TCREUR_Public/050502.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

               Monday, May 2, 2005, Vol. 6, No. 85

                            Headlines

B U L G A R I A

CAPITALBANK AD: Sold for BGN1 to CB Central Cooperative Bank


D E N M A R K

LEGO COMPANY: To Appoint Two New Board Members Today


F I N L A N D

SANITEC OYJ: Operating Profit Down 37.9% to EUR30.7 Million


F R A N C E

EURO DISNEY: Narrows First-half Loss to EUR80.9 Million


G E R M A N Y

3WAYS SERVICE: Court Appoints Dr. Gideon Bohm Administrator
ACTIV DIENSTLEISTUNG: All Pending Lawsuits Stayed
ANTOGAS GMBH: Creditors Claim Due in Two Months
AUGUSTA TECHNOLOGIE: 1st-qtr. Results in Line with Expectations
AUGUSTA TECHNOLOGIE: Investor Challenges Recapitalization Plan

AVH SYSTEMHAUS: Administrator's Report Out Third Week of June
BMT BETEILIGUNGSGESELLSCHAFT: Under Bankruptcy Administration
BUCHDRUCKEREI ERICH: Proofs of Claim Due Later this Month
BUCHSBAUM DIREKT: Proofs of Claim Due June
DAIMLERCHRYSLER AG: Mercedes Pulls down Parent's Profit

HINKE & HINKE: Claims Verification Set Late June
IBS ENGINEERING: Court to Verify Claims June
JENOPTIK AG: S&P Cites Worsening Credit Profile in Downgrade
JURGEN VAGTS: Tostedt Court Confirms Bankruptcy
POTSCHKE FORDER: Creditors Claims Due Next Week

RZ MEETING: Stuttgart Court Appoints Interim Administrator
SGL CARBON: Senior Notes Upgraded to 'B3' from 'Caa1'
SIGMA DRUCK: Proofs of Claim Deadline Expires Next Week
UMANO GMBH: Sets Creditors Meeting July
WOLFF GMBH: Creditors to Meet June
ZWS FOOKEN: Under Bankruptcy Administration


I R E L A N D

ELAN CORPORATION: First-quarter Net Loss up 86% on Tysabri Woes
ELAN CORPORATION: Shares up on Hopes of Tysabri Redux


I T A L Y

FIAT SPA: Debt Conversion Good for Carmaker, Says S&P
FIAT SPA: Creditor Banks' Ratings Unaffected by Debt Conversion


N E T H E R L A N D S

KONINKLIJKE AHOLD: Selling Last Chain of U.S. Stores
ROYAL SHELL: Reports US$6.7 Billion First-quarter Earnings
ROYAL SHELL: Declares EUR0.46 Interim Dividend


N O R W A Y

AKER KVAERNER: Fitch Upgrades Outlook to Positive from Stable


R U S S I A

OAO TRANSNEFT: Issuer Rating Raised to 'Baa3'
YUKOS OIL: E.U. Human Rights Court Hears Complaint
YUKOS OIL: Cypriot Subsidiary Pursues Geoilbent Stake Buy


S P A I N

TERRA MITICA: First-quarter Operating Profit Soars


S W E D E N

ABB LTD.: Posts Q1 Net Income of US$199 Million
SKANDIA INSURANCE: Reports Minor Changes Under IFRS


S W I T Z E R L A N D

SWISS INTERNATIONAL: Enhances Flight Services


U K R A I N E

HMELNITSKIJ AGROFIRM: Bankruptcy Proceedings Begin
SOUTH SEA: Liquidator Takes over Helm
UKRAINE DNIPRO: Court Appoints Insolvency Manager
VAPNYARSKIJ BREAD: Declared Insolvent


U N I T E D   K I N G D O M

ALPHA ENVIRONMENTAL: Members Pass Winding-up Resolution
AMPAC SYSTEM: Appoints Grant Thornton Administrator
ANALYTIC ENDODONTICS: Hires Liquidators from KPMG
ARBRO LIMITED: Members General Meeting Set Last Week of May
ARLA U.K.: Members Final Meeting Set this Month

AUTO-SOFT: PwC to Handle Liquidation
BAYSEK MACHINES: Appoints Administrators from CBA
B&E STAINLESS: Names Administrator from David Horner & Co.
BLUE CIRCLE: Appoints PricewaterhouseCoopers Liquidator
BUNGE AGRICULTURE: Final General Meeting Set Later This Month

CALEDONIAN CONSTRUCTION: Calls in Hacker Young Administrator
CE ELECTRIC: Ratings Upgraded on Improved Credit Profile
CHANNEL S: Members Final Meeting Set Later this Month
CONSTANT COMPUTER: Members Decide to Wind up Firm
COSTAIN GROUP: Wins Building Magazine's Contractor Award

CREWEGATE LIMITED: Final Meeting Set June
DYNANT FACH: Meeting of Creditors Set Wednesday
EASTER & ARUN: Members Name Liquidator from Griffins
EQUITABLE LIFE: E&Y Lawyer Tests Charles Thomson's Memory
EXPRESSON BIOSYSTEMS: Liquidator Takes over Operations

G K LEE: Liquidator from Baker Tilly Moves in
GORDON BEATTIE: Creditors Meeting Set Next Week
KJC MOBILE: Hires Administrator from Till Morris Partnership
LARRY'S LAMINATE: Falls into Receivership
LOCAL GARAGES: In Administrative Receivership

MICHAEL TAUBE: Liquidator from Crawfords Moves in
MIDLAND AIRWAYS: Charter Airline Files for Administration
NEWTOPCO LIMITED: Appoints Barber Harrison & Platt Liquidator
NOMAR LIMITED: Winding-up Report Out this Week
PEARCE SIGNS: Administrators from Stoy Hayward Move in

RAPTURE TV: Creditors Bring in Liquidator
SKYEPHARMA PLC: 2004 Net Loss Down 44% to GBP24.3 Million
TORGUIDE LIMITED: Calls in Liquidator from Hazlewoods
TURNER & NEWALL: Asset Sales Forthcoming, Report Says
UNITY-BRISTOL LIMITED: Creditors Meeting Set Next Week
WHITELEY INSURANCE: Appoints PwC Provisional Liquidators
WORCESTER LODGE: Members Decide to Wind up Firm


                            *********


===============
B U L G A R I A
===============


CAPITALBANK AD: Sold for BGN1 to CB Central Cooperative Bank
------------------------------------------------------------
Pursuant to the decision of the Sofia City Court dated April 8,
2005 and April 20, 2005, these information have been registered
with the CB Central Cooperative Bank AD-Sofia, (BSE code CCB):

(a) Approval of the contract signed between the receiver of CB
    Capitalbank AD (in bankruptcy) and CB Central Cooperative
    Bank AD on January 31, 2005 for sale of the company of
    Capitalbank AD.  Pursuant to this contract CB Central
    Cooperative Bank AD has acquired the company of Capitalbank
    AD at the value of BGN1.00 and has assumed the obligation to
    repay liabilities to creditors of the bank amounting to
    BGN3,254,000.

(b) Termination of the bankruptcy proceedings of Capitalbank AD,
    the total injunction and distraint upon the property of
    Capitalbank AD, the powers of the receivers of Capitalbank
    AD as well as obliteration of Capitalbank AD from the
    Commercial Registry within Sofia City Court.

CONTACT:  CB CENTRAL COOPERATIVE BANK JSC
          103 G.S. Rakovski Str.
          Phone: 02/ 9266107
                 02/ 9266122
          Fax: 02/ 9888107
          Web site: http://www.ccbank.bg


=============
D E N M A R K
=============


LEGO COMPANY: To Appoint Two New Board Members Today
----------------------------------------------------
At the annual general meeting of LEGO Holding A/S on May 2, two
new members will be appointed to the Board of Directors.  The new
directors are Armin F. Broger, Chief Operating Officer of Tommy
Hilfiger in Europe, and Torben Ballegaard Sorensen, Chief
Executive Officer of Bang & Olufsen a/s.  They will replace
Anders Moberg and Lars Kann Rasmussen, who had expressed the wish
to give up their seats on the Board.

Chairman Mads Ovlisen says of the change: "Anders Moberg and Lars
Kann Rasmussen have contributed greatly to the work of the Board,
and I fully understand that they now wish to concentrate their
efforts in other directions.  At the same time, we are delighted
that Armin Broger and Torben Ballegaard Sorensen have agreed to
make their broad know how and experience available to the Board
of the LEGO Group."

Armin F. Broger is 44 years old and was born in Italy.  He
studied business administration and holds an MBA from the
University of Notre Dame.  After serving in several management
functions at The Walt Disney Company and as the General Manager
with Diesel, he was appointed COO of Tommy Hilfiger's activities
in Europe in 2001, based in Amsterdam.

Torben Ballegaard Sorensen is 54 years old.  He holds an MBA from
the Arhus School of Business Administration.  Mr. Sorensen was
previously head of CCI Europe, and in the period 1996 2001 he was
employed by the LEGO Group, most recently as Executive Vice
President of Business Development.  In 2001 he was appointed CEO
of Bang & Olufsen a/s.

Anders Moberg is CEO of the Dutch company, Royal Ahold, and has
been on the board of the LEGO Group since 1999.  Lars Kann
Rasmussen is chairman of the board at VKR Holding A/S and VELUX
A/S, and has been on the board of the LEGO Group since 1993.

CONTACT:  THE LEGO GROUP
          Charlotte Simonsen, Head of Corporate Communications
          Phone: +45 79 50 65 79


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


SANITEC OYJ: Operating Profit Down 37.9% to EUR30.7 Million
-----------------------------------------------------------
Highlights of 2004 Financial Results

(a) Group sales for the year were EUR898.9 million: a growth of
    EUR3.7 million or 0.4% excluding the effect of the divested
    Vacuum Sewage Systems business segment;

(b) Solid sales increases in other regions compensated for the
    weak market situation in Germany, Netherlands, and Italy;

(c) One-time restructuring and integration consulting costs of
    EUR44.7 million strongly affected our EBITDA;

(d) Excluding these one-time effects and the disposal of the
    Vacuum Sewage Systems business segment, Sanitec's EBITDA
    improved to EUR160.5 million, representing 18.2% of net
    sales in 2004 compared to 17.3% in 2003;

(e) Total operating expenses including depreciation and
    amortization were reduced by EUR33.5 million or 3.7% driven
    primarily by our integration process and sales, general, and
    administration cost reduction initiatives;

(f) Excluding the EUR44.7 million in non-recurring items in 2004
    and EUR16.9 million in 2003 as well as the effects of the
    Vacuum Sewage Systems business segment disposal, total
    operating expenses were reduced by EUR8.4 million or 1.0%;

(g) Industrial capital expenditures were EUR26.4 million or 2.9%
    of net sales compared to EUR32.0 million or 3.4% of net
    sales in 2003.

(h) Net indebtedness was substantially reduced by EUR120.3
    million or 18.4% to EUR533.3 million largely through
    increased cash flow from our Vacuum Sewage Systems business
    segment divestment, the sale of Lecico shares, and improved
    working capital management; and

(i) Cash flow from operating activities decreased EUR15.2
    million from previous year driven by EUR27.8 million net
    increase in one-time restructuring and integration
    consulting costs.

Comment by Lennart Sunden, President and CEO: "Despite demanding
market conditions, Sanitec was able to increase its profitability
in 2004, when excluding one-time effects and the divestment of
the Evac business.  This gives me confidence that Sanitec is a
company with high growth potential and I am very much excited
about the challenges ahead of us."

       Operating and Financial Review for Sanitec Group

Consolidated Net Sales

In 2004, the Group's sales performance was materially affected by
the disposal of the Vacuum Sewage Systems business segment when
comparing to the previous year.  Outside this special effect,
sales continued to be influenced by weakness in certain core
markets.  Net sales for 2004 were EUR898.9 million compared to
EUR951.1 million in 2003, which is a decrease of 5.5% or EUR52.2
million.  Excluding the net EUR55.9 million effect for the
disposal of the Vacuum Sewage Systems business segment, sales in
the core businesses grew by EUR3.7 million or 0.4%.  Negative
sales developments in Germany, Italy, and the Netherlands were
offset by growth, most notably in the Nordic countries, the
United Kingdom, and other Eastern European countries, lead by the
Czech Republic and Ukraine.

Bathroom Ceramics

Bathroom Ceramics net sales for 2004 were EUR610.0 million
compared to EUR605.7 million in 2003, an increase of EUR4.3
million or 0.7%.  Currency exchange rate variances negatively
impacted our net sales in 2004 in this segment by EUR0.2 million.
The Group was able to increase average selling prices in all but
two regions. The remaining regions finished roughly on par with
the previous year.

Bath and Shower Products

Bath and Shower Products net sales for 2004 were EUR272.8 million
against EUR273.4 million for 2003, a decrease of EUR0.6 million
or 0.2%.  Currency exchange rate variances negatively impacted
our net sales in 2004 in this segment by EUR1.0 million.
Excluding the foreign currency exchange rate impact, this segment
grew by EUR0.4 million or 0.1% compared to the previous year.

Vacuum Sewage Systems

Net sales until April 14, 2004, when the operations of our Vacuum
Sewage Systems business segment were sold to the French Zodiac
Group, finished at EUR16.1 million (72.0 million for the full
year 2003).

Operating Expenses

Starting in 2002 and continuing through into 2004, we
successfully implemented numerous improvements in our cost
structures.

Cost of products sold -- materials and consumables decreased by
7.5% or EUR22.5 million to EUR276.6 million, compared to EUR299.1
million in 2003.  Disposal of the Vacuum Sewage Systems business
segment accounted for a net EUR28.7 million decrease in these
expenses.  The remaining increase of EUR6.2 million or 2.4% can
be traced to increased energy costs for production, a product mix
shift to more complex and manufacturing cost intensive products,
increased volumes produced, and increased prices for certain
outsourced products.  Gains made with the strategic purchasing
program continued in 2004 but were offset by the cost increases
driven by the above-mentioned factors.

Personnel costs were decreased substantially by 9.1% or EUR25.7
million to EUR258.0 million in 2004 from EUR283.7 million in
2003.  Disposal of the Vacuum Sewage Systems business segment
accounted for a net EUR12.7 million decrease in these expenses.
The remaining reduction of EUR13.0 million or 4.9% is a direct
result of our ongoing strategy of restructuring our ceramics and
bath and shower production networks including the related closure
of production units, as well as the reorganization and
integration of the sales, marketing, and administration functions
throughout the Group.  In 2004, we finalized the closure of a
ceramics manufacturing plant in Slovakia, and continued to
reorganize our remaining manufacturing and administration base,
which allowed us to further reduce our employee workforce.

Cost of outside services also decreased significantly by EUR7.2
million or 8.2% in 2004 to EUR80.8 million from EUR88.0 million
in 2003.  Disposal of the Vacuum Sewage Systems business segment
accounted for a net EUR2.2 million decrease in these expenses.
The remaining reduction of EUR5.0 million or 5.9% was generated
by increased Group integration and sharing of outsourced products
and services, renegotiation of supply contracts with current
suppliers, as well as the establishment of contracts with new
strategic sourcing partners.

Other operating income and expenses, net, increased by 20.2% or
EUR28.0 million to EUR166.7 million from EUR138.7 million in
2003.  Disposal of the Vacuum Sewage Systems business segment
accounted for a net EUR6.5 million decrease in these expenses.  A
large increase in these expenses is related to EUR44.7 million of
one-time charges related to integration consulting and
restructuring.  The net increase in these expenses of EUR6.7
million or 5.9% after elimination of one-time expenses of EUR16.9
million in 2003 and the above mentioned amount in 2004, was
driven primarily by increased costs associated with the
establishment of the new Ceramics, Acrylics, and Enclosures
(CA&E) and Wellness divisions.  Savings achieved by measures to
reduce sales, general, and administration costs such as
integration and centralization of common functions like
information management; sharing of resources among our units,
such as competence centers, and lower costs due to purchasing
initiatives were offset by the increased activity related to the
above mentioned divisional split.

Consolidated Operating Profit

Our operating profit for 2004 decreased by 37.9% or EUR18.7
million to EUR30.7 million from EUR49.4 million for 2003.  Our
operating profit margin decreased from 5.2% for the year 2003 to
3.4% for the year 2004.  Disposal of the Vacuum Sewage Systems
business segment accounted for a net EUR3.0 million of the
decrease.  Operating profit in 2003 was negatively affected by
EUR16.9 million of one-off restructuring and integration
consulting costs while these costs were EUR44.7 million in 2004.
After elimination of these expenses in both years and on a
comparable basis, without the Vacuum Sewage Systems business
segment, our operating profit increased by EUR12.1 million or
19.1% to EUR75.4 million in 2004.  This represents an increase in
profitability from 7.2% of net sales in 2003 to 8.5% of net sales
in 2004.

Bathroom Ceramics

Bathroom Ceramics operating profit was EUR17.0 million, a
decrease of EUR14.6 million or 46.2% compared to the prior year.
The improved performance in this segment related to our ceramics
production network restructuring, including closures of certain
manufacturing facilities and continued outsourcing of production
to our strategic partners, was offset by non-recurring items
related to integration consulting and restructuring as well as
higher energy prices which also pressured raw material costs.
Excluding one-off items in both years, the segment's
profitability increased to 9.3% of net sales in 2004 from 7.4% in
2003.

Bath and Shower Products

Bath and Shower Products operating profit was lower than in the
prior year at EUR13.7 million compared to EUR14.8 million in
2003.  Production cost reduction efforts and efficiency programs
were offset by non-recurring items related to restructuring and
integration consulting as well as higher energy costs and
increased costs related to the establishment of the new Wellness
division.  After elimination of one-off items in both years, this
segment's operating profit margin was increased from 6.5% in 2003
to 6.9% in 2004.

Vacuum Sewage Systems

Vacuum Sewage Systems operating profit until April 14, 2004 was
EUR0.0 million (3.0 million for the full year 2003).  Effective
April 14, 2004, the operations of our Vacuum Sewage Systems
segment (Evac) were sold to the French Zodiac Group.

Consolidated EBITDA

Our 2004 EBITDA was EUR116.8 million compared to EUR141.6 million
in 2003.  One-off restructuring and integration consulting costs
reduced our EBITDA for 2004 by EUR44.7 million.  Disposal of our
Vacuum Sewage Systems business segment accounted for EUR5.8
million of the decrease against the previous year.  Excluding the
non-recurring adjustments and compared on a like to like basis
without the Vacuum Sewage Systems business segment, EBITDA
profitability increased from 17.3% of net sales in 2003 to 18.2%
in 2004.  The key elements of this increase in profitability are
rooted in our restructuring and integration efforts.
Rationalization of production capacity through factory closures
and outsourcing, streamlining of sales, general, and
administration functions, and integration of purchasing and
logistics functions all contributed to the profitability increase
in 2004.

Bathroom Ceramics

Bathroom Ceramics EBITDA for 2004 was EUR78.3 million, down from
EUR96.1 million in 2003.  This represents a decrease of EUR17.8
million or 18.5%.  EBITDA in this segment was negatively
influenced by non-recurring integration consulting and
restructuring expenses in both 2003 and 2004.  The underlying
profitability of this segment increased against the previous
year.  Excluding the non-recurring items in both 2003 and 2004,
the EBITDA margin of this segment increased from 18.1% of net
sales in 2003 to 19.3% in 2004.  More efficient production
achieved through factory closures and outsourcing, synergies from
purchasing initiatives, and the streamlining of sales, general,
and administration functions contributed to the increase and
helped offset the negative effects of higher energy costs and
pressure on raw material prices.

Bath and Shower Products

Bath and Shower Products EBITDA for 2004 was EUR37.5 million,
down from EUR38.7 million in 2003, a decrease of EUR1.2 million
or 3.1%.  The segment's EBITDA profitability was also negatively
influenced by non-recurring items related to integration
consulting and restructuring.  However, the underlying
profitability of this segment grew to 15.6% of net sales in 2004
compared to 15.3% in 2003 despite additional costs related to the
establishment of the new Wellness division.  Production
reallocation to a more efficient structure and purchasing savings
initiatives for raw material helped ease the effects of higher
production costs driven by higher energy costs.

Vacuum Sewage Systems

Vacuum Sewage Systems EBITDA until April 14, 2004 was EUR1.0
million (6.8 million for the full year 2003).  Effective April
14, 2004, the operations of our Vacuum Sewage Systems business
segment (Evac) were sold to the French Zodiac Group.

Subsequent Events

On February 4, 2005, Sanitec International S.A. signed an
agreement with the private equity fund EQT IV, to sell all the
shares in Sanitec Oy, formerly Pool Acquisition Helsinki Oy.  EQT
is a leading private equity group in Northern Europe. After
receiving approval from relevant competition authorities, the
transaction was closed on April 11, 2005.  Through this
transaction, all the operations of Sanitec Group were sold to EQT
IV.

Following the closing of the sale of Sanitec, Dr. Rainer S. Simon
left his position as President and CEO of Sanitec on April 11,
2005.  He was succeeded by Mr. Lennart Sunden as the new
President and CEO as of the same date.

On February 17, 2005, Sanitec International S.A. launched an
offer to repurchase its EUR260 million 9% High Yield Senior Notes
issued on May 7, 2002.  By March 4, 2005, the offer received
tenders and consents representing over 95.2% of the Notes.  In
relation to the Indenture governing the Notes, this was
sufficient to amend or eliminate substantially all the
restrictive covenants, certain events of default and related
provisions, as well as terminate the relevant pledge agreement.
The High Yield Senior Notes were prepaid in connection with the
closing of the sale of Sanitec Oy, formerly Pool Acquisition
Helsinki Oy, on April 11, 2005.

Following the prepayment of High Yield Senior Notes, Sanitec
International S.A. has filed for deregistration from the
Securities and Exchange Commission (SEC) in the United States.
Sanitec International S.A. will no longer file the Annual Report
as of December 31, 2004 in Form 20-F with U.S. SEC

Changes in Sanitec's Governance

An Extraordinary Shareholders Meeting on 22 April 2005 elected a
new Board of Directors for Sanitec.  Mr. Mikael Lilius was
elected as Chairman.  Other members are: Sven Stork,
vice-chairman, Rolf Eckrodt, Andreas Tallberg and Juha Lindfors.
Jussi Nyrola was elected as deputy member.

                            *   *   *

Fitch Ratings affirmed this month Sanitec Oyj's ratings at
Senior Unsecured 'B-' and Short-term 'B'.  The rating on its
senior secured loan was affirmed at 'B+'.  Fitch also affirmed
Sanitec International S.A.'s EUR260 million 9% senior notes due
2012 at 'CCC+'.

CONTACT:  SANITEC OYJ
          Mikonkatu 15 A
          P.O. BOX 447
          00101 Helsinki FIN-00530
          FINLAND
          Phone: +358 9 7095 400
                 +358 9 7731 207
          Web site: http://www.sanitec.com/


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


EURO DISNEY: Narrows First-half Loss to EUR80.9 Million
-------------------------------------------------------
Euro Disney S.C.A., parent company of Euro Disney Associes S.C.A.
(EDA S.C.A.), operator of Disneyland Resort Paris, published on
April 28, 2005 its consolidated results for the six months (first
half) ended March 31, 2005.

    Revenues Growth of 5% Reflects Increased Theme Park Guest
    Spending and Attendance as Well as Higher Hotel Occupancy

Record revenues for the first half of 2005 of EUR494.1 million
were higher than the prior year's revenues of EUR471.1 million,
reflecting an increase in theme park revenues from increased
attendance and higher guest spending and an increase in real
estate segment revenues of EUR5.0 million, partially offset by
decreases in hotel revenues.  Higher theme park guest spending
was across the board, with increasing revenues from admissions,
merchandise and food and beverages.  Hotel revenues reflected
lower daily guest spending per room, partially offset by higher
occupancy.  Lower hotel guest spending per room reflected a
difficult comparison with prior year convention activities and
lower average daily room rates.

  26% Reduction in Net Loss Due to the Effects of the Company's
      Legal and Financial Restructuring and 5% EBITDA Growth

Loss before financial charges for the first half of 2005 totaled
EUR53.4 million, a 5% reduction from the prior year period's loss
before financial charges of EUR56.1 million.  Net loss for the
current period totaled EUR80.9 million compared to EUR108.9
million in the prior year, reflecting an increased allocation of
losses to minority interests, reduced net financial charges and
exceptional expenses, and growth in earnings before net financial
charges, depreciation and amortization, exceptional items, income
taxes and minority interests (EBITDA).

First-half 2005 EBITDA increased EUR0.8 million to EUR18.4
million, reflecting growth in revenues, partially offset by
increased labor costs.  EBITDA as a percentage of sales was
stable at 4%.

A full copy of these results is available free of charge at
http://bankrupt.com/misc/EuroDisney(1H2005).pdf

CONTACT:  EURO DISNEY S.C.A.
          Corporate Communication
          Pieter Boterman
          Phone: +331 64 74 59 50
          Fax: +331 64 74 59 69
          E-mail: pieter.boterman@disney.com

          Investor Relations
          Fiona Lord Duarte
          Phone: +331 64 74 58 55
          Fax: +331 64 74 56 36
          E-mail: fiona.lord.duarte@disney.com


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


3WAYS SERVICE: Court Appoints Dr. Gideon Bohm Administrator
-----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against 3ways Service GmbH on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 30, 2005 to register their claims with
court-appointed provisional administrator Dr. Gideon Bohm.

Creditors and other interested parties are encouraged to attend
the meeting on June 30, 2005, 9:45 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122 d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), 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:  3WAYS SERVICE GMBH
          Liebigstrasse 2-20, 22113 Hamburg
          Contact:
          Martin Denker, Manager
          Flurstrasse 2 a, 91086 Aurachtal/Falkental

          Dr. Gideon Bohm, Administrator
          Bachstrasse 85 a, 22083 Hamburg
          Phone: 040/3208360
          Fax: 040/32083636


ACTIV DIENSTLEISTUNG: All Pending Lawsuits Stayed
-------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Activ Dienstleistung Service GmbH on April 12, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 15, 2005 to
register their claims with court-appointed provisional
administrator Andreas Amelung.

Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 9:10 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  ACTIV DIENSTLEISTUNG SERVICE GMBH
          Robert-Perthel-Str. 25
          50739 Cologne
          Contact:
          Cuneyt Yildiz
          Havelstr. 7
          50765 Cologne

          Andreas Amelung, Administrator
          Im Mediapark 6 B
          50670 Cologne
          Phone: 57437910
          Fax +4922157437938


ANTOGAS GMBH: Creditors Claim Due in Two Months
-----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Antogas GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 8, 2005 to register their
claims with court-appointed provisional administrator Dr. Dirk
Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on June 8, 2005, 10:30 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on August 31, 2005,
10:30 a.m.

CONTACT:   ANTOGAS GMBH
           c/o Juricon GmbH
           Kurfurstenstr. 79,10787 Berlin

           Dr. Dirk Wittkowski, Administrator
           Kirchblick 11, 14129 Berlin


AUGUSTA TECHNOLOGIE: 1st-qtr. Results in Line with Expectations
---------------------------------------------------------------
According to preliminary figures, AUGUSTA Technologie AG
generated sales revenues of around EUR44 million in the first
quarter of 2005.  This puts the Company on a par with the same
quarter of the previous year, after adjustment for the
deconsolidation of the Data Display Group (Q1 2004 adjusted:
EUR44.2 million; Q1 2004 including Data Display: EUR57.2
million).

At EUR43.7 million, incoming orders in the first quarter of 2005
were slightly below the adjusted prior-year figure of EUR46.3
million (Q1 2004 including Data Display: EUR61.4 million).
Booked business as of March 31, 2005 amounted to EUR77.6 million
(March 31, 2004 adjusted: EUR81.0 million; March 31, 2004
including Data Display: EUR112.3 million).

The Sensor and IT Systems divisions performed in line with
expectations, while the Communication Systems division is
scheduled to complete the restructuring of its operations in
2005.  Following the reduction of the Company's interest in
Pandatel AG from 51.4% to 49.98% in March 2005, the latter is
only presented in AUGUSTA's sales revenues and segment result for
the first two months of fiscal year 2005, and is included at
equity with effect from March 2005.

The final figures will be disclosed when the report on the first
quarter of 2005 is published on May 24, 2005.

The Managing Board

CONTACT:  AUGUSTA TECHNOLOGIE AG
          Wilhelm-Leuschner-Strasse 9-11
          60329 Frankfurt am Main Deutschland
          Phone: +49-(0)69-242669-19
          Fax: +49-(0)69-242669-40
          E-mail: trautmann@augusta-ag.de
          Web site: http://www.augusta-ag.de
          Contact:
          Lena Trautmann, Investor Relations


AUGUSTA TECHNOLOGIE: Investor Challenges Recapitalization Plan
--------------------------------------------------------------
The extraordinary shareholders' meeting of AUGUSTA Technologie AG
resolved on January 7, 2005 to initially reduce the share capital
of the company in simplified form by way of consolidation of
shares to cover losses and to transfer funds to the capital
reserves and to subsequently increase the share capital through
contributions in kind excluding the statutory subscription right
of shareholders.

Another shareholder has filed an action for avoidance against the
resolutions on the capital increases with the Frankfurt am Main
Regional Court.  The shareholder has petitioned the Court to
determine the nullity of the resolutions on the capital increases
or alternatively to declare the resolutions on the capital
increases null and void.  This action as well has no chances of
succeeding in the opinion of the company.

The Managing Board

AUGUSTA Technologie AG (ISIN DE0005088603) is a member of the
Prime Standard Segment of the German Stock Exchange.

CONTACT:  AUGUSTA TECHNOLOGIE AG
          Wilhelm-Leuschner-Strasse 9-11
          60329 Frankfurt am Main Deutschland
          Phone: +49-(0)69-242669-19
          Fax: +49-(0)69-242669-40
          E-mail: trautmann@augusta-ag.de
          Web site: http://www.augusta-ag.de
          Contact:
          Lena Trautmann, Investor Relations


AVH SYSTEMHAUS: Administrator's Report Out Third Week of June
-------------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against AvH Systemhaus GmbH on April 8, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 23, 2005 to register their
claims with court-appointed provisional administrator Stephan
Poppe.

Creditors and other interested parties are encouraged to attend
the meeting on June 20, 2005, 10:50 a.m. at the district court of
Leipzig at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  AVH SYSTEMHAUS GMBH
          Walter-Kohn-Str. 1 A
          04356 Leipzig
          Contact:
          Lutz Hartel, Manager

          Stephan Poppe, Administrator
          Kathe-Kollwitz-Strasse 9
          04109 Leipzig


BMT BETEILIGUNGSGESELLSCHAFT: Under Bankruptcy Administration
-------------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against BMT Beteiligungsgesellschaft mbH on April 13.
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 Stefan Hahn.

Creditors and other interested parties are encouraged to attend
the meeting on June 23, 2005, 9:15 a.m. at the district court of
Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal, 2. Etage, Saal
234 - Altbau Amtsgericht 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:  BMT BETEILIGUNGSGESELLSCHAFT MBH
          Larchenweg 3, 42489 Wulfrath
          Contact:
          Dr. Michael Rietschel, Manager
          Larchenweg 3, 42489 Wulfrath

          Stefan Hahn, Administrator
          Morianstrasse 45, 42103 Wuppertal
          Phone: 0202/283310
          Fax: 0202/2833175


BUCHDRUCKEREI ERICH: Proofs of Claim Due Later this Month
---------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Buchdruckerei Erich Balaszus GmbH on April 5.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 27, 2005 to
register their claims with court-appointed provisional
administrator Joachim Buttner.

Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 11:30 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal
1, 2. Ebene (Zi. 2.18), 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:  BUCHDRUCKEREI ERICH BALASZUS GMBH
          Brennerstrasse 19, 20099 Hamburg
          Contact:
          Norbert Schokol, Manager

          Joachim Buttner, Administrator
          Osdorfer Landstrasse 230, 22549 Hamburg
          Phone: 8078810


BUCHSBAUM DIREKT: Proofs of Claim Due June
------------------------------------------
The district court of Tostedt opened bankruptcy proceedings
against Buchsbaum direkt GmbH on April 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 6, 2005 to register their
claims with court-appointed provisional administrator Jens-Soren
Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on July 5, 2005, 11:00 a.m. at Sitzungssaal I (Raum
CE.02), Unter den Linden 23, 21255 Tostedt 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:  BUCHSBAUM DIREKT GMBH
          Hauptstr. 16, 21228 Harmstorf
          Contact:
          Pieter Johan van Lent, Manager
          Hauptstr. 16, 21228 Harmstorf

          Jens-Soren Schroder, Administrator
          Raboisen 38, 20095 Hamburg
          Phone: 040/334460
          Fax: 040/33446-111


DAIMLERCHRYSLER AG: Mercedes Pulls down Parent's Profit
-------------------------------------------------------
Losses incurred by Mercedes Benz dragged down DaimlerChrysler's
first quarter earnings to EUR288 million, a 30% decrease from
last year's figure, The Guardian said Friday.

DaimlerChrysler's luxury car arm posted operating losses of
EUR945 million, mostly due to the EUR512 million that was spent
to revamp its losing Smart venture.  Mercedes reported operating
profits of EUR639 million last year, with Smart losing EUR4,000
for each car sold.  Smart's ongoing restructuring could cost
another EUR400 million this year.

Chief financial officer Bodo Uebber admitted the first quarter
was "a tough environment" for car manufacturers with intense
competition coming from Japanese producers.

DaimlerChrysler, with income falling 2% to US$31.7 billion, joins
Detroit rivals General Motors and Ford, which also suffered
declining sales.  General Motors revealed last week losses of
US1.1 billion, while Ford's first quarter earnings dropped 38%.

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


HINKE & HINKE: Claims Verification Set Late June
------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Hinke & Hinke GmbH on April 6, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 30, 2005 to register their
claims with court-appointed provisional administrator Dr. Lucas
F. Flother.

Creditors and other interested parties are encouraged to attend
the meeting on June 30, 2005, 9:20 a.m. at the district court of
Magdeburg, Liebknechtstrasse 65-91, 39110 Magdeburg 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:  Lucas F. Flother, Administrator
          Halberstadter Str. 55
          39112 Magdeburg
          Phone: 0391/5556840
          Fax: 0391/5556849


IBS ENGINEERING: Court to Verify Claims June
--------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against IBS Engineering GmbH on April 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 2, 2005 to register their
claims with court-appointed provisional administrator Dr. Jorg
Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on June 23, 2005, 8:30 a.m. at the district court of
Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 3.
OG Altbau, A 341, 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:  IBS ENGINEERING GMBH
          Niederrheinstr. 48, 41472 Neuss

          Dr. Jorg Nerlich, Administrator
          Louise Dumont Str. 25, 40211 Dusseldorf


JENOPTIK AG: S&P Cites Worsening Credit Profile in Downgrade
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Germany-based engineering group Jenoptik AG to 'B' from
'B+', reflecting continued uncertainty regarding the company's
business strategy.  At the same time, the rating on Jenoptik's
EUR150 million senior secured bond was lowered to 'B' from 'B+'
and the rating on Jenoptik's EUR62 million senior unsecured bond
was lowered to 'CCC+' from 'B-'.  The ratings were removed from
CreditWatch, where they were placed on Oct. 13, 2004.  The
outlook is stable.

"The downgrade is based on our opinion that Jenoptik's credit
profile is no longer in line with a 'B+' rating, despite the
improvement in operating performance for the full-year 2004,"
said Standard & Poor's credit analyst Eve Greb.  In addition, the
company has a poor track record, which is still cause for
concern, and its credit quality remains weak owing to the
following challenges faced by the group:

(a) Uncertainty over the expansion of the Photonics division in
    light of the group's somewhat opportunistic external growth
    strategy;

(b) Uncertainty over what effect the pending DEWB AG
    shareholders' lawsuit against Jenoptik might have on the
    group's financial profile;

(c) Uncertainty over Jenoptik's future business and financial
    profiles, following strategic changes the company is
    considering with regard to the Clean Systems division; and

(d) Early signs of deceleration in the semiconductor market,
    which might trigger lower capacity utilization, more
    aggressive bidding for projects, and pressure on operating
    margins.

Moreover, the ratings primarily reflect the group's customer
concentration in facility engineering services to the
semiconductor industry, the challenging market environment in
which the company operates, and the group's exposure to cost
overruns and delay penalties.  These weaknesses are somewhat
mitigated by Jenoptik's strong position and long track record in
the competitive segment of clean-room engineering, and by the
high level of outsourcing in this field.  The ratings are also
supported by the company's fair geographical diversification and
long-term privileged customer relationships.

The stable outlook reflects Standard & Poor's expectations of an
adjusted total debt-to-EBITDA ratio of less than 5x and EBITDA
gross coverage ratio of at least 2.5x over the cycle.  "The
downside risk in the ratings would be a fallback in operating
performance and/or increased debt levels from any potential
acquisition activity or the pending lawsuit settlement," said Ms.
Greb.  "There is an upside potential in the ratings should
Jenoptik's exposure to the volatile and unpredictable clean
systems operations be significantly reduced or should the future
strategy for photonics become more certain."

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


JURGEN VAGTS: Tostedt Court Confirms Bankruptcy
-----------------------------------------------
The district court of Tostedt opened bankruptcy proceedings
against Jurgen Vagts Zimmerei GmbH on April 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 6, 2005 to register their
claims with court-appointed provisional administrator Relef
Tantzen.

Creditors and other interested parties are encouraged to attend
the meeting on July 5, 2005, 9:15 a.m. at Sitzungssaal I (Raum
CE.02), Unter den Linden 23, 21255 Tostedt 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:  JURGEN VAGTS ZIMMEREI GMBH
          Vierdener Strasse 1, 27419 Wohnste
          Contact:
          Jurgen Vagts, Administrator
          Tostedter Strasse 4, 21261 Welle

          Relef Tantzen, Administrator
          Rhalandstrasse 26, 27404 Zeven
          Phone: 04281/93490
          Fax: 04281/4744


POTSCHKE FORDER: Creditors Claims Due Next Week
-----------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Potschke Forder- & Verfahrenstechnik GmbH on April 12,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until May 15,
2005 to register their claims with court-appointed provisional
administrator Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting on June 23, 2005, 8:45 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  POTSCHKE FORDER- & VERFAHRENSTECHNIK GMBH
          Cologneer Str. 22
          50226 Frechen
          Contact:
          Thomas Potschke, Manager
          Pfarrer-Weissenfeld-Strasse 14
          50374 Erftstadt

          Dr. Christoph Niering
          Brabanter Str. 2
          50674 Cologne
          Phone: 99 22 30-0
          Fax +4922199223035


RZ MEETING: Stuttgart Court Appoints Interim Administrator
----------------------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against RZ Meeting Point GmbH on April 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 6, 2005 to register their
claims with court-appointed provisional administrator Michael
Pluta.

Creditors and other interested parties are encouraged to attend
the meeting on June 30, 2005, 9:00 a.m. at Saal 4, Hauffstr. 5,
70190 Stuttgart, AG Stuttgart, Hauffstr. 5, 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:  RZ MEETING POINT GMBH
          Industriestr. 2, 70565 Stuttgart
          Contact:
          Andrea Kuhner, Manager

          Michael Pluta, Administrator
          Albstr. 14, 70597 Stuttgart
          Phone: 0711/7696880
          Fax: 0711/76968850


SGL CARBON: Senior Notes Upgraded to 'B3' from 'Caa1'
-----------------------------------------------------
Moody's Investors Service upgraded the senior implied rating of
SGL Carbon AG to B1 from B2 and the senior notes rating to B3
from Caa1.  This concludes the review of SGL's ratings initiated
on January 6, 2005.  The rating outlook is stable.

Ratings upgraded are:

(a) Senior implied rating of SGL Carbon AG upgraded to B1 from
    B2;

(b) Unsecured issuer rating of SGL Carbon AG upgraded to Caa1
    from Caa2;

(c) EUR227 million in senior secured credit facilities due 2008
    at SGL Carbon AG and certain of its subsidiaries upgraded to
    B1 from B2;

(d) US$116 million in senior secured credit facilities due 2009
    at SGL Carbon LLC upgraded to B1 from B2;

(e) EUR270 million in senior notes due 2012 at SGL Carbon
    Luxembourg S.A. upgraded to B3 from Caa1.

The ratings upgrade reflects:

(a) SGL's strong operating and financial performance over the
    last twelve months;

(b) the sound business outlook for the carbon and graphite
    business division (60% of group turnover) supported by the
    strong, albeit softening, steel market;

(c) the high level of visibility for 2005 given recent price
    renegotiations and solid order backlog translating into high
    capacity utilization rates;

(d) the disposal of the loss-making surface protection business
    which will improve the group's cash flow profile;

(e) the launch of a new cost cutting program regarding SGL's
    administration function with a target of EUR11 million in
    savings p.a.; and

(f) the expectation that SGL will not make any dividend payments
    in 2005 and that capital investments and acquisitions will
    be moderate with no significant impact on debt protection
    measures.

Moody's stable outlook assumes that the company's cash flow
generation and de-leveraging will continue.  Capital investments
contemplated by SGL, such as the development costs associated to
large-scale production of its carbon-ceramic brake discs, are
likely to be limited with no deterioration on the group's credit
metrics.

Moody's would see upwards pressure on the ratings should the
group's Adjusted RCF/ Adjusted Net Debt ratio move towards 15%
and remaining above this level on a sustainable basis (including
times of weak steel market conditions).  Conversely, the ratings
would likely face downwards pressure in the event of a sustained
downturn in global steel market conditions together with EBITDA
margins in the low teens (vs. 15.5% at year-end 2004) or if the
company were to incur additional fines or civil liabilities
relating to anti-trust violations.

SGL's financial profile has considerably improved since 2003 with
an Adjusted Net Debt/ EBITDAR ratio of 4.2 x as of 31 December
2004 vs. 7.3x at year-end 2003.  Performance has been underpinned
by the group's cost reduction initiatives (EUR36 million achieved
in 2004) and improved volumes and prices primarily driven by
strong demand for graphite electrodes.  The improved operating
performance in the Graphite Specialties division, with EBIT
margins up 50% (excluding EUR5 million of non-recurring income in
2003), was driven by the stronger market conditions in key
markets for the group such as semiconductors and engineering
businesses.

Moody's ratings also acknowledge the high capacity utilization
rates and the secure access to the group's main raw materials,
i.e. petroleum needle coke, for the next two years with contracts
regarding raw materials and electrodes prices agreed for 2005,
providing strong cash flow visibility to the group.

The sale of the surface protection business has positively
impacted SGL's cash flow profile as cash burn was EUR9 million
and pension liabilities transferred to the new buyer represented
EUR30 million.  Whilst the business outlook remains strong,
Moody's cautions that SGL is subject to volatility in prices
given its exposure to steel and electronics industries.  The
rating agency also notes that SGL Technologies remains loss
making mainly as a result of the start-up costs related to the
production of carbon-ceramic brake discs.  However, Moody's
expects the group to be successful in its current discussions
with an automotive group regarding the large scale production of
carbon-ceramic brake discs and that further cash spend would not
dent its profitability.

Liquidity available to the group is satisfactory with EUR65
million in cash balances and EUR54 million under its revolving
credit facility, which was undrawn at December 31, 2004.  Moody's
notes that EUR 128 million of deposits in escrow accounts and
bank guarantees have been set aside to cover for antitrust
payments and the repayment of a convertible bond.  Moody's
believes that the group will generate significant free cash flow
in 2005, covering its capital investment program, working capital
needs and its limited amount of bank debt amortization.  The B3
rating on the notes continues to reflect bondholders' structural
subordination to secured bank debt holders (bank debt represents
around 28% of total debt as of December 31, 2004).

Registered in Germany, SGL Carbon is one of the leading
international manufacturers of carbon and graphite-based
products.  For the twelve months ended 31 December 2004, SGL
Carbon generated revenues of EUR926 million and Adjusted EBITDA
of EUR145 million.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          Arnaud Gravier
          Asst Vice President - Analyst
          Corporate Finance Group

          London
          David G. Staples
          Managing Director
          Corporate Finance Group

          For Journalists
          Phone: 44 20 7772 5456


SIGMA DRUCK: Proofs of Claim Deadline Expires Next Week
-------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Sigma Druck + Design GmbH on April 4, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 9, 2005 to
register their claims with court-appointed provisional
administrator Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting on June 9, 2005, 9:40 a.m. at the district court of
Magdeburg, Liebknechtstrasse 65-91, 39110 Magdeburg 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:  SIGMA DRUCK + DESIGN GMBH
          Apfelweg 4
          38871 Ilsenburg
          Contact:
          Spyridon Ourdas, Manager
          Glogauer Str. 3
          38642 Goslar

          Karina Schwarz, Administrator
          Klausenerstr. 24
          39112 Magdeburg
          Phone: 0391/6286260
          Fax: 0391/6286261


UMANO GMBH: Sets Creditors Meeting July
---------------------------------------
The district court of Tostedt opened bankruptcy proceedings
against Umano GmbH on April 6.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 6, 2005 to register their claims with
court-appointed provisional administrator Christian Scholz.

Creditors and other interested parties are encouraged to attend
the meeting on July 5, 2005, 10:00 a.m. at Sitzungssaal I (Raum
CE.02), Unter den Linden 23, 21255 Tostedt 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:  UMANO GMBH
          Vierdener Str. 1, 27419 Wohnste
          Contact:
          Jurgen Vagts, Manager
          Tostedter Strasse 4, 21261 Welle

          Christian Scholz, Administrator
          Colonnaden 21, 20354 Hamburg
          Phone: 040/3501690
          Fax: 040/35016915


WOLFF GMBH: Creditors to Meet June
----------------------------------
The district court of Cologne opened bankruptcy proceedings
against Wolff GmbH on April 11, 2005.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 23, 2005 to register their claims with
court-appointed provisional administrator Andreas Muller-Stein.

Creditors and other interested parties are encouraged to attend
the meeting on June 30, 2005, 9:10 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  WOLFF GMBH
          Glescher Weg 22
          50181 Bedburg
          Contact:
          Hans-Jurgen Wolff, Manager
          Taubenweg 23
          51427 Bergisch Gladbach

          Andreas Muller-Stein, Administrator
          Schutzenstr. 5
          50126 Bergheim
          Phone: 02271-7691-0
          Fax +492271769110


ZWS FOOKEN: Under Bankruptcy Administration
-------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against ZWS Fooken Verwaltungs GmbH on April 11.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 17, 2005 to
register their claims with court-appointed provisional
administrator Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 8:25 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, 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:  ZWS FOOKEN VERWALTUNGS GMBH
          Wilhelmstr. 2, 59067 Hamm
          Contact:
          Anke Fooken, Manager
          Gruner Weg 2, 59519 Mohnesee

          Achim Thomas Thiele, Administrator
          Bronnerstrasse 7, 44141 Dortmund
          Phone: Tel. 54110
          Fax: 5411266


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


ELAN CORPORATION: First-quarter Net Loss up 86% on Tysabri Woes
---------------------------------------------------------------
Elan Corporation plc published Thursday its first quarter 2005
financial results and provided updated guidance for 2005.

Kelly Martin, Elan's president and chief executive officer, said:
"We remain focused on operating our business in a disciplined and
rigorous way.  The voluntary suspension of Tysabri(TM) was a
disappointment to many constituents including patients,
physicians and shareholders.  We are working closely with the
regulatory authorities and Biogen Idec to complete the patient
evaluations and develop an appropriate plan for Tysabri(TM).

"Our response to the events surrounding Tysabri(TM) has been
aimed at balancing the need to prudently manage costs while, at
the same time, maintaining an appropriate platform from which to
advance the company in order to realize future opportunities.  We
continue to make progress in advancing our scientific pipeline
and are committed to grow the drug technology, hospital sales and
Prialt businesses.

"Each and every one of us at Elan is dedicated to the health and
safety of patients and the long-term success of the company.  We
are committed to achieving our objectives, in challenging times
as well as good ones, and are fully engaged in doing so."

Commenting on Elan's first quarter financial results, Shane
Cooke, executive vice president and chief financial officer,
said: "After the voluntary suspension of Tysabri(TM) in February
we took immediate actions which will reduce our operating cash
burn by US$100 million to about US$250 million in 2005.  These
actions together with the strong performance from our drug
technology operations will drive the business, excluding
Tysabri(TM), to a targeted break-even on an EBITDA basis by the
end of 2005.

"Later this year, when the safety evaluation is completed and the
risk of Tysabri(TM) is better understood in the context of its
strong efficacy, we will make further adjustments to our cost
structure as appropriate.  We repaid US$39 million in debt during
the quarter and, with over US$1.35 billion in cash, have no
further debt repayments due until 2008."

The analysis below is based on the revenues and costs from
continuing operations presented in accordance with U.S. GAAP.

Net Loss

The net loss for the first quarter of 2005 amounted to US$115.6
million, an increase of 86% over the US$62.2 million reported in
the same quarter of 2004.  Of the US$74.7 million net operating
loss for the first quarter of 2005, US$58.6 million related to
Tysabri(TM).

Negative Adjusted EBITDA was US$95.9 million in the first quarter
of 2005, compared with US$20.6 million in the first quarter of
2004, and included negative Adjusted EBITDA of US$60.1 million
related to Tysabri(TM).  Adjusted EBITDA for the rest of the
business, excluding costs related to Tysabri(TM), is targeted to
get to breakeven by the end of 2005.

As previously announced on February 28, 2005, Elan and Biogen
Idec, Inc. voluntarily suspended Tysabri(TM) from the U.S. market
and dosing in all clinical trials.  This decision was based on
reports of progressive multifocal leukoencephalopathy (PML), a
rare and frequently fatal demyelinating disease of the central
nervous system.  Elan and Biogen Idec's comprehensive safety
evaluation concerning Tysabri(TM) and any possible link to PML is
ongoing.  The results of this safety evaluation will be discussed
with regulatory agencies to determine the appropriate risk
benefit profile for Tysabri(TM).

Revenue

Total revenue decreased 31% to US$102.7 million in the first
quarter of 2005 from US$148.3 million in the first quarter of
2004.  Revenue is analyzed below between revenue generated from
marketed products, contract manufacturing and royalties, revenue
arising from products that have been divested and contract
revenue.

Product Revenue

Total product revenue for the first quarter of 2005 of US$95.4
million decreased 22% from US$122.9 million recorded in the same
quarter of 2004 primarily due to the divestment of a number of
products and businesses in 2004, partially offset by product
revenue associated with the launch of Tysabri(TM) and Prialt.

Revenue from Marketed Products

Revenue from marketed products was US$42.1 million in the first
quarter of 2005, compared to US$42.0 million recorded in the same
period of 2004.  The slight increase primarily reflected initial
sales of Tysabri(TM) and Prialt, both of which were approved in
the U.S. in the fourth quarter of 2004, offset by lower sales of
Maxipime and Azactam.

Maxipime prescription volume demand for the first quarter of 2005
increased by 18%, compared to the same period in 2004, while
revenue for the quarter decreased from US$28.2 million to US$19.8
million, or 30%.  Revenue from the sales of Maxipime was
negatively impacted by supply shortages, which were resolved late
in the first quarter of 2005.  Supply of Maxipime has resumed and
is expected to return to normal by the end of May 2005.  Revenue
from Maxipime for the full-year 2005 is expected to be in the
range of US$130.0 million to US$140.0 million.

Azactam prescription volume demand for the first quarter of 2005
increased by 5%, compared to the same period of 2004, while
revenue for the quarter decreased from US$13.8 million to US$8.4
million, or 39%.  Our product revenue varies quarterly due, in
part, to buying patterns of our wholesalers and distributors.
Changing wholesaler inventory levels primarily explains the
difference between Azactam prescription growth rate and revenue
decline in the first quarter of 2005.  Azactam loses patent
exclusivity in October 2005 which could lead to a decline in
revenue should generic competition occur.

During the first quarter of 2005, sales of Tysabri(TM) were
US$12.9 million after providing for estimated returns of US$16.4
million associated with the voluntary suspension of the marketing
of this product.  In addition, Elan wrote-off approximately
US$14.0 million of Tysabri(TM) inventory, which is included in
cost of sales.  At March 31, 2005, Tysabri(TM) inventories were
included on Elan's balance sheet at US$nil book value.  As of
March 31, 2005, Elan had US$19.4 million of other intangible
assets relating to Tysabri(TM).  Elan expects to receive US$7.0
million from Biogen Idec for its share of the product recall
costs.

Tysabri(TM) is included in Elan's Biopharmaceuticals segment with
Maxipime, Azactam, Prialt and research programs, which had a
goodwill carrying value of US$218.3 million at March 31, 2005.
As a result of the voluntary suspension of the marketing and
clinical dosing of Tysabri(TM) in February 2005, Elan has
reassessed its goodwill and other intangible assets for
impairment.  The reassessment does not indicate impairment at
this stage in relation to these assets.  However, should new
information arise, Elan may need to reassess these assets in
light of the new information and Elan may then be required to
take impairment charges related to goodwill and/or other
intangible assets.

Contract Manufacturing and Royalties

Contract manufacturing and royalty revenue from Elan's Drug
Technology business comprises revenue earned from products Elan
manufactures for third parties and royalties Elan earns on sales
by third parties of products that incorporate Elan's
technologies.

Contract manufacturing and royalty revenue was US$43.5 million in
the first quarter of 2005, an increase of 45% over the US$30.0
million recorded in the first quarter of 2004.  The increase in
revenue reflects increased sales by third parties of products
that incorporate Elan's technologies and increased manufacturing
activity.

Amortized Product Revenue

The results for the first quarters of 2005 and 2004 include
US$8.5 million of amortized revenue related to the licensing of
rights to Elan's generic form of Adalat CC and the restructuring
of Elan's Avinza license agreement with Ligand Pharmaceuticals
Inc., which occurred in 2002.  The remaining unamortized revenue
on these products of US$60.7 million, which is included in
deferred income, will be recognized as revenue through June 2007
(generic Adalat CC), and November 2006 (Avinza), reflecting
Elan's ongoing involvement in the manufacturing of these
products.

Revenue from Divested Products

During 2004, Elan sold a number of products and businesses as
part of its recovery plan and the subsequent strategic
repositioning of Elan as a biotechnology company.  Revenue from
divested products and businesses was US$1.3 million in the first
quarter of 2005, compared to US$42.4 million in the same quarter
of 2004.  In the first quarter of 2005, Elan recorded US$42.0
million in deferred consideration associated with the sale of
Zonegran to Eisai Co. Ltd. (Eisai).  The deferred consideration
was recorded as a gain on the divestment of businesses, of which
US$25.0 million was received in March 2005 and the remaining
US$17.0 million was included in prepaid and other current assets
on the balance sheet at March 31, 2005 and was received in April
2005.

Contract Revenue

Contract revenue in the first quarter of 2005 was US$7.3 million,
a decrease of 71% from the US$25.4 million recorded in the first
quarter of 2004.  This decrease primarily reflects the receipt of
a US$11.0 million milestone payment from King Pharmaceuticals,
Inc. in the first quarter of 2004 related to Sonata(TM).  Elan
and King are in discussions regarding the future course of the
Sonata development program.  Contract revenue varies from quarter
to quarter depending upon the timing of the achievement of
milestones and is expected to be in the range of US$50.0 million
to US$60.0 million for 2005.

Gross Profit

The gross profit margin on product revenue was 35% in the first
quarter of 2005, compared to 65% in the same period of 2004.  The
decline was due principally to the impact of the inventory
write-off and product returns related to the voluntary suspension
of Tysabri(TM) and a change in the mix of sales.  Excluding cost
of sales of US$25.3 million and product revenues of US$12.9
million related to Tysabri(TM), the gross margin would have been
56%, compared to the 65% recorded in the first quarter of 2004.
This reduction reflects the increased proportion of revenues from
the contract manufacturing and royalty based business.

Net Gain/Loss on Divestment of Businesses

The net gain on divestment of businesses in the first quarter of
2005 was US$44.1 million, compared to a net loss of US$3.2
million in the same period of 2004.  Included in the net gain in
the first quarter of 2005 is US$42.0 million of deferred
consideration related to the divestment of Zonegran (zonisamide).
In addition, Elan expects to receive additional consideration of
US$68.0 million from Eisai if generic zonisamide is not
introduced into the U.S. market before January 1, 2006.

Net Interest and Investment Gains and Losses

Net interest and investment losses were US$40.5 million for the
first quarter of 2005, compared to net interest and investment
losses of US$12.6 million for the same period of 2004.  In the
first quarter of 2005, net interest expense amounted to US$36.0
million, compared to US$23.7 million in the same period of 2004.
Net interest expense increased in the first quarter of 2005 over
the corresponding period in 2004 primarily as a result of the
issuance of US$1.15 billion in senior fixed and floating notes in
November 2004, partially offset by the repayment of the EPIL III
notes and by interest income earned on higher average cash
balances.

Consistent with the strategy outlined at the beginning of 2004 to
monetize the investment portfolio, during the first quarter of
2005, US$20.7 million in net cash proceeds was raised from the
divestment of investments, which resulted in a net gain of
US$11.0 million.

During the first quarter of 2005, an impairment charge of US$15.5
million was taken to reflect other-than-temporary impairments to
the value of a number of investments held in biotech companies.

Of the remaining portfolio of investments, which have a total
book value of US$71.1 million at March 31, 2005, down from
US$104.5 million at December 31, 2004, approximately 64% is held
in publicly traded companies.  The book value of investments at
March 31, 2005 includes unrealized gains of US$9.3 million.
Unrealized gains are included as a component of shareholders'
equity and arise from the mark-to-market of certain publicly
traded investments.

EBITDA

Negative Adjusted EBITDA for the first quarter of 2005 amounted
to US$95.9 million compared to a negative Adjusted EBITDA of
US$20.6 million in the same period of 2004.  The increase in
negative Adjusted EBITDA primarily resulted from the reduction in
revenues and related costs associated with products and
businesses divested during 2004 (principally Zonegran) and the
increase in SG&A costs, inventory and product returns associated
with the launch and subsequent voluntary suspension of Tysabri.

                   2005 Outlook Update

Financial

Following the voluntary suspension of Tysabri(TM), Elan has
reviewed its operations and financial outlook and is providing
revised guidance to that provided on February 8, 2005, concerning
the potential financial outcome for 2005.

Negative Adjusted EBITDA for 2005, including Tysabri(TM)-related
costs and first-quarter revenues, is expected to be in the range
of US$240.0 million to US$260.0 million.  Previously, Elan had
guided to a negative Adjusted EBITDA of US$320.0 million to
US$360.0 million, excluding any Tysabri(TM) revenues.
Included in this revised guidance is Tysabri(TM)-related negative
EBITDA of between US$190.0 million and US$210.0 million,
including the cost of the Tysabri(TM) safety evaluation and
excluding any additional product revenue from Tysabri(TM) for
2005.  Elan had previously guided Tysabri(TM)-related SG&A and
R&D costs in the range of US$245.0 million to US$265.0 million.
Elan and Biogen Idec are carrying out a comprehensive safety
evaluation concerning Tysabri(TM), consulting with leading
experts and with regulatory agencies throughout this process.
When the safety evaluation is completed we will make further
adjustments to our cost structure as appropriate.

