TCREUR_Public/050511.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

             Wednesday, May 11, 2005, Vol. 6, No. 92

                            Headlines

C Z E C H   R E P U B L I C

CEPRO AS: Dealers Enforce Claim by Withholding Oil Payments
MS-UNIKOV: Court Sides with Creditor; Declares Firm Bankrupt


F R A N C E

CLUB MEDITERRANEE: Reiterates Operating Profit Forecast
INTERNATIONAL REAL: Death Knell Sounds for Edouard Stern's Firm
LAFON INDUSTRIES: Fuel Tanker Maker Succumbs to Bankruptcy
RHODIA SA: 2004 Net Loss Balloons Under IFRS


G E R M A N Y

2 K-BAU: Creditors Have Until June to Prove Claims
BASYS BAU: Creditors Meeting Set July
BHG COLOR: Heidelberg Court Appoints Administrator
C.P. TRANSPORTE: Creditors Claim Due this Month
DRUCK- UND VERLAGSHAUS: Under Bankruptcy Proceedings

ERNST HAAK: Neumunster Court Declares Firm Bankrupt
FREIZEIT CENTER: Proofs of Claim Due Next Month
GASTRONOMIE & CATERING: Proofs of Claim Due Next Month
GEBERT HEIZUNG: Court to Verify Claims June
HERA GRUNDSTUCKS: Creditors Meeting Set June

KB MODEVERTRIEB: Court Appoints Thomas Linse Administrator
LICHT & KRAFT: Court Confirms Bankruptcy
LTU GROUP: High Fuel Costs Keeps Firm from Soaring
MARSEILLE-KLINIKEN AG: Sales Up to EUR152 Million
PHOENIX KAPITALDIENST: Quick Recovery of Missing Cash Unlikely

ROCH AG: Court Sets Proofs of Claim Deadline Next Month
RUDNITZER TRANSPORTGESELLSCHAFT: Falls into Bankruptcy
SGL CARBON: Posts Earnings Growth in First-quarter
WAHL TRANSPORT: Administrator Takes over Operations


H U N G A R Y

AUCHAN MAGYARORSZAG: To Face Unpaid Bills


I T A L Y

ALITALIA SPA: Emirates Open to Partnership, Says Minister
PIAGGIO & C. SPA: Narrows 1st-qtr. Net Loss to EUR16.7 Mln
VINCENZO ZUCCHI: Remains Loss-making in First Quarter


K Y R G Y Z S T A N

MAKSAT: Assets for Public Auction Tomorrow
MEIKI: Chui Court Declares Firm Insolvent
OSHSKOYE PATP: Public Auction Set Today
PALMIRA LTD.: Deadline for Proofs of Claim Set Next Month
RATIBOR: Creditors Have Until June to File Claims


N E T H E R L A N D S

NUMICO N.V.: Regulator Extends Mellin Buyout Probe
UNITEDGLOBALCOM, INC.: To Acquire NTL Ireland


P O L A N D

WIRTUALNA POLSKA: TPSA Ordered to Honor PLZ220 Mln Put Option


R U S S I A

KOCHAKOL: Deadline for Proofs of Claim Set Later this Month
KROMSKAYA MOVABLE: Creditors Have Until June to File Claims
LIKHOSLAVLSKIY: Tver Court Appoints Insolvency Manager
SEVER-ALKO: Declared Insolvent
SLAVYANKA: Succumbs to Bankruptcy

SOV-BUSINESS-2: Moscow Court Names Insolvency Manager
TAYSHETSKIY COMBINE: Bankruptcy Proceedings Begin
TRANS-INTER-TERMINAL: Names B. Mazenko Insolvency Manager
TSVILLINGSKOYE: Deadline for Proofs of Claim Set Next Month
YUKOS OIL: Allowed to Disburse US$384,967 from Court Registry
ZAVOLZHSKIY BREAD: Declared Insolvent


S W E D E N

SAS GROUP: Mulls Disposing Component Business


U N I T E D   K I N G D O M

ACCOUNTANCY TUITION: Liquidators from PwC Move in
AFFORDABLE MAINTENANCE: Names F A Simms Liquidator
APEX FREIGHT: Hires Liquidators from DS Insolvency Services
APR DEVELOPMENTS: Calls in Liquidators from KPMG
ARKIMA BUSINESS: Appoints RSM Robson Rhodes Administrator

BAYSHIELDS LIMITED: Applies for Liquidation
BELL, DUNN: Members Decide to Wind up Firm
COLOURDRAW LIMITED: In Administrative Receivership
CORNER BAR: Names Mercer & Hole Administrator
DAWSON INTERNATIONAL: Narrows Pre-tax Loss to GBP2 Million

DIAMONITE PLC: Lloyd TSB Bank Appoints Receiver
EFUSE SOLUTIONS: Meeting of Creditors Set Next Week
ENCODA BROADCAST: Members General Meeting Set Next Month
FOOD & DRINK: Hires Administrators from BDO Stoy Hayward
GENERAL INSURANCE: Liquidator from Kroll Limited Moves in

HIRAMIX LIMITED: Members Pass Winding-up Resolutions
HOMECOVER INSURANCE: Members Final Meeting Set June
LAMTECH LIMITED: Administrators from Menzies Move in
LOCKERBY PACKAGING: Creditors Meeting Set Friday
MARKS & SPENCER: May Conclude Appointment Feud This Week

MERLIN SUNSCREENING: Calls in Administrators from Stoy Hayward
MORRