TCREUR_Public/050506.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

               Friday, May 6, 2005, Vol. 6, No. 89

                            Headlines

D E N M A R K

LEGO GROUP: Wins Lawsuit Versus Biltema Suomi Oy


F I N L A N D

BENEFON OYJ: Sets Shareholders Meeting May 26


F R A N C E

LVL MEDICAL: Half-year Turnover Slightly Down to EUR38.1 Mln


G E R M A N Y

AGF GEWERBEFLACHEN: Under Bankruptcy Administration
BAUSE-WARMESCHUTZ: Applies for Bankruptcy Proceedings
CPS CARD: Court Appoints Michael Kuleisa Administrator
DOGRU GMBH: Creditors Meeting Set Next Month
ELEKTRO ROSSGER: Gives Creditors Until May 17 to File Claims

FRESENIUS MEDICAL: Dangles US$3.5 Billion Offer to Renal Care
FRESENIUS MEDICAL: Renal Care Acquisition Prompts S&P Review
FRESENIUS MEDICAL: First-quarter EBIT Up 11%
GC KESSLER: Avoids Liquidation
HOLSTEN ANLAGE: Court to Verify Claims August

MOBILCOM SHOP: Creditors Meeting Set July
NOHLES BAU: Proofs of Claim Due Next Month
PHOENIX KAPITALDIENST: Administrator Sees 90% Recovery
SCHMIEDER MECHANISCHE: Administrator Takes over Operations
SOYO DEUTSCHLAND: Oldenburg Court Appoints Interim Administrator
SPEEDLOG GMBH: Proofs of Claim Due Later this Month


I R E L A N D

ELAN CORPORATION: Chairman Buys 90,000 Additional Shares
JSG FUNDING: Fitch Affirms 'B' Ratings; Outlook Stable


I T A L Y

SEAT PAGINE: Cuts Net Debt to EUR3.9 Billion


L U X E M B O U R G

ORIFLAME COSMETICS: Narrows Debt to EUR42.4 Mln in First Quarter


P O L A N D

FSO: Sale of 20% Government Stake Held up


R U S S I A

KIRSANOV-GAS-STROY: Under Bankruptcy Supervision
KRASNOSELSKOYE: Bankruptcy Hearing Set July
LIMAN: Khabarovsk Court Appoints Insolvency Manager
METAL WORKER: Creditors Have Until June to File Claims
MOTORIST: Succumbs to Bankruptcy

SEA PILOTS: Bankruptcy Proceedings Begin
SIBACADEMBANK: Gets 'B-' Long-term Rating from Fitch
SIB-STANKO-ELEKTRO-PRIVOD: Bankruptcy Hearing Resumes July
SMOL-MEAT: Appoints R. Latypov Insolvency Manager
TEMP: Undergoes Bankruptcy Supervision Procedure
TOPCHINSK-AGRO-PROM-KHIMIYA: Bankruptcy Proceedings Begin


S W E D E N

CONCORDIA BUS: Extended Consent Solicitation Expires Today
SCANDINAVIAN AIRLINES: Absorbs SEK1.312 Bln First-quarter Loss


U K R A I N E

AVANGARD: Insolvency Manager Takes over Operations
DARMITSYA: Court Appoints Insolvency Manager
KOLOS: Liquidator Takes over Operations
KVITEK: Kyiv Court Appoints Temporary Insolvency Manager
MELITOPOL' FOOD: Proofs of Claim Deadline Expires Weekend

NIK-TRADING: Under Bankruptcy Supervision
RODYUCHIST: Gives Creditors Until Saturday to File Claims
RUBIZHNE' BUILDING: Creditors' Claims Due Next Week
TORGBUDSERVICE: Declared Insolvent
ZORYA: Proofs of Claim Deadline Nears


U N I T E D   K I N G D O M

ABBANA LIMITED: Members Decide to Wind up Firm
ABSOLUTE WINDOWS: Calls in Liquidator
ALEXANDER ADAMSON: Liquidator Takes over Helm
BRIGHT RED: Hires Hurst Morrison Administrator
CARLTON (CONSTRUCTION): Opts for Liquidation

CIRO CITTERIO: Administrator Recommends Liquidation
CONGLETON LANDSCAPE: Members Call in Liquidators from PKF
CORUS GROUP: Talbot Plant Upgrade to Raise Output by 25%
DESIGNER COMPOSITES: Hires Liquidator from KPMG
DREAMFINDER NO.1: Liquidator Steps in

EDWARDS CARS: Appoints Administrators from PwC
EISENEGGER AND FOXHOLE: Govt Assumes Obligation to Workers
EQUITABLE LIFE: Thomson Denies Major Role in GBP3.7 Bln Suit
EQUITABLE LIFE: Disclosure Oversight 'Unfortunate', Says Counsel
EVENCRAY LTD.: Owners Get 12 Months for Stealing Cash

FENTON FARMS: Receivers' Report Out Later this Month
GADGET SHOP: Creditors Meeting Set Next Week
GOLDHEART LEISURE: Hires Elwell Watchorn & Saxton Liquidator
GOODWOODS LIMITED: Names Valentine & Co. Liquidator
HARVEY CONTAINER: Names Bagbies Traynor Administrator

HAVESTOE BUILDING: Calls in Administrator from CRG Insolvency
HENDERSON GROUP: CEO Takes up Share Options
HMV GROUP: Maintains Full-year Earnings Forecast
HOLMES VALVES: Administrators from Menzies Corporate Move in
INSIDESPACE ART: Appoints Citroen Wells Administrator

J FENTON: Creditors Meeting Set May 23
KRYPTON HEALTH: Administrators from S. F. Plant & Co. Move in
LINDENGROVE CONSULTANTS: Appoints P&A Liquidator
MACKELLAR ENGINEERING: Creditors Meeting Set June
MARCONI CORPORATION: Union Promises to Cooperate with Management

MG ROVER: Rescue by Iranian Carmaker Still Possible
MIDLAND PLASTERING: Liquidator from Critchleys Moves in
PHOENIX RECYCLING: Hires Administrators from Milner Boardman
PRO-FAB (LEEDS): Administrator from David Horner Moves in
RATHBONES BAKERIES: Morrison Deal Saves Jobs

REGUS GROUP: 'Margin Calls' Drag Down Shares
RO REALISATIONS: IT Firm Calls in Administrators
ROYAL & SUNALLIANCE: Names Chief Executive for U.K. Business
SCH IONA: Gives Creditors Until October to File Claims
SOE DEVELOPMENT: Hires Tenon Recovery as Administrator

SPIRITSOFT LIMITED: Names David Rubin & Partners Administrator
THOMPSON JONES: Hires Joint Administrators from Unity Corporate
WATERFORD WEDGWOOD: Proposes EUR100 Million Rights Issue
WATERFORD WEDGWOOD: Senior Unsecured Rating Affirmed at 'CCC'
WESTFAN LIMITED: Members Pass Winding-up Resolution
WH TRADE: Execs Redeem Company from Receivership


                            *********


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


LEGO GROUP: Wins Lawsuit Versus Biltema Suomi Oy
------------------------------------------------
The LEGO Group recently won a court action in the Finnish Market
Court against Biltema Suomi Oy, a sales company.  The action
concerned Biltema's sale and marketing of copies of LEGO
products under the Coko trademark.

The judgment prohibits Biltema Finland from marketing and
selling copy products, which are identical or very similar to
LEGO bricks unless the very appearance of those copies is
changed to distinguish them from the LEGO bricks, and Biltema
was ordered to compensate the legal costs of the LEGO Group.  A
possible claim for compensation may be filed in a local District
Court.  So this point still remains to be settled.

As a result of the Market Court judgment, Biltema is not
permitted to sell Coko bricks in Finland unless they are
modified so that they can no longer be mistaken for LEGO bricks.
The judgment extends, for all practical purposes, to a sales
ban.  The Market Court also found that Biltema had abused the
goodwill of the LEGO Group while creating the risk of confusion
on the commercial origin in respect of the Coko products, the
quality of which was considered inferior to that of the original
LEGO products.

The Finnish Supreme Court has previously rendered a decision on
parts of this case, and concluded that the concept of marketing
should not be construed too narrowly and should, in particular,
also include the offering for sale of products in addition to
more active marketing actions.  The LEGO case is one of the
first rulings by the Finnish Market Court that have ever been
appealed to the Supreme Court.  The appeal by the LEGO Group
thereby succeeded in changing the long-standing Finnish Market
Court practice of ruling only on the marketing of copy products
-- not the actual sale.

"The ruling of the Finnish Market Court is another important
result of our efforts to counteract copy products which mislead
consumers," says Henrik G. Jacobsen, Corporate Counsel at the
LEGO Group.  "The Finnish ruling means that the case law on
unfair competition in Finland is now on a par with that of the
other Nordic countries," he says.

"But in the long term it is an unsatisfactory state of affairs
for the safety of European consumers and the protection of the
rightholders that still today such a difference exists in E.U.
Member States in the application of unfair competition law
protection.  In effect, it means that a company can win a case
in several E.U. member states on one day -- and lose an
identical case in a neighboring member state the next."

The successful ruling in Finland is the third of four lawsuits
that the LEGO Group has brought against Biltema in the Nordic
countries.  In Sweden the LEGO Group won a corresponding case in
October last year, and in Norway the case against Biltema was
won in September 2003.  An action against Biltema in Denmark is
expected to be heard later this month.

In December 2003 the LEGO Group won its action against the
Chinese manufacturer of Coko products at The Beijing High
People's Court.  Coko was ordered to surrender moulds to the
court, which then arranged for their destruction.  In addition,
the offending company had to publish an official apology in a
national Chinese daily newspaper and pay a sum in compensation
to the LEGO Group.

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


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


BENEFON OYJ: Sets Shareholders Meeting May 26
---------------------------------------------
The Board of Directors of Benefon Oyj has decided to convene the
Annual General Meeting of the Shareholders on Thursday, May 26,
2005 at 1:00 p.m.  The General Meeting shall be held in Salo, in
address Rummunlyojankatu 2, Sininen Talo.

Shareholders will take up these matters:

(a) The ordinary matters referred to in article 14 S of the
    Articles of Association;

(b) The proposal of the Board to change some details of the
    shareholders' rights issue decided on Feb. 26, 2004.

    The Board proposes that the target group for the option
    rights granted by the EGM of Feb. 26, 2004 (the details of
    which decision still were amended by the AGM of May 28, 2004
    and the EGM of Sept. 30, 2004) would be expanded to cover
    also selected business partners and other parties needed,
    time to time, to provide services to the Company, in
    addition to the originally defined key personnel of the
    Company and its subsidiaries;

(c) The proposal of the Board to use the share premium account
    for partially covering the accrued losses of prior fiscal
    years.

    The Board proposes that the share premium account of
    EUR25,577,310.70 in the financial statements of
    Dec. 31, 2004 will be used for partially covering the
    accrued losses of prior fiscal years;

(d) The cancellation of the authorization of the Board and
    authorizing the Board to decide about the increase of share
    capital.

    The Board proposes that the general meeting would decide to
    cancel the authorization provided on May 28, 2004 and that
    it would authorize the Board, within one year from the
    meeting granting the authorization, to decide on the
    increase of share capital by rights issue, by issue of
    options or by issue of convertible bonds in one or more
    installments so that in the rights issue or in the issue of
    convertible bonds or options, in total a maximum of
    25,630,809 new investment shares with a book parity value of
    EUR0.01 per share, shall be entitled to be subscribed for.
    Therefore, the share capital, by virtue of the
    authorization, may be increased by a maximum of
    EUR256,308.09.

    Detailed proposals of the Board to the general meeting are
    available to the shareholders a week before the meeting,
    i.e. on May 19, 2005; and

(e) The auditor.

    The Board of the company is aware that Ernst & Young Oy with
    Mr. Tapio Ali-Tolppa, CPA, as responsible auditor, would be
    proposed to continue as the auditor of the company.

Documents on View

Copies of the documents concerning the financial statements and
the proposals of the Board of Directors with their appendices
are available for shareholders to view from May 19, 2005 onwards
at the company headquarters in Salo, address Meriniitynkatu 11,
24100 Salo, Finland.  The company will provide copies of the
said documents to shareholders upon request.

Right to Participate

Shareholder, who has been registered in the company's
shareholder register, maintained by the Finnish Central
Securities Depository Ltd., by May 16, 2005, as latest, has the
right to participate in the General Meeting.  In addition, a
shareholder, whose shares have not been transferred to the book-
entry system, has the right to participate in the General
Meeting provided that the shareholder had been registered in the
company share register before October 7, 1994.  In this case the
shareholder must present at the General Meeting his/her share
certificate or other documentation indicating that title to the
shares has not been transferred to the book-entry securities
account.

Notice of Intention to Participate

Shareholder, who wishes to participate in the General Meeting
must notify his/her participation by May 23, 2005, by 16:00
hours as latest, to the company's head office by telephone +358-
2-77400 (Minna Suokas), by telefax at +358-2-7332633, in writing
to Benefon Oyj, PL 84, 24101 Salo, Finland, or by e-mail to
minna.suokas@benefon.fi.  Shareholders are requested to deliver
eventual proxies into the said address within the notice period.

BENEFON OYJ
Board of Directors
Tomi Raita, CEO

CONTACT:  BENEFON OYJ
          P.O. Box 84 Meriniitynkatu
          11 FIN-24101 Salo, Finland
          Phone: +358-2-77 400
          Fax: +358-2-733 2633
          E-mail: salesoffice@benefon.fi
          Web site: http://www.benefon.com


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


LVL MEDICAL: Half-year Turnover Slightly Down to EUR38.1 Mln
------------------------------------------------------------
During the first semester of the 2005 financial year, LVL
Medical Groupe registered a consolidated turnover of EUR38.1
million versus EUR40.3 million in the first half of the previous
financial year.

Given the withdrawals led in France and in Germany in the
previous financial year in the home medical equipment field,
this turnover shows a rise of 0.2% compared to the pro forma
turnover of the first semester of the 2004 financial year (EUR38
million).

In France, the first half turnover comes to EUR30.9 million out
of which 98% in the Group's strategic activities which are home
respiratory care, infusion, nutrition and insulin therapy.
Within the framework of its strategy of market shares recapture
on these high value added services, the Group chose to
restructure its sales force out of which 40% of the staff has
been renewed in the first semester, which temporarily affected
the first months' growth of the current financial year.

Coupled with a training plan intended for all the sales
representatives, this restructuring aims to allow the Group to
accelerate its development on this incessantly growing market,
especially further to the budget reform in progress in the
hospital sector (T2A).  Although perceptible as of the second
semester, the first effects of the measures carried on will be
mainly tangible in the next financial year.

In Germany, the nursing and home care structures registered a
turnover of EUR6.9 million in the first semester versus EUR6.2
million in the previous financial year.  Widely above the
Group's forecasts, these performances show an internal growth of
over 11%.

In Spain, operations generate a half-year turnover of EUR0.3
million.  As announced, the withdrawal process in progress
should be finalized within the next weeks.

Taking into account these actions pursued in terms of
development and the continued saving measures taken, the Group
anticipates a time lag in the reach of its internal growth
objectives, while confirming its priority objective of
improvement of its profitability.

Further information on the Group's outlooks will be conveyed for
the first half results publication scheduled on June 21, 2005.

                            *   *   *

LVL Medical Groupe is the leading provider of home healthcare
equipment and services in France, according to
http://www.hoovers.com/. It offers, among others, equipment for
respiratory care and services like oxygen and aerosol therapy
for patients who suffer from chronic bronchitis, asthma,
emphysema, sleep apnea, and other respiratory conditions.  The
family of CEO Jean-Claude Lavorel owns almost half the company.

