TCREUR_Public/050510.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Tuesday, May 10, 2005, Vol. 6, No. 91

                            Headlines

F R A N C E

EUROTUNNEL SA: Fitch Doubts Ability to Execute Debt Plan on Time
FILATURE PARTHENAY: Court Orders Liquidation


G E R M A N Y

BAUMULLER NURMONT: Parent Takes over Core Activities
BAUTZENER BRAUEREI: Creditors Claim Due Next Month
B.A.X. ENTERTAINMENT: Court to Verify Claims September
CANELLAS FRUCHTIMPORT: Creditors Claims Due Next Week
CHE-GRUNDBESITZ: Under Bankruptcy Administration

CMPF SYSTEMHAUS: Creditors Meeting Set Next Month
DEUTSCHE BAUHUTTEN: Calls Creditors Meeting
EUROTEC-MORRONE: Proofs of Claim Due Later this Month
K & L: Creditors Have Until June to File Claims
MUBAU PROJEKT: Court Appoints Reinhold Titz Administrator

SB SYSTEMBAU: Koln Court Appoints Administrator
STAHLBAUMASCHINEN SERVICE: Falls into Bankruptcy
VOLKSWAGEN AG: Financial Services Arm Saves the Day for Carmaker
VOLKSWAGEN AG: Plans to Launch Seat Models in U.S.
VOLKSWAGEN AG: To Set up Manufacturing Facility in India


I T A L Y

FIAT AUTO: April Vehicle Sales Up 16.2%
LAZIO SPA: Coughs up Money to Avoid Manchester United Lawsuit
PARMALAT FINANZIARIA: U.S. Court Extends Injunction


K Y R G Y Z S T A N

AK-BULA: Authorities Appoint New Temporary Insolvency Manager
CENTURY 21: Gives Creditors Until June to File Claims
KIMBEK: Deadline for Proofs of Claims Expires July
RATIBOR: Sets Deadline for Proofs of Claim
TERAN INTERNATIONAL: Creditors' Claims Due Next Month


N E T H E R L A N D S

BASELL N.V.: Sold to U.S. Firms for EUR4.4 Billion
BASELL N.V.: Moody's Downgrades Unit's Ratings
UNITEDGLOBALCOM INC.: To Discuss 1st-qtr. Results Today


R U S S I A

ALEKSANDROVSKAYA: Bankruptcy Hearing Set July
ATU KAB-BALK-STROY-TRANS: Succumbs to Bankruptcy
BKS: Court Appoints Temporary Insolvency Manager
CHEKHOVSKIY: Hires V. Kofnov as Insolvency Manager
GUBERNSKIY: Undergoes Bankruptcy Supervision Procedure

LGOVSKIY WINERY: Kursk Court Names Y. Petrov Insolvency Manager
NALCHIK-KHOLOD: Succumbs to Bankruptcy
PLANTA: Bankruptcy Hearing Set Next Week
PORETSK-AGRO-KHIMIYA: Under Bankruptcy Supervision
RAZVILENSKIY ELEVATOR: Declared Insolvent
YUKOS OIL: Moscow Court Freezes Remaining Assets


U K R A I N E

IVANO-FRANKIVSK-VINNITSYAMYASO: Under Bankruptcy Supervision
KRIVBASRUDOREMONT: Succumbs to Bankruptcy
PROGRES: Under Bankruptcy Supervision
PROMTEHPOSLUGI: Insolvency Manager Takes over Helm
RODOS TORG: Declared Insolvent
UKRSOTSBANK: Gets Long-term Rating of 'B-' from Fitch
UKRSOTS FINANCE: Fitch Assigns Eurobond 'B-' Rating


U N I T E D   K I N G D O M

ABLE-DUCT LIMITED: Members Pass Winding-up Resolutions
AJAX CLEANING: Liquidators from Valentine & Co. Move in
AQUADART LIMITED: Appoints Numerica Administrator
ARIANA TECHNOLOGY: Hires Administrators from Fanshawe Lofts
BAE SYSTEMS: Chairman Reiterates Trading Forecast

BERKSHIRE CEILINGS: Hires S. G. Banister & Co. as Liquidator
BOW PEOPLE'S: Falls into Administration
CARGO 4 U: Owners Decide to Wind up Operations
COLAB GROUP: Creditors Meeting Set Next Week
COMPASS GROUP: Search for Chairman's Replacement On

CORNWELL MOULDERS: Hires Joint Liquidators from Springfield
CP3i LIMITED: Creditors Meeting Set Later this Month
CRIPS ENVIRONMENTAL: Members Decide to Wind up Firm
CULPEPER LIMITED: Hires Administrators from Tenon Recovery
DALERI LIMITED: Creditors Meeting Friday

DNICK LIMITED: Administrators from Tenon Recovery Move in
EIDOS PLC: Elevation's Offer Getting More Attractive
ELECT RESIDENTIAL: Administrators Take over Operations
ELITE COMFORT: Names Tenon Recovery Liquidator
EQUITABLE LIFE: Huge Losses Await With-profits Pensioners

EU COIN: Names Joint Administrators from Tenon Recovery
EXCEL TIMBALEX: Final Creditors Meeting Set June 6
F.J. BETTS: Members Hire Liquidator from K. J. Watkins & Co.
FKI PLC: Buys IP Clamps for EUR4.5 Million
FKI PLC: Divests Certex Distribution Activities

FORTH AND CLYDE: Helicopter Service Firm Opts for Liquidation
GREEN LANE: Winding-up Report Out June
HIT ENTERTAINMENT: Lions Gate Drops out of Bidding
HOLDCO 110: Members Decide to Wind up Firm
INTERTEK GROUP: Trading Well in First Quarter, Says Chairman

INTIMO CREATION: Creditors Meeting Set Next Week
JARVIS PLC: Talks with Creditors Ongoing
MARCONI CORPORATION: 800 Could Lose Jobs in Shakeup
MCCOWAN'S LTD.: Names Graham Wallace Chief Executive
MG ROVER: Iran Drops Bid; Cites SAIC's Rights to 25, 75 Models

MITO LIMITED: Names DTE Leonard Curtis Administrator
MOWLEM PLC: Wins GBP238 Million PFI Contract
MULTIWALL PACKAGING: Proofs of Claim Due Later this Month
NTL INC.: Telewest Merger Moves a Step Closer
QXL RICARDO: Operating Loss Down 90% in 2004

RANDOM LONDON: Liquidator to Give Final Report June
SPECTRAPROBE LTD.: Numerica Liquidators Move in
STEEL MONKEYS: Now Operating in Belarus
SUPERFRAME GROUP: Meeting of Creditors Set Next Week
TRAVELEX PLC: Standard Chartered to Buy Stake

UDG LIMITED: Hires Administrators from Smith & Williamson
UNIVERSAL CONSUMER: Calls in Administrator
VOYANT EUROPE: Appoints Geoffrey Martin & Co. Liquidator

* Large Companies with Insolvent Balance Sheets


                            *********


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


EUROTUNNEL SA: Fitch Doubts Ability to Execute Debt Plan on Time
----------------------------------------------------------------
Fitch Ratings says Eurotunnel's opening debt restructuring
stance, to write-off GBP3.4 billion to GBP3.9 billion (EUR4.8
billion to EUR5.5 billion) of 'debt' out of its current total
outstandings of GBP6.3 billion (EUR8.8 billion), is unlikely to
be completed by the year-end.  This is one of the conclusion in
Fitch's update on Eurotunnel's financing arrangements published
on May 6, 2005 and two related rated debt-repackaging vehicles
called Fixed-Link Finance B.V. (FLF1), and Fixed-Link Finance 2
B.V. (FLF2).

"Management's opening stance that 55-60% of Eurotunnel's debt is
written off while equity remains relatively unscathed will be
seen by many creditors as trying to defy gravity.  Forthcoming
management and creditor maneuvers will unfold in an intricate
game of chess," says John Hatton of Fitch Ratings.

Last week, management stated GBP2.4 billion to GBP2.8 billion
(EUR3.3 billion to EUR4 billion) as its initial estimate of
surviving group debt.  It is acknowledged that subordinated
tranches of some GBP1.9 billion (EUR2.6 billion) were most
vulnerable since they have been mostly non-interest bearing.  The
question is how much of the next tranche, GBP4 billion of junior
debt, would be affected.  Management's upper range was taken from
existing market values of Eurotunnel's debt, and the lower range
from management's interpretation of a study by Deloitte, which
may not include the full benefit of Project DARE (Deliver Actions
to Revitalise Eurotunnel) outlined in October 2004.  Of the
GBP150 million of projected operating profit quoted from the
unpublished study, profits (and thereby debt capacity) may
increase by around 40%, by adding the GBP70 million attributed to
a successful implementation of management's Project DARE.  This
would negate much of the downside from the reduction in railways'
revenue after November 2006 when its contract base changes.

The near-term deadlines facing Eurotunnel, which will be taken
into account in the debt renegotiations, include December 2005
when existing shareholders will face a likely 15% dilution as
'stabilization' debt instruments are expected to be 'equitized',
then debt renegotiations may be advanced enough to propose other
details (further dilution); after November 2006 an estimated
GBP50 million to GBP60 million reduction in railways revenue
occurs, and from January 2007 onwards capital repayments for
junior debt will weigh heavily on Eurotunnel's cash flow.  The
complexity of Eurotunnel's debt arrangements, the likely games of
brinkmanship (particularly with hedge funds now involved),
coupled with the different agendas of various classes of
creditors, will make debt renegotiations difficult.  Meanwhile,
Eurotunnel faces challenges in the fundamentals of the business,
including maximizing profit from the channel tunnel itself.

Concerning the impact of a restructuring on FLF1 and FLF2, Fitch
understands that any changes to the underlying Eurotunnel debt
that these vehicles are holding would not in itself trigger an
event of default for them.  In this event, in FLF1, insufficient
interest payment from its Eurotunnel debt holdings will lead to
existing cash reserves and liquidity facilities being exhausted
to perversely support the vehicle's lower tiers of debt, before
an event of default could trigger a collapse of this
bankruptcy-remote entity.  On the other hand, FLF2 has a tighter
structure with no liquidity within the vehicle.

Fitch continues to believe that in Eurotunnel's restructuring the
basic ranking of existing tiered debt instruments is likely to
remain in place.  This hierarchy and clear divide between (a)
junior and senior debt, and (b) the stabilization and reset
tranches of debt, is expected to remain intact.  To assume
otherwise is to second-guess the outcome of a protracted set of
negotiations with unknown rules of engagement.  Should a proposed
restructuring change the fundamentals of this hierarchy,
whereupon respective debt-holders would have to agree to such
changes, ratings in the FLF vehicles may change.

The unwrapped tranches of debt issued by FLF1 are on Rating Watch
Negative are:

(a) GBP200 million Class A1 notes due 2025: 'BBB'

(b) EUR103 million Class A2 notes due 2025: 'BBB'

(c) GBP0.05 million Class B1 notes due 2025: 'BB'

(d) EUR135 million Class B2 notes due 2025: 'BB'

(e) EUR142 million Class C2 notes due 2025: 'B+'

FLF1's GBP232 million Class G1 notes due 2025 and EUR365 million
Class G2 notes due 2025 (both wrapped by MBIA) are rated 'AAA'.
Eurotunnel's underlying junior debt (Tier 1, Tier 2 and Tier 3)
forms the collateral for FLF1.

FLF2 unwrapped GBP120 million Class A notes due 2026 are rated
'BBB-' and remain on Rating Watch Negative, and the GBP620
million guaranteed notes due 2027/28 (wrapped by MBIA) are rated
'AAA'.  Eurotunnel's Tier 1A debt forms the collateral for the
FLF2 notes.

Fitch's update on Eurotunnel called "Eurotunnel and related FLF1
and FLF2 debt vehicles - How Far Underwater Are They?" is
available from http://www.fitchratings.com(under Structured
Finance/European/Research Highlights) and Fitch's Ratings Desk:
Phone: +44 (0) 20 7417 6315.

CONTACT:  FITCH RATINGS
          John Hatton, Corporates, London
          Phone: +44 (0) 20 7417 4283

          Paul Crawford, Structured Finance
          Phone: +44 (0) 207 862 4136

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


FILATURE PARTHENAY: Court Orders Liquidation
--------------------------------------------
The Epinal Commercial Court has ordered the liquidation of cotton
yarn maker Filature de Chenimenil at Parthenay, Les Echos says.

The group, a subsidiary of Filature de Chenimenil, filed for
insolvency last month after its management revealed monthly
losses of around EUR200,000.  The group blamed changes in textile
trade rules, which took effect at the beginning of the year.
Filature, set up in 1993, employs around 67 people.