Total revenue for 2005 is expected to exceed US$500.0 million,
excluding any further Tysabri(TM) product revenue.  Adjusted
EBITDA, excluding Tysabri(TM), is targeted to get to break-even
by the end of 2005 and to be in the range of negative US$50.0
million to negative US$70.0 million for the full year.

                          Research & Development

Tysabri(TM) (Natalizumab)

As previously announced on February 28, 2005, Elan and Biogen
Idec voluntarily suspended Tysabri(TM) from the U.S. market and
all ongoing clinical trials.  Elan and Biogen Idec's
comprehensive safety evaluation concerning Tysabri(TM) is
ongoing. The Tysabri(TM) expected key milestones for 2005 for MS,
Crohn's disease and rheumatoid arthritis will be reviewed once
the results of the safety evaluation have been discussed with
regulatory agencies and the risk benefit profile of Tysabri(TM)
determined.

Alzheimer's and other Neurodegenerative Diseases

Elan is focused on building upon its breakthrough research and
extensive experience in Alzheimer's disease (AD) and is also
studying other neurodegenerative diseases, such as Parkinson's
disease.

During the first quarter of 2005, in collaboration with Wyeth,
Elan moved into Phase II clinical trials with a humanized
monoclonal antibody, AAB-001, designed and engineered to
neutralize the neurotoxic beta-amyloid peptide that accumulates
in the brains of patients with AD.  Elan also expects to file an
Investigational New Drug Application this year for ACC-001, an
active Abeta immunotherapeutic conjugate.  Elan also has research
programs focused on small molecule inhibitors of beta secretase
and gamma secretase, enzymes whose actions are thought to affect
the accumulation of amyloid plaques in the brains of patients
with Alzheimer's disease.

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/ElanCorporation2005.htm.

CONTACT:  ELAN CORPORATION
          Media Contacts:
          Anita Kawatra or Brian McGlynn
          Phone: 212-407-5740
              Or 800-252-3526

          Investor Contacts:
          Emer Reynolds
          Phone: 353 1 709 4000
              Or 800-252-3526

          BIOGEN IDEC
          Amy Brockelman
          Phone: 617-914-6524

          Elizabeth Woo
          Phone: 617-679-2812


ELAN CORPORATION: Shares up on Hopes of Tysabri Redux
-----------------------------------------------------
Tysabri's growing chances of returning to the market have
propelled Elan's shares to US$4.69, up 10.35%, said MarketWatch
Thursday.

Patients and healthcare companies have reportedly asked for the
comeback of the drug, which was touted as a breakthrough in
multiple sclerosis treatment when the U.S. Food and Drug
Administration approved it last year.

Earlier this month, the Irish drug-maker released a two-year data
from the AFFIRM Phase III monotherapy trial, which showed that
treatment with TYSABRI(R) (natalizumab) led to a significant
reduction in disability progression, the rate of clinical
relapses and brain lesions in patients with relapsing forms of
multiple sclerosis.

In February, Biogen Idec and Elan pulled out the drug from the
U.S. market and all ongoing clinical trials, following reports
Tysabri triggered progressive multifocal leukoencephalopathy
(PML), a rare and frequently fatal, demyelinating disease of the
central nervous system.  Three patients were diagnosed with PML,
two of whom died.

The two companies' safety evaluation concerning Tysabri and any
possible link to PML is ongoing, the results of which are
expected to be out by summer.  The data will be presented to
regulatory agencies to determine whether it can be re-initiated
in clinical trials and released in the market again.

In an interview on CNBC, Biogen CEO James Mullen stressed the
company hoped that the review would finally prove that Tysabri is
a safe drug, especially under thorough supervision.

CONTACT:  ELAN CORPORATION PLC
          Lincoln House
          Lincoln Place
          Dublin2
          Ireland
          Phone: +353 1 709 4000
          Fax: +353 1 709 4108
          Web site: http://www.elan.com

          BIOGEN IDEC INC.
          14 Cambridge Center
          Cambridge, MA 02142
          Phone: 617-679-2000
          Fax: 617-679-2617
          Web site: http://www.biogenidec.com


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


FIAT SPA: Debt Conversion Good for Carmaker, Says S&P
-----------------------------------------------------
Standard & Poor's Ratings Services said its ratings and outlook
on Fiat S.p.A. (BB-/Negative/B) are unchanged after the recent
confirmation by the Italian automaker and the concerned banks of
the conversion into equity of a EUR3 billion mandatory
convertible loan, due in September 2005.

The ratings already anticipated that this facility would not be
redeemed in cash, although Standard & Poor's had forecast that
the EUR3 billion (US$3.9 billion) capital increase could
materialize later than September 2005, owing to pressure from the
banks involved.

The conversion is very favorable for Fiat's credit quality, as it
wipes out EUR3 billion of financial debt at the industrial level
and materially decreases the group's interest burden.  The
presence of supportive banks in the shareholding structure is
also a positive feature.  Standard & Poor's outlook on the rating
remains negative, given the lingering uncertainties regarding the
turnaround of the group's automotive activities.

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

          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: Creditor Banks' Ratings Unaffected by Debt Conversion
---------------------------------------------------------------
Fitch Ratings says the ratings of large Italian banks listed
below are not affected by news that the EUR3 billion debt owed by
Fiat S.p.A. will be converted into equity in September 2005.

"The conversion of Fiat's convertible debt into shares is likely
to result in unrealized losses for the banks.  But the impact
should be moderate, because the banks have already set aside
reserves," says Matthew Taylor, Senior Director in Fitch's
Financial Institutions team.

Fitch's comments follow the recent announcement by holders of the
Fiat mandatory convertible loan that they will not seek to
renegotiate the terms of the agreement.  The holders of the Fiat
convertible loan include Italy's six largest banks: Banca Intesa,
UniCredito Italiano, Sanpaolo IMI, Capitalia, Banca Monte dei
Paschi di Siena and Banca Nazionale del Lavoro.

Following this announcement, Fitch expects the creditor banks to
adhere to the original agreement and, in September 2005, to
exchange EUR3 billion of convertible debt for equity in the
troubled Italian car manufacturer.

Given Fiat's share price of EUR5.11 at close of business on 27
April 2005, the conversion is likely to result in unrealized
losses for the banks once their equity stakes become marked to
market.  However, Fitch expects the impact of the conversion to
be moderate, even if Fiat's share price were to fall further.
Five of the six banks by end-2004 had set aside reserves
sufficient to cover the majority of the potential loss calculated
at Wednesday's prices.  In accordance with the terms of the
agreement the strike price for the conversion is set at the
average between EUR14.44 (adjusted from EUR15.50 following Fiat's
rights issue in 2003) and the weighted average share price of
Fiat for the six months before the conversion date.

Further provisions may be needed in 2005, but are not expected to
be large in relation to the banks' equity.  Capitalia, hitherto
the only bank not to have made provisions, has stated that it has
put in place measures to counterbalance the impact of marking to
market the equity exposure upon implementation of IFRS accounting
in 2005.  Banca Intesa has also been partly hedging its potential
equity exposure by means of options to limit the size of
potential losses.

For Fiat Group the announcement ends speculation that the terms
of the agreement might be altered to allow senior management to
concentrate on turning around the Fiat Auto division.  The
leading Italian banks continue to have substantial credit
exposure to the Fiat Group in addition to the convertible loan,
although the total size of this exposure has been declining since
2002.  Fitch will continue to monitor closely the banks' exposure
to the Fiat Group and how individually they manage their equity
participations in Fiat once they become jointly Fiat's largest
group of shareholders.  Fiat S.p.A. is rated Long-term 'BB-' with
a Negative Outlook.

The current ratings of the banks are:

(a) Banca Intesa: Long-term 'A+', Short-term 'F1', Individual
    'B/C', Support '2', Outlook Stable;

(b) Banca Monte dei Paschi di Siena: Long-term 'A+', Short-term
    'F1', Individual 'B/C', Support '2', Outlook Stable;

(c) Banca Nazionale del Lavoro: Long-term 'BBB+', Short-term
    'F2', Individual 'D', On Rating Watch Positive, Support '2';

(d) Capitalia: Long-term 'BBB+', Short-term 'F2', Individual
    'C', Support '2', Outlook Positive;

(e) Sanpaolo IMI: Long-term 'AA-' (AA minus), Short-term 'F1+',
    Individual 'B', Support '2', Outlook Stable;

(f) UniCredito Italiano: Long-term 'AA-' (AA minus), Short-term
    'F1+', Individual 'B', Support '2', Outlook Positive.

CONTACT:  FITCH RATINGS
          Matthew Taylor, London
          Phone: +44 (0) 207 417 4345

          Matthew Hegarty
          Phone: +44 (0) 207 417 6319

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

          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


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


KONINKLIJKE AHOLD: Selling Last Chain of U.S. Stores
----------------------------------------------------
Koninklijke Ahold on Thursday said it has reached agreement on
the divestment of 198 convenience stores of its U.S. subsidiary
Tops Markets LLC to WFI Acquisition, Inc., a corporation formed
by Nanco Enterprises, Inc. and Bruckmann, Rosser, Sherrill & Co,
Inc.

These are Ahold's remaining convenience stores in the United
States.  The stores will continue to operate under the banners of
Wilson Farms and Sugarcreek.  The transaction is subject to the
fulfillment of certain closing conditions and regulatory
approvals.  The closing of the transaction, the price of which
was not disclosed, is expected in the second quarter of 2005.

On Jan. 19, 2004, Ahold announced its intention to divest its
convenience stores.  The divestment of the Tops convenience
stores is part of Ahold's strategic plan to restructure its
portfolio in order to focus on its core food businesses.

Wilson Farms, a division of Tops Markets since 1969, operates
convenience stores in Western and Central New York.  The
Sugarcreek convenience stores, all offering gasoline, were
acquired by Tops in 2000 and are located in Central and Northern
New York.  The convenience stores employ approximately 2,400
associates.  Tops Markets, which Ahold acquired in 1991, will
continue to operate full service supermarkets in Northern New
York, Northeastern Ohio and Northern Pennsylvania.

CONTACT:  KONINKLIJKE AHOLD
          Corporate Communications
          Phone: +31 (0)75 - 659 5720


ROYAL SHELL: Reports US$6.7 Billion First-quarter Earnings
----------------------------------------------------------
Highlights of First Quarter Results

(a) income of US$6.7 billion;

(b) US$8.1 billion cash from operations and US$1.1 billion from
    divestments;

(c) US$0.5 billion realized to date of US$3-5 billion buyback
    program for 2005;

(d) upstream earnings increased with oil price increases;

(e) Strong Downstream Oil Products and Chemicals earnings and
    asset utilization;

(f) 3,847 thousand barrels of oil equivalent (boe) per day
    production;

(g) 15% LNG volume growth;

(h) first quarterly dividend declared equivalent to over US$2
    billion (subject to exchange rates);

(i) basic income per share for Royal Dutch in the first quarter
    of 2005 was EUR1.52 (US$1.99) and for Shell Transport was
    15.0p.  Basic CCS earnings per share for Royal Dutch were
    EUR1.26 (US$1.66) and for Shell Transport were 12.4 pence;

(j) first quarter 2005 interim dividends have been announced of
    EUR0.46 per share for Royal Dutch and converted at a
    currency exchange rate of 0.69 to declare 4.55 pence per
    share for Shell Transport;

(k) the financial statements are prepared under International
    Financial Reporting Standards (IFRS);

Jeroen van der Veer, Chief Executive, said: "The first quarter
was an excellent start of the year for Shell with strong
financial performance across all of our businesses.  On the
business fundamentals we have momentum with continued good
downstream operational performance, production at the higher end
of our expectation for the quarter, LNG volume growth and new
integrated gas projects in Qatar and Nigeria, along with progress
at Gorgon.

"Our program to reshape the portfolio continues at a good pace.
Exploration drilling results in the quarter are encouraging and
we have added additional attractive exploration acreage.  We
remain on track with our timetable for the unification of Royal
Dutch and Shell Transport under one company, Royal Dutch Shell
plc."

Additional Earnings Information First Quarter 2005

The earnings in the first quarter 2005 reflect the following
items, which in aggregate were a net gain of US$220 million
(compared to a net gain of US$490 million in the first quarter
2004):

(a) Exploration & Production earnings included a net charge of
    US$41 million mainly from divestment gains of US$82 million
    and a US$172 million charge related to the mark-to-market
    valuation of certain U.K. gas contracts;

(b) Gas & Power earnings included US$48 million mainly from
    divestment gains;

(c) Oil Products earnings included total net gains of some
    US$427 million mainly from divestments gains; and

(d) Chemicals included an impairment, including transaction
    cost, of the investment in Basell of US$214 million.

Key Features of the first quarter of 2005:

(a) basic income per share for Royal Dutch in the first quarter
    of 2005 was EUR1.52 (US$1.99) and for Shell Transport was
    15.0 pence.  Basic CCS earnings per share for Royal Dutch
    were EUR1.26 (US$1.66) and for Shell Transport were 12.4
    pence;

(b) first quarter 2005 interim dividends have been announced of
    EUR0.46 per share for Royal Dutch and converted at a
    currency exchange rate of 0.69 to declare 4.55 pence per
    share for Shell Transport;

(c) reported income of US$6,673 million was 42% higher than a
    year ago.  Income in the first quarter 2005 included net
    gains of US$220 million mainly from divestments partly
    offset by charges, versus a net gain of US$490 million in
    2004;

(d) CCS earnings (i.e. on an estimated current cost of supplies
    basis for the Oil Products segment earnings) were US$5,548
    million, 28% higher compared to a year ago.  Earnings
    reflected higher hydrocarbon realizations, strong LNG
    earnings and higher Downstream earnings in Oil Products and
    Chemicals;

(e) the return on average capital employed (ROACE) on a reported
    income basis was 23.0%;

(f) Exploration & Production segment earnings of US$2,955
    million were 9% higher than a year ago (US$2,707 million)
    mainly reflecting higher realized prices partly offset by
    lower volumes and higher costs including exploration and
    depreciation.  Segment earnings in the first quarter 2005
    included charges of US$41 million (mainly from divestment
    gains of US$82 million which were more than offset by a
    US$172 million charge for mark-to-market valuations in the
    UK) versus net gains of US$245 million in the first quarter
    of 2004.  Excluding these charges and net gains, segment
    earnings were 22% higher than a year ago;

(g) hydrocarbon production was 3,847 thousand boe per day.
    Excluding the impact of divestments of 18 thousand boe per
    day and the end of a Middle East gas contract of 100
    thousand boe per day, total production was 2% lower than
    the same quarter last year;

(h) Gas & Power segment earnings were US$476 million, including
    gains of US$48 million mainly from divestments, compared to
    US$522 million a year ago, which included divestment gains
    of US$166 million.  Earnings were helped by record LNG
    volumes and higher LNG prices and increased by 17% excluding
    the effect of divestments;

(i) Oil Products CCS segment earnings were US$1,880 million
    compared to US$1,183 million for the first quarter of 2004.
    Results included net gains of US$427 million mainly from
    divestments versus a net gain of some US$100 million a year
    ago.  Higher earnings due to increased refining margins were
    partially offset mainly by the impact of lower retail
    marketing margins in the U.S.A., lower trading results and
    higher costs mainly due to the weaker U.S. dollar;

(j) Chemicals segment earnings were US$449 million, and included
    an impairment, including transaction cost, of the investment
    in Basell of US$214 million, compared to segment earnings of
    US$221 million in the same quarter last year.  Earnings
    reflected higher operating rates, increased capacity and
    improved margins;

(k) cash flow from operating activities, excluding net working
    capital movements and taxation accrued/paid, was US$9.1
    billion, compared to US$6.6 billion a year ago;

(l) gearing, including other commitments such as operating
    leases and retirement benefits, and net of cash holdings
    minus operational cash requirements was 15.3% compared to
    17.0% at the end of the fourth quarter 2004; cash and cash
    equivalents increased by US$0.4 billion to US$8.9 billion
    and debt decreased by US$0.9 billion.  Subject to completion
    of the unification Transaction, it is intended that Royal
    Dutch Shell plc will replace the Group holding companies as
    the guarantor in the Group's debt capital market activities,
    although Royal Dutch Shell plc may also act as the direct
    issuer.  Debt capital market activities may include euro
    medium term notes, commercial paper, stand-by credit
    facilities and debt registered on a shelf registration
    statement in the U.S.A.;

(m) capital investment for the quarter was US$2.8 billion
    (excluding the minority share of Sakhalin) of which US$2.3
    billion was invested in the Upstream segments;

(n) gross proceeds from divestments for the first quarter of
    2005 were US$1.1 billion;

(o) share purchases for cancellation amounted to US$0.5 billion
    during the first quarter of 2005; and

(p) the documentation for the proposal to shareholders for the
    unification of the Royal Dutch/Shell Group of Companies
    under a single parent company, Royal Dutch Shell plc, is
    expected to be published in May 2005.  As previously
    announced, it is envisaged that the Transaction will be
    voted on by shareholders at meetings on 28 June 2005 (the
    same day as the Annual General Meetings of Royal Dutch
    Petroleum Company and The "Shell" Transport and Trading
    Company, p.l.c.), with the Transaction expected to complete
    in July 2005.

A full copy of these results is available free of charge at
http://bankrupt.com/misc/RoyalShell2005.pdf.

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


ROYAL SHELL: Declares EUR0.46 Interim Dividend
----------------------------------------------
The Supervisory Board and the Board of Management of N.V.
Koninklijke Nederlandsche Petroleum Maatschappij (Royal Dutch
Petroleum Company) have decided to pay a first quarter interim
dividend in respect of the financial year 2005 of EUR0.46 per
ordinary share.

The amount to be paid in dollars to holders of shares of New York
Registry will depend upon the dollar/euro exchange rate ruling in
Amsterdam on May 3, 2005.  The interim dividend will be paid on
June 15, 2005, to the holders of record of shares of New York
Registry at the close of business on May 3, 2005.

The shares will be traded ex-dividend in New York as of April 29,
2005.

Taxation

The applicable rate of Netherlands withholding tax is 25%.

The Double Taxation Convention between the Netherlands and the
United States of America provides for the payment of dividends to
qualifying United States residents at a reduced withholding tax
rate of 15%.  Under the provisions of this Convention the
withholding tax rate for qualifying organizations administering
or providing pension or other employee benefits may be reduced to
0% provided such organizations have complied with the applicable
certification requirements.  Certain other tax-exempt
organizations, e.g. charities, may reclaim 25% tax withheld
provided certain conditions are met.

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


===========
N O R W A Y
===========


AKER KVAERNER: Fitch Upgrades Outlook to Positive from Stable
-------------------------------------------------------------
Fitch Ratings changed Norway-based Aker Kvaerner O&G Group A.S.'s
rating outlook to positive from stable.  At the same time, its
Senior Unsecured rating and the EUR260 million bond issue
guaranteed by AK O&G are affirmed at 'BB'.

The new outlook is based on a substantial improvement to AK O&G's
financial profile and solid performance.  Since the rating was
assigned in March 2004, the group has further consolidated its
leadership across the oil field services chain and improved
earnings across businesses, supported by the implementation of
enhanced risk management and cost reduction efforts.  Fitch notes
that solid cash flow generation and a focus on working capital
management have enabled it to reduce gross debt to NOK2.1 billion
at end-Q105 from NOK3.2 billion on a pro-forma FY03 basis.

The Outlook change also reflects solid prospects, supported by a
record order backlog of NOK27 billion.  This is partly driven by
a step-up in capital expenditures by the oil majors who are keen
to benefit from the high commodity price environment and who are
facing increasing challenges to replace reserves.  The latter
provides an opportunity for AK O&G, which has a strong track
record for offering complete solutions in difficult operating
environments.  It also benefits from growth in the maintenance,
modifications and operations (MMO) segment in more mature areas
with ageing platforms, particularly as the majors aim to extend
production lives.  The growing contribution from MMO to
consolidated earnings should provide for some stability in what
Fitch considers to be a relatively volatile sector.  The rating
may be upgraded if management can translate favorable sector
prospects and an ongoing focus on risk management into further
enhancement of key credit ratios.