LVL managed to post a net profit of EUR400,000 in the year ended
September 30, 2004 after posting a net loss of EUR46.7 million
the previous year.  Shareholders' equity remained negative
at -EUR1.1 million.  Following a public exchange offer in
October 2004, in which close to 98% of outstanding bonds were
tendered, the company's financial debt now stands at EUR28.8
million, down from EUR35.1 million.  The debt exchange also
extended to 2009 the maturity of its OCEANE convertible bonds.

CONTACT:  LVL MEDICAL GROUPE
          25 rue Bossuet
          69455 Lyon Cedex 00, France
          Phone: +33-4-26-68-68-68
          Fax: +33-4-26-68-68-79
          Web site: http://www.lvl-medical.com

          Investor Relations
          Severine Metzeler
          Phone: +33 4 26 68 68 61
          E-mail: severine.metzeler@lvl-medical.fr


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


AGF GEWERBEFLACHEN: Under Bankruptcy Administration
---------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against AGF Gewerbeflachen GmbH & Co. KG on April 15.
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 Cornelia Monert.

Creditors and other interested parties are encouraged to attend
the meeting on June 23, 2005, 9:00 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:  AGF GEWERBEFLACHEN GMBH & CO. KG
          Finkenstr. 74, 33609 Bielefeld
          Contact:
          Ralf Ahlemeyer, Manager

          Cornelia Monert, Administrator
          Lise Meitner Str. 13, 33605 Bielefeld


BAUSE-WARMESCHUTZ: Applies for Bankruptcy Proceedings
-----------------------------------------------------
The district court of Muhlhausen opened bankruptcy proceedings
against Bause-Warmeschutz GmbH on April 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 30, 2005 to register their
claims with court-appointed provisional administrator Ulrich
Hauter.

Creditors and other interested parties are encouraged to attend
the meeting on July 11, 2005, 10:00 a.m. at the district court
of Muhlhausen, Untermarkt 17, Raum 35 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:  BAUSE-WARMESCHUTZ GMBH
          Contact:
          Wolfram Bause
          Leinefelder Str. 49, 37327 Kallmerode

          Ulrich Hauter, Administrator
          Untermarkt 12, 99974 Muhlhausen


CPS CARD: Court Appoints Michael Kuleisa Administrator
------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against CPS Card Providing Service GmbH on April 8.
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 Michael W. Kuleisa.

Creditors and other interested parties are encouraged to attend
the meeting on June 15, 2005, 9:45 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  CPS CARD PROVIDING SERVICE GMBH
          Wendenstrasse 309, 20537 Hamburg
          Contact:
          Rudiger Lampe, Manager

          Michael W. Kuleisa, Administrator
          Speersort 4-6, 20095 Hamburg


DOGRU GMBH: Creditors Meeting Set Next Month
--------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Dogru GmbH & Co.KG on April 18.  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 Norbert
Weber.

Creditors and other interested parties are encouraged to attend
the meeting on June 16, 2005, 9:15 a.m. at the district court of
Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal, 2. Etage,
Saal 234 - Altbau Amtsgericht at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  DOGRU GMBH & CO.KG
          Kinzigweg 16, 42579 Heiligenhaus

          Norbert Weber, Administrator
          Friedrich-Ebert-Strasse 146, 42117 Wuppertal
          Phone: 0202/30 20 71
          Fax: 0202/31 47 08


ELEKTRO ROSSGER: Gives Creditors Until May 17 to File Claims
------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Elektro Rossger 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 Dr.
Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting on June 28, 2005, 10:30 a.m. at the district court
of Chemnitz, Saal 27, 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:  ELEKTRO ROSSGER GMBH
          Burgstadter Strasse 29, 09236 Claussnitz

          Dr. Stephan Thiemann, Administrator
          Leipziger Str. 62, 09113 Chemnitz
          Web site: http://www.pluta.net


FRESENIUS MEDICAL: Dangles US$3.5 Billion Offer to Renal Care
-------------------------------------------------------------
Fresenius Medical Care AG said on Wednesday it has entered into
a definitive agreement to acquire Renal Care Group, Inc. (NYSE:
RCI), Nashville, Tennessee, for a price of US$48.00 per share in
cash.  The total net consideration for the acquisition of all
outstanding shares of Renal Care Group, Inc., is US$3.5 billion
(on a fully diluted basis), which will be all-debt financed.
The acquisition is anticipated to be neutral to slightly
accretive to earnings in 2006 and clearly accretive to earnings
in 2007 and thereafter.

Renal Care Group, Inc. is a fast-growing, highly profitable
dialysis service provider that will be an attractive complement
to Fresenius Medical Care's U.S. business.  In 2004, Renal Care
Group's revenue was about US$1.35 billion with an EBIT of US$254
million and a net income of US$122 million.  As of March 31,
2005, Renal Care Group owned more than 425 dialysis clinics and
served over 30,400 patients.  Renal Care Group generates an
industry-leading share of 43% of its revenue from private
payors.

The 2004 pro forma combined revenue of Fresenius Medical Care
and Renal Care Group was approximately US$7.5 billion.  On a pro
forma combined basis as of March 31, 2005, Fresenius Medical
Care and Renal Care Group served approximately 117,000 patients
in over 1,560 clinics in North America and more than 156,000
patients in over 2,000 dialysis clinics worldwide.

The acquisition solidifies Fresenius Medical Care's position as
the leader in dialysis services in the U.S. With its service
network, Renal Care Group provides an excellent strategic and
geographic fit to Fresenius Medical Care's operations in the
world's largest dialysis market.  This acquisition will enhance
the Company's growth prospects and profitability.

At a price of US$48.00 per share in cash, shareholders of Renal
Care Group would receive a premium of 22% over Tuesday's closing
price.  Fresenius Medical Care plans to finance the acquisition
primarily through an extension of its senior credit agreement.
The existing US$1.2 billion credit agreement will be replaced by
a US$5.0 billion senior credit facility.  Financing commitments
have been received from Bank of America and Deutsche Bank, and
are subject to customary conditions.  Deutsche Bank acted as
financial advisor to Fresenius Medical Care for this
acquisition.

The transaction is subject to the approval of Renal Care Group's
shareholders and other customary closing conditions, including
the expiration of the waiting period under the Hart-Scott Rodino
Antitrust Improvements Act.  The Company anticipates to close
this transaction in the second half of 2005.

Fresenius AG (WKN 578560, 578563) holds a majority interest in
Fresenius Medical Care's ordinary capital.

Fresenius Medical Care AG (Frankfurt Stock Exchange: FME, FME3)
(NYSE: FMS, FMS-p) is the world's largest provider of Dialysis
Products and Services.

CONTACT:  FRESENIUS MEDICAL CARE AKTIENGESELLSCHAFT
          Else-Kroner Strasse, 1
          61346 Bad Homburg, Germany
          Phone: +49-6172-609-0
          Fax: +49-6172-608-2488
          Web site: http://www.fmc-ag.com


FRESENIUS MEDICAL: Renal Care Acquisition Prompts S&P Review
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
corporate credit ratings on the world's leading dialysis
services provider, German-based Fresenius Medical Care AG (FMC),
and its parent, Fresenius AG (Fresenius), on CreditWatch with
negative implications.

The rating actions follow FMC's announcement that it has agreed
to acquire U.S.-based dialysis provider Renal Care Group Inc.
for a net consideration of US$3.5 billion, on an all-debt-
financed basis.  The acquisition is subject to the approvals of
RCG's shareholders and the antitrust authorities.  The
transaction is expected to be completed in the second half of
2005.

"We expect that, based on the preliminary details announced
[Wednes]day by FMC, and barring any major liquidity concerns,
the ratings on FMC and Fresenius could be lowered by up to two
notches," said Standard & Poor's credit analyst Omar Saeed.

"The CreditWatch placements reflect FMC's and Fresenius'
unexpected shift to a significantly more aggressive financial
policy, particularly as the group had been in the process of
deleveraging its balance sheet for the past three to four
years," added Mr. Saeed.

The combination with RCG will result in a highly leveraged
capital structure, despite the group's intention to raise
approximately EUR300 million of proceeds from a voluntary scheme
of allowing its preference shareholders to convert their
holdings into ordinary shares during the current year.

From a business risk perspective, Standard & Poor's considers
the transaction as mildly positive in the long run, reflecting
the enlarged group's solidified market position, its ability to
further improve payment terms with private payors and Amgen
(FMC's provider for erythroprotein), and improved operating
profitability.  Although the group will face some short-term
integration risks, this should be seen in the context of RCG's
revenues representing approximately 17% of the enlarged group's
revenues.

"The resolution of the CreditWatch placements will depend on our
assessment of the group's final capital structure, financial
policy, liquidity profile, in addition to its strategy in
relation to the integration of RCG," said Mr. Saeed.

Standard & Poor's plans to meet with management to resolve the
CreditWatch in the near future.

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

          FRESENIUS MEDICAL CARE AKTIENGESELLSCHAFT
          Else-Kroner Strasse, 1
          61346 Bad Homburg, Germany
          Phone: +49-6172-609-0
          Fax: +49-6172-608-2488
          Web site: http://www.fmc-ag.com


FRESENIUS MEDICAL: First-quarter EBIT Up 11%
--------------------------------------------
Fresenius Medical Care AG's total revenue for the first quarter
2005 increased by 10% (9% at constant currency) to US$1,609
million.  Total organic revenue growth worldwide was 7%.
Dialysis Care revenue grew by 10% (9% at constant currency) to
US$1,162 million.  Dialysis Product revenue increased to US$447
million (11%/7% at constant currency).

Operating income (EBIT) of Fresenius Medical Care increased by
11% to US$220 million in the first quarter of 2005.  Net income
was US$107 million, an increase of 18%.  Earnings per share
(EPS) in the first quarter 2005 rose by 18% to US$1.11 per
ordinary share (US$0.37 per ADS), compared to US$0.94 (US$0.31
per ADS) in the first quarter of 2004.

In the first quarter of 2005, the Company generated US$138
million in net cash from operations.  A total of US$40 million
(net of disposals) was spent for capital expenditures.  This
resulted in a Free Cash Flow before acquisitions of US$98
million.  The Free Cash Flow after acquisitions decreased by 13%
to US$76 million compared to US$88 million last year.

For the year 2005, the Company confirms its outlook before the
impact of the Renal Care Group acquisition.  The Company expects
a revenue growth at constant currency between six and nine
percent and net income growth in the low double-digit range

Fresenius AG (WKN 578560, 578563) holds a majority interest in
Fresenius Medical Care's ordinary capital.

CONTACT:  FRESENIUS MEDICAL CARE AG
          Else-Kroner-Strasse1
          61352 Bad Homburg Deutschland
          Phone: +49 (0) 6172- 609 2525
          Fax: +49 (0) 6172- 609 2301
          E-mail: ir-fms@fmc-ag.com
          Web site: http://www.fmc-ag.de


GC KESSLER: Avoids Liquidation
------------------------------
Wine maker G. C. Kessler recently averted collapse after finding
investors willing to bail out the group, Suddeutsche Zeitung
says.

Two groups, one from Esslingen and the other from Switzerland,
have agreed to acquire stakes in Kessler on May 17.  Group head
Clemens Weiss will also take over some shares in Kessler.
Kessler filed for insolvency in December 2004.


HOLSTEN ANLAGE: Court to Verify Claims August
---------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Holsten Anlage GmbH on April 7.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 8, 2005 to
register their claims with court-appointed provisional
administrator Rudiger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on June 8, 2005, 10:40 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on August 31, 2005,
10:40 a.m.

CONTACT:  HOLSTEN ANLAGE GMBH
          Alt Kaulsdorf 1/11,12621 Berlin

          Rudiger Wienberg, Administrator
          Giesebrechtstr. 1, 10629 Berlin


MOBILCOM SHOP: Creditors Meeting Set July
-----------------------------------------
The district court of Bochum opened bankruptcy proceedings
against MobilCom Shop Herten Blasey und Broda oHG on April 12.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 31, 2005 to
register their claims with court-appointed provisional
administrator Udo Claes Hellmich.

Creditors and other interested parties are encouraged to attend
the meeting on July 4, 2005, 8:40 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:  MOBILCOM SHOP HERTEN BLASEY UND BRODA OHG
          Paulusstrasse 5, 45657 Recklinghausen
          Contact:
          Michael Blasey
          Kolbstrasse 31, 45889 Gelsenkirchen
          Werner Brosda
          Striegauer Weg 22, 45891 Gelsenkirchen

          Udo Claes Hellmich, Administrator
          Bahnhofstr. 46, 45879 Gelsenkirchen
          Phone: 0209/1553490
          Fax: 0209/177952988


NOHLES BAU: Proofs of Claim Due Next Month
------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Nohles Bau GmbH on April 14.  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 Ulrich Bert.

Creditors and other interested parties are encouraged to attend
the meeting on July 13, 2005, 10:30 a.m. at the district court
of Darmstadt, Zimmer 109, 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:  NOHLES BAU GMBH
          Im Emser 19, 64287 Darmstadt
          Contact:
          Reinhold Nohles, Manager

          Ulrich Bert, Administrator
          Birkenweg 24, 64295 Darmstadt
          Phone: 06151/66729-0
          Fax: 06151/66729-20


PHOENIX KAPITALDIENST: Administrator Sees 90% Recovery
------------------------------------------------------
The insolvency administrator of hedge fund Phoenix Kapitaldienst
GmbH expects to recover at least EUR235 million for distribution
to investors, according to Dow Jones.

Schultze & Braun has already recouped EUR210 million and expects
to receive payment of another EUR25 million aside from further
potential claims worth tens or hundreds of millions of euros.
This, however, will still be subtracted by administrative and
operating costs relating to bankruptcy before being disbursed.

Phoenix Kapitaldienst has 30,000 investors.  As to how much
assets it is managing, a spokeswoman said it could not be
determined yet because the firm has overstated its figures.  Its
books show EUR800 million to EUR900 million of assets, according
to the spokeswoman.

The good news is investors within the European Union have the
possibility of getting as much as 90% of their claims, up to
EUR20,000 under German regulations.  According to financial
services regulator BaFin, the case is serious enough to warrant
a referral to the German investor-compensation scheme for
securities services companies.

CONTACT:  SCHULTZE & BRAUN
          Web site: http://www.schubra.de


SCHMIEDER MECHANISCHE: Administrator Takes over Operations
----------------------------------------------------------
The district court of Offenburg opened bankruptcy proceedings
against Schmieder Mechanische Werkstatte GmbH on April 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 31, 2005 to
register their claims with court-appointed provisional
administrator Dr. Martin Mildenberger.

Creditors and other interested parties are encouraged to attend
the meeting on June 6, 2005, 10:10 a.m. at the district court of
Offenburg, Hindenburgstr. 5, 77654 Offenburg, Kellergeschoss,
Raum 0.005 at which time the administrator will present his
first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on July
4, 2005, 11:30 a.m. at the same venue.

CONTACT:  SCHMIEDER MECHANISCHE WERKSTATTE GMBH & CO. KG
          Unter den Eichen 1D, 77736 Zell a.H.
          Contact:
          Michael Schmieder, Manager

          Dr. Martin Mildenberger, Administrator
          Bertha-von-Suttner-Str. 3, 77645 Offenburg


SOYO DEUTSCHLAND: Oldenburg Court Appoints Interim Administrator
----------------------------------------------------------------
The district court of Oldenburg opened bankruptcy proceedings
against SOYO Deutschland GmbH on April 11.  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 Christoph
Pfluger.

