TCREUR_Public/050509.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

               Monday, May 9, 2005, Vol. 6, No. 90

                            Headlines

C Z E C H   R E P U B L I C

AERO VODOCHODY: Huge Debt Main Obstacle to Sale, Says Report
CESKE DRAHY: To Continue Reforms Started by Former Chief


F R A N C E

BILLON: Textile Maker Collapses into Insolvency
FAROS: Applies for Insolvency
FILATURES DE PARTHENAY: Declares Bankruptcy
IBM: European Shakeup to Cost Hundreds of Jobs
SKW: Now Owned by Welding Alloys Group


G E R M A N Y

ACI ENGINEERING: Court to Verify Claims August
BAUMULLER NURMONT: Parent Takes over Core Activities
B & H BAGGERBETRIEB: Creditors Meeting Set July
DAIMLERCHRYSLER AG: Opens US$600 Million Plant in U.S.
DRESDNER BANK: Reports EUR230 Million Profit in Q1

FRESENIUS AG: Under Review for Possible Downgrade
GPC BIOTECH: Net Loss Increased 81% to EUR12.5 Mln in Q1
GUSTITALIA DEUTSCHLAND: Under Bankruptcy Proceedings
HEATING 2000: Proofs of Claim Due this Month
HUCKEPACK JUNGES: Creditors Have Until May 25 to File Claims

IRC GMBH: Creditors Claim Due this Month
"KULTURWERKSTATT NORD": Administrator Takes over Operations
MTU AERO: EBITDA Up 40% to EUR247 Million in 2004
SKAN-FISCH: Creditors Have Until this Month to File Claims
VEREINS SOZIALE: Neuruppin Court Appoints Administrator
WOLKAUER BAUGESELLSCHAFT: Under Bankruptcy Administration


I R E L A N D

WATERFORD CRYSTAL: No Decision Yet on Dungarvan Plant Closure


I T A L Y

FINPART SPA: Borsa Italiana to Delist Group's Shares, Bonds
IMPREGILO SPA: Extends Bridging Loan Stipulation


K A Z A K H S T A N

KAZAKHTELECOM: Long-term Rating Affirmed at 'BB'


N E T H E R L A N D S

BASELL N.V.: S&P Cuts Rating to 'BB+' After Disposal News


N O R W A Y

PETROLEUM GEO-SERVICES: Rated 'B+'; Outlook Stable


R U S S I A

KUSHVINSKIYE ELECTRICAL: Under Bankruptcy Supervision
MICHURIN-REM-STANOK: Undergoes Bankruptcy Supervision Procedure
OSTROGOZHSKIY WINERY: Voronezh Court Appoints Insolvency Manager
POGROMSKOYE: Bankruptcy Hearing Set Tomorrow
REM-STROY-PODRYADCHIK: Succumbs to Bankruptcy

RHYTHM: Bankruptcy Proceedings Set July
SEL-KHOZ-KHIMIYA: Declared Insolvent
SIBACADEMBANK: Gets Long-term Rating of 'B-'
TUYMAZY MEAT: Undergoes Bankruptcy Supervision Procedure
VOSTOK-TORG: Names Y. Dobrovolskiy Insolvency Manager
YOSHKAR-OLINSKAYA: Bankruptcy Proceedings Begin
YUKOS OIL: Board to Nominate Own Choice of Directors


S P A I N

TERRA MITICA: Stepping up Advertising Program this Year


T U R K E Y

DENIZBANKL: Long-term Foreign Currency Rating Raised to 'BB-'
FINANSBANK: Fitch Upgrades Local Currency Rating to 'BB-'
OYAK BANK: Individual Rating Raised to 'C/D'


U K R A I N E

BEREZNYAKI: Under Bankruptcy Supervision
BILA KRINITSYA: Insolvency Manager Takes over Helm
BYTE: Kyiv Court Opens Bankruptcy Proceedings
COMPUTER TRADE: Court Orders Debt Moratorium
DESNA: Gives Creditors Until Today to File Claims

ESST LTD.: Bankruptcy Supervision Begins
INTER-NIVA: Succumbs to Insolvency
KRIVBASLIFT: Court Names Pavlo Smorodko Liquidator
MARKIVSKA SILGOSPTEHNIKA: Declared Insolvent
PEREKOPIVSKA: Court Appoints Liquidator


U N I T E D   K I N G D O M

AFRICAN INTERIORS: Winding-up Report Out Later this Month
AJAYS LEISURE: Liquidator from Antony Batty Moves in
ALEXON GROUP: Chairman Stepping Down
ALL WAYS: Appoints Grant Thornton Administrator
A-N INTERNATIONAL: Members Decide to Wind up Firm

ASTBURY BRASS: Opts for Liquidation
AUTOTECH UK: Members Pass Winding-up Resolutions
BARBICAN CAR: Creditors Meeting Set Wednesday
BLOOMTEC LIMITED: Appoints BDO Stoy Hayward Liquidator
B & M FASHIONS: Hires Liquidator from Antony Batty

BROWN & WINSOR: Names John Harvey Madden Liquidator
CARNABY STRUCTURES: Hires Kroll Limited as Administrator
CENTRAL COMMERCIAL: Members Pass Winding-up Resolutions
CHILPRUFE BRANDS: Calls in Liquidators from Springfields
COMPASS FINANCE: Expects 2005 Profits to Fall Below Last Year

COOLASPECT LIMITED: Liquidators from Begbies Traynor Move in
COPTON LIMITED: Members Opt for Liquidation
EHPT UK: PricewaterhouseCoopers Liquidators Take over Helm
EMPYREAL LIMITED: Calls in Administrators from Wilson Pitts
ENERGY EFFICIENT: Hires Tenon Recovery as Liquidator

ENTERWEALD LIMITED: Administrator from Milsted Langdon Moves in
EUROTUNNEL PLC: Narrows Full-year Net Loss to GBP570 Million
FORTH SOLUTIONS: Liquidator's Final Out Next Month
HENRY LIMITED: Names Bond Partners Liquidator
IKAN RESTAURANT: Calls in Thompson Partnership Administrators

LIVINGSTONES U.K.: Final Creditors Meeting Set June
MG ROVER: Iran Orders Joint Offer by Rival Car Firms
NESSA LIMITED: Administrator from Corporate Recovery Moves in
RBC DISTRIBUTORS: Names Deloitte & Touche Administrator
RIVERSIDE CARE: Sets Creditors Meeting Next Week

SMC MARKETING: Administrator from Tomlinson Moves in
SWAN CAPITAL: Hires Liquidators from Deloitte & Touche
TTG EUROPE: Asks AIM to Suspend Shares
WINTERWARM HOLDINGS: Hires Administrators from KPMG
ZIACOM LIMITED: Sets Creditors Meeting Wednesday


                            *********


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


AERO VODOCHODY: Huge Debt Main Obstacle to Sale, Says Report
------------------------------------------------------------
The government is selling troubled military jet manufacturer Aero
Vodochody (AV), Europe Intelligence Wire says.

With AV's privatization plan nearly complete, the state will soon
start looking for investors to buy the company's shares and debt.
It will be an uphill climb for the government, however, as
potential investors, including banks, have in the past found the
heavily indebted company unattractive.

The government has already spent CZK9 billion to rehabilitate the
company, of which CZK5.5 million were used to pay debt.  Some
CZK5 billion in Eurobonds will mature in November.  If the tender
fails, the government will declare AV bankrupt in January 2006,
the report says.

According to AV's Web site, the government owns around 99.6% of
the group, which co-manufactures military and domestic planes as
well as parts for commercial aircraft.  It is currently involved
in the development of Boeing's supersonic military plane Fantom,
which should earn the group around CZK500 million next year.  The
project is expected to bring billions of crowns to AV's account,
which is expected to double by 2010.

CONTACT:  AERO VODOCHODY a.s.
          U Letiste 374
          250 70 Odolena Voda
          Phone: +420 255 763 152
          Fax: +420 255 763 225
          E-mail: vitezslav.kulich@aero.cz
          Web site: http://www.aero.cz


CESKE DRAHY: To Continue Reforms Started by Former Chief
--------------------------------------------------------
The departure of Petr Kousal, chief executive of national rail
operator Ceske Drahy, is related to the firm's disappointing
results, according to Daily Hospodarske noviny.

Transport Minister Milan Simonovsky had earlier said the
resignation was voluntary and was part of the changes recommended
in the latest business plan.

Mr. Kousal, who spent more than two years at the helm, left
without showing any improvement in Ceske's freight transport
operations.  Volume in the first quarter was 1.75 million tons
below target, or 9% lower than expected.  Last year's volume was
80 million tons, down 5.4 million tons on the year.  Ceske
expects to transport 82.6 million tons of cargo this year.

According to Czech Happenings, the poor results were due to
busier lorry traffic after the country's accession to the E.U.,
and also to the closure of piggybacking system in which lorries
traveled from northern Bohemia to Germany on trains.  A Ceske
spokesman Petr Stahlavsky, meanwhile, said the year-on-year drop
during the period was due to the reduced number of workdays.  The
spokesman declined to give any quarterly data, supposedly to
protect Ceske drahy and its competitiveness.

Ceske is planning to continue the restructuring started by Mr.
Kousal.  It plans to streamline operations, with a potential loss
of 6,000 jobs this year, angering workers who threatened to
strike this week.  But according to Hospodarske noviny informal
talks are now taking place and it appears the strike will no
longer push through.

In related developments, Ceske's supervisory board will meet
today to approve personnel changes.  Deputy CEO for trade and
operation Jiri Kloutvor is expected to be relieved of his post.
He has been blamed by unions for the firm's poor results.

Lidove noviny daily says the firm mulls reconstructing 60 railway
stations at the cost of billions of crowns and is looking for
investors.  The first tenders are expected this year.  Ceske owes
about CZK40 million to about fifteen suppliers, according to
supervisory board member Jiri Kratochvil.

CONTACT:  CZECH RAILWAYS
          Nabrezi Ludvika Svobody 1222/12
          110 15 Praha 1
          Phone: +420 972 211 111 (switchboard operator)
          Web site: http://www.cd.cz/


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


BILLON: Textile Maker Collapses into Insolvency
-----------------------------------------------
Textiles group Billon succumbed to insolvency after booking a
consolidated net loss of EUR2.7 million for the year ended June
2004, Les Echos says.

Billon's insolvency also affected holding company and
subsidiaries Billon Freres, Tricotage de Lyon and Tricotage de
Jujurieux.  The group, which generated EUR23.5 million in
turnover in the last financial year, employs around 170 workers.

Billon had been booking EUR2 million in net profit on EUR42
million in turnover when it floated on the stock market in
February 1998.  Shortly after its flotation, the group's sales
from top-of-the-range ready-to-wear clothing declined, forcing it
to axe employees.

CONTACT:  BILLON FRERES et Cie
          40 rue Descartes
          BP 1242
          F-69607 Villeurbanne Cedex
          Phone: + 33 (0) 4 72 69 95 00
          Fax: +33 (0) 4 72 44 09 74
          Web site: http://www.billon.com


FAROS: Applies for Insolvency
-----------------------------
Simulation experts Faros has filed for insolvency after
experiencing cash flow problems, Les Echos says.

The Brittany-based group, which booked EUR5.7 million in net loss
for 2003, expects to post another deficit for 2004.  Faros'
difficulties began in 2002 when it was force to provide
performance securities in a project to develop an anti-submarine
sea navigation simulator for South Korea.  The group also blamed
weakening demand from the civil aviation sector.  These problems
forced Faros to venture into driving simulators, which
contributed around EUR4.1 million to the group.

Established in July 1986, Faros regards itself a pioneer in
creating simulation systems for the aviation sector.  Faros
exports 85% of its total production, focusing on three transport
markets: aviation, marine, and car and trucks.

CONTACT:  FAROS
          Rue Blaise Pascal
          Parc Pegase
          22300 Lannion
          Phone: 33 (0) 2 96 48 46 47
          Fax: 33 (0) 2 96 48 08 24
          Web site: http://www.faros.com


FILATURES DE PARTHENAY: Declares Bankruptcy
-------------------------------------------
The fate of cash-strapped textile company Filatures de Parthenay
is now in the hands of a French court after it declared
bankruptcy recently.  In 1995, Vosges-based group Filatures de
Chenimenil took over the firm, which has 68 workers at its
Parthenay site in the department of Deux-Sevres.

CONTACT:  FILATURES DE CHENIMENIL
          France
          Phone: 33 3 29 69 65 00
          Fax: 33 3 29 69 65 07


IBM: European Shakeup to Cost Hundreds of Jobs
----------------------------------------------
International Business Machines Corp. (IBM) unveiled plans on
Wednesday to cut 10,000 to 13,000 jobs worldwide as part of
efforts to reorganize its administrative networks in Europe.  IBM
is trying to decentralize decision-making functions after
reporting sales decline in Europe in 2004.

"The company is in a difficult phase," said Brigitte Fussgang, a
member of IBM's central workers council in Stuttgart, Germany.
Its technology service business is flagging.  The operation is
IBM's largest, accounting for 48% of US$96.3 billion in global
sales last year.

Last month IBM's first-quarter sales fell 3% from a year earlier
to US$22.9 billion.  According to Mark Loughridge, chief
financial officer, this was due partly on weakness in Germany,
France and Italy.

The job cuts will affect Germany, Sweden and France.  In Germany,
580 people will be laid off at two of IBM's business services
units in Schweinfurt and Hannover, said Peter Gerdemann, a
spokesman for IBM Germany.

According to Ms. Fussgang, a further 600 is due for axing this
year.  IBM's workforce in Germany totals 24,000.  The operation
is its largest in Europe and the third largest after the United
States and Japan.

In Sweden 538 will be laid off at five IBM business services
centers.  In France where the firm has its headquarters, no more
than 200 jobs will be cut.  The size of Paris workforce was not
disclosed.

Fred McNeese, director of IBM's media relations for Europe said
some of the executives in Paris, Stuttgart, London and Milan will
be transferred to new regional hubs in Zurich and Madrid and
smaller offices.

According to Mr. Loughridge, the European job cuts will mostly be
voluntary.  Further details of the plan would be made available
in July.  The firm expects to save US$300 million to US$500
million during the second half of 2005, depending on the speed of
the job cuts.

CONTACT:  INTERNATIONAL BUSINESS MACHINES CORP.
          One New Orchard Road
          Armonk, NY 10504
          Phone: (914) 499-1900
          Fax: (914) 765-6021
          E-mail: ibm@equiserve.com
          Web site: http://www.ibm.com/


SKW: Now Owned by Welding Alloys Group
--------------------------------------
U.K. firm Welding Alloys Group has acquired SKW, a manufacturer
of metal calcium in France.  It will take over 40 of the 54 staff
of the site.

SKW, which has filed for insolvency in December, had been under
various shareholders, particularly Affival, which took over in
August.  Affival is a subsidiary of the German group Arques.

Another French company Societe Commerciale des Metaux et Minerais
was also reportedly interested in SKW, but the sale to Welding
Alloys suggests the commercial court of Gap has rejected the
offer.

SKW produces 1,600 tonnes of metal calcium yearly, which is worth
18.2 percent of the world market.

CONTACT:  WELDING ALLOYS GROUP
          The Way Fowlmere
          Nr. Royston, Herts, SG8 7QS, UK
          Phone: +44 (0) 1763 207500
          Fax: +44 (0) 1763 207501
          Web site: http://www.welding-alloys.com


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


ACI ENGINEERING: Court to Verify Claims August
----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against ACI Engineering AG on April 11.
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 Wolfgang Kuhnel.

Creditors and other interested parties are encouraged to attend
the meeting on June 8, 2005, 10:45 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,
10:45 a.m.

CONTACT:  ACI ENGINEERING AG
          Friedrichstr. 148,10117 Berlin

          Wolfgang Kuhnel, Administrator
          Berliner Str. 117, 10713 Berlin


BAUMULLER NURMONT: Parent Takes over Core Activities
----------------------------------------------------
Electronic drive manufacturer Baumuller will take over the core
operations of its insolvent subsidiary Baumuller Nurmont,
Frankfurter Allgemeine Zeitung says.