In the first quarter of 2005, AK O&G repaid a US$8 million
project loan and a EUR33 million drawing under the senior-term
loan.  The latter was changed into a revolver, boosting total
revolving facilities to EUR150 million from EUR117 million, all
of which was available at end-Q105.  Liquidity was further
supported by ongoing high cash balances (NOK2.5 billion at YE04
and NOK1.5 billion post debt repayment at end-Q105), confirming
the effectiveness of AK O&G's ring-fence from the rest of the
group.  Dividend payout related to 2004 results was 50% of
consolidated net income, in line with the maximum permitted by
debt documentation.  Based on management's commitment to maintain
large cash balances, Fitch has increased the weight in its
analysis of net debt versus gross debt credit protection
measures.  Pro-forma FY04 lease-adjusted net debt/EBITDA of less
than 2x is considered strong for the 'BB' rating.

AK O&G is an Oslo-based provider of products, services and
solutions for the offshore upstream oil and gas industry.  It has
operations in more than 20 countries, with principal operations
in Norway, the U.K. and the U.S.  Pro-forma FY04 revenues and
EBITDA were NOK22.7 billion and NOK1.1 billion respectively.  The
group comprises three divisions as: MMO (27% of FY04 revenues),
Field Development (41%), and Subsea, Products & Technologies
(32%).

CONTACT:  FITCH RATINGS
          Erwin van Lumich, Barcelona
          Phone: +34 93 323 8403

          Rachel Hardee, London
          Phone: +44 417 6322

          Andrew Steel
          Phone: +44 (0) 207 862 4086

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


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


OAO TRANSNEFT: Issuer Rating Raised to 'Baa3'
---------------------------------------------
Moody's Investors Service upgraded the foreign currency senior
unsecured issuer ratings of OAO Transneft from Ba1 to Baa3.  At
the same time, Moody's assigned a Baa3 local currency issuer
rating and withdrew the existing Baa3 senior implied rating.  All
ratings have a positive outlook.  Transneft's issuer ratings and
outlook are at the same level as the Russian Sovereign rating and
are likely to move with any Sovereign rating changes.

The rating action is based on Moody's decision to eliminate the
current one notch differential between Transneft's senior implied
rating and its senior unsecured debt ratings, reflecting the high
portion of secured debt used in Transneft's funding structure.
As Moody's views Transneft's credit quality as closely aligned to
that of the Russian Federation, the rating agency concluded that
the State's willingness to support Transneft in an event of
financial distress was high irrespective of any additional
security supporting creditors' claims.

Consequently, Moody's views the recovery potential for unsecured
creditors to be unimpaired by the existence of proportionally
large amounts of secured debt.  The withdrawal of Transneft's
senior implied rating reflects the group's upgrade to investment
grade, where senior implied ratings are not commonly used.

Headquartered in Moscow, OAO AK Transneft is the world's largest
crude oil transportation company in terms of pipeline length (as
of March 31, 2005 approximately 48,500 km.) and volume
transported (450 million tons in 2004).

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          Philipp L. Lotter
          Vice President - Senior Analyst
          Corporate Finance

          London
          Stuart Lawton
          Managing Director
          Corporate Finance

          For Journalists
          Phone: 44 20 7772 5456


YUKOS OIL: E.U. Human Rights Court Hears Complaint
--------------------------------------------------
The European Court of Human Rights in Strasburg has given Yukos'
complaint an "urgent" status, according to MosNews.

According to Nikita Ivanov, the court's legal information
officer, the complaint has already "passed the communication
proceedings" and the court is now soliciting answers from both
the government and Yukos.  The company has brought to the court
the alleged illegal seizure of its properties by Russian tax
authorities.

Ms. Ivanov says the Strasburg court is also waiting for the
decision of the Supreme Arbitrary Court of Russia.  The court is
hearing Yukos appeal of the ruling of Moscow's Arbitration Court
on its back taxes.  She also said the court will consider the
personal complaint of Platon Lebedev, who is currently in jail
with Yukos former CEO Mikhail Khodorkovsky.  His lawyers have
been seeking his release for health reasons.  He is said to be
seriously ill.  They have also brought to the court the illegal
seizure of Mr. Lebedev's properties, but the court declined to
consider the matter since it is already included in Yukos'
complaint.

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

          Press Service:
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

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


YUKOS OIL: Cypriot Subsidiary Pursues Geoilbent Stake Buy
---------------------------------------------------------
A Yukos Oil unit in Cyprus has filed a claim with the arbitration
court of Yamal-Nenets Autonomous Area to uphold its right to
fully acquire energy firm OOO Geoilbent, Itar-Tass reports.

Yukos Operational Holdings Limited is insisting that natural gas
producer OAO NOVATEK and Geoilbent have both confirmed in their
charters that it has the right to buy an additional 66% stake in
Geoilbent.  The Yukos subsidiary already owns 34% of the firm.
The court will hold a preliminary hearing on June 1.

NOVATEK, the second largest natural gas producer after Gazprom,
announced its plan to sell its stake in Geoilbent last fall.
Geoilbent is developing the North-Gubkinsky, Prisklonovy, and
South Tarassovsky gas condensate fields on the Yamal Peninsula.
It is also doing exploration works in two other fields.  Its
crude oil production last year almost reached a million tons.

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

          Press Service:
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

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


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


TERRA MITICA: First-quarter Operating Profit Soars
--------------------------------------------------
Loss-making theme park Terra Mitica is on its way to recovery
after posting a 60% increase in first-quarter operating profit,
Expansion says.

Terra Mitica also surpassed its 2004 first-quarter turnover by
EUR2.1 million and managed to cut its costs by EUR2.5 million in
line with its 33% cost-reduction program.  The theme park
operator ended 2004 with a loss of EUR35 million, down from over
EUR70 million last year.

Terra Mitica, which has been under temporary receivership since
May 2004, aims to register EUR2.2 million in operating profits
this year.

CONTACT:  TERRA MITICA PARQUE TEMATICO DE BENIDORM S.A.
          Ctra. Benidorm a Finestrat
          Partida del Moralet s/n
          03502 Benidorm (Alicante)
          Phone: 902 02 02 20
          Fax: 965 00 47 49
          E-mail: callcenter@terramiticapark.com
          Web site: http://www.terramiticapark.com


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


ABB LTD.: Posts Q1 Net Income of US$199 Million
-----------------------------------------------
Highlights of first-quarter results:

(a) core division orders up 16%, revenues 15% higher;

(b) Group EBIT up 58% to $391 million, EBIT margin up to
    7.7%;

(c) Automation Technologies EBIT margin increases to 10.9%,
    Power Technologies EBIT margin slips to 7.6%; and

(d) corporate cost development shows encouraging progress.

2005 Q1 key figures (unaudited)
-------------------------
(US$ in millions)                  Q1 05       Q1 041    Change3
                                 -------     --------    -------
---------
Orders     Group                   6,261       5,777          8%
--------- ------------------    ------     --------      -----
           Power Technologies      2,698       2,349         15%
           ------------------    ------     --------      -----
           Automation Technologies 3,524       2,995         18%
           ------------------    -------    ---------     ------

Revenues   Group                   5,088       4,528         12%
--------- ------------------    -------    ---------     ------
           Power Technologies      2,148       1,831         17%
           ------------------    -------    ---------     ------
           Automation Technologies 2,817       2,498         13%
           ------------------    -------    ---------     ------

EBIT2      Group                     391         247         58%
--------- ------------------    -------    ---------     ------
           Power Technologies        163         146         12%
           ------------------    -------    ---------     ------
           Automation Technologies   307         216         42%
           ------------------    -------    ---------     ------
           Non-core activities         9           0          na
           ------------------    -------    ---------     ------
           Corporate                (88)        (115)
           ------------------    -------    ---------     ------

EBITmargin Group                    7.7%         5.5%
--------- ------------------    -------    ---------     ------
           Power Technologies       7.6%         8.0%
           ------------------    -------    ---------     ------
           Automation Technologies 10.9%         8.6%
--------- ------------------    -------    ---------     ------
Loss from discontinued
operations                          (16)         (88)
                                 -------    ---------     ------
----------                                               ------N
et income                           199           1
---------- -----------------    -------    ---------     ------
Basic net income per share          0.10         0.00
-------------------------       -------    ---------     ------

ABB Ltd. reported Thursday a strong performance in the first
quarter of 2005, with higher orders and revenues and a 58%
increase in group earnings before interest and taxes (EBIT)
compared to the same period last year.

The group EBIT margin rose to 7.7% from 5.5% in the year-earlier
period.  As a result of the higher EBIT and smaller losses from
discontinued operations, net income increased to US$199 million
from a break-even result in the first quarter of 2004.

Fred Kindle, ABB's President and CEO, said: "We have made a
strong start into 2005.

"Favorable market developments along with our ongoing focus on
execution, improving operating efficiency and cutting corporate
costs, have boosted our overall profitability.

"We remain committed to achieving our group EBIT margin target of
7.7% this year, despite the margin slippage in Power Technologies
and the increased costs we expect later in the year for
productivity improvements and our preparations for the
Sarbanes-Oxley Act."

The EBIT gain was led by a strong performance in the Automation
Technologies division, and was further supported by lower
Corporate costs and improved performance from ABB's oil and gas
operations in Non-core activities.  While the Power Technologies
division also reported higher EBIT, continuing increases in raw
material costs, along with other operational challenges, weakened
the division's EBIT margin compared to the same quarter in 2004.
As a result of the ongoing volatility in the business, the
10-percent EBIT margin target for the Power Technologies division
for 2005 can no longer be reaffirmed.

Cash flow from operations declined in the first quarter, partly
the result of the traditional seasonal pattern of higher working
capital needs in the two divisions early in the year, as well as
cash outflows from Non-core activities.  As a result, net debt
increased in the first quarter by approximately US$180 million,
although gross debt and gearing showed improvements compared to
the end of the previous quarter.

Summary of First Quarter Results

Group orders received in the first quarter of 2005 grew 8% to
US$6,261 million (up 3% in local currencies).  For the two
divisions combined, orders received increased 16% (local
currencies: 11%) to US$6,222 million.

Orders grew in most customer segments, including the power
utilities, oil and gas, minerals and mining, and chemicals
sectors.  Regionally(1), growth was strongest in the Americas,
with orders up 35% to US$1,159 million, and in the Middle East
and Africa, where orders rose 65% to US$584 million.
Double-digit order growth in North America in the first quarter
reflected the continuing improvement in demand for power
transmission equipment, as well as ongoing growth in most of
ABB's industrial customer segments.  In South America, orders
increased from low levels.  In the Middle East, increased demand
for power infrastructure and overall strong industrial
development helped lift orders during the quarter.

Asian orders grew 12% (local currencies: 8%) in the quarter to
US$1,411 million.  A doubling of orders in India to approximately
US$300 million more than offset an order reduction in China of
about 20% to approximately US$500 million.  Growth in India took
place across most customer segments.  In particular, the Power
Technologies division won two large transformer orders during the
first quarter.  Orders in China were lower than in the first
quarter of 2004, when orders were up more than 50%.  Higher base
orders in China in the quarter were more than offset by fewer
large orders.

Orders in Europe were 6% lower at US$3,107 million (local
currencies: down 12%) in the first quarter compared to the same
quarter in 2004, as decreased orders from Power Technologies
offset an increase in Automation Technologies.

Base orders (less than US$15 million) for the group increased by
11% (local currencies: 5%) in the first quarter and accounted for
88% of total orders received, compared to 87% of total orders in
the first quarter of 2004. Large orders (more than US$15 million)
were higher in the divisions than the same quarter in 2004, but
decreased by 6% (local currencies: 11%) for the group, reflecting
the lower large order intake in the first quarter of 2005 from
the oil, gas and petrochemicals business, which is part of
Non-core activities.

The order backlog for the group, including Non-core activities,
at the end of the first quarter of 2005 was US$13,006 million, up
6% compared to the end of the fourth quarter of 2004 (local
currencies: up 10%).  The combined order backlog for the two
divisions amounted to US$11,990 million at the end of March 2005,
up 7% (local currencies: 11%) compared to the end of December
2004.

Group revenues in the first quarter amounted to US$5,088 million,
an increase of 12% (local currencies: 6%).  For the two divisions
combined, revenues were up 15% (local currencies: 9%).

Revenues were higher in all regions in the first quarter, with
the largest increases in Asia: up 21% to US$1,080 million -- and
the Middle East and Africa -- 22% higher at US$527 million.
Within Asia, both China and India reported double-digit revenue
growth in U.S. dollars and local currencies.  Revenues were 9%
higher in Europe (local currencies: 2%) at US$2,593 million, led
by Eastern Europe.  Revenues increased 6% in the Americas (local
currencies: 3%) to US$888 million, with growth in both North and
South America.

Group EBIT was US$391 million in the first quarter of 2005, up
58% compared to the same period in 2004.  The biggest contributor
to the improvement was a US$91 million increase in EBIT from the
Automation Technologies division.

Group EBIT includes Other income (expense), net, of US$52
million, compared to a loss of US$2 million in the year-earlier
period. Of the US$52 million in this year's first quarter, US$20
million was capital gains, of which approximately US$17 million
was on the sale of real estate.  Income from equity accounted
companies, licensing income and miscellaneous amounted to $39
million compared to US$21 million in the year-earlier period.
Most of the remaining difference in Other income (expense), net,
reflects higher restructuring costs in the first quarter of 2004
associated with the Step Change productivity improvement program
that was essentially completed at the end of the second quarter
of 2004.

The group EBIT margin in the quarter rose to 7.7% compared to
5.5% in the same quarter of 2004.  The EBIT margin in Automation
Technologies increased to 10.9% from 8.6%, while the EBIT margin
in the Power Technologies division decreased to 7.6% from 8.0% in
the year-earlier period.

Finance net (2) was a net expense of US$41 million in the first
quarter compared to a net expense of US$79 million in the first
quarter of 2004.  Finance net benefited from lower net interest
expense in the quarter compared to the same period last year,
from financial profits and from the non-recurrence of an expense
related to dollar-denominated convertible bonds ('bifurcation')
following a change to the terms of the bonds in 2004 that
eliminated the need for any further bifurcation.  The bifurcation
in the first quarter of 2004 resulted in an expense of US$35
million, comprising US$23 million on the mark-to-market of the
equity option embedded in the bonds and US$12 million in
amortization expense for the discount on the bonds.  In the first
quarter of 2005, there was no bifurcation expense but an
amortization expense of US$7 million.

Tax expense amounted to US$115 million (effective tax rate of
approximately 33%) in the first quarter of 2005 compared to US$65
million (effective tax rate of approximately 39%) in the first
quarter of 2004.  The reduction in the tax rate is mainly due to
higher earnings in countries with lower tax rates or usage of
accumulated tax losses.

The net loss in Discontinued operations amounted to US$16
million, compared to a net loss of US$88 million in the first
quarter of 2004.  The loss in the first quarter of 2005 included
an US$18-million expense on the mark-to-market treatment of the
approximately 30 million ABB shares reserved to cover part of the
company's asbestos liabilities.  The loss in the first quarter of
2004 included US$30 million related to the sale of the
reinsurance business.  (For more details
on Discontinued operations, please refer to page 9 of this press
release).

ABB's net income for the first quarter amounted to US$199
million, compared to net income of US$1 million for the same
period in 2004.

Balance Sheet

Cash and marketable securities at the end of March 2005 amounted
to US$3.7 billion (excluding Discontinued operations), down from
US$4.2 billion at the end of December 2004.  The reduction
reflects primarily cash used in operating activities in the first
quarter (US$235 million), purchases of property, plant and
equipment (US$79 million) and cash outflows relating to the
repayment of maturing debt (US$179 million).

At the end of March 2005, total debt (defined as total short and
long-term borrowings) amounted to US$5.2 billion, compared to
US$5.5 billion at December 31, 2004.  Included in ABB's total
debt is approximately US$200 million in bonds due for repayment
in the third quarter of 2005.

Gearing, defined as total debt divided by total debt plus
stockholders' equity (including minority interest), was 61% at
the end of March 2005, compared to 64% at the end of the previous
quarter.

Net debt (cash and marketable securities less total debt) was
US$1.5 billion, up from US$1.3 billion at the end of the fourth
quarter of 2004.  The increase in net debt in the first quarter
of 2005 reflects cash used in operating activities.

Stockholders' equity at March 31, 2005, was US$2,994 million
compared to US$2,824 million at the end of December 2004.

Cash flow

The two divisions reported cash used in the quarter of US$6
million, compared to cash generated of US$40 million for the same
period in 2004.  The biggest factor in the cash reduction was the
faster increase in net working capital in the first quarter of
2005 resulting from strong growth in orders and revenues,
compared to the same quarter in 2004.  In particular, inventories
were higher and advance payments from customers decreased.
However, net working capital as a percentage of revenues
decreased in the two divisions in the first quarter of 2005
compared to the same quarter in 2004.

Non-core activities reported cash used of US$124 million in the
quarter compared to positive cash flow of US$7 million in the
first quarter of 2004.  Non-core cash flow in the first quarter
of 2005 was affected by cash payouts of US$16 million related to
provisions taken in the fourth quarter of 2004, a cash payment of
US$21 million related to the settlement of the sale of the
upstream oil and gas business, and cash used of US$45 million in
the oil, gas and petrochemicals business.  Last year's cash flow
from operating activities was positively impacted by a special
dividend of approximately US$60 million from the Jorf Lasfar
power plant investment in Morocco and US$40 million in positive
cash flow from the reinsurance business that has since been
divested.

Cash used by Corporate decreased by US$70 million in the quarter
compared to the same period in 2004.  The improvement is mainly
due to a US$20-million reduction in asbestos payments compared to
the year-earlier period and approximately US$30 million of
positive cash flow related to the settlement of derivatives
transactions in the group treasury operations.

Employees

As of March 31, 2005, ABB employed approximately 102,000 people,
about the same as at the end of the fourth quarter of 2004.
Compared to the year-earlier period, ABB employed 11,000 fewer
people, mainly the result of divestitures.

Asbestos

On March 21, 2005, ABB announced that it had reached agreement on
certain "settlement points" that would form the basis for an
amended plan of reorganization for its U.S. subsidiaries,
Combustion Engineering (CE) and ABB Lummus Global Inc., to
resolve the asbestos claims of both companies.  The agreement for
modifying the CE Plan is intended to bring it into conformity
with the U.S. Third Circuit Court of Appeals decision of December
2, 2004.

The agreement requires ABB to contribute an additional amount of
approximately US$232 million to pay present and future asbestos
claimants of CE and ABB Lummus Global Inc.  This additional
amount, as well as some related adjustments, was accounted for in
the full-year 2004 results published on April 22 of this year in
the company's annual report.

In a status conference on April 5, 2005, a U.S. bankruptcy court
instructed ABB to submit the documentation relating to the
modified CE plan and the ABB Lummus Global plan to the court
within approximately 60 days.  ABB and various other interested
parties are now working to prepare these submissions to the
court.

Group Outlook

When reporting its fourth-quarter and full-year 2004 results on
February 17, 2005, ABB adjusted its 2005 group EBIT margin target
to 7.7% from 8.0% to reflect the reclassification of the oil, gas
and petrochemicals business to continuing operations.  The
company maintained its other growth and profitability targets.

From 2002 through to the end of 2005, ABB expects compound
average annual revenue growth of 4% in local currencies.  The
Power Technologies division expects compound average annual
revenue growth of 5.3% in local currencies.  The Automation
Technologies division expects compound average annual revenue
growth of 3.3% in local currencies.