Creditors and other interested parties are encouraged to attend
the meeting on June 23, 2005, 3:00 p.m. Sitzungssaal, 2. OG,
Amtsgericht, Nebenstelle Elisabethstrasse 6, 26135 Oldenburg 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:  SOYO DEUTSCHLAND GMBH
          Gewerbepark 8 a, 26209 Hatten
          Contact:
          Andy Cheu, Manager
          Gewerbepark 8 a, 26209 Hatten

          Christoph Pfluger, Administrator
          Alexanderstr. 127, 26121 Oldenburg


SPEEDLOG GMBH: Proofs of Claim Due Later this Month
---------------------------------------------------
The district court of Limburg opened bankruptcy proceedings
against Speedlog GmbH on April 12.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 31, 2005 to register their claims with
court-appointed provisional administrator Dr. Peter G. Theile.

Creditors and other interested parties are encouraged to attend
the meeting on June 21, 2005, 9:30 a.m. at Zimmer D 221,
Amtsgerichtsgebaude, Walderdorffstrasse 12, 65549 Limburg at
which time the administrator will present his first report of
the insolvency proceedings.  The court will verify the claims
set out in the administrator's report on June 21, 2005, 9:35
a.m. at the same venue.

CONTACT:  SPEEDLOG GMBH
          Weilburger Str. 25, 35789 Weilmunster
          Contact:
          Thorsten Moller, Manager
          Frankfurter Str. 5 a, 36124 Eichenzell
          Tanja Lehnert-Wirth, Manager
          Weilburger Str. 25, 35789 Weilmunster

          Dr. Peter G. Theile, Administrator
          Kapellenstr. 7, 65555 Limburg-Offheim
          Phone: 06431/77990-0
          Fax: 06431/77990-35


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


ELAN CORPORATION: Chairman Buys 90,000 Additional Shares
--------------------------------------------------------
Elan Chairman Kyran McLaughlin has acquired a further 90,000
shares at US$5.1749 on April 29, a day after the drug company
reported that losses in the first quarter nearly doubled.  Ms.
McLaughlin now owns a total of 100,000 shares, which represent
0.025 percent of the company, according to ShareCast.

Biogen Idec and Elan pulled out the drug from the U.S. market
and all ongoing clinical trials in February, after three
patients taking Tysabri were diagnosed with progressive
multifocal leukoencephalopathy, two of whom died.  Elan earlier
blamed its increased losses to the suspension.

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

Ms. McLaughlin was appointed chairman of the board of directors
in January 2005.  Among other positions, she has been head of
equities and corporate finance at Irish stockbrokers Davy since
1985 and a director of Ryanair Holdings.

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


JSG FUNDING: Fitch Affirms 'B' Ratings; Outlook Stable
------------------------------------------------------
Fitch Ratings affirmed JSG Funding plc's senior notes at 'B' and
subordinated notes at 'B-'.  At the same time, the agency has
affirmed JSG Acquisitions' Senior Unsecured rating at 'B+' and
its senior secured debt at 'BB'.  JSG Holdings plc's senior PIK
notes are affirmed at 'CCC+'.  The Outlook on the Senior
Unsecured rating is Stable.

The rating action follows the publication of JSG's full-year
2004 results, which is in line with Fitch's expectations, with
revenues up 1% at EUR4,805 billion and EBITDA before
exceptionals down 3% at EUR606 million.  JSG's cash generation
in FY04 remained robust as JSG continued to focus on working
capital improvements, controlled capital expenditure and
disposal of surplus assets.

The ratings continue to be constrained by JSG's high financial
leverage and moderate cash flow coverage.  However, Fitch notes
JSG's comfortable liquidity position with free cash flow
generation supplemented by cash on balance sheet of EUR248
million and an undrawn revolving credit facility of EUR425
million at FYE04.  Fitch expects that trading conditions in
Europe will remain challenging for JSG in FY05, although this
should be offset by a favorable operating environment in Latin
America.  JSG's vertical integration also affords it some
protection from the cyclicality of the pulp and paper markets.

The Jefferson Smurfit Group is one of the largest European
integrated manufacturers of containerboard, corrugated
containers and other paper-based packaging products.  The group
has operations in Europe and Latin America.

CONTACT:  FITCH RATINGS
          Daragh Murphy, London
          Phone: +44 (0) 20 7862 4105

          Michelle De Angelis
          Phone: +44 (0) 20 7417 3499

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


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


SEAT PAGINE: Cuts Net Debt to EUR3.9 Billion
--------------------------------------------
Highlights of Annual Report for the Year Ended December 31, 2004

(a) Consolidated Revenues amounted to EUR1,406.3 million, with a
    2.0% increase at constant consolidation area (net of the
    transfer of businesses in the Business Information area);

(b) Consolidated Ebitda amounted to EUR611.5 million (+1.9% at
    constant consolidation area), with a ratio to revenues
    rising to 43.5% (from 41.5% in 2003);

(c) Operating Cash flow amounted to EUR637.8 million, sharply
    increasing compared to EUR534.4 million in 2003 (+19.3%),
    thanks to a reduction in working capital; and

(d) Net Financial Debt at the end of the year dropped to
    EUR3,925.7 million (from EUR4,093.5 million posted after the
    distribution of the extraordinary dividend, in April 2004),
    with a 6.59% average debt cost for 2004.

Seat Pagine Gialle S.p.A. had been incorporated on August 1,
2003 as a result of the partial proportional spin-off of former
Seat Pagine Gialle S.p.A. (now Telecom Italia Media S.p.A.) of
the Directories business area (operating in the telephone
directories sector, through solicitation of advertising and
publishing of print and online products), the Directory
Assistance business area (that supplies voice information
services), and the Business Information area (that supplies one-
to-one marketing services, marketing intelligence and database
management services to companies).

On December 23, 2003 the merger of Seat S.p.A. into Silver
S.p.A. -- a company wholly held by Spyglass S.p.A. -- and of the
resulting company into Spyglass S.p.A. became effective.
Following the completion of this transaction, Spyglass S.p.A.
was renamed SEAT PAGINE GIALLE S.p.A.

For the purpose of facilitating the analysis of financial data,
the pro-forma figures for 2003 are provided below, reclassified
so as to reflect the economic performance of the SEAT PAGINE
GIALLE Group and of the Parent Company, as if the spin-off of
SEAT PAGINE GIALLE S.p.A. from Telecom Italia Media S.p.A.
(carried out on August 1, 2003) had been effective as of January
1, 2003.

The merger by incorporation of Seat S.p.A. in Silver S.p.A. and
of the resulting Company into Spyglass S.p.A., which took place
at the end of 2003, did not influence revenues and operating
cost items.  Thus, it was not deemed necessary to state the
effects of these transactions in the pro-forma income statements
for 2003.  Consequently, goodwill amortization arising from the
above-mentioned merger operations only relates to the period
from August 1 to December 31 in the pro-forma income statement.
Compared to 2003, the consolidation area was reduced, in
particular due to the disposal of equity investments in
companies of the "Business Information" Area (the foreign
operations of the French Group Consodata, Consodata Germany GmbH
and NetCreations Inc).

The Board of Directors of Seat Pagine Gialle, held on April 28
in first call and chaired by Enrico Giliberti, approved the
Annual Report of Parent Company Seat Pagine Gialle S.p.A.
Consolidated revenues for the Seat Pagine Gialle Group amounted
to EUR1,406.3, a 2.0% increase thanks to the growth shown -- at
different paces -- by all business areas (Directories, Directory
Assistance and other activities), which is particularly
significant if confronted with the difficult macroeconomic
context that marked 2004.

Also EBITDA growth was slightly higher than expected, up 1.9% at
constant consolidation area, thus reaching EUR611.5 million.
The ratio to revenues improved, going from 41.5% in pro-forma
2003 to 43.5% in 2004.

Noteworthy were also the positive results achieved in terms of
cash flow generation: operating cash flow amounted to EUR637.8
million in 2004, up EUR103.4 million compared to pro-forma 2003,
especially thanks to the containment of operating working
capital.  The ratio of operating cash flow to revenues also
improved (from 36.9% to 45.4%), as did the ratio to EBITDA (from
88.7% to 104.3%).

Net financial debt decreased to less than EUR4,000 million (from
EUR4,093.5 million in April 2004, after the distribution of the
extraordinary dividend, to EUR3,925.7 million at December 31,
2004), also thanks to the early repayments made (EUR44 million
in 2004, plus EUR134 million in Q1 2005).  Availabilities at
December 31, 2004 were EUR140 million.

As already disclosed, it must be borne in mind that the Company
exclusively appointed BNP Paribas (Italian branch) for a
refinancing operation, under better terms compared to the
present ones, of the Company's current senior debt, which
amounted to EUR2,616 million at March 31, 2005.  The sole
purpose of the transaction under examination is to replace the
existing bank debt and it is not expected to generate any
additional debt.  The operation has been also considered in
light of the Company's positive cash flow generation
performance, allowing for a possible renegotiation of the loan
under better economic and operating terms compared to the
current ones.

During the Ordinary Shareholders' Meeting, Pietro Masera -- who
had been co-opted by the Board of Directors on November 25, 2004
to replace Hardy McLain -- was confirmed as Director.

Further to the Ordinary General Meeting resolution providing for
coverage of losses for FY 2004, through the use of the entire
amount of the Revaluation Reserve, the Extraordinary
Shareholders' Meeting approved the aforesaid full use of the
Revaluation Reserve (for the amount of EUR11.7 million), thus
fully and finally bringing to zero the balance of said Reserve
set up pursuant to laws Nos. 413/1991 and 342/2000, without any
obligation to reconstitute the same.

In 2005, the Company has continued the analyses aimed at
adopting the International Accounting Standards when preparing
the consolidated quarterly report.  The forthcoming Meeting of
the Board of Directors, scheduled to be held on May 10, 2005,
will discuss the possible adoption of the above-mentioned
standards also for Seat PG S.p.A.'s Half-Year Report.

Pursuant to and under the terms envisaged by the regulations in
force, the Company's Corporate Governance Annual Report is now
available to the public and can be viewed on the Company's Web
site and on Borsa Italiana S.p.A. Web site.

CONTACT:  SEAT PAGINE GIALLE
          Communications
          Phone: +39 011 435.3030
          Fax: +39 011 435.3040
          E-mail: Comunicazione.stampa@seat.it

          Investor Relations
          Phone: +39.011.435.2600
          E-mail: Investor.relations@seat.it

          Legal and Corporate Affairs:
          E-mail: ufficio.societario@seat.it

          BARABINO & PARTNERS
          Phone: +39 02 72 02 35 35
          Fax: +39 02 89 00 519
          Federico Steiner
          E-mail: f.steiner@barabino.it
          Niccolo Moschini
          Phone: n.moschini@barabino.it


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


ORIFLAME COSMETICS: Narrows Debt to EUR42.4 Mln in First Quarter
----------------------------------------------------------------
Highlights of Interim Report

(a) local currency sales increased by 5% with both major regions
    contributing to the growth.  Euro sales increased by 4%, to
    EUR181.6 million (EUR175.1 million);

(b) average size of the Sales Force increased by 3%, to
    1,614,900 Consultants and productivity increased by 1%.
    Closing Sales Force was up by 4%;

(c) operating profit decreased by 15%, to EUR27.2 million
    (EUR32.2 million);

(d) profit after tax increased by 22% to EUR24.3 million
    (EUR19.8 million), reflecting the lower debt levels
    currently in the Group and the IPO and refinancing expenses
    in 2004;

(e) diluted EPS amounted to EUR0.41 (EUR0.35); and

(f) cash flow from operating activities increased by 8% to
    EUR18.5 million (EUR17.2 million).

Sales and Earnings

Sales in local currencies increased by 5% and by 4% in Euro, to
EUR181.6 million compared to EUR175.1 million in the same period
last year.  Unit sales were up by 7%.

Sales growth in local currencies was driven by a 3% increase in
the average size of the Sales Force and a 1% productivity
improvement.  Closing Sales Force increased by 67,600 or 4% to
1,636,900.

Local currency sales in Asia, Central Europe & Mediterranean and
CIS & Baltics increased by 7%, 6% and 5% respectively.  Sales in
Latin America and Western Europe increased by 3% and 1%
respectively.

Gross margins decreased to 68.2% (69.4%).  As expected, more
extensive merchandising affected margins negatively over the
prior year.  In addition currency hedging contracts affected
margins positively in the prior year while having an adverse
effect in the current year.

The operating margin decreased to 15.0% (18.4%) resulting in an
operating profit of EUR27.2 million (EUR32.2 million).  In
addition to the items affecting gross margins, expenses
increased mainly as a result of improved delivery conditions and
loyalty programs for consultants principally in the CIS region.

Profit before tax increased to EUR27.1 million (EUR23.3
million).  Results were positively affected by EUR2.2 million
(EUR5.0 million) in profit on currency exchange as well as
reduced interest costs arising from lower debt levels in the
Group.  IPO and refinancing expenses in the prior year had a
negative effect of EUR9.6 million on results.  Excluding these
costs, profit before tax decreased by 18%.

Adjusted profit after tax decreased by 13% to EUR24.3 million
(EUR28.0 million) and adjusted EPS fully diluted were EUR0.41
(EUR0.50).

Cash flow from operating activities increased by 8% to EUR18.5
million (EUR17.2 million).

                     Regional Highlights

CIS and Baltics

Local currency sales increased by 5% as a result of a 7%
increase in productivity and a 2% decrease in the average Sales
Force compared to last year.  Sales in Ukraine were very strong
while sales in Kazakhstan were below expectations partly as a
result of logistics challenges.  Sales in Russia were up by 4%
in local currency.  Euro sales for the region were up by 1% to
EUR93.9 million (EUR93.3 million).  Hedging contracts impacted
sales negatively by EUR0.9 million compared with a positive
impact of EUR1.2 million in the comparable period.

Sales development in January was weak partly as a result of very
successful recruitment campaigns in prior year.  Recruitment
during the quarter was weaker due to a considerably higher
number of official holiday days compared to prior year.
Consultant productivity in February/March was supported by the
launch of an additional catalogue.

Operating margins decreased to 19.7% (26.5%) resulting in an
operating profit of EUR18.5 million (EUR24.8 million).  The main
reasons for lower margins were more extensive merchandising,
increased costs for improved delivery conditions and loyalty
programs for Consultants, and higher expenses related to the
extra catalogue.

In April (after the close of the period) Oriflame opened an
office in Belarus to support the existing demand.

Central Europe and Mediterranean

Sales development was especially pleasing in the Central Europe
and Mediterranean region.  Local currency sales increased by 6%
as a result of an 11% increase in the average Sales Force driven
by successful recruitment campaigns in the period but offset by
a 4% decrease in productivity.  Closing Sales Force ended up 17%
year over year.

Euro sales increased by 13% helped by stronger local currencies.
The strong development continued in Greece, and Turkey and
Poland show encouraging development as a reflection of the
considerable management effort in these markets.  Sales
development in Serbia and Montenegro continues to be
challenging.

The operating profit increased by 6% to EUR9.8 million (EUR9.2
million).  Operating margins decreased to 19.1% (20.3%) mainly
due to lower gross margins.

Western Europe

Local currency sales increased by 1% as a result of an 11%
increase in the average Sales Force offset by an 8% decrease in
productivity.  Growth in Sweden was strong while development in
Norway was weak.  Euro sales increased by 2% to EUR17.7 million
(EUR17.4 million).

Operating margins decreased to 10.2% (12.5%) resulting in an
operating profit of EUR1.8 million (EUR2.2 million).  Margins
were lower partly as a result of increased sales support
efforts.  Losses in the U.K. are continuing despite considerable
efforts to re-establish the Company's market position.

Asia

Local currency sales increased by 7% driven by a 3% increase in
the average Sales Force and a 3% increase in productivity.  Euro
sales decreased by 3% to EUR7.2 million (EUR7.4 million).  The
positive development in India that started last year continued
during the first quarter 2005.  Sales in Indonesia, Oriflame's
largest market in the region, have shown lower growth than
expected partly as a result of the recent natural disasters.

Euro sales and margins in all countries were affected by weaker
local currencies compared with the same period last year.

Operating profit amounted to EUR0 million (EUR0.5 million).

Operational preparations continue for an entry into China
although legislation on direct sales is still pending.  Several
key individuals for the new management team have been hired and
construction of a factory near Shanghai has commenced.  Oriflame
aims to start sales in the first half of 2006.

Latin America

Local currency sales increased by 3% driven by an equivalent
increase in the average Sales Force and a constant productivity.
Euro sales amounted to EUR6.0 million (EUR6.1 million).  The
regional organization has mainly been focused on turning around
the business and Mexico and Chile showed double-digit growth
during the quarter while sales in Peru decreased.

Operating profit amounted to EUR0.1 million (EUR0 million).

                     Operating Highlights

Management

Magnus Brannstrom was appointed new Chief Executive Officer as
of 1 March 2005.  In addition, a new management structure was
introduced and Jesper Martinsson was appointed Chief Operating
Officer with responsibility for all established markets.  This
new structure will ensure a strong operational focus while
facilitating best practice sharing between the regions.  In
April, after the close of the period, Inge Heinsius started as
Global Marketing Director and is thus a member of the Executive
Committee.  In addition to these three, the Executive Committee
also consists of Kevin Kenny -- Chief Financial Officer and
Marco Greidinger -- Global Supply Director.

Marketing

Initiatives to further improve Oriflame's New Product
Development process continued with the aim of decreasing the
lead times for product development thus improving time to
market.

Oriflame is continuing its efforts to increase the selling power
and the frequency of its catalogues.  During the first quarter,
Oriflame launched an additional catalogue in the CIS region,
positively impacting productivity in the February/March period.

Oriflame held its annual top achievers conference in Malaysia,
where for the first time, more than 550 of Oriflame's most
successful Consultants globally gathered to review the
achievements of the past year and to initiate the program for
the current year.

During the quarter, Oriflame continued the implementation of its
strategy with product range expansions in the area of premium
skincare, with the launch of Express Repair Day Cream and in the
area of fragrances, with the launch of Northern Lights EDT.  To
support the launch of this new fragrance, an advertising
campaign was launched in the CIS and Central Europe regions.

Global Supply

The primary focus for Global Supply continues to be on ensuring
product availability to support the sales operations.  In order
to better and faster meet the changes of demand in the market
place, initiatives are being taken to better integrate the
central supply chain with the CIS supply chain.  The goal is to
reduce lead times, improve customer service and to reach a
higher product fulfillment at a lower cost.

One of the key success factors for Oriflame in the CIS has been
the quick and convenient distribution inside the CIS.  Steps are
being taken to further strengthen distribution by extending free
home deliveries to Consultants.

Construction work on the CIS Supply Centre has recommenced with
a targeted completion date in the first half of 2006.

Construction work has also commenced on the Chinese
manufacturing plant, which is scheduled for completion by the
end of 2005.

Cash flow and Investments

Cash flow from operating activities increased by 8% to EUR18.5
million (EUR17.2 million).  Changes in working capital had an
adverse effect of -EUR3.4 million (-EUR2.0 million) in the
period.  Cash generated from operations was EUR5.9 million lower
than last year but this was more than offset by EUR3.8 million
in lower interest and bank charges paid and EUR3.4 million in
lower taxes paid.

Cash flow from investing activities amounted to -EUR3.8 million
(-EUR1.0 million).  Oriflame's capital expenditure program for
2005 is significantly weighted towards the second half of the
year mainly due to the timing of investments in the CIS Supply
Centre and the China manufacturing facility.

Financial Position

Net interest-bearing debt amounted to EUR42.4 million compared
to EUR109.3 million at the end of the first quarter 2004 and
EUR57.5 million at year-end 2004.  The Company's shareholders'
equity increased by EUR23.8 million during the quarter and the
debt to equity ratio amounted to 0.3 (2.6).  Interest cover
excluding exceptional items amounted to 11.1 (7.7).

Personnel

The average number of employees in the first quarter 2005 was
4,837 (4,563).

Financial Targets

The Board of Directors has asked the new CEO to review and
recommend to the Board the appropriate business plans and
financial targets to reflect the future growth opportunity as
well as the competitive environment in which Oriflame exists.

Outlook 2005

In order to increase sales growth, measures within the areas of
marketing, product development, catalogue development and Sales
Force effectiveness will continue during the remainder of the
year.  These measures, together with operational investments in
Russia and China, are expected to have a negative effect of 2-3
percentage points on operating margins for the full year 2005,
significantly weighted towards the first half of the year.

A number of factors impact sales and margins in-between
quarters:

(a) the effectiveness of individual catalogues and product
    introductions;

(b) effectiveness of recruitment programs;

(c) timing of sales and marketing activities;

(d) the number of effective sales days per quarter; and

(e) currency effect on sales and results.

Other

This report has not been reviewed by the Company's auditors.

A copy of these results is available free of charge at
http://bankrupt.com/misc/Oriflame2005.pdf

                            *   *   *

Founded in Sweden in 1967, Oriflame is an international
cosmetics company with strong presence in 55 countries.  For the
year ended December 31, 2004, the company posted an operating
profit of EUR109.5 million as operating cash flow almost doubled
to EUR90.5 million.  Net interest bearing debt also improved to
EUR57.5 million, down from EUR189.8 million.  Shareholders'
equity remained negative, however, at -EUR34.99 million, as
liabilities exceeded total assets of EUR300.8 million.

Co-founder Robert af Jochnick heads Oriflame's board, while CEO
Magnus Brannstrom and CFO Kevin Kenny lead the executive
committee along with COO Jesper Martinsson.

CONTACT:  ORIFLAME COSMETICS S.A.
          20 rue Philippe II
          L-2340
          Luxembourg
          Web site: http://www.oriflame.com

          Magnus Brannstrom, Chief Executive Officer
          Phone: +32 2 357 5529

          Kevin Kenny, Chief Financial Officer
          Phone: +32 2 357 5544

          Patrik Linzenbold, Investor Relations
          Phone: +32 2 357 5675


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


FSO: Sale of 20% Government Stake Held up
-----------------------------------------
Contrary to earlier reports, the sale of the government's stake
in FSO to AvtoZaz did not push through in April, Europe
Intelligence Wire said Wednesday.

According to the state treasury, the Ukrainian carmaker refused
to place additional orders, one of the key conditions set by the
government.  The other condition requires AvtoZaz to further
develop FSO's production line.

The original deal, involving the government's 20.26% stake, was
supposed to close late April.  On Friday, AvtoZaz returned with
a work order, the paper said.  Whether or not it satisfies the
government's condition will be discussed this week by the
treasury and representatives of AvtoZaz.

Deputy Treasury Minister Dariusz Witkowski says the price of the
stake has not been finalized, as "it is not the most important
part of the deal."

FSO's troubles started after Daewoo Motor went belly up in 2001
and worsened during the Polish car market slump in 2003.

CONTACT:  DAEWOO-FSO MOTOR
          00-992 Warszawa
          Jagiellonska 88
          Web site: http://www.daewoo.com.pl


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


KIRSANOV-GAS-STROY: Under Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
supervision procedure on close joint stock company Kirsanov-Gas-
Stroy (TIN 6806003537).  The case is docketed as A64-7898/04-21.
Mr. V. Vorobey has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 393360, Russia,
Tambov region, Kirsanov, Sovetskaya Str. 25.

CONTACT:  Mr. V. Vorobey
          Temporary Insolvency Manager
          393360, Russia, Tambov region,
          Kirsanov, Sovetskaya Str. 25


KRASNOSELSKOYE: Bankruptcy Hearing Set July
-------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Krasnoselskoye.  The case is docketed as A-32-6316/2005-1/52 B.
Mr. O. Gurov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 350080, Russia,
Krasnodar -80, Post User Box 4065.  A hearing will take place on
July 19, 2005, 11:00 a.m.

CONTACT:  KRASNOSELSKOYE
          353223, Russia, Krasnodar region, Dinskoy region,
          Krasnoselskoye, Krasnaya Str. 8

          Mr. O. Gurov
          Temporary Insolvency Manager
          350080, Russia, Krasnodar region-80,
          Post User Box 4065


LIMAN: Khabarovsk Court Appoints Insolvency Manager
---------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on close joint stock company
Liman.  The case is docketed as A 73-1463/2005-39.  Mr. A.
Samokhin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 682640, Russia,
Amursk, Stroiteley Pr. 4a.

CONTACT:  Mr. A. Samokhin
          Temporary Insolvency Manager
          682640, Russia,
          Amursk, Stroiteley Pr. 4a
          Phone: (42142) 2-03-17


METAL WORKER: Creditors Have Until June to File Claims
------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Metal Worker after finding the open joint
stock company insolvent.  The case is docketed as A-32-
28136/2004-44/197-B.  Ms. V. Kokurina has been appointed
insolvency manager.  Creditors have until June 2, 2005 to submit
their proofs of claim to 350075, Russia, Krasnodar, Stasova Str.
180.

CONTACT:  METAL WORKER
          353840, Russia, Krasnodar region, Dinskoy region,
          Novovotitarovskaya St., Kraynyaya Str. 2

          Ms. V. Kokurina
          Insolvency Manager
          350075, Russia, Krasnodar region,
          Stasova Str. 180


MOTORIST: Succumbs to Bankruptcy
--------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on limited liability company Motorist.
The case is docketed as A55-543/05-13.  Mr. D. Korobkov has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 443013, Russia, Samara, Post User Box
9520.

CONTACT:  MOTORIST
          443539, Russia, Samara region,
          Volzhskiy region, Roshinskiy, 1A, Apartment 75

          Mr. D. Korobkov
          Temporary Insolvency Manager
          443013, Russia, Samara region,
          Post User Box 9520


SEA PILOTS: Bankruptcy Proceedings Begin
----------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Sea Pilots Of Novorosiysk (TIN 2315058255)
after finding the close joint stock company insolvent.  The case
is docketed as A-32-45089/2004-27/254-B.  Mr. A. Tsikunib has
been appointed insolvency manager.

Creditors have until June 3, 2005 to submit their proofs of
claim to 350089, Russia, Krasnodar, Bulvarnoye Koltso Str.
18/54.  A hearing will take place on Aug. 28, 2005, 2:15 p.m.

CONTACT:  SEA PILOTS OF NOVOROSIYSK
          353900, Russia, Krasnodar region,
          Novorossiysk, Portovaya Str. 14

          Mr. A. Tsikunib
          Insolvency Manager
          350089, Russia, Krasnodar region,
          Bulvarnoye Koltso Str. 18/54


SIBACADEMBANK: Gets 'B-' Long-term Rating from Fitch
----------------------------------------------------
Fitch Ratings assigned Russia's Sibacadembank ratings of Long-
term 'B-', Short-term 'B', Individual 'D', and Support '5'.  The
Outlook is Stable.

The Long-term, Short-term and Individual ratings reflect
Sibacadembank's small size by international standards, very
rapid growth resulting in pressure on capital, highly
concentrated loan book and potentially vulnerable liquidity, as
well as certain weaknesses in the Russian operating environment.
However, they also take into account the bank's good asset
quality to date, sound performance, low market risk appetite and
strong regional franchise.

Sibacadembank has experienced very rapid asset growth in recent
years (2004: 70%, 2003: 87%) and is targeting a more than
doubling of the balance sheet in 2005.  Fitch notes that such
rapid growth entails considerable risks, and that should asset
quality deteriorate significantly during this expansion, or
sufficient capital not be forthcoming in a timely manner to
support the growth, then there could be downward pressure on the
bank's ratings.

Sibacadembank's profitability was strong in 2004, with a return
on average assets of 2.4%, due to a healthy net interest margin,
supported by high-yielding retail loans, and growing fee
revenues.  The bank's cost base is substantial, although
efficiency is gradually improving.

Asset quality has been good to date, with overdue loans equal to
1.3% of the gross loan book at end-2004; exposure to the 20
largest borrowers was equal to a high, albeit declining, 156% of
the portfolio.  Market risk results mainly from a portfolio of
government and better quality corporate securities, which are
held to support liquidity.

Liquidity has been adequate, although is potentially vulnerable
to a run on retail accounts, which comprised a high 64% of non-
equity funding at end-2004.  Retail balances proved relatively
stable, however, during the mid-2004 mini-crisis in the Russian
banking sector.

The total capital adequacy ratio was 15.2% at end-2004 following
a RUB285 million equity injection in December 2004 (equal to 25%
of end-2004 equity).  However, Fitch notes that capitalization
is only adequate given the bank's planned rapid asset growth,
which it plans to finance through a new US$30 million equity
contribution, US$10 million of subordinated debt and strong
internal capital generation.

Sibacadembank was founded in 1990 in Novosibirsk and, following
mergers and organic growth, is now one of the leading banks in
the Siberian Federal District.  However, the bank was ranked
only about number 70 in Russia by total assets at end-February
2005.  Business is focused primarily on lending to local small
and medium-sized enterprises and retail customers.  Three
individuals together hold about 73% of the bank, while the EBRD
in December 2004 acquired a blocking stake of 25% plus one
share.

CONTACT:  FITCH RATINGS
          Alexei Kechko, Moscow
          Phone: +7 095 956 9901

          Vladlen Kuznetsov
          Phone: +7 095 956 9901

          Media Relations:
          Alla Izmailova, Moscow
          Phone: +7 095 956 9901

          Alex Clelland, London
          Phone: +44 20 7862 4084


SIB-STANKO-ELEKTRO-PRIVOD: Bankruptcy Hearing Resumes July
----------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on open joint stock company
Sib-Stanko-Elektro-Privod.  The case is docketed as A45-4766/05-
27/16.  Mr. S. Chikin has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 630088, Russia,
Novosibirsk, Petukhova Str. 69.  A hearing will take place on
July 18, 2005, 9:30 a.m. at the Arbitration Court of Novosibirsk
region located at 630077, Russia, Novosibirsk, Kirova Str. 3,
Room 915.

CONTACT:  SIB-STANKO-ELEKTRO-PRIVOD
          630088, Russia, Novosibirsk region,
          Petukhova Str. 69

          Mr. S. Chikin
          Temporary Insolvency Manager
          630088, Russia, Novosibirsk region,
          Petukhova Str. 69


SMOL-MEAT: Appoints R. Latypov Insolvency Manager
-------------------------------------------------
The Arbitration Court of Smolensk region has commenced
bankruptcy supervision procedure on open joint stock company
Smol-Meat.  The case is docketed as A62-685/2005.  Mr. R.
Latypov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 115114, Russia,
Moscow, Post User Box 013.

CONTACT:  SMOL-MEAT
          214001, Russia, Smolensk region,
          Kashena Str. 21

          Mr. R. Latypov
          Temporary Insolvency Manager
          115114, Russia, Moscow,
          Post User Box 013


TEMP: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on close joint stock company Temp.  The
case is docketed as A41-K2-3040/05.  Ms. N. Potapova has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 111396, Russia,
Moscow, Post User Box 24.  A hearing will take place on Aug. 25,
2005, 10:00 a.m.