CONTACT:  FILATURE DE CHENIMENIL
          Rue Gustave Eiffel
          79200 Parthenay
          Phone: 33329696500
          Fax: 33329696508


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


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 ye
ar, 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


BAUTZENER BRAUEREI: Creditors Claim Due Next Month
--------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Bautzener Brauerei Grundstucksgesellschaft mbH on April
8.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until June 6,
2005 to register their claims with court-appointed provisional
administrator Dipl. Kfm. Werner Schneider.

Creditors and other interested parties are encouraged to attend
the meeting on June 27, 2005, 11:00 a.m. at the district court of
Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass 1,
86150 Augsburg, 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:  BAUTZENER BRAUEREI GRUNDSTUCKSGESELLSCHAFT MBH
          Boheimstr. 8, 86153 Augsburg, HRB 19038 Augsburg
          Contact:
          Jochen Raasch and Christian Bohm, Managers

          Dipl. Kfm. Werner Schneider, Administrator
          Eserwallstr. 1-3, 86150 Augsburg


B.A.X. ENTERTAINMENT: Court to Verify Claims September
------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against B.A.X. Entertainment GmbH on April 19.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 20, 2005 to
register their claims with court-appointed provisional
administrator Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting on May 24, 2005, 9:40 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on September 13,
2005, 9:30 a.m.

CONTACT:  B.A.X. ENTERTAINMENT GMBH
          Schonhauser Allee 36,10435 Berlin

          Rolf Rattunde, Administrator
          Kurfurstendamm 212, 10719 Berlin


CANELLAS FRUCHTIMPORT: Creditors Claims Due Next Week
-----------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Canellas Fruchtimport GmbH on April 6.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 18, 2005 to
register their claims with court-appointed provisional
administrator Gotz Lautenbach.

Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 9:30 a.m. at the district court of
Frankfurt am Main, Saal 2, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  CANELLAS FRUCHTIMPORT GMBH
          Grossmarkthalle, Ruckertstrasse
          6/Fach 4, 60314 Frankfurt am Main
          Contact:
          Matthias Tschoke, Manager

          Gotz Lautenbach, Administrator
          Zeilweg 42, 60439 Frankfurt am Main
          Phone: 069/9637610
          Fax: 069/963761145


CHE-GRUNDBESITZ: Under Bankruptcy Administration
------------------------------------------------
The district court of Landshut opened bankruptcy proceedings
against CHE-Grundbesitz GmbH on April 13.  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 Rudolf
Nirschl.

Creditors and other interested parties are encouraged to attend
the meeting on June 9, 2005, 8:00 a.m. at Sitzungssaal 8/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:  CHE-GRUNDBESITZ GMBH & CO. KG
          Siegenburgerstrasse 60 in 84076 Pfeffenhausen

          Rudolf Nirschl, Administrator
          Porschestr. 21, 84030 Landshut
          Phone: 0871/96607-0
          Fax: 0871/67418


CMPF SYSTEMHAUS: Creditors Meeting Set Next Month
-------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against CMPF Systemhaus GmbH on April 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 23, 2005 to register their
claims with court-appointed provisional administrator Dr. Florian
Stapper.

Creditors and other interested parties are encouraged to attend
the meeting on June 20, 2005, 11:10 a.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:  CMPF SYSTEMHAUS GMBH
          Zum Gewerbegebiet 1, 04668 Thummlitzwalde/OT Pohsig
          Contact:
          Lutz Zittier, Manager

          Dr. Florian Stapper, Administrator
          Karl-Heine-Strasse 16, 04229 Leipzig


DEUTSCHE BAUHUTTEN: Calls Creditors Meeting
-------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Deutsche Bauhutten GmbH on April 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 6, 2005 to register their
claims with court-appointed provisional administrator Dipl. Kfm.
Werner Schneider.

Creditors and other interested parties are encouraged to attend
the meeting on June 27, 2005, 10:50 a.m. at the district court of
Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass 1,
86150 Augsburg, 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:  DEUTSCHE BAUHUTTEN GMBH
          Boheimstr. 8, 86153 Augsburg, HRB 8787 Augsburg
          Contact:
          Peter Kern, Manager

          Dipl. Kfm. Werner Schneider, Administrator
          Eserwallstr. 1-3, 86150 Augsburg


EUROTEC-MORRONE: Proofs of Claim Due Later this Month
-----------------------------------------------------
The district court of Manneheim opened bankruptcy proceedings
against Eurotec-Morrone GmbH 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 Frank
Weber.

Creditors and other interested parties are encouraged to attend
the meeting on July 11, 2005, 10:00 a.m. at the district court of
Mannheim, 68149 Mannheim, Schloss, Westflugel (Bismarckstr. 14),
1. Stockwerk/Raum 232 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:  EUROTEC-MORRONE GMBH
          Contact:
          Domenico Morrone
          Willy-Brandt-Platz 3, 68161 Mannheim

          Frank Weber, Administrator
          Theodor-Heuss-Anlage 12, 68165 Mannheim


K & L: Creditors Have Until June to File Claims
-----------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against K & L Tele Call Call & Communication Center GmbH on April
13, 2005.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
June 6, 2005 to register their claims with court-appointed
provisional administrator Dr. Lucas F. Flother.

Creditors and other interested parties are encouraged to attend
the meeting on July 6, 2005, 2:30 p.m. at Nikolaistrasse 3-5,
04109 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:  K & L TELE CALL CALL & COMMUNICATION CENTER GMBH
          Jagerstrasse 2, 04157 Leipzig
          Contact:
          Dusan Kranc, Manager

          Dr. Lucas F. Flother, Administrator
          Nikolaistrasse 3-5, 04109 Leipzig


MUBAU PROJEKT: Court Appoints Reinhold Titz Administrator
---------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against MUBAU Projekt GmbH on April 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 1, 2005 to register their
claims with court-appointed provisional administrator Reinhold
Titz.

Creditors and other interested parties are encouraged to attend
the meeting on July 1, 2005, 11:10 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal
1, 2. Ebene (Zi. 2.18), at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  MUBAU PROJEKT GMBH
          Holzdamm 28-32, 20099 Hamburg
          Contact:
          Christian Bock and Dr. Michael Marx, Managers

          Reinhold Titz, Administrator
          Speersort 4/6, 20095 Hamburg
          Phone: 303010
          Fax: 30301226


SB SYSTEMBAU: Koln Court Appoints Administrator
-----------------------------------------------
The district court of Koln opened bankruptcy proceedings against
aAs Weltring GmbH & Co. KG on April 18.  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 Wolfgang
Breuer.

Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 11:00 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1. Etage,
Saal 142 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  SB SYSTEMBAU GMBH & CO. KG
          Merseburger Str. 142, 04177 Leipzig

          SB SYSTEMBAU VERWALTUNGS-GMBH
          Merseburger Str. 142, 04177 Leipzig

          Ralph Weltring, Administrator
          Leinsamenweg 60, 50933 Koln


STAHLBAUMASCHINEN SERVICE: Falls into Bankruptcy
------------------------------------------------
The district court of Hagen opened bankruptcy proceedings against
Stahlbaumaschinen Service GmbH on April 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 19, 2005 to register their
claims with court-appointed provisional administrator Dr. Jens
Uwe Drowatzky.

Creditors and other interested parties are encouraged to attend
the meeting on June 9, 2005, 11:00 a.m. at the district court of
Hagen, Haupthaus (Neubau), Heinitzstrasse 42, 58097 Hagen, Etage
2, Raum 283, 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:  STAHLBAUMASCHINEN SERVICE GMBH
          Hagener Str. 364, 58285 Gevelsberg
          Contact:
          Jurgen Honsch, Manager
          Taubenstr. 25, 51427 Bergisch Gladbach

          Dr. Jens Uwe Drowatzky, Administrator
          Feithstr. 177, 58097 Hagen
          Phone: 02331 10980
          Fax: 02331 109830


VOLKSWAGEN AG: Financial Services Arm Saves the Day for Carmaker
----------------------------------------------------------------
Volkswagen AG's financial services business has steered the
company clear of an overall loss in the first quarter, according
to FAZ.net Friday.

The division's net profit of EUR177 million boosted the company
results to an overall profit of EUR70 million, which represents a
0.3% return on total sales of EUR21.1 billion.  Financial
services improved on its EUR108 million earnings in 2004,
offsetting the EUR107 million net loss incurred by Volkswagen's
automotive business.

While the VW brand suffered huge operating losses along with
rival Mercedes, the upmarket Audi brand posted an increase in
profit.

The company blames delays in the launching of the new Golf, Jetta
and Passat models, which translated to sales losses.  It also
attributed its poor results to the strong euro, and the ongoing
price reduction aimed at increasing sales in U.S. and Europe.

CONTACT:  VOLKSWAGEN AG
          Brieffach 1848-2
          38436 Wolfsburg, Germany
          Phone: +49 53 61 90
          Fax:   +49 53 61 92 82 82
          Web site: http://www.volkswagen.de


VOLKSWAGEN AG: Plans to Launch Seat Models in U.S.
--------------------------------------------------
Volkswagen AG's Seat division plans to introduce its models in
the United States, said Automobilwoche Sunday.

Seat head Andreas Schleef said: "For us, North America is the
next logical and strategic step."

However, he added the plan could not materialize before 2008,
noting that Seat models have yet to meet current US standards.

Meanwhile, Mr. Schleef is positive about launching the models in
Latin America, counting on the growing purchasing power in the
region.

                            *   *   *

Volkswagen's automotive business has earlier reported a net loss
of EUR107 million.  The company blames delays in the launching of
the new Golf, Jetta and Passat models, which translated to sales
losses.  It also attributed its poor results to the strong euro,
and the ongoing price reduction aimed at increasing sales in U.S.
and Europe.

Last month, its China division disclosed it expects to incur
about EUR400 million in losses this year.  Market share in China
fell from 29 to 11 percent at the start of the year, reportedly
due to decreasing volumes and pricing with fixed losses.

CONTACT:  VOLKSWAGEN AG
          Brieffach 1848-2
          38436 Wolfsburg, Germany
          Phone: +49 53 61 90
          Fax:   +49 53 61 92 82 82
          Web site: http://www.volkswagen.de


VOLKSWAGEN AG: To Set up Manufacturing Facility in India
--------------------------------------------------------
Volkswagen AG will be opening a multi-million pound production
plant in Andhra Pradesh in India, where its Skoda Auto arm has
been distributing cars already.

According to The Financial Express on Sunday, Industries Minister
B. Satyanarayana said: "There is no need for any speculation."

He stressed that the German automobile manufacturer has decided
to set up the unit at Vishakhapatnam, which would occupy 350
acres and employ 10,000 people.

Mr. Satyanarayana said: "Everything will be finalized by a
maximum of 45 days."  He added project details would be announced
by Volkswagen.

                            *   *   *

Volkswagen's automotive business has earlier reported a net loss
of EUR107 million.  The company blames delays in the launching of
the new Golf, Jetta and Passat models, which translated to sales
losses.  It also attributed its poor results to the strong euro,
and the ongoing price reduction aimed at increasing sales in U.S.
and Europe.

Last month, its China division disclosed it expects to incur
about EUR400 million in losses this year.  Market share in China
fell from 29 to 11 percent at the start of the year, reportedly
due to decreasing volumes and pricing with fixed losses.

CONTACT:  VOLKSWAGEN AG
          Brieffach 1848-2
          38436 Wolfsburg, Germany
          Phone: +49 53 61 90
          Fax:   +49 53 61 92 82 82
          Web site: http://www.volkswagen.de


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


FIAT AUTO: April Vehicle Sales Up 16.2%
---------------------------------------
Fiat Auto on Friday reported record sales despite tough trading
conditions.

The firm sold 8,600 units of industrial vehicles in April, an
increase of 16.2%.  The figure was the best result by any brand
since the start of the year, according to Agenzia Giornalistica
Italia.

The result boosted Fiat's market share up to 43.9%, and brought
its sales for the first four months of the year to 73,188 units,
or +0.1% higher than the results for 2004.  In light of the
prevailing negative economic situation, Fiat predicts future
global trend to remain prudent.

"[E]conomic forecasts have been lowered, and that has an obvious
unfavorable influence on acquisitions by operators," it said.

Meanwhile, Fiat S.p.A. managing director, Sergio Marchionne, said
of the parent group's quarterly report: "There will be no
negative surprises: we are in line with what we have always
said."

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


LAZIO SPA: Coughs up Money to Avoid Manchester United Lawsuit
-------------------------------------------------------------
England's biggest football club has withdrawn its threat to sue
Italy's Lazio after being paid the full amount of defender Jaap
Stam's transfer fee.