The 2005 EBIT margin target for the Automation Technologies
division remains unchanged at 10.7%.  While the Power
Technologies division has made substantial operational
improvements in recent months, ongoing volatility in the business
has made the achievement of its 10-percent EBIT margin target for
2005 unlikely.  Therefore, the 10-percent EBIT margin target can
no longer be reaffirmed.

The company reaffirms the group EBIT margin target of 7.7% for
2005.

The company continues to reduce its financial obligations,
including its securitization programs.  The focus will be on
taking actions that create the most economic value for the
company rather than achieving particular ratios.

Revenue and margin targets exclude major acquisitions,
divestitures and business closures.

Release of New Targets

ABB plans to publish in early September, 2005, new financial
performance targets covering the period from 2006 to 2009.

A full copy of these results is available free of charge at
http://bankrupt.com/misc/ABBLtd2005.htm

CONTACT:  ABB LTD.
          Affolternstrasse 44
          8050 Zurich, Switzerland
          Phone: +41-43-317-7111
          Fax: +41-43-317-4420
          Web site: http://www.abb.com


SKANDIA INSURANCE: Reports Minor Changes Under IFRS
---------------------------------------------------
On 1 February 2005, Skandia Insurance held an IFRS (International
Financial Reporting Standards) briefing for institutional
investors and financial analysts.

On Thursday, Skandia released a report showing its income
statements and balance sheets as well as a reconciliation of
shareholders' equity and the result for 2004 recalculated in
accordance with IFRS.

Currently there are a number of unclear points within the
industry regarding a final version of IAS 39 and the
interpretation of a number of standards.  The report thus
contains figures that may be subject to change.  The report has
not been examined by the company's auditors.

Transition to IFRS

The report contains income statements and balance sheets for 2004
recalculated to IFRS as well as new accounting policies. The
report also includes a reconciliation of the recalculation of
shareholders' equity and profit for the year.  As previously
announced, the effect of the transition to IFRS on shareholders'
equity is negative.

Only a minor change has taken place compared with the effects
presented on 1 February.  Shareholders' equity as per 1 January
2004 decreases by SEK2.6 billion, and shareholders' equity as per
31 December 2004 decreases by SEK3.2 billion, to SEK12.9 billion.
The result for the full year 2004 decreases by SEK641 million
before tax and by SEK428 million after tax.

The combined effect on shareholders' equity and the result is
essentially unchanged compared with what was previously announced
by the company:

(a) the date for recognition of the revenues from unit linked
    assurance contracts is pushed further ahead in time, mainly
    due to the deferral of fees already paid in.  This has no
    effect on cash flow from the contracts.  Initial revenues
    and expenses are deferred over the life of the existing
    contracts.  This entails, among other things, that initial
    fees already paid in by customers are to be deferred over
    the life of the respective contracts.  However, not all
    initial costs will be deferred, which puts an extra burden
    on the income statement during periods of strong expansion;

(b) reporting of mutual funds will be done in the same way as
    for unit linked assurance, which entails that deferred
    acquisition costs and prepaid fees will also be reported for
    this business;

(c) IFRS entails a change in accounting policies and format.
    However, neither the business fundamentals, product cash
    flow nor financial flows in the company are affected;

(d) embedded value reporting is not affected by IFRS; and

(e) the Board has decided to adopt Skandia's dividend policy
    starting in 2005.  The intent of the change is to keep the
    dividend unaffected by the change to IFRS.

The most significant changes in connection with the transition to
IFRS are:

1. Valuation

(a) Recognition of revenues from unit linked assurance business.
    The date for recognition of the revenues from unit linked
    assurance contracts is pushed further ahead in time;

(b) Revenues are deferred over the life of the individual
    contracts.  This entails, among other things, that initial
    fees already paid in by customers are to be deferred over
    the life of the respective contracts.  This gives rise to a
    new balance sheet item, called "deferred fee income" (DFI).
    In addition, fees charged during the initial years of
    existing contracts will also be deferred.  This gives rise
    to a receivable, called "fee income receivable" (FIR).  The
    combined deferral of initial fees has a negative impact on
    shareholders' equity as per 1 January 2004 of SEK-10.0
    billion, net before tax.  The effect on the result for the
    full year 2004 is expected to amount to SEK-903 million
    before tax; and

(c) Reporting of expenses for unit linked assurance business.
    Acquisition costs are also to be deferred over the life of
    the contracts.  Accordingly, the amortization period for
    deferred acquisition costs (DAC) has been extended compared
    with previous accounting policies.  In addition, acquisition
    costs incurred during the initial years of existing
    contracts will also be deferred.  This gives rise to a
    liability, called "accrued commission expense" (ACE).  The
    combined deferral has a positive effect on shareholders'
    equity as per 1 January 2004 of SEK5.0 billion, net before
    tax.  The effect on the result for the full year 2004 is
    expected to amount to SEK 477 million before tax.

Mutual Funds

Deferral of revenues and expenses for mutual funds will be
handled in the corresponding manner.  The effect of this involves
smaller amounts and is included in the above.

Other

Starting on 1 January 2004, goodwill is no longer amortized.
However, tests are performed to see if there is a need to
recognize impairment.

To the extent that technical provisions have been too
conservative in accordance with previous principles, these have
been dissolved.  This has a positive effect on shareholders'
equity as per 1 January 2004.

For traditional life assurance contracts, the liability to
policyholders is discounted using a market interest rate, which
leads to a decrease in shareholders' equity in connection with
the transition to IFRS.  Previously, the discount rate was set by
the regulatory authorities.  At the same time, bonds in
traditional life business are measured at fair value, which leads
to an increase in shareholders' equity in connection with the
transition to IFRS.

2. Presentation

(a) Income statement, balance sheet and cash flow.  All unit
    linked assurance contracts are broken down into two parts:
    one pertaining to savings and another pertaining to
    insurance risk.  For the savings portion, paid-in premiums
    from customers will not longer be reported as written
    premium, while payments to customers will not longer
    reported as claim costs.  This results in a clearer
    presentation of the company's revenues and expenses at the
    same time that the income statement obtains a new format.
    Inflows from customers are reported in the balance sheet as
    an increase of unit linked assurance assets, and amounts
    paid out are reported as a decrease;

    The income statement and balance sheet will also be changed
    in that the bank operation will be consolidated line by line
    instead of as previously on separate lines.  This
    consolidation results in a change in the definition of cash
    flow from operating activities.  Classifications and
    concepts in the income statement may be changed due
    to the ongoing development of new reporting formats
    according to the IFRSs and the development of industry
    practice;

(b) Taxes.  The policyholder tax is charged to policyholders in
    the form of fees.  This is reported as a revenue item in the
    company's income statement.  When the tax falls due for
    payment, this must be reported under the heading "Taxes"
    according to IFRS.  To be able to differentiate the
    policyholder tax from the company's (shareholder) tax, the
    policyholder tax is reported on a separate line.  This gives
    rise to a new result measurement called "Profit before
    shareholder tax and after policyholder tax";

(c) Segments

    (i) Business segments - In connection with the transition to
        IFRS, certain reclassifications have been made of the
        structure for reporting by business segment.  The bank
        operation has been broken off from "Other businesses"
        under "Other" and is reported as a separate business
        segment.  The mutual fund business in SkandiaBanken has
        been reclassified from "Bank operations" to "Mutual
        funds."  Certain group functions were previously
        classified as "Other businesses" under the "Other"
        business segment.  These pertain primarily to the
        group's treasury function, investment income from joint-
        group assets and costs for the divisions, which were not
        allocated among the respective segments.  These
        functions are now included together with joint-group
        costs under the "Joint functions" segment.  The "Other
        businesses" business segment now includes only Bankhall
        and the disability and health insurance operations in
        the Nordic region.  The result for Bankhall also
        includes a write-down of goodwill, which was charged
        against the fourth quarter in the amount of SEK1,072
        million; and

   (ii) Geographic segments - The reporting of the result per
        division includes the segment "group functions", which
        mainly includes the group's treasury function,
        investment income from joint-group assets and joint-
        group expenses; and

(d) Embedded Value (EV)

    Embedded value reporting is not affected by the transition
    to IFRS.  The embedded value method is used by most European
    life assurance companies and is regarded within the industry
    to be a vital complement to reporting in accordance with
    IFRS.

Result Concepts

In future interim reports, Skandia will primarily be
communicating these result concepts:

(a) consists of the operating result excluding financial
    effects; and

(b) consists of the result before shareholder tax and after
    policyholder tax according to IFRS, plus the change in
    surplus value of unit linked business in force (including
    financial effects).

Outstanding Issues

One issue for the industry as a whole, as well as for Skandia,
concerns the reporting of certain fund holdings.  A consequence
of IAS 27 is that funds that are considered controlled by Skandia
according to the rules, might need to be consolidated, even
though all of the assets belong to the owners of the fund units.
The policyholders choose to invest in various funds.  In
practice, this is handled by Skandia's unit linked assurance
companies, which purchase units in the funds chosen by the
customers.  Thus Skandia, on behalf of its customers, can appear
as the owner of a majority stake in a fund.

Even though Skandia does not have a controlling influence over
such investments, Skandia could be forced to consolidate funds in
which its ownership exceeds 50%.  If this happens, the funds'
holding of shares in Skandia Insurance Company Ltd. could be
considered to be repurchased treasury shares, which are to be
eliminated against shareholders' equity.  The market value of
these shares amounted to SEK273 million as per 31 December 2003
and SEK541 million as per 31 December 2004.  Such an adjustment
would give rise to a decrease in equity for accounting purposes,
even though there is no financial exposure.  Skandia is
monitoring the development of industry practice in order to be
able to make a decision on this issue in 2005.  Fund holdings
have not been consolidated in this report.

A full copy of the report is available free of charge at
http://bankrupt.com/misc/SkandiaInsurance2005.htm.

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

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

          Jan Erik Back, Chief Financial Officer
          Phone: +46-8-788 37 20

          Harry Vos, Head of Investor Relations
          Phone: +46-8-788 36 43

          Eva Groth, Assistant Head of Investor Relations
          Phone: +46-8-788 16 90

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


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


SWISS INTERNATIONAL: Enhances Flight Services
---------------------------------------------
Swiss International is optimizing various key aspects of its
product in order to make travel even more enjoyable for
customers.  The new user concept at Zurich Airport is the
starting point, with faster, smoother and more comfortable
procedures for travelers now in place.  In the same spirit, Swiss
has also upgraded the seating on its Airbus A320 fleet and
earlier this year launched an exclusive business-class-only
service between Zurich and New York that is closely tailored to
the needs of business travelers.  The latest initiative sees the
introduction on May 25 of a complimentary foodservice in economy
class on flights within Europe.

Passengers in Swiss Economy will soon be able to enjoy a warm
"pain au chocolate" on a morning flight to Berlin or savor a warm
"calzone" (pastry turnover) as a snack on a mid-day flight to
Copenhagen.  A selection of warm or cold snacks and drinks,
varying according to the time of day and length of the flight,
will be available.

"With this new offer Swiss is clearly positioning itself ahead of
other airlines on European routes, too," says Alexander Arafa,
head of Product and project leader.  "In addition to these warm
snacks, the inflight food service will include such items as
yogurt, chocolate, sandwiches, ice cream and biscuits, depending
on the time of day and length of the flight."

Nestle as New Catering Partner

Nestle, the airline's new economy-class catering partner in
Europe, and Swiss are both synonymous with quality in their
respective fields.  Nestle will provide products from Movenpick,
among others, and work together with Supplair, a Dutch company
that will supply SWISS with the catering.  Nestle and Supplair
already collaborate in this way for other airlines.  Gate Gourmet
will still deliver the catering to our flights, and will continue
to provide all the food and beverages for our long-haul services
and for the Swiss Business cabin on our European flights.

Fast, Smooth and Comfortable

Coinciding with the start of the summer timetable Swiss
introduced a seamless hub system at Zurich Airport focused on
speed and efficiency for the benefit of all travelers.  The new
set-up allows passengers to better plan their journey: one of its
core elements is that all Swiss flights within Europe and to
North Africa now operate through Dock A.   All Swiss flights
going to or coming from another continent use Dock E.

The new concept offers passengers more self-service devices for
quick and easy check-in, even if they have one piece of luggage
to check in.  Further e-travel innovations are foreseen for the
autumn.  Passengers will be able to print out their boarding pass
at home, select their own seat and check-in by mobile telephone.

The swiss.com booking machine will also become more customer
friendly.  Swiss expects this affordable, customer-friendly offer
to result in higher booking volume through this distribution
channel.

Passengers using the Swiss lounges will find these facilities
offer various first-class services in a tranquil setting.  Guests
using the first class lounge prior to boarding a flight to the
U.S. can take advantage of a special shuttle service for their
transfer from the lounge to Dock E.

Business Class Product Upgraded

Back in January Swiss introduced a new Boeing Business Jet
service six times weekly in between Zurich and New York/Newark.
Operated on behalf of Swiss by PrivatAir with Boeing 737-800
equipment, this service gives SWISS an attractive, competitive
product that is specially designed to suit business travelers.  A
carefully selected schedule and swift boarding and deboarding are
among the features of this aircraft's 56-seat configuration.
Fares on this route are the same as those for Swiss Business
tickets on other routes.

At the same time Swiss has improved seating comfort on all Swiss
Airbus A320 aircraft.  On these reconfigured aircraft the middle
seat is kept free in Swiss Business, which means extra privacy
and more space for a business traveler occupying the window or
aisle seat.  A special pull-up table occupies the space between
these seats, allowing passengers to work undisturbed.  The
seating comfort and seat availability in Swiss Economy have also
both been clearly improved.

President & Chief Executive Officer Christoph Franz gives these
reasons for this visible quality program:  "We are investing in
our future.  Swiss is clearly positioning itself as a quality
airline.  We want to offer our customers perceptible added value
at prices that continue to be competitive.  We are optimistic
that we will be successful and that these investments will pay
off in greater passenger volume."

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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


HMELNITSKIJ AGROFIRM: Bankruptcy Proceedings Begin
--------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
proceedings against Hmelnitskij Agrofirm (code EDRPOU 31216391)
after finding the limited liability company insolvent.  The case
is docketed as 17/173-b.  Mr. Volodimir Vojtuk (License Number AA
630144) has been appointed liquidator/insolvency manager.  The
company holds account number 2600201706976 at OJSC Ukreksimbank,
Hmelnitskij branch, MFO 315609.

Creditors may submit their proofs of claim to:

(a) HMELNITSKIJ AGROFIRM
    31300, Ukraine, Hmelnitskij region,
    Hmelnitskij district, Oleshin

(b) Mr. Volodimir Vojtuk
    Liquidator/Insolvency Manager
    29000, Ukraine, Hmelnitskij region,
    Pribuzka Str. 2/20
    Phone: (0382) 65-10-55

(c) ECONOMIC COURT OF HMELNITSKIJ REGION
    29000, Ukraine, Hmelnitskij region,
    Nezalezhnosti Square, 1


SOUTH SEA: Liquidator Takes over Helm
-------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against South Sea Company (code EDRPOU 31737672) on
March 10, 2005 after finding the limited liability company
insolvent.  The case is docketed as B 29/37/05.  Mr. Stepanchenko
Tetyana has been appointed liquidator/insolvency manager.  The
company holds account number 26004010200600 at JSPPB Aval,
Dniprodzerzhinsk branch, MFO 306631.

Creditors may submit their proofs of claim to:

(a) SOUTH SEA COMPANY
    49081, Ukraine, Dnipropetrovsk region,
    Stoletov Str. 21K

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


UKRAINE DNIPRO: Court Appoints Insolvency Manager
-------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Foreign Investments Enterprise Trade Link
Ukraine Dnipro (code EDRPOU 23942383) on February 24, 2005 after
finding the open joint stock company insolvent.  The case is
docketed as B 24/20/05.  Mr. Volodimir Glyadchenko has been
appointed liquidator/insolvency manager.  The company holds
account number 26002108195001 at CB Privatbank, Dnipropetrovsk
branch, MFO 305299.

Creditors may submit their proofs of claim to:

(a) UKRAINE DNIPRO
    49041, Ukraine, Dnipropetrovsk region,
    Pratsi Avenue, 9

(b) Mr. Volodimir Glyadchenko
    Liquidator/Insolvency Manager
    49000, Ukraine, Dnipropetrovsk region,
    Kirov Avenue, 96/13

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


VAPNYARSKIJ BREAD: Declared Insolvent
-------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Vapnyarskij Bread Products Combine (code
EDRPOU 03730414) on March 3, 2005 after finding the open joint
stock company insolvent.  The case is docketed as 10/142-04.
Arbitral manager Mr. Ruslan Gorbatyuk (License Number AA 783200)
has been appointed liquidator/insolvency manager.  The company
holds account number 260066389 at JSPPB Aval, MFO 302247.

Creditors may submit their proofs of claim to:

(a) VAPNYARSKIJ BREAD PRODUCTS COMBINE
    24240, Ukraine, Vinnitsya region,
    Tomashpilskij district,
    Vapnyarka, Gagarin Str. 6

(b) Mr. Ruslan Gorbatyuk
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Timoshenko Str. 2/4-134

(c) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


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


ALPHA ENVIRONMENTAL: Members Pass Winding-up Resolution
-------------------------------------------------------
At the extraordinary general meeting of the members of Alpha
Environmental Management Limited on April 18, 2005 held at 53
Crane Street, Cefn Mawr, Wrexham LL14 AB, the special resolution
to wind up the company was passed.  R. E. C. Cook of UHY Hacker
Young turnaround and recovery, St James Building, 79 Oxford
Street, Manchester M1 6HT has been appointed liquidator of the
company.

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


AMPAC SYSTEM: Appoints Grant Thornton Administrator
---------------------------------------------------
Leslie Ross (IP No 7244) and Anthony Flynn (IP No 8619) have been
appointed administrators for Ampac System Integrators Limited.
The appointment was made April 20, 2005.

The company handles software consultancy and supply.  It also
offers computer related activities.  Its registered office is
located at Grant Thornton UK LLP, Heron House, Albert Square,
Manchester M60 8GT.

CONTACT:  GRANT THORNTON
          Heron House, Albert Square
          MANCHESTER M60 8GT
          Phone: 0161 834 5414
          Fax: 0161 832 6042
          Web site: http://www.grant-thornton.co.uk

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


ANALYTIC ENDODONTICS: Hires Liquidators from KPMG
-------------------------------------------------
At the general meeting of Analytic Endodontics UK Limited, the
special and ordinary resolutions to wind up the company were
passed.  John Paul Bateman and Mark Jeremy Orton of KPMG LLP, 2
Cornwall Street, Birmingham B3 2DL have been appointed joint
liquidators of the company.

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


ARBRO LIMITED: Members General Meeting Set Last Week of May
-----------------------------------------------------------
The general meeting of the members of Arbro Limited will be on
May 31, 2005 at 10:00 a.m.  It will be held at Nunn Hayward,
Rycote Place, 30-38 Cambridge Street, Aylesbury, Buckinghamshire
HP20 1RS.

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:  NUNN HAYWARD
          Rycote Place
          30-38 Cambridge Street
          Aylesbury
          Buckinghamshire HP20 1RS
          Phone: 01296 395495
          Fax: 01296 395123
          E-mail: davidb@ay.nunn-hayward.com


ARLA U.K.: Members Final Meeting Set this Month
-----------------------------------------------
The final meeting of members of Arla U.K. Limited will be on May
27, 2005 at 10:00 a.m.  It will be held at the offices of UHY
Hacker Young turnaround and recovery, St James Building, 79
Oxford Street, Manchester M1 6HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy form must be lodged with
UHY Hacker Young turnaround and recovery, St James Building, 79
Oxford Street, Manchester M1 6HT not later than 12:00 noon, May
26, 2005.

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


AUTO-SOFT: PwC to Handle Liquidation
------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Auto-Soft Corporation Limited

Notice is hereby given that on April 14, 2005, we, Richard
Setchim and Jonathan Sisson, both of PricewaterhouseCoopers LLP,
Plumtree Court, London EC4A 4HT were appointed liquidator of
Auto-Soft Corporation Limited, which trades from Unit 2 Fairways
Business Park, Deer Park Avenue, Livingston, West Lothian EH54
8AF, by resolution of a meeting of creditors, pursuant to section
109 of the Insolvency Act 1986.

Richard Setchim and Jonathan Sisson, Liquidator

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


BAYSEK MACHINES: Appoints Administrators from CBA
-------------------------------------------------
Mark Grahame Tailby and Neil Richard Gibson (IP Nos 9115, 9213)
have been appointed administrators for Baysek Machines Limited.
The appointment was made April 20, 2005.

The company sells, offers and installs diecutting and packaging
machinery.  Its registered office is located at CBA, 39 Castle
Street, Leicester LE1 5WN.

CONTACT:  CBA
          39 Castle Street
          Leicester LE1 5WN
          Phone: (0116) 262 6804
          Fax: (0116) 217 1404
          E-mail: leics@cba-insolvency.co.uk
          Web site: http://www.cba-insolvency.co.uk


B&E STAINLESS: Names Administrator from David Horner & Co.
----------------------------------------------------------
David Anthony Horner (IP No 008956) has been appointed
administrator for B&E Stainless Fabrications Limited.  The
appointment was made April 15, 2005.

The factory manufactures metal furniture.  Its registered office
is located at David Horner & Co., 11 Clifton Moor Business
Village, James Nicolson Link, York YO30 4XG.

CONTACT:  DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk


BLUE CIRCLE: Appoints PricewaterhouseCoopers Liquidator
-------------------------------------------------------
Name of companies:
Blue Circle (Intruder Protection) Co Limited
Bushwood Limited
F.A.B. Security Systems Limited
Hurrikane Limited
Westminster Security Systems Limited

At the extraordinary general meetings of these companies on April
21, 2005, the special and ordinary resolutions to wind up the
companies were passed.  Jonathan Sisson and Richard Setchim of
PricewaterhouseCoopers LLP, 12 Plumtree Court, London EC4A 4HT
have been appointed joint liquidators of the companies.

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


BUNGE AGRICULTURE: Final General Meeting Set Later This Month
-------------------------------------------------------------
Name of companies:
Bunge Agriculture Limited
Bunge Investments Limited
Morwick Group Limited

The final general meeting of these companies will be on May 27,
2005 commencing at 10:30 a.m. and thereafter at 10-minute
intervals.  It will be held at Ernst & Young LLP, 1 More London,
London SE1 2AF.

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:  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


CALEDONIAN CONSTRUCTION: Calls in Hacker Young Administrator
------------------------------------------------------------
Andrew Andronikou and Ladislav Hornan (IP Nos 1253, 2059) have
been appointed administrators for Caledonian Construction
Limited.  The appointment was made April 7, 2005.  Its registered
office is located at St Alphage House, 2 Fore Street, London EC2Y
5DH.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


CE ELECTRIC: Ratings Upgraded on Improved Credit Profile
--------------------------------------------------------
Moody's Investors Service upgraded the ratings of the various
entities within the CE Electric U.K. Funding Company group
(CEUK), concluding the review initiated on 18 April.

The ratings of the various entities within the group are:

(a) CE Electric U.K. Funding Company, senior unsecured rating
    upgraded to Baa2 from Baa3, outlook stable;

(b) Yorkshire Power Finance Ltd., senior unsecured rating
    upgraded to Baa2 from Baa3, outlook stable;

(c) Yorkshire Electricity Distribution plc, senior unsecured and
    long-term issuer rating upgraded to A3 from Baa1, outlook
    stable;

(d) Northern Electric plc, long-term issuer rating upgraded to
    Baa1 from Baa2, outlook stable;

(e) Northern Electric Finance plc, senior unsecured rating
    upgraded to A3 from Baa1, outlook stable; and

(f) Northern Electric Distribution Ltd., long-term issuer rating
    upgraded to A3 from Baa1, outlook stable.

At the same time, Moody's has assigned a (P) Aaa rating to both
the GBP150 million 2035 bond to be issued by Northern Electric
Finance plc and the GBP200 million 2035 bond to be issued by
Yorkshire Electricity Distribution plc, reflecting the
unconditional and irrevocable guarantee of scheduled payments of
principal and interest by Ambac Assurance U.K. Limited.

[Wednes]day's rating actions reflect recent developments which
have significantly improved the credit profile of the group,
including the establishment of third-party committed liquidity
facilities, deeper subordination of inter-company loans from its
parent company MidAmerican Energy Holdings Company (MEHC), and a
clear commitment by management to a de-leveraging strategy.  The
rating actions also assume completion of the proposed refinancing
strategy, which will effectively remove medium-term refinancing
risk and improve the financial flexibility of the group.

Moody's notes that, until early April, CEUK did not have
third-party committed liquidity facilities, and was not expected
to have sufficient internally generated cash to fund all of a
GBP100 million bond maturity in October of this year, leaving the
group reliant on MEHC to provide it with the balance in the form
of subordinated inter-company loans.  While MEHC has a track
record of providing cash to CEUK in this way for the redemption
of debt maturities in December 2004 and February 2005, Moody's
typically considers the existence of committed third-party
liquidity facilities to be necessary to maintain an
investment-grade rating, and adds that the lack of such
facilities had been a key driver behind the previous negative
outlook.  Committed third-party liquidity facilities of a
medium-term maturity have now been established, resolving Moody's
concerns in this area for the time being.  The new committed
facility provides access to GBP50 million for both NEDL and YEDL
and allows for the reallocation of funds within the group.

Moody's observes that financial flexibility within the group as a
whole had, until recently, been constrained by the existence of a
covenant within the GBP200 million Ambac-guaranteed 2022 bond at
CE Electric U.K. Funding Company.  This covenant severely
restricted the issue of new debt below this level (i.e. at
entities closer to the operating company cash flows), to the
extent that it was not possible for the group to refinance
maturing holding and intermediate holding company debt at the
operating company level.  As part of the recent refinancing
package, CEUK has successfully re-negotiated the covenant with
Ambac, which has allowed it to take advantage of currently strong
bond market conditions to pre-fund the refinancing of the US$237
million bonds due December 2007 at CE Electric U.K. Funding
Company and the US$281 million bonds due February 2008 at
Yorkshire Power Finance.

The pre-funding of the outstanding bonds will be funded by two
new 30-year issues at the operating company level -- Northern
Electric Finance plc (NEFL) (GBP150 million) and YEDL (GBP200
million) -- which will lower the average cost of debt for the
group once the outstanding issues are repaid.  GBP300 million of
the total funds raised will be invested in Guaranteed Investment
Contracts (GICs), which expire at the appropriate bond maturity
dates in 2007 and 2008.

The cheaper funding available at the operating company level
minimizes the negative carry incurred by the pre-funding.  The
cost of the new debt and the interest receivable are both fixed,
so the amount of negative carry is fixed for the term of the
contracts.  The remaining GBP50 million of the cash raised will
contribute towards the repayment of the GBP100 million October
2005 maturity at Northern Electric Finance plc.  The remaining
GBP50 million will be funded partly by internally generated cash
and partly by subordinated loans from MEHC.  Moody's believes
that refinancing risk for the group has therefore effectively
been removed for the long term as the next debt maturity is not
due until 2020.

Moody's adds that the subordinated inter-company loans provided
by MEHC have become more significant in the debt capital
structure of the company in recent months as they have been used
to refinance external debt maturities as previously described.
The consolidated external senior debt leverage of the group has
fallen, but total leverage has remained constant, with Total
Adjusted Net Debt / RAV (when the subordinated inter-company
loans and various other adjustments including non-recoverable
pension deficits and operating leases are included) in the low to
mid-90% range.

However, following certain modifications to the characteristics
of these subordinated inter-company loans by MEHC, Moody's now
considers the terms to offer material protection to senior
creditors, such that the instrument can be considered to exhibit
certain "equity-like" characteristics.  Key protections include
full subordination of the loans in the cash flow waterfall to all
senior debt held within the group such that all senior debt must
first be serviced, with sufficient cash to meet a further 6
months senior debt service, plus compliance with certain
consolidated leverage restrictions, before any payments under the
subordinated loans can be made.

Furthermore interest payments are to be deferred until 2009, at
which time they will recommence as payment in kind under the
subordinated inter-company loans.  These payments will be made in
lieu of, and not in addition to cash dividends, until the
subordinated inter-company loans are repaid and fall out of the
debt capital structure of the group.

Moreover, Moody's notes that aside from the subordinated
inter-company loans, the only other debt within the group
comprises senior unsecured bonds, senior unsecured bonds
guaranteed by Ambac, senior debt under a revolving credit
facility used for liquidity purposes and a small overdraft
facility.  All of this senior debt ranks pari passu and senior to
the subordinated inter-company loans.  Moody's also notes that
the subordinated inter-company loans are provided by the
shareholder, not external investors.  If there is a default on
senior debt or subordinated inter-company loans, liquidation, or
reorganization, all senior debt has to be paid in full first.

Moody's treatment of the subordinated loans results in moderately
lower Net Adjusted Debt, and a commensurate strengthening of the
related debt protection measures.  Moody's expects consolidated
Net Adjusted Debt/RAV to fall to the mid to high 70% range by
year end 2006, with consolidated RCF/Net Adjusted Debt remaining
comfortably above 12% and consolidated FFO interest cover of
around 3x.  Non-cash interest payable on the subordinated debt is
not included in these calculations as interest payments are
deferred until 2009, which enhances the strength of these debt
coverage ratios somewhat.  However RCF/Net Adjusted Debt of 12%
and FFO interest cover of around 3x are comfortable levels for a
Baa2 rating for a U.K. regulated electricity distribution
business.  As far as leverage is concerned, expected year-end
2005 Net Adjusted Debt/RAV of 85% is high for Baa2, but as noted
above, Moody's expects this ratio to strengthen materially by
year-end 2006.

Overall, Moody's believes that the steps taken by MEHC management
over the past six months have demonstrated commitment to
strengthening the credit profile of the group.  The removal of
the rating constraints as described here has allowed the core
credit fundamentals of low business risk and an improved
financial profile to be fully reflected in the current rating
levels.  Not only have the constraints on the ratings been
addressed, but management remains committed to deleveraging
further over the medium term, and does not intend to take any
dividends (in the form of payment in kind on the subordinated
intercompany loans) from the group until at least 2009,
expediting this process.  Moody's anticipates that this ongoing
dividend restraint, combined with improved cash flow from the
relatively favorable outcome at the fourth electricity
distribution price control and lower financing costs will allow
such further reductions in senior debt to be made over the next
two to three years.

The stable outlook on all ratings reflects the stable operating
cash flow generated by regulated electricity distribution
businesses in the U.K. and Moody's expectation that steady
deleveraging will continue over the next two to three years,
allowing debt protection metrics to build some headroom within
their respective rating categories.  Given the absence of debt
maturities over the long term, Moody's anticipates no further
changes to the debt structure of the group.  If deleveraging
should occur more swiftly than anticipated, and consolidated debt
protection metrics strengthen such that Adjusted Net Debt/RAV
remains sustainably below 75% and RCF/Net Adjusted Debt remains
sustainably above 14%, further upward pressure on the ratings may
occur.  However, Moody's current expectation is that CEUK's
financial profile will remain consistent with the current ratings
over the next two years.

Headquartered in Newcastle upon Tyne, England, CEUK is the
holding company of two regulated monopoly electricity network
businesses, Northern Electric Distribution Limited and Yorkshire
Electricity Distribution plc.  The group is now almost
exclusively focused on electricity distribution, with only very
few non-distribution activities remaining.  The company is wholly
owned by MEHC, a U.S. utility privately owned by an investor
group that includes Berkshire Hathaway.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          Stuart Lawton
          Managing Director
          European Corporates

          London
          Edward Palmer
          Asst Vice President - Analyst
          Corporate Finance Group

          For Journalists
          Phone: 44 20 7772 5456


CHANNEL S: Members Final Meeting Set Later this Month
-----------------------------------------------------
The final meeting of the members of Channel S Trading Limited
will be on May 25, 2005 at 11:00 a.m.  It will be held at the
Rifsons House, 63-64 Charles Lane, St John's Wood, London NW8
7SB.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged with
Rifsons House, 63-64 Charles Lane, St John's Wood, London NW8 7SB
not later than 12:00 noon, May 24, 2005.

CONTACT:  RIFSONS
          Rifsons House
          63-64 Charles Lane
          St Johns Wood
          London NW8 7SB
          Phone: 020 7586 9831
          Fax: 020 7586 9834
          E-mail: arif@rifsons.com


CONSTANT COMPUTER: Members Decide to Wind up Firm
-------------------------------------------------
At the extraordinary general meeting of the members of Constant
Computer Services Limited on April 20, 2005 held at Cynghordy
Farm, Llandeilo Road, Ammanford SA18 2EQ, the special resolution
to wind up the company was passed.  Gary Stones of Stones & Co.,
63 Walter Road, Swansea SA1 4PT has been nominated liquidator of
the company.

CONTACT:  STONES & CO.
          63 Walter Road
          Swansea
          Glamorgan SA1 4PT
          Phone: 01792 654607
          Fax: 01792 644491
          E-mail: stones.co@btconnect.com


COSTAIN GROUP: Wins Building Magazine's Contractor Award
--------------------------------------------------------
At the Company's Annual General Meeting held Thursday, Chairman
David Jefferies said: "When we announced our results for the year
ended 31 December 2004, we reported that, in addition to an
outstanding result for the year, we had also made a strong start
to 2005 as a result of which our forward order book had moved
from GBP1.1 billion at the end of 2004 to GBP1.5 billion.

"This achievement was in no small part due to our success in
winning a number of major contracts in the water sector,
including work for Thames Water, Yorkshire Water and Welsh Water
in respect of their Asset Management Program requirements over
the next five to ten years.

"Since the yearend we have announced further success in the water
arena with a contract for the major part of Southern Water's
GBP1.5 billion five-year capital investment program.  I am also
pleased to tell you that we are very close to finalizing terms
with United Utilities in respect of their five-year water
framework contract.

"These contract wins, which together give Costain in excess of
20% of the U.K.'s AMP4 expenditure program over the next five
years, are of great significance to Costain in that they give the
Group sustainable earnings amounting to 50% of its forward order
book for the next five years.  To have an earnings stream of this
quality and duration is an extremely strong platform from which
to build on existing and new activity.

"We also enjoyed success elsewhere across the Group.  In
particular, I would highlight our joint venture with China
Harbour which is giving Costain access a significant proportion
of the global ports and harbors market where there is
considerable investment projected by the major port operators.
This has already borne fruit with our first contract award, at
the end of last year, for the Costa Azul Gas project in Mexico,
valued at US$170 million.  There is an opportunity to build on
this success and we are awaiting the result of a number of bids
submitted in the latter part of 2004.

"Another significant achievement was the return to profitability
in our Building division on the back of a near 60% increase in
turnover during the year.  A further sign of the division's
return to health is that, with in excess of GBP230 million of
work under negotiation as preferred contractor, we have already
secured over 60% of the 2005 forward order book.

"I am very pleased to report that this week the Company received
the prestigious 'Major Contractor of the Year' award at the
Building Magazine Awards.  The judges said: 'Costain has made
such magnificent bounds forward that the judges felt compelled to
give it this award. '

"It is through a constant focus on our plan for growth that we
have rebuilt and enhanced Costain's reputation both with existing
and new clients.  I am delighted to report that we are seeing a
high level of repeat business, which confirms the high regard in
which the Group is now held.

"What has been achieved over the last four years is the result of
the dedication, hard work and enthusiasm of everyone at Costain
and I thank them all on your behalf.  Stuart Doughty, as Chief
Executive, has been responsible for leading the Group through its
recovery and we have been extremely lucky to have had him at the
helm.  I am sure that everyone was delighted to hear of Stuart's
appointment as a Companion of the Order of St. Michael and St.
George (CMG) in the New Year Honors in recognition of his
services to international trade and investment.

"Under Stuart's leadership, a platform has been established from
which the Company can now move ahead into the next phase of its
development.  To lead Costain into that new phase, we were
delighted to announce this week that Andrew Wyllie, currently
Managing Director of Taylor Woodrow Construction Limited, will
take over as Chief Executive later this year.  We have worked in
joint venture with Taylor Woodrow over a number of years and know
Andrew well.  We are delighted he has agreed to join us.  He
shares our values and vision for the future.

"I would like to place on the record our debt and gratitude to
Stuart for the great contribution he has made over the last four
years and the role he has played in ensuring that Costain has a
secure future.

"Costain can be proud of its achievements over the last few
years.  With a restored pride, a strong brand and highly skilled
teams led by outstanding management, we are looking forward to
the future with confidence."

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


CREWEGATE LIMITED: Final Meeting Set June
-----------------------------------------
The final meeting of Crewegate Limited will meet on June 6, 2005
at 10:00 a.m.  It will be held at 66 Wigmore Street, London W1U
2HQ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged with
Numerica, 66 Wigmore Street, London W1U 2HQ not later than 12:00
noon, June 3, 2005.

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


DYNANT FACH: Meeting of Creditors Set Wednesday
-----------------------------------------------
The unsecured creditors of Dynant Fach Colliery Company Ltd. will
meet on May 4, 2005 at 10:30 a.m.  It will be held at RMT, 3
Portland Terrace, Jesmond, Tyne and Wear NE2 1QQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to RMT, 3 Portland Terrace, Jesmond, Tyne and Wear
NE2 1QQ not later than 12:00 noon, May 3, 2005.

CONTACT:  RMT
          3 Portland Terrace
          Jesmond
          Newcastle Upon Tyne
          Tyne And Wear NE2 1QQ
          Phone: 0191 281 8816
          Fax: 0191 281 0530
          E-mail: linda.farish@r-m-t.co.uk


EASTER & ARUN: Members Name Liquidator from Griffins
----------------------------------------------------
Name of companies:
Easter & Arun Limited
Easter & Arun (Oldbury) Limited
Easter Properties (Basingstoke) Limited
Easter Properties (Boldon) Limited
Easter Properties (Earlsway) Limited
Easter Properties (Enfield) Limited
Easter Properties (Normanton) Limited
Easter Properties (Peterlee) Limited
Easter Properties (South West) Limited

At the extraordinary general meeting of the members of these
companies on April 20, 2005 held at 4 Grosvenor Place, London
SW1X 7EG, the special, ordinary and extraordinary resolutions to
wind up the companies were passed.  Martin Freeman of Griffins
has been appointed liquidator of these companies.

CONTACT:  GRIFFINS
          Russell Square House
          10-12 Russell Square
          London WC1B 5EH
          Phone: 020 7307 8200
          Fax: 020 7307 8222
          E-mail: martin.freeman@griffins.net


EQUITABLE LIFE: E&Y Lawyer Tests Charles Thomson's Memory
---------------------------------------------------------
This time, it was Charles Thomson's memory that was grilled by
the counsel acting for six of Equitable Life's former directors.

According to the Herald, the insurer's chief executive admitted
Thursday he "could not recall" what he would have looked at when
pressed by Laurence Rabinowitz QC on his knowledge of the
documents in Equitable's GBP1.7 billion claim against the
directors.  The counsel repeatedly asked if he had read the
pleading before signing it as a statement of truth.

Mr. Thomson's confession prompted Mr. Rabinowitz to question the
chief executive's ability to examine details.

The chief executive, a trained actuary, replied: "I'm not sure I
am very good with detail.  I have a good overview, but I'm not
one of those people that could give you a stream of numbers for
example."

The lawyer also asked Mr. Thomson if he had studied law firm
Denton Hall's opinion noting that there was no case against the
directors, before calling in Herbert Smith, another legal firm.

"Is that the way you conduct yourself as a director?" Mr.
Rabinowitz asked, after Mr. Thomson confirmed he was acting on
the advice of others.