Baumuller said the takeover would allow it to solidify its
position in the international market.  The takeover would save
around 250 jobs at Nurmont.

Baumuller Nurmont filed for insolvency at the beginning of the
year, forcing around 500 of its employees to leave the ailing
group.  The group assembles machines and plants.

CONTACT:  BAUMULLER NURNBERG GMBH
          Ostendstrasse 80-90
          90482 Nurnberg
          Phone: +49-(0)911/5432-0
          Fax: +49-(0)911/5432-130
          E-mail: mail@baumueller.de
          Web site: http://www.baumueller.de


B & H BAGGERBETRIEB: Creditors Meeting Set July
-----------------------------------------------
The district court of Gera opened bankruptcy proceedings against
B & H Baggerbetrieb und Landschaftsgestaltung GmbH on April 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 8, 2005 to
register their claims with court-appointed provisional
administrator Hanns Pollmann.

Creditors and other interested parties are encouraged to attend
the meeting on July 5, 2005, 1:00 p.m. at the district court of
Gera, Rudolf-Diener-Str. 1, Zimmer 301, 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:  B & H BAGGERBETRIEB UND LANDSCHAFTSGESTALTUNG GMBH
          Lobensteiner Str. 43, 07368 Remptendorf

          Hanns Pollmann, Administrator
          Blankenburger Str. 3, 07318 Saalfeld


DAIMLERCHRYSLER AG: Opens US$600 Million Plant in U.S.
------------------------------------------------------
DaimlerChrysler AG officially opened Tuesday its expanded plant
in Tuscaloosa, Alabama (U.S.A.), where the Mercedes-Benz M-Class
and all-new R-Class are built.

The "Team Members" who work at Mercedes-Benz U.S. International,
Inc. (MBUSI), community and government officials from Alabama,
major suppliers and contractors, DaimlerChrysler executives,
along with international and local media, joined the ceremony to
celebrate the official opening of the three-million-square-foot
plant that represented a US$600 million expansion in Tuscaloosa.

Eckhard Cordes, responsible for the Mercedes Car Group, said:
"The success of the M-Class and our plant in Tuscaloosa shows
that our globalization strategy and decision to come to the U.S.
back in 1993 was the right decision.

"More than 640,000 vehicles were sold around the world.  We not
only achieved new market opportunities for Mercedes-Benz, but
also secured employment at our plants back in Germany."

The Tuscaloosa plant offers highly flexible production technology
that fulfils the standards of the Mercedes-Benz Production System
(MPS).  Also, from a logistics standpoint, MBUSI uses some of the
most efficient processes to assure "just-in-sequence" and
"just-in-time" delivery, which also minimizes the amount of
inventory needed on-site.

                            *   *   *

DaimlerChrysler's U.S. sales went up 9% to 225,351 vehicles in
April from 207,395 units sold in the same period last year.

Mercedes posted an increase of 2% with 18,805 units sold
from 18,384 a year earlier, while sales at Chrysler, which
includes the Jeep and Dodge brands, rose 9% to 206,546 units from
189,011 in April 2004.  The U.S. sales for the year-to-date
period were actually up 5% to 815,859 to 774,058 a year earlier,
following adjustment as April had 27 selling days in 2005
against last year's 26.  DaimlerChrysler shares were up 7 cents
to US$39.42 in mid-day trading on the New York Stock Exchange.

The company earlier reported its Smart business could miss its
annual sales goal of 80,000 units, with only 14,500 Smart
Fourfour models sold so far in the first quarter.  The venture,
which loses EUR4,000 for each car sold, could cost
DaimlerChrysler a further EUR400 million this year.

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


DRESDNER BANK: Reports EUR230 Million Profit in Q1
--------------------------------------------------
Dresdner Bank is now clearly becoming an asset to parent Allianz
AG.  In the first quarter, it contributed one-fifth to the
insurer's surprising net profit of EUR1.1 billion.  Dresdner's
EUR230 million bottom line is its fifth quarterly profit in a row
after a crisis that forced Allianz to cut a third of its
workforce, and shed at least 25% of bad loans.

Allianz Chairman Michael Diekmann said the insurer's earnings
increase is due to progress in operating business and not from
accounting changes or divestment.  Dresdner Bank both reduced its
risk provisioning and overhead.

Mr. Diekmann added the bank was on track to earn its "cost of
capital of nearly 9%" this year.  This will translate to a
full-year net profit of EUR700 million.  The return is supposed
to rise to 12% over the next three years.

Dresdner posted its first profit in three years last month.  It
fulfilled breakeven forecasts by reporting earnings of EUR142
million in 2004.  The company's 2003 loss was EUR460 million
(US$556 million).

Allianz profit in the first quarter is already equivalent to half
of last year's total earnings.

                            *   *   *

In March, Fitch Ratings assigned Dresdner Bank's US$150 million
8.625% issue of limited recourse loan participation notes due
March 2008 a final Long-term 'B' rating.

CONTACT:  DRESDNER BANK AG
          Jurgen-Ponto-Platz 1
          60301 Frankfurt, Germany
          Phone: +49-692--630
          Fax: +49-692-63-4831
          Web site: http://www.dresdner-bank.de


FRESENIUS AG: Under Review for Possible Downgrade
-------------------------------------------------
Moody's Investors Service placed all ratings of Fresenius Medical
Care AG (FME) and its parent Fresenius AG under review for
possible downgrade following FME's announcement that it has
entered into a definitive agreement to acquire Renal Care Group,
Inc. (RCG).

Total consideration for the acquisition is US$3.5 billion for
RCG's equity and US$500 million of assumed debt.  The acquisition
is expected to be entirely debt-financed through an extension of
the company's existing senior credit facility.

RCG is the fourth largest dialysis provider in the U.S., after
FME, DaVita (senior implied rating B1) and Gambro.  Pro forma for
the acquisition, FY04 revenues of the combined entity would have
been approximately US$7.5 billion, making it the largest player
in the worldwide dialysis market.  As of 31 March 2005 the two
companies served a total of 117,000 patients in c. 1,560 clinics
in North America and 158,000 patients in over 2,000 clinics
worldwide.

Separately, FME also announced a proposed change to its corporate
legal structure from an Aktiengesellschaft (AG) to a
Kommanditgesellchaft auf Aktien (KGaA), and additionally its
intention to offer its preference shareholders the option to
convert into ordinary shares.

Concurrently the ratings of Fresenius AG have also been placed
under review as a result of the proposed acquisition of Renal
Care Group and the proposed change in corporate legal structure
of FME.  Fresenius currently owns a total of 36.9% of the
subscribed capital (i.e. ordinary shares and preference shares)
of FME and fully consolidates FME into its accounts.  For the
fiscal year ended December 2004, FME accounted for 69% and 81% of
Fresenius' net sales and operating profit, respectively, and as a
result, the credit profile of FME is a key factor in Fresenius'
rating.

In its review Moody's will focus on:

(a) the credit metrics of FME pro forma for the acquisition of
    Renal Care Group and the company's future financial policy;

(b) future growth prospects and operational strategy of the
    combined entity;

(c) potential for integration risks as well as synergies as a
    result of the proposed transaction; and

(d) the proposed change in the corporate legal structure at FME
    and its impact on the control of the company by Fresenius.

Completion of the transaction will be subject to Renal Care
Group's shareholder approval and expiration of the waiting period
under the Hart-Scott Rodino Antitrust Improvements Act.

These ratings are placed under review for possible downgrade:

Fresenius Medical Care AG:

(a) Senior implied rating of Ba1,

(b) Issuer rating of Ba1


FMC Trust Finance S.a.r.l.:

(a) US$225 million senior subordinated notes due 2011 rated Ba2,

(b) US$200 million subordinated notes due 2011 rated Ba2


Fresenius Medical Care Capital Trust II:

US$450 million Trust Preferred Securities due 2008 rated Ba2


Fresenius Medical Care Capital Trust III:

DM 300 million Trust Preferred Securities due 2008 rated Ba2


Fresenius Medical Care Capital Trust IV:

US$ 225 million Trust Preferred Securities due 2011 rated Ba2


Fresenius Medical Care Capital Trust V

EUR300 million Trust Preferred Securities due 2011 rated Ba2


Fresenius AG:

(a) Senior implied rating of Ba1,

(b) Issuer rating of Ba1,

(c) EUR300 million of senior notes rated Ba1

Fresenius Medical Care AG is the world's leading provider of
dialysis products and services.  For the fiscal year ended 31
December 2004, Fresenius Medical Care AG generated net revenues
of US$6,228 million.

Fresenius AG is a global health care company with products and
services for dialysis (through Fresenius Medical Care),
international healthcare services and facilities management
(Fresenius ProServe) and nutrition and infusion therapies
(Fresenius Kabi).  For the fiscal year ended 31 December 2004,
Fresenius AG generated consolidated sales of EUR7,271 million.

CONTACT:  MOODY'S DEUTSCHLAND GMBH
          Frankfurt
          Michael West
          Managing Director
          Corporate Finance Group
          For Journalists
          Phone: 44 20 7772 5456

          MOODY'S INVESTORS SERVICE LTD.
          London
          Amanda Neff
          VP - Senior Credit Officer
          Corporate Finance Group
          For Journalists
          Phone: 44 20 7772 5456


GPC BIOTECH: Net Loss Increased 81% to EUR12.5 Mln in Q1
--------------------------------------------------------
GPC Biotech AG said on May 4 that as anticipated, its revenues
for the first three months of 2005 decreased 46% to EUR1.9
million compared to EUR3.5 million for the previous quarter.
Research and development (R&D) expenses decreased 10% in the
first quarter of 2005 to EUR11.2 million compared to EUR12.5
million in the fourth quarter of 2004.

General and administrative (G&A) expenses for the first quarter
of 2005 remained stable at EUR3.9 million, the same as for the
previous quarter.  During the first quarter of 2005, there was
also a one-time, non-cash charge of EUR0.6 million for in-process
R&D expenses as a result of the Company's acquisition of the
assets of Axxima Pharmaceuticals.

Excluding the one-time charge, the Company's net loss decreased
13% to EUR12.0 million in the first quarter of 2005 compared to
EUR13.8 million for the previous quarter.  Inclusive of this
one-time charge, the Company's net loss decreased 9% to EUR12.5
million in the first quarter of 2005 compared to the previous
quarter.  Basic and diluted loss per share inclusive of the
one-time charge for in-process R&D was EUR0.43 for the first
quarter of 2005 compared to -EUR0.50 for the previous quarter.
Figures related to the Axxima acquisition are subject to change.

Revenues for the first three months of 2005 decreased 53% to
EUR1.9 million from EUR4.0 million for the same period in 2004.
Research and development (R&D) expenses increased 30% for the
first quarter of 2005 to EUR11.2 million compared to EUR8.7
million for the same period in 2004.  The increase for 2005 was
mainly due to increased drug development activities, including a
ramp-up of patients enrolled in the satraplatin SPARC Phase 3
registrational trial.

General and administrative (G&A) expenses for the first quarter
of 2005 increased 42% to EUR3.9 million compared to EUR2.8
million for the same quarter in 2004.  Non-cash charges for stock
options and convertible bonds, which are included in R&D and G&A
expenses, were EUR1.8 million for the first quarter of 2005
compared to EUR0.4 million for the same period in 2004. Excluding
the one-time charge of EUR0.6 million for in-process R&D expenses
from the acquisition of the assets of Axxima, the Company's net
loss, as expected, increased 73% to EUR12.0 million for the first
quarter of 2005 compared to EUR6.9 million for the same period in
2004.  Inclusive of this one-time charge, the Company's net loss
increased 81% to EUR12.5 million for the first quarter of 2005
compared to the same period in 2004.  Basic and diluted loss per
share inclusive of the one-time charge was EUR0.43 for the first
quarter of 2005 compared to
-EUR0.33 for the same period in 2004.

As of March 31, 2005, cash, cash equivalents, short-term
investments and marketable securities totaled EUR131.3 million
(December 31, 2004: EUR131.0 million), including EUR2.6 million
in restricted cash.  Net cash burn for the first three months of
2005 was EUR11.6 million.  This figure includes a one-time
payment of EUR2.0 million for the acquisition of certain assets
from Axxima.  Net cash burn was EUR10 million for the previous
quarter -- the fourth quarter of 2004, and EUR8.8 million for the
first quarter of 2004.  Net cash burn is derived by adding net
cash used in operating activities (EUR9.1 million) and purchases
of property, equipment and licenses (EUR2.5 million).  The
figures used to calculate net cash burn are contained in the
Company's unaudited consolidated statements of cash flows for the
three-month period ended March 31, 2005.

"Our financial results are as expected and continue to reflect
our ongoing focus on oncology drug discovery and development and
away from new technology platform alliances.  We believe this
shift, begun several years ago, is important for the long-term
success of GPC Biotech," said Mirko Scherer, Ph.D., Senior Vice
President and Chief Financial Officer.

"The first quarter results also reflect our recent acquisition of
the assets of Axxima Pharmaceuticals, including a one-time
non-cash charge for in-process R&D of EUR0.6 million.  In
addition, due to the accounting treatment of the acquisition, the
net cash burn of EUR11.6 million for the quarter includes EUR2.0
million for the purchase of equipment.  This figure is still
within our previous guidance of EUR10-12 million for net cash
burn."

"We continued to successfully advance our oncology development
programs during the first quarter," said Bernd R. Seizinger,
M.D., Ph.D., Chief Executive Officer. "I am especially pleased
with the rate of patient accrual in the satraplatin SPARC Phase 3
registrational trial.  The SPARC trial is one of the fastest
accruing large, randomized Phase 3 trials for chemotherapy drugs
in prostate cancer to date.  In addition, we entered a second
development program -- our anticancer monoclonal antibody
1D09C3 -- into human clinical testing during the first quarter of
this year."

Dr. Seizinger continued: "We also took steps to strengthen our
pre-clinical oncology discovery pipeline through the acquisition
of the assets of Axxima Pharmaceuticals.  This acquisition
enabled us to add important expertise in the area of kinase-based
drug discovery at a very favorable price, and we are delighted to
have had the opportunity to add excellent and experienced
scientists to our discovery team."

           Highlights from First Quarter 2005 and Later

Lead Anticancer Drug Candidate, Satraplatin

Publication of data from a 50-patient study in hormone-refractory
prostate cancer (HRPC) in medical journal, Oncology.  Data from
the study were first presented at the 2003 American Society for
Clinical Oncology (ASCO) Annual Meeting.  These data formed the
basis for the satraplatin SPARC Phase 3 registrational trial in
second-line chemotherapy for HRPC, which is currently underway.

The SPARC Phase 3 registrational trial is one of the fastest
accruing, large randomized Phase 3 trials for chemotherapy drugs
in prostate cancer.  Five hundred patients had been accrued to
the trial as of March 10, 2005.

In vitro data presented at the 2005 Annual Meeting of the
American Association for Cancer Research (AACR) indicate that
satraplatin remains active in drug-resistant tumor cells
pre-treated with other commonly used cancer drugs.  Also, a
synergistic response was demonstrated in prostate cancer cells
treated sequentially with TAXOTERE(R) and satraplatin.

The independent Data Monitoring Board for the SPARC trial held
its second review of safety data from the ongoing study.  The
Board reported that the design and conduct of the trial remained
sound and recommended that the trial continue as planned.

Additional Highlights

The anticancer monoclonal antibody 1D09C3 was entered into human
clinical testing.  A Phase 1 study evaluating the antibody in
patients with relapsed or refractory B-cell lymphomas is
underway.

The Company acquired the assets of Axxima Pharmaceuticals, a
company focused on kinase-based drug discovery, in a cash neutral
transaction by issuing approximately 1.3 million new shares.  The
strategic acquisition was made to assist GPC Biotech in achieving
its longer-term goal of further growing its drug pipeline with
novel mechanism-based therapies to treat cancer.  The cash
infusion associated with the transaction is enabling the Company
to strengthen its mechanism-based drug discovery efforts without
tapping into the financial resources earmarked for advanced
clinical oncology programs, particularly satraplatin.

