TCREUR_Public/050503.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Tuesday, May 3, 2005, Vol. 6, No. 86

                            Headlines

A U S T R I A

AUSTRIAN AIRLINES: 2004 Pre-tax Loss Balloons to EUR81 Million
RHI AG: EUR99.7 Million Profit an All-time High


C Z E C H   R E P U B L I C

FISCHER COMPANIES: Creditor Avenges Loss in Germany
PETROF HRADEC: Predicts Turnaround in 2005
TELESYSTEM INTERNATIONAL: To Vote on Clearwave Sale this Month


F I N L A N D

DYNEA INTERNATIONAL: Outlook Changed to Stable from Negative


F R A N C E

PAPETERIES DE MARESQUEL: U.S. Parent, Swedish Buyer End Talks


G E R M A N Y

ABE REGALSYSTEME: Creditors Claim Due this Month
A. WAHLE GMBH: Court to Verify Claims July
DAIMLERCHRYSLER AG: Smart Likely to Miss 2005 Sales Target
ESTEX WARENHANDELSGESELLSCHAFT: Declared Insolvent
FLASH LOGISTIK: Hannover Court Appoints Interim Administrator

GLAS FRICKE: Creditors Meeting Set Next Month
GPC BIOTECH: To Discuss 1st-qtr. Results Wednesday
HEIDENREICH BUHNENTECHNIK: Falls into Bankruptcy
KAMPS AG: Aims to Save EUR37 Million this Year
KARSTADTQUELLE AG: Allots EUR114 Million for Store Facelift

KRIEGER METALLBAU: Court Confirms Bankruptcy
ROPAK SIEGMANN: Proofs of Claim Due Today
SICANIA BAUAUSFUHRUNGEN: Under Bankruptcy Administration
TERRASA GRUNDSTUCKSVERWALTUNG: Declares Bankruptcy
VEREINS VERBAND: Administrator's Report Out June 30


G R E E C E

FANCO SA: Scraps 2004 Dividend


H U N G A R Y

AUCHAN MAGYARORSZAG: Court Refuses to Order Liquidation
NABI RT: Shareholders Re-elect Directors


I T A L Y

ALITALIA SPA: Puts off Rights Issue; Reason Unclear
CIRIO FINANZIARIA: Filipino Tycoon Confirms Bid Withdrawal


L U X E M B O U R G

THIEL LOGISTIK: Chief Executive Stepping down Next Month


N E T H E R L A N D S

GETRONICS N.V.: S&P Expects Cash flow Woes to Continue
VERSATEL TELECOM: To Discuss 1st-quarter Results Tomorrow


R U S S I A

APEKS: Creditors Have Until May 26 to File Claims
AUTO-TRANS: Under Bankruptcy Supervision
BREAD BASE: Declared Insolvent
CORPORATION EMV: Appoints P. Neznanov Insolvency Manager
EAR: Omsk Court Names V. Vinogradov Insolvency Manager

KHAK-RES-POTREB-SOYUZ: Applies for Bankruptcy Proceedings
KMB-BANK: Proposed Sale to Banca Intesa Prompts Ratings Review
KURBATOVSKOYE: Proofs of Claim Deadline Expires May 26
MOSHKOVSKOYE: Under Bankruptcy Supervision
POCHEP-SEL-KHOZ-KHIMIYA: Insolvency Manager Takes over Helm

TASEEVSKAYA INTER-REGIONAL: Declared Insolvent
YUKOS OIL: Menatep Suing Yuganskneftegaz to Recover Unpaid Loans
YUKOS OIL: Lithuanian Refinery Books US$261 Mln Profit


S W I T Z E R L A N D

SWISS INTERNATIONAL: Plans to Jack up Fuel Surcharge Anew


U K R A I N E

BANK NADRAL: Gets 'B-' Long-term Rating from Fitch
CHORNUHINSKE REPAIR: Liquidator Takes over Helm
DIMETRA: Bankruptcy Supervision Begins
KOMISHUVAHA' REPAIR: Under Bankruptcy Supervision
KRASNOGRADSKIJ KOVBASI: Court Opens Bankruptcy Proceedings

KRIMSKI AVTOMOBILI: Insolvency Manager Takes over Operations
MUSHKETOVSKIJ CONCRETE: Court Brings in Liquidator
PERVOMAJSKA REALBAZA: Declared Insolvent
PROMIN: Sumi Court Opens Bankruptcy Proceedings
PUBLISHING-INFORMATIONAL: Succumbs to Insolvency
VNESHTORGENERGO: Court Orders Debt Moratorium


U N I T E D   K I N G D O M

ACTIS LIMITED: Members Appoint Begbies Traynor Liquidator
AKITA LIMITED: Hires Haines Watts as Administrator
A. MEALOR: Members Decide to Wind up Firm
AMEY PLC: Wins GBP110 Mln Worth of Highways Service Contract
ARNOLD FASHIONS: Hires BBK Partnership as Liquidator

AURIGA LIGHTING: Administrator from F A Simms Moves in
AUTOMOTIVE PRODUCTS: Meeting of Creditors Set Next Week
BELCAR LIMITED: Members Hire Liquidator from Vantis Business
BREEZE HEALTH: Names Liquidator from Redman Nichols
BUCKLAND PLASTERING: Members Decide to Wind up Firm

CAPCLEAR LIMITED: Creditors to Meet Later this Month
COMPASS GROUP: Brushes Aside Reports of Asset Sales
CPC SURREY: Sets Final Meeting
C R RESOURCES: Liquidator from M. J. Ryan & Co. Moves in
D.C. ELECTRICAL: Members Pass Winding-up Resolution

DIATECH LIMITED: Members Final Meeting Set Later this Month
DODMANREAD LIMITED: Members General Meeting Later this Month
INFORMATION FOR MARKETING: Sets General Meeting Next Month
IRISH AMERICAN: Names Begbies Traynor Administrator
KERFONE COMMUNICATIONS: Appoints Grant Thornton Administrator

MARCONI CORPORATION: Govt Refused to Help, Says Report
MARKS & SPENCER: Chairman Likely to Retain Post
MISYS PLC: Sells Laboratory Technology for US$1.2 Million
NATIONWIDE MACHINE: Administrators from Leonard Curtis Move in
NEW PERCY: Creditors Meeting Next Week

POWERTRAIN LIMITED: Receiver Sends Home Hundreds of Workers
RAIL MAINTENANCE: Liquidator's Report Out June
RAMCO ENERGY: Negotiations with Potential Buyer Fail
RUDOLPH & HELLMANN: Calls in Administrators from Baker Tilly
SAN MARCO: Names Carter Backer Winter Administrator

THERMA INSULATION: Creditors Meeting Set June
THOMAS MURISON: Liquidator Calls Final Meeting
TYNE GANGWAY: Appoints Liquidators from Hawdon Bell & Co.
VEOS LIMITED: Calls in Administrators
WASTE CARE: Winding-up Report Out May 23
WATH GARDEN: Names Administrators from P&A Partnership
WESTLEY SECURITY: Members Pass Winding-up Resolution

* Large Companies with Insolvent Balance Sheets


                            *********


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


AUSTRIAN AIRLINES: 2004 Pre-tax Loss Balloons to EUR81 Million
--------------------------------------------------------------
         Quarterly Result of the Austrian Airlines Group
                     (January to March 2005)

The first quarter of 2005 featured weakness in the load factor,
overcapacity in the market and extremely high fuel costs (marked
by spikes of up to US$600 per ton).  These negative conditions
led to a situation whereby the passenger load factor on scheduled
services fell by 2.7 percentage points to 68.0% compared to the
same period the previous year.  Transport performance on
scheduled and charter services fell by 3.9% to 1.86 million
passengers carried.

Compared to last year, the adjusted EBIT fell from -EUR27.7
million to -EUR64.0 million.  The EBIT fell from -EUR40.7 million
to -EUR73.6 million.  Profit before tax was -EUR81.0 million,
compared to -EUR47.6 million the previous year (adjusted
figure -EUR74.5 million, following -EUR34.9 million in Q1 2004).

Vagn Soerensen, the Chief Executive Officer of the Austrian
Airlines Group, said of the quarterly result: "We reacted rapidly
to the fall in demand and reduced our planned growth.  Although
our marketing measures, which have included subsidizing transfer
charges, introducing the 'silverticket - upgrade to business' to
stabilize Business Class load factors and global sales offensives
have had a positive impact, it has proved impossible to
compensate entirely for external market factors.

"Consequently, as the situation stands at present, it will not be
possible to meet the demands of our annual forecast to date (to
improve on the adjusted EBIT for 2004 of EUR10 million).  As a
result of the existing framework conditions -- fuel prices and
overcapacity in particular -- we expect to see a negative
adjusted EBIT for the full year of 2005.

"We will continue to build upon our strategy of specialization as
the dominant player in the market for services to Central and
Eastern Europe with a dense network of long-haul connections to
Asia and Australia.  The successful future of the Austrian
Airlines Group lies in this niche market."

Financial Result for First Quarter 2005

Key Business Indicators Unit
                        Jan.-March/2005 Jan.-March/2004 +/- %
Revenue EURm                 462.5           471.0       -1.8
Operating revenue EURm       469.7           464.7        1.1
Operating expenses EURm     -543.3          -505.4       -7.5
EBITDAR EURm                  -5.0            16.3         -
EBITDAR adjusted[1] EURm       4.6            42.4      -89.2
EBIT EURm                    -73.6           -40.7      -80.8
EBIT adjusted[2] EURm        -64.0           -27.7         -
Profit before tax EURm       -81.0           -47.6      -70.2
Profit before tax adjusted[2]
  EURm                       -74.5           -34.9        -
Profit after tax EURm        -81.0           -47.6      -70.2
Profit after tax adjusted[3]
  EURm                       -74.5           -34.9        -
Cash flows from operating activities
  EURm                         9.1            61.0      -85.1 Net
loss for the period EURm -80.8           -47.9      -68.7
Financial result EURm         -7.4            -6.9       -7.2
Passengers carried
on scheduled and
charter services         1,863,639       1,940,271      -3.9
Passenger load factor
(scheduled services) %        68.0            70.7      -2.7 P.
Cargo Tons                   34,607          33,057       4.7

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Adjusted for profits/losses from the disposal of assets and
for exchange rate valuations at the reporting date

[2] Adjusted for profits from the disposal of assets, exchange
rate valuations at the reporting date and revaluations of
aircraft

[3] Adjusted for profits/losses from the disposal of assets,
exchange rate valuations at the reporting date, revaluations of
aircraft and changes in corporate tax rates.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

CONTACT:  AUSTRIAN AIRLINES AG AUA
          Fontanastrasse 1 Osterreich AT-1107 Wien
          Phone: +43 (0)5 1766
          Air Transport
          Web site: http://www.aua.com
          Johannes Davoras
          Johann Jurceka
          Phone: 051766-1231

          Investor Relations
          Dr. Prisca Havranek-Kosicek
          Phone: 051766 - 3642


RHI AG: EUR99.7 Million Profit an All-time High
-----------------------------------------------
The RHI AG supervisory board approved the firm's financial
statements for 2004 at its meeting on April 18, 2005.

The group's preliminary results, which were published on March
17, 2005, have thus been confirmed.  Since 2003, the consolidated
financial statements have been drawn up in accordance with
International Financial Reporting Standards (IFRS).

RHI improved its profit to EUR99.7 million in the financial year
2004 (2003: EUR77.5 million), an increase by 28.6%.  Profit
attributable to equity holders of RHI AG rose by 30.3% to EUR95.0
million (2003: EUR72.9 million).  RHI thus recorded a significant
increase in earnings for the third consecutive year after the
crisis in 2001.

In addition, the result 2004 was the best in the company's
history.  With the good results of 2004, RHI once again confirms
that the strategic steps taken after the company's crisis in 2001
were successful.  RHI Refractories and Heraklith have since
continuously improved their market position and increased their
operating earnings power for the third consecutive year.

This positive increase in earnings in the RHI Group is
essentially attributable to two effects: EBIT rose by 11.1% to
EUR135.6 million (2003: EUR122.0 million), and the EBIT margin,
at 10.5% in 2004 (2003: 9.9%), is a two-digit figure for the
first time.  Moreover, income taxes were reduced by 66.5% to
-EUR6.3 million (2003: -EUR18.8 million) in 2004 as a result of
optimum use of loss carryforwards.

The undiluted earnings per share improved by 26.9% to EUR4.63
(2003: EUR 3.65).  Diluted earnings per share, including all
potential shares from the RHI convertible bonds until the end of
2009, rose by 26.5% to EUR2.58 (2003: EUR2.04).  Tranche A of the
RHI convertible bond can be converted from January 1, 2007 to
December 31, 2009; the conversion period for tranche B started on
January 1, 2003 and runs until January 1, 2007.  RHI will propose
to the annual general meeting on May 19, 2005 to also allow the
extension of conversion of tranche B until December 31, 2009 as
was already indicated in the conditions of the convertible bond.

The earnings outlook for the RHI Group for 2005 is overall
positive, provided no unexpected recessionary or exchange rate
pressures occur.  RHI will fulfill its capital restructuring
objectives in the coming year and will continue to spur on the
group's positive development with targeted investments.

RHI reported revenue of EUR1,297.3 million in 2004 (2003:
EUR1,232.6 million), up 5.2%.  Revenue in the refractories core
business, under the RHI Refractories brand, rose 6.7% to
EUR1,102.6 million (2003: EUR1,033.6 million); adjusted for
currency effects the increase would have amounted to 8.6%.  RHI
Refractories recorded EBIT amounting to EUR123.2 million (2003:
EUR115.9 million); the EBIT margin, at 11.2%, remained constant.
RHI's insulating division, with the lead company Heraklith,
increased revenue by 8.7% to EUR181.5 million (2003: EUR166.9
million).  EBIT again rose significantly by 42.3% to EUR10.1
million (2003: EUR7.1 million); the EBIT margin amounted to 5.5%
(2003: 4.3%).  As the former Waterproofing activities were still
included in the annual revenue of 2003, revenue in the group rose
by a smaller proportion than in the individual divisions in 2004
due to changes in consolidation.