CONTACT:  TEMP
          143722, Russia, Moscow region,
          Shakhovskiy region, Dor

          Ms. N. Potapova
          Temporary Insolvency Manager
          111396, Russia, Moscow region,
          Post User Box 24


TOPCHINSK-AGRO-PROM-KHIMIYA: Bankruptcy Proceedings Begin
---------------------------------------------------------
The Arbitration Court of Altay region commenced bankruptcy
proceedings against Topchinsk-Agro-Prom-Khimiya after finding
the open joint stock company insolvent.  The case is docketed as
A03-8836/04-B.  Mr. T. Shmakov has been appointed insolvency
manager.  Creditors have until June 2, 2005 to submit their
proofs of claim to 656049, Russia, Barnaul, Post User Box 3505.

CONTACT:  TOPCHINSK-AGRO-PROM-KHIMIYA
          659070, Russia, Altay region,
          Topchikha, Severnaya Str. 1

          Mr. T. Shmakov
          Insolvency Manager
          656049, Russia, Barnaul,
          Post User Box 3505
          Phone: 8(3852) 366065


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


CONCORDIA BUS: Extended Consent Solicitation Expires Today
----------------------------------------------------------
Concordia Bus Nordic AB (publ) is extending its pending
solicitation of consents from holders of its 9.125% Senior
Secured Notes due 2009 to:

(a) certain amendments and waivers of the terms in the Indenture
    governing the Secured Notes; and

(b) the foregoing of their right to participate in any change of
    control offer set out in Section 1015 of the Indenture
    occasioned by a restructuring of its ultimate parent
    Concordia Bus AB as outlined in the Indicative Terms
    publicly announced on 16 March 2005.

Under the extended deadline, all holders of Secured Notes who
submit valid and unrevoked consents prior to 5:00 P.M. London
time on Friday, 6 May 2005, will receive the consent fee of EUR5
per EUR1,000 of the principal amount of Secured Notes for which
they deliver valid and effective consents, subject to the terms
and conditions of the Solicitation.

Holders who have previously delivered consents need not take any
further action in order to receive the consent fee.

Nordic is not amending the Proposed Amendments and Waivers or
the Agreement.

To date, Nordic has received consents for 20.48% aggregate
principal amount of the Secured Notes.

This announcement is not a solicitation of consents with respect
to any securities.  The Solicitation is being made solely by the
Consent Solicitation dated 16 March 2005.

CONTACT:  ALVAREZ & MARSAL (EUROPE) LIMITED
          Financial advisers
          5th Floor One Canada Square London E14 5AA
          Contact:
          Tony Alvarez III
          Phone: +44 (0) 207 715 5200
          E-mail: TAlvarezIII@alvarezandmarsal.com

          Ragnar Norback
          Phone: +46(0)854630141
          Per Skargard
          Phone: +46(0)854630021

          GAVIN ANDERSON & COMPANY
          Candace Carpenter
          Richard Constant
          Phone: +44(0)207.554.1400


SCANDINAVIAN AIRLINES: Absorbs SEK1.312 Bln First-quarter Loss
--------------------------------------------------------------
Highlights:

(a) Group total operating revenue increased by 3.6% to SEK13,016
    million for the first quarter of 2005;

(b) Group transported a total of 7.3 million passengers, an
    increase of 0.8% vs. 2004;

(c) 1st Quarter income before capital gains and nonrecurring
    items amounted to a loss of SEK1,312 million vs. a loss of
    SEK1,588 million in 2004;

(d) The result is affected by an "Easter effect" since Easter
    was in March 2005 and April 2004; and

(e) Adjusted for this the improvement vs. 2004 amounts to SEK500
    million.

The market consensus indicated a loss of SEK1,210 million
(Reuters) or SEK1,250 million (SME Direct), more or less in line
with the outcome of SEK1,312 million.

Jorgen Lindegaard, President & CEO of the SAS Group comments:
"1st Quarter continued to be demanding for the whole industry
and in addition to that it is always seasonally the weakest
quarter.  The stabilization of yield has continued in the 1st
Quarter and also into April and our unit cost is down 7,5% in
the quarter.  The continued overcapacity situation in
Scandinavia puts pressure on the cabin factor for all airlines.
We meet this challenge through new commercial initiatives and
for example in April the Swedish domestic load factor was close
to 70%, the highest April figure in ten years.

"Continued major uncertainty over development in the airline
industry gives reason to be cautious, but subject to unchanged
yields, favorable traffic development and no significant changes
in the business environment, adopted business plans indicate
positive earnings for 2005."

A copy of this report is available free of charge at
http://bankrupt.com/misc/SAS_1q2005.pdf

CONTACT:  SAS AB
          Frosundaviks Alle 1, Solna
          S-195 87 Stockholm
          Phone: +46-8-797-00-00
          Fax: +46-8-797-16-03
          Web site: http://www.scandinavian.net


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


AVANGARD: Insolvency Manager Takes over Operations
--------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on Agricultural LLC Avangard (code EDRPOU
25342559).  The case is docketed as 27/32B.  Mr. Oleksandr
Samsonov (License Number AA 116081) has been appointed temporary
insolvency manager.  The company holds account number
26007301570881 at Prominvestbank, Dobropillya branch, MFO
334118.

Creditors have until May 7, 2005 to submit their proofs of claim
to:

(a) AVANGARD
    85000, Ukraine, Donetsk region,
    Dobropillya district, Zolotij Kolodyaz

(b) Mr. Oleksandr Samsonov
    Temporary Insolvency Manager
    85030, Ukraine, Donetsk region,
    Dobropillya district,
    Krivorizhya, Komsomolska Str. 56

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


DARMITSYA: Court Appoints Insolvency Manager
--------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Darmitsya (code EDRPOU 22137952) on March
14, 2005 after finding the limited liability company insolvent.
The case is docketed as 25/56.  Mr. S. Bagmet (License Number AA
779159) has been appointed liquidator/insolvency manager.

Creditors have until May 7, 2005 to submit their proofs of claim
to:

(a) DARMITSYA
    69114, Ukraine, Zaporizhya region,
    Zadniprovska Str. 27/101

(b) Mr. S. Bagmet
    Liquidator/Insolvency Manager
    69104, Ukraine, Zaporizhya region, a/b 1064
    Phone: (0612) 17-66-17, 17-33-40

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


KOLOS: Liquidator Takes over Operations
---------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Kolos (code EDRPOU 03791700) on March 3,
2005 after finding the limited liability company insolvent.  The
case is docketed as 14/1949.  Mr. N. Oleksenko (License Number
AA 250473) has been appointed liquidator/insolvency manager.

Creditors have until May 7, 2005 to submit their proofs of claim
to:

(a) KOLOS
    20741, Ukraine, Cherkassy region,
    Smilyanskij district, Sunki

(b) Mr. N. Oleksenko
    Liquidator/Insolvency Manager
    18808, Ukraine, Cherkassy region,
    Vernigori Str. 17/106
    Phone: (0472) 63-17-33

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


KVITEK: Kyiv Court Appoints Temporary Insolvency Manager
--------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Kvitek (code EDRPOU 32490789).  The
case is docketed as 24/82.  Mr. A. Gunko (License Number AA
520124) has been appointed temporary insolvency manager.  The
company holds account number 26008301152/980 at JSCB Mercury,
MFO 300755.

Creditors have until May 8, 2005 to submit their proofs of claim
to:

(a) KVITEK
    01133, Ukraine, Kyiv region,
    Kikvidze Str. 13

(b) Mr. A. Gunko
    Temporary Insolvency Manager
    Phone: (044) 455-99-07, 219-12-53

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


MELITOPOL' FOOD: Proofs of Claim Deadline Expires Weekend
---------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Melitopol' Food Products and Drinks Plant
(code EDRPOU 25493676) on March 14, 2005 after finding the
limited liability company insolvent.  The case is docketed as
19/50 (05).  Mr. Rabushko Vyacheslav (License Number AA 719883)
has been appointed liquidator/insolvency manager.  The company
holds account numbers 26004427101 at CB Metalurg, MFO 313582,
and 26009211342001 at CB Privatbank, Zaporizhya branch, MFO
313399.

Creditors have until May 7, 2005 to submit their proofs of claim
to:

(a) MELITOPOL' FOOD PRODUCTS AND DRINKS PLANT
    72312, Ukraine, Zaporizhya region,
    Melitopol, Pivnichnij Lane, 2

(b) Mr. Rabushko Vyacheslav,
    Liquidator/Insolvency Manager
    72319, Ukraine, Zaporizhya region,
    Melitopol, Fuchika Str. 14

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


NIK-TRADING: Under Bankruptcy Supervision
-----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Nik-Trading (code EDRPOU 22900690).
The case is docketed as 43/140.  Mr. Ivan Gusar (License Number
AA 719858) has been appointed temporary insolvency manager.  The
company holds account number 2600101284943 at Ukreksimbank, MFO
322313.

Creditors have until May 7, 2005 to submit their proofs of claim
to:

(a) NIK-TRADING
    Ukraine, Kyiv region,
    Saratovska Str. 55-e

(b) Mr. Ivan Gusar
    Temporary Insolvency Manager
    01030, Ukraine, Kyiv region, a/b 29
    Phone/Fax: (044) 236-11-17

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


RODYUCHIST: Gives Creditors Until Saturday to File Claims
---------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on Agricultural LLC Rodyuchist (code
EDRPOU 30794588) on February 14, 2005.  The case is docketed as
7/9-05.  Mr. Sergij Gajdukov (License Number AA 250477) has been
appointed temporary insolvency manager.

Creditors have until May 7, 2005 to submit their proofs of claim
to:

(a) RODYUCHIST
    42730, Ukraine, Sumi region,
    Ohtirka district, Mala Pavlivka,
    Lenin Str. 4

(b) Mr. Sergij Gajdukov
    Temporary Insolvency Manager
    40030, Ukraine, Sumi region,
    Psilska Str. 4/9

(c) ECONOMIC COURT OF SUMI REGION
    40047, Ukraine, Sumi region,
    Shevchenko Avenue, 18/1


RUBIZHNE' BUILDING: Creditors' Claims Due Next Week
---------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC Rubizhne' Building Materials Plant
(code EDRPOU 05466944) on March 22, 2005.  The case is docketed
as 10/225 b.  Mr. Sergij Ptushko (License Number AA 116222) has
been appointed temporary insolvency manager.  The company holds
account number 26008301100103 at JSCB Prominvestbank, Rubizhne
branch, MFO 304643.

Creditors have until May 8, 2005 to submit their proofs of claim
to:

(a) RUBIZHNE' BUILDING MATERIALS PLANT
    93000, Ukraine, Lugansk region,
    Rubizhne, Kotsubinskij Str. 59

(b) Mr. Sergij Ptushko
    Temporary Insolvency Manager
    Ukraine, Lugansk region,
    Leninskij Komsomol Quarter, 4/109

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


TORGBUDSERVICE: Declared Insolvent
----------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against LLC TORGBUDSERVICE (code EDRPOU 31755361) on
March 15, 2005 after finding the limited liability company
insolvent.  The case is docketed as 6/418-4/219.  Mr. Marchuk
Gennadij (License Number AA 250466) has been appointed
liquidator/insolvency manager.

Creditors have until May 7, 2005 to submit their proofs of claim
to:

(a) Mr. Marchuk Gennadij
    Liquidator/Insolvency Manager
    79032, Ukraine, Lviv region,
    Pasichna Str. 185/7
    Phone: (0322) 240-81-06

(b) ECONOMIC COURT OF LVIV REGION
    79010, Ukraine, Lviv region,
    Lichakivska Str. 81


ZORYA: Proofs of Claim Deadline Nears
-------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Zorya (code EDRPOU 03763945) on March 29,
2005 after finding the close joint stock company insolvent.  The
case is docketed as 5/52.  Mr. V. Cherepenko (License Number AA
140411) has been appointed liquidator/insolvency manager.  The
company holds account number 260051412 at JSPPB Aval, Mikolaiv
regional branch, MFO 326182.

Creditors have until May 7, 2005 to submit their proofs of claim
to:

(a) ZORYA
    56200, Ukraine, Mikolaiv region,
    Novo Odeskij district, Artemivka

(b) Mr. V. Cherepenko
    Liquidator/Insolvency Manager
    54017, Ukraine, Mikolaiv region,
    Moskovska Str. 54a
    Phone: 47-34-63

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


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


ABBANA LIMITED: Members Decide to Wind up Firm
----------------------------------------------
At the extraordinary general meeting of the members of Abbana
Limited on April 26, 2005 held at Charter Court, Midland Road,
Hemel Hempstead, Hertfordshire HP2 5GE, 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


ABSOLUTE WINDOWS: Calls in Liquidator
-------------------------------------
At the extraordinary general meeting of the members of Absolute
Windows & Conservatories Limited on April 26, 2005 held at Start
Business Centre, 25 Barnes Wallis Road, Segensworth East,
Fareham, Hampshire PO15 5TT, the extraordinary and ordinary
resolutions to wind up the company were passed.  Barry P.
Knights of Knights & Company, Milford House, 43-55 Milford
Street, Salisbury, Wiltshire SP1 2BP has been appointed
liquidator of the company.

CONTACT:  KNIGHTS & COMPANY
          Milford House,
          43-55 Milford Street,
          Salisbury, Wiltshire SP1 2BP


ALEXANDER ADAMSON: Liquidator Takes over Helm
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Alexander Adamson (Builders) Ltd.

Notice is hereby given that on April 15, 2005, I, Michael James
Meston Reid, Meston Reid & Co, 12 Carden Place, Aberdeen AB10
1UR was appointed liquidator of Alexander Adamson (Builders)
Ltd., which trades from 47 Johnston Street, Laurencekirk AB3
1AN, by resolution of a meeting of creditors, pursuant to
section 109 of the Insolvency Act 1986.

Michael James Meston Reid, Liquidator

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

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


BRIGHT RED: Hires Hurst Morrison Administrator
----------------------------------------------
Paul William Ellison and Gareth Wyn Roberts (IP Nos 7254, 1162)
have been appointed joint administrators for Bright Red
Consultancy Group Limited.  The appointment was made April 22,
2005.

CONTACT:  HURST MORRISON THOMSON CORPORATE RECOVERY LLP
          5 Fairmile, Henley on Thames,
          Oxfordshire RG9 2JR
          Phone: +44 (0) 1491 579866
          Fax:   +44 (0) 1491 573397
          E-mail: hmt@hmtgroup.co.uk


CARLTON (CONSTRUCTION): Opts for Liquidation
--------------------------------------------
At the extraordinary general meeting of Carlton (Construction)
Recruitment on April 25, 2005 held at Hilton Dartford Bridge,
Masthead Close, Crossways Business Park, Dartford, Kent DA2 6QF,
the special and ordinary resolutions to wind up the company were
passed.  Martin Pickard of Mazars LLP, The Atrium, Park Street
West, Luton LU1 3BE has been appointed liquidator of the
company.

CONTACT:  MAZARS
          The Atrium
          Park Street West,
          Luton, Bedfordshire LU1 3BE
          Phone: 01582 700700
          Fax:   01582 700701
          Web site: http://www.mazars.co.uk


CIRO CITTERIO: Administrator Recommends Liquidation
---------------------------------------------------
Men's fashion chain Cirio Citterio in Coventry's West Orchards
shopping center fell into compulsory liquidation on Friday,
according to Europe Intelligence Wire.

The Birmingham-based Cirio Citterio appointed BDO Stoy Haywood
administrator early last month.  BDO would not say how many
stores will be closed, or how many jobs will be axed.  The chain
operates 52 stores.

Ciro Citterio has been in and out of administration in recent
years.  Anar Huddersfield bought the company in April 2004,
seven months after falling into administration.  Prior to this,
Trident Fashions also bought the firm out of administration.

CONTACT:  BDO STOY HAYWARD LLP
          Power of, 1 City Square, Leeds, LS1 2DP
          Charles MacMillan
          Dermot Justin


CONGLETON LANDSCAPE: Members Call in Liquidators from PKF
---------------------------------------------------------
At the extraordinary general meeting of the members of Congleton
Landscape Limited on April 26, 2005 held at PKF, Sovereign
House, Queen Street, Manchester M2 5HR, the extraordinary and
ordinary resolutions to wind up the company were passed.  Kerry
Bailey and Jonathan D. Newell of PKF, Sovereign House, Queen
Street, Manchester M2 5HR have been appointed joint liquidators
of the company.

CONTACT:  PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk


CORUS GROUP: Talbot Plant Upgrade to Raise Output by 25%
--------------------------------------------------------
Corus Group plc formally opened Wednesday a new continuous slab
caster at its Port Talbot steel works in South Wales, completing
a key milestone in the implementation of the Group's Restoring
Success program.

The caster increases the plant's annual steel slab output by
twenty-five percent and gives it the capability to produce
nearly 5 million tons per annum.  Constructed at a capital cost
of GBP79 million, on time and within budget, the investment will
significantly improve the competitiveness of Corus' U.K. carbon
steel assets.  The investment, part of a wider capital program
of over GBP200 million in South Wales was made up of a new two-
strand continuous caster, improved secondary steelmaking and
increased capacity utilization at Blast Furnace 5.

The aim of Corus' U.K. restructuring program announced in
November 2003 is to improve the efficiency of its U.K.
steelmaking businesses in order to reduce costs and generate
cash throughout the economic cycle.  Crude steel production in
the U.K. will be focused on three sites, instead of five; strip
products at Port Talbot, engineering steels at Rotherham and
long products at Scunthorpe.

Philippe Varin, the Company's Chief Executive, said: "I am
pleased that this investment was completed on time and puts us
on track to complete our U.K. investment program, which will
begin to deliver GBP120 million pa EBITDA benefit in Corus' U.K.
profitability in the second half of 2005."

Phil Dryden, Managing Director of Corus Strip Products U.K.
added: "Our strip products division in South Wales now looks
completely different to what it did just five years ago.  We now
have the capability to service both Port Talbot and Llanwern
rolling mills from a single steelmaking site.  With this new
facility in place we aim to further strengthen our efficiency,
quality and customer service."

                            *   *   *

In March, Moody's Investors Service upgraded Corus Group Plc's
debt ratings -- Senior Implied to Ba3 from B1.  The rating
outlook is positive.  Ratings affected by the upgrade:

(a) EUR800 million in secured bank facilities of Corus Group plc
    maturing July 2008 upgraded to Ba2 from Ba3,

(b) The senior implied rating on Corus Group plc upgraded to Ba3
    from B1,

(c) EUR25 million in unsecured notes due 2006 issued by Corus
    Finance plc upgraded to B2 from B3,

(d) GBP 200 million in unsecured notes due 2008 issued by Corus
    Group plc upgraded to B2 from B3,

(e) The issuer rating on Corus Group plc upgraded to B2 from B3,

(f) EUR800 million in unsecured notes due 2011 issued by Corus
    Group plc upgraded to B2 from B3.

CONTACT:  CORUS GROUP PLC (London: CS)
          30 Millbank
          London SW1P 4WY
          United Kingdom
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com

          National & Trade Media
          Annanya Sarin, Corporate Relations
          Phone: +44 20 7717 4532

          Wales Media
          John Kavanagh
          Phone: 01633 755140
                 07710 371323


DESIGNER COMPOSITES: Hires Liquidator from KPMG
-----------------------------------------------
At the general meeting of Designer Composites Technology
Limited, the special and ordinary resolutions to wind up the
company were passed.  John Paul Bateman and Mark Jeremy Orton of
KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL have been
appointed joint liquidators of the company.

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


DREAMFINDER NO.1: Liquidator Steps in
-------------------------------------
At the extraordinary general meeting of Dreamfinder No.1 Limited
on April 18, 2005, the extraordinary resolution to wind up the
company was passed.  Andrew David Rosler of ICS (North East)
Limited, 65 Duke Street, Darlington DL3 7SD has been appointed
liquidator of the company.

CONTACT:  ICS (NORTH EAST) LIMITED
          65 Duke Street,
          Darlington DL3 7SD


EDWARDS CARS: Appoints Administrators from PwC
----------------------------------------------
Anthony Victor Lomas and Steven Anthony Pearson (IP Nos 7240,
8832) and Robert Jonathan Hunt (IP No 8597) have been appointed
joint administrators for Edwards Cars Limited.  The appointment
was made April 21, 2005.

The company sells and offers new and used motor vehicles.  Its
registered office is located at International Headquarters,
Longbridge, Birmingham, West Midlands B31 2TB.

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

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


EISENEGGER AND FOXHOLE: Govt Assumes Obligation to Workers
----------------------------------------------------------
Workers of collapsed discount fashion empire Eisenegger and
Foxhole in and around Glasgow can finally receive their lost
wages, bonuses and holiday pay.

A spokesman from administrator BDO Stoy Hayward said the
employees will be paid through the government's redundancy
service.  He said staff who earned less than GBP280 a week would
be fully compensated.

Eisenegger and Foxhole in Glasgow was among the stores affected
by its liquidation last month.  The administrator shut down 50
stores across U.K. -- five of which in Glasgow -- out of the
chain's 70 stores.  The Glasgow outlets in Sauchiehall Street,
and Braehead and at Foxhole at Centre West in East Kilbride were
posting huge losses at the time of its closure, Europe
Intelligence Wire said.

The firm had more than GBP6 million in debt when it filed for
liquidation.  Directors blamed competition from supermarkets and
discount chains Matalan and Primark for the demise.

CONTACT:  EISENEGGER/FOXHOLE
          Klassiker House
          Avroe Court
          Avroe Cresent
          Blackpool Business Park
          Blackpool, Lancashire FY4 2DP
          Phone: 01253 340931
          Web site: http://www.eisenegger.co.uk


EQUITABLE LIFE: Thomson Denies Major Role in GBP3.7 Bln Suit
------------------------------------------------------------
On his last day of cross examination, Equitable Life CEO Charles
Thomson belied claims he spearheaded the move to go after former
directors and Ernst & Young.  He said the decision was made at
the board level.

"It is a collective (undertaking).  There is no single prime
mover," Mr. Thomson said in response to a question by Christoper
Headdon, a former executive of the insurer and one of the
respondents.

Mr. Headdon, who represents himself in the case, alleged that
since July 2001 the board has adopted a policy of "blaming the
previous board with anything they possibly could."  Mr. Thomson
denied this.

According to The Herald, Mr. Thomson appeared more relax on
Tuesday in contrast to his first appearance last week when
opposing counsels "tested" his memory.  When asked repeatedly if
he had read the company's pleading against the directors, he
admitted "he could not recall" what he would have looked at.
The other side also made him appear professionally vain,
constantly referring to his fake character reference.

Equitable is claiming a total of GBP3.75 billion against
nine former non-executive directors, six former executives, and
Ernst & Young for negligence and breach of fiduciary duty.  They
allegedly failed to inform the company of the need to reserve a
substantial amount from 1997-99 to cover some policyholders'
income guarantees, which consequently led to huge losses.

When pressed by another former director, Peter Martin, the chief
executive confirmed several "middle-aged men and their middle-
aged wives could be bankrupted" after the trial.  The case is
estimated to cost the insurer GBP35 million in legal bills and
directors, GBP100 million collectively.

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


EQUITABLE LIFE: Disclosure Oversight 'Unfortunate', Says Counsel
----------------------------------------------------------------
Equitable Life's legal counsel brushed aside Wednesday claims
that Herbert Smith withheld some key documents prior to the
trial, The Herald reported yesterday.

Mark Hapgood QC, representing Ernst & Young, accused the City
law firm Tuesday of failing to disclose vital evidence, in
violation of the full disclosure rule.  He was referring to four
new documents that have surfaced, three of which were discovered
by an E&Y witness.

Equitable's counsel Ian Milligan QC explained Wednesday that the
firm merely adopted a "reasonable approach" based on standard
civil procedure disclosure rules, which only requires the
disclosure of relevant documents.  He called the oversight
"unfortunate."

"There had been a remarkable degree of cooperation as far as
disclosure is concerned," he told Mr. Justice Langley.

Equitable is pursuing a GBP2 billion claim against E&Y for
negligence and breach of duty.

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


EVENCRAY LTD.: Owners Get 12 Months for Stealing Cash
-----------------------------------------------------
Two brothers who plundered their company's stock prior to its
liquidation have been sent to prison for 12 months.

Darren Robin Young, 35, and Robin Gary Young, 41, of Hungerford,
Berkshire took over as directors of Evencray Ltd., a company
selling white goods to large retail stores and the public, when
their father retired from the business.  The company ran into
financial difficulties and ceased trading in May 2002.  The
company's debt at the time of liquidation were GBP199,237.

During the course of the winding-up procedure it was discovered
that the brothers had stolen money from the company while
failing to pay their debt, and had carried on making sales when
the company should have ceased trading.

Both brothers pleaded guilty to two separate offences of theft
at Peterborough Magistrate's Court, admitting stealing GBP29,500
between them.  Both said they had been stealing independently of
each other.

Since the liquidation of the company Darren Young has repaid the
money stolen to the liquidator.  The DTI, which prosecuted the
case, has instigated confiscation proceedings against Gary Young
to recover the money he has stolen.

                            *   *   *

Evencray Ltd. was incorporated on 29 December 1980 and went into
creditors voluntary liquidation on 15 May 2003.  The
investigation into the actions of the Young Brothers commenced
following a report by the company liquidator to the Insolvency
Service.  They were convicted on 19th May 2004 in the
Peterborough Magistrates Court on two offences of Theft contrary
to S1 Theft Act 1968.  The brothers were sentenced at
Peterborough Crown Court on 22 April 2005.

The Insolvency Service is an executive agency of the Department
of Trade and Industry.  Its official receivers have
responsibility for the administration and investigation of
bankruptcies and companies that are put into liquidation by
Order of the Court.  Where Official Receivers discover conduct
by bankrupts that might constitute a criminal offence, the
matters are reported to the Department of Trade and Industry
Legal Services (Prosecution) branch with a view to the
investigation and prosecution of any offences, where
appropriate.

CONTACT:  DEPARTMENT OF TRADE AND INDUSTRY
          Phone: +44 (0)20 7215 5000
          Mobile: +44 (0)20 7215 6740
          Web site: http://www.dti.gov.uk


FENTON FARMS: Receivers' Report Out Later this Month
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Fenton Farms Limited
                      (In receivership)

Notice is hereby given, pursuant to Section 67 of the Insolvency
Act 1986, that a meeting of creditors of Fenton Farms Limited
will be held at KPMG LLP, 191 West George Street, Glasgow G2
2LJ, on May 23, 2005 at 11:00 a.m. for the purposes of
presenting the Report of the Joint Receivers and, should the
meeting think fit, of determining whether or not to establish a
Committee of Creditors and who are to be the Members of that
committee, if established.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims and proxies have been submitted and accepted at the
Meeting or lodged beforehand at the address below.  A resolution
will be passed when a majority of those voting have voted in
favor of it.

Notice is hereby given, pursuant to the section 67(2)(b) of the
Insolvency Act 1986 that any unsecured creditor wishing to
obtain a copy of the Report prepared by the Joint Receiver, free
of charge, should write to the address below.

G. A. Friar, Joint Receiver
April 26, 2005

CONTACT:  KPMG LLP
          191 West George Street
          Glasgow G2 2LJ
          Phone: (0141) 226 5511
          Fax: (0141) 204 1584
          Web site: http://www.kpmg.co.uk


GADGET SHOP: Creditors Meeting Set Next Week
--------------------------------------------
The creditors of The Gadget Shop Limited will meet on May 17,
2005 at 12:00 noon.  It will be held at Farringdon Place, 20
Farringdon Road, London EC1M 3AP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PKF, Farringdon Place, 20 Farringdon Road, London
EC1M 3AP not later than 12:00 noon, May 16, 2005.

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


GOLDHEART LEISURE: Hires Elwell Watchorn & Saxton Liquidator
------------------------------------------------------------
At the extraordinary general meeting of Goldheart Leisure
Limited (t/a Undecided) on April 22, 2005 held at the offices of
Elwell Watchorn & Saxton LLP, 109 Swan Street, Sileby,
Leicestershire LE12 7NN, the subjoined extraordinary resolution
to wind up the company was passed.  Richard John Elwell of
Elwell Watchorn & Saxton LLP, 109 Swan Street, Sileby,
Leicestershire LE12 7NN has been appointed liquidator of the
company.

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


GOODWOODS LIMITED: Names Valentine & Co. Liquidator
---------------------------------------------------
At the extraordinary general meeting of Goodwoods Limited on
April 21, 2005 held at the offices of Valentine & Co., 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Robert Valentine and Mark Reynolds of Valentine &
Co, 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS have
been appointed joint liquidators of the company.

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


HARVEY CONTAINER: Names Bagbies Traynor Administrator
-----------------------------------------------------
Paul Michael Davis and Richard Andrew Segal (IP Nos 7805, 2685)
have been appointed joint administrators for Harvey Container
Company Limited.  The appointment was made April 22, 2005.  Its
registered office is located at 9th Floor, Hyde House, Edgware
Road, Hendon, London NW9 6LH.

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


HAVESTOE BUILDING: Calls in Administrator from CRG Insolvency
-------------------------------------------------------------
Charles Howard Ranby-Gorwood (IP No 9129) has been appointed
administrator for building contractor Havestoe Building Services
Limited.  The appointment was made April 21, 2005.  Its
registered office is located at Suite 4, Alexandra Dock Business
Centre, Fishermans Wharf, Grimsby, North East Lincolnshire DN31
1UL.

CONTACT:  CRG INSOLVENCY & BUSINESS RECOVERY
          Suite 4
          Alexandra Dock Business Centre
          Fishermans Wharf
          Grimsby
          Lincolnshire DN31 1UL
          Phone: 01472 250001


HENDERSON GROUP: CEO Takes up Share Options
-------------------------------------------
Henderson Group Chief Executive Roger Yates has exercised
options on 2.19 million shares, and sold 900,981 of them for
64.33 pence each, said The Interactive Investor Wednesday.

Mr. Yates now owns 1.58 million shares, worth 0.137 percent of
the company's issued share capital.

Last week, the company obtained court approval for the
cancellation of shares under the Reduction of Investor Base
transaction.  As a result, the total issued ordinary capital of
Henderson Group plc has been reduced from 1,301,200,560 ordinary
shares to 1,152,431,079 ordinary shares of 10 pence each.

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

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

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

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


HMV GROUP: Maintains Full-year Earnings Forecast
------------------------------------------------
HMV Group plc held Wednesday a pre-close conference call for
analysts and investors in respect of the year ended 30 April
2005.

Management is confident that Group profits for the full year
will be in line with market expectations.  Total Group sales for
the period, excluding the benefit of the 53rd week's trading,
increased by 4.7% at constant exchange rates, including 1.1%
like for like.  The Group continues to be cash generative and,
during the period, commenced a program of on-market share buy-
backs.

Following the Group's strong performance over the important
five-week Christmas period, trading conditions during weeks 38
52 were more difficult.  For the Group, total sales at constant
rates during this period increased by 1.2%, including like for
like sales down 2.2%.

The U.K. consumer environment has been weak during this period.

Against strong prior year comparatives, like for like sales at
HMV U.K. and Ireland were down 3.8%, although market share was
strong, with increases in both music and DVD.  Waterstone's like
for like sales were down 2.8%, although the business ended the
year by maintaining its leading market position.