Mr. Thomson replied it was virtually "impossible" for him to
review the documents in detail, leaving the job to the "experts
whose advice (he) trusts."

Questioning the rationale behind the company's claim, Mr.
Rabinowitz proceeded to asking the chief executive if he was
aware that former director Peter Martin could not represent
himself in court because he could not afford the train.  The
lawyer noted most of these directors have limited assets.

Mr. Thomson answered: "I am now you mention it."

Equitable Life is claiming a total of GBP3.75 billion against
nine former non-executive directors, six former executives, and
accountancy firm Ernst & Young for negligence and breach of duty.

The insurer claims they did not inform the company of its need to
reserve a substantial amount in its accounts for three years from
1997-99 to cover some policyholders' income guarantees, which
made Equitable Life suffer huge losses.

"Jackals"

On Mr. Thomson's fourth day of evidence at the High Court in
London, former president John Sclater noted Equitable chairman
Vanni Treves had called policyholder groups "jackals" in their
talk on April 1, 2001.

The policyholders allegedly pushed the insurer to file the
lawsuit against former directors.

Mr. Sclater claims the chairman said he would, "have to look for
blame to satisfy the mob."

Equitable Members' Action Group secretary Paul Braithwaite said:
"Vanni has always treated us with nothing short of contempt."

He noted that at last May's annual meeting, the chairman called
the leadership of the 15,000-strong organization "vicious,
volatile, venomous, and vindictive."

He added the management referred to them as "untrustworthy and
unreliable."

The case continues.

CONTACT:  THE EQUITABLE LIFE ASSURANCE SOCIETY
          Walton Street
          Aylesbury
          Buckinghamshire HP21 7QW
          United Kingdom
          Phone: +44-870-901-0052
          Web site: http://www.equitable.co.uk


EXPRESSON BIOSYSTEMS: Liquidator Takes over Operations
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Expresson Biosystems Limited

Notice is hereby given that on April 19, 2005, I, David Forbes
Rutherford, Cowan & Partners CA, 60 Constitution Street, Leith,
Edinburgh EH6 6RR was appointed liquidator of Expresson
Biosystems Limited, which trades from Logan Building, Roslin
Biocentre, Midlothian, by resolution of a meeting of creditors,
pursuant to section 109 of the Insolvency Act 1986.

David Forbes Rutherford, Liquidator

CONTACT:  COWAN & PARTNERS
          60 Constitution Street
          Edinburgh EH6 6RR
          Phone: 0131 554 0724
          Fax: 0131 553 2267
          E-mail: mail@cowanandpartners.co.uk

          David Forbes Rutherford
          E-mail: david.rutherford@cowanandpartners.co.uk


G K LEE: Liquidator from Baker Tilly Moves in
---------------------------------------------
At the extraordinary general meeting of G K Lee Limited on April
11, 2005 held at Baker Tilly, 1 St James' Gate, Newcastle upon
Tyne NE1 4AD, the special resolutions to wind up the company were
passed.  Adrian David Allen of Baker Tilly, 2 Whitehall Quay,
Leeds LS1 4HG has been appointed liquidator of the company.

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


GORDON BEATTIE: Creditors Meeting Set Next Week
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Gordon J. Beattie Limited
                       (In Receivership)

Notice is hereby given pursuant to Section 67(2) of the
Insolvency Act 1986 that a meeting of the Creditors of the
above-named Company will be held at the offices of Haines Watts,
403 Holburn Street, Aberdeen AB10 7GS on May 9, 2005 at 11:00
a.m. for the purpose of having laid before it the Joint Receivers
' Report.  Pursuant to Section 68(1) of the said Act, the meeting
may, if it thinks fit, establish a Creditors' Committee to
exercise the functions conferred on Creditors' Committees by or
under the Act.

Creditors are entitled to attend in person or alternatively by
proxy.  A creditor may vote only if his claim has been submitted
to us and that claim has been accepted in whole or in part. A
resolution will be passed only if a majority of those voting in
person or by proxy vote in favor.  Proxies and claims must be
lodged with us at or before the meeting.

Ian W. Wright and John M. Hall, Joint Receivers

CONTACT:  HAINES WATTS (ABERDEEN INSOLVENCY)
          403 Holburn Street
          Aberdeen AB10 7GS
          Phone: 01224 252850
          Fax: 01224 595659
          Web site: http://www.hwca.com

          John Michael Hall
          E-mail: jhall@hwca.com

          Ian William Wright
          E-mail: iwright@hwca.com


KJC MOBILE: Hires Administrator from Till Morris Partnership
------------------------------------------------------------
Duncan Roderick Morris (IP No 8693) has been appointed
administrator for KJC Mobile Phones Limited.  The appointment was
made April 14, 2005.  The company retails mobile phone.

CONTACT:  THE TILL MORRIS PARTNERSHIP
          32 Brook Street
          Warwick
          Warwickshire CV34 4BL
          Phone: 01926 497 722
          Fax: 01926 497 733
          E-mail: duncan.morris@tillmorris.co.uk


LARRY'S LAMINATE: Falls into Receivership
-----------------------------------------
Budget flooring chain Larry's Laminate has closed all its shop
and went into receivership, according to Europe Intelligence
Wire.  Its finances are now under the management of insolvency
practitioners from Pollokshields-based Findlay Hamilton.
Customers who had paid for orders were told to pick up their
floorings until Thursday last week.

Larry's Laminate has branches near the Gallowgate, and in
Rutherglen, East Kilbride, Renfrew, the west end, Kilmarnock and
Ayr.  Its brand was previously popularized by a series of
television and radio advertisements featuring Scots comedian Andy
Cameron.

CONTACT:  LARRY'S LAMINATE
          Crown Street
          AYR, AYRSH IRE KA8 8AG
          Phone:  01292-269899


LOCAL GARAGES: In Administrative Receivership
---------------------------------------------
The Royal Bank of Scotland Plc appointed Charles MacMillan
(Office Holder No 6000) and Dermot Justin Power (Office Holder No
6006) joint administrative receivers for Local Garages (Leeds)
Limited (Reg No 01152670, Trade Classification: 19).  The
application was filed April 20, 2005.  The company sells motor
vehicles.

CONTACT:  BDO STOY HAYWARD LLP
          1 City Square
          Leeds
          West Yorkshire LS1 2DP
          Phone: 0113 244 3839
          Fax: 0113 204 1200

          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


MICHAEL TAUBE: Liquidator from Crawfords Moves in
-------------------------------------------------
At the meeting of Michael Taube Limited on April 20, 2005, the
special and ordinary resolutions to wind up the company were
passed.  David Norman Kaye of Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB has been appointed liquidator of the
company.

CONTACT:  CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford
          Manchester
          Greater Manchester M3 7DB
          Phone: 0161 828 1000
          Fax: 0161 832 1829
          E-mail: akachani@aol.com


MIDLAND AIRWAYS: Charter Airline Files for Administration
---------------------------------------------------------
Duncan Roderick Morris (IP No 8693) has been appointed
administrator for charter airline Midland Airways Plc.  The
appointment was made April 8, 2005

CONTACT:  THE TILL MORRIS PARTNERSHIP
          32 Brook Street
          Warwick
          Warwickshire CV34 4BL
          Phone: 01926 497 722
          Fax: 01926 497 733
          E-mail: duncan.morris@tillmorris.co.uk


NEWTOPCO LIMITED: Appoints Barber Harrison & Platt Liquidator
-------------------------------------------------------------
At the extraordinary general meeting of Newtopco Limited on Dec.
13, 2004 held at 2 Rutland Park, Sheffield S10 2PD, the special
resolutions to wind up the company were passed.  Graham Leslie
Stuart-Harris of Barber Harrison & Platt, 2 Rutland Park,
Sheffield S10 2PD has been appointed liquidator of the company.

CONTACT:  BARBER HARRISON & PLATT
          2 Rutland Park
          Sheffield
          South Yorkshire S10 2PD
          Phone: 0114 266 7171
          Fax: 0114 266 9846
          E-mail: philippab@bhp.co.uk


NOMAR LIMITED: Winding-up Report Out this Week
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Nomar Limited
                         (In Liquidation)

Notice is hereby given pursuant to section 94 of the Insolvency
Act 1986 that a Final Meeting of the Members of the above company
will be held at 33 Albyn Place, Aberdeen AB10 1YL on May 6, 2005
at 11:00 a.m. for the purpose of receiving the Liquidator's
account of the winding-up and hearing any explanations which may
be given by the liquidator.

A. I. Fraser, Liquidator

CONTACT:  TENON RECOVERY
          33 Albyn Place
          Aberdeen AB10 1YL
          Phone: 01224 584900
          Fax: 01224 584902
          E-mail: aberdeen@tenongroup.com
          Web site: http://www.tenongroup.com


PEARCE SIGNS: Administrators from Stoy Hayward Move in
------------------------------------------------------
Simon James Michaels and David Harry Gilbert (IP Nos 8824/01,
2376/01) have been appointed joint administrators for holding
company Pearce Signs Group Limited.  Its registered office is
located at April 13, 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


RAPTURE TV: Creditors Bring in Liquidator
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Rapture TV (Scotland) Limited

Notice is hereby given that on April 15, 2005, I, David Nimmo
McFarlane, Cowan & Partners CA, 60 Constitution Street, Leith,
Edinburgh EH6 6RR was appointed liquidator of Rapture TV
(Scotland) Limited, which trades from 43 Parkhead Loan, Edinburgh
EH11 4SJ, by resolution of a meeting of creditors, pursuant to
section 109 of the Insolvency Act 1986.

David Nimmo McFarlane, Liquidator

CONTACT:  COWAN & PARTNERS
          60 Constitution Street
          Edinburgh EH6 6RR
          Phone: 0131 554 0724
          Fax: 0131 553 2267
          E-mail: mail@cowanandpartners.co.uk

          David Nimmo McFarlane
          E-mail: david.mcfarlane@cowanandpartners.co.uk


SKYEPHARMA PLC: 2004 Net Loss Down 44% to GBP24.3 Million
---------------------------------------------------------
Highlights of SkyePharma PLC's preliminary results for the
year-ended December 31, 2004:

Operational

(a) Agreement with GlaxoSmithKline for Paxil CR(TM) provides a
    US$10 million cash payment and a higher royalty rate and
    ensures royalty income received even while Paxil CR(TM)
    remains off the market;

(b) Pulmonary package: Heads of Terms with major global pharma
    company for Flutiform(TM) include up to US$160 million in
    milestone payments and reimbursement of development costs,
    with double digit royalties. Agreement still subject to
    contract;

(c) Conditional U.K. marketing authorization for DepoDur(TM);

(d) DepoBupivacaine(TM) licensed to Mundipharma outside North
    America and Japan;

(e) New agreements with Critical Therapeutics for zileuton and
    First Horizon for fenofibrate; and

(f) Two products expected to be launched in 2005, four products
    to be filed for approval and four products to enter Phase
    III development.

Financial

(a) Turnover up by 17% to GBP62.2 million -- excludes GBP5.5
    million of milestones received during 2004 (2003: GBP53.2
    million);

(b) Royalty income increased by 39% to GBP26.0 million (2003:
    GBP18.7 million);

(c) Gross profit up 33% to GBP31.0 million (2003: GBP23.4
    million);

(d) Exceptional items of GBP3.0 million (2003: GBP9.5 million);

(e) Operating loss before exceptionals and amortization fell by
    59% to GBP9.7 million (2003: GBP23.4 million);

(f) Operating loss after exceptionals and amortization fell by
    48% to GBP20.7 million (2003: GBP39.5 million);

(g) Net loss fell by 44% to GBP24.3 million (2003: GBP43.2
    million);

(h) Loss per share 3.9p (2003: 7.1p); and

(i) End 2004 net cash GBP15.3 million (2003: GBP22.0 million).

Ian Gowrie-Smith, Non-executive Chairman, said: "A highly
beneficial new agreement with GlaxoSmithKline for Paxil CR(TM)
significant advances for both our marketed products and our
pipeline and important progress on the long-awaited pulmonary
deal are the keynotes of our performance.  We now have five key
products on the market generating royalty income for us, with two
more expected to be launched this year, and a well-stocked
pipeline of products in late-stage development.  Recent progress
on corporate agreements brings us several powerful new partners.
We face the future with confidence."

A copy of these results is available free of charge at
http://bankrupt.com/misc/SkyePharma(2004).pdf

CONTACT:  SKYEPHARMA PLC
          Ian Gowrie-Smith, Non-executive Chairman
          Michael Ashton, Chief Executive Officer
          Peter Laing, Director of Corporate Communications
      Phone: +44 207 491 1777

          Sandra Haughton, U.S. Investor Relations
          Phone: +1 212 753 5780

          BUCHANAN COMMUNICATIONS
          Phone: +44 207 466 5000
          Tim Anderson/Mark Court


TORGUIDE LIMITED: Calls in Liquidator from Hazlewoods
-----------------------------------------------------
At the extraordinary general meeting of Torguide Limited on April
19, 2005 held at 5 Centre Court, Halesowen, West Midlands B63
3EB, the special, ordinary and extraordinary resolutions to wind
up the company were passed.  Philip Gorman of Hazlewoods, Windsor
House, Barnett Way, Barnwood, Gloucestershire GL4 3RT has been
appointed liquidator of the company.

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


TURNER & NEWALL: Asset Sales Forthcoming, Report Says
-----------------------------------------------------
The administrator of Federal-Mogul's British unit, Turner &
Newall, has again threatened to sell assets to maximize cash to
be distributed to creditors.

According to The Deal, Kroll Inc. has long warned of "controlled
realization," but now "time is in."  It plans to begin the
process within a week if talks regarding the U.S. company's
restructuring plan, which will determine how much creditors will
get, do not progress.

The negotiations reached an impasse in December when
Federal-Mogul withdrew an offer to continue pensions for workers
at Turner & Newall.  The pensioners had earlier rejected another
settlement offer.  Parties are at disagreement regarding the
exact value of Turner & Newall's asbestos liability.  The
asbestos claimants' committee puts it at US$10.97 billion; Kroll
US$5.3 billion; and T&N trustee between US$2.1 billion and US$5.5
billion.  The final amount will also determine how much will
Turner & Newall's 40,000 retirees get from the asset sales.

A "controlled realization" in a British insolvency proceeding
indicates that the firm has switched from reorganization to
liquidation.  Under it, Kroll will sell assets over time to
maximize value, while Turner & Newall continues as a going
concern until the assets are sold.  It could potentially take
several years, as opposed to a bankruptcy protection in the U.S.
where a debtor could enter a relatively quick Section 363 sale.

Federal-Mogul, which went into Chapter 11 protection in 2001, has
since insisted that asset sales could devalue properties and
damage creditors' recovery.

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

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


UNITY-BRISTOL LIMITED: Creditors Meeting Set Next Week
------------------------------------------------------
The initial meeting of the creditors of Unity-Bristol Limited
will be on May 9, 2005 at 10:30 a.m.  It will be held at the
offices of BN Jackson Norton, 14 Orchard Street, Bristol BS1 5EH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BN Jackson Norton, 14 Orchard Street, Bristol BS1
5EH not later than 12:00 noon, May 6, 2005.

CONTACT:  BN JACKSON NORTON
          14 Orchard Street,
          Bristol BS1 5EH


WHITELEY INSURANCE: Appoints PwC Provisional Liquidators
--------------------------------------------------------
Daniel Schwarzmann and Nicholas Reed of PricewaterhouseCoopers
LLP have been appointed joint provisional liquidators of Whiteley
Insurance Consultants.

Whiteley Insurance Consultants, also trading as Kingfisher Travel
Insurance and Kingfisher Insurance Services, is based in Halifax,
West Yorkshire and operates as a firm of insurance
intermediaries.

The appointment was made on a petition presented to the Court by
the Financial Services Authority.  The petition was made based on
the FSA's powers to present a "public interest" petition.  The
appointment of Provisional Liquidators does not necessarily mean
that Whiteley Insurance Consultants is insolvent.

The FSA has statutory objectives under the Financial Services and
Markets Act 2000 to protect consumers and maintain market
confidence.  The FSA applied for the appointment of Provisional
Liquidators in this case because it was concerned that Whiteley
Insurance Consultants is selling policies not underwritten by an
authorized insurer, so putting members of the public at risk.

For customers with a policy issued by Whiteley Insurance
Consultants, Kingfisher Travel Insurance or Kingfisher Insurance
Services, these applies:

Travel Policies

(a) In respect of travel policies which refer to underwriting by
    "a panel of insurers," policyholders need to arrange
    alternative cover immediately;

(b) In respect of travel policies which state that ARISA
    Assurances S.A. are the underwriter, the provisional
    liquidators understand there is no insurance cover in place
    and policyholders need to make alternative insurance
    arrangements immediately;

(c) In respect of travel policies which refer to MMA Insurance
    Plc, policies or claims may be honored.  Policyholders are
    advised that they should immediately contact Jane Coppard at
    MMA on 0118 925 8736 to clarify the position in respect of
    their particular policy;

(d) In respect of travel policies which refer to Travel and
    Personal Underwriters or Gouda International or Ace European
    Group, policies or claims may be honored.  Policyholders are
    advised that they should immediately contact the helpline on
    08705 234803 who will work with TPU to try and clarify the
    position in respect of their particular policy as soon as
    possible;

(e) In respect of travel policies which refer to Royal Liver all
    claims will be honored.  Customers are advised that Royal
    Liver will contact policyholders shortly;

(f) In respect of travel policies which refer to Union
    Reiseversicherung AG or Travel Insurance Facilities
    policyholders are advised that they should contact Tricia
    Pearson at Travel Insurance Facilities on 01732 378103; and

(g) In respect of scheduled airline failure policies which refer
    to IGI Insurance Company Limited or Compass Underwriting
    Limited policyholders are advised that they should contact
    Pat Bird on 020 7613 0700.

Some customers will have purchased Whiteley Insurance Consultants
' insurance products through ABTA travel agents.  ABTA have
confirmed that as these will have been issued in good faith by
their members acting as agents for Whiteley Insurance
Consultants, they will not be in a position to refund premiums.

Other Insurances

Whiteley Insurance Consultants have also issued policies in
respect of various commercial, household and motor insurance.  At
present it is not thought that there is any issue with such
policies.

Daniel Schwarzmann, partner, PricewaterhouseCoopers said: "My
team and I are currently urgently investigating the position.
There are policyholders who may believe they have insurance cover
when in fact they do not.  If you are in any doubt as to whether
you have cover, and you are traveling in the near future, you are
advised to take out replacement insurance immediately."

The Financial Services Compensation Scheme (FSCS) provides
protection for customers of authorized financial services firms.
It can pay compensation if an authorized firm is unable, or
likely to be unable, to pay claims made against it.  The FSCS is
currently in talks with the Provisional Liquidators to establish
whether policyholders who are owed money will need the protection
of the FSCS.  Policyholders may be protected by FSCS for business
conducted on or after 14 January 2005.  FSCS protection is
unlikely to extend to travel insurance sold as part of a travel
package by a travel agent.  More information about FSCS is
available at http://www.fscs.org.uk.

CONTACT:  WHITELEY INSURANCE CONSULTANTS
          Caroline Feltham
          Advisory PR Senior Manager
          Phone: 020 7212 3097
          Mobile: 07841 783907

          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


WORCESTER LODGE: Members Decide to Wind up Firm
-----------------------------------------------
At the general meeting of the members of Worcester Lodge
Properties Limited, the special, extraordinary and ordinary
resolutions to wind up the company were passed.  John Paul
Bateman and Mark Jeremy Orton of KPMG LLP, 8 Princes Parade,
Liverpool L3 1QH have been appointed joint liquidators of the
company.

CONTACT:  KPMG LLP
          8 Princes Parade,
          Liverpool L3 1QH
          Phone: (0151) 473 5100
          Fax:   (0151) 473 5200
          Web site: http://www.kpmg.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
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Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
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Copyright 2005.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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