A full copy of these results is available free of charge at
http://bankrupt.com/misc/Rhi2004.pdf

CONTACT:  RHI AG
          Wienerbergstrasse 11
          A-1100 Vienna, Austria
          Phone: +43 (0) 50 213-0
          Fax: +43 (0) 50 213-6213
          E-mail: rhi@rhi-ag.com
          Web site: http://www.rhi-ag.com


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


FISCHER COMPANIES: Creditor Avenges Loss in Germany
---------------------------------------------------
Former Senator Vaclav Fischer, who was able to shield his assets
in Germany from creditors, was not as lucky in his home turf.

One of Karel Komarek's companies, which failed to get a distraint
order on Mr. Fischer's assets in Germany, successfully asked the
municipal court in Prague to appoint an interim administrator
over his Czech companies.

According to Komarek spokesperson Marie Schorchtova, who talked
to Czech Happenings, the administrator was appointed on April 26.
She said Mr. Fischer's attempt to get rid of assets -- recently
by transferring his majority stake in MCF to a partner --
prompted the filing of the petition.

Mr. Fischer, who learned of the Prague ruling from the press,
said the bankruptcy declaration violates E.U. laws, which he did
not specify.  He lamented the fact that the ruling came only
after the German court had kept Komarek from enforcing its CZK400
million claim.

The race by both parties to out-maneuver the other is a sour
ending to a close association forged only two years earlier.
Komarek saved Mr. Fischer from financial ruin by acquiring his
majority stake in travel agency CK Fischer.  At the time, he was
facing distraint petitions from Komercni banka, Czech Airports
Authority, and Czech Airlines, which brought millions of crowns
in claims against the senator.

CONTACT:  CESTOVNI KANCELAR FISCHER a.s.
          Milesovska 5, 130 00 Praha 3
          Phone: 221 636 363
          E-mail: info@fischer.cz
          Web site: http://www.fischer.cz


PETROF HRADEC: Predicts Turnaround in 2005
------------------------------------------
Europe's largest piano producer, Petrof Hradec Kralove, expects
to return to black in 2005 after consecutive losses in recent
years.

Majority Owner Zuzana Ceralova-Petrofova told Czech Happenings
Petrof Hradec may report profit of CZK52 million this year.  The
company recently won contracts worth about CZK400 million -- one
from the musical instrument trade fair in Frankfurt in Maim,
Germany; the other in Anaheim, U.S.A.

"The current balance of signed contracts allows us to assume this
year's sales will be roughly the same as last year's," she said.

In 2004, Petrof's sales reached a preliminary figure of CZK730
million, but losses amounted to CZK77 million, prompting the firm
to close two plants and dismiss 300 employees, or about one-third
of its workforce.  In 2003, Petrof Hradec's losses reached CZK44
million.

CONTACT:  PETROF HRADEC
          Petrof, Brenska 207
          Hradec Kralove / Tsjechie
          Phone: +420 -49 5712 409
          Fax: +420 -49 614 593
          E-mails: sramkova@petrof.cz
                   sales@petrof.cz


TELESYSTEM INTERNATIONAL: To Vote on Clearwave Sale this Month
--------------------------------------------------------------
Telesystem International Wireless Inc. obtained an interim court
order authorizing it to hold a Special Meeting of shareholders on
May 19, 2005 to approve a Plan of Arrangement.  The record date
for the Special Meeting is April 18, 2005.

As announced on March 15, 2005, the Company is seeking approval
for a Plan of Arrangement for the sale of its indirect interest
in ClearWave N.V. to Vodafone International Holdings B.V. for
approximately US$3.5 billion (subject to adjustments) and the
assumption of net debt of approximately US$950 million (as at
December 31, 2004).  After execution of the sale, the Company
will proceed with a court-supervised plan for the distribution of
the net proceeds from the sale along with other net cash held to
TIW' shareholders.

Pursuant to the Interim Order, the Arrangement must be approved
by at least two-thirds of the votes cast by the shareholders,
present or voting by proxy, at the Special Meeting.  Each
shareholder will be entitled to one vote per Common Share held
for the purpose of voting upon the Arrangement.

The formal notice of special meeting and the information circular
of TIW contain a detailed description of the proposed Arrangement
and outline the actions to be taken at the special meeting of
shareholders.  These materials will be available shortly at
http://www.tiw.ca,http://www.sedar.comor http://www.sec.gov.

About TIW

TIW is a leading provider of wireless voice, data and short
messaging services in Central and Eastern Europe with over 6.7
million subscribers as at December 31, 2004.  TIW operates in
Romania through MobiFon S.A. under the brand name Connex and in
the Czech Republic through Oskar Mobil a.s. under the brand name
Oskar.  TIW's shares are listed on NASDAQ (TIWI) and on the
Toronto Stock Exchange (TIW).

CONTACT:  TELESYSTEM INTERNATIONAL WIRELESS INC.
          Regarding the subject matter of the circular:
          Jacques Lacroix
          Phone: (514) 673-8466
          E-mail: jlacroix@tiw.ca

          For information on how to vote:
          Transfer Agent
          Computershare Trust Company of Canada
          Phone: 1-800-564-6253


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


DYNEA INTERNATIONAL: Outlook Changed to Stable from Negative
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Finland-based formaldehyde-based resins manufacturer Dynea
International Oyj to stable from negative.  At the same time, the
'B-' long-term corporate credit and 'CCC' senior unsecured debt
ratings were affirmed.

"The outlook revision reflects recent liquidity-enhancing
measures that make potential short-term liquidity problems
unlikely for Dynea," said Standard & Poor's credit analyst Khaled
Zitouni.  "These measures include renegotiated new covenants and
EUR11 million of savings on EUR46 million of interest owed, and
favorable market conditions are a further positive factor."

Standard & Poor's expects that potential liquidity issues will
not materialize in the short-term.  Dynea has successfully
renegotiated new covenants for 2005 and 2006 with its banks,
providing 15% or more leeway, based on the new and bank-approved
2005-2006 group business plan.

Furthermore, Standard & Poor's understands that the group will
not pay any interest on about 35% of its EUR250 million notes due
August 2010 (which are owned by its parent company Dynea Oyj) in
2005 and 2006, which amounts to a saving of EUR11 million on
total interest of about EUR46 million.

"Nevertheless, Standard & Poor's notes that Dynea's financial
profile and deleveraging potential are very likely to remain thin
in the coming quarters," added Mr. Zitouni.

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


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


PAPETERIES DE MARESQUEL: U.S. Parent, Swedish Buyer End Talks
-------------------------------------------------------------
Talks over the sale of losing paper maker Papeteries de Maresquel
have failed, Les Echos says.

International Paper, the company's U.S. parent, decided to end
negotiations with Swedish group Klippan due to the latter's
failure to assure the future of the subsidiary.  It is now caught
between three options: sell the unit to another buyer, assume its
maintenance, or close it altogether.  International Paper hopes
to avoid the last option as much as possible.

Papeteries de Maresquel is expected to post another full-year
loss this year, its third since 2003.  This consecutive losses is
the main reason the U.S. parent decided to put it on sale.
International Paper opened talks with Klippan in January.

CONTACT:  INTERNATIONAL PAPER
          Global Headquarters
          400 Atlantic Street
          Stamford, CT 06921
          Phone: 203-541-8000
          Web site: http://www.internationalpaper.com

          INTERNATIONAL PAPER S.A. - MARESQUEL MILL
          Place des Tilleuls
          Maresquel, 62990
          Phone: +33 (0)3 21 06 7511
          Fax: +33 (0)3 21 86 4194


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


ABE REGALSYSTEME: Creditors Claim Due this Month
------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against ABE Regalsysteme Gmb on April 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 24, 2005 to register their
claims with court-appointed provisional administrator Horst
Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting on June 14, 2005, 8:45 a.m. at the district court of
Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 4.
OG. Altbau, A 409, 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:  ABE REGALSYSTEME GMBH
          Daimlerstr. 6, 41564 Kaarst
          Contact:
          Udo Elster, Manager

          Horst Piepenburg, Administrator
          Heinrich Heine Allee 20, 40213 Dusseldorf


A. WAHLE GMBH: Court to Verify Claims July
------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against A. Wahle 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. Dirk Andres.

Creditors and other interested parties are encouraged to attend
the meeting on July 13, 2005, 8:30 a.m. at the district court of
Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  A. WAHLE GMBH
          Ermlandstrasse 31, 44789 Bochum
          Contact:
          Frank Didzoleit, Manager

          Dr. Dirk Andres, Administrator
          Viktoriastrasse 10, 44787 Bochum
          Phone: 4145023


DAIMLERCHRYSLER AG: Smart Likely to Miss 2005 Sales Target
----------------------------------------------------------
DaimlerChrysler's Smart business could miss its annual sales goal
of 80,000 units, with only 14,500 Smart Fourfour models sold in
the first quarter, said the Interactive Investor Sunday.

The venture, which loses EUR4,000 for each car sold, is expected
to lose another EUR400 million this year as part of its ongoing
reorganization.  It had already cost DaimlerChrysler EUR512
million.

Smart's poor performance was blamed Friday for the 30% decrease
in DaimlerChrysler's first quarter earnings.  The parent company
posted earnings of only EUR288 million, while it registered
operating losses of EUR945 million.  Income has fallen 2% to
US$31.7 billion.

Chief Financial Officer Bodo Uebber admitted the first quarter
was "a tough environment" for car manufacturers with intense
competition coming from Japanese producers.  He noted Detroit
rivals General Motors and Ford also suffered declining sales,
posting losses of US$1.1 billion and a 38% drop on first-quarter
earnings, respectively.

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


ESTEX WARENHANDELSGESELLSCHAFT: Declared Insolvent
--------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against ESTEX Warenhandelsgesellschaft mbH on April 6.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 20, 2005 to
register their claims with court-appointed provisional
administrator Manuel Sack.

Creditors and other interested parties are encouraged to attend
the meeting on June 21, 2005, 8:50 a.m. at Saal 226, 2.
Obergeschoss, Amtsgericht Hannover, Dienstgebaude Hamburger Allee
26, 30161 Hannover at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ESTEX WARENHANDELSGESELLSCHAFT MBH
          Calenberger Esplanade 4, 30169 Hannover
          Contact:
          Jurgen Esters, Manager
          Krefelder Str. 46, 47918 Tonisvorst

          Manuel Sack, Administrator
          Theaterstr. 3, 30159 Hannover
          Phone: 0511/36602-0
          Fax: 0511/36602-55


FLASH LOGISTIK: Hannover Court Appoints Interim Administrator
-------------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Flash Logistik GmbH & Co. KG on April 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until June 1, 2005 to
register their claims with court-appointed provisional
administrator Udo Muller.

Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 9:00 a.m. at Saal 226, 2.
Obergeschoss, Amtsgericht Hannover, Dienstgebaude Hamburger Allee
26, 30161 Hannover at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  FLASH LOGISTIK GMBH & CO. KG
          Dornierstr. 5, 30179 Hannover

          FFS BETEILIGUNGS GMBH
          Hannover
          Contact:
          Felix Kohler, Manager

          Udo Muller, Georgstr. 50, 30159 Hannover
          Phone: 0511/36698-0
          Fax: 0511/36698-33


GLAS FRICKE: Creditors Meeting Set Next Month
---------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Glas Fricke GmbH on April 11.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 25, 2005 to register their claims with
court-appointed provisional administrator Dr. Norbert Westhoff.

Creditors and other interested parties are encouraged to attend
the meeting on June 15, 2005, 10:15 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  GLAS FRICKE GMBH
          Mittelweg 56, 32051 Herford
          Contact:
          Reiner Scheuermann, Manager
          Ulmenweg 23, 32609 Hullhorst

          Dr. Norbert Westhoff, Administrator
          Adenauerplatz 4, 33602 Bielefeld


GPC BIOTECH: To Discuss 1st-qtr. Results Wednesday
--------------------------------------------------
GPC Biotech AG will hold a conference call on May 4, 2005 to
discuss its financial results for the first quarter of 2005 and
provide an update on the Company's business.  The results will be
published on May 4 in advance of the conference call.

Participants may listen via live Web cast, accessible through
http://www.gpc-biotech.comor via telephone.  A replay will be
available via the Web site following the live event.  The call,
which will be conducted in English, will be held on May 4 at
14:30 CET/8:30 AM EDT.

The dial-in numbers for the call are:

European participants: 0049 (0)69 22222 0408
U.S. participants: 1-866-239-0750 (toll-free)

GPC Biotech AG (Frankfurt Stock Exchange: GPC; TecDAX index;
NASDAQ: GPCB) is a biopharmaceutical company discovering and
developing new anticancer drugs.  The Company's lead product
candidate -- satraplatin -- is currently in a Phase 3
registrational trial as a second-line chemotherapy treatment in
hormone-refractory prostate cancer following successful
completion of a Special Protocol Assessment by the U.S. FDA and
receipt of a Scientific Advice letter from the European central
regulatory authority, EMEA.  The FDA has also granted fast track
designation to satraplatin for this indication.

Satraplatin was in-licensed from Spectrum Pharmaceuticals, Inc.
Other anticancer programs include: a monoclonal antibody with a
novel mechanism-of-action against a variety of lymphoid tumors,
currently in Phase 1 clinical development, and a small molecule
broad-spectrum cell cycle inhibitor, currently in pre-clinical
development.

The Company is leveraging its drug discovery technologies to
elucidate the mechanisms-of-action of drug candidates and to
support the growth of its drug pipeline.  GPC Biotech also has a
multi-year alliance with ALTANA Pharma AG working with the ALTANA
Research Institute in the U.S., which provides GPC Biotech with
revenues through mid-2007.  GPC Biotech AG is headquartered in
Martinsried/Munich (Germany).  The Company's wholly owned U.S.
subsidiary has research and development sites in Waltham,
Massachusetts and Princeton, New Jersey.  For additional
information, visit http://www.gpc-biotech.com.

