaid bills.

The Phoenix Four, which includes Chief Executive Kevin Howe and
Non-executive Director Nigel Petrie, bought MG Rover for GBP10
from BMW in 2000.  They are accused of taking at least GBP40
million in salaries, pensions and benefits at a time when the
firm was in dire strait.  They are under probe by the Department
of Trade in Industry after claims emerged regarding discrepancy
in MG Rover's account, and on the possibility that the firm
continued trading while insolvent.

Dealers who were owed money include Northeast-based Reg Vardy,
one of Britain's biggest dealer, and Manchester-based Lookers.
MG Rover's debt was more than GBP1 billion at the time of its
administration two weeks ago.  It is feared the firm may not
have enough money to pay creditors, putting the dealers' future
in danger.

Sir Digby Jones, CBI director-general, said: "Dealers with small
businesses face an acutely urgent cash flow crisis and some
could go down within two weeks."

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


MISYS PLC: Credit Libanais Employs Equation System
--------------------------------------------------
Credit Libanais has signed up for Misys Retail Banking Systems'
Equation system to improve its retail banking operations.

Aside from increased efficiency and enhanced credit control and
management, the new technology is expected to aid the Lebanese
banking group in reassigning some employees from back office
processing as customer service agents.

It will also enable the bank to provide Islamic banking products
and services to customers, according to Antoine Raad, deputy
general manager, IT division head.

Misys, which has 10 clients in Lebanon, noted Equation will
provide the bank centralized real-time limit checking and
exposure updates.

CONTACT:  MISYS PLC
          Misys plc, Burleigh House, Chapel Oak, Salford Priors,
          Evesham, WR11 8SP, United Kingdom
          Phone: 44 (0)1386 871373
                 44 (0)1386 871045
          Web site: http://www.misys.com
          E-mail: group.secretariat@misys.co.uk

          Angela D. Jenkins
          Healthcare Systems
          Phone: (303) 364-9957
          E-mail: angela.jenkins@misyshealthcare.com

          Susan Cottam
          Group Communications Director
          Phone: +44 (0) 20 7368 2305
          Mobile: +44 (0) 7957 807 721

          Andrew Farmer
          Head of Investor Relations
          Phone: +44 (0) 20 7368 2307
          Mobile: +44 (0) 7909 895 094


NORHAM HOUSE: Members Pass Winding-up Resolution
------------------------------------------------
At the extraordinary general meeting of the members of Norham
House 1001 Limited on April 5, 2005 the subjoined special
resolution to wind up the company was passed.  Ian William Kings
of Tenon Recovery, Tenon House, Ferryboat Lane, Sunderland SR5
3JN has been appointed liquidator of the company.

Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims, and the names and addresses of their
Solicitors (if any), to Ian William Kings of Tenon Recovery,
Tenon House, Ferryboat Lane, Sunderland SR5 3JN on or before May
31, 2005.

CONTACT:  TENON RECOVERY
          Tenon House, Ferryboat Lane,
          Sunderland SR5 3JN
          Phone: 0191 511 5000
          Fax:   0191 511 5001
          Web site: http://www.tenongroup.com


PHASK LIMITED: Hires Administrators from Bridgestones
-----------------------------------------------------
Robert Cooksey and Jonathan Lord (IP Nos 9040, 9041) have been
appointed joint administrators for Phask Limited.  The
appointment was made April 14, 2005.  The company is into
engineering and welding.

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


QUINTIC LIMITED: Hires Peters Elworthy & Moore as Liquidator
------------------------------------------------------------
At the extraordinary general meeting of the members of Quintic
Limited on April 15, 2005 held at Salisbury House, Station Road,
Cambridge CB1 2LA, the special resolutions to wind up the
company were passed.  Shay Lettice has been appointed liquidator
of the company.

Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims, and the names and addresses of their
Solicitors (if any), to Shay Lettice of Salisbury House, Station
Road, Cambridge CB1 2LA on or before May 31, 2005.

CONTACT:  PETERS ELWORTHY & MOORE
          Salisbury House
          Station Road
          Cambridge
          Cambridgeshire CB1 2LA
          Phone: 01223 362333
          Fax: 01223 461424
          E-mail: slettice@pem.co.uk


REGIONAL & CITY: Members Decide to Wind up Firm
-----------------------------------------------
At the extraordinary general meeting of the members of Regional
& City Group Limited on April 6, 2005 held at 2 Claremont End,
Esher, Surrey, the resolution to wind up the company was passed.
Stephen Mark Rout has been appointed liquidator of the company.

Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims and the names and addresses of their
Solicitors (if any), to Stephen M. Rout of 12 Signet Court,
Swanns Road, Cambridge CB5 8LA on or before May 14, 2005.

CONTACT:  STEPHEN M. ROUT & COMPANY
          12 Signet Court
          Swanns Road
          Cambridge
          Cambridgeshire CB5 8LA
          Phone: 01223 329392
          Fax: 01223 329123
          E-mail: smrout@aol.com


RIGGS KEEP: Debt Claims Deadline Set Next Month
-----------------------------------------------
At the extraordinary general meeting of Riggs Keep Limited on
April 14, 2005 held at 11 Stanhope Gate, London W1A 6HF, the
subjoined special resolution to wind up the company was passed.
Nimish Patel of Kranefields, Trinity House, Heather Park Drive,
Wembley, Middlesex HA0 1SU has been appointed liquidator of the
company.

Creditors are required to send in their full names and addresses
and particulars of their debt or claims to, Nimish C Patel of
Kranefields, Trinity House, Heather Park Drive, Wembley,
Middlesex HA0 1SU on or before May 30, 2005.

CONTACT:  KRANEFIELDS
          Trinity House, Heather Park Drive,
          Wembley, Middlesex HA0 1SU


ROYAL & SUNALLIANCE: European IFSR Raised to 'Baa1'
---------------------------------------------------
Moody's Investors Service upgraded the European Ratings of the
Royal & SunAlliance Group (Baa2 Insurance Financial Strength
Ratings at Royal & Sun Alliance Insurance plc and Scandinavian
subsidiaries) to Baa1 from Baa2.  The guaranteed subordinated
debt at Royal & Sun Alliance Insurance Group plc was upgraded by
two notches to Baa3 from Ba2.  The commercial paper rating
guaranteed by Royal & Sun Alliance Insurance plc was upgraded to
P-2 from P-3.  A stable outlook applies to all ratings.

Commenting on the rating action, Moody's said that the upgrade
reflected the significant progress made in restructuring and
repositioning the business, and in improving the underlying
operating performance of the Group's core operations.  Moody's
said that in addition to the improving operating profitability,
Royal & SunAlliance has significantly strengthened its capital
position and continues to have moderate levels of financial
leverage.  These positives are offset by ongoing concerns about
the winding-down of the U.S. business, and the challenge the
Group is likely to face in maintaining underwriting discipline
in a softening rate environment.

With regard to the subordinated debt rating at Royal &
SunAlliance Insurance Group plc (guaranteed by Royal &
SunAlliance Insurance plc), Moody's said, that the two-notch
upgrade to Baa3 reflected the Group's improving financial
profile and maintained strong business franchise, supporting a
tightening of the notching between IFSR and subordinated debt.

Moody's elaborated that Royal & SunAlliance's combined operating
ratio for ongoing operations has improved by nearly three points
to 94.0% at the end of 2004, with all ongoing businesses (U.K.,
Scandinavia, International) achieving combined operating ratios
of less than 100%.  The combined operating ratio improvements
were driven by restructuring actions, cost cutting initiatives,
and a strict focus on underwriting and claims management, but
also reflected the generally favorable operating environment.
The Group operating result (LTIR basis) was GBP456 million, up
from GBP140 million in 2003.

The rating agency also said that in addition to the improvement
in underwriting performance, Royal & SunAlliance has
significantly strengthened its regulatory and economic capital
position through 2004 by disposing of its U.K. and Scandinavian
life operations, issuing Upper Tier II capital, and rewording
its previously issued Eurobonds.  Furthermore, Royal &
SunAlliance's financial leverage (defined as financial debt /
total capital) remains at moderate levels for this rating
category, being in the low 30s at-year end 2004.

On a less positive note, Moody's notes that Royal & SunAlliance
will, along with its peers, be challenged to maintain its
underwriting discipline through the next underwriting downturn.
In addition, the Group continues to face a number of risks with
regard to the winding-down of its U.S. operations, including the
potential for further adverse loss reserve development and
ongoing uncertainty with regard to certain litigation issues
facing the Group.  Moody's notes however that the conclusion of
the recent reserve study and the subsequent reserves
strengthening have significantly reduced uncertainty in this
respect.

The rating agency said that in assigning a stable outlook to
Royal & SunAlliance, it expects to see a continuation of the
Group's recent strong operating performance, as well as
successful management of the Group's U.S. legacy issues.  In
terms of medium-term rating drivers, Moody's said that positive
rating pressure may result if the Group continues to meet its
cross-cycle target of a combined operating ratio of 100%,
combined with further improvements to Group capital and
continued modest financial leverage.

Royal & SunAlliance Group, headquartered in London, United
Kingdom, had total assets of GBP24.3 billion as at year-end
2004.

These IFSRs were upgraded to Baa1 from Baa2:

(a) Royal & Sun Alliance Insurance plc IFSR,

(b) Sun Alliance & London Insurance plc IFSR,

(c) Codan Forsikring A/S IFSR,

(d) Trygg-Hansa Forsakrings AB IFSR,

The P-3 commercial paper issued by Royal & SunAlliance Insurance
Group plc and guaranteed by Royal & SunAlliance Insurance plc
was upgraded to P-2 from P-3.

The guaranteed subordinated debt at Royal & SunAlliance
Insurance Group was upgraded to Baa3 from Ba2

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          Simon Harris
          Managing Director
          Financial Institutions Group

          London
          Beatrice R. Braun
          Analyst
          Financial Institutions Group
          For Journalists
          Phone: 44 20 7772 5456


RUBISLAW GROUP: Liquidator Takes over Operations
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Rubislaw Group Limited

Notice is hereby given that on April 11, 2005, I, Michael James
Meston Reid, Meston Reid & Co, 12 Carden Place, Aberdeen AB10
1UR was appointed liquidator of Rubislaw Group Limited, which
trades at 15 Earlspark Road, Bieldside, Aberdeen AB15 9BZ, by
resolution of a meeting of members, pursuant to section 109 of
the Insolvency Act 1986.

Michael James Meston Reid, Liquidator

CONTACT:  MESTON REID & CO
          12 Carden Place
          Aberdeen AB10 1UR
          E-mail: info@mestonreid.com
          Web site: http://www.meistonreid.com

          Michael James Meston Reid
          E-mail: reidm@mestonreid.com
          Phone: 01224 625554
          Fax: 01224 626089


SANDBACH TRAVEL: Travel Agencies Hire Administrators from PwC
-------------------------------------------------------------
Name of companies:
Sandbach Travel Limited
Wardle Travel Limited

Robert Jonathan Hunt and Mark David Charles Hopkins (IP Nos
8597, 8365) have been appointed joint administrators for these
travel agencies.  The appointment was made April 13, 2005.

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


SWITCH TM: Administrator from Thompson Partnership Moves in
-----------------------------------------------------------
Gordon Craig (IP No 0978) has been appointed administrator for
Switch TM Limited.  The appointment was made April 6, 2005.  The
company is engaged in other financial intermediation and offers
other business activities.

CONTACT:  THE THOMPSON PARTNERSHIP
          30 Derby Street,
          Ormskirk L39 2BY


TRUFIT LIMITED: Sets Creditors Meeting Next Week
------------------------------------------------
The creditors of Trufit Limited will meet on May 5, 2005 at
10:00 a.m.  It will be held at the offices of Hazlewoods,
Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Hazlewoods, Windsor House, Barnett Way, Barnwood,
Gloucester GL4 3RT not later than 12:00 noon, May 4, 2005.

CONTACT:  HAZLEWOODS
          Windsor House, Barnett Way,
          Barnwood, Gloucester GL4 3RT
          Phone: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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.

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