Lazio agreed to pay GBP16 million within a year after the player
transferred in August 2001.  In September 2002, Manchester United
told sport regulator Uefa it was still owed GBP12 million by the
club.  As a result, Lazio's majority shareholder Cirio agreed to
pay the amount in full.  Under the revised deal, Lazio had to pay
a further GBP1.3 million in compensation for the delay.  Mr. Stam
has since moved to AC Milan.

CONTACT:  S.S. LAZIO
          Via di Santa Cornelia 1000
          00060 Rome
          Italy
          Phone: +39-06-97-607-111
          Fax: +39-06-90-40-00-22
          Web site: http://www.sslazio.it


PARMALAT FINANZIARIA: U.S. Court Extends Injunction
---------------------------------------------------
Dairy group Parmalat Finanziaria has obtained additional time to
restructure its Italian operations without the interference of
U.S. creditors, according to Reuters.

Manhattan bankruptcy judge Robert Drain on Thursday extended to
Aug. 31 from May 5 the preliminary injunction protecting the plan
from legal suits by foreign creditors.

Parmalat and 22 affiliates applied to the court for protection
under Section 304 of the U.S. Bankruptcy Code in June.  The
filing blocks creditors from interfering with a debtor's non-U.S.
bankruptcy proceedings.  It has received several extensions since
then, the latest being in January.  Somewhere else, in February,
the judge allowed former U.S. banker, Citigroup, to sue Parmalat
units in Ecuador and Paraguay to recover an alleged US$10.9
million.

Parmalat filed for insolvency in Italy in Dec. 2003 with debt of
EUR14 billion (US$18.1 billion).  Enrico Bondi was assigned
administrator.  He has been selling assets, and suing banks,
including Citigroup, and Bank of America to recoup money.  He has
also lodged suit against former auditors Grant Thornton and
Deloitte & Touche.

CONTACT:  PARMALAT FINANZIARIA
          Sede legale: 43044 Collecchio (Pr)
          - Via Oreste Grassi, 26
          Codice fiscale e iscrizione nel Registro delle Imprese
          di Parma 00175250471 - Partita I.V.A. 01938950340 -
          R.E.A. Parma n. 188325 - U.I.C. n. 730

          Sede amministrativa: 20122 Milano
          Piazza Erculea, 9
          Phone: (39) 02.8068801
          Fax: (39) 02.8693863
          E-mail: x_affari_societari_it@parmalat.net


===================
K Y R G Y Z S T A N
===================


AK-BULA: Authorities Appoint New Temporary Insolvency Manager
-------------------------------------------------------------
The Department on Bankruptcy Issues under the State Committee of
Property of the Kyrgyz Republic appointed Mr. Suerbek Aidekov new
temporary insolvency manager of Ak-Bula, replacing Mr. E.
Alymkulov, on April 20, 2005.  Creditors will meet at Tokmok,
Industry Zone, Ak-Bula on May 13, 2005, 10:00 a.m.  Creditors
must submit their proofs of claim and register with the temporary
insolvency manager seven days prior to the meeting.  Proxies must
have authorization to vote.

CONTACT:  Mr. Suerbek Aidekov
          Temporary Insolvency Manager
          Phone: (0-502) 32-70-64


CENTURY 21: Gives Creditors Until June to File Claims
-----------------------------------------------------
Century 21 Design, which recently became insolvent, will accept
proofs of claim until June 29, 2005.  For more information, call
(0-312) 42-41-47.


KIMBEK: Deadline for Proofs of Claims Expires July
--------------------------------------------------
JSC Kimbek, which recently went into liquidation, will accept
proofs of claim until July 1, 2005 at Bishkek, East Industry
Zone-1, Isakeeva-Vinogradnaya Str.

CONTACT:  Mr. B. Nurkeev
          Chairman of the Liquidation Commission
          Phone: (0-312) 23-86-83
                         63-00-23


RATIBOR: Sets Deadline for Proofs of Claim
------------------------------------------
LLC Ratibor, which recently became insolvent, will accept proofs
of claim until June 29, 2005.  For more information, call
(0-32-22) 3-55-83.


TERAN INTERNATIONAL: Creditors' Claims Due Next Month
-----------------------------------------------------
LLC Teran International Corporation, which recently became
insolvent, will accept proofs of claim until June 29, 2005.  For
more information, call (0-312) 61-04-35.


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


BASELL N.V.: Sold to U.S. Firms for EUR4.4 Billion
--------------------------------------------------
The Royal Dutch/Shell Group and BASF are to sell their 50-50
joint venture Basell N.V., one of the world's leading
manufacturers of polyolefins, to a consortium led by New
York-based Access Industries together with The Chatterjee Group.
A corresponding agreement was signed.  The sale price will total
EUR4.4 billion, including debt.

The transaction is subject to approval by the relevant antitrust
authorities and closing is expected in the second half of 2005.

BASF and Shell announced plans to review options for the joint
venture in July 2004.  The two companies established Basell as an
independent company in 2000 to successfully consolidate their
polyolefins businesses across the world.  Basell achieved
competitive advantages such as cost leadership through
world-scale plants, and has developed into one of the world
leaders in its industry.

Dr. John Feldmann, member of the Board of Executive Directors of
BASF Aktiengesellschaft, and Chairman of Basell's Supervisory
Board, said: "Basell's recent strong performance has shown that
it was the right decision to form the joint venture.

"The strategic divestment will now create additional value for
the BASF Group as part of the company's ongoing portfolio
management.  In its Plastics segment, BASF will continue to focus
its strategic position on styrenics, performance polymers,
polyurethanes and their related value chains."

Fran Keeth, Executive Vice President, Shell Chemicals, said:
"Basell has successfully consolidated the portfolio of
polyolefins assets of the two shareholders to become a major
player in the industry.

"The divestment enables Shell to optimize shareholder value and
focus on our strategy of leveraging the synergies between oil
products and chemicals activities, to strengthen our core
portfolio in Europe and North America, and to grow in Asia and
the Middle East."

Len Blavatnik, Chairman of Access Industries, said: "I'm very
pleased that we are the successful bidder for Basell.

"We are experienced in industrial investments in companies that
compete in large, cyclical markets, and we believe Basell is an
attractively positioned global business with an excellent future.
I am very impressed by Basell's track record, and by the
company's highly professional and motivated management and
workforce."

Dr. Chatterjee, Chairman of The Chatterjee Group, likewise
praised Basell's "broad-based customer portfolio, premium market
position and leading capability in product and process
innovation.  We look forward to consolidating Basell's global
leadership position through enhanced commitments in technology."

About Basell

Basell is headquartered in Hoofddorp, the Netherlands.  The
company has sales activities in more than 120 countries and
operates production sites in 21 countries worldwide.  Basell
employs a workforce of 6,600 employees: about 5,200 in Europe and
about 1,000 in North America.  In 2004, Basell posted sales of
EUR6.7 billion.

Basell is the world's largest producer of polypropylene and
advanced polyolefins, and is a leading supplier of polyethylene
and catalysts.  The company is a global leader in the development
and licensing of polypropylene and polyethylene processes.  These
plastics are used in a wide number of applications, for example
in the packaging and automotive industries and for consumer
goods.

About BASF

BASF's portfolio ranges from chemicals, plastics, performance
products, agricultural products and fine chemicals to crude oil
and natural gas.  BASF develops new technologies and uses them to
open up additional market opportunities.  In 2004, BASF had
approximately 82,000 employees and posted sales of more than
EUR37 billion.  BASF shares are traded on the stock exchanges in
Frankfurt (BAS), London (BFA), New York (BF), Paris (BA) and
Zurich (AN).  Further information on BASF is available at
http://www.basf.com.

About Shell

Shell Chemicals collectively refers to the companies of the Royal
Dutch/Shell Group engaged in the chemicals business.  Shell
chemicals companies manufacture and deliver petrochemical
building blocks and polyolefins to industrial customers.  These
products are widely used in plastics, coatings and detergents.
For further information visit
http://www.shell.com/chemicals/news.

Access Industries

Access Industries, founded by company Chairman and President Len
Blavatnik in 1986, is a privately held, U.S.-based industrial
holding company with investments worldwide.  Access has long-term
strategic interests in the oil, aluminum, coal and
telecommunications sectors.

The Chatterjee Group

The Chatterjee Group (TCG) is a privately held, U.S.-based
investment organization with a significant business presence in
India.  Dr. Purnendu Chatterjee is the chairman of TCG, which has
a controlling interest in Haldia Petrochemicals Ltd., a major
integrated petrochemical company that utilizes Basell technology.

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

     BASF
          Daniel Smith
          Phone: +49 621 60-20829
                 +49 173 875 1466
          Fax: +49 621 60-92693
          E-mail: daniel.smith@basf-ag.de

          BASELL
          Michelle Talmo Harrell
          Phone: +1 410 996 1366
          Mobile: + 1 302 438 6574
          E-mail: michelle.harrell@basell.com

          ACCESS INDUSTRIES (U.S.A.)
          Peter L. Thoren
          Phone +1 212 247 6400
          E-mail: pthoren@accind.com

          ACCESS INDUSTRIES (U.K.)
          John Stonborough
          Phone: +44 7771 893 683
          E-mail: jsmediaco@aol.com


BASELL N.V.: Moody's Downgrades Unit's Ratings
----------------------------------------------
Moody's Investors Service lowered the ratings for the senior
unsecured notes of Basell America Finance Corporation and Basell
Finance Company B.V. (guaranteed by Basell N.V.) to Ba2 from Baa3
and continues to review the ratings for possible further
downgrade.

The lowering of the ratings is prompted by the announcement by
BASF and Shell to sell their 50-50 joint venture Basell, one of
the world's leading manufacturers of polyolefins, to a consortium
led by New York-based Access Industries together with The
Chatterjee Group.  A corresponding agreement was signed.  The
sale price will total EUR4.4 billion, including debt.

The transaction is subject to approval by the relevant antitrust
authorities and closing is expected in the second half of 2005.
This reflects the opinion previously expressed by Moody's that
without the benefits accruing from its two current strong
shareholders, the rating characteristics of Basell were not
commensurate with an investment-grade level.  On a stand-alone
basis and considering the company's current capital structure,
the rating is positioned at a mid to low 'Ba' level.  This
recognizes the improvement in operating performance reported by
Basell in fiscal 2004 reflecting better trading conditions and
benefits from restructuring initiatives, which led to an increase
in Adjusted RCF to Net Adjusted Debt to 20.6% from 8.0% in 2003.

Moody's believes that the financial strength and wherewithal
displayed by BASF and Shell as well as the operational
integration benefits they have provided to Basell during their
years of joint-ownership are unlikely to be replicated by the
prospective owners.

The rating review will focus on the post transaction capital
structure of Basell, the strategic intentions of the new owners,
the integration benefits from the transaction and the status of
the bonds within the new capital structure.

Basell N.V., headquartered in Hoofddorp, the Netherlands, is a
leading global polyolefins producer generating consolidated 2004
sales of EUR6.7 billion.

CONTACT:  MOODY'S DEUTSCHLAND GMBH (FRANKFURT)
          Michael West, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Francois Lauras, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


UNITEDGLOBALCOM INC.: To Discuss 1st-qtr. Results Today
-------------------------------------------------------
UnitedGlobalCom, Inc. plans to release first quarter 2005
earnings on Tuesday, May 10, 2005.  You are invited to
participate in UGC's conference call, which will begin at 11:00
a.m. (ET).  UGC's President and CEO Mike Fries will host the
call.

Please call at least 15 minutes prior to the start of the
teleconference.

     (800) 987-6057      Domestic
     (785) 832-0201      International
     8408437             Passcode


Replays of the teleconference will be available for approximately
one week after the completion of the live conference call on May
10, 2005.  The replay numbers are:

(888) 203-1112      Domestic
     (719) 457-0820      International
     8408437             Passcode


In addition to the teleconference, a live, listen-only Web cast
will be available within the Investor Relations section of
http://www.unitedglobal.com.

About UnitedGlobalCom

UGC is a leading international provider of video, voice, and
broadband Internet services with operations in 16 countries,
including 13 countries in Europe.  Based on the Company's
operating statistics at December 31, 2004, UGC's networks reached
approximately 16.0 million homes passed and served over 11.6
million RGUs, including approximately 9.5 million video
subscribers, 1.4 million broadband Internet subscribers, and
803,500 telephone subscribers.

Please visit http://www.unitedglobal.comfor further information.

                            *   *   *

Standard & Poor's Ratings Services rates UnitedGlobalCom's
corporate credit rating 'B' as is its Dutch cable holding company
UGC Europe Inc.  UnitedGlobalCom's UPC Polska LLC subsidiary was
also assigned a 'B' corporate credit rating.

The corporate credit rating on UGC Europe's intermediate holding
company, UPC Distribution Holding B.V., was raised to 'B' from
'C', and was removed from CreditWatch, where it was placed with
positive implications September 29, 2003.  The outlook is stable.

In March, UnitedGlobalCom reported a net loss of US$382 million
for 2004.

CONTACT:  UNITEDGLBALCOM, INC.
          Richard S.L. Abbott
          Investor Relations
          Phone: (303) 220-6682
          E-mail: ir@unitedglobal.com

          Bert Holtkamp
          Corporate Communications - UGC Europe
          Phone: + 31 (0) 20 778 9447
          E-mail: communications@ugceurope.com

          Claire Appleby
          Investor Relations - UGC Europe
          Phone: +44 20 7 838 2004
          E-mail: ir@ugceurope.com


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


ALEKSANDROVSKAYA: Bankruptcy Hearing Set July
---------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on limited liability company
Aleksandrovskaya.  The case is docketed as A50-4103/2005-B.  Mr.
V. Ryadkin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 614030, Russia,
Perm, Post User Box 2865.  A hearing will take place on July 29,
2005.

CONTACT:  ALEKSANDROVSKAYA
          618340, Russia, Perm region,
          Aleksandrovsk, Yayva

          Mr. V. Ryadkin
          Temporary Insolvency Manager
          614030, Russia, Perm region,
          Post User Box 2865


ATU KAB-BALK-STROY-TRANS: Succumbs to Bankruptcy
------------------------------------------------
The Arbitration Court of Kabardino-Balkariya republic has
commenced bankruptcy supervision procedure on open joint stock
company Atu Kab-Balk-Stroy-Trans.  The case is docketed as
A20-12289/2004.  Mr. Y. Kartofelnikov has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 360000, Russia, Kabardino-Balkariya republic,
Nalchik, Lermontova Str. 54, Room 203.

CONTACT:  ATU KAB-BALK-STROY-TRANS
          Russia, Kabardino-Balkariya republic,
          Nalchik, Kabardisnkaya Str. 189

          Mr. Y. Kartofelnikov
          Temporary Insolvency Manager
          360000, Russia, Kabardino-Balkariya republic,
          Nalchik, Lermontova Str. 54, Room 203


BKS: Court Appoints Temporary Insolvency Manager
------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on close joint stock
company BKS.  The case is docketed as A75-3318/2005.  Mr. A.
Katkov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) BKS
    628600, Russia, Khanty-Mansiyskiy autonomous region,
    Nizhnevartovsk, Severnaya Str. 7a

(b) Temporary Insolvency Manager
    625003, Russia, Tyumen,
    Krasina Str. 7a, 5th floor

(c) The Arbitration Court Of Khanty-Mansiyskiy
    autonomous region
    628012, Russia, Tyumen region,
    Khanty-Mansiysk, Lenina Str. 54/1

A hearing will take place on July 25, 2005.


CHEKHOVSKIY: Hires V. Kofnov as Insolvency Manager
--------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on open joint stock company Chekhovskiy.
The case is docketed as A41-K2-2470/05.  Mr. V. Kofnov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 101000, Russia,
Moscow, Velozavodskaya Str. 9, Apartment 221.  A hearing will
take place on June 29, 2005, 10:00 a.m. at the Arbitration Court
in Belgorod.

CONTACT:  CHEKHOVSKIY
          142300, Russia, Moscow region,
          Chekhov, Chekhova Str. 20b

          Mr. V. Kofnov
          Temporary Insolvency Manager
          101000, Russia, Moscow region,
          Velozavodskaya Str. 9, Apartment 221


GUBERNSKIY: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Astrakhan region has commenced
bankruptcy supervision procedure on limited liability company
Gubernskiy.  The case is docketed as A06-196-b-4/2005.  Mr. A.
Serbienko has been appointed temporary insolvency manager.  A
hearing will take place on July 12, 2005.

CONTACT:  GUBERNSKIY
          414015, Russia, Astrakhan region,
          Pyataya Kerchenskaya Str. 4, Letter 23

          Mr. A. Serbienko
          Temporary Insolvency Manager
          414015, Russia, Astrakhan region,
          Pyataya Kerchenskaya Str. 4, Letter 23


LGOVSKIY WINERY: Kursk Court Names Y. Petrov Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on open joint stock company Lgovskiy Winery
(TIN 4613002460).  The case is docketed as A35-190/05-g.  Mr. Y.
Petrov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 305026, Russia,
Kursk, Akkumulyator, 20 B, Office 76.  A hearing will take place
on June 22, 2005, 11:00 a.m.

CONTACT:  LGOVSKIY WINERY
          307750, Russia, Kursk region, Lgovskiy region,
          Lgov, Chernyakhovskogo Str. 18

          Mr. Y. Petrov
          Temporary Insolvency Manager
          305026, Russia, Kursk region,
          Akkumulyator, 20 B, Office 76


NALCHIK-KHOLOD: Succumbs to Bankruptcy
--------------------------------------
The Arbitration Court of Kabardino-Balkariya republic has
commenced bankruptcy supervision procedure on limited liability
company Nalchik-Kholod.  The case is docketed as A20-10165/2004.
Mr. E. Katyukha has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 360000, Russia,
Kabardino-Balkariya republic, Nalchik, Lermontova Str. 54, Room
203.

CONTACT:  NALCHIK-KHOLOD
          Russia, Kabardino-Balkariya republic,
          Nalchik, Elbrusskaya Str. 19

          Mr. E. Katyukha
          Temporary Insolvency Manager
          360000, Russia, Kabardino-Balkariya republic,
          Nalchik, Lermontova Str. 54, Room 203


PLANTA: Bankruptcy Hearing Set Next Week
----------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on close joint stock company Planta (TIN
616401001, KPP 616401001).  The case is docketed as
A53-2297/2005-S2-30.  Mr. V. Zotyev has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 344010, Russia,
Rostov-na-Donu, Nakhichevanskiy Per. 64.  A hearing will take
place on May 18, 2005, 2:00 p.m. at Russia, Rostov-na-Donu,
Stanislavskogo Str. 8a.

CONTACT:  PLANTA
          344082, Russia, Rostov-na-Donu,
          Soglasiya Str. 7

          Mr. V. Zotyev
          Temporary Insolvency Manager
          344010, Russia, Rostov-na-Donu,
          Nakhichevanskiy Per. 64


PORETSK-AGRO-KHIMIYA: Under Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Poretsk-Agro-Khimiya.  The case is docketed as A79-1227/2005.
Mr. V. Alalykin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 610000, Russia,
Kirov, Moskovskaya Str. 25-a.  A hearing will take place on June
16, 2005, 11:00 a.m.

CONTACT:  PORETSK-AGRO-KHIMIYA
          Russia, Chuvashiya republic,
          Poretskoye, Ulyanova Str.

          Mr. V. Alalykin
          Temporary Insolvency Manager
          610000, Russia, Kirov,
          Moskovskaya Str. 25-a


RAZVILENSKIY ELEVATOR: Declared Insolvent
-----------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
proceedings against Razvilenskiy Elevator (TIN 6127004832) after
finding the open joint stock company insolvent.  The case is
docketed as A53-5071/2003-S2-9.  Mr. V. Shvayko has been
appointed insolvency manager.

CONTACT:  RAZVILENSKIY ELEVATOR
          Russia, Rostov region, Peschanokopskiy region,
          Razvilnoye, Shosseynaya Str. 1


YUKOS OIL: Moscow Court Freezes Remaining Assets
------------------------------------------------
The Wall Street Journal reports that a Moscow Court has frozen
Yukos Oil Company's remaining assets, including Samaraneftegas on
the Volga, Tomskneft in Siberia, OAO East-Siberian Oil and Gas,
OAO Syrzan refinery, OAA Achinsk refinery, OAO Angarsk
trochemicals, ZAO Tambovnefteprodukt and ZAO rkutsnefteproduct.

The freeze order was entered in one of the lawsuits filed by
state-owned Rosneft against Yukos.  Since December 2004, after
acquiring Yuganskneftegaz, Yukos' major oil production unit,
Rosneft has brought several lawsuits against Yukos seeking to
recover payments for oil deliveries Yuganskneftegaz made to
Yukos.

Headquartered in Moscow, Yukos Oil Company is an open joint stock
company existing under the laws of the Russian
Federation.  Yukos is involved in the energy industry
substantially through its ownership of its various subsidiaries,
which own or are otherwise entitled to enjoy certain rights to
oil and gas production, refining and marketing assets.  The
Company filed for chapter 11 protection on Dec. 14, 2004 (Bankr.
S.D. Tex. Case No. 04-47742).  Zack A. Clement, Esq., C. Mark
Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq.,
Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright &
Jaworski, LLP, represent the Debtor in its restructuring efforts.
When the Debtor filed for protection from its creditors, it
listed $12,276,000,000 in total assets and $30,790,000,000 in
total debt.  (Yukos Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

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

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

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


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


IVANO-FRANKIVSK-VINNITSYAMYASO: Under Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced bankruptcy
supervision procedure on OJSC Ivano-Frankivsk-Vinnitsyamyaso
(code EDRPOU 0042995) on January 19, 2005.  The case is docketed
as B 6/5.  Mr. V. Popovich (License Number AA 630017) has been
appointed temporary insolvency manager.  The company holds
account number 2600418000042 at JSCB Praveks-Bank, MFO 302742.

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

(a) IVANO-FRANKIVSK-VINNITSYAMYASO
    Ukraine, Ivano-Frankivsk region, Simon Petlyura Str. 10

(b) Mr. V. Popovich
    Temporary Insolvency Manager
    Ukraine, Ivano-Frankivsk region, Zaliznichna Str.5/2

(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76000, Ukraine, Ivano-Frankivsk region,
    Shevchenko Str. 16


KRIVBASRUDOREMONT: Succumbs to Bankruptcy
-----------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on OJSC Krivbasrudoremont (code EDRPOU
00190874) on March 2, 2005.  The case is docketed as B 26/28/05.
Mr. Shkuto Yurij (License Number AB 216807) has been appointed
temporary insolvency manager.  The company holds account number
26001301141211 at Prominvestbank, central city Krivij Rig branch,
MFO 305493.

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

(a) KRIVBASRUDOREMONT
    50029, Ukraine, Dnipropetrovsk region,
    Krivij Rig, Nogina Str. 21

(b) Mr. Shkuto Yurij
    Temporary Insolvency Manager
    50014, Ukraine, Dnipropetrovsk region,
    Krivij Rig, Rudenko Str. 3/1

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


PROGRES: Under Bankruptcy Supervision
-------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on LLC Progres (code EDRPOU 01528660).  The
case is docketed as 01/736.  Mr. Oleksandr Holostij has been
appointed temporary insolvency manager.  The company holds
account number 260093541 at JSPPB Aval, Cherkassy regional
branch, MFO 354411.

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

(a) PROGRES
    Ukraine, Cherkassy region,
    Gorodishinskij district, Ksaverovo

(b) Mr. Oleksandr Holostij
    Temporary Insolvency Manager
    Ukraine, Cherkassy region,
    Vernigori Str. 29/8
    Phone: (0472) 65-74-21

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


PROMTEHPOSLUGI: Insolvency Manager Takes over Helm
--------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Promtehposlugi (code EDRPOU 19308611) on
March 30, 2005 after finding the limited liability company
insolvent.  The case is docketed as B 40/39/05.  Mr. Savchuk
Vladislav has been appointed liquidator/insolvency manager.  The
company holds account number 26001098220100 at JSPPB Aval,
Dnipropetrovsk regional branch.

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

(a) PROMTEHPOSLUGI
    49083, Ukraine, Dnipropetrovsk region,
    Kozhemyaki Str. 9/104

(b) Mr. Savchuk Vladislav
    Liquidator/Insolvency Manager
    49083, Ukraine, Dnipropetrovsk region,
    Kozhemyaki Str. 9/104

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


RODOS TORG: Declared Insolvent
------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Rodos Torg (code EDRPOU 31169939) after
finding the limited liability company insolvent.  The case is
docketed as 24/81.  Mr. A. Gunko (License Number AA 520124) has
been appointed liquidator/insolvency manager.  The company holds
account number 26001129/980201 at JSCB Integral, Kyiv region
branch, MFO 320735.