In the Group's overseas businesses, HMV Canada has continued to
make excellent progress, and for the full year increased total
sales at constant rates by 5.2%, including 13.5% like for like,
while HMV Asia Pacific increased total sales at constant rates
by 3.2%, including a like for like sales decrease of 1.7%.

On 31 March 2005, the Group completed a refinancing of its
senior bank facilities, creating a more efficient capital
structure.  A five-year GBP260 million revolving credit facility
was arranged, replacing an existing GBP150 million revolving
credit facility, together with outstanding term debt of GBP160
million which was repaid in full.  Consequent to the
refinancing, GBP2.7 million of unamortized deferred financing
fees will be written-off in the financial year to 30 April 2005
as a non-cash exceptional interest charge.

Preliminary announcement of results for the year ended 30 April
2005 will be made on 28 June 2005.

Trading Update

                     15 weeks ended           52 weeks ended
                      23 April 2005            23 April 2005

              Like for like    Total      Like for like    Total
                 sales         sales          sales        sales
                growth[2]     growth[2]      growth[2] growth[2]
                     %             %             %             %

UK & Ireland        (3.8)           2.3            0.0       6.0
Asia Pacific        (2.3)           1.9           (1.7)      3.2
Canada [4]          10.7            0.1           13.5       5.2

Total HMV           (2.0)           2.0            1.0       5.3
Waterstone's        (2.8)          (1.3)           1.3       2.5

HMV Group           (2.2)           1.2            1.1       4.7

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] The 15 week period ended 23 April 2005 covers trading since
the previous trading update.

[2] Like for like sales growth and total sales growth are stated
at constant exchange rates.

[3] HMV Group's like for like sales performance measures stores
that were open at the beginning of the previous financial year
(i.e. open at the beginning of May 2003) and that have not been
expanded, closed or resized during that time.  It includes sales
from Internet sites in the U.K., Japan and Australia.  Stores
resized (up or down) are excluded from like for like sales
performance.  Sales are only ever the net amount received.  No
adjustments are made for campaign or sale stock, and any
supplier contribution to marketing promotion is accounted for
within marketing expenditure.

[4] Total sales include the results of HMV U.S.A., where the
final store closed on 3 November 2004.

CONTACT:  HMV Group plc
          Shelley House, 2-4 York Rd.
          Maidenhead
          SL6 1SR, United Kingdom
          Phone: +44-1628-818-300
          Fax: +44-1628-818-301
          Web site: http://www.hmvgroup.com

          Paul Barker
          Phone: 01628 818 300

          Brunswick Group
          Susan Gilchrist
          William Cullum
          Eilis Murphy
          Phone: 020 7404 5959


HOLMES VALVES: Administrators from Menzies Corporate Move in
------------------------------------------------------------
Andrew Gordon Stoneman and Paul John Clark (IP Nos 8728, 8570)
have been appointed joint administrators for Holmes Valves
Limited.  The appointment was made April 25, 2005.

The company manufactures and distributes valves for heating,
ventilation and air conditioning market.  Its registered office
is located at 17-19 Foley Street, London W1W 6DW.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Phone: 020 7291 9750
          Fax: 020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


INSIDESPACE ART: Appoints Citroen Wells Administrator
-----------------------------------------------------
Mark Richard Phillips and Murzban Khurshed Mehta (IP Nos 9320,
6224) have been appointed joint administrators for Insidespace
Art & Interior Design Limited.  The appointment was made April
26, 2005.  The company retails art works.  Its registered office
is located at Devonshire House, 1 Devonshire Street, London W1W
5DR.

CONTACT:  CITROEN WELLS
          Devonshire House,
          1 Devonshire Street, London W1W 5DR
          Phone: +44 (0) 20 7304 2000
          Fax: +44 (0) 20 7304 2020
          Web site: http://www.citroenwells.co.uk


J FENTON: Creditors Meeting Set May 23
--------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF J Fenton & Sons (Contractors) Limited
                       (In receivership)

Notice is hereby given, pursuant to Section 67 of the Insolvency
Act 1986, that a meeting of creditors of J Fenton & Sons
(Contractors) Limited will be held at KPMG LLP, 191 West George
Street, Glasgow G2 2LJ, on May 23, 2005 at 11:00 a.m. for the
purposes of presenting the Report of the Joint Receivers and,
should the meeting think fit, of determining whether or not to
establish a Committee of Creditors and who are to be the Members
of that committee, if established.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims, and proxies have been submitted and accepted at
the Meeting or lodged beforehand at the address below.  A
resolution will be passed when a majority of those voting have
voted in favor of it.

Notice is hereby given, pursuant to the section 67(2)(b) of the
Insolvency Act 1986 that any unsecured creditor wishing to
obtain a copy of the Report prepared by the Joint Receiver, free
of charge, should write to the address below.

G. A. Friar, Joint Receiver
April 26, 2005

CONTACT:  KPMG LLP
          191 West George Street
          Glasgow G2 2LJ
          Phone: (0141) 226 5511
          Fax: (0141) 204 1584
          Web site: http://www.kpmg.co.uk


KRYPTON HEALTH: Administrators from S. F. Plant & Co. Move in
-------------------------------------------------------------
Simon Franklin Plant and Daniel Plant (IP Nos 9155, 9207) have
been appointed administrators for Krypton Health Construction
Limited.  The appointment was made April 25, 2005.  The company
is engaged in special trades construction.  Its registered
office is located at Lutomer House, 100 Prestons Road, London
E14 9SB.

CONTACT:  S. F. PLANT & CO.
          Lutomer House Business Centre
          100 Prestons Road
          London E14 9SB
          Phone: 0207 538 2222
          Fax: 0207 538 3322


LINDENGROVE CONSULTANTS: Appoints P&A Liquidator
------------------------------------------------
At the extraordinary general meeting of Lindengrove Consultants
Limited on April 25, 2005 held at 35 Ludgate Hill, Birmingham B3
1EH, the resolution to wind up the company was passed.  A.
Turpin of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3
1EH has been appointed liquidator of the company.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


MACKELLAR ENGINEERING: Creditors Meeting Set June
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

    IN THE MATTER OF Mackellar Engineering (Grantown-On-Spey)
                              Limited
                        (in receivership)

Notice is hereby given, pursuant to Section 67 of the Insolvency
Act 1986, that a meeting of creditors of Mackellar Engineering
(Grantown-On-Spey) Limited will be held at KPMG, Saltire Court,
20 Castle Terrace, Edinburgh EH1 2EG on Wednesday, June 1, 2005
at 11:30 a.m. for the purposes of presenting the Report of the
Joint Receivers and, should the meeting think fit, of
determining whether or not to establish a Committee of Creditors
and who are to be the Members of that committee, if established.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims and proxies have been submitted and accepted at the
Meeting or lodged beforehand at the address below.

A resolution will be passed when a majority of those voting have
voted in favor of it.

CONTACT:  KPMG LLP
          Saltire Court
          20 Castle Terrace
          Edinburgh EH1 2EG
          Phone: (0131) 222 2000
          Fax: (0131) 527 6666
          Web site: http://www.kpmg.co.uk


MARCONI CORPORATION: Union Promises to Cooperate with Management
----------------------------------------------------------------
Following a "frank and constructive meeting" Wednesday, Amicus
said Marconi Corporation is committed to an open dialogue with
the trade unions.

It added the company has considered the implications of BT's
decision not to award work to Marconi as part of its GBP10
billion 21 CN program.  It has also committed to full and
appropriate consultation before the final decisions are made.

Amicus said the trade unions understand the company's position
and will work with the company to minimize headcount reductions,
effect other financial savings and mitigate the consequences of
the BT decision recognizing the need to retain a highly skilled
U.K. workforce.

Peter Skyte, Amicus National Officer, said: "We are disappointed
with the lack of firm information leaving 4,000 U.K. employees
and 10,000 employees worldwide touching the void without knowing
whether the rope will be cut.  The company was unable to give us
any firm details of the scale of job cuts and redundancies but
expect to be able to do so within the next week."

                            *   *   *

Marconi Corporation said Tuesday it was open to "all strategic
options," following BT's move that wiped GBP500 million from
Marconi's value last week, with shares plunging closed to 44%.

It said: "The company clearly recognizes the need to refocus its
business in the light of BT's decision and recent trends in the
global telecoms equipment market.

"The board will continue therefore to pursue all strategic
options with the objective of maximizing shareholder value."

BT's decision was expected to greatly affect Marconi's recovery
measures, with about 10,000 employees in danger of losing their
jobs at Marconi's sites in Coventry, Liverpool and Beeston.  A
quarter of the U.K. company's operations rely on BT.

Marconi added it is currently studying the resource and
headcount in its operations, particularly in the U.K.  The
result of the review is expected to be out soon along with the
associated cost savings and level of headcount reduction.  It
aims to bring revenues and adjusted operating profits for the
final quarter of 2004/05 in line with expectations.

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

          Press Enquiries
          David Beck
          Phone: 0207 306 1490
          E-mail: david.beck@marconi.com

          Investor Enquiries
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com

          Karen Keyes
          Phone: 0207 306 1345
          E-mail: karen.keyes@marconi.com


MG ROVER: Rescue by Iranian Carmaker Still Possible
---------------------------------------------------
Iran remains interested in buying bankrupt carmaker MG Rover,
its foreign ministry said.

"Negotiations are underway by the industry ministry to see if a
deal is in our economic interests.  Nothing is definite,"
foreign ministry spokesperson Hamid Reza Asefi told reporters.

According to Iran's Mail & Guardian, Industry Minister Eshagh
Jahangiri said the government had asked for a copy of the sale
conditions.

In April, several papers reported that Middle East's leading car
manufacturer, Iran Khodro, was interested in MG.  Another
carmaker Saipa was also touted as potential bidder, but later
withdrew when the extent of MG's troubles emerged.

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

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

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

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


MIDLAND PLASTERING: Liquidator from Critchleys Moves in
-------------------------------------------------------
At the extraordinary general meeting of Midland Plastering
Services Limited on April 27, 2005 held at Critchleys,
Greyfriars Court, Paradise Square, Oxford OX1 1BE, the special,
ordinary and extraordinary resolutions to wind up the company
were passed.  Susan Margaret Roscoe of Critchleys, Greyfriars
Court, Paradise Square, Oxford OX1 1BE has been appointed
liquidator of the company.

CONTACT:  CRITCHLEYS
          Greyfriars Court,
          Paradise Square, Oxford OX1 1BE
          Phone: +44 (0) 1865 261100
          Fax:   +44 (0) 1865 261201
          E-mail: Oxford@critchleys.co.uk
          Web site: http://www.critchleys.co.uk


PHOENIX RECYCLING: Hires Administrators from Milner Boardman
------------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed joint administrators for Phoenix Recycling Limited.
The appointment was made April 27, 2005.  The company recycles
non-metal waste and scrap.  Its registered office is located at
69 Flixton Road, Urmston, Manchester M41 5AN.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


PRO-FAB (LEEDS): Administrator from David Horner Moves in
---------------------------------------------------------
David Anthony Horner (IP No 008956) has been appointed
administrators for Pro-Fab (Leeds) Limited.  The appointment was
made April 21, 2005.  The factory fabricates steel.  Its
registered office is located at David Horner & Co, 11 Clifton
Moor Business Village, James Nicolson Link, York YO30 4XG.

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


RATHBONES BAKERIES: Morrison Deal Saves Jobs
--------------------------------------------
A substantial number of Rathbones Bakeries' employees retained
their jobs Saturday, after Wm Morrison Supermarkets Plc and
Rathbone Kear Limited agreed to acquire certain bakeries and
related assets of the company.

Morrison bought freehold premises at Wakefield, Wigan and
Lydney, and Rathbone Kear Limited acquired bakery equipment.
The latter also bought related assets at the premises in
Wakefield, Wigan and Lydney and leased bakery premises at
Middlesbrough, with the associated equipment.  The aggregate
purchase price is GBP15.5 million.  The acquisition will secure
continuity of supply for Morrison.

Rathbone Kear Limited is a joint venture company owned by
Morrison and Harry Kear who owned and successfully ran Rathbones
Bakeries Limited prior to its sale to Greencore in 1997.
Finedon Mill acquired the company last year.

                            *   *   *

Last month, Rathbones Bakeries appointed corporate recovery
experts from KPMG to manage the sale of its business.  This was
after it suffered tough trading conditions and a factory blaze.

The fire that hit the bakery group's Carlisle site in February,
cost it millions of pounds, and put in jeopardy the jobs of
1,550 employees, including 185 people working at the factory.

Rathbones, which also features Harvestime and Fresha Bakeries,
captures about 15% of the market for own-label bread for the
U.K. retail trade.  Tesco is among its customers.  It employs
444 staff at its Walsall head office, with another 409 at
Leicester and the rest at Peterborough, Wigan, Wakefield and
Middlesbrough.  It had sales of GBP100 million last year.

CONTACT:  FINEDON MILL LTD.
          5 Bevan Close, Finedon Industrial Estate
          Wellingborough Northants NN8 4BL
          Phone: 01933 225711
          Fax: 01933 443513

          WM MORRISON SUPERMARKETS PLC
          Hilmore House
          Thornton Road
          Bradford
          West Yorkshire
          England
          BD8 9AX
          Phone: +44 1274 494166
          Fax: +44 1274 494831
          Web site: http://www.morereasons.co.uk

          Gillian Hall
          Phone: 01274 356804

          Citigate Dewe Rogerson
          Simon Rigby
          Sarah Gestetner
          Anthony Kennaway
          Phone: 020 7638 9571


REGUS GROUP: 'Margin Calls' Drag Down Shares
--------------------------------------------
Regus Group slid 12 percent Wednesday after investors sold the
shares to meet "margin calls" on original orders, according to
The Telegraph.

These cash calls hit Regus shareholders hard, especially those
who hold derivative stocks called "contracts for difference."
These are traded derivative and an alternative to investing
directly in the shares, explains the report.

"The shares slumped 13% to 97p as volumes reached 57 million
shares, compared with the usual daily average of nearer 13
million," The Telegraph says.

Earlier, Standard & Poor's Ratings Services revised its outlook
on Regus to positive from stable.  At the same time, Standard &
Poor's affirmed its 'B-' long-term corporate credit rating on
Regus.  The 'B-' senior secured bank loan rating on the US$155
million senior secured revolving credit facilities and term bank
loan issued by Regus Corporation and guaranteed by Regus was
also affirmed.

CONTACT:  REGUS GROUP PLC
          3000 Hillswood Dr.
          Chertsey
          Surrey KT16 0RS, United Kingdom
          Phone: +44-1932-895-500
          Fax: +44-1932-895-501
          Web site: http://www.regus.com


RO REALISATIONS: IT Firm Calls in Administrators
------------------------------------------------
Tim Brown and Stephen Evans (IP Nos 9001, 8759) have been
appointed joint administrators for RO Realisations Limited
(formerly known as Ratio One Ltd.).  The appointment was made
April 13, 2005.  The company offers IT consultancy and project
services.

CONTACT:  PURE RECOVERY LLP
          141-143 Shoreditch High Street,
          London E1 6JE


ROYAL & SUNALLIANCE: Names Chief Executive for U.K. Business
------------------------------------------------------------
Royal & Sun Alliance Insurance Group plc appointed on Wednesday
Bridget McIntyre as its U.K. Chief Executive.  She will also
become a main board director of Royal & Sun Alliance Insurance
Group plc, subject to regulatory approval.

Her appointment follows U.K. Chief Executive Duncan Boyle's
decision to retire from Royal & SunAlliance after 32 years with
the Group.

Bridget McIntyre, 43, is currently Director for Sales, Marketing
and Underwriting at Norwich Union.  She was previously Finance
Director, U.K. Long Term Savings, and Finance Director, General
Insurance and Direct Operations.  Ms. McIntyre has worked at
Norwich Union since 1993 and prior to that spent 5 years in
finance roles at Volvo.

At Norwich Union, Ms. McIntyre developed and implemented the
retail strategy for Norwich Union Direct, successfully launched
Norwich Union Rescue and also led the team working on synergies,
savings and organizational design for the merger with CGU.

Her salary will be GBP350,000 and she will be employed on a
standard 12 month contract.

Andy Haste, Group Chief Executive of Royal & SunAlliance, said:
"I am delighted to welcome Bridget to the Group.  Her track
record in the sector and proven ability to drive through change
and deliver growth make her ideal to take the U.K. business to
its next stage.

"I would also like to extend my thanks to Duncan Boyle.  Duncan
has led the turnaround and return to profitability of the U.K.
business and since indicating his intention to retire he has
worked closely with me to ensure a smooth succession."

Duncan Boyle will remain with Royal & SunAlliance until the end
of the year to help manage the leadership transition.

CONTACT:  ROYAL & SUNALLIANCE
          Helen Pickford
          Phone: +44 (0) 20 7111 7212

          Phil Wilson-Brown
          Phone: +44 (0) 20 7111 7047

          FINSBURY
          Julius Duncan
          Phone: +44 (0) 20 7251 3801


SCH IONA: Gives Creditors Until October to File Claims
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF SCH Iona Limited
                         (In Liquidation)

I, F. J. Gray of Kroll Limited, Afton House, 26 West Nile
Street, Glasgow G1 2PF, give notice that on April 10, 2005 I was
appointed Liquidator by resolution of members.

Notice is hereby given that Creditors of SCH Iona Limited, which
is being voluntarily wound up, are required, on or before
October 10, 2005 to send in their full names, their addresses
and descriptions, full particulars of their debt or claims and
the names and addresses of their Solicitors, if any, to F. J.
Gray of Afton House, 26 West Nile Street, Glasgow G1 2PF, the
Liquidator of the said company, and, if so required by notice in
writing from the said Liquidator, are, personally or by their
Solicitors, to come in and prove their debt or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution.

F. J. Gray, Liquidator
April 22, 2005

CONTACT:  KROLL GLASGOW
          Afton House
          26 West Nile Street
          Glasgow G1 2PF
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com

          Fraser J. Gray
          E-mail: fgray@krollworldwide.com


SOE DEVELOPMENT: Hires Tenon Recovery as Administrator
------------------------------------------------------
Thomas Campbell MacLennan and Kenneth Robert Craig (IP Nos 8209,
8584) have been appointed joint administrators for holding
company SOE Development Ltd.  The appointment was made April 18,
2005.  Its registered office is located at Upper Borough Court,
Upper Borough Walls, Bath BA1 1RG.

CONTACT:  TENON SCOTLAND
          1 Royal Terrace
          Edinburgh
          Lothian EH7 5AD
          Phone: 0131 557 4455
          Fax: 0131 556 0662
          E-mail: tom.maclennan@tenongroup.com


SPIRITSOFT LIMITED: Names David Rubin & Partners Administrator
--------------------------------------------------------------
Paul Appleton and Asher Miller (IP Nos 8883, 9251) have been
appointed joint administrators for Spiritsoft Limited.  The
appointment was made April 22, 2005.  The company supplies and
handles software consultancy.

CONTACT:  DAVID RUBIN & PARTNERS
          26-28 Bedford Row,
          London WC1R 4HE
          E-mail: info@davidhornerandco.co.uk
          Web site: http://www.davidhornerandco.co.uk


THOMPSON JONES: Hires Joint Administrators from Unity Corporate
---------------------------------------------------------------
Matthew Colin Bowker and Ian Nigel Millington (IP Nos 8106,
8270) have been appointed joint administrators for Thompson
Jones Financial Services Limited.  The appointment was made
April 26, 2005.  The company offers financial services.  Its
registered office is located at Clive House, Clive Street,
Bolton, Lancashire BL1 1ET.

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


WATERFORD WEDGWOOD: Proposes EUR100 Million Rights Issue
--------------------------------------------------------
Waterford Wedgwood plc, the luxury lifestyle group, disclosed a
proposed fully underwritten rights issue to raise approximately
EUR100 million through the issue of 1.7 billion New Stock Units
at EUR0.06 each.  The proceeds will be used to finance a major
restructuring program which is expected to cost around EUR90
million, including EUR6.5 million which has already been spent.
Targeted annualized cost savings from the restructuring program
are EUR90 million.  The proceeds of the Rights Issue will also
improve the Group's liquidity.

Restructuring and Cost Savings

In its trading update on March 14, 2005 the Group indicated that
it was reviewing its fixed cost base in order to return to
sustainable profitability at existing demand levels and current
exchange rates.  Following this review, the Group intends to
restructure its business fundamentally.  The restructuring
program announced is designed to remove excess capacity, improve
manufacturing efficiency and to enable a more complete
integration of the Wedgwood division with Royal Doulton.

(a) EUR90 million restructuring investment will be targeted
    across the Group with the objective of achieving annualized
    savings of approximately EUR90 million once fully
    implemented.  The benefit of the savings will largely have
    been achieved by December 2006;

(b) It is anticipated that the total employed by the Group will
    reduce by about 1,800 when the proposed restructuring is
    completed;

(c) Removal of excess capacity: About EUR30 million will be
    spent on restructuring at Waterford Crystal and Rosenthal in
    order to remove excess capacity.  At Waterford Crystal, the
    Dungarvan plant will be closed;

(d) Overhead reduction: Investment of EUR24 million is planned
    to reduce overheads at Waterford Crystal, Rosenthal and at
    Group level and to upgrade manufacturing facilities in
    Waterford Crystal and Rosenthal;

(e) The combined effect of these proposed actions will be to
    reduce the numbers employed at the Waterford Crystal by 485,
    at Rosenthal by 160 and by 200 across the wider Group; and

(f) Wedgwood-Royal Doulton integration savings: Following the
    acquisition of Royal Doulton on January 14, 2005, the Group
    has identified opportunities for more savings than
    originally envisaged.  It is planned to invest a total of
    EUR36 million (of which EUR6.5 million has already been
    spent) to achieve savings in manufacturing, retail
    operations, administration and warehousing efficiencies.
    These proposed actions are expected to reduce the numbers
    employed by Wedgwood and Royal Doulton by 950 worldwide.
    About 450 of these 950 have already left the business.

Fully-Underwritten Rights Issue

(a) The proposed Rights Issue will be at an issue price of
    EUR0.06 per New Stock Unit, being the nominal value per
    Ordinary Share, and on the basis of 7 New Stock Units for
    every 11 Stock Units held on a record date to be determined.
    The Rights Issue will be fully-underwritten by a company
    jointly and equally controlled by the Group's principal
    shareholders, Sir Anthony O'Reilly, the chairman, and Peter
    John Goulandris, the deputy chairman;

(b) The Rights Issue price compares with the closing price of
    EUR0.04 per Stock Unit on May 3, 2005;

(c) The Rights Issue is at the same price as the December 2004
    Rights Issue (i.e. EUR0.06 per New Stock Unit);

(d) The O'Reilly and Goulandris families have confirmed their
    intention to take up their full rights entitlements, based
    on their existing holdings, representing in aggregate
    approximately 24.6% of the company's existing issued share
    capital;

(e) The Rights Issue will be conditional on, inter alia, the
    grant by the Irish Takeover Panel of a waiver under Rule 9
    of the Irish Takeover Rules and on independent shareholder
    approval, each in respect of the underwriting arrangements.
    It will also be conditional on shareholders approving an
    increase in the authorized share capital of the Group and
    the renewal of various allotment authorities; and

(f) Documentation will be issued to shareholders convening an
    extraordinary general meeting and providing further
    information on the Rights Issue and on the restructuring in
    due course.

Strategic and Trading Update

As the Group announced in its trading update in March 2005, the
Board remains confident in the Group's ability to successfully
navigate its way through these difficult times.  Waterford
Wedgwood continues to have the support of its principal
shareholders as it reduces the Group's fixed cost base.  As
stated in the announcement on March 14, 2005, sales for the year
to March 31, 2005 were down 6% on a like-for-like basis (on a
constant currency basis and excluding disposed-of, discontinued
or acquired operations).  The preliminary financial results for
the year to March 31 will be announced on June 16.  They will be
adversely impacted by the lower sales figures and by tighter
margins which have been highlighted in previous announcements
and by exceptional items.

Sir Anthony O'Reilly, Chairman of Waterford Wedgwood, said: "I
am pleased to support management by underwriting the investment
in this bold but necessary restructuring program. While I very
much regret the job losses, these changes are vital to ensure
the long term prosperity of this historic company and its key
heritage plants in Ireland, England and Germany as we face
increasing competition from low cost economies in Asia and
elsewhere.

"The task is clear but the challenge is great: we must ensure
that our cost base matches revenue levels so that the company is
returned to sustained profitability.  I am determined that
Waterford Wedgwood will become the low-cost operator in its
sector.

"We believe that this is attainable following the implementation
of this restructuring action."

Redmond O'Donoghue, Group Chief Executive, said: "The last three
years have been difficult for Waterford Wedgwood but the
restructuring announced will give the Group a highly efficient
cost base, ensuring that the business has the sound fundamentals
to return to a position of strength.

"It is always regrettable to announce job losses. It is
particularly sad to announce the closure of our Dungarvan plant
which has been in operation for over 30 years.  However, I know
that this difficult decision is necessary to ensure the
prosperity of the Group and the future of crystal manufacture in
Waterford.

"Although for business planning purposes we are projecting sales
at the current levels, we have progressive plans to introduce
new and relevant products and to implement marketing programs,
including a national advertising campaign for Waterford Crystal
in the US, designed to grow our business."

                            *   *   *

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED
STATES, CANADA, AUSTRALIA OR JAPAN

CONTACT:  WATERFORD WEDGWOOD PLC
          Redmond O'Donoghue, Chief Executive
          Patrick Dowling, Chief Financial Officer
          Phone: +353 (0) 1 607 0166

          DAVY (Rights Issue)
          Hugh McCutcheon
          Eugenee Mulhern
          Phone: +353 (0) 1 614 9000

          POWERSCOURT (UK and International)
          Rory Godson
          Victoria Brough
          Phone: + 44 (0) 20 7236 5615

          DENNEHY ASSOCIATES (Ireland)
          Michael Dennehy
          Phone: + 353 (1) 6764 733


WATERFORD WEDGWOOD: Senior Unsecured Rating Affirmed at 'CCC'
-------------------------------------------------------------
Fitch Ratings affirmed Waterford Wedgwood's EUR165 million
9.875% mezzanine notes due 2010 at 'CC'.

Fitch has also affirmed Waterford Wedgwood's Senior Unsecured
rating at 'CCC', Short-term rating at 'C', and its senior
secured debt at 'B-'.  The Outlook for the Senior Unsecured
rating is Negative.

The affirmation follows an announcement of a proposed EUR100
million rights issue, which has been fully underwritten by the
group's principal shareholders, Sir Anthony O'Reilly, Chairman
and Peter John Goulandris, Deputy Chairman.  The proceeds are to
be used to fund restructuring initiatives at Waterford Wedgwood
and Royal Doulton, the latter of which was acquired by Waterford
in January 2005.  The announced restructuring, which includes
the closure of one of Waterford's factories in Ireland and the
elimination of 1,800 jobs, is intended to generate EUR90 million
in annual cost savings.

Fitch recognizes the potential benefits of the steps being taken
to improve Waterford's cost position, in particular the
reduction of excess manufacturing capacity at Waterford Crystal.
The agency also notes the continued strong support of
Waterford's principal shareholders, who also underwrote a EUR100
million rights issue in October 2004 to fund the acquisition of
Royal Doulton.  However, Waterford's return to positive free
cash flow generation depends not only on successful execution of
the cost-cutting program but also on a stabilization in demand
for the group's products.  Furthermore, Waterford remains
exposed to any further weakening of the U.S. dollar from current
levels.  The benefits of previous restructuring programs
implemented in 2001 and 2003 were outweighed by weak demand and
overcapacity in the industry and negative currency impact.

Waterford has suffered a material deterioration in financial
performance in recent months and Fitch expects that results are
unlikely to improve significantly in the next 12-18 months.
Although Waterford has achieved its targeted working capital
improvements, this has been offset by the negative impact of
currency movements and the weaker-than-expected results at the
beginning of 2005.  The Negative Outlook reflects Fitch's view
that the negative trend in sales is likely to continue in FY06
against a backdrop of continuing U.S. dollar weakness.

Waterford is a leading designer and manufacturer of luxury goods
including crystal and ceramics.  For the first half of the
fiscal year to September 2004, sales and EBITDA before
restructuring charges were EUR356 million and -EUR3.7 million
respectively.

Fitch's rating definitions are available on the agency's free of
charge Web site -- http://www.fitchratings.com. Published
ratings, criteria and methodologies and relevant policies and
procedures are also available from this site, at all times.
This document will remain on the free site for seven days.

CONTACT:  FITCH RATINGS
          Roger Coyle, London
          Phone: +44 (0) 20 7862 4105

          Daragh Murphy
          Phone: +44 (0) 20 7417 6344

          Pablo Mazzini
          Phone: +44 (0) 20 7417 3540

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


WESTFAN LIMITED: Members Pass Winding-up Resolution
---------------------------------------------------
At the extraordinary general meeting of the members of Westfan
Limited on April 19, 2005 held at Ibex House, 42-47 Minories,
London EC3N 1DY, the special resolution to wind up the company
was passed.  Mandy Jane Smart of Baker Tilly, Marlborough House,
Victoria Road South, Chelmsford, Essex CM1 1LN and Nigel Millar,
of Baker Tilly, Friars Courtyard, 30 Princes Street, Ipswich,
Suffolk IP1 1RJ have been appointed joint liquidators of the
company.

CONTACT:  BAKER TILLY
          Marlborough House, Victoria Road South,
          Chelmsford, Essex CM1 1LN
          Phone: 01245 354 402
          Fax: 01245 490 243
          Web site: http://www.bakertilly.co.uk

          BAKER TILLY
          Friars Courtyard,
          30 Princes Street,
          Ipswich, Suffolk IP1 1RJ
          Web site: http://www.bakertilly.co.uk


WH TRADE: Execs Redeem Company from Receivership
------------------------------------------------
Former managers of WH Trade Binders rescued the firm out of
administrative receivership late April, according to Print Week.

Adrian Johnson and Chris Molloy bought the Daventry-based
trade finisher for an undisclosed sum, securing the jobs of 56
staff.  WH Trade had debt of GBP1.7 million when it went into
administration towards the middle of April.

Mr. Johnson said the firm's troubles escalated early this year,
forcing them to lay off 20 people in February to survive.
Former owner Roger Westrop then looked for buyers.  Joint
administrator Guy Mander of Baker Tilly blamed the collapse to
competition in the sector.

Mr. Johnson, now the managing director of the emerging company,
Trade Binders Daventry, expects to keep majority of the firm's
suppliers, and report a turnover of GBP2.5 million.  WH Trade's
turnover was GBP3 million prior to the collapse.

CONTACT:  WH TRADE BINDERS LTD
          South March
          Long March Industrial Estate
          Daventry
          NN11 4PH(Road Map)
          Northamptonshire
          Phone: 01327 704911
          Fax: 01327 872588
          Web site: http://www.whtradebinders.demon.co.uk


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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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
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