                            *   *   *

GPC Biotech said that in 2004 its general and administrative
(G&A) expenses increased 14% to EUR13.2 million compared to
EUR11.5 million in 2003.  Non-cash charges for stock options and
convertible bonds, which are included in R&D and G&A expenses,
were EUR3.5 million in 2004 compared to EUR2.5 million in 2003.
Net loss increased 49% to EUR39.9 million in 2004 compared to
EUR26.8 million in 2003.  Basic and diluted loss per share was
EUR1.60 in 2004 compared to -EUR1.29 in 2003.

CONTACT:  GPC BIOTECH AG
          Fraunhoferstr.  20
          82152 Martinsried/Munich, Germany
          Phone: +49 (0)89 8565-2600/-2610
          Fax: +49 (0)89 8565-2600/-2610
          E-mail: info@gpc-biotech.com
          Web site: http://www.gpc-biotech.com

          Martin Braendle, Senior Manager
          Investor Relations & Corporate Communications
          Phone: +49 (0)89 8565-2600/-2610 (ext.  2693)
          E-mail: martin.braendle@gpc-biotech.com

          U.S.
          Laurie Doyle, Associate Director
          Investor Relations & Corporate Communications
          Phone: +1 781 890 9007 (ext.  267)
          Fax: +1 781 890 9005
          Web site: laurie.doyle@gpc-biotech.com


HEIDENREICH BUHNENTECHNIK: Falls into Bankruptcy
------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Heidenreich Buhnentechnik & Kinopodestierung GbR on March
31.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until May 13,
2005 to register their claims with court-appointed provisional
administrator Thomas Heilmann.

Creditors and other interested parties are encouraged to attend
the meeting on June 14, 2005, 10:45 a.m. at the district court of
Chemnitz, Saal 24, im Gerichtsgebaude Furstenstrasse 21, in
Chemnitz, 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:  HEIDENREICH BUHNENTECHNIK & KINOPODESTIERUNG GBR
          Contact:
          Klaudia Heidenreich, Manager
          Inge Nielsen, Manager
          An den Hofwiesen 4, 09235 Burkhardtsdorf

          Thomas Heilmann, Administrator
          Barbarossastrasse 2, 09112 Chemnitz
          Web site: http://www.Heilmann.LI


KAMPS AG: Aims to Save EUR37 Million this Year
----------------------------------------------
New management has set Kamps AG, the leading European bakery
goods producer, on a cost-cutting and financial consolidation
course to achieve a turnaround by 2007.

In September 2004, Kamps initiated a comprehensive program,
implementing a new, centralized corporate structure as the first
step.  Restructuring the production network to form an integrated
supply chain, a key element to bring costs down, has already
passed initial milestones: Four plant closures planned for 2005
are on schedule, a central purchasing organization is operative
and the logistics system is being optimized.  Management expects
to achieve targets for cost reduction in 2005 set at EUR37
million.

Kamps has also increased investment to EUR75 million to fund the
new production site in Ludersdorf (2003: EUR55 million).  The
plant is an important element of the new supply chain concept and
will be dedicated to Golden Toast and bake-off products.

Management expects unchanged sales revenues of EUR1,400 million
in 2005 and an increase in EBITDA to EUR127 million as effects of
the cost reduction program take hold.

Kamps CEO Nicos Sophocleous: "A new course is set, we are
implementing our strategic agenda.  Integration of the supply
chain is progressing and initial results add to our confidence
that cost reduction targets for 2005 will be met."

Kamps will also retire a bond issued in 2000 to finance
acquisitions.  As the company has been focusing on its domestic
market since 2003, the remaining international businesses in The
Netherlands will be sold to shareholders to fund financial
consolidation.

Final results for 2004 were in line with management's
expectations.  Following the disposal of subsidiaries, net sales
revenues for the group were EUR1,404 million (2003: EUR1,489
million), EBITDA was EUR102 million (2003: EUR127 million).

CONTACT:  KAMPS AG
          Press Office
          Christina Stylianou
          Phone: +49-211-530634-435
          Fax: +49-211-520276-435
          E-mail: pressestelle@kamps.de


KARSTADTQUELLE AG: Allots EUR114 Million for Store Facelift
-----------------------------------------------------------
Troubled retail giant KarstadtQuelle has allocated around EUR114
million to restructure 89 of its department stores, Die Welt
says.

KarstadtQuelle's department store will focus more on fashion,
leisure, perfumes and media.  The group is very optimistic of its
performance in large cities, where its stores posted an annual
growth of 4%.  The mail order and department store group is
currently undergoing massive restructuring, which includes cost
cuts and sell-offs.  As outlined in its reorganization plan,
KarstadtQuelle will sell this year 77 smaller department stores,
which contribute only 8% of the group's turnover.

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


KRIEGER METALLBAU: Court Confirms Bankruptcy
--------------------------------------------
The district court of Idar-Oberstein opened bankruptcy
proceedings against Krieger Metallbau GmbH on April 7.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 8, 2005 to
register their claims with court-appointed provisional
administrator Ulrich H. Laub.

Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 3:10 p.m. at Saal 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:  KRIEGER METALLBAU GMBH
          Ringstrasse 7, 55758 Mackenrodt
          Contact:
          Carmen Krieger

          Ulrich H. Laub, Administrator
          Hauptstrasse 161, 55743 Idar-Oberstein


ROPAK SIEGMANN: Proofs of Claim Due Today
-----------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against ROPAK Siegmann GmbH on April 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 3, 2005 to register their
claims with court-appointed provisional administrator Dr.
Alexander Hopfner.

Creditors and other interested parties are encouraged to attend
the meeting on June 7, 2005, 10:00 a.m. at the district court of
Darmstadt, Zimmer 4, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, 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 at the same venue.

CONTACT:  ROPAK SIEGMANN GMBH
          Oberfeldstr. 1a, 64579 Gernsheim
          Contact:
          Friedrich August Siegmann Kissel, Manager

          Dr. Alexander Hopfner, Administrator
          Darmstadter Str. 43, 64646 Heppenheim
          Phone: 06252/6739988
          Fax: 06252/6739989


SICANIA BAUAUSFUHRUNGEN: Under Bankruptcy Administration
--------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against SICANIA Bauausfuhrungen GmbH on April 6.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 5, 2005 to
register their claims with court-appointed provisional
administrator Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting on May 18, 2005, 9:25 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report August 31, 2005,
9:30 a.m. at the same venue.

CONTACT:  SICANIA BAUAUSFUHRUNGEN GMBH
          Silbersteinstr. 35,12051 Berlin

          Dr. Petra Hilgers, Administrator
          Goethestr. 85, 10623 Berlin


TERRASA GRUNDSTUCKSVERWALTUNG: Declares Bankruptcy
--------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Terrasa Grundstucksverwaltung 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 Udo Muller.

Creditors and other interested parties are encouraged to attend
the meeting on June 16, 2005, 9:20 a.m. at Saal D,
Insolvenzabteilung, 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:  TERRASA GRUNDSTUCKSVERWALTUNG GMBH
          Am Glusig 2, 39365 Harbke
          Contact:
          Dr. Bernhard Neumann, Manager
          Chardstr. 3, 38350 Helmstedt

          Udo Muller, Administrator
          Editharing 31, 39108 Magdeburg
          Phone: 0391/5066030
          Fax: 0391/5066033


VEREINS VERBAND: Administrator's Report Out June 30
---------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Vereins Verband der Deutschen Tuch- und Kleiderstoffindustrie
e.V., on April 13.  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 Hans-Gerd Jauch.

Creditors and other interested parties are encouraged to attend
the meeting on June 30, 2005, 10:30 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1. Etage,
Saal 142 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:  VEREINS VERBAND DER DEUTSCHEN TUCH- UND
          KLEIDERSTOFFINDUSTRIE E.V.
          An Lyskirchen 14, 50676 Koln
          Contact:
          Thomas Rasch c/o German Fashion e.V.

          Hans-Gerd Jauch, Administrator
          Sachsenring 81, 50677 Koln
          Phone: 0221/33660130
          Fax: +492213366085


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


FANCO SA: Scraps 2004 Dividend
------------------------------
The Annual Ordinary General Meeting of FANCO S.A. on April 21
approved unanimously these items of the Daily Agenda:

(a) The Board of Directors and Chartered Auditors' reports for
    transactions carried out during the fiscal year 2004
    (Jan. 1, 2004-Dec. 31, 2004) as well as the Balance Sheet
    dated Dec. 31, 2004, the Profit-and-Loss Account, the Annex,
    the P & L Appropriation Account and cash-flow statements, on
    corporate and consolidated basis;

(b) Also, due to the lack of profits, the OGM decided not to
    distribute a dividend for the fiscal year 2004;

(c) The appointment of the auditing firm SOL S.A. to carry out
    the audit for the fiscal year 2005 (Jan. 1, 2005-Dec. 31,
    2005);

(d) The compensations and remunerations of the Board of
    Directors Members;

(e) The election of Mr. Charalambos Vatistas and Mr. Vassilios
    Sarsentis in the place of the resigning member Mr. Thomas
    Lanaras; and

(f) The permission to Board of Directors Members, according to
    Article 23, par.1 of Codified Law 2190/1920, to participate
    in the Board of Directors or the management of subsidiary
    companies or other companies with similar business purposes.

                            *   *   *

Early in March, Fanco S.A. reported losses of EUR15 million for
2004 as turnover dived to EUR48.5 million.  Last year's loss was
EUR8.2 million on turnover of EUR92.4 million, according to
Troubled Company Reporter-Europe on March 4.

Fanco's parent, Klonatex, doubled its losses to EUR13.9 million
from EUR6.6 million in 2003.  Turnover dropped to EUR43.6 million
from EUR49.3 million.  Last year, Fanco closed Naoussa Spinning
Mills S.A., its factory in Macedonia, due to continued losses.
The Klonatex group also operates Rodopis Spinning Mills.

CONTACT:  FANCO S.A.
          Kifissou & Constantinoupoleos 1, 121-32 Peristeri
          Athens
          Phone: +30-210-5708185
          Fax: +30-210-5708200
          Web site: http://www.fanco.gr


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


AUCHAN MAGYARORSZAG: Court Refuses to Order Liquidation
-------------------------------------------------------
The Economical Board of Budapest City Law Court has denied the
petition seeking the liquidation of supermarket group Auchan
Magyarorszag Kft, Figyelo says.

The court accordingly took note of the fact that the retailer is
one of the biggest employers in the region; hence, its closure
will leave thousands jobless.  Five creditors, which include
Debreceni Hus Rt. and Immobilia 1904 Vagyonkezelo Rt., claim
Auchan has failed to pay its liabilities.  Auchan owes the
creditors HUF28 million and HUF106 million respectively.

CONTACT:  AUCHAN MAGYARORSZAG
          Sport Utca. 2-4
          2040 Budaors
          Fax: + 36 23 416 929
          Web site: http://www.auchan.hu

          IMMOBILIA 1904 VAGYONKEZELO RT.
          Gyor, Vagohid Utca 7.
          Phone: (96)503-600
          Fax: (96)503-605
          E-mail: ringa@gyor.ringa.fnet.hu

          DEBRECENI HUS RT.
          Vagohid u.9.
          4030 Debrecen
          Phone: 52/507-700
          Web site: http://www.debrecenihusrt.hu


NABI RT: Shareholders Re-elect Directors
----------------------------------------
Shareholders owning 54.54% of NABI Bus Industries Rt. stocks
adopted these resolutions at an AGM Friday:

(a) Resolution of the AGM No. 1/2005. (IV.29.)

    "The AGM approved unanimously to amend Sections 15.1 and
    18.1 of the Articles of Association as:

    15.1. The Board of Directors shall consist of 5 to 7
          members, at least one of whom shall be designated as
          an Independent Director, who shall qualify as such
          under Section 15.2 below.  Members of the Board of
          Directors are elected by the General Meeting for a
          term not to exceed three years.  When electing the
          Board of Directors members the General Meeting shall
          name the person(s) who will act as Independent
          Director(s).  Members of the Board of Directors may be
          re-elected following expiry of their term.  The term
          of a member of the Board of Directors who was
          appointed by an interim election shall cease upon the
          expiry of the term of the other Board of Directors
          members.

    18.1. The Supervisory Board shall consist of 3 - 7 members,
          who shall be elected by the General Meeting (except
          for the employee delegated member) for a term not to
          exceed three years.  The term of a member of the
          Supervisory Board elected as a member of the
          Supervisory Board through an interim election shall be
          extended to the date of expiry of the term of the
          members of the Supervisory Board.

(b) Resolution of the AGM No. 2/2005. (IV.29.)

    "The AGM approved unanimously to re-elect Mr. Martin Michael
    Adams to his current position as member of the Board of
    Directors from 1 May 2005 to 31 May 2005."

(c) Resolution of the AGM No. 3/2005. (IV.29.)

    "The AGM approved with 2,511,010 votes for and with 11,500
    abstentions to re-elect Mr. Andras Racz to his current
    position as member of the Board of Directors from 1 May 2005
    to 31 May 2005."

(d) Resolution of the AGM No. 4/2005. (IV.29.)

    "The AGM approved unanimously to re-elect Mr. Gijsbert Karel
    van der Mandele to his current position as member of the
    Board of Directors from 1 May 2005 to 31 May 2005."

(e) Resolution of the AGM No. 5/2005. (IV.29.)

    "The AGM approved unanimously to re-elect Mr. Tamas Felsen
    to his current position as member of the Board of Directors
    from 1 May 2005 to 31 May 2005."

(f) Resolution of the AGM No. 6/2005. (IV.29.)

    "The AGM approved unanimously to re-elect Mr. Mark
    Pejacsevich to his current position as member of the Board
    of Directors from 1 May 2005 to 31 May 2005."

(g) Resolution of the AGM No. 7/2005. (IV.29.)

    "The AGM approved unanimously to re-elect Mr. Russell
    Richardson to his current position as member of the Board of
    Directors from 1 May 2005 to 31 May 2005."

(h) Resolution of the AGM No. 8/2005. (IV.29.)

    "The AGM approved unanimously that the indemnities granted
    to the members of the Board of Directors pursuant to
    Resolutions 13/2004 (27. 04.) and 14/2004 (27. 04.) of the
    General Meeting shall survive the re-election of the Board
    of Directors pursuant to resolutions 2-7/2005 (29. 04.) and
    shall continue to apply for the extended term of their
    appointments."

(i) Resolution of the AGM No. 9/2005. (IV.29.)

    "The AGM approved unanimously to re-elect Lajos Kenyeres to
    his current position as member of the Supervisory Board from
    1 May 2005 to 31 May 2005."

(j) Resolution of the AGM No. 10/2005. (IV.29.)

    "The AGM approved unanimously to re-elect Laszlo Blaga to
    his current position as member of the Supervisory Board from
    1 May 2005 to 31 May 2005."

(k) Resolution of the AGM No. 11/2005. (IV.29.)

    "The AGM approved unanimously to re-elect Janos Kalman to
    his current position as member of the Supervisory Board from
    1 May 2005 to 31 May 2005."

(l) Resolution of the AGM No. 12/2005. (IV.29.)

    "The AGM approved unanimously to re-elect Charles A. Huebner
    to his current position as member of the Supervisory Board
    from 1 May 2005 to 31 May 2005."

(m) Resolution of the AGM No. 13/2005. (IV.29.)

    "The AGM approved unanimously to elect Istvan Lauf,
    nominated by the Workers' Council, as member of the
    Supervisory Board from 1 May 2005 to 31 May 2005."

(n) Resolution of the AGM No. 14/2005. (IV.29.)

    "The AGM approved unanimously the proposal on the suspension
    of the General Meeting.  The date and time for the continued
    General Meeting is May 27, 2005, 10 a.m.  The place of the
    continued General Meeting is Hotel Novotel Budapest Centrum,
    Palace Room, 1088 Budapest, Rakoczi ut 43-45."

Those shareholders have the right to attend and vote at the
continued General Meeting, who qualify as owners of NABI Rt.'s
shares on the effective day of the process for verifying the
shareholders and their holdings that takes place before the
continued General Meeting, and who request to be registered for
the continued General Meeting from the keeper of the register of
shares, as set forth in the Articles.

                            *   *   *

The AGM was suspended for reasons set out in an announcement on
March 24.  NABI's 2004 audited annual report will be proposed to
the continued General Meeting.

CONTACT:  NABI RT.
          Andras Bodor, Corporate Affairs Director
          Phone: +36.1.401.7100
          Fax: +36.1.407.2931
          E-mail: bodor.andras@nabi.hu


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


ALITALIA SPA: Puts off Rights Issue; Reason Unclear
---------------------------------------------------
Troubled national carrier Alitalia is postponing its planned
rights issue and in turn delaying its privatization, Il Sole 24
Ore says.

Originally set for July, the group has moved the date for
September, according to Il Sole citing a local news outfit.  The
carrier neither denied nor confirmed the report.

The rights issue is intended to trim down the state's 62.4% stake
in Alitalia to less than 50%.  The government had promised to
reduce its stake in Alitalia in exchange for the approval by the
European Commission of a EUR400 million government-guaranteed
bridging loan to Alitalia.  The regulator gave Italy until
October 8 to complete the privatization.

The carrier is also reportedly planning to slash the figures of
its capital increase, currently at EUR1.2 billion.  The group
recently approved its first-half results for financial year
2004-2005.

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


CIRIO FINANZIARIA: Filipino Tycoon Confirms Bid Withdrawal
----------------------------------------------------------
Filipino businessman Lucio Tan has abandoned his plan to buy a
stake in Singapore-listed pineapple manufacturer Del Monte
Pacific Ltd., a subsidiary of bankrupt Cirio Finanziaria S.p.A.

Basic Holdings, the private holding firm of Mr. Tan, said in a
statement to the Stock Exchange of Singapore that it has "elected
not to implement its offer" to buy Cirio's 39.9% stake.  It had
offered US$180 million for the holding.

Mario Resca, one of the three administrators managing the
bankrupt food group, told daily Il Corriere della Sera the
failure was due to disagreements regarding the mode of
acquisition.  According to him, Mr. Tan wanted to buy the asset
gradually over time to avoid having to buy out the company's
minority shareholders.

Cirio is selling assets to pay creditors after defaulting on more
than EUR1 billion of bonds in late 2002.  It plans to start
repaying 10% to 95% of bonds by end of June, according to AFX.

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

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


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


THIEL LOGISTIK: Chief Executive Stepping down Next Month
--------------------------------------------------------
Dr. Klaus Eierhoff, CEO of Thiel Logistik AG, Grevenmacher
(Luxembourg), has resigned from his post as Chief Executive
Officer and from his position as member of the Board of Directors
by mutual agreement with the Board of Directors, effective June
30, 2005.

This move follows a difference of perspectives on how the company
should develop going forward.

Martin Loffler, CFO, and Stefan Delacher, CMO, will continue to
constitute the Executive Board.  The search for the future CEO is
already underway.  The Board of Directors and Executive Board
will ensure that Thiel Logistik successfully continues the
realignment that began two years ago.

The Board of Directors thanks Dr. Eierhoff for the work he has
performed over the past two years and wishes him every success
for his future career.

CONTACT:  THIEL LOGISTIK AG
          ZIR Potaschberg
          5, an de Laengten
          6776 Grevenmacher
          Luxembourg
          Web site: http://www.thiel-logistik.com


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


GETRONICS N.V.: S&P Expects Cash flow Woes to Continue
------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Dutch
IT services firm Getronics N.V. to stable from positive.  At the
same time, Standard & Poor's affirmed its 'B+' long-term
corporate credit and 'B-' senior unsecured debt ratings on the
group, as well as assigning its 'B+' rating and '3' recovery
rating to Getronics' EUR300 million (US$388 million) senior
secured bank loan, indicating Standard & Poor's expectation of
meaningful (50%-80%) recovery of principal in the event of a
default.

"The outlook revision follows our review of the group's business
and financial profiles," said Standard & Poor's credit analyst
Patrice Cochelin.  "We expect Getronics to again generate weak
free cash flow in 2005 after a negative figure in 2004."

An upgrade to the 'BB-' category is consequently unlikely in the
coming months.  Getronics' disappointing revenues in recent
months, coupled with gross margins capped at less than 20%,
attest to fierce competition in the company's main markets.

"Getronics' balance-sheet and liquidity positions are
nevertheless expected to continue to merit a slightly higher
rating," added Mr. Cochelin.

Over the past two months, Getronics completed the acquisition of
Dutch competitor Pinkroccade N.V., refinanced its EUR175 million
credit facility with a new EUR300 million secured facility
(excluding a EUR200 bridge loan), and closed a EUR400 million
equity offering to finance the cash component of the acquisition
and refinance part of its preferred stock.  Pro forma for these
transactions, the company's debt will essentially comprise its
EUR100 million bond maturing in 2008, a new EUR150 million
revolving credit facility due in March 2008, and a EUR75 million
acquisition tranche due in March 2008, which will be reduced by
EUR25 million in March 2006.

The stable outlook reflects our expectation that restructuring
costs will continue to impair Getronics' free cash flow
generation in 2005, albeit without threatening its liquidity
position.  We may change the outlook to positive if Getronics'
free operating cash flow generation improves to a sustainable
positive figure after restructuring costs.  Conversely, if
service revenues continue to fall or liquidity weakens
materially, we may revise our outlook to negative.  Small
acquisitions in the company's core business should be
accommodated within the current rating.

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


VERSATEL TELECOM: To Discuss 1st-quarter Results Tomorrow
---------------------------------------------------------
Versatel Telecom International's press conference on Wednesday
May 4, 2005 at 10:00 CET will be available through a live Web
cast.  During this press conference Mr. Raj Raithatha (Chief
Executive Officer) and Mr. Mark Lazar (Chief Financial Officer)
will present the first quarter 2005 results.  The Web cast will
be available at http://www.versatel.com.

Versatel will distribute the press release regarding the first
quarter 2005 results at 8:00 CET by e-mail.  The release will
also be published at http://www.versatel.com.

                            *   *   *

In March, Versatel's net loss for the year ended December 31,
2004, amounted to EUR24.4 million compared with EUR32.9 million
in 2003.  4Q04 net loss was EUR8.6 million compared with a net
loss of EUR4.4 million in 3Q04 and EUR10.4 million in 4Q03.  The
increase in net loss was primarily attributable to the increased
depreciation expenses from our accelerated capital investments,
the interest impact of convertible bond and the consolidation of
BerliKomm.

CONTACT:  VERSATEL NEDERLAND B.V.
          P.O. Box 22697
          1100 DD Amsterdam Z-O
          The Netherlands
          E-mail: wouter.dekleyn@versatel.com
          Web site: http://www.versatel.com


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


APEKS: Creditors Have Until May 26 to File Claims
-------------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Apeks after finding the open joint stock
company insolvent.  The case is docketed as A50-32182/2004-B.
Ms. L. Vlasova has been appointed insolvency manager.  Creditors
have until May 26, 2005 to submit their proofs of claim to
614036, Russia, Perm, Leonova Str. 23-1.

CONTACT:  APEKS
          Russia, Perm region,
          Chernushka, Telmana Str. 75

          Ms. L. Vlasova
          Insolvency Manager
          614036, Russia, Perm region,
          Leonova Str. 23-1


AUTO-TRANS: Under Bankruptcy Supervision
----------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
supervision procedure on open joint stock company Auto-Trans.
The case is docketed as A64-723/05-18.  Mr. A. Ignatov has been
appointed temporary insolvency manager.

CONTACT:  AUTO-TRANS
          Russia, Tambov region,
          Uvarovo, Yuzhnaya Str. 40A

          Mr. A. Ignatov
          Temporary Insolvency Manager
          392005, Russia, Tambov region,
          Astrakhanskaya Str. 164G


BREAD BASE: Declared Insolvent
------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Bread Base #44 after finding the open joint
stock company insolvent.  The case is docketed as A57-190B/04-31.
Mr. D. Baskakov has been appointed insolvency manager.  Creditors
have until May 26, 2005 to submit their proofs of claim to
410009, Russia, Saratov, Lugovaya Str. 114-38.

CONTACT:  BREAD BASE #44
          410049, Russia,
          Saratov region, Penzenskaya, 1

          Mr. D. Baskakov
          Insolvency Manager
          410009, Russia, Saratov region,
          Lugovaya Str. 114-38


CORPORATION EMV: Appoints P. Neznanov Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
supervision procedure on close joint stock company Corporation
EMV.  The case is docketed as A64-6295/04-18.  Mr. P. Neznanov
has been appointed temporary insolvency manager.

CONTACT:  CORPORATION EMV
          Russia, Tambov region,
          Aviatsionnaya Str. 156

          Mr. P. Neznanov
          Temporary Insolvency Manager
          Russia, Tambov region,
          Aviatsionnaya Str. 156


EAR: Omsk Court Names V. Vinogradov Insolvency Manager
------------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on open joint stock company Ear (TIN
5540005877).  The case is docketed as K/E-6/05.  Mr. V.
Vinogradov has been appointed temporary insolvency manager.  A
hearing will take place on May 17, 2005.

CONTACT:  EAR
          646710, Russia, Omsk region,
          Sherbakulskiy region, Borisovskoye

          Mr. V. Vinogradov
          Temporary Insolvency Manager
          644065, Russia, Omsk region,
          50 Let Profsoyuzov, 61


KHAK-RES-POTREB-SOYUZ: Applies for Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Khakasiya republic commenced bankruptcy
proceedings against Khak-Res-Potreb-Soyuz after finding the
auto-transport enterprise insolvent.  The case is docketed as
A74-201/2005.  Mr. L. Shulyenko has been appointed insolvency
manager.  Creditors have until May 26, 2005 to submit their
proofs of claim to 655009, Russia, Abakan, Post User Box 1201.

CONTACT:  Mr. L. Shulyenko
          Insolvency Manager
          655009, Russia, Abakan,
          Post User Box 1201


KMB-BANK: Proposed Sale to Banca Intesa Prompts Ratings Review
--------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba3 long-term foreign currency bank deposit rating of
KMB-Bank and has changed the outlook on the bank's FSR from
stable to positive.

Moody's notes that the review for possible upgrade is prompted by
the recent announcement that Banca Intesa (Intesa), Italy's
largest banking group (rated A1 with positive outlook/Prime-1 by
Moody's), has signed a share purchase agreement to acquire a 75%
minus 1 share in KMB-Bank for a total consideration of US$90
million.  Banca Intesa has also entered into a shareholder
agreement with the EBRD, which will retain the blocking stake of
25% + 1 share.  In addition, these two parties entered into a
put-call option agreement exercisable from 2010.  The transaction
is expected to be finalized in the summer of 2005, following the
approval of the relevant regulatory authorities.

Moody's said that the review, which will be concluded when the
acquisition is completed, will focus on the support that KMB is
likely to receive from Intesa.

The consolidation of ownership under a new strategic shareholder
with solid experience of working in emerging markets through
equity participation in a number of Central and Eastern European
banks, together with Intesa's plans to integrate KMB-Bank into
its banking group under Intesa's name, indicates a higher
likelihood of support in case of need.  In the future, Banca
Intesa may consider merging KMB-Bank with its existing Russian
subsidiary, which currently has a limited scope of activities and
specialises in corporate banking.  KMB-Bank's small and
medium-sized enterprise (SME) focus will remain, but will be
boosted by a significant increase in its retail banking business.