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

(a) RODOS TORG
    01103, Ukraine, Kyiv region,
    Druzhbi Narodiv Boulevard, 10

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

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


UKRSOTSBANK: Gets Long-term Rating of 'B-' from Fitch
-----------------------------------------------------
Fitch Ratings assigned Ukraine's Ukrsotsbank ratings of Long-term
'B-' with Positive Outlook, Short-term 'B', Individual 'D' and
Support '5'.  Separately, Fitch assigned Ukrsots Finance B.V.'s u
pcoming issue of limited recourse loan participation notes, to be
used solely to finance a loan to Ukrsots, an expected Long-term
'B-' rating.

The Long-term, Short-term and Individual ratings reflect Ukrsots'
moderate capitalization, relatively undiversified funding base
and somewhat low loan loss reserves on performing loans, as well
as certain weaknesses in the bank's operating environment.
However, they also consider the bank's relatively strong
franchise in the Ukrainian banking market, rather developed risk
management, reasonable performance and Ukrsots' resilience during
a significant reduction in banking sector liquidity in Q404.

The Positive Outlook reflects Fitch's expectation that some of
the bank's weaknesses will be partially addressed in the
near-term, as a result of a planned capital injection in H205
(equal to 37% of end-2004 equity) and continued diversification
of funding, including via the upcoming Q205 eurobond issue. In
considering any future upgrade of Ukrsots' ratings, Fitch will
also review, among other things, the development of the bank's
franchise, its performance (especially on expense control) and
the Ukrainian operating environment.

Ukrsots' performance was reasonable in both 2004 and 2003, with
returns on average assets of 1.9% and 1.5%, respectively.
Revenue generation has been strong and of good quality, but high
operating expenses weigh on profitability, reflected in a
cost-to-income ratio of 76% in both years.

The loan book grew by a strong 34% in 2004, driven by increases
in both corporate and retail business (the latter accounted for
25% of the portfolio at year-end).  Loan concentrations are high
by international standards, but not excessive for the Ukrainian
market, with the top 20 groups of borrowers accounting for 29% of
the loan book (net of reserves equal to approximately 1.4x
equity) at end-2004.  Loan loss reserve coverage of loss loans
was a reasonable 164% at end-2004, but reserves created against
other loan categories (an average of 2.7%) are somewhat low.

Liquidity risk is potentially high, as Ukrsots typically runs
significant negative cumulative liquidity gaps, based on the
contractual maturities of assets and liabilities, at short
maturities.  However, the performance of the balance sheet during
the banking sector instability in Q404 indicated that this risk
is significantly mitigated by the relative stability of corporate
funding and the readiness of the bank's major shareholder to
provide additional liquidity support to the bank, should it be
required.  Non-equity funding is, however, relatively
undiversified, with 93% of total liabilities coming from customer
accounts at end-2004 (although a US$45 million syndication
received in Q105 did increase international borrowings).
Capitalization is moderate, as a total capital ratio of 15.4% at
end-2004 is weakened by a fixed assets/equity ratio of 103%,
meaning that free capital is marginally negative.

Ukrsots is the successor to the Ukrainian branch of the Bank of
Housing and Social Development of the USSR (Zhilsotsbank), and
became a separate legal entity in 1990.  It is now indirectly
93%-owned by one individual, who also owns Interpipe Corporation,
one of the largest companies in the Ukraine. Ukrsots is one of
the top five banks in the Ukraine in most major markets, with a
5.3% share of sector assets at end-2004, and has a nationwide
network of some 500 units.

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

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

          Alex Clelland, London
          Phone: +44 20 7862 4084


UKRSOTS FINANCE: Fitch Assigns Eurobond 'B-' Rating
---------------------------------------------------
Fitch Ratings assigned Ukrsots Finance B.V.'s upcoming issue of
limited recourse loan participation notes an expected Long-term
'B-' rating.  The notes are to be used solely for financing a
loan by Moscow Narodny Bank Limited (MNB) to Ukraine's
Ukrsotsbank (Ukrsots).  Ukrsots Finance B.V will only pay
noteholders amounts (principal and interest), if any, received by
MNB from Ukrsots under the loan agreement.

The assignment of the final rating is contingent on receipt of
final documentation conforming materially to information already
received and the final rating will be confirmed at that time.
Separately, Fitch has assigned Ukrsots ratings of Long-term 'B-'
with a Positive Outlook, Short-term 'B', Individual 'D' and
Support '5' (see announcement on http://www.fitchratings.com).

The loan agreement between MNB and Ukrsots contains a cross
default clause and a covenant that MNB's claims under the loan
agreement will rank at least pari passu with the claims of other
unsecured creditors, save those preferred by relevant
(bankruptcy, liquidation etc.) laws.  Under Ukrainian law, the
claims of retail depositors rank above those of other senior
unsecured creditors.  At end-2004, retail deposits accounted for
33% of Ukrsots' total liabilities, according to the bank's
International Financial Reporting Standards accounts.

Covenants limit mergers and disposals by Ukrsots and its
subsidiaries, and restrict dividend payments to 50% of net income
in any particular year.  They also specify that the terms of all
transactions with affiliated entities must be no less favorable
for the bank than those of transactions with non-related parties,
with a written opinion to be provided by an independent appraiser
in respect to transactions of more then US$10 million.

The loan agreement contains a negative pledge clause, which
allows for a degree of securitization by Ukrsots.  In the event
of such a securitization, Fitch notes that the nature and extent
of any over-collateralization would be assessed by the agency for
any potential impact on unsecured creditors.

Noteholders will benefit from a put option should one of the
bank's credit ratings be downgraded as a result of the current
ultimate majority owner ceasing to control 50% plus one share of
the voting stock of Ukrsots.

Ukrsots is the successor to the Ukrainian branch of the Bank of
Housing and Social Development of the USSR (Zhilsotsbank), and
became a separate legal entity in 1990.  It is now indirectly
93%-owned by one individual, who also owns Interpipe Corporation,
one of the largest companies in the Ukraine. Ukrsots is one of
the top five banks in the Ukraine in most major markets, with a
5.3% share of sector assets at end-2004, and has a nationwide
network of some 500 units.

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

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

          Alex Clelland, London
          Phone: +44 20 7862 4084


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


ABLE-DUCT LIMITED: Members Pass Winding-up Resolutions
------------------------------------------------------
At the meeting of the members of Able-Duct Limited on April 25,
2005, the extraordinary resolutions to wind up the company was
passed.  David Birne and Stephen M. Katz of Fisher Partners, Acre
House, 11-15 William Road, London NW1 3ER have been appointed
joint liquidators of the company.

CONTACT:  FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


AJAX CLEANING: Liquidators from Valentine & Co. Move in
-------------------------------------------------------
At the extraordinary general meeting of Ajax Cleaning (UK)
Limited on April 26, 2005 held at the offices of Valentine & Co.,
4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Robert Valentine and Mark Reynolds of Valentine &
Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS have
been appointed joint liquidators of the company.

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


AQUADART LIMITED: Appoints Numerica Administrator
-------------------------------------------------
Sarah Megan Rayment and Nicholas High O'Reilly (IP Nos 9162,
8309) have been appointed administrators for Aquadart Limited.
The appointment was made April 28, 2005.  The company
manufactures shower enclosures.

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


ARIANA TECHNOLOGY: Hires Administrators from Fanshawe Lofts
-----------------------------------------------------------
A. R. Fanshawe and S. J. Adshead (IP Nos 005944, 008574) have
been appointed joint administrators for Ariana Technology Ltd.
The appointment was made April 25, 2005.  The company
manufactures food, beverage and tobacco.  Its registered office
is located at 13 Westwood Court, Brunel Road, Totton,
Southampton, Hampshire SO40 3WX.

CONTACT:  FANSHAWE LOFTS
          41 Castle Way
          Southampton
          Hampshire SO14 2BW
          Phone: 023 8023 3522
          Fax: 023 8023 3504
          E-mail: sa@fanshawe-lofts.co.uk
                  arf@fanshawe-lofts.co.uk


BAE SYSTEMS: Chairman Reiterates Trading Forecast
-------------------------------------------------
Commenting at Wednesday's Annual General Meeting of the company's
shareholders BAE Systems Chairman Dick Olver confirmed that the
company's trading outlook remained unchanged from that described
in the company's 2004 Report and Accounts published earlier this
year.

In addition good progress on the strategic development of the
company was reported with completion of the Eurosystems
transaction on 29 April.  Shareholder approval for the proposed
acquisition of United Defence Industries will be sought on 13 May
with completion subject to receipt of outstanding regulatory
approvals.

Dick Olver also took the opportunity to thank Lord Hesketh, who
retires from the Board Wednesday, for his contribution as a
non-executive director of the company.

Issued by
BAE Systems plc
London

                            *   *   *

Moody's Investors Service placed the debt ratings of BAE Systems
plc (Baa2) on review for possible downgrade in February.  In a
related action, Moody's also placed the debt ratings of United
Defense Industries, Inc. (Ba2) under review for possible upgrade.
The reviews were prompted by the announcement that BAE had agreed
to purchase United Defense in an all cash transaction valued at
US$3.97 billion plus assumed debt.

In reviewing the debt ratings of BAE for possible downgrade,
Moody's will focus on the impact of the acquisition on the
company's cash flow metrics and overall financial leverage.
Moody's current ratings have anticipated a rebuilding of the
company's retained cash flow and free cash flow generation in
line with its improving operating performance.

CONTACT:  BAE SYSTEMS, U.K.
          Andy Wrathall (Investor relations)
          Phone:  +44 1252 383 730
          Richard Coltart (Press relations)
          Phone:  +44 1252 384 875


BERKSHIRE CEILINGS: Hires S. G. Banister & Co. as Liquidator
------------------------------------------------------------
At the extraordinary general meeting of Berkshire Ceilings &
Interiors Ltd. on April 22, 2005 held at the offices of S G
Banister & Co., 40 Great James Street, London WC1N 3HB, the
subjoined extraordinary resolution to wind up the company was
passed.  D. M. Patel of 40 Great James Street, London WC1N 3HB
has been appointed liquidator of the company.

CONTACT:  S. G. BANISTER & CO.
          40 Great James Street,
          London WC1N 3HB
          Phone: 020-7430-9292


BOW PEOPLE'S: Falls into Administration
---------------------------------------
Nicholas Roy Hood and Timothy John Edward Dolder (IP Nos 8350,
9008) have been appointed administrators for charitable
institution Bow People's Trust.  The appointment was made April
26, 2005.  Its registered office is located at Chiltern House,
24-30 King Street, Watford WD18 0BP.

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


CARGO 4 U: Owners Decide to Wind up Operations
----------------------------------------------
At the extraordinary general meeting of the members of Cargo 4 U
Limited on April 27, 2005 held at the offices of Haines Watts, 6
College Yard, Worcester WR1 2LA, the extraordinary and ordinary
resolutions to wind up the company were passed.  Colin Nicholls
of Haines Watts, 6 College Yard, Worcester WR1 2LA has been
appointed liquidator of the company.

CONTACT:  HAINES WATTS BUSINESS RECOVERY & INSOLVENCY
          6 College Road
          Worcester WR1 2LA
          Phone: 01905 745779
          Fax: 01905 22654
          E-mail: Cnicholls@hwca.com


COLAB GROUP: Creditors Meeting Set Next Week
--------------------------------------------
The initial creditors meeting of Colab Group Limited will be on
May 18, 2005 at 10:30 a.m.  It will be held at Leofric Hotel,
Broadgate, Coventry, West Midlands CV1 1LZ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Kroll, Aspect Court, 4 Temple Row, Birmingham B2
5HG not later than 12:00 noon, May 17, 2005.

CONTACT:  KROLL BIRMINGHAM
          Aspect Court
          4 Temple Row
          Birmingham B2 5HG
          United Kingdom
          Phone: 44 (0) 121 212 4999
          Fax: 44 (0) 121 212 4944
          Web site: http://www.krollworldwide.com


COMPASS GROUP: Search for Chairman's Replacement On
---------------------------------------------------
Compass Group plc on announced Monday Sir Francis Mackay's
intention to step down from his position as Chairman by the
Annual General Meeting in February 2006.

Sir Francis has been Chairman of Compass Group since 1999.  Since
the start of the year the Board has been discussing an orderly
succession process.  In line with that plan a formal search for a
new Chairman has commenced.

                            *   *   *

On Monday last week, Compass Group belied reports it was
considering to sell some businesses and return funds to
shareholders.  The group described the reports as "very
speculative and premature," which involved the company's alleged
connection with Investment bank Citigroup for the sale of its
assets to fund a share buyback scheme.