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

Satraplatin was in-licensed from Spectrum Pharmaceuticals, Inc.
Other anticancer programs include: a monoclonal antibody with a
novel mechanism-of-action against a variety of lymphoid tumors,
currently in Phase 1 clinical development, and a small molecule
broad-spectrum cell cycle inhibitor, currently in pre-clinical
development.  The Company is leveraging its drug discovery
technologies to elucidate the mechanisms-of-action of drug
candidates and to support the growth of its drug pipeline.  GPC
Biotech also has a multi-year alliance with ALTANA Pharma AG
working with the ALTANA Research Institute in the U.S., which
provides GPC Biotech with revenues through mid-2007.  GPC Biotech
AG is headquartered in Martinsried/Munich (Germany).  The
Company's wholly owned U.S. subsidiary has research and
development sites in Waltham, Massachusetts and Princeton, New
Jersey.  For additional information, visit
http://www.gpc-biotech.com.

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

          Martin Braendle (ext. 2693)
          Associate Director, Investor Relations &
          Corporate Communications
          E-mail: martin.braendle@gpc-biotech.com

          In the U.S.:
          Laurie Doyle
          Associate Director, Investor Relations &
          Corporate Communications
          Phone: +1 781 890 9007 X267
          E-mail: laurie.doyle@gpc-biotech.com

          Additional Media Contact:
          In Europe
          Maitland Noonan Russo
          In London
          Brian Hudspith
          Phone: +44 (0)20 7379 5151
          E-mail: bhudspith@maitland.co.uk


GUSTITALIA DEUTSCHLAND: Under Bankruptcy Proceedings
----------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Gustitalia Deutschland GmbH 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 Ludger
Westrick.

Creditors and other interested parties are encouraged to attend
the meeting on July 8, 2005, 9:10 a.m. at the district court of
Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 2. Stock,
Saal S 2.22, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  GUSTITALIA DEUTSCHLAND GMBH
          Bondorfer Strasse 4 B, 53343 Wachtberg
          Contact:
          Dr. Laura Rossi, Manager

          Ludger Westrick, Administrator
          Hensstr. 12/14, 53173 Bonn
          Phone: 9347-0-12 oder-24
          Fax: 934799


HEATING 2000: Proofs of Claim Due this Month
--------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Heating 2000 GmbH on April 18.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 27, 2005 to register their claims with
court-appointed provisional administrator Jorg Zumbaum.

Creditors and other interested parties are encouraged to attend
the meeting on July 11, 2005, 9:15 a.m. at the district court of
Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070
Aachen, I. Etage, Saal 14, 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:  HEATING 2000 GMBH
          Weissdornweg 2, 52385 Nideggen
          Contact:
          Janine Schlosser, Manager
          Gangolfusstr. 63, 52391 Vettweiss

          Jorg Zumbaum, Administrator
          Zulpicher Strasse 117, 52349 Duren
          Phone: 02421/20854-0
          Fax: 02421/20854-26


HUCKEPACK JUNGES: Creditors Have Until May 25 to File Claims
------------------------------------------------------------
The district court of Nurnberg opened bankruptcy proceedings
against Huckepack Junges Wohnen zum Mitnehmen GmbH on April 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 25, 2005 to
register their claims with court-appointed provisional
administrator Carin Hosel-Eichinger.

Creditors and other interested parties are encouraged to attend
the meeting on July 4, 2005, 10:00 a.m. at Nurnberg,
Flaschenhofstr. 35, Sitzungssaal 152/I 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:  HUCKEPACK JUNGES WOHNEN ZUM MITNEHMEN GMBH
          Peter Martin Herschlein
          Hansastrasse 5, 91126 Schwabach

          RAin Carin Hosel-Eichinger, Administrator
          Aussere Sulzbacher Str. 155, 90491 Nurnberg
          Phone: 0911/586178-0


IRC GMBH: Creditors Claim Due this Month
----------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against IRC GmbH on April 15.  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. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on July 5, 2005, 9:40 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  IRC GMBH
          Lessingstr. 13, 59379 Selm
          Contact:
          Gabriele Pohl, Manager

          Dr. Sebastian Henneke, Administrator
          Mulheimer Str. 100, 47057 Duisburg
          Phone: 0203/34840
          Fax: 0203/3484510


"KULTURWERKSTATT NORD": Administrator Takes over Operations
-----------------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against "Kulturwerkstatt Nord" e.V. on April 13.  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 Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting on July 13, 2005, 9:30 a.m. at the district court of
Rostock, Zochstrasse, 18057 Rostock, Saal 330 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:  "KULTURWERKSTATT NORD" E.V.
          Iris Eichler
          Ostseeallee 18, 18225 Kuhlungsborn

          Ulrike Hoge-Peters, Administrator
          Rosa-Luxemburg-Strasse 8, 18055 Rostock


MTU AERO: EBITDA Up 40% to EUR247 Million in 2004
-------------------------------------------------
MTU Aero Engines GmbH published its business figures for the year
2004 on April 28.  The company significantly enhanced its result
and substantially improved its capital structure through the
repayment of bank liabilities ahead of schedule.  Sales were
slightly up and the order book grew apace.  The accounting, for
the first time in accordance with IFRS, was influenced in
particular by special effects deriving from the sale of the
company.

In the past financial year, adjusted EBITDA (earnings before
interest, taxes, depreciation and amortization and extraordinary
items) rose from EUR176 million in 2003 to EUR247 million; this
corresponds to an increase of 40%.  The growth can be attributed
to the rise in air traffic with a bigger demand for spare parts
and maintenance, repair and overhaul (MRO) services as well as to
ongoing improvements in efficiency within the company.  The
company also made good progress in reducing its indebtedness: a
total of some EUR200 million was repaid in 2004 and a further
approximately EUR130 million by the end of March 2005.

"With these repayments, MTU has substantially improved its
capital structure and reduced its interest load," explained Udo
Stark, MTU president and CEO.

The repayments, with which MTU paid back more than 50% of its
bank liabilities by the end of 2004 and as much as 86% by the end
of March 2005, were made possible by a sustained strong liquidity
position: the adjusted cash flow from operating activities was
increased by 35%.

"We achieved the cash flow target that we had set ourselves
within the framework of the Impact 100 restructuring and
cost-cutting program," declared MTU CFO Reiner Winkler.  "In 2004
our adjusted cash flow from operating activities was EUR213
million (comparable adjusted)."

"In the past year, aviation got going again.  The figure for
passenger miles was 8% higher than in the previous record year
2000.  We have benefited from this positive trend and have
reached the quantitative targets that we had set ourselves -- in
some cases we even clearly surpassed the target figures,"
summarized Mr. Stark.

"However, the industry had to cope with the adverse development
of the dollar exchange rate.  This also left its mark on MTU."
The persistent low exchange rate of the U.S. dollar weighed
heavily on commercial sales and commercial MRO.  Even so the
engine manufacturer was able to slightly increase its sales to
EUR1,993 million (comparable adjusted, prior year: EUR1,952
million ) -- adjusted for the dollar exchange rate, it would have
increased by 9% to EUR2,135 million.  Thanks to significantly
improved efficiency, MTU was able to achieve these sales with a
7% smaller workforce of 7,400 employees.

Order entry in 2004, at EUR2,267 million, was substantially
higher than sales.  As a result the order backlog grew by 11%
from EUR3,060 million to EUR3,408 million.  The order base is
sound, at year-end 2004 it was 1.7 times the annual sales of the
company.

"We expect to see a further upswing in 2005," stressed Stark,
"after all, the planned aircraft deliveries send a clear message:
This year Airbus and Boeing want to hand over some 680 aircraft
to their customers.  In addition, engines in which MTU has a
stake are to be found in comparatively young fleets of aircraft
and are intensively used -- factors that form an ideal basis for
further growth at MTU."

Research and development (R&D) expenses at MTU reached a new
record level in 2004.  Expenses rose once more from EUR228
million (2003) to EUR233 million (2004).  R&D expenditure
financed from the company's own funds accounted for EUR156
million of this figure while customer-financed R&D amounted to
EUR77 million.  The lion's share of the R&D funds went to the
GP7000 program for the mega-Airbus A380, to the PW6000 program
for the Airbus A318 single-aisle airliner as well as to
technology projects such as the Clean technology demonstrator for
a recuperative engine with fuel savings of up to 20%.

Mr. Stark said: "The GP7000 and PW6000 programs, which were our
key focus in the past few years, are now being prepared for
production ramp-up and therefore require less research and
development input."  On the other hand, it will be necessary to
shoulder the high expenditures associated with the launch of
production.  "The years ahead of us now will be years of
investment," said Mr. Stark.  MTU will again be spending some
EUR200 million on research and development in the coming year:
"We do not intend to skimp on our future."

MTU Aero Engines - Financial Data 2004

(Amounts in million EUR, comparable adjusted, accounting in
accordance with IFRS.  The years 2003 and 2004 are not comparable
in respect of their reported values due to one-time effects in
connection with the sale to KKR.  The key figures have therefore
been adjusted for certain effects (e.g. to reflect purchase price
accounting, restructuring expenses etc.) and are shown for 2003
and 2004 on a comparable basis.)

MTU Aero Engines         2004         2003       Change     2004
                      Comparable   comparable
                       adjusted     adjusted            reported

Sales                  1,992.5        1,952.2     +2.1%  1,918.0

Sales,
adjusted for US$ exchange rate

                       2,134.7         1,952.2    +9.3%  2,060.2

Research and development expenses
                         232.8           227.5    +2.3%    232.8
of which company-financed R&D
                         155.9           171.1    -8.9%    155.9

of which customer-financed R&D
                          76.9            56.4   +36.3%     76.9

EBITDA                   246.8           175.8   +40.4%    214.2

Cash flow from operating activities
                         213.2           158.2   +34.8%     72.9

Order entry            2,266.7         2,831.4   -19.9%  2,266.7


                       Dec. 31, 04    Dec. 31, 03  Change

Order backlog          3,408.3         3,059.6   +11.4%  3,408.3

Workforce              7,417           8,012      -7.4%  7,417


                           Business units

Commercial Engines (including spare parts)

Business with commercial engines including spare parts
contributed EUR927 million (47%, comparable adjusted) to overall
sales in 2004.  This corresponds to an increase of 1.9%.  The
biggest money-spinner in the commercial engine sector was the
V2500, which powers the Airbus A320 family, followed by the
PW2000 for the Boeing 757 and the American military transport
C-17.  A further significant contribution was made by the CF6,
which powers various wide-body jets such as the Airbus A330 or
the Boeing 747.

New orders for commercial aero engines declined compared with the
prior year.  The reason for this, apart from the dollar exchange
rate, was the fact that a significant volume of major orders for
the PW2000 and GP7000 programs had been received in 2003.  A
decidedly positive development was the order entry volume for the
V2500 program, which was significantly swelled by orders from the
airlines JetBlue, AmericaWest and Spirit Airlines.

Military Engines

The contribution made to sales by military engines in the past
financial year was EUR496 million (comparable adjusted), or 25%
of overall sales.  For the first time the Eurofighter engine
EJ200 replaced the Tornado engine RB199 as the strongest-selling
military program.  New on the list of military sales performers
is the TP400-D6, the propulsion system for the future European
military transport A400M.

The improvement in military order entry was primarily
attributable to the second tranche of the EJ200, the contract for
which was signed in December 2004.  In the case of the Tiger
engine MTR390, export orders as well as demand for the MTR390
Enhanced led to a rise in new orders.

Commercial Engine MRO

With sales of EUR570 million (comparable adjusted) commercial MRO
accounts for 27% of the overall sales of the MTU Group.  The
decisive contributions here came from MTU Maintenance Hannover
and MTU Maintenance Berlin-Brandenburg.  The 3% decline in sales
in comparison with the prior year is mainly attributable to the
dollar -- adjusted for the exchange rate, sales would have
increased by 10%.

There was an increase in new MRO orders.  The rise in order entry
reflects the recovery of the aviation industry and the good
positioning of MTU as the world's leading independent provider of
MRO services.

Outlook 2005 - Profitable Growth Trend to be Continued

In particular the commercial MRO business will benefit from the
ongoing growth that the analysts are predicting for aviation.
This growth is put at 5.5 % p.a. worldwide, in some regions - for
example Asia- it is expected to be higher.  In the medium term,
the company plans to substantially increase the share of
commercial MRO sales in overall sales.  Intentions are to expand
the parts repair business and to add the maintenance and repair
of accessories to the service portfolio.

Also in its commercial and military engine business, MTU is well
set up for profitable growth.  Its well-balanced portfolio of
products and services and its investments in future-oriented
programs such as the GP7000, the PW6000 and the TP400-D6 make the
company a heavyweight market player.  Mr. Stark said: "We will
keep a watch on the efficiency of our business and will not rest
on the laurels of our good 2004 results.  We will stay on course
for growth and will thus strengthen the stand-alone position of
our company."  The first few months of the year 2005 have seen a
continuation of the positive development of the company and
underscore the optimistic expectations for the year as a whole,
said Mr. Stark.

MTU Aero Engines is Germany's leading engine manufacturer and
ranks among the big players in the business.  It operates
affiliates in all significant markets and regions.  The company
cooperates closely with the world's biggest engine
manufacturers -- Pratt & Whitney, General Electric and
Rolls-Royce.  MTU Maintenance is the world's largest independent
provider of commercial engine services.  In the military arena,
MTU Aero Engines Germany's industrial lead company for
practically all aircraft engines flown by the German military and
an important partner in all major military engine programs in
Europe.

                            *   *   *

Comparable adjusted.  Comparable adjusted values adjust the IFRS
results of the company for restructuring and transaction costs,
capitalized R&D expenses, as well as for the effects deriving
from IFRS purchase price accounting.

Our cash flow from operating activities reported in accordance
with IFRS accounting principles was EUR72.9 million, after
extraordinary expenditures for transaction costs and
restructuring costs.

2003 and 2004 adjusted cash flow before the financial result,
before taxes, after capital expenditure in fixed assets, after
adjustments for restructuring and sales canvassing costs.  "2004
reported" is the reported operating cash flow from operating
business activities according to IFRS after interest and taxes
and before capital expenditure in fixed assets.

CONTACT:  Michael Hauger
          Phone: +49 89 1489 9113
          Fax: +49 89 1489 96066

          Eva Simon
          Phone: +49 89 1489 4332
          Fax: +49 89 1489 8757


SKAN-FISCH: Creditors Have Until this Month to File Claims
----------------------------------------------------------
The district court of Schwerin opened bankruptcy proceedings
against SKAN-Fisch GmbH on April 12.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 20, 2005 to register their claims with
court-appointed provisional administrator Dr. Hans Hildebrandt.

Creditors and other interested parties are encouraged to attend
the meeting on June 20, 2005, 10:30 a.m. 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:  SKAN-FISCH GMBH
          Contact:
          Christian Franke, Manager
          Wismarsche Strasse 36, 23936 Grevesmuhlen

          Dr. Hans Hildebrandt, Administrator
          Steinstrasse 26, 19053 Schwerin


VEREINS SOZIALE: Neuruppin Court Appoints Administrator
-------------------------------------------------------
The district court of Neuruppin opened bankruptcy proceedings
against Vereins Soziale Grune Landscheune e.V. on April 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 8, 2005 to
register their claims with court-appointed provisional
administrator Justus Schneidewind.

Creditors and other interested parties are encouraged to attend
the meeting on July 8, 2005, 11:15 a.m. at Karl-Marx-Strasse 18a,
16816 Neuruppin at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  VEREINS SOZIALE GRUNE LANDSCHEUNE E. V.
          Dorfstrasse 10, 16945 Halenbeck-Rohlsdorf

          Justus Schneidewind, Administrator
          Eisenhartstrasse 1, 14469 Potsdam


WOLKAUER BAUGESELLSCHAFT: Under Bankruptcy Administration
---------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Wolkauer Baugesellschaft mbH on April 18.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until June 3, 2005 to
register their claims with court-appointed provisional
administrator Harald Heinze.