According to Moody's, KMB-Bank has demonstrated a track record of
positive financial performance over the last three years, even
though profitability still remains relatively weak.  The bank's
capital ratios have strengthened, while its reliance on
shareholders' funding to finance its lending activities has
somewhat lessened.  All in all, this is indicative of an
intrinsic financial health stronger than when first-time ratings
were assigned, warranting a positive change in outlook for the
bank's FSR.  In addition, the involvement of Banca Intesa may
help to expand KMB-Bank's product list and increase its scale of
operations while enhancing efficiency and profitability and
improving its access to international capital markets, exerting
further positive pressure on the bank's FSR.

KMB-Bank is headquartered in Moscow, Russian Federation, and as
of 31 December 2004 reported total assets of RUB9.3 billion
(US$334.5 million) in accordance with IFRS.

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

          MOODY'S INVESTORS SERVICE
          New York
          Dmitry Polyakov
          Asst Vice President - Analyst
          Financial Institutions Group
          For Journalists
          Phone: 212-553-0376


KURBATOVSKOYE: Proofs of Claim Deadline Expires May 26
------------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Kurbatovskoye after finding the agricultural
company insolvent.  The case is docketed as A33-18697/04-s4.  Mr.
I. Nozdrin has been appointed insolvency manager.  Creditors have
until May 26, 2005 to submit their proofs of claim to 660020,
Russia, Krasnoyarsk, Diksona Str. 1, Post User Box 15854.

CONTACT:  KURBATOVSKOYE
          Russia, Krasnoyarsk region,
          Balakhtinskiy region, Rovnoye

          Mr. I. Nozdrin
          Insolvency Manager
          660020, Russia, Krasnoyarsk region,
          Diksona Str. 1, Post User Box 15854


MOSHKOVSKOYE: Under Bankruptcy Supervision
------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on open joint stock company
Moshkovskoye Bread Receiving Enterprise.  The case is docketed as
A45-15983/04-SB/165.  Mr. O. Klemeshev has been appointed
temporary insolvency manager.  Creditors have until May 26, 2005
to submit their proofs of claim to 630077, Russia, Novosibirsk,
Post User Box 174.

CONTACT:  MOSHKOVSKOYE BREAD RECEIVING ENTERPRISE
          633140, Russia, Novosibirsk region,
          Moshkovo, Lineynaya, 59

          Mr. O. Klemeshev
          Temporary Insolvency Manager
          630077, Russia, Novosibirsk region,
          Post User Box 174


POCHEP-SEL-KHOZ-KHIMIYA: Insolvency Manager Takes over Helm
-----------------------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision procedure on open joint stock company
Pochep-Sel-Khoz-Khimiya.  The case is docketed as
A09-148478/04-8.  Ms. E. Levchenko has been appointed temporary
insolvency manager.  Creditors have until May 26, 2005 to submit
their proofs of claim to 242130, Russia, Bryansk region, Navlya,
Kievskaya Str. 18a.

CONTACT:  POCHEP-SEL-KHOZ-KHIMIYA
          242400, Russia, Bryansk region,
          Pochep, 2nd km of branch line

          Ms. E. Levchenko
          Temporary Insolvency Manager
          242130, Russia, Bryansk region,
          Navlya, Kievskaya Str. 18a


TASEEVSKAYA INTER-REGIONAL: Declared Insolvent
----------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Taseevskaya Inter-Regional Movable Mechanized
Column after finding the open joint stock company insolvent.  The
case is docketed as A33-1929/2005.  Mr. V. Savvateev has been
appointed insolvency manager.  Creditors have until May 26, 2005
to submit their proofs of claim to 660062, Russia, Krasnoyarsk,
Vysotnaya Str. 4a-6.

CONTACT:  TASEEVSKAYA INTER-REGIONAL MOVABLE MECHANIZED COLUMN
          663770, Russia, Krasnoyarsk region,
          Tasevskiy region, Taseevo, Oktyabrskaya Str. 154

          Mr. V. Savvateev
          Insolvency Manager
          660062, Russia, Krasnoyarsk region,
          Vysotnaya Str. 4a-6


YUKOS OIL: Menatep Suing Yuganskneftegaz to Recover Unpaid Loans
----------------------------------------------------------------
Group Menatep, Yukos' largest shareholder, will file a case in
London this week to seek payment for loans taken out by
Yuganskneftegaz.

The group's director, Tim Osbourne, told Interfax from London:
"We are demanding the balance of the outstanding loan, which is
about US$650 million, including principal and interest."

The Russian government sold Yuganskneftegaz to Rosneft in
December to extract payment for Yukos' back tax bill.  Menatep,
which owns 60% of Yukos, has vowed to sue parties involved in the
sale, including banks that provided financial backing.  In
response, Rosneft president, Sergei Bogdanchikov, suggested in
February Yuganskneftegaz will not dispense cash unless Yukos
proves in court it was unable to pay the loans.

Yuganskneftegaz is also pursuing an US$11 billion (EUR8.49
billion) suit aimed at recovering payment for back tax bills and
compensation for lost profits from its former parent.  The court
will hear the case this month.

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: Lithuanian Refinery Books US$261 Mln Profit
------------------------------------------------------
Yukos Oil will receive US$48 million in dividend from the
Lithuanian oil refining concern that it is planning to sell.

RosBusiness Consulting reports that Mazeikiu Nafta's audited
non-consolidated net profit, calculated according to the U.S.
generally accepted accounting standards, was US$261.1 million;
US$89.56 million of this will be distributed as dividend for
2004.  Because Yukos owns 53.7% of the company, it is entitled to
receive around US$48 million in dividend.  The results have been
ratified by shareholders.

TCR-Europe previously reported that Yukos Oil is ready to sell
its controlling stake in the oil refinery for at least US$800
million.  The asking price greatly exceeds market valuation of
US$500 million for the asset, but Yukos representatives say the
price is fair.  They said the firm has a market capitalization of
US$2 billion, making its stake worth US$1 billion.  But because
of the complex situation the asset is involved in, the firm is
willing to lower its value to between US$800 million to US$900
million.  Yukos obtained the stake for only US$160 million.

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


SWISS INTERNATIONAL: Plans to Jack up Fuel Surcharge Anew
---------------------------------------------------------
Loss-making carrier Swiss International Air Lines plans to impose
another hike on fuel surcharge, Reuters says.

Speaking during the presentation of its newly configured Airbus
A320 and resumption of free food on European flights, Chief
Executive Christoph Franz said Thursday the hike is needed to
stifle the effect of rising fuel prices.  He said the 40%
increase on fuel prices has affected many airlines worldwide,
including Swiss International.

"We didn't expect oil prices at the levels they are currently
being traded at.  There has been a wave of increases in kerosene
surcharges already this year and I would not rule out that
something like that would happen again," Mr. Franz said.

He, however, revealed the hike represent only a quarter of the
extra costs it is facing from higher fuel prices.  The carrier
earlier imposed CHF40- and CHF18-increase on its long haul and
European flights respectively.

German carrier Deutsche Lufthansa recently acquired more than 86%
of Swiss International, which rose three years ago from the
remains of collapsed Swissair and regional carrier Crossair.  The
transaction involved payment of up to EUR265 million (US$342.3
million) to large shareholders and another EUR45 million (US$58.1
million) to individuals whose shares are in free float.  Mr.
Franz says they are currently holding integration talks with
Lufthansa.

CONTACT:  SWISS INTERNATIONAL AIR LINES LTD.
          Aeschenvorstadt 4
          CH-4051 Basel
          Switzerland
          Phone: +41-61-582-00-00
          Fax: +41-61-582-33-33
          Web site: http://www.swiss.com

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


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


BANK NADRAL: Gets 'B-' Long-term Rating from Fitch
--------------------------------------------------
Fitch assigned ratings of Long-term 'B-', Short-term 'B',
Individual 'D/E' and Support '5' to Ukrainian OJSC Bank Nadra.
The Outlook for the Long-term rating is Stable.

The Long-term, Short-term and Individual ratings reflect Nadra's
small size by international standards, the credit risks
associated with its rapid lending growth, significant
concentration levels, modest capitalization and performance,
potentially vulnerable liquidity and low loan loss reserves
(LLR).  However, they also take into account the bank's expanding
franchise, strong retail funding and loan growth, adequate asset
quality to date and relatively low level of related-party
transactions.

Profitability is modest, with a return on average assets of 0.8%
in 2004, partly as a result of the high costs associated with
Nadra's expansion.  The net interest margin improved in 2004 to
5.1% from 4.2% in 2003 on the back of loan growth and as the bank
rebalanced its loan portfolio towards higher-yielding retail
lending.

The loan portfolio grew 46% in 2004, partly as a result of growth
in lending to individuals.  The latter accounted for 23% of the
portfolio at end-2004, and is expected to make up 49% by
end-2007.  The top 20 borrowers made up 24% of the loan portfolio
or around 1.6x of equity at end-2004, which, although lower than
at many Ukrainian banks, is still significant. Reported
related-party lending is relatively low.

Asset quality has been reasonable to date with the majority of
the loan book classified in the top two categories at end-2004.
However, it could deteriorate as the loan book seasons.  Although
coverage of impaired loans is currently strong, LLR coverage, in
Fitch's view, is low given the bank's aggressive expansion,
including through new business lines, and the still challenging
operating environment.  Market risk is mainly structural. Foreign
exchange risk can be high at times.

Non-equity funding is dominated by customer funding, consisting
mainly of retail deposits (68% at end-2004).  However,
concentration levels are still substantial by international
standards.  The maturity of customer funding is short-term and
liquidity is modest.  During the period of political instability
in Ukraine in Q404, the bank lost around 5% of retail funding,
but was able to withstand this stress due to a number of
liquidity measures; shareholder support was also made available.
Nadra plans to diversify its funding base by issuing a eurobond
in 2005.  Although capitalization improved in 2004 as a result of
a US$26 million share issue, it is still modest, as reflected in
an equity-to-assets ratio of 9%, and total and tier 1 capital
ratios of 15% and approximately 11%, respectively, at end-2004.

Nadra was founded in 1993 to service the needs of some companies
operating in the coal industry.  Since then, the bank's ownership
has changed, and it has diversified its franchise.  At end-2004
it was the ninth largest bank in Ukraine by assets, following
rapid growth after the adoption of an aggressive expansion
strategy in 2002.  The bank has a nationwide branch network. The
bank has 10 individual ultimate shareholders; the shareholders do
not jointly own significant assets aside of the bank.

CONTACT:  FITCH RATINGS
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

          James Watson
          Phone: +7 095 956 9901

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


CHORNUHINSKE REPAIR: Liquidator Takes over Helm
-----------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Chornuhinske Repair-Transport Enterprise
(code EDRPOU 03758482) on March 15, 2005 after finding the open
joint stock company insolvent.  The case is docketed as 10/259.
Mr. Yurij Teleshun (License Number AA 484197) has been appointed
liquidator/insolvency manager.  The company holds account number
26001500028 at JSCB Poltava-bank, MFO 331489.

Creditors had until May 2, 2005 to submit their proofs of claim
to:

(a) CHORNUHINSKE REPAIR-TRANSPORT ENTERPRISE
    Ukraine, Poltava region,
    Chornuhinskij district, Galyave,
    Centralna Str. 2

(b) Mr. Yurij Teleshun
    Liquidator/Insolvency Manager
    36003, Ukraine, Poltava region,
    Nezalezhnosti Square, 1 B, room 18
    Phone: 50-80-67

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


DIMETRA: Bankruptcy Supervision Begins
--------------------------------------
The Economic Court of Chernivtsi region commenced bankruptcy
supervision procedure on LLC Dimetra (code EDRPOU 31895605).  The
case is docketed as 8/381-b.  Mr. Komerzan Zinovij (License
Number AA 719861) has been appointed temporary insolvency
manager.

Creditors had until May 2, 2005 to submit their proofs of claim
to:

(a) DIMETRA
    59309, Ukraine, Chernivtsi region,
    Kitsmanskij district, Davidivtsi

(b) Mr. Komerzan Zinovij
    Temporary Insolvency Manager
    Ukraine, Chernivtsi region, Ruska Str. 8

(c) ECONOMIC COURT OF CHERNIVTSI REGION
    58000, Ukraine, Chernivtsi region,
    O. Kobilyanska Str. 14


KOMISHUVAHA' REPAIR: Under Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on Komishuvaha' Repair-Transport Enterprise
(code EDRPOU 05516458) on March 23, 2005.  The case is docketed
as 25/50.  Mr. Y. Arhipov (License Number AA 419211) has been
appointed temporary insolvency manager.  The company holds
account number 260002055879005 at CB Privatbank, Zaporizhya
regional branch, MFO 313399.

Creditors had until May 2, 2005 to submit their proofs of claim
to:

(a) KOMISHUVAHA' REPAIR-TRANSPORT ENTERPRISE
    70530, Ukraine, Zaporizhya region,
    Orihiv district,
    Komishuvaha, Gorkij Str.

(b) Mr. Y. Arhipov
    Temporary Insolvency Manager
    69013, Ukraine, Zaporizhya region,
    Radishev Str. 85
    Phone: (0612) 17-98-59
           (050) 341-98-59

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


KRASNOGRADSKIJ KOVBASI: Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Krasnogradskij Kovbasi (code EDRPOU 30773568)
on March 23, 2005 after finding the limited liability company
insolvent.  The case is docketed as B-39/16-05.  Mr. Andij
Fedorchenko (License Number AA 779212) has been appointed
liquidator/insolvency manager.

Creditors had until May 2, 2005 to submit their proofs of claim
to:

(a) KRASNOGRADSKIJ KOVBASI
    63304, Ukraine, Harkiv region,
    Krasnograd, Ukrainska Str. 162

(b) Mr. Andij Fedorchenko
    Liquidator/Insolvency Manager
    61058, Ukraine, Harkiv region,
    Romen Rolan Str. 12, Office 312

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


KRIMSKI AVTOMOBILI: Insolvency Manager Takes over Operations
------------------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Trade House Krimski Avtomobili on March 17,
2005 after finding the limited liability company insolvent.  The
case is docketed as 2-8/2509.1-2005.  Mr. Petro Stotskij
(License Number AB 216827) has been appointed
Liquidator/Insolvency Manager.  The company holds account number
26004072180001 at UkrCibbank, Krym regional branch, MFO 384801.

Creditors had until May 2, 2005 to submit their proofs of claim
to:

(a) KRIMSKI AVTOMOBILI
    95050, Ukraine, AR Krym region,
    Simferopol, Lavandovskij Lane, 2

(b) Mr. Petro Stotskij
    Liquidator/Insolvency Manager
    95026, Ukraine, AR Krym region,
    Simferopol, Naberezhna Str. 83-a/37
    Phone: 8 (050) 324-93-36

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


MUSHKETOVSKIJ CONCRETE: Court Brings in Liquidator
--------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Mushketovskij Reinforced Concrete Products
Plant (code EDRPOU 13538787) on March 17, 2005 after finding the
joint stock company insolvent.  The case is docketed as 15/204 B.
Mr. Ludmila Nesvit (License Number AA 668263) has been appointed
liquidator/insolvency manager.

Creditors had until May 2, 2005 to submit their proofs of claim
to:

(a) MUSHKETOVSKIJ REINFORCED CONCRETE PRODUCTS PLANT
    83044, Ukraine, Donetsk region,
    Stepova Str. 1

(b) Mr. Ludmila Nesvit
    Liquidator/Insolvency Manager
    Ukraine, Donetsk region,
    M. Mametova Str. 8/2

(c) ECONOMIC COURT OF DONETSK REGION
    83048, Ukraine, Donetsk region,
    Artema Str. 157


PERVOMAJSKA REALBAZA: Declared Insolvent
----------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Pervomajska Realbaza (code EDRPOU 00955130)
on March 22, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 10/28.  Mr. Volodimir
Yavorskij has been appointed liquidator/insolvency manager.  The
company holds account number 260093988 at JSPPB Aval, Pervomajsk
branch, MFO 326182

Creditors had until May 2, 2005 to submit their proofs of claim
to:

(a) PERVOMAJSKA REALBAZA
    55211, Ukraine, Mikolaiv region,
    Pervomajsk, P. Tichina Str. 56

(b) Mr. Volodimir Yavorskij
    Liquidator/Insolvency Manager
    55211, Ukraine, Mikolaiv region,
    Pervomajsk, P. Tichina Str. 56
    Phone: 8 (05161) 5-46-98

(c) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


PROMIN: Sumi Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Promin (code EDRPOU 30003351) on March 17,
2005 after finding the limited liability company insolvent.  The
case is docketed as 12/128-04.  Mr. I. Ponomarenko (License
Number AA 668347) has been appointed liquidator/insolvency
manager.

Creditors had until May 2, 2005 to submit their proofs of claim
to:

(a) PROMIN
    41600, Ukraine, Sumi region,
    Konotop district, Duhanovka

(b) Mr. I. Ponomarenko
    Liquidator/Insolvency Manager
    41615, Ukraine, Sumi region,
    Konotop, Lazarevskij Str. 15/2
    Phone: (05447) 7-79-12

(c) ECONOMIC COURT OF SUMI REGION
    40000, Ukraine, Sumi region,
    Shevchenko Avenue, 18/1


PUBLISHING-INFORMATIONAL: Succumbs to Insolvency
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Publishing-Informational Agency Region (code
EDRPOU 24546637) on March 15, 2005 after finding the limited
liability company insolvent.  The case is docketed as 23/208-b.
Mr. Volodimir Vorobej has been appointed liquidator/insolvency
manager.  The company holds account number 26003014701 at JSCB
Integral-bank, MFO 320735.

Creditors had until May 2, 2005 to submit their proofs of claim
to:

(a) PUBLISHING-INFORMATIONAL AGENCY REGION
    03057, Ukraine, Kyiv region,
    O. Dovzhenko Str. 14/1-14

(b) Mr. Volodimir Vorobej
    Liquidator/Insolvency Manager
    03162, Ukraine, Kyiv region,
    Romen Rolan Str. 2/34

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


VNESHTORGENERGO: Court Orders Debt Moratorium
---------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC Vneshtorgenergo (code EDRPOU
31911003) and ordered a moratorium on satisfaction of creditors'
claims on February 21, 2005.  The case is docketed as 20/39 b.
Ms. Pidkolzina Lubov (License No. AB 116242) has been appointed
temporary insolvency manager.  The company holds account number
2600630184447 at Oshadbank, Lviv central branch, MFO 304308.

Creditors had until May 2, 2005 to submit their proofs of claim
to:

(a) VNESHTORGENERGO
    91005, Ukraine, Lugansk region,
    Dyomin Str. 4

(b) Ms. Pidkolzina Lubov
    Temporary Insolvency Manager
    91000, Ukraine, Lugansk region,
    Oleksandrivsk, Centralnij Lane, 7

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


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


ACTIS LIMITED: Members Appoint Begbies Traynor Liquidator
---------------------------------------------------------
At the extraordinary general meeting of the members of Actis
Limited on April 20, 2005 held at Regus House, 68 Lombard Street,
London EC3V 9LJ, the extraordinary and ordinary resolutions to
wind up the company were passed.  Vivian Murray Bairstow and Paul
Michael Davis of Begbies Traynor (South) LLP, 32 Cornhill, London
EC3V 3BT have been appointed joint liquidators of the company.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


AKITA LIMITED: Hires Haines Watts as Administrator
--------------------------------------------------
Andrew Appleyard, (IP No 1224) has been appointed administrators
for Akita Limited.  The appointment was made April 20, 2005.  Its
registered office is located at 24 Market Square, Bicester,
Oxfordshire OX26 6AD.

CONTACT:  HAINES WATTS
          Canterbury House
          85 Newhall Street
          Birmingham
          West Midlands B3 1LH
          Phone: 0121 212 4477
          Fax: 0121 212 4459


A. MEALOR: Members Decide to Wind up Firm
-----------------------------------------
At the extraordinary general meeting of the members of A. Mealor
& Sons (Ellesmere Port) Limited on April 18, 2005 held at 53
Crane Street, Cefn Mawr, Wrexham LL14 3AB, the special resolution
to wind up the company was passed.  R. E. 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


AMEY PLC: Wins GBP110 Mln Worth of Highways Service Contract
------------------------------------------------------------
Amey plc has been awarded last month the Bedfordshire County
Council's highways services contract.  Amey will provide a
comprehensive range of design, management and maintenance
services through a Managing Agent Contractor derived contract,
the first Local Authority MAC in the country.

The value of the contract is estimated at GBP20 million per
annum, equivalent to approximately GBP110 million over the
duration of the initial period.  The contract, which will
commence on 1 October 2005, is for a period of 5 1/2 years with
the potential of a further five-year extension.

Under the terms of the contract, Amey will act as a single
provider and will become an integrated partner of Bedfordshire
County Council, delivering network management, design,
consultancy and maintenance services.  Amey will be responsible
for the delivery of a continuous improvement to highway services
throughout the duration of the contract.

Mel Ewell, Chief Executive of Amey, said: "We are absolutely
delighted to have been awarded this ground-breaking contract.  We
look forward to the prospect of working in partnership with
Bedfordshire County Council and combining our skills and
expertise to achieve the Council's aims and deliver high quality
end-to-end services to the Bedfordshire community.

"This development represents a major opportunity for Amey and for
prospective employees in the Bedfordshire area.  Amey has enjoyed
an excellent start to 2005 and this news will inevitably serve to
further strengthen our premier market position."

Tim Malynn, Strategic Director (Environment) for Bedfordshire
County Council, said: "The County Council has carried out an
extensive tender assessment exercise and, in the wake of this, we
are pleased to appoint Amey in respect of this vital project.  We
have every confidence that our envisaged partnership approach to
this project will deliver significant improvements to the highway
network for the benefit of our residents and the public at
large."

CONTACT:  AMEY PLC
          The Sherrard Bldg., Edmund Halley Road
          Oxford
          OX4 4DQ, United Kingdom
          Phone: +44-1865-713-100
          Fax: +44-1235-848-822
          Web site: http://www.amey.co.uk


ARNOLD FASHIONS: Hires BBK Partnership as Liquidator
----------------------------------------------------
At the extraordinary general meeting of Arnold Fashions Limited
on April 21, 2005 held at 1 Beauchamp Court, Victors Way, Barnet,
Hertfordshire EN5 5TZ, the subjoined extraordinary resolution to
wind up the company was passed.  Sabia Sahota of BBK Partnership,
1 Beauchamp Court, Victors Way, Barnet, Hertfordshire EN5 5TZ has
been appointed liquidator of the company.

CONTACT:  BBK PARTNERSHIP
          1 Beauchamp Court,
          Victors Way, Barnet,
          Hertfordshire EN5 5TZ


AURIGA LIGHTING: Administrator from F A Simms Moves in
------------------------------------------------------
Richard Frank Simms (IP No 9252) has been appointed administrator
for Auriga Lighting Limited.  The appointment was made April 21,
2005.  Its registered office is located at 78 Portsmouth Road,
Cobham, Surrey KT11 1AN.

CONTACT:  F A SIMMS & PARTNERS PLC
          Insol House
          39 Station Road
          Lutterworth
          Leicestershire LE17 4AP
          Phone: 01455 557111
          Fax: 01455 552572
          E-mail: rsimms@fasimms.com


AUTOMOTIVE PRODUCTS: Meeting of Creditors Set Next Week
-------------------------------------------------------
The creditors of Automotive Products Driveline Technology Limited
will meet on May 12, 2005 at 10:00 a.m.  It will be held at the
Stratford Moat House Hotel, Bridgefoot, Stratford upon Avon CV37
6YR.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Grant Thornton, Enterprise House, 115 Edmund
Street, Birmingham B3 2HJ not later than 12:00 noon, May 11,
2005.

CONTACT:  GRANT THORNTON UK LLP
          Enterprise House,
          115 Edmund Street, Birmingham B3 2HJ
          Phone: 0121 212 4000
          Fax: 0121 212 4014
          Web site: http://www.grant-thornton.co.uk


BELCAR LIMITED: Members Hire Liquidator from Vantis Business
------------------------------------------------------------
Name of companies:
Belcar Limited
Brake Hardware Limited
Eezystart Limited
Fragrance Warehouse Limited
Polcon Limited
Stag Automotive Holdings Limited
Stag Car Accessories Limited
Stag Trucking Limited
Tunwell Limited
Welltun Limited

At the extraordinary general meeting of the members of these
companies on April 21, 2005 held at Lonsdale House, 7-9 Lonsdale
Gardens, Tunbridge Wells, Kent TN1 1NU, the special and ordinary
resolutions  to wind up the companies were passed.  Mark Newman
of Vantis Business Recovery, Judd House, East Street, Tonbridge,
Kent TN9 1HG has been appointed liquidator of the companies.

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


BREEZE HEALTH: Names Liquidator from Redman Nichols
---------------------------------------------------
At the extraordinary general meeting of Breeze Health Clubs (GX)
Limited on April 22, 2005 held at Maclaren House, Skerne Road,
Driffield, East Yorkshire YO25 6PN, the extraordinary and
ordinary resolutions to wind up the company were passed.  Andrew
James Nichols of Redman Nichols has been appointed liquidator of
the company.

CONTACT:  REDMAN NICHOLS
          Maclaren House
          Skerne Road
          Driffield
          East Yorkshire YO25 6PN
          Phone: 01377 257788
          Fax: 01377 249119
          E-mail: andrew.nichols@redman-nichols.co.uk


BUCKLAND PLASTERING: Members Decide to Wind up Firm
---------------------------------------------------
At the extraordinary general meeting of the members of Buckland
Plastering Contractors Limited on April 20, 2005 held at
Hodgsons, George House, 48 George Street, Manchester M1 4HF, the
extraordinary resolution to wind up the company was passed.
David Emanuel Merton Mond of Hodgsons, George House, 48 George
Street, Manchester M1 4HF has been nominated liquidator of the
company.

CONTACT:  HODGSONS
          George House
          48 George Street
          Manchester
          Greater Manchester M1 4HF
          Phone: 0161 228 7444
          Fax: 0161 228 735
          E-mail: dmond@hodgsons.co.uk


CAPCLEAR LIMITED: Creditors to Meet Later this Month
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Capclear Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986 of the Insolvency Rules 1986, that a Final Meeting of
Creditors of the Capclear Limited will be held at Begbies
Traynor, Chiltern House, 24-30 King Street, Watford WD18 0DP, on
May 31, 2005, at 11:00 a.m. for the purposes of having an account
laid before them showing the manner in which the winding-up of
the Company has been conducted and its property disposed of, and
determining whether the Liquidator should have his release under
section 174 of the Insolvency Act 1986.

N. R. Hood, Joint Liquidator
April 21, 2005

CONTACT:  BEGBIES TRAYNOR
          Chiltern House
          24-30 King Street
          Watford WD18 0BP
          Phone: 01923 812900
          Fax: 01923 812999
          E-mail: watford@begbies-traynor.com
          Web site: http://www.begbies.com


COMPASS GROUP: Brushes Aside Reports of Asset Sales
---------------------------------------------------
Compass Group PLC brushed aside Monday reports that it was
mulling to sell some businesses and return funds to shareholders,
said the Interactive Investor.

The group described the reports as "very speculative and
premature," which involved the company's alleged connection with
Investment bank Citigroup for the sale of its assets to fund a
share buyback scheme.

A representative from the company, however, admitted that Compass
is working on to increase shareholder value, following two profit
warnings in seven months.

The spokesman said: "We're listening to our major shareholders
and currently focusing on ways of improving our free cash flow
and return on capital employed."

The group's interim results will be out on May 18.  The spokesman
said the board would update shareholders at that time, or on an
appropriate date following the release. He noted though that no
decisions had yet been made.