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

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


CORNWELL MOULDERS: Hires Joint Liquidators from Springfield
-----------------------------------------------------------
At the extraordinary general meeting of Cornwell Moulders &
Finishers Ltd. on April 27, 2005 held at Holiday Inn
Leicester-West, Braunstone Lane East, Leicester LE3 2FW, the
subjoined extraordinary resolution to wind up the company was
passed.  Situl Devji Raithatha and John Patrick Thomas Redmond 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


CP3i LIMITED: Creditors Meeting Set Later this Month
----------------------------------------------------
The creditors of CP3i Limited will meet on May 25, 2005 at 10:00
a.m.  It will be held at Deloitte & Touche LLP, 201 Deansgate,
Manchester M60 2AT.  Creditors who want to be represented at the
meeting may appoint proxies.  Proxy forms must be submitted
together with written debt claims to Deloitte & Touche LLP, 201
Deansgate, Manchester M60 2AT not later than 12:00 noon, May 24,
2005.

CONTACT:  DELOITTE & TOUCHE
          PO Box 500
          201 Deansgate
          Manchester
          Greater Manchester M60 2AT
          Phone: 0161 832 3555
          Fax: 0161 829 3806
          E-mail: bill.dawson@deloitte.co.uk


CRIPS ENVIRONMENTAL: Members Decide to Wind up Firm
---------------------------------------------------
At the meeting of the members of Crips Environmental Services
Limited on April 25, 2005, the extraordinary resolutions to wind
up the company was passed.  David Birne and Stephen M. Katz of
Acre House, 11-15 William Road, London NW1 3ER have been
appointed joint liquidators of the company.

CONTACT:  FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


CULPEPER LIMITED: Hires Administrators from Tenon Recovery
----------------------------------------------------------
Simon Robert Thomas and Stanley Donald Burkett-Coltman (IP Nos
8920, 9181) have been appointed administrators for Culpeper
Limited.  The appointment was made April 29, 2005.  The company
retails cosmetic and toilet articles.  Its registered office is
located at 47 Pall Mall Deposit, 124-128 Barlby Road, London W10
6BL.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


DALERI LIMITED: Creditors Meeting Friday
----------------------------------------
The creditors of Daleri Limited (formerly Unique Distribution
Limited) will meet on May 13, 2005 at 10:30 a.m.  It will be held
at New Connaught Rooms, 61-65 Great Queen Street, London WC2B
5DA.  Creditors who want to be represented at the meeting may
appoint proxies.  Proxy forms must be submitted together with
written debt claims to Ernst & Young LLP, 1 More London Place,
London SE1 2AF not later than 12:00 noon, May 12, 2005.

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


DNICK LIMITED: Administrators from Tenon Recovery Move in
---------------------------------------------------------
S. R. Thomas and S. J. Parker (IP Nos 8920, 8989) have been
appointed administrators for Dnick Limited.  The appointment was
made April 29, 2005.  Its registered office is located at 75
Cannon Street, London EC4N 5BN.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


EIDOS PLC: Elevation's Offer Getting More Attractive
----------------------------------------------------
Elevation Partners may revive its Eidos bid as rival SCi
Entertainment continues to slump on the market, falling 9% to
282.5p Friday.

Last month, the U.S. venture capital firm, co-founded by U2 lead
vocalist Bono, withdrew its bid for Eidos after the latter's
board favored SCi's all-share approach over its all-cash bid.
According to The Scotsman, the drop in SCi's shares pulled down
Eidos' worth to 47 pence, less than Elevation's offer of 50 pence
per share.  This opens the opportunity for Elevation to revive
its offer, but it must get the backing of Schroders, a key
shareholder with a 20% stake, the paper said.

SCi's bid is now equivalent to GBP70 million as against last
month's GBP103 million.  Its approach might have won the
unanimous vote, but Eidos had already said the offer might not
suit the company's aims to compete globally.

SCI blames its poor result, despite meeting all its current
budget and release targets, to derivative stocks called
"contracts for difference."  The arrangement permits shareholders
to bet on "whether a company's shares will rise or fall, without
having to pay stamp duty or appear on the shareholders'
register," The Scotsman said.

A stockbroker allegedly considered selling Wednesday 35,000
shares in SCi to cover an agreement, but it didn't push through.
He dumped the shares the next day, the paper said.

CONTACT:  EIDOS PLC
          Wimbledon Bridge House
          1 Hartfield Road Wimbledon
          London
          United Kingdom
          SW19 3RU
          Phone: +44 20 8636 3000
          Fax: +44 20 8636 3001
          Web site: http://www.eidos.com


ELECT RESIDENTIAL: Administrators Take over Operations
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Elect Residential Plc

Notice is hereby given that on April 23, 2005, I, M. S. E.
Solomons and D. L. Platt both of SPW Poppleton & Appleby, Gable
House, 239 Regents Park Road, London N3 3LF was appointed
administrators of Elect Residential Plc, which trades from James
Sellars House, 3rd Floor, 144-146 West George Street, Glasgow G2
2HG, by resolution of a meeting of creditors, pursuant to section
109 of the Insolvency Act 1986.

CONTACT:  SPW POPPLETON & APPLEBY
          Gable House
          239 Regents Park Road
          London N3 3LF
          Phone: 020 8371 5000
          Fax: 020 8346 8588


ELITE COMFORT: Names Tenon Recovery Liquidator
----------------------------------------------
At the extraordinary general meeting of Elite Comfort Systems
Limited on April 21, 2005 held at Tenon House, Ferryboat Lane,
Sunderland SR5 3JN, the subjoined extraordinary resolution to
wind up the company was passed.  Ian William Kings of Tenon
Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN has
been appointed liquidator of the company.

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


EQUITABLE LIFE: Huge Losses Await With-profits Pensioners
---------------------------------------------------------
With-profits annuitants of Equitable Life Assurance Society could
lose a fifth of their retirement earnings, said The Telegraph
Monday.

The 50,000 pensioners were said to have been informed earlier of
a maximum of 20% reduction in their income, which is valid only
to basic guaranteed annuity.  Now, as some or all of the benefits
added to the annuity would reportedly drop, the pensioners could
lose more than a fifth of their earnings.

Because new income rates are traditionally disclosed at the
anniversary of the contract, it leaves many annuitants uninformed
of the amount they would lose.  But Equitable claims it gave out
leaflets to annuitants explaining the extent of the reduction,
which could reach 29%.  A spokesman of Equitable Life said: "We
had the leaflet crystal-marked by the Plain English society, to
ensure it was clear."

One pensioner, Peter Scawen, said: "Time and again we are told
one thing and then something quite different happens.  It's like
death by a thousand cuts."

As this developed, Equitable Life reportedly failed to sell its
with-profits annuity book to Prudential due to a dispute over
price and legal obstacles.  However, the society is willing to
accept other potential buyers.

"We would still welcome approaches from suitable companies but,
if annuitants are to be shipped out, we have to be very careful
that they take no more than their share of the money," the
unnamed Equitable spokesman told The Telegraph.

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


EU COIN: Names Joint Administrators from Tenon Recovery
-------------------------------------------------------
S. R. Thomas and S. J. Parker (IP Nos 8920, 8989) have been
appointed joint administrators for EU Coin Limited.  The
appointment was made April 29, 2005.  Its registered office is
located at 75 Cannon Street, London EC4N 5BN.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


EXCEL TIMBALEX: Final Creditors Meeting Set June 6
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Excel Timbalex Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Final Meeting of the Creditors of Excel Timbalex
Limited will be held at PricewaterhouseCoopers LLP, Lennox House,
Beaufort Buildings, Spa Road, Gloucester GL1 1XD, on June 6,
2005, at 11:00 a.m. for the purposes mentioned in section 146 of
the said Act, that is receiving the Joint Liquidators' report of
the winding-up, and determining whether the Joint Liquidators
should have their release under section 174 of the said Act.

M. E. T. Bowen and R. J. Hunt Joint Liquidators
April 28, 2005

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Lennox House
          Beaufort Buildings
          Spa Road
          Gloucester GL1 1XD
          Phone: [44] (1452) 332200
          Fax: [44] (1452) 874622
          Web site: http://www.pwcglobal.com


F.J. BETTS: Members Hire Liquidator from K. J. Watkins & Co.
------------------------------------------------------------
At the extraordinary general meeting of the members of F.J. Betts
& Sons Limited on April 26, 2005 held at Emerald House, 20-22
Anchor Road, Aldridge, Walsall WS9 8PH, the extraordinary and
ordinary resolutions to wind up the company were passed.  C. H.
I. Moore has been appointed liquidator of the company.

CONTACT:  K. J. WATKIN & CO.
          Emerald House
          20-22 Anchor Road
          Aldridge
          Walsall
          West Midlands WS9 8PH
          Phone: 01922 452881
          Fax: 01922 450525
          E-mail: chim@kjwatkin.co.uk


FKI PLC: Buys IP Clamps for EUR4.5 Million
------------------------------------------
FKI plc completed on May 3 the acquisition of IP Clamps for cash
consideration of EUR4.5 million, of which EUR3.3 million has been
paid at completion and EUR1.2 million will be paid in two
installments over the next 17 months.

In the year to 31 December 2004, IP had sales of EUR3.6 million
and PBITA of EUR0.6 million.  IP is the European market leader in
lifting clamps and will become part of FKI's Crosby business.  IP
fits Crosby's strategy of growth through the acquisition of
businesses with high quality products, which can be distributed
through Crosby's international sales network.  Crosby is the
world leader in premium blocks, sheaves, wire rope and chain
fittings.

                            *   *   *

In March, Moody's Investors Service lowered the senior unsecured
ratings of FKI plc to Ba1 from Baa3.  In addition, Moody's
assigned a Senior Implied rating of Ba1 to the group.  The
outlook for all ratings was stable.  This concluded the review
process initiated on 15 December 2004.

FKI has experienced trend weakness in its key cash flow metrics
over the past three years due to, among others:

     (i) a prolonged fall in demand in the Logistex business
         which has seen turnover fall from its peak at the
         formation of the unit of approximately GBP540 million
         in the fiscal year 2000/2001 to just under GBP350
         million at 12 months to September 30 2004;

    (ii) weakness in the Energy Technology business prompted by
         a fallout in demand for turbo generators after the 2002
         California energy crisis; and

   (iii) the company's inability to reduce net adjusted debt
         levels to sufficiently match weakened cash flows.

CONTACT:  FKI PLC
          Falcon Works
          P. O. Box 7713
          Meadow Lane
          Loughborough
          Leicestershire LE11 1ZF
          Phone: +44 (0) 20 7832 0000
          Fax: +44 (0) 20 7832 0001
          Web site: http://www.fki.co.uk


FKI PLC: Divests Certex Distribution Activities
-----------------------------------------------
FKI plc signed contracts to sell certain Certex distribution
companies (Certex Europe) operating in Norway, Sweden, Denmark,
Germany, Russia, Finland and the Baltic States to ABT Allsafe AB,
a subsidiary of Axel Johnson International AB, for the sum of
EUR23.6 million cash at completion.

In the year to 31 March 2004, Certex Europe had sales of EUR59.1
million and PBITA of EUR3.5 million (before non-operating
exceptionals of EUR0.9 million).  Certex Europe will have net
assets at completion of EUR18.1 million and goodwill of EUR9.6
million.

Certex Europe is a supplier of lifting products and services in
the countries listed above.  The transaction is subject to
regulatory approval in various countries where Certex and the
buyer have operations.

The sale of Certex Europe is another step in the delivery of
FKI's strategy of maximizing value by concentrating on key
businesses and continues FKI's withdrawal from its non-core
Certex distribution activities.  Proceeds of the sale will be
used to reduce debt.

CONTACT:  FKI PLC
          Neil Bamford, Finance Director
          Phone: 020 7832 0000
          Simon Webber, Business Development Director

          BRUNSWICK GROUP LLP
          Mike Smith
          Phone: 0207 404 5959
          James Olley


FORTH AND CLYDE: Helicopter Service Firm Opts for Liquidation
-------------------------------------------------------------
A top helicopter firm in Scotland has gone bust on failure to
find a new helipad.  Blair Nimmo of KPMG has been appointed
provisional liquidator to Forth and Clyde Helicopter Services,
according to The Scotsman.

"They decided to pull out of Edinburgh Airport and applied to
move to a new base near Linlithgow.  When that all fell through,
it was left with no option but to wind the business up," Mr.
Nimmo said.

Forth and Clyde's plan to build a new hangar and flight school
near Linlithgow, West Lothian was opposed by residents due to the
unbearable noise and pollution it would bring.