Creditors and other interested parties are encouraged to attend
the meeting on July 4, 2005, 2:00 p.m. at Saal 056, Amtsgericht
Leipzig at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  WOLKAUER BAUGESELLSCHAFT MBH
          Torsten Burger
          Parkstr. 15, 04509 Schonwolkau, AG Leipzig

          Harald Heinze, Administrator
          Getzelauer Str. 2, 04279 Leipzig


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


WATERFORD CRYSTAL: No Decision Yet on Dungarvan Plant Closure
-------------------------------------------------------------
Talks between worker's union ATGWU and Waterford Crystal
management on Thursday adjourned without firm progress, reports
say.

Parties will resume meeting on Tuesday to discuss the proposed
closure of the Dungarvan plant, which is expected to result to
the loss of 380 jobs.  Another plant at Waterford city is also in
danger of losing 90 jobs.

Speculations regarding the future of the Dungarvan plant were
rife since last year after it failed to carry overdue
refurbishment at its furnace.  Also, in September employees at
both plants were placed under short-time working to reduce
inventories and re-establish balance between supply and demand at
the facilities.  Employees have since cooperated with a series of
cost-cutting measures in the company.  They have even foregone
pay increases due to them under Sustaining Progress.

The measures came after three years of continued decline of
profits in the plants.  Waterford Crystal's results were badly
hit by a sharp decline in the value of dollar, as well as
sluggish sales in U.S.

CONTACT:  WATERFORD CRYSTAL LIMITED
          Kilbarry,
          Waterford, Ireland
          Tel: 00353 51 332200
          Fax: 00353 51 378539
          Web site: http://www.waterford.ie


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


FINPART SPA: Borsa Italiana to Delist Group's Shares, Bonds
-----------------------------------------------------------
Fashion holding group Finpart will see its shares and bonds
delisted from the local stock market as operator Borsa Italiana
initiated delisting procedures, Il Sole 24 Ore says.

Finpart's auditors Mazars & Guerard, refused to certify its 2004
accounts, thus triggering group's delisting.  Finpart booked
EUR59.5 million in losses for the first nine months of 2004, with
revenue falling as much as EUR58.4 million to EUR245.8 million.
Finpart has said it will oppose the delisting.

In February, Bain & Company Italy and Finpart's bondholders filed
separate bankruptcy petitions against Finpart after they were
refused payments.  Finpart said the bondholder's claims were not
legitimate while it opted not to pay Bain's consultancy bill
because it does not relate to its industrial activities.  Milan's
bankruptcy court heard the petitioners' pleas Wednesday.  A Milan
prosecutor is currently probing Finpart's former chief executive,
Gianluigi Facchini, for market rigging and insider trading.

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


IMPREGILO SPA: Extends Bridging Loan Stipulation
------------------------------------------------
With reference to the information already disclosed to the market
on 2 May 2005 after the Shareholders' Meeting, Impregilo S.p.A.
said that the 4 May deadline for the stipulation of a EUR680
million bridging loan convertible in part (up to EUR500 million)
into a medium-term borrowing, set as one of the conditions
precedent of the private agreement reached by Gemina S.p.A. and
IGLI S.p.A. on 14 April 2005, had been extended to 6 May 2005.

The extension, agreed jointly by the parties, was necessary to
permit completion of a series of technical and juridical details
in the loan documentation.

CONTACT:  IMPREGILO S.p.A.
          Viale Italia 1,
          Sesto S. Giovanni
          20099 Milan
          Phone: +39-02-244-22111
          Fax: +39-02-244-22293
          Web site: http://www.impregilo.it


===================
K A Z A K H S T A N
===================


KAZAKHTELECOM: Long-term Rating Affirmed at 'BB'
------------------------------------------------
Fitch Ratings affirmed AO Kazakhtelecom's (Kaztel, formerly OJSC
Kazakhtelecom) ratings at Senior Unsecured foreign currency and
local currency 'BB' with Stable Outlook and Short-term 'B'.

The ratings take into account Kaztel's near-monopoly market
position as a national fixed-line incumbent operator with control
over PSTN and privileges to carry the dominant share of the
country's long-distance traffic.  Industry deregulation has so
far been slow, which has benefited the company as it continues to
capitalize on its near-monopoly position.  Although competition
is expected to rise, Kaztel is likely to suffer only gradual
erosion of its market share as competitors lack trunk
infrastructure and will not be able to independently carry their
traffic.  The company is close to completing the build-out of a
new digital trunk network capable of carrying large volumes of
both data and voice traffic that will afford Kazakhstan a
state-of-the art national backbone network and enable the
provision of more advanced telecommunications services across the
country. While in future Kaztel may be required to allow other
operators to access this network Fitch believes it is well placed
to compete with them.

Kaztel is exposed to high regulatory risks, given its heavily
regulated tariffs and its continuing burden of heavy
cross-subsidization between profitable long-distance and
corporate segments and predominantly loss-making rural and
residential local services.  Kaztel has no direct exposure to
mobile business, which limits its growth opportunities and leaves
it strategically exposed to fixed-to-mobile substitution.  As the
government has not set a deadline for issuing the third GSM
license in the country, Kaztel's prospects to enter the mobile
business appear slim.

Although it holds a 49% stake in the leading national mobile
operator GSM Kazakhstan (operating under the K-Cell brand name),
and a 50% stake in Altel, a fringe CDMA cellular provider, it
does not operationally control either company even though it is
actively involved in board activities. Although the value of
Kaztel's stake in GSM Kazakhstan has appreciated substantially on
strong mobile growth, this asset is illiquid.  On a positive
note, this mobile operator began paying dividends in 2004, which
supports Kaztel's operating contribution.

Kaztel reported very strong 2004 results with revenues up 21.6%
yoy and operating income before debt and amortization margin at a
strong 39.7%.  The company's free cash flow turned positive,
significantly increasing its financial flexibility.  However, the
planned 76% increase in capital expenditure (greenfield projects)
in 2005 is expected to turn business free cash flow negative
again and result in increased debt at Kaztel.  The current higher
planned investments will reduce the need for investments in
future and with a large part of its capital expenditure being
discretionary, Kaztel has the flexibility to cut expenditure if
needed.

Kaztel's leverage is modest with net debt/operating contribution
ratio of 0.7x at end-2004, an improvement from the 1.0x seen at
end-2003.  Leverage is likely to rise to 1.3x-1.4x ND/OC with the
company planning to increase its capital expenditure and dividend
payments in 2005.  However, in the medium-term, leverage is not
expected to rise significantly above these levels and could
potentially decline if the capital expenditure plans are cut as
was the case in 2004.  At end-2004 around 50% of the company's
debt was secured, reflecting the dominant US$
110 million EBRD loan.

Although this loan is partially secured with liquid assets, Fitch
believes that the creditors will not be able to easily seize the
pledged assets in the event of default and thus does not
differentiate between secured and unsecured obligations.  Nearly
100% of the company's debt is denominated in foreign currencies,
exposing Kaztel to significant FX risks.

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

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

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


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


BASELL N.V.: S&P Cuts Rating to 'BB+' After Disposal News
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Netherlands-based polyolefins producer
Basell N.V. to 'BB+' from 'BBB-'.  The ratings remain on
CreditWatch, where they were placed on Dec. 10, 2004; however,
the implications have been revised to negative from developing.

The rating actions follow the announcement made by Basell's two
shareholders Royal Dutch/Shell Group of Companies (Shell;
AA/Stable/A-1+) and BASF AG (AA-/Stable/A-1+) of the sale of
their respective 50% stakes in the group to a consortium led by
Access Industries (a U.S.-based private investment group headed
by Leonard Blavatnik) together with the Chatterjee Group (a
U.S.-based investment group with significant interests in India)
for EUR4.4 billion, including debt.

The rating actions reflect Standard & Poor's assessment of
Basell's stand-alone credit quality as no longer being investment
grade.

"The support Basell had so far received from its significantly
higher rated parents was key to the previous rating," said
Standard & Poor's credit analyst Olivier Beroud.  "It is highly
unlikely that the new owners would be able to provide the same
degree of comfort from a credit standpoint."

Basell's financial profile following the disposal is unknown at
this stage.  The 'BB+' rating reflects Basell's current financial
profile, without shareholder support.  The CreditWatch Negative
status reflects the uncertainty surrounding the group's ultimate
financial profile.  "Depending on the mixture of debt and equity
with which the acquisition is financed, the rating could fall by
several notches," said Mr. Beroud.  "This is particularly
relevant to Basell's current bondholders who do not benefit from
a change of ownership clause."

Standard & Poor's will monitor the progress of the disposal
process closely.  The CreditWatch status will be resolved once
the business and financial strategy of the new owners are known,
and once Basell's new capital structure is clear, particularly
given the change of ownership clauses which could have an impact
on the group's immediate liquidity.

Ratings information is available to subscribers of RatingsDirect,
Standard & Poor's Web-based credit analysis system, 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


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


PETROLEUM GEO-SERVICES: Rated 'B+'; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating and
its 'B+' senior unsecured rating to Lysaker, Norway-based
Petroleum Geo-Services ASA (PGS).  The outlook is stable.

The ratings reflect participation in the highly competitive and
deeply cyclical seismic sector of the oilfield services industry
and a highly leveraged financial profile.  These weaknesses are
partially tempered by the relatively stable cash flow
characteristics of the company's floating production storage and
offloading (FPSO) business, a strong market position in marine
seismic operations, and management's more disciplined approach
toward its multiclient business.  The ratings also incorporate a
relatively short operating history post-emergence from Chapter 11
and the ongoing efforts to clear some unresolved material
weaknesses in financial reporting.

Pro forma for the recent redemption of US$175 million in senior
unsecured notes, PGS has about US$1.12 billion in total adjusted
debt (debt is adjusted to include the net present value of
operating leases)

"Cash flow visibility from elongated FPSO contracts, management's
disciplined approach to its multiclient business, and favorable
near-term business trends in its seismic operations support
current ratings," said Standard & Poor's credit analyst Jeffrey
B. Morrison.  "To the extent that expected improvement in
operating performance and credit measures is demonstrated in the
near term, and additional debt reduction occurs in 2005, PGS's
outlook could be revised to positive in six to nine months," he
continued.  A negative outlook revision could occur if operating
performance deviates materially from expected parameters.

Complete ratings information is available to subscribers of
RatingsDirect at http://www.ratingsdirect.com. All ratings
affected by this rating action can be found at
http://www.standardandpoors.com.

CONTACT:  PETROLEUM GEO-SERVICES ASA (Oslo: PGS)
          Strandveien 4
          1326 Lysaker, Norway
          Phone: +47-6752-6400
          Fax: +47-6753-6883
          Web site: http://www.pgs.com


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


KUSHVINSKIYE ELECTRICAL: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Kushvinskiye Electrical Nets.  The case is docketed as
A60-5634/05-S4.  Ms. E. Gutarina has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 620142, Russia, Ekaterinburg, Post User Box 380.

CONTACT:  KUSHVINSKIYE ELECTRICAL NETS
          624300, Russia, Sverdlovsk region,
          Kushva, Gornyakov Str. 8

          Ms. E. Gutarina
          Temporary Insolvency Manager
          620142, Russia, Ekaterinburg,
          Post User Box 380


MICHURIN-REM-STANOK: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
supervision procedure on open joint stock company
Michurin-Rem-Stanok (TIN 6827002100).  The case is docketed as
A64-312/05-21.  Mr. S. Agapov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 392000, Russia,
Tambov, Kommunalnaya Str. 42, Apartment 21.  A hearing will take
place on Aug. 3, 2005, 11:00 a.m.

CONTACT:  MICHURIN-REM-STANOK
          Russia, Tambov region,
          Michurinsk, Turmasovo St.

          Mr. S. Agapov
          Temporary Insolvency Manager
          392000, Russia, Tambov region,
          Kommunalnaya Str. 42, Apartment 21


OSTROGOZHSKIY WINERY: Voronezh Court Appoints Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Voronezh region has commenced bankruptcy
supervision procedure on open joint stock company Ostrogozhskiy
Winery.  The case is docketed as A114-1851/2005/6/16b.  Mr. A.
Dubishev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) Ostrogozhskiy Winery
    397800, Russia, Voronezh region,
    Ostrogozhsk, Osvobozhdeniya Str. 48

(b) Temporary Insolvency Manager
    394071, Russia, Voronezh region,
    Barkhatnyj Bugor, 25

(c) The Arbitration Court Of Voronezh region
    394030, Russia, Voronezh region,
    Srednemoskovskaya Str. 77


POGROMSKOYE: Bankruptcy Hearing Set Tomorrow
--------------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
supervision procedure on close joint stock company Pogromskoye.
The case is docketed as A08-555/05-24.  Mr. Y. Berestovoy has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 308000, Russia,
Belgorod, Post User Box 118.  A hearing will take place on May
10, 2005, 11:00 a.m. at the Arbitration Court in Belgorod.

CONTACT:  POGROMSKOYE
          Russia, Belgorod region,
          Volokonovskiy region, Pogromets

          Mr. Y. Berestovoy
          Temporary Insolvency Manager
          308000, Russia, Belgorod region,
          Post User Box 118
          Phone/Fax: 8 (0722) 31-23-77


REM-STROY-PODRYADCHIK: Succumbs to Bankruptcy
---------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on close joint stock company
Rem-Stroy-Podryadchik.  The case is docketed as
A07-1857/05-G-MOG.  Mr. A. Yapryntsev has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) Temporary Insolvency Manager
    453101, Russia, Bashkortostan republic,
    Sterlikamsk, 23 Maya Str. 20

(b) The Arbitration Court Of Bashkortostan republic
    450078, Russia, Bashkortostan republic,
    Ufa, Oktyabrskoy Revolyutsii Str. 63a

(c) Rem-Stroy-Podryadchik
    453101, Russia, Bashkortostan republic,
    Sterlikamsk, 23 Maya Str. 20

A hearing will take place on June 21, 2005, 11:00 a.m.


RHYTHM: Bankruptcy Proceedings Set July
---------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Rhythm.  The case is docketed as A71-10/2005-G26.  Mr. A.
Kolpakov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 426004, Russia,
Udmurtiya republic, Izhevsk, Post User Box 900.  A hearing will
take place on July 25, 2005, 1:00 p.m. at the Arbitration Court
of Udmurtiya republic.

CONTACT:  RHYTHM
          Russia, Udmurtiya republic,
          Vavozhskiy region, Volipelga

          Mr. A. Kolpakov
          Temporary Insolvency Manager
          426004, Russia, Udmurtiya republic,
          Izhevsk, Post User Box 900


SEL-KHOZ-KHIMIYA: Declared Insolvent
------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Sel-Khoz-Khimiya after finding the
municipal unitary enterprise insolvent.  The case is docketed as
A07-3889/05-G-ADM.  Mr. D. Mudarisov has been appointed
insolvency manager.  Creditors have until June 2, 2005 to submit
their proofs of claim to 425681, Russia, Bashkortostan republic,
Neftekamsk, Magistralnaya Str. 13a.

CONTACT:  SEL-KHOZ-KHIMIYA
          425681, Russia, Bashkortostan republic,
          Neftekamsk, Magistralnaya Str. 13a

          Mr. D. Mudarisov
          Insolvency Manager
          425681, Russia, Bashkortostan republic,
          Neftekamsk, Magistralnaya Str. 13a


SIBACADEMBANK: Gets Long-term Rating of 'B-'
--------------------------------------------
Fitch Ratings on May 5, 2005 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
equity.  Market risk results mainly from a portfolio of
government and sound 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


TUYMAZY MEAT: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on limited liability company
Tuymazy Meat.  The case is docketed as A-07-320/05-G-ADM.  Mr. F.
Kibirov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 450071, Russia,
Ufa, 50 Let SSSR, 38-14.

CONTACT:  TUYMAZY MEAT
          Russia, Bashkortostan republic,
          Tuymazy, Severnaya Str. 1

          Mr. F. Kibirov
          Temporary Insolvency Manager
          450071, Russia, Ufa,
          50 Let SSSR, 38-14


VOSTOK-TORG: Names Y. Dobrovolskiy Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
supervision procedure on open joint stock company Vostok-Torg.
The case is docketed as A08-423/04-11-14.  Mr. Y. Dobrovolskiy
has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 308027, Russia,
Belgorod, Komsomolskaya Str. 45, Apartment 117.

CONTACT:  VOSTOK-TORG
          309800, Russia, Belgorod region,
          Lenina Str. 33, Office 49

          Mr. Y. Dobrovolskiy
          Temporary Insolvency Manager
          308027, Russia, Belgorod region,
          Komsomolskaya Str. 45, Apartment 117


YOSHKAR-OLINSKAYA: Bankruptcy Proceedings Begin
-----------------------------------------------
The Arbitration Court of Mariy El republic commenced bankruptcy
proceedings against Yoshkar-Olinskaya after finding the poultry
farm insolvent.  The case is docketed as A-38-2482-11/2-2005.
Mr. A. Chernov has been appointed insolvency manager.

Creditors have until June 2, 2005 to submit their proofs of claim
to:

(a) Yoshkar-Olinskaya
    425000, Russia, Mariy El republic,
    Medvedevskiy region, Kim

(b) Insolvency Manager
    424031, Russia, Mariy El republic,
    Yoshkar-Ola, Post User Box 106
    Phone/Fax: (8362) 42-23-21

(c) Arbitration Court of Mariy El republic
    424000, Russia, Mariy El republic,
    Yoshkar-Ola, Leninskiy Pr. 40


YUKOS OIL: Board to Nominate Own Choice of Directors
----------------------------------------------------
As previously announced, the Yukos Oil Company Board of Directors
has scheduled the Annual General Meeting of its shareholders for
June 23, 2005.  One of the items on the agenda is the election of
its Board of Directors.  Any shareholder owning more than 2% of
the company's shares is eligible to nominate individuals to be
considered as candidates for election to the Board.  Nominations
by shareholders had to be received by the Company no later than
April 22, 2005 in order to be considered for candidacy.

Menatep Group Limited, which through its subsidiaries is the
largest shareholder in Yukos, announced last week that it would
not be nominating any individuals as candidates for the Board.
The Company did not receive any further nominations from any
other shareholder by the April 22 deadline.

In the event that no nominations for board directors are received
from shareholders, Russian Law and Yukos bylaws allow for the
existing Board of Directors to nominate candidates to be
considered by shareholders for a new board.  The Board and
Management believe it is their fiduciary responsibility to
exercise this right of nomination and that there are highly
qualified individuals who may be willing to serve as Yukos
directors.  These people would contribute greatly to the
Company's future direction at this difficult time in order to
serve the needs of creditors and minority shareholders.
Consequently, the Board and Management will work together and
endeavor to present to our shareholders at the June 23 meeting a
slate of qualified and committed individuals.

It is certainly our hope that Yukos' shareholders will agree with
the nominations put forward and vote in favor of their election
to the board.  That decision is ultimately in their hands.  Of
course the possibility does exists that one or more of our
shareholders might take action that would prevent the General
Shareholder' Meeting from taking place, as has happened in the
past.  We sincerely hope that such irresponsible action will not
take place since holding this Annual General Shareholders'
Meeting is important to the future of the company.

Victor Gerashenko
Chairman of the Board
Yukos Oil Company

Steven Theede
Chief Executive Officer
Yukos Oil Company

CONTACT:  YUKOS OIL COMPANY
          Press Department
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

          International Information Department
          Evgeny Fokin
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          London
          Claire Davidson
          Phone: +44.7767.351.433
          E-mail: cdavidson@policypartnership.com


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


TERRA MITICA: Stepping up Advertising Program this Year
-------------------------------------------------------
Theme park Terra Mitica has hired top TV comedian Florentino
Fernandez to endorse its attractions this year in the wake of
declining ticket sales.  The marketing campaign is worth EUR4
million.

According to Europe Intelligence Wire, the firm's business
viability plan for 2005 aims at increasing visitors to between
1.3 and 1.6 million.  But instead of opening most of the days,
Terra Mitica will only be available 170 days this year.  It was
open 214 days in 2004.

Already between the first of the season on March 19 and Easter,
visitor numbers rose by 22.6%, while sales went up by 13.42%.
Last year, it registered only over 1 million, down from 1.24
million in 2003, and 2 million in 2001.

Terra Mitica lost EUR35 million in 2004.  This year it expects to
generate EBITDA of EUR2.2 million, and come out of receivership.

The firm went under in May 2004.  As part of restructuring, it
made redundant 5% of its 1,000 workforce in December, and cut
directors' salaries.  It also renewed existing agreements with
travel agencies and tour operators.  Its contracts with suppliers
are now under review.

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


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


DENIZBANKL: Long-term Foreign Currency Rating Raised to 'BB-'
-------------------------------------------------------------
Fitch Ratings upgraded Turkey-based Denizbank's Long-term foreign
and local currency ratings to 'BB-' from 'B+'. Additionally, the
agency has upgraded the bank's Individual rating to 'C/D' from
'D'.  Denizbank's Short-term foreign and local currency, Support
and National ratings have been affirmed at 'B', '4' and 'A-
(tur)' respectively.  The Outlook on all Long-term ratings is
Stable.

The upgrades in Denizbank's Long-term and Individual ratings are
driven by its enhanced profitability, improved asset quality,
comfortable liquidity and adequate capitalization.  This is
balanced by rapid loan portfolio growth, which may cause
non-performing loans (NPLs) to increase in the future.

Denizbank recorded net income of US$103 million in 2004 compared
to US$64 million in 2003, mainly due to increased income from
loans, higher net fee and commission income and lower interest
expenses.  Net fees and commissions increased markedly in 2004 as
a result of higher fees from FX transactions, cash management
services, credit card transactions, non-cash loans, and
constituted 25% of total operating income (2003: 25%).

The bank's liquidity further improved with liquid assets equaling
30% of assets at 31 December 2004 (2003: 26%), covering almost
half of customer deposits (2003: 41%).  Customer deposits
continued to increase in 2004 and constituted 71% of liabilities
at 31 December 2004 (2003: 69%). Demand deposits represented a
high 21% of the total, providing a cheap source of funding
contributing to a well-diversified core deposit base.

Capital further increased with retained earnings and a US$97
million capital injection from the bank's IPO in September 2004.
Its total and Tier 1 capital adequacy ratios were adequate and
stood at 17.83% and 16.20%, respectively, at 31 December 2004
(2003: 17.50% and 15.19%).  Free capital equated to a high 9.53%
of assets as of 31 December 2004 (2003: 8.05%).

Denizbank is majority-owned by Zorlu Holding, a large Turkish
conglomerate active in home textiles, electronics and consumer
durables, energy, as well as finance, with a turnover of US$4
billion in 2004.  Denizbank, which focuses on small- to
medium-sized enterprises (SMEs), exporters and retail banking
clients, ranked as Turkey's seventh largest private commercial
bank by unconsolidated assets at end-2004 with a 2.18% market
share and 198 branches.

CONTACT:  FITCH RATINGS
          Ed Thompson, New York
          Phone: +1 212 908 0364

          Gulcin Orgun,
          Turda Ozmen, Istanbul
          Phone: +90 212 279 1065

          Banu Cartmell, London
          Phone: +44 207 417 4373

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


FINANSBANK: Fitch Upgrades Local Currency Rating to 'BB-'
---------------------------------------------------------
Fitch Ratings upgraded Turkey-based Finansbank's Long-term
foreign and local currency ratings to 'BB-' from 'B+'.  Following
the upgrade, the Outlook is now Stable.  Additionally, the agency
has upgraded the bank's Individual rating to 'C/D' from 'D'.  The
bank's Short-term foreign and local currency, Support and
National ratings have been affirmed at 'B', '4' and 'A- (tur)',
respectively.  The Outlook on the National Long-term rating
remains Stable.

The upgrade in Finansbank's Long-term and Individual ratings is
driven by stronger and consistent profitability, improved asset
quality measures, heightened capitalization and a reduction in
its structural maturity mismatch.  This is balanced by rapid loan
portfolio growth, especially in consumer credit, which could
result in higher non-performing loans (NPLs) and weaker equity
measures.

Finansbank reported net earnings of US$242 million in 2004
compared to US$205 million in 2003.  While profitability remained
strong, reflecting improved margins and better fee and commission
revenue, return on assets and equity declined due to rapid asset
growth and increased equity.  Finansbank continued to reduce the
proportion of securities in its balance sheet, which aided
spreads as interest rates declined.  Its cost/income ratio is
better than most peers'.

Loans increased 47% in 2004 with credits to small- and
medium-sized businesses and the retail sector (including credit
cards) growing by 201% and 171%, respectively, albeit from a low
base. Management anticipates that this trend will continue but at
a slower pace.  Asset quality continued to improve last year as
consolidated NPLs increased only 6% and declined to 1.79% of the
portfolio at 31 December 2004 (2003: 2.46%).  Reserve coverage is
good at 140%.

Capital increased 52% in US$ terms in 2004 due to strong
profitability with free capital improving to 7.63% of assets
compared to 6.62% in the previous year.  Finansbank's
risk-adjusted capital ratio was slightly better at 15.54% at 31
December 2004 (2003: 15.32%), due to the issue of US$200 million
in subordinated debt.  Tier I capital declined to 12.69% from
15.12% of risk-adjusted assets.  The upgrade in the Individual
rating also reflects Fitch's expectation that capital levels will
not erode significantly through aggressive growth.

Finansbank is the fifth largest privately owned commercial bank
by consolidated assets.  At end-March 2005, 62% of shares were
held by the Fiba Group of Companies, which is mainly engaged in
financial services and retail businesses in Turkey and abroad.
Finansbank is the largest entity within the group at 31 December
2004 and its principal focus is retail and corporate banking.
International financial subsidiaries had a 36% share in
consolidated assets and contributed 26% of pre-tax profit in
2004.

Refer to Credit Analysis at the Fitch Ratings, Inc. Web site.

CONTACT:  FITCH RATINGS
          Ed Thompson, New York
          Phone: +1 212 908 0364

          Gulcin Orgun,
          Turda Ozmen, Istanbul
          Phone: +90 212 279 1065

          Banu Cartmell, London
          Phone: +44 207 417 4373

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


OYAK BANK: Individual Rating Raised to 'C/D'
--------------------------------------------
Fitch Ratings upgraded Turkey-based Oyak Bank's Long-term foreign
and local currency ratings to 'BB-' from 'B+'. Additionally, the
agency has upgraded the bank's Individual rating to 'C/D' from
'D', its National rating to 'A- (tur)' from 'BBB+(tur), and
revised its Support rating to '3' from '4'.  Fitch has affirmed
Oyak Bank's Short-term foreign and local currency ratings at 'B'.
The Outlook on all Long-term ratings remains Stable.

The change in the Support rating reflects Oyak Group's
involvement with the state and follows Fitch's upgrade in
Turkey's sovereign rating to 'BB-'.  The Long-term ratings are
driven by the Support of Oyak, which owns 100% of Oyak Bank. Oyak
is the supplementary social security institution for the Turkish
Armed Forces and is one of the largest conglomerates in Turkey.
In addition to financial services, the group owns numerous
subsidiaries involved in automotive, cement, food, and energy.
Oyak is obliged by law to support Oyak Bank but Oyak Bank is not
obliged to support Oyak for any deficit in the Pension Fund.
Oyak has a very liquid balance sheet.

The upgrade in Oyak Bank's Individual rating is based on its
enhanced capitalization, improved profitability and sound asset
quality.  These are balanced by its high, albeit improving cost
base and a rapidly growing loan portfolio; the latter is balanced
by a good track record.

Oyak Bank reported net earnings of TRY131.3 million in 2004
compared with TRY46.9 million in 2003.  Results were aided by a
gain on sale of Oyak Anker Bank, its German subsidiary, which had
suffered from a high level of non-performing loans (NPLs) and
worsened consolidated asset quality.  Margins benefited from low
funding costs and reduced government securities in a lower
interest rate environment.  Although Oyak Bank's cost/income
ratio has improved; it is still high at 69% and needs to be
reduced further.

Loan quality remains good with NPLs equal to only 0.95% of the
portfolio; specific and general reserve coverage of NPLs equaled
83% but loan loss reserves were only 0.80% of loans.  Oyak Bank's
risk-based capital adequacy ratio was 17.06% (all Tier I) at Dec.
31, 2004 compared with 15.35% in the previous year. Additionally,
free capital grew to 7.94% of assets from 4.62% of assets because
of sound retained earnings.

Refer to Credit Analysis at the Fitch Ratings, Inc. Web site.

CONTACT:  FITCH RATINGS
          Ed Thompson, New York
          Phone: +1 212 908 0364

          Gulcin Orgun,
          Turda Ozmen, Istanbul
          Phone: +90 212 279 1065

          Banu Cartmell, London
          Phone: +44 207 417 4373

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


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


BEREZNYAKI: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on LLC Bereznyaki (code EDRPOU 03791686) on
February 25, 2005.  The case is docketed as 01/1100.  Mr.
Krivoshej Oleg (License Number AA 630145) has been appointed
temporary insolvency manager.  The company holds account number
26004300311 at Oshadbank, Smila branch 3276, MFO 354659.

Creditors have until May 9, 2005 to submit their proofs of claim
to:

(a) BEREZNYAKI
    20746, Ukraine, Cherkassy region,
    Smila district, Bereznyaki

(b) Mr. Krivoshej Oleg
    Temporary Insolvency Manager
    Ukraine, Cherkassy region,
    Engels Str. 243/1-510
    Phone: 8 (0472) 64-84-88

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


BILA KRINITSYA: Insolvency Manager Takes over Helm
--------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Bila Krinitsya (code EDRPOU 30809515) on
March 9, 2005 after finding the limited liability company
insolvent.  The case is docketed as 27/95 B.  Mr. Bichkova
Tetyana (License Number AA 668269) has been appointed
Liquidator/insolvency manager.

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

(a) Mr. Bichkova Tetyana
    Liquidator/insolvency manager
    84500, Ukraine, Donetsk region,
    Artemivsk, Sibirtseva Str. 17/320
    Phone: (062) 340-16-48

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


BYTE: Kyiv Court Opens Bankruptcy Proceedings
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC BYTE (code EDRPOU 30402706) on after
finding the limited liability company insolvent.  The case is
docketed as 46/111.  Mr. I. Mihno (License Number AA 668303) has
been appointed liquidator/insolvency manager.  The company holds
account number 26001303177701/980 at JSB Tas-Comertsbank, MFO
300164.

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

(a) BYTE
    01023, Ukraine, Kyiv region,
    Mechnikov Str. 8/22

(b) Mr. I. Mihno
    Liquidator/insolvency manager
    Phone: (044) 243-32-58

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


COMPUTER TRADE: Court Orders Debt Moratorium
--------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Computer Trade (code EDRPOU 31306599) on
March 24, 2004 after finding the limited liability company
insolvent.  The court likewise ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as
46/137.  Mr. I. Mihno (License Number AA 668303 of October 10,
2003) has been appointed liquidator/insolvency manager.

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

(a) COMPUTER TRADE
    01042, Ukraine, Kyiv region,
    Patrisa Lumumbi Str. 21

(b) Mr. I. Mihno
    Liquidator/insolvency manager
    Phone: (044) 243-32-58

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


DESNA: Gives Creditors Until Today to File Claims
-------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Desna (code EDRPOU 30902731) on March 31,
2005 after finding the limited liability company insolvent.  Mr.
I. Ponomaryov (License Number AA 668347) has been appointed
liquidator/insolvency manager.  The company holds account number
26006319880001 at CB Privatbank, Sumi branch, MFO 337546.

Creditors have until May 9, 2005 to submit their proofs of claim
to:

(a) DESNA
    Ukraine, Sumi region,
    Konotop district, Vyazove

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

(c) ECONOMIC COURT OF SUMI REGION
    40030, Ukraine, Sumi region,
    Shevchenko Avenue, 18/1


ESST LTD.: Bankruptcy Supervision Begins
----------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Esst Ltd. (code EDRPOU 13611337) on
March 28, 2005.  The case is docketed as 19/78(05).  Mr. P.
Chulakov (License Number AA 719815) has been appointed temporary
insolvency manager.  The company holds account number
26009315022132 at Ukrsocbank, Zaporizhya regional branch, MFO
313010.