CONTACT:  COMPASS GROUP PLC
          Compass House
          Guildford Street
          Chertsey
          Surrey
          United Kingdom
          KT16 9BQ
          Phone: +44 1932 573 000
          Fax: +44 1932 569 956
          Web site: http://www.compass-group.com


CPC SURREY: Sets Final Meeting
------------------------------
Name of companies:
CPC Surrey
CPC (UK) Finance Limited

The final meeting of these companies will be on May 27, 2005
commencing at 10:00 a.m. and 10:30 a.m.  It will be held at KPMG
LLP, 8 Salisbury Square, London EC4Y 8BB.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the properties of the
companies disposed of, and to hear any explanation that may be
given by the liquidator.  Proxy forms must be lodged with KPMG
LLP, 8 Salisbury Square, London EC4Y 8BB not later than 12:00
noon, May 26, 2005.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


C R RESOURCES: Liquidator from M. J. Ryan & Co. Moves in
--------------------------------------------------------
At the extraordinary general meeting of C R Resources Limited on
April 21, 2005 held at 1st Floor, 1 East Poultry Avenue, West
Smithfield, London EC1A 9PT, the subjoined extraordinary
resolution to wind up the company was passed.  M. J. Ryan has
been appointed liquidator of the company.

CONTACT:  M. J. RYAN & CO.
          129 Hythe Avenue
          Bexleyheath
          Kent DA7 5NQ
          Phone: 01322 441915
          Fax: 01474 532 863
          E-mail: malcolmryan@aol.com


D.C. ELECTRICAL: Members Pass Winding-up Resolution
---------------------------------------------------
At the extraordinary general meeting of the members of D.C.
Electrical Services Limited Company on April 11, 2005 held at
Kilshaw Street, Wigan, the special resolution to wind up the
company was passed.  Chris Ratten of Tenon Recovery has been
appointed liquidator of the company.

CONTACT:  TENON RECOVERY
          Arkwright House
          Parsonage Gardens
          Manchester M3 2LF
          Phone: 0161 834 3313
          Fax: 0161 827 8402
          E-mail: chris.ratten@tenongroup.com


DIATECH LIMITED: Members Final Meeting Set Later this Month
-----------------------------------------------------------
The final meeting of the members of Diatech Limited will be on
May 23, 2005 at 11:00 a.m.  It will be held at Sussex House, 8-10
Homesdale Road, Bromley, Kent BR2 9LZ.

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:  CRANE & PARTNERS
          Sussex House,
          8-10 Homesdale Road,
          Bromley, Kent BR2 9LZ
          Phone: 020 8464 0131
          Fax:   020 8464 6018
          Web site: http://www.craneandpartners.com


DODMANREAD LIMITED: Members General Meeting Later this Month
------------------------------------------------------------
The general meeting of the members of Dodmanread Limited will be
on May 31, 2005 at 10:00 a.m.  It will be held at 52 Mount
Pleasant, Liverpool L3 5UN.

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:  PKF
          52 Mount Pleasant,
          Phone: 0151 7088232
          Fax: 0151 7088169
          E-mail: info.liverpool@uk.pkf.com
          Web site: http://www.pkf.co.uk


INFORMATION FOR MARKETING: Sets General Meeting Next Month
----------------------------------------------------------
The general meeting of Information For Marketing Limited will be
on June 24, 2005 at 10:00 a.m.  It will be held at 3-5
Rickmansworth Road, Watford, Hertfordshire WD18 0GX.

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:  MOORE STEPHENS
          3/5 Rickmansworth Road
          Watford
          Hertfordshire WD18 0GX
          Phone: 01923 236622
          Fax: 01923 245660
          E-mail: steve.draine@moorestephens.com


IRISH AMERICAN: Names Begbies Traynor Administrator
---------------------------------------------------
David Moore and Donald Bailey (IP Nos 007510, 006739) have been
appointed joint administrators for public houses Irish American
Leisure Limited (t/a The Slaughterhouse & Firehouse).  The
appointment was made April 19, 2005.  Its registered office is
located at 1 Old Hall Street, Liverpool L3 9HF.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


KERFONE COMMUNICATIONS: Appoints Grant Thornton Administrator
-------------------------------------------------------------
Leslie Ross and Keith Hinds (IP Nos 7244, 6745) have been
appointed joint administrators for telecommunications company
Kerfone Communications Limited.  The appointment was made April
20, 2005.  Its registered office is located at 105 Boundary
Street, Liverpool, Merseyside L5 9YJ.

CONTACT:  GRANT THORNTON
          1st Floor,
          Royal Liver Building,
          Liverpool L3 1PS
          Web site: http://www.grant-thornton.co.uk


MARCONI CORPORATION: Govt Refused to Help, Says Report
------------------------------------------------------
The British government remained silent over accusations it
ignored Marconi Corporation's plea to protect jobs after losing
on a major contract, Ireland On-line reports.

A report from The Observer earlier said the Department of Trade
and Industry refused to give it money to assure the future of
2,000 jobs at the firm.

Marconi Corporation was left out of the bidding for British
Telecom's GBP10 billion (EUR14.8 billion) plan to build a new
telecommunications network last week.  Analysts say the contract
could have brought in GBP500 million to the firm.   BT provides
30% of Marconi's business.

A spokesman for the DTI said: "We are aware of the situation and
this is a competitive tender between two commercial companies."

Chief executive Mike Parton said the company's bid was at a
disadvantage only at the basis of cost.  He said all 10,000 jobs
at the firm would have been in danger had he made a lower bid.
The failure took GBP500 million (EUR738.5 million) out of its
value, and triggered speculations it may be sold to U.S.,
Chinese, or European rivals.

Mr. Parton said there are plans to transform the firm into a
services and distribution business.

Marconi is yet recovering from a disastrous switch from
electronics to telecoms business three years ago.  It was saved
in 2003 by a GBP4.7 billion EUR6.9 billion) debt restructuring.

CONTACT:  MARCONI CORPORATION PLC
          4th Floor Regents Place
          338 Euston Rd
          London NW1 3BT
          Phone: +44-20-7493-8484
          Fax: +44-20-7493-1974
          Web site: http://www.marconi.com


MARKS & SPENCER: Chairman Likely to Retain Post
-----------------------------------------------
Key shareholders of Marks & Spencer have signaled approval for
Paul Myners to keep his post as "temporary" chairman, said The
Scotsman Monday.

Rallying behind Mr. Myners are fund managers from investment
group Brandes and representatives of Legal & General, and
Standard Life.  The backing of these firms, which control about
21 percent of Marks & Spencer, is expected to influence the
formal boardroom decision, which could come as soon as May 23.
On that day, directors will thresh out annual results to be
published a day after.

L&G investment director Tim Breedon said: "M&S is more likely to
have distractions as it goes for a change to Paul Myners in the
short term."

Kevin Lomax, who was reportedly trying to push aside Mr. Myners,
leads the nominations committee, which considers candidates for
the job.  Among the four candidates for the position together
with Mr. Myners is former Asda and B&Q director Archie Norman.
Mr. Norman will be retiring as a Conservative MP after the
election.

CONTACT:  MARKS & SPENCER GROUP PLC
          Michael House
          47-67 Baker Street
          London
          England
          W1U 8EP
          Phone: +44 20 7935 4422
          Fax: +44 20 7487 2679
          Web site: http://www.marksandspencer.com


MISYS PLC: Sells Laboratory Technology for US$1.2 Million
---------------------------------------------------------
Misys Healthcare Systems announced Thursday that the University
of South Alabama (U.S.A.) Health System in Mobile, Ala., has
signed a US$1.2 million agreement to purchase the Misys
Laboratory(TM) comprehensive information management solution
suite.

Under the terms of the contract, U.S.A. Health System purchased
Misys Laboratory and Blood Bank and Microbiology Modules,
CoPathPlus(TM) from Misys anatomic pathology system, and expanded
outreach functions.

The high-performance laboratory solutions will streamline and
expedite the day-to-day operations of U.S.A. Health System's
laboratories while providing clinicians immediate access to
laboratory and other critical patient specimen data in both acute
care and outreach settings.  U.S.A. Health System is implementing
the solutions this spring at its three hospitals:  U.S.A.
Children's & Women's Hospital, U.S.A. Knollwood Hospital and
U.S.A. Medical Center.

According to Becky DeVillier, administrator of U.S.A. Children's
& Women's Hospital, Misys offered a complete product package that
met all of U.S.A. Health System's laboratory automation needs.

Ms. DeVillier said: "Finding a primary vendor like Misys with all
the right technology components was an important factor in our
extensive selection process."

Misys' application interface capabilities and multi-site reach
capabilities further affirmed U.S.A. Health System's selection of
Misys Laboratory.

Ms. DeVillier added: "Misys' proven interfacing expertise along
with Misys Laboratory's inherent ability to provide laboratory
data processing across multiple hospital and clinic sites
supports our strategic goal of streamlining enterprise operations
as we move to a wireless platform.

"With Misys Laboratory, we can capture information from the
hospital system and automatically exchange laboratory generated
data that includes inpatient, outpatient and outreach billing."

U.S.A. Health System plans to supplement its diagnostic testing
volume and revenue by launching an outpatient (commercial)
business, serving as the testing hub for associated physician
practices.   For example, U.S.A. Medical Center's annual volume
of clinical lab tests is 200,000 and is expected to increase up
to 4 percent over the next year.  And, U.S.A. Children's & Women'
s Hospital expects to increase its lab testing as well.

Ms. DeVillier said: "A primary goal is to expand our reference
lab program with particular focus on U.S.A. Children's & Women's
Hospital, where we serve a unique patient population and are
realizing tremendous growth and success in recruiting top
physicians."

Andrew Lawson, president of Misys Healthcare Systems' Hospital
Systems, said: "Misys' 25-year outstanding track record in the
laboratory business, superior technical functionality that scales
and adapts to various hospital and outpatient settings and our
award-winning client support affirmed by the No. 1 KLAS ranking
corroborate our position as the leading clinical laboratory
systems provider."

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

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

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

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


NATIONWIDE MACHINE: Administrators from Leonard Curtis Move in
--------------------------------------------------------------
P. R. Reeves and J. M. Titley (IP Nos 1434, 8617) have been
appointed joint administrators for Nationwide Machine Services
Limited.  The appointment was made March 29, 2005.  The company
supplies leisure equipment.

CONTACT:  DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


NEW PERCY: Creditors Meeting Next Week
--------------------------------------
Name of companies:
New Percy Limited
Percy Group Limited
Percy (Holdings) Limited
Percy International Limited
The Pimpernel Group Limited

The creditors of these companies will meet on May 10, 2005 at
2:00 p.m.  It will be held at Durham Marriot Hotel, Royal County,
Old Elvet, Durham DH1 3JN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PO Box 61, Cloth Hall Court, 14 King Street, Leeds
LS1 2JN not later than 12:00 noon, May 9, 2005.

CONTACT:  ERNST & YOUNG
          PO Box 61, Cloth Hall Court
          14 King Street, Leeds LS1 2JN
          Phone: +44 [0] 113 298 2200
          Fax:   +44 [0] 113 298 2201
          Web site: http://www.ey.com


POWERTRAIN LIMITED: Receiver Sends Home Hundreds of Workers
-----------------------------------------------------------
Administrators from PricewaterhouseCoopers axed 363 jobs at
Powertrain Limited after talks to restart production of engines
and gearboxes at the firm fell through.

Earlier this week, a meeting of Powertrain suppliers was held in
Birmingham at which the immediate prospects for the business were
outlined and at which the joint administrators sought to
ascertain the views of suppliers.  The joint administrators
outlined a plan, which envisaged up to four months production, an
essential element of which was the unanimous support of
suppliers.

While the vast majority of suppliers agreed to the administrators
' proposals, a small, but significant, number of suppliers have
been unable to agree terms.  Following further discussions with
the customers, The Society of Motor Manufacturers and Traders,
the DTI, the unions and the suppliers, the administrators have
concluded Friday that it will not be viable for production to
recommence.  Unfortunately, the administrators were forced to
implement the redundancies at Powertrain.

Steven Pearson, joint administrator and partner at
PricewaterhouseCoopers, said: "Over the last three weeks we have
had considerable support from customers, employees, unions,
government and the majority of suppliers.  It is extremely
disappointing that despite everyone's best efforts, a viable
solution for all parties to see production restarted could not be
achieved."

Rob Hunt, joint administrator added: "In the absence of an agreed
plan which would have secured supplies and funding, we have no
alternative other than to cease production and make these
redundancies.

"Despite the announcement of redundancies today (April 29, 2005)
our efforts to find a buyer for Powertrain are continuing."

Additionally, the joint administrators also announced a further
58 redundancies at MG Rover Group Limited and MG Sport and Racing
Limited.

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

          POWERTRAIN LIMITED
          396 Groveley Lane, Rednal
          Birmingham
          B45 8XF, United Kingdom
          Phone: +44 (0) 121 453 3300
          Fax: +44 (0) 121 482 4217
          Web site: http://www.powertrainltd.com

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

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


RAIL MAINTENANCE: Liquidator's Report Out June
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Rail Maintenance Ltd.
                        (In Liquidation)

Notice is hereby given, pursuant to Section 106 of the Insolvency
Act 1986, that a final meeting of the members of Rail Maintenance
Ltd. will be held at Sherwood House, 7 Glasgow Road, Paisley PA1
3QS on June 2, 2005 at 10:00 a.m. to be followed at 10:15 a.m. by
a final meeting of creditors for the purpose of having an account
laid before them by the liquidator showing the manner in which
the winding-up has been conducted and the property of the company
disposed of, and of hearing any explanation that may be given by
the Liquidator, and also of determining the manner in which the
books, accounts and documents of the company and of the
Liquidator shall be disposed of and for the Liquidator to seek
sanction for his release from office.

A resolution at the meeting will be passed if a majority of those
voting have voted in favor of it.  A member or creditor will be
entitled to attend and vote at the meeting only if a claim has
been lodged with me at or before the meeting and it has been
accepted for voting purposes in whole or in part.  Proxies may
also be lodged with me at the meeting or before the meeting at my
office.

Derek Forsyth, Liquidator

CONTACT:  CAMPBELL DALLAS
          Sherwood House
          7 Glasgow Road
          Paisley PA1 3QS
          Phone: 0141 887 4141
          Fax: 0141 887 1103
          E-mail: psly@camdal.com
          Web site: http://www.camdal.com


RAMCO ENERGY: Negotiations with Potential Buyer Fail
----------------------------------------------------
The Board of Ramco Energy said that following an approach to the
company as announced 21 February 2005, discussions with a
prospective offeror had terminated.

The preparation of the annual report and financial statements for
2004 was delayed in anticipation of the announcement of a
possible offer for the entire issued share capital of the
Company.  The Board considers it appropriate to issue this
announcement in order to provide shareholders with updated
information on the current state of affairs of the Company in
advance of the preliminary results for 2004, which it expects to
announce in June.

Seven Heads

As announced on 14 January 2005, production from the Seven Heads
gas field is being profiled to allow greater volumes of gas to be
produced and sold during the winter months, when gas prices are
generally at their peak.  This profiling worked successfully over
the winter and, as planned, production has now been reduced to 4
mmscfd.  Options for funding a further work program on the field
in order to access additional gas reserves and improve production
rates continue to be investigated.

The Board continues to be in discussion with its bankers in
relation to its repayment obligations and covenants under the
Seven Heads credit facilities, and the banks have issued
short-term waivers to allow these discussions to be concluded.
While the majority of the GBP68.6 million project loans are
non-recourse and secured only against our interest in the gas
field, a GBP12 million tranche of the facilities is guaranteed by
Ramco Oil Services Limited ('ROSL') and secured by a pledge of
the share capital of that company.  Meanwhile, ROSL and its
subsidiaries continue to perform satisfactorily and trade
profitably.

In addition, a sum of GBP1,550,000 is currently due and payable
by a Ramco subsidiary to Schlumberger Offshore Services Limited
in relation to services provided on the Seven Heads gas field,
with such payment obligation being guaranteed by Ramco Energy
plc.  Constructive discussions are continuing with Schlumberger
regarding a deferral of such payment but there is currently no
waiver in place.

Irish Gas Exploration Interests

At the end of January 2005, Ramco announced the award of a
Frontier Exploration Licence (1/05) offshore Donegal, covering
408 sq. km. (101,000 acres).  Ramco will be carried through the
drilling and testing costs of an exploration well to test the
large, four-way dip closed Triassic Inishbeg prospect.  Upon
completion Ramco will retain a 19.25% interest in the license,
which also contains a number of other prospective structures.

As part of the recent discussions with the prospective offeror,
Ramco appointed appropriately qualified independent consultants
Scott Pickford to complete a valuation of its exploration
interests in the Donegal Basin.  This report confirms Ramco's
estimates that the two largest structures contain unrisked gas
initially in place (GIIP) of 1535 bcf and 791 bcf respectively.
Ramco's 19.25% interest in these two structures totals 448 bcf
GIIP.

During 2003 additional prospective acreage in the Cretaceous Gas
Fairway of the North Celtic Sea was added to the Ramco portfolio.
Interests in three licensing options over Rosscarbery, Midleton
and East Kinsale were obtained.  Unlike Seven Heads where the
Cretaceous Wealden (B Sand) is the reservoir, these blocks target
the Greensand (A Sand), the main producing interval in the
Kinsale Field and the sole producing reservoir in the Ballycotton
Field.  Good quality Greensand reservoirs have already been
proven in wells drilled in the
Rosscarbery (48/18-1) and Midleton (49/11-1, 49/11-2) blocks and
are interpreted to extend from the Kinsale Field into the East
Kinsale area.

The overall strategic objective is to identify gas prospects
that, if successful, could be produced through a tie-back into
the Seven Heads or Kinsale infrastructure.  The proximity of the
existing infrastructure means that even a modest gas discovery in
the area could be commercially produced.

The licensing options over Rosscarbery and Midleton have expired
but applications for extension have been filed and discussions
are continuing with the Petroleum Affairs Division with a view to
agreeing forward work programs.

Other Exploration Interests

The Company also continues to hold substantially carried
interests, in exploration acreage, onshore Bulgaria and in the
Seven Heads oil potential which underlies the gas field and an
option to re-join acreage offshore Montenegro if a successful
well is drilled.

U.S. Litigation

As previously announced, following a jury verdict in October
2003, the Texas State Court issued a final judgment against Ramco
Energy plc, Ramco Oil Limited and certain other non-Ramco
defendants in a case brought by Anglo-Dutch (Tenge) L.L.C. and
Anglo-Dutch Petroleum International, Inc., alleging breach of
contract arising from confidentiality and non-circumvention
obligations.

Ramco has been advised that it has strong substantive grounds for
appeal.  That appeal and the plaintiffs' cross-appeal, to the
Fourteenth Texas Court of Appeals were heard in Houston on 26
April 2005 and the court's decision is awaited.  This process may
be followed by a further appeal by either party to the Texas
Supreme Court.

On 16 November 2004 the plaintiffs served on Ramco Energy plc and
Ramco Oil Limited a summons in a separate action in the Court of
Session, Edinburgh, with a view to enforcing their Texas judgment
in Scotland.  Ramco filed a motion in the Texas State Court
seeking leave to tender a monetary bond the acceptance of which
by the Texas court will suspend the enforceability of the
judgment and consequently suspend the plaintiffs' right to pursue
proceedings in Scotland.  The next hearing relative to this
motion is scheduled for 29 April 2005.

Board Changes

Following the ending of discussions with the prospective offeror
Ramco's non-executive directors Peter Everett (aged 73), Sir
Malcolm Rifkind (aged 58) and Vikram Lall (aged 58) have resigned
from the board effective 28 April 2005.

Ramco is pleased to announce the appointment to the board of
Dennis Paterson as a non-executive director with effect from 28
April 2005.

Dennis (aged 53) has 30 years experience in the oil and gas
industry.  He started his career as a geologist with Gulf Oil and
since then his positions have included principal negotiator with
British Gas PLC, Managing Director British Gas (Malaysia) Ltd.,
Country General Manager BG plc Indonesia and Executive Vice
President Genting Oil & Gas Ltd.  Currently, Dennis is an
independent oil and gas consultant, educated at the University of
British Columbia and Imperial College, London; he holds no shares
in Ramco.

An additional prospective non-executive director has been
identified and it is hoped that his appointment to the board can
be confirmed in the near future.

Strategy

In light of the Seven Heads position, and to maximize shareholder
value, the Board has defined a new strategy for the company that
aims to capitalize on the strong exploration portfolio that the
company holds.  In future Ramco seeks to add value as a
non-operating participant in high potential exploration and
appraisal prospects.

The Board of Ramco has initiated discussions with a view to
securing additional financing to help support the Group through
the ongoing discussions with its bankers and Schlumberger and to
enable the creation of value from its interests in its'
exploration properties, but the Board cannot give any assurance
that such financing will be secured.

Ramco Chairman Steve Remp said: "Although the failure of the
recent discussions with the prospective offeror was
disappointing, I am encouraged by the independent review of our
Donegal acreage and the recently completed farm outs over that
acreage and our acreage in Bulgaria and Montenegro.
Notwithstanding the problems we have encountered with
Seven Heads we continue to be positive about an Irish gas
strategy.

"The non-executive directors who are leaving us now have been a
huge source of support over many years in both good times and
more recently the difficult times following the disappointment of
the Seven Heads gas project.  I would like to take this
opportunity to thank Peter, Malcolm and Vikram for their hard
work and valued advice."

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

          Steve Remp, Executive Chairman
          Phone: 01224 352 200

          COLLEGE HILL - LONDON
          Nick Elwes
          Phone: 020 7457 2020

          FLEISHMAN-HILLARD SAUNDERS - DUBLIN
          Michael Parker
          Phone: 00353 1 618 8450


RUDOLPH & HELLMANN: Calls in Administrators from Baker Tilly
------------------------------------------------------------
Graham Paul Bushby (IP No 8736) and Guy Edward Mander (IP No
8845) have been appointed joint administrators for Rudolph &
Hellmann Logistics Limited.  The appointment was made April 20,
2005.

CONTACT:  BAKER TILLY
          5th Floor, Exchange House,
          446 Midsummer Boulevard,
          Central Milton Keynes MK9 2EA
          Phone: 01908 687 800
          Fax:   01908 687 801
          Web site: http://www.bakertilly.co.uk

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


SAN MARCO: Names Carter Backer Winter Administrator
---------------------------------------------------
John Alfred George Alexander and Melvyn Julian Carter (IP Nos
5053, 5773) have been appointed joint administrators for San
Marco Imaging (UK) Limited.  The appointment was made April 21,
2005.

The company distributes photo-processing equipment.  Its
registered office is located at Oxford House, 9 Pipers Court,
Berkshire Drive, Thatcham, Berkshire RG19 4ER.

CONTACT:  CARTER BACKER WINTER
          Enterprise House, 21 Buckle Street,
          London E1 8NN
          Phone: + 44 (0) 20 7309 3800
          Fax:   + 44 (0) 20 7309 3801
          E-mail: info@cbw.co.uk
          Web site: http://www.cbw.co.uk


THERMA INSULATION: Creditors Meeting Set June
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

    IN THE MATTER OF Thermac (Insulation Accessories) Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Meeting of the Creditors of Thermac (Insulation
Accessories) Limited will be held at KPMG, 4 Lakeside, Festival
Park, Stoke-on-Trent ST1 5RY, on June 3, 2005, at 10:15 a.m. for
the purposes of receiving the report of the Joint Liquidators of
the winding-up and determining whether the Joint Liquidators
should have their release under section 174 of the Insolvency Act
1986.

Proxy forms if applicable, must be lodged at KPMG Corporate
Recovery, KPMG, 4 Lakeside, Festival Park, Stoke-on-Trent ST1 5RY
not later than 12:00 noon of June 2, 2005.

P. Bateman, Joint Liquidator
April 26, 2005

CONTACT:  KPMG LLP
          4 Lakeside
          Fastival Park
          Stoke-on-Trent ST1 5RY
          Phone: (01782) 216 363
          Fax: (01782) 216 376
               (01782) 216 373
          Web site: http://www.kpmg.co.uk


THOMAS MURISON: Liquidator Calls Final Meeting
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Thomas Murison Limited
                         (In Liquidation)

Notice is hereby given in accordance with section 146 of the
Insolvency Act 1986, that the final meeting of creditors of
Thomas Murison Limited will be held at 10:30 a.m. on May 31, 2005
at 12 Carden Place, Aberdeen AB10 1UR for the purposes of
receiving an account of the winding-up from the liquidator,
together with any explanation that may be given by him.

The meeting will also consider these resolutions:

(a) To approve the liquidator's release; and

(b) To authorize the liquidator to dispose of the company's
    accounting records three months after the date of the final
    meeting.

Michael J. M. Reid CA, Liquidator
April 19, 2005

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

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


TYNE GANGWAY: Appoints Liquidators from Hawdon Bell & Co.
---------------------------------------------------------
At the extraordinary general meeting of the members of Tyne
Gangway Co. Limited on April 18, 2005 the subjoined special
resolution to wind up the company was passed.  Simon John Lundy
and John Bell of Hawdon Bell & Co, 4 Northumberland Place, North
Shields N30 1QP have been appointed joint liquidators of the
company.

CONTACT:  HAWDON BELL & CO.
          4 Northumberland Place
          North Shields
          Tyne And Wear NE30 1QP
          Phone: 0191 257 7113
          Fax: 0191 296 2034
          E-mail: jbell@hawdonbell.co.uk


VEOS LIMITED: Calls in Administrators
-------------------------------------
Name of companies:
Veos Limited
Veos UK Limited

Stephen Robert Cork and Joanne Elizabeth Milner (IP Nos 8627,
8761) have been appointed joint administrators for these
companies.  The appointment was made Feb. 9, 2005.  The company
offers human health activities.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Bartlett House
          9-12 Basinghall Street, London EC2V 5NS
          Web site: http://www.smith.williamson.co.uk


WASTE CARE: Winding-up Report Out May 23
----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Waste Care Services Limited
                         (In Liquidation)

Notice is hereby given in terms of section 106 of the Insolvency
Act 1986, that a final meeting of the members and creditors will
be held within the offices of Wylie & Bisset CA, 168 Bath Street,
Glasgow G2 4TP at 10:00 a.m. on Monday May 23, 2005 for the
purpose of receiving an account of the winding-up from the
Liquidator.

M. D. Sheppard Esq CA, Liquidator

CONTACT:  WYLIE & BISSET
          168 Bath Street
          Glasgow G2 4TP
          Phone: +44 (0) 141 566 7000
          Fax: +44 (0) 141 566 7001
          E-mail: info@wyliebisset.com
          Web site: http://www.wyliebisset.com


WATH GARDEN: Names Administrators from P&A Partnership
------------------------------------------------------
Philip Andrew Revill and Andrew Philip Wood (IP Nos 6421, 9148)
have been appointed joint administrators for garden center Wath
Garden Centre Limited.  The appointment was made April 19, 2005.
Its registered office is located at 93 Queen Street, Sheffield S1
1WF.

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


WESTLEY SECURITY: Members Pass Winding-up Resolution
----------------------------------------------------
At the extraordinary general meeting of the members of Westley
Security Services Limited on April 20, 2005 held at Queen
Alexandra House, 3 Bluecoats Avenue, Hertford SG14 1PB, the
special resolution to wind up the company was passed.  Anthony
David Kent of Maidment Judd, 60-62 High Street, Harpenden,
Hertfordshire AL5 2SP has been appointed liquidator of the
company.

CONTACT:  MAIDMENT JUDD
          60/62 High Street
          Harpenden
          Hertfordshire AL5 2SP
          Phone: 01582 469700
          Fax: 01582 460674
          E-mail: akent@maidmentjudd.co.uk


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


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