The firm offers charter service and flying lessons, and organizes
sightseeing trips for tourists over Edinburgh and the Firth of
Forth.  It listed debt of GBP50,000 when it filed for
liquidation.  There are no official job losses because most of
the staff is self-employed, according to the report.  Its
helicopters are just leased or hired, according to Mr. Nimmo.

CONTACT:  FORTH & CLYDE
          98a General Aviation Area
          Edinburgh Airport
          Edinburgh EH12 9DN
          Phone: 0131 339 2321 or 0131 339 8877
          Fax: 0131 317 1588
          E-mail: helicopter@enterprise.net
          http://www.forthandclydehelicopterservices.co.uk


GREEN LANE: Winding-up Report Out June
--------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Green Lane Properties Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Final Meeting of the Creditors of the
above-named Company will be held at PricewaterhouseCoopers LLP,
Lennox House, Beaufort Buildings, Spa Road, Gloucester GL1 1XD,
on June 6, 2005, at 10:00 a.m. for the purposes mentioned in
section 146 of the said Act, that is receiving the Liquidator's
report of the winding-up, and determining whether the Liquidator
should have his release under section 174 of the said Act.

P. M. Boyden, Liquidator
April 28, 2005

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Lennox House
          Beaufort Buildings
          Spa Road
          Gloucester GL1 1XD
          Phone: [44] (1452) 332200
          Fax: [44] (1452) 874622
          Web site: http://www.pwcglobal.com


HIT ENTERTAINMENT: Lions Gate Drops out of Bidding
--------------------------------------------------
HIT Entertainment plc notes the announcement by Lions Gate
Entertainment on May 6 that Lions Gate does not intend to make an
offer for the Company.

The Independent Directors of HIT are not in discussions with any
other potential competing offeror for the Company.  It is
therefore expected that the Scheme will become effective on 24
May 2005 following the Court Hearing to sanction the Scheme on 23
May 2005.

Shareholders do not need to take any further action in relation
to the Scheme.  Terms used in this announcement have the same
meanings as given to them in the circular to HIT Shareholders
dated 5 April 2005.

                            *   *   *

Lions' withdrawal means victory for U.K. private equity company
Apax Partners, which is also bidding for the firm.  Apax's GBP489
million offer has already secured the support of 99% of HIT's
shareholders.  HIT Entertainment expects the Apax scheme to
become effective on May 24 following the Court Hearing to
sanction the scheme on May 23.

CONTACT:  FINSBURY GROUP
          Phone: +44 20 7251 3801
          James Leviton
          Kirsty Flockhart


HOLDCO 110: Members Decide to Wind up Firm
------------------------------------------
At the extraordinary general meeting of the members of Holdco 110
Limited on April 22, 2005 held at Redfield Road, Nottingham, the
special resolution to wind up the company was passed.  Tyrone
Courtman and Jeremy Meadows of Cooper Parry LLP, 14 Park Row,
Nottingham have been appointed joint liquidators of the company.

CONTACT:  COOPER PARRY LLP
          14 Park Row, Nottingham NG1 6GR
          Phone: +44 (0) 1332 295544
          Fax: +44 (0) 1332 295600
          Web site: http://www.cooperparry.com


INTERTEK GROUP: Trading Well in First Quarter, Says Chairman
------------------------------------------------------------
At the Annual General Meeting of Intertek Group plc Friday, Vanni
Treves, Chairman, said: "Group trading for the first three months
of the year has been encouraging and in line with expectations
despite the effect on results of the U.S. dollar and related
currencies declining by 3% against sterling.

"Labtest's turnover continues to grow well in textiles, toys and
hardlines testing in China.  As expected, there has been some
contraction in textile testing in Europe and America.  In Caleb
Brett, the cargo inspection business and the outsourcing of
analytical laboratory services are producing good growth over
last year.  ETL SEMKO is performing well in all regions, with
Asia continuing to provide the fastest growth.  All the main
contracts in Foreign Trade Standards are performing well.

"ETL SEMKO recently acquired Omega Point Laboratories Inc (OPL)
for US$4.4 million.  OPL is an industry leader in fire testing of
building materials based in Texas, U.S.A.  The acquisitions made
in 2004 are making a useful contribution to the results in
2005."

About Intertek

Intertek is a leading international testing, inspection and
certification organization which assesses customers' products and
commodities against a wide range of safety, regulatory, quality
and performance standards and certifies the management systems of
customers.  Intertek has 294 laboratories and over 13,500 people
around the world and is increasingly undertaking outsourced
testing work for its customers.

                            *   *   *

At the end of 2004, Intertek's shareholders' funds remained
negative at GBP3.6 million, but down from -GBP43.1 million at 31
December 2003.  The deficit stems principally from the write-off
of goodwill in 1996 when the Group was purchased from its former
owners.  This amounted to GBP229.9 million at 31 December 2004.
The Group's net debt at 31 December 2004 was GBP112.4 million
compared to GBP132.2 million.

CONTACT:  INTERTEK GROUP
          Aston Swift,
          Treasurer and Investor Relations
          Phone: +44 (0) 20 7396 3400
          E-mail: aston.swift@intertek.com

          TULCHAN COMMUNICATIONS
          Tim Lynch
          Phone: +44 (0) 20 7353 4200
          E-mail: tlynch@tulchangroup.com

          Web site: http://www.intertek.com


INTIMO CREATION: Creditors Meeting Set Next Week
------------------------------------------------
The creditors of Intimo Creation Limited will meet on May 16,
2005 at 11:00 a.m.  It will be held at Begbies Traynor (South)
LLP, 32 Cornhill, London EC3V 3BT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Begbies Traynor (South) LLP, 32 Cornhill, London
EC3V 3BT not later than 12:00 noon, May 13, 2005.

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


JARVIS PLC: Talks with Creditors Ongoing
----------------------------------------
Jarvis plc noted Friday the recent press reports regarding its
ongoing discussions with lenders.  As announced on 29 March 2005,
the Group is discussing with its lenders both its short-term
working capital requirements and the longer-term objective of
restructuring its funding and capital base.

The precise form of these requirements and of the restructuring
has not been finalized.  Once agreement has been reached a
further announcement will be made.

                            *   *   *

A deal on a potential GBP250 million debt-for-equity swap is
expected by end of July at the earliest.

Reports say creditors could get nearly 80% of the company's
equity, but Jarvis has denied this, adding no terms had been
discussed yet.

CONTACT:  JARVIS PLC
          24 Britton St.
          London
          EC1M 5UA
          United Kingdom
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com


MARCONI CORPORATION: 800 Could Lose Jobs in Shakeup
---------------------------------------------------
Marconi Corporation plc laid out Friday a new organizational
structure that will ensure it remains focused on delivering
commitments to customers while improving competitiveness.

Marconi's current product units will be combined with its
regional business organizations in order to create geographic
centers of excellence based on the different product groupings.
Marconi will continue to market its full product range on a
global basis.  The four new business groups are: SoftSwitch
(Northern Europe); Wireless (Central Europe); Optical & Access
Networks (Southern Europe); and Data Networks (North America).

Each of these groups will continue to provide its customers with
Network Integration and Installation, Commissioning and
Maintenance Services.

The company's Value Added Services business will continue to
offer end-to-end services solutions to enterprise customers.  The
APAC and Middle East regional business areas will continue as
sales and service channels for the regional product businesses.

A process of consultation on a proposed reduction in headcount of
a total of up to 800 jobs in the U.K. has been instigated with
Trade Union and employee representatives.

Combining the product organizations with the regional businesses
will enable the Company to dismantle much of the current U.K.
based central Operations organization leading to significant cost
savings.  In addition overhead cost reduction initiatives across
all the Company's other business functions are being instigated
with immediate effect.

The Company will provide an update on the financial impact of
these cost reduction initiatives on 17 May, when it will announce
its Preliminary Results for the year ending 31 March 2005.

Mike Parton, CEO of Marconi, said: "We are committed to
maintaining and improving the products and services we provide to
our customers.  The new leaner organization that we have
announced Friday allows us to maintain our product roadmaps,
focusing our Research & Development expenditure on our key
product lines while making significant cost savings mainly in
overhead areas to underpin profitability."

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

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

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

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


MCCOWAN'S LTD.: Names Graham Wallace Chief Executive
----------------------------------------------------
Graham Wallace will take over the helm at revived confectionery
group McCowan's, Europe Intelligence Wire says.

Mr. Wallace, deal adviser for small and medium-sized businesses,
will assume the post of chief executive, taking charge of
McCowan's Stenhousemuir factory and 84 personnel.  Mr. Wallace
plans to develop McCowan's existing brands like Wham and Highland
Toffee, Vimto, and assorted fruit-flavored chewy candies.

"McCowan's is a well-established household name with a fantastic
range of brands. This is an opportunity to develop the business
further," he said.

Together with Andy Allan, Mr. Wallace set up Sally Gardens to
acquire McCowan's, saving the toffee maker from collapse after it
went into receivership in March.  Established in the early 1920s
by Andrew McCowan, the group is one of the best-known
confectionary makers in Scotland.  Sold to Nestle in the 1960s,
McCowan's underwent several management buy out, the first one in
the 1980s.  In the mid-90s, Dutch company Phideas took over the
company and operated it until 2003, when it yielded to a
management buyout.  In 2004, the company got a GBP125,000
Regional Selective Assistance Grant to fund its expansion
project.

CONTACT:  MCCOWAN'S LTD.
          44 Tryst Road
          Stenhousemuir
          Larbert
          Stirlingshire FK5 4HA
          Phone: (01324) 562158
          Fax: (01324) 552667


MG ROVER: Iran Drops Bid; Cites SAIC's Rights to 25, 75 Models
--------------------------------------------------------------
Iran has abandoned its plan to acquire carmaker MG Rover, The
Guardian says.

Iran's industry minister Eshagh Jahangiri told the Donya-ye
Eqtesad newspaper the government had withdrawn its interest since
Chinese carmaker Shanghai Automotive Industry Corporation (SAIC)
already owns the rights to manufacture MG Rover's 25 and 75
models.

"We don't need its machinery," Mr. Jahangiri was quoted as
saying.

SAIC acquired a number of rights from MG Rover in 2004 for GBP67
million as part of talks aimed at forming an alliance between the
two carmakers.  Both groups were in talks over a possible
SAIC-controlled joint venture that would see MG Rover cars
manufactured in Shanghai and Longbridge.  Negotiations, however,
did not prosper, forcing MG Rover's parent, Phoenix Venture
Holdings to call in administrators from PricewaterhouseCoopers.
MG Rover's collapse has already sent over 5,000 workers home.

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

          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


MITO LIMITED: Names DTE Leonard Curtis Administrator
----------------------------------------------------
J. M. Titley and A. Poxon (IP Nos 8617, 8620) have been appointed
administrators for Mito Limited.  The appointment was made April
20, 2005.  The company's registered office is located at 4-6
Rodney Street, Wigan, Greater Manchester WN1 1DG.

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


MOWLEM PLC: Wins GBP238 Million PFI Contract
--------------------------------------------
Mowlem plc, in 50/50 joint venture with Robertson Capital
Projects Limited, has signed a contract with Redcar and Cleveland
Borough Council for delivery of the GBP238 million Redcar and
Cleveland Schools PFI scheme, on which they were named preferred
bidder in 2004.

The project involves the construction or refurbishment and
remodeling of a total of five schools.  Work is due to start
immediately with a view to all the schools being open by Autumn
2006.

Following the GBP50 million capital works program, scheduled to
take approximately two years, Mowlem will then provide soft and
hard services to the schools for a further 28 years.

Commenting on the award of the contract, Simon Vivian, Mowlem's
Chief Executive, said: "We are delighted to have reached
financial close on this exciting project, which underlines our
strong position in schools PFI.  The construction and
refurbishment of these schools will make a real difference to
many children in Redcar and Cleveland and create a valuable
community resource for the people of the area.  We are looking
forward to a long and successful partnership with the Council and
the schools."

                            *   *   *

In March, Fitch Ratings affirmed Mowlem plc's Senior Unsecured
'BB' and Short-term 'B' ratings and removed them from Rating
Watch Negative.  A Stable Outlook has been assigned.

This rating action followed recent steps taken by Mowlem's new
Chief Executive Simon Vivian to strengthen internal risk
management structures and processes together with a more prudent
approach to profit recognition and a greater focus on cash
generation.  Additionally, the agency considers important
Mowlem's confirmation that sufficient bonding facilities remain
available, that potential breaches have been resolved and that
the FY04 audited accounts will receive an unqualified audit
opinion.  Fitch further noted the absence of negative surprises
in the recently published FY04 preliminary financial statements.