Creditors have until May 9, 2005 to submit their proofs of claim
to:

(a) ESST LTD.
    69063, Ukraine, Zaporizhya region,
    Gorkij Str. 21

(b) Mr. P. Chulakov
    Temporary Insolvency Manager
    69050, Ukraine, Zaporizhya region, a/b 7683

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


INTER-NIVA: Succumbs to Insolvency
----------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Inter-Niva (code EDRPOU 24103302) on after
finding the limited liability company insolvent.  The case is
docketed as 46/815.  Mr. I. Mihno (License Number AA 668303) has
been appointed liquidator/insolvency manager.  The company holds
account number 26007084101/980 at OJSC bank Olimpijska Ukraina,
MFO 322324.

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

(a) INTER-NIVA
    01133, Ukraine, Kyiv region,
    Lesya Ukrainka Boulevard, 34

(b) Mr. I. Mihno
    Liquidator/insolvency manager
    Phone: (044) 243-32-58

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


KRIVBASLIFT: Court Names Pavlo Smorodko Liquidator
--------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Krivbaslift (code EDRPOU 05412144 The company
holds account number 26006301143225 at Prominvestbank, Krivij Rig
branch, MFO 305493) on March 17, 2005 after finding the close
join stock company insolvent.  The case is docketed as B
24/42/04.  Mr. Pavlo Smorodko (License Number AA 116114) has been
appointed liquidator/insolvency manager.

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

(a) KRIVBASLIFT
    50007, Ukraine, Dnipropetrovsk region,
    Krivij Rig, Knizhna Str. 1

(b) Mr. Pavlo Smorodko
    Liquidator/insolvency manager
    50069, Ukraine, Dnipropetrovsk region,
    Krivij Rig, Volgogradska Str. 9
    Phone: (0564) 71-66-24

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


MARKIVSKA SILGOSPTEHNIKA: Declared Insolvent
--------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Markivska Silgosptehnika (code EDRPOU
03569373) on March 22, 2005 after finding the limited liability
company insolvent.  The case is docketed as 20/42 b.  Mr. Andrij
Kulik has been appointed Liquidator/insolvency manager.  The
company holds account number 260063557 at JSPPB Aval, Lugansk
branch, MFO 304007.

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

(a) MARKIVSKA SILGOSPTEHNIKA
    Ukraine, Lugansk region,
    Markivka, Lermontov Lane, 20

(b) Mr. Andrij Kulik
    Liquidator/insolvency manager
    91053, Ukraine, Lugansk region,
    Shelkovogo Str. 35
    Phone: (0642) 59-97-06

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


PEREKOPIVSKA: Court Appoints Liquidator
---------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Perekopivska on March 24, 2005 after finding
the limited liability company insolvent.  The case is docketed as
6/125-04.  Mr. G. Sidorenko (License Number AA 719786) has been
appointed liquidator/insolvency manager.

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

(a) PEREKOPIVSKA
    Ukraine, Sumi region,
    Romenskij district, Perekopivka

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


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


AFRICAN INTERIORS: Winding-up Report Out Later this Month
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF African Interiors (Edinburgh) Ltd.
                         (In Liquidation)

Notice is hereby given, in terms of section 146 of the Insolvency
Act 1986 that the Final Meeting of Creditors of African Interiors
(Edinburgh) Ltd. will be held at Allan House, 25 Bothwell Street,
Glasgow G2 6NL, on May 31, 2005, at 10:00 a.m. for the purposes
of receiving the Liquidator's report on the conduct of the
winding-up and determining whether the Liquidator should be
released in terms of section 174 of the Insolvency Act 1986.

Douglas B. Jackson, Liquidator
April 27, 2005

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

          Douglas Brown Jackson
          Phone: 0141 566 4480
          Fax: 0141 566 4485


AJAYS LEISURE: Liquidator from Antony Batty Moves in
----------------------------------------------------
At the extraordinary general meeting of Ajays Leisure Limited on
April 26, 2005 held at New House, Suite 24, 67-68 Hatton Garden,
London EC1N 8JY, the extraordinary resolution to wind up the
company was passed.  William Antony Batty of Antony Batty & Co,
New House, Suite 24, 67-68 Hatton Garden, London EC1N 8JY has
been appointed liquidator of the company.

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


ALEXON GROUP: Chairman Stepping Down
------------------------------------
Alexon Group plc will propose these changes at the AGM on June 7,
2005:

Patrick Cooper will stand down as Chairman but will put himself
up for re-election as a non-executive director.  Mr. Jim Martin,
currently senior independent director, will succeed Patrick as
Chairman.

Mr. Michael Adams, a non-executive director, has advised the
Company of his intention to retire and so will not be standing
for re-election.  The Company intends to appoint another
non-executive director in due course.

The Company wishes to thank Mr. Adams for his valuable
contribution over the years.

                            *   *   *

Alexon warned last month that the collapse of department store
chain Allders could hit its earnings by GBP3 million in 2005.
The group, which owned 118 concessions in Allders outlets, has
already lost GBP2.2 million from money owed and stock and
fixtures write-downs.

The blow came amid sluggish trading at the group's Bay Trading
Fashion chains, which saw same-store sales slide 1.3% in
the last financial year.  Profits for the year ended 29 January
2005 dropped to GBP26.9 million against GBP29.4 million a year
earlier.  Like-for-like sales in the first nine weeks of the
current financial year were three percent down.

The company is optimistic about the benefits it will reap from
its initiatives, which include improving the design content and
appeal of its product line, in the second half of the year.

CONTACT:  ALEXON GROUP PLC
          40-48 Guildford Street
          Luton
          Bedfordshire
          England
          LU1 2PB
          Phone: +44 1582 723131
          Fax: +44 1582 399864


ALL WAYS: Appoints Grant Thornton Administrator
-----------------------------------------------
Nigel Morrison and Richard Hawes (IP Nos 8938, 8954) have been
appointed administrators for All Ways Forward (Cheltenham)
Limited.  The appointment was made April 27, 2005.  The company
handles transport and freight forwarding.  Its registered office
is located at AWF House, The Runnings, Kingsditch Trading Estate,
Cheltenham GL51 9NJ.

CONTACT:  GRANT THORNTON U.K. LLP
          43 Queen Square
          Bristol BS1 4QR
          Phone: 0117 926 8901
          Fax: 0117 926 5458
          Web site: http://www.grant-thornton.co.uk


A-N INTERNATIONAL: Members Decide to Wind up Firm
-------------------------------------------------
At the extraordinary general meeting of the members of A-N
International Limited on April 26, 2005 held at Mountview Court,
1148 High Road, Whetstone, London N20 0RA, the extraordinary and
ordinary resolutions to wind up the company were passed.  Kikis
Kallis has been appointed liquidator of the company.

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


ASTBURY BRASS: Opts for Liquidation
-----------------------------------
At the extraordinary general meeting of the members of Astbury
Brass Limited on April 15, 2005 held at the offices of Sale Smith
& Co., Carmella House, 3 & 4 Grove Terrace, Walsall, West
Midlands WS1 2NE, the extraordinary resolution to wind up the
company was passed.  Eileen T. F. Sale of Sale Smith & Co.,
Carmella House, 3 & 4 Grove Terrace, Walsall, West Midlands WS1
2NE has been appointed liquidator of the company.

CONTACT:  SALE SMITH & CO.
          Carmella House,
          3 & 4 Grove Terrace,
          Walsall, West Midlands WS1 2NE
          Phone: 01922 624777
          Fax: 01922 720528
          E-mail: etfs@salesmith.demon.co.uk


AUTOTECH UK: Members Pass Winding-up Resolutions
------------------------------------------------
At the extraordinary general meeting of the members of Autotech
UK Ltd. on April 26, 2005 held at Marriott Royal Hotel, College
Green, Bristol BS1 5TA, the extraordinary and ordinary
resolutions to wind up the company were passed.  Julie Ann Swan
of Middleton Partners has been appointed liquidator of the
company.

CONTACT:  MIDDLETON PARTNERS
          6b Middleton Place
          London W1W 7AY
          Phone: 020 7908 6190
          Fax: 020 7908 6191


BARBICAN CAR: Creditors Meeting Set Wednesday
---------------------------------------------
The creditors of Barbican Car Hire Limited will meet on May 11,
2005 at 12:00 noon.  It will be held at One Great Cumberland
Place, Marble Arch, London W1H 7LW.  Creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms must
be submitted together with written debt claims to Leonard Curtis
& Co., One Great Cumberland Place, Marble Arch, London W1H 7LW
not later than 12:00 noon, May 10, 2005.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


BLOOMTEC LIMITED: Appoints BDO Stoy Hayward Liquidator
------------------------------------------------------
At the extraordinary general meeting of Bloomtec Limited on April
21, 2005 held at the offices of BDO Stoy Hayward LLP, 1 City
Square, Leeds LS1 2DP, the subjoined extraordinary resolution to
wind up the company was passed.  Charles MacMillan and David
Swaden of BDO Stoy Hayward LLP, 3rd Floor, 1 City Square, Leeds
LS1 2DP have been appointed joint liquidators of the company.

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


B & M FASHIONS: Hires Liquidator from Antony Batty
--------------------------------------------------
At the extraordinary general meeting of B & M Fashions Limited on
April 15, 2005 held at New House, Suite 24, 67-68 Hatton Garden,
London EC1N 8JY, the extraordinary resolution to wind up the
company was passed.  William Antony Batty of Antony Batty & Co,
New House, Suite 24, 67-68 Hatton Garden, London EC1N 8JY has
been appointed liquidator of the company.

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


BROWN & WINSOR: Names John Harvey Madden Liquidator
---------------------------------------------------
At the extraordinary general meeting of Brown & Winsor Ltd. on
April 27, 2005 held at Taylor Rowlands, 8 High Street, Yarm,
Stockton on Tees TS15 9AE, the subjoined extraordinary resolution
to wind up the company was passed.  John Harvey Madden of Taylor
Rowlands has been appointed liquidator of the company.

CONTACT:  TAYLOR ROWLANDS
          8 High Street
          Yarm
          Cleveland TS15 9AE
          Phone: 01642 790790
          Fax: 01642 785588
          E-mail: harvey@taylorrowlands.co.uk


CARNABY STRUCTURES: Hires Kroll Limited as Administrator
--------------------------------------------------------
Name of companies:
Carnaby Structures Limited
County Cladding Limited
Spenmac Holdings Limited

C. P. Holder and S. C. E. Mackellar (IP Nos 9093, 6883) have been
appointed administrators for these companies.  The appointment
was made April 27, 2005.  The company manufactures metal and
offers management services.

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


CENTRAL COMMERCIAL: Members Pass Winding-up Resolutions
-------------------------------------------------------
At the extraordinary general meeting of the members of Central
Commercial Limited on April 22, 2005 held at Personal Development
Centre, Warrington Borough Council, Irwell Road, Warrington WA4
6QR, the subjoined extraordinary resolution to wind up the
company was passed.  Richard Frank Simms of Insol House, 39
Station Road, Lutterworth, Leicestershire LE17 4AP has been
appointed liquidator of the company.

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


CHILPRUFE BRANDS: Calls in Liquidators from Springfields
--------------------------------------------------------
At the extraordinary general meeting of the members of Chilprufe
Brands Limited on April 27, 2005 held at 80 Hinckley Road,
Leicester LE3 0RD, the subjoined extraordinary resolution to wind
up the company was passed.  John Patrick Thomas Redmond and Situl
Devji Raithatha of Springfields, 80 Hinckley Road, Leicester LE3
0RD have been appointed joint liquidators of the company.

CONTACT:  SPRINGFIELDS
          80 Hinckley Road
          Leicester
          Leicestershire LE3 0RD
          Phone: 0116 299 4745
          Fax: 0116 299 4742
          E-mail: situl.r@springfields-uk.com


COMPASS FINANCE: Expects 2005 Profits to Fall Below Last Year
-------------------------------------------------------------
Highlights

(a) turnover for the half year is likely to be around GBP7.0
    million (2004: Compass Finance Ltd. GBP5.6 million);

(b) trading profit for the year ending 30 September 2005 is
    likely to be materially below last year's results;

(c) Appointment of Mike Sutcliffe as Chief Executive; and

(d) Staff costs reduced to reflect the lower levels of activity.

At the Annual General Meeting in February, Compass Finance Group
plc reported that, despite a good start to the year with turnover
up over 30%, the underlying profitability of the Group in the
first four months of the year was lower than last year as a
result of investment in staff and premises.

The Board of the Company now estimates that turnover in the six
months ended 31 March 2005 will be approximately GBP7.0 million
compared to GBP5.6 million for Compass Finance Ltd. in 2004.

During the first half of the year, GBP740,000 was invested in
expanding the infrastructure of the group to meet the demand that
was anticipated for loans and mortgages.  While secured loans
were in line with expectations, mortgage lending since the end of
January has not grown at the rate that was projected and the
Board reluctantly decided to reduce the number of staff in the
mortgage lending division.  This resulted in the loss of three
jobs and two people being redeployed to other parts of the Group.

In addition there will be an exceptional charge of around
GBP100,000 covering the relocation of the head office to Bury in
Greater Manchester.

With mortgage lending likely to be at a lower level during the
remainder of the year, the results for the year to 30 September
2005 are likely to be materially below last year's results.
However, the company believes that the cost base is now in line
with the likely level of business.

Following a strategic review of the group's business, Mike
Sutcliffe, 36, who was previously with CitiFinancial, a member of
Citigroup Inc., latterly on the management board, has been
appointed Thursday as Chief Executive.  Prior to that, he spent 8
years with Household International Inc., which is now a
subsidiary of HSBC.  To ensure a satisfactory handover, Chris
Smith, will remain in an executive role with the group for the
next three months and will then assume a position as a
non-executive director of the Company.

The Directors believe the actions taken to restructure the cost
base to reflect the current levels of activity place the business
in a good position to improve its financial performance in 2006.

The interim results are expected to be published in June.

                            *   *   *

Compass Finance Group, formerly Sound Growth PLC, packages
secured loans, unsecured loans, and mortgages for borrowers who
have been refused credit by high-street lenders due to no proof
of income or poor credit histories, according to Hoover's.
Customers typically use Compass Finance loans to consolidate debt
or refinance existing loans.

CONTACT:  COMPASS FINANCE GROUP PLC
          2nd Fl., Warwick House,
          Hollins Brook Way,
          Pilsworth Bury
          Greater Manchester BL9 8RR, United Kingdom
          Phone: +44-800-298-0547
          Web site: http://www.compass-finance.co.uk

          Mike Sutcliffe, Chief Executive
          Phone: 07766 220 172

          Beattie Financial
          Brian Coleman-Smith
          Jo Clewlow
          Phone: 020 7053 6400
                 07802 724 400


COOLASPECT LIMITED: Liquidators from Begbies Traynor Move in
------------------------------------------------------------
At the extraordinary general meeting of the members of Coolaspect
Limited on April 15, 2005 held at 58 Queen Square, Bristol, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Simon Robert Haskew and Ian Edward Walker of
Begbies Traynor, 58 Queen Square, Bristol BS1 4LF have been
appointed joint liquidators of the company.

CONTACT:  BEGBIES TRAYNOR
          58 Queen Square,
          Bristol BS1 4LF
          Phone: 0117 929 4800
          Fax:   0117 922 0114
          Web site: http://www.begbies.com


COPTON LIMITED: Members Opt for Liquidation
-------------------------------------------
At the extraordinary general meeting of the members of Copton
Limited on April 22, 2005 held at 50 Newhall Street, Birmingham
B3 3QE, the extraordinary and ordinary resolutions to wind up the
company were passed.  Gagen Dulari Sharma has been appointed
liquidator of the company.

CONTACT:  SHARMA & CO.
          50 Newhall Street
          Birmingham
          West Midlands B3 3QE
          Phone: 0121 248 5007
          Fax: 0121 248 5010
          E-mail: gagen@sharmaandco.com


EHPT UK: PricewaterhouseCoopers Liquidators Take over Helm
----------------------------------------------------------
At the meeting of EHPT UK Limited on April 26, 2005, the special
and ordinary resolutions to wind up the company were passed.
Jonathan Sisson and Tim Walsh of PricewaterhouseCoopers LLP, 12
Plumtree Court, London EC4A 4HT have been appointed joint
liquidators of the company.

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


EMPYREAL LIMITED: Calls in Administrators from Wilson Pitts
-----------------------------------------------------------
D.F. Wilson and J. N. R. Pitts (IP Nos 703, 7851) have been
appointed administrators for Empyreal Limited.  The appointment
was made April 22, 2005.  The company publishes magazines.  Its
registered office is located at Wilson Pitts, Glendevon House,
Hawthorn Park, Coal Road, Leeds LS14 1PQ.

CONTACT:  WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds
          West Yorkshire LS14 1PQ
          Phone: 0113 237 5560
          Fax: 0113 237 5561


ENERGY EFFICIENT: Hires Tenon Recovery as Liquidator
----------------------------------------------------
Name of companies:
Energy Efficient Group Limited
Energy Efficient Windows Limited
Proactive Data Marketing Limited

At the extraordinary general meeting of these companies on April
22, 2005 held at Tenon House, Ferryboat Lane, Sunderland SR5 3JN,
the subjoined extraordinary resolution to wind up the companies
was passed.  Ian William Kings of Tenon Recovery, Tenon House,
Ferryboat Lane, Sunderland SR5 3JN has been appointed liquidator
of the companies.

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


ENTERWEALD LIMITED: Administrator from Milsted Langdon Moves in
---------------------------------------------------------------
Roger Anthony Stanford Isaacs (IP No 8966) has been appointed
administrator for sportwear retailer Enterweald Limited.  The
appointment was made April 22, 2005.  Its registered office is
located at 91-93 Alma Road, Clifton, Bristol BS8 2DP.

CONTACT:  MILSTED LANGDON
          One Redcliff Street,
          Bristol BS1 6NP


EUROTUNNEL PLC: Narrows Full-year Net Loss to GBP570 Million
------------------------------------------------------------
Further to the 2004 preliminary results announcement of 26 April
2005 and following the statutory publication of the Group
Combined Accounts in France, Eurotunnel has released the Summary
Group Combined Accounts and full Financial Analysis.

Summary Eurotunnel Group Combined Accounts

Balance Sheet
                       31 December 2004         31 December 2003
                                GBP'000                  GBP'000
Assets
Tangible Fixed Assets
Concession fixed assets       6,933,599                7,424,826
Other fixed assets                    -                    2,032
Total tangible fixed assets   6,933,599                7,426,858

Financial Fixed Assets
Shares                            2,224                    1,165
Others                           16,686                   16,040
Total fixed assets            6,952,509                7,444,063

Stocks                            7,185                    8,830
Trade debtors                    41,014                   46,062
Other debtors                    26,246                   14,258
Other financial debtors         167,437                  541,666
Investments and liquid funds    181,224                  212,206
Total current assets            423,106                  823,022

Prepaid expenses                 36,545                   52,592
Total assets                  7,412,160                8,319,677

Shareholders' Funds And Liabilities
Issued share capital            285,400                  285,398
Share premium account         2,368,389                2,368,387
Other reserve                     3,483                    3,483
Profit and loss
account reserve             (1,635,097)                (300,872)
Loss for the year             (569,733)              (1,334,225)
Exchange adjustment reserve      75,799                   77,016
Total shareholders' funds       528,241                1,099,187

Provisions                      144,752                   99,508

Loan notes                    1,035,464                  950,646
Loans                         5,220,057                5,289,297
Accrued interest                 98,094                  124,922
Other financial creditors       167,437                  541,666
Other creditors                 204,404                  191,767
Total creditors               6,725,456                7,098,298

Deferred income                  13,711                   22,684
Total shareholders'
funds and liabilities         7,412,160                8,319,677

Profit and Loss Account
                              Year Ended              Year Ended
                        31 December 2004        31 December 2003
                                 GBP'000                 GBP'000
Turnover
Operating revenue                538,123                 566,376
Other income                      17,050                  17,568
Total turnover                   555,173                 583,944

Operating Expenditure
Materials and services (net)     157,394                 162,329
Staff costs                      103,678                 104,720
Depreciation                     100,258                 124,173
Provisions                        22,003                  21,616
Other operating charges              550                   1,322
Total operating expenditure      383,883                 414,160

Operating profit                 171,290                 169,784

Financial Income
Interest receivable
and similar income                31,641                  41,327
Profit on disposal of investments    286                     408
Exchange differences               1,037                   1,270
Total financial income            32,964                  43,005

Financial Charges
Interest payable
and similar charges              330,087                 359,490
Exchange differences               1,071                   2,653
Total financial charges          331,158                 362,143

Financial result               (298,194)               (319,138)
Exceptional result *           (442,806)             (1,184,847)
Taxation                              23                      24

Result
Loss for the year              (569,733)             (1,334,225)
Loss per Unit                    (22.4p)                 (56.5p)
Units (millions) **               2,546                   2,363
Fully diluted loss per Unit ***  (19.1p)                 (53.3p)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Including an exceptional impairment of tangible fixed assets
of GBP395 million (2003: GBP1,300 million).

[**] Weighted average number of units in the year.

[***] Assuming conversion of Stabilization Advances and Notes
into Units and the exercise of share options, and excluding
consequences of future refinancing.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Cash flow Statement

                             Year Ended               Year Ended
                       31 December 2004         31 December 2003
                                GBP'000                  GBP'000
Net cash inflow
from operating activities       283,312                  314,304
Taxation                           (24)                     (24)
Returns on investments
and servicing of finance      (281,241)                (277,878)
Capital expenditure            (18,934)                 (24,717)
Other non-operating cash flows (13,835)                   20,391
Cash (outflow)/inflow
before financing               (30,722)                   32,076

Financing                         (724)                 (68,100)
Decrease in cash in the period (31,446)                 (36,024)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] The summary balance sheet, profit and loss account and cash
flow statement are extracted from the Annual Report and Accounts
of Eurotunnel which were approved by the Board on 25 April 2005.

[2] The Group balance sheet, profit and loss account and cash
flow statement consist of the combination of the consolidated
accounts of Eurotunnel plc together with Eurotunnel S.A. and its
subsidiaries, applying exchange rates as described in the Annual
Report and Accounts.  The accounts have been prepared in
accordance with the accounting principles applicable in France,
under the historical cost convention and on the going concern
basis (see Note 6 below).

[3] The Eurotunnel Group includes leasing companies in the U.K.,
which had total outstanding debt at 31 December 2004 of GBP167
million.  This debt is fully secured on lease receivables due to
the companies.  During the year, the interest receivable and
similar income arising in to the leasing companies amounts to
GBP27 million.  This is matched by an equivalent amount in
interest payable.

[4] Loss per Unit
                                           2004             2003
                                            (p)              (p)
Basic                                    (22.4)           (56.5)
Pre-exceptional result                    (5.0)            (6.3)
Fully diluted *                          (19.1)           (53.3)

* Assuming conversion of Stabilization Advances and Notes into
Units and the exercise of share options, and excluding
consequences of future refinancing.  The basic loss per Unit for
the year is calculated using the weighted average number of Units
in issue during the year of 2,546,110,015 (2003: 2,363,089,041)
and the loss for the year of GBP569,733,000 (2003 loss:
GBP1,334,225,000).  The pre-exceptional loss per Unit is
calculated using the above weighted average number of Units in
issue, but using the loss of GBP126,927,000 (2003 loss:
GBP149,378,000) before crediting the exceptional loss of
GBP442,806,000 (2003 loss: GBP1,184,847,000).  The fully diluted
loss per Unit, excluding the consequences of any future
refinancing, is calculated using the fully diluted number of
Units of 2,990,433,422 (2003: 2,503,070,356) which includes the
conversion of Stabilization Notes, Stabilization Advances and the
exercise of share options based on market conditions at the
balance sheet date.

[5] The Eurotunnel Group accounts comply with French generally
accepted accounting principles (GAAP), which differ in certain
aspects from U.K. GAAP.  The significant differences, which
affect the loss before taxation and shareholders' funds and are
described in detail in Note 23 of the Group's full accounts for
the year ended 31 December 2004, arise in the treatment of the
consolidation of quasi-subsidiaries and of equity issue costs.
Had the Combined Accounts been prepared under U.K. GAAP, loss
before tax would have increased by GBP3 million (2003: decrease
of GBP170 million) and shareholders' funds at 31 December 2004
would have increased by GBP247 million (2003: increase of GBP250
million).

[6] As indicated in the financial analysis, the going concern
basis is dependent on the Group's ability to put in place a
refinancing plan or if not to obtain an agreement from the
Lenders within the existing arrangements in the second half of
2006 at the latest.  If such plans were not successful and the
Group's ability to trade as a going concern was not assured,
certain adjustments would need to be made to the accounts.  Those
adjustments would relate to the impairment of assets to their net
realizable value and the recognition of contingent liabilities.
Such amounts cannot be measured at present.   Within the French
and British legal frameworks, the Lenders may seek to exercise
the right to substitution included in the Concession Agreement
and the securities over assets set out in the Credit Agreements.

[7] An impairment charge on the fixed assets has been recorded in
the accounts at 31 December 2004.  This is described in detail in
the financial analysis.

[8] The auditors and commissaires aux comptes have reported on
the Combined Accounts.  Their report contained two matters of
emphasis, one on going concern in the absence of a refinancing
plan in the second half of 2006 at the latest (see Note 6 above)
and one on asset valuation (see Note 7 above and the financial
analysis).
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Financial Analysis

Intense competition in the short straits markets and continued
contraction of the passenger market in 2004, have led to shuttle
revenues 7% below 2003 at constant exchange rates.  Operating
revenue was 4% below 2003, while overall operating costs
excluding cost of sales increased slightly.  Depreciation charges
decreased significantly following the impairment charge at the
end of 2003, resulting in an operating profit 2% above 2003.  Net
interest charges decreased by 5%, resulting in a 14% improvement
in the underlying result at constant exchange rates.

The underlying loss in 2004 was GBP127 million compared to GBP148
million in 2003 at constant exchange rates.  After an impairment
charge of GBP395 million and other net exceptional losses of
GBP48 million in 2004, the net result for the year was a loss of
GBP570 million compared to a net loss of GBP1,334 million after
an impairment charge of GBP1,300 million and exceptional profits
of GBP115 million in 2003.

To make a valid comparison between 2004 and 2003 in both sterling
and euros, the underlying loss for 2003 has been restated at the
exchange rate used for the 2004 results (GBP1 = EUR1.466).

Turnover

Shuttle Services revenue decreased by 7% at constant exchange
rates to GBP285 million, principally due to the intense
competition in the truck market putting continued pressure on
prices and to the further decline in the passenger market
reducing Eurotunnel's passenger shuttle volumes.

Railways revenue increased slightly to GBP234 million as a result
of inflation, and remains protected until the end of November
2006 by payments under the provisions of the Minimum Usage Charge
(MUC) in the Railway Usage Contract, which amounted to GBP67
million in 2004.

Revenue of GBP19 million from non-transport activities in 2004
included revenues from retail, telecoms activities and land
sales.

Other income of GBP17 million largely comprises the release of
provisions for large-scale maintenance.

Total turnover for 2004 was 4% lower than 2003, at GBP555
million.

Operating Profit

The decrease in cost of sales reflects the value of land stocks
disposed of in 2004 compared to 2003.  Operating costs excluding
cost of sales increased slightly compared to 2003 with increased
annual general meeting costs, higher electricity costs and
maintenance costs for rolling stock (acceleration of mid-life
refit of shuttle fleet) and infrastructure, more than offsetting
reductions in other areas.

Depreciation decreased by GBP24 million largely due to the
impairment charge of GBP1,300 million at the end of 2003.

The operating profit improved by 2% at constant exchange rates to
GBP171 million.

Net Interest Charges

At GBP298 million in 2004, net interest charges were 5% below
2003 at constant exchange rates.  During January 2004 more than
GBP4 billion of debt passed from fixed to variable rates of
interest.  After taking into account charges of GBP59 million for
the hedging contracts, the interest charge for the year reduced
by GBP4 million at constant exchange rates.  Following their
conversion at the end of 2003, no interest was incurred in 2004
on the Equity Notes compared to GBP12 million incurred in 2003,
and several small debt repurchases in the second half of 2003 and
at the beginning of 2004 also served to reduce net interest
charges by GBP2 million.

The underlying loss of GBP127 million in 2004 reduced by 14%
compared to 2003 at constant exchange rates.

Net Result

The exceptional result excluding impairment charge in 2004 was a
loss of GBP48 million.  Costs related to the operational
restructuring (GBP6 million), refinancing (GBP14 million), and a
charge of GBP36 million to cover the consequences of the
implementation of the DARE plan.  A net profit of GBP7 million
was generated by the sale of fixed assets, and a profit of GBP2
million was generated by the repurchase of debt at a discount to
its face value.

The net result before impairment in 2004 was a loss of GBP175
million compared to a net loss before impairment of GBP34 million
in 2003.

Impairment Charge

The Group applies the methodology of IAS36, which is equivalent
to U.K. Accounting Standard FRS11, which requires the net book
value of assets to be compared to discounted projected future
operating cash flows.  The application of this method in 2004
gave rise to an exceptional impairment charge of GBP395 million.
A charge of GBP1,300 million was made in 2003.  This impairment
charge has no impact on the Group's liquidity position or its
loan covenants.

The net result for 2004 was a loss of GBP570 million compared to
a net loss of GBP1,334 million in 2003.

Cash flow

Cash flow from operating activities in 2004 was GBP283 million.
The majority of the reduction compared to 2003 was due to lower
shuttle revenues.

Net capital expenditure fell from GBP25 million in 2003 to GBP19
million in 2004 resulting in net cash flow from operating
activities after capital expenditure of GBP264 million.  Interest
cover after capital expenditure (which measures cash flow after
capital expenditure as a proportion of the net interest charge
due and payable) was 96%.

The GBP13 million net payment in respect of other non-operating
cash flows in 2004 relates to expenditure on refinancing and
operational restructuring.

Financing

Eurotunnel's funding falls into three main components: Core Debt,
a Buffer Zone, and Shareholders' Funds.

The Core Debt totaling GBP4.9 billion comprises GBP0.4 billion of
Senior and 4th Tranche Debt, GBP3.3 billion of Junior Debt,
GBP0.7 billion of Tier 1A Debt, and GBP0.5 billion of Resettable
Advances.

No debt repayments under the Credit Agreement are due before
2006.  In the absence of any significant modification to the debt
covenants, total debt repayments over the period 2006 to 2009
will total GBP274 million, starting with GBP4 million in 2006,
increasing to GBP163 million in 2009.

The Buffer Zone of GBP1.5 billion includes GBP0.5 billion
drawings under the Stabilization Facility.  The Stabilization
Advances carry 0% interest until 2006.  Under the Credit
Agreement, Eurotunnel, subject to the agreement of its
shareholders, is able to convert the Stabilization Advances and
Notes(1) outstanding at the end of 2005 into Units.  Eurotunnel
will propose that its shareholders vote on this conversion at an
extraordinary general meeting to be held before the end of 2005.

This Buffer Zone also includes GBP0.9 million of Participating
Loan Notes, which carry 1% fixed interest until 2006.

The third component of the financing structure is represented by
Shareholders' Funds, which at 31 December 2004 totaled GBP0.5
billion.

                     Financial Situation

Operational Restructuring - Project DARE

In June 2004, Eurotunnel commenced an in-depth review of the
financial and operational aspects of each of the Group's
activities.  Project DARE will contribute to the recovery of the
company.  A key element of this project is to increase margins
from the core shuttle businesses by better aligning capacity to
demand.  The reduction in surplus capacity, additional reductions
in administrative costs and a complete review of subcontractor
and supplier contracts, will give rise to cost savings.

The implementation of project DARE commenced in November 2004;
the full benefit of this plan is anticipated to impact from 2006.
A provision of GBP36 million has been made in the 2004 accounts
for the consequences of this on staffing levels and for the early
termination of certain subcontracts.

Forecast Cash Position

The financial consequences of the forecasts prepared in the light
of the 2004 results and the current outlook for the Group, taking
into account the consequences of project DARE, are:

(a) during 2005 the cash flow position remains protected by the
    mechanism by which interest that cannot be paid in cash can
    be settled by way of Stabilization Advances up to a limit of
    GBP60 million.  Taking into account the risks, especially
    those associated with the implementation of DARE, either
    financial or operational, the cash flow position remains
    subject to certain uncertainties.  On the basis of the
    latest operating forecasts available at the date of the
    accounts, the amount of un-used Stabilization Advances
    should allow sufficient cash up until the end of 2005, on
    which date the level of available cash is projected to be
    equal to the Permitted Float of GBP25 million (this is the
    maximum amount of cash that may be held by the Group as
    defined in the Credit Agreements);

(b) In 2006 the Group will no longer benefit from the
    Stabilization Advances, rendering the cash flow position
    more vulnerable particularly at the end of January and July
    2006 because of the interest payments due under the
    current Credit Agreements;

(c) from the first half of 2007 Eurotunnel will not be able to
    meet its contractual debt repayments; and

(d) the cash flow forecasts are based on assumptions that the
    Group considers to be both reasonable and realistic.  The
    forecasts assume the conversion of the Stabilization
    Advances and Notes into Units by 1 January 2006.  In the
    absence of this conversion and on the basis of current
    interest rates and the Stabilization Advances and Notes as
    at 31 December 2004, an additional financial charge of
    approximately GBP27 million a year would be payable by the
    Group.  Furthermore, significant disruptions to the
    operations of the Group or events that are unforeseeable or
    unquantifiable at the date of the accounts in conjunction
    with among other issues, the Railways dispute, could
    accelerate the date at which the Group would be unable to
    meet its financial obligations.

Financial Restructuring

Eurotunnel has obtained a waiver from the Lenders which is valid
up to 31 January 2006 and which defines the conditions under
which the Group can start debt-restructuring negotiations with
its creditors.  In particular, the waiver requires a proposal of
a restructuring plan by no later than 15 July 2005, as well as
the establishment of a structured means of communication between
Eurotunnel and its creditors.  The waiver can be terminated at
any time should either party not meet its respective
responsibilities.

Eurotunnel will propose that its shareholders vote on the
conversion of the Stabilization Advances and Notes into Units at
an extraordinary general meeting to be held before the end of
2005 in accordance with the provisions of the 1998 restructuring.
The conditions and consequences of the conversion are described
in notes 11c and 14c of the full Combined Accounts.

Finally, in the context of the proposed financial restructuring,
Eurotunnel could look into, among other options and within the
terms and conditions of the existing Credit Agreements, the
putting into place of an additional line of credit up to a
maximum of GBP50 million.  Initial enquiries have confirmed the
feasibility of putting this into place should the necessity
arise.

Going Concern

The Group believes that these measures, which are intended to
provide a satisfactory solution to the financing requirements of
the Group, can be put in place before the date at which the Group
will be unable to meet its financial obligations.  The
application of the going concern assumption in the 31 December
2004 annual accounts has been based on the assumptions described
above.

Impairment

The valuation of the Group's assets has been carried out in
accordance with IAS36, which compares the net book value of the
assets to the value of the discounted future operating cash
flows, and by using the Adjusted Present Value (APV) methodology.

The application of this standard at 31 December 2003 gave rise to
a value in use GBP1.3 billion lower than the net book value of
the assets, and led to an impairment charge for this amount in
the 2003 accounts.

At 31 December 2004, Eurotunnel updated its impairment
calculation, using an implicit discount rate of 7.2% (2003: 7%),
which led to an additional impairment charge of GBP395 million.

The implicit discount rate was determined in accordance with the
standard on the basis of the Group constituting a single income
generating unit and using the APV methodology.  This methodology
requires assumptions to be made for both the forecast cash flows
and the future level of the Group's debt over the life of the
Concession, as well as for the market interest rate.

Taking into account the increasing uncertainties that the Group
is facing, Eurotunnel considered it appropriate to use values in
the upper-ranges for the market risk premium and the asset 'Beta'
ratio.

The value in use was calculated in the context of the going
concern uncertainty and on the basis of operating cash flows,
which assume no changes to existing operational and financing
contracts.  In addition, and only for the purposes of this
valuation, the Group has assumed, as in the previous year, an
interest saving based on a level of debt GBP1.3 billion lower
than the current level of debt.

Within the assumption of no changes to existing contracts, all
other things being equal, other foreseeable levels of debt would
not lead to an implicit discount rate of greater than 7.7%.
Relatively small changes in the assumptions used would lead to
material changes in the value in use.  By way of example, a
variation of 0.10% in the implicit discount rate correspond to a
change in the value in use of the fixed assets of approximately
GBP150 million.

Railways Dispute

Under the Railways Usage Contract dated 29 July 1987 between the
Railways and Eurotunnel, the Railways are required to bear a
proportion of the operating costs of Eurotunnel in each year.

The Railways commenced arbitration proceedings under the auspices
of the International Chamber of Commerce in respect of the amount
of their contribution, firstly for financial years ended 31
December 1997 and 1998, and secondly for financial years ended 31
December 1999 to 31 December 2002.  The total amount claimed by
the Railways is estimated to be a maximum of GBP100 million.

The Arbitration Tribunal, in an award made on 30 January 2003,
rejected the Railways' claim for 1997 and 1998 on the basis that
it was time barred.  The Tribunal's decision is final.  The
Arbitration Tribunal will decide on the admissibility and
validity of the claim for 1999 to 2002 in a separate phase of
proceedings; its decision is expected to follow in 2005.

Eurotunnel remains confident in the outcome of these proceedings
and has therefore not changed its position from previous years;
consequently a provision has not been made in these accounts or
in the Group's financial projection.

A copy of this press release is available free of charge at
http://bankrupt.com/misc/Eurotunnel_2004.pdf

CONTACT:  EUROTUNNEL PLC
          Cheriton Park
          Cheriton High Street
          Folkestone
          Kent CT19 4QS
          United Kingdom
          Phone: +44-1303-288-750
          Fax: +44-1303-850-360
          Web site: http://www.eurotunnel.co.uk

          Media Inquiries
          Eurotunnel Press Office
          Phone: + 44 (0) 1303 288728
                 + 44 (0) 1303 288737

          Investor Inquiries
          Xavier Clement
          Phone: + 33 1 55 27 36 27


FORTH SOLUTIONS: Liquidator's Final Out Next Month
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Forth Solutions Ltd.
                         (In Liquidation)

Notice is hereby given, pursuant to Section 146 of the Insolvency
Act 1986, that a final meeting of the creditors of Forth
Solutions Ltd. will be held at Bruntsfield House, 6 Bruntsfield
Terrace, Edinburgh EH10 4EX on June 2, 2005 at 11:00 a.m. for the
purpose of showing how the winding-up has been conducted and the
property of the company disposed of, and of hearing an
explanation that may be given by the Liquidator, and also of
determining the manner in which the books, accounts and documents
of the company and of the Liquidator shall be disposed of.

T. Ritchie Campbell, Liquidator
April 25, 2005

CONTACT:  SCOTT & PATERSON
          Bruntsfield House
          6 Bruntsfield Terrace
          Edinburgh EH10 4EX
          Phone: 0131 229 2392
          Fax: 0131 228 5587
          E-mail: mail@scottandpaterson.co.uk
          Web site: http://www.scottandpaterson.co.uk


HENRY LIMITED: Names Bond Partners Liquidator
---------------------------------------------
At the extraordinary general meeting of the shareholders of Henry
Limited (t/a Gianni Ricci) on April 20, 2005 held at 81
Picadilly, London W1J 8HY, the special and ordinary resolutions
to wind up the company were passed.  T. Papanicola, of Bond
Partners LLP has been appointed liquidator of the company.

CONTACT:  BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: tp@bondpartners.co.uk


IKAN RESTAURANT: Calls in Thompson Partnership Administrators
-------------------------------------------------------------
Andrew W. Thompson and Gordon Craig (IP Nos 5807, 0978) have been
appointed joint administrators for Ikan Restaurant Limited.  The
appointment was made April 26, 2005.

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


LIVINGSTONES U.K.: Final Creditors Meeting Set June
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Livingstones (U.K.) Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, and Rule 4.125 of the Insolvency Rules, that a Final
Meeting of the Creditors of Livingstones (U.K.) Limited will be
held at the offices of Haines Watts, Canterbury House, 85 Newhall
Street, Birmingham B3 1LH, on June 1, 2005, at 10:00 a.m. for the
purposes of receiving the Liquidator's report on the winding-up;
and determining whether the Liquidator should have his release
under section 174 of the said Act.

A Creditor entitled to attend and vote at the above Meeting may
appoint a proxy to attend and vote instead of him or her.

A. Appleyard, Liquidator
April 26, 2005

CONTACT:  HAINES WATTS
          71 Francis Road
          Edgbaston
          Birmingham B16 8SP
          Phone: 0121 456 1613
          Fax: 0121 456 1614
          Web site: http://www.hwca.com


MG ROVER: Iran Orders Joint Offer by Rival Car Firms
----------------------------------------------------
Iran has directed rival car firms to unite in acquiring about
150,000 MG Rover cars over the next two years, The Telegraph said
Friday.

Iranian car companies Dastaan, Saipa, and Khodron were tasked to
work together in the proposal to take over Rover's plant and
restore production at the Longbridge assembly lines.  By saving
thousands of jobs in Britain, Iran hopes to earn goodwill points
to ease the pressure on its nuclear program, the report says.

Representatives from Iran's industry ministry have already
inspected the site, with Dastaan serving as negotiating arm.
Dastaan's British agent, Peter Linghorn, stressed Iran is the
only buyer open to maintaining the Rover structure.

Iran's overtures came after Rover's administrator,
PricewaterhouseCoopers, rejected 16 separate offers from nine
countries.  Mr. Linghorn noted Iran is willing to take over the
"whole thing" and begin production, adding that they would even
absorb a portion of Rover's GBP67 million pension liabilities.
He also stressed the deal could save "almost 100pc" of the
existing MG Rover structure.

Mr. Linghorn added: "They want to help.  This is not a
commercially-driven deal, it's about enhancing relationships.
We want to reopen all the Rover lines: the 75, the 45 and 25, MG
sports.  There's an immediate need for 150,000 cars because the
country is only just starting to open up to imports."

He said export of MG sports cars to Europe and America is still
viable, which could involve the assembly of 150,000 more cars a
year in Iran later on.

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


NESSA LIMITED: Administrator from Corporate Recovery Moves in
-------------------------------------------------------------
Matthew Colin Bowker and Ian Nigel Millington (IP Nos 8106, 8270)
have been appointed administrators for food distributor Nessa
Limited.  The appointment was made April 22, 2005.  Its
registered office is located at Clive House, Clive Street, Bolton
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


RBC DISTRIBUTORS: Names Deloitte & Touche Administrator
-------------------------------------------------------
Aileen Jane Crooks (IP No 8986) and Andrew Philip Peters (IP No
4468) have been appointed administrators for RBC Distributors
Limited.  The appointment was made April 26, 2005.  The company
distributes and manufactures fireplace.

CONTACT:  DELOITTE & TOUCHE LLP
          City House,
          126-130 Hills Road,
          Cambridge CB2 1RY
          Web site: http://www.deloitte.com

          DELOITTE & TOUCHE LLP
          Four Bridleyplace,
          Birmingham B1 2HZ
          Web site: http://www.deloitte.com


RIVERSIDE CARE: Sets Creditors Meeting Next Week
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Riverside Care (Scotland) Limited

Notice is hereby given pursuant to section 98 of the Insolvency
Act 1986 that a Meeting of Creditors of Riverside Care (Scotland)
Limited will be held within Kintyre House, 209 West George
Street, Glasgow G2 2LW, on May 18, 2005, at 11:00 a.m. for the
purposes specified within sections 99 to 101 of the said Act.

A list of the names and addresses of the Company's Creditors will
be available for inspection free of charge within the offices of
PricewaterhouseCoopers, Kintyre House, 209 West George Street,
Glasgow G2 2LW, two business days prior to the Meeting.

By Order of the Board,
A. Muir, Director
April 27, 2005

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Kintyre House
          209 West George Street
          Glasgow G2 2LW
          Phone: [44] (0) 131 5242233
          Fax: [44] (0) 131 2604008
          Web site: http://www.pwc.com


SMC MARKETING: Administrator from Tomlinson Moves in
----------------------------------------------------
A. H. Tomlinson (IP No 006585) has been appointed administrator
for SMC Marketing Limited.  The appointment was made April 20,
2005.  The company sells fitted kitchens.  Its registered office
is located at Tomlinsons, St Johns Court, 72 Gartside Street,
Manchester M3 3EL.

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


SWAN CAPITAL: Hires Liquidators from Deloitte & Touche
------------------------------------------------------
Name of companies:
Swan Capital Group Limited
Swan Capital Holdings Limited
Swan Capital Investments
Swan Capital Nominees Limited

At the extraordinary general meeting of these companies in April
25, 2005 held at Macfarlanes, 10 Norwich Street, London EC4A 1BD,
the special and ordinary resolutions to wind up the companies
were passed.  Mr. J. R. D. Smith and Mr. N. J. Dargan have been
appointed joint liquidators of the companies.

Creditors are required to prove their debt claims to these
companies and submit them to Mr. J. R. D. Smith and Mr. N. J.
Dargan at Athene Place, 66 Shoe Lane, London EC4A 3WA on or
before May 27, 2005.

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


TTG EUROPE: Asks AIM to Suspend Shares
--------------------------------------
TTG Europe plc requested on Thursday for an immediate suspension
in trading of its shares on AIM pending clarification of its
financial position.

This follows the receipt of the preliminary report received from
the investigating accountants, whose appointment was announced on
4 April 2005, which confirmed that there are significant
accounting irregularities within the Cellular Holdings Group of
companies at the date of their acquisition by the Group in 2003
and subsequently in the bulk trading activities of the Group.

The company has given notice of material claims under the
acquisition agreement.  A further announcement will be made in
due course.

                            *   *   *

Following the resignation of Michael Hanna, the Group's former
Chief Executive, and the termination of the bulk trading
activities, significant accounting irregularities were
identified in the firm.  These irregularities are likely to
result in significant write offs and have had a major impact on
cash flow.

The Board therefore had to take immediate action to realize cash
and reduce the Group's indebtedness.  Without additional support
from the Company's bankers -- of which they were unwilling to
provide -- the Company would be unable to continue to trade.

The total consideration payable is GBP10 million in cash and
completion is conditional on no insolvency event having taken
place in respect of Anglia or its parent companies, and Symphony
having obtained bank finance to enable it to complete the
acquisition.  TTG has received assurances that the purchaser
expects this condition to be satisfied.

Andrew Smith, a Director of TTG and Chief Executive of Anglia,
will resign from the board of TTG on completion and enter into a
new service agreement with Symphony.

CONTACT:  TTG EUROPE PLC
          Unit 1 Clifton Court
          Corner Hall
          Hemel
          Hempstead
          United Kingdom
          HP3 9XY
          Phone: +44 1442 244 444
          Fax: +44 1442 244 445
          Web site: http://www.ttg-europe.com

          Julian Synett, Acting CEO and Group Finance Director
          Phone: 020 7681 6387


WINTERWARM HOLDINGS: Hires Administrators from KPMG
---------------------------------------------------
Allan Watson Graham and Finbarr Thomas O'Connell (IP Nos 8719,
7931) have been appointed administrators for Winterwarm Holdings
Limited.  The appointment was made April 25, 2005.  The factory
manufactures electrical domestic appliances.

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


ZIACOM LIMITED: Sets Creditors Meeting Wednesday
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Ziacom Limited

Notice is hereby given, pursuant to Section 98 of the Insolvency
Act 1986, that a meeting of the creditors of Ziacom Limited will
be held within Cowan & Partners C A, 60 Constitution Street,
Leith on May 11, 2005 at 10:00 a.m. for the purposes mentioned in
Sections 99, 100 and 101 of the said Act.

A list of the names and addresses of the company's creditors may
be inspected, free of charge, at the offices of Cowan & Partners,
60 Constitution Street, Leith, Edinburgh two business days prior
to the Meeting.

By Order of the Board,
Richard Thomas, Director
April 27, 2005

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


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter
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Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
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Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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