CONTACT:  CONTACT:  MOWLEM PLC
          White Lion Court, Swan St., Isleworth
          London
          TW7 6RN, United Kingdom
          Phone: +44-20-8568-9111
          Fax: +44-20-8847-4802
          Web site: http://www.mowlem.com


MULTIWALL PACKAGING: Proofs of Claim Due Later this Month
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Multiwall Packaging Limited

All the Creditors of Multiwall Packaging Limited are required on
or before May 30, 2005 to send in writing their names and
addresses and the particulars of their debt or claims, and the
names and addresses of their Solicitors, if any, to David Rolph
of Moore Stephens, 1 Snow Hill, London EC1A 2DH, the Liquidator
of the said Company, and, if so required by notice in writing
from the said Liquidator, or by his Solicitors or personally, to
come in and prove their said claims at such time and place as may
be specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debt are proved.

D. Rolph, Liquidator
April 27, 2005

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


NTL INC.: Telewest Merger Moves a Step Closer
---------------------------------------------
NTL Inc.'s merger with rival Telewest Global nears with the sale
of its Irish division, said The Telegraph Monday.

Media mogul John Malone has reportedly bought the venture for
EUR300 million, leaving NTL with its consumer and business
divisions.  NTL has already sold its radio and television
broadcast subsidiary for GBP1.27 billion to a group backed by
Australia's Macquarie Bank this year.

The supposed merger would create a GBP5.5 billion company to
compete with broadcasting giant BSkyB.

                            *   *   *

In the last three months of 2004, the number of new subscribers
to NTL's UK business plunged to 20,7000 household customers from
the 58,400 subscriptions it received in the same period a year
earlier.  The UK network also suffered an increase in the number
of subscribers who did not renew their contracts following the
implementation of a tighter credit policy, while its collection
division struggled to clear out non-paying customers.  This has
caused NTL to downsize the number of its collection offices from
eight to only four last year.

CONTACT:  NTL INCORPORATED
          Bartley Wood Business Park
          Bartley Way
          Hook
          Hampshire R627 9UP
          Phone: +44-1256-75-2000
          Fax: +44-1256-75-4100
          Web site: http://www.ntl.com


QXL RICARDO: Operating Loss Down 90% in 2004
--------------------------------------------
Highlights of fourth-quarter results ended 31 March 2005:

(a) Over 2 million successful transactions;

(b) Turnover increased 69% to GBP2.23 million compared to
    GBP1.32 million for the quarter ended 31 March 2004;

(c) Operating expenses (excluding exceptional items) increased
    64% to GBP2.06 million, compared to GBP1.26 million for the
    quarter ended 31 March 2004;

(d) Operating profit (excluding exceptional items) increased
    155% to GBP130,000, compared to a profit of GBP51,000 for
    the quarter ended 31 March 2004;

(e) Profit on ordinary activities (excluding exceptional items)
    before taxation increased 198% to GBP122,000 compared to
    GBP41,000 for the quarter ended 31 March 2004; and

(f) Cash balance at 31 March 2005 of GBP1.1 million.


Highlights of results for the year ended 31 March 2005:

(a) Total value of goods sold exceeded GBP110 million;

(b) Turnover increased 65% to GBP7.17 million, compared to
    GBP4.35 million for the year ended 31 March 2004;

(c) Operating expenses (excluding exceptional items and
    goodwill) decreased 6% to GBP7.36 million, compared to
    GBP7.84 million for the year ended 31 March 2004;

(d) Operating loss (excluding exceptional items and goodwill)
    decreased 90% to GBP368,000, compared to GBP3.51 million for
    the year ended 31 March 2004; and

(e) Loss on ordinary activities before taxation decreased 79% to
    GBP1.35 million compared to GBP6.47 million for the year
    ended 31 March 2004.

Commenting on the results Mark Zaleski, Chief Executive Officer,
said: "I am delighted that we achieved underlying profitability
in the last quarter.  These results also reflect the significant
progress we have made towards achieving full-year profitability,
with a 65% increase in annual turnover and a 6% reduction in
operating expenses (excluding exceptional items and goodwill).
In the last two quarters we have started to re-invest significant
sums in marketing and technology in order to drive and support
future growth.

"We expect the strong revenue growth in our key markets to
continue, with the usual seasonal impact on trading activity in
the first half of the financial year.  With the endorsement of
our two new large shareholder groups, we intend to devote
additional resources to accelerate progress in our legal claims
to recover full ownership and control of QXL Poland during the
coming year.

"In the short term, we expect our profitability will be impacted
by our plans to continue to increase our investment in marketing,
especially in the quarter ending June 2005, but overall we
believe that this increased investment will further strengthen
the business.  Going forward, we believe that the underlying
strength of the business model and our strong market positions
will deliver a significant increase in shareholder value."

Full copy of the report is available free of charge at
http://bankrupt.com/misc/QXL_Ricardo(2005).pdf

CONTACT:  QXL RICARDO PLC
          The Matrix Complex
          91 Peterborough Road
          London SW6 3BU
          Contact:
          Mark Zaleski, Chief Executive Officer
          Robert Dighero, Chief Financial Officer
          Tom Parkinson, Company Secretary
          Phone: +44 (0)20 7384 6310

          Financial Dynamics
          James Melville-Ross
          Juliet Clarke
          Phone: +44 (0)20 7831 3113


RANDOM LONDON: Liquidator to Give Final Report June
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Random London Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Final Meeting of Creditors of the above Company
will be held at Begbies Traynor, Chiltern House, 24-30 King
Street, Watford WD18 0BP, on June 8, 2005, at 10:00 a.m. for the
purpose of receiving the final account of the winding-up.
Creditors wishing to attend the Meeting must lodge their proofs
of debt and proxies at the address below, no later than 12:00
noon on the business day prior to the Meeting.

P. M. Davis, Liquidator

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


SPECTRAPROBE LTD.: Numerica Liquidators Move in
-----------------------------------------------
At the extraordinary general meeting of Spectraprobe Ltd. on
April 25, 2005 held at 15 Stanhope Gate, London W1K 1LN, the
special, ordinary and extraordinary resolutions to wind up the
company were passed.  Colin Ian Vickers, licensed Insolvency
Practitioner and Sarah Nancollas, licensed Insolvency
Practitioner of Numerica, 4th Floor, Southfield House, 11
Liverpool Gardens, Worthing, West Sussex BN11 1RY have been
appointed joint liquidators of the company.

CONTACT:  NUMERICA
          4th Floor, Southfield House,
          11 Liverpool Gardens, Worthing, West Sussex
          Phone: 01903 222500
          Fax:   01903 207009
          Web site: http://www.numerica.biz


STEEL MONKEYS: Now Operating in Belarus
---------------------------------------
Scotland's defunct computer games developer, Steel Monkeys,
surprised former employees by emerging in Belarus only months
after its collapse.

Steel Monkeys said at its new Web site that a foreign company,
Steel Monkeys (Belarus) was set up in Minsk in May 2004, where
the U.K. company already had an office.  It lists former managing
director Derek McLennan as its U.K. contact.

Mr. McLennan set up the firm with brothers Andrew and Gordon in
1998.  The business, once Scotland's promising computer games
maker, was profitable until 2002.  It experienced trouble later
and was liquidated.  The collapse left 30 staff at loss for wages
and creditors unable to recover GBP500,000 in loans.  According
to The Herald, Kenneth Craig, the company's liquidator, said at
the time that remaining assets were sold off before his
appointment.

A former employee told The Herald: "Derek McLennan seems to have
landed on his feet, apparently having started afresh using
essentially the same company name, citing all the old company's
projects as 'history' for the new one, and apparently relying on
all the old company's intellectual property.  All only a few
months after going into receivership without paying creditors,
including employees' wages."

Mr. McLennan said he no longer hold a stake in the firm.  Tim
Dvoskin, former business development director, is believed to be
behind the firm.  He is thought to have invested about GBP250,000
in the company, or half of what was put up to start the business
seven years ago.

CONTACT:  STEEL MONKEYS
          Web site: http://www.steelmonkeys.com/


SUPERFRAME GROUP: Meeting of Creditors Set Next Week
----------------------------------------------------
The creditors of Superframe Group Plc will meet on May 17, 2005
at 11:00 a.m.  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 One Great Cumberland Place, Marble Arch, London
W1H 7LW not later than 12:00 noon, May 16, 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


TRAVELEX PLC: Standard Chartered to Buy Stake
---------------------------------------------
Standard Chartered revealed last month it will acquire a minority
stake in Travelex plc.

On 25 February 2005, a consortium led by funds advised by Apax
Partners signed an agreement to acquire a majority shareholding
in Travelex, the world's largest non-bank foreign exchange
specialist.  Standard Chartered will join this consortium,
acquiring six percent of Travelex.  It will be represented on the
Board of the ultimate holding company.

Commenting on the transaction, Mervyn Davies, Group Chief
Executive of Standard Chartered, said: "This is a great business
opportunity to support the organic growth of our franchise.  We
have identified a number of synergies in products and channels
that will enable us to achieve growth in our foreign exchange and
SME businesses, while expanding the Travelex product range in our
markets.

"Working with Travelex is another step in our drive to deliver to
our customers an unbeatable selection of products and services."

The cooperation between Standard Chartered and Travelex would
pair two strong brands with complementary products and services.
The companies are looking at joint provision of foreign exchange
services, and the provision of Standard Chartered's banking
services to Travelex clients.  Both are also excited by the
possibilities of new distribution networks and the opportunities
for trade and payments.

Lloyd Dorfman, Chairman and Chief Executive of Travelex, said:
"We are delighted with the announcement.  We are looking to
accelerate our organic growth and geographical expansion.  I
believe that there are significant opportunities to grow
Travelex's business in Asia, Africa, and the Middle East.  These
are regions where Standard Chartered has a strong network, and we
are very excited to have them partnering us as we explore ways to
leverage our complementary skills in these markets."

Stephen Green and Stephan Wilcke who together led the deal for
Apax Partners, said: "Standard Chartered as a strategic partner
will bring tremendous value to this investment in Travelex's
highest growth region.  Apax Partners' funds have a successful
track record of investing together with strategic partners to
benefit our portfolio companies."

Apax Partners plan to close the transaction in summer 2005.

CONTACT:  TRAVELEX PLC
          Group Head Office
          65 Kingsway
          London WC2B 6TD
          Phone: +44 (0)20 7400 4000
          Fax: +44 (0)20 7400 4001

          European Head Office
          Worldwide House
          Thorpe Wood
          Peterborough PE3 6SB
          Phone: +44 (0)1733 502000
          Fax: +44 (0)1733 502033
          Web site: http://www.travelex.co.uk

          STANDARD CHARTERED
          Group Corporate Affairs
          Paul Marriage, Head Corporate Communications
          Phone: +44 20 7280 7163
          Mobile: +44 7909 687 366
          Web site: http://www.standardchartered.com


UDG LIMITED: Hires Administrators from Smith & Williamson
---------------------------------------------------------
Anthony Murphy and Roger Tulloch (IP Nos 8716, 9174) have been
appointed joint administrators for UDG Limited.  The appointment
was made April 21, 2005.  The company offers miscellaneous
financial services.

CONTACT:  SMITH & WILLIAMSON LIMITED
          No 1 Bishops Wharf
          Walnut Tree Close
          Guildford GU1 4RA
          Phone: 01483 407 100
          Fax: 01483 301 232
          Web site: http://www.smith.williamson.co.uk


UNIVERSAL CONSUMER: Calls in Administrator
------------------------------------------
Anthony Murphy and Roger Tulloch (IP Nos 8716, 9174) have been
appointed joint administrators for Universal Consumer Products
Limited.  The appointment was made April 21, 2005.  The company
sells household goods and hardware wholesaling.

CONTACT:  SMITH & WILLIAMSON LIMITED
          No 1 Bishops Wharf
          Walnut Tree Close
          Guildford GU1 4RA
          Phone: 01483 407 100
          Fax: 01483 301 232
          Web site: http://www.smith.williamson.co.uk


VOYANT EUROPE: Appoints Geoffrey Martin & Co. Liquidator
--------------------------------------------------------
At the extraordinary general meeting of Voyant Europe Limited on
April 17, 2005 held at 4750 Willow Road, Pleasanton, CA 94588,
USA, the special resolutions to wind up the company were passed.
Stephen Goderski of Geoffrey Martin & Co, 7-8 Conduit Street,
London W1S 2XF has been appointed liquidator of the company.

CONTACT:  GEOFFREY MARTIN & CO.
          7-8 Conduit Street
          London W1S 2XF
          Phone: 020 7495 1100
          Fax: 020 7495 1144
          E-mail: stephen.goderski@geoffreymartin.co.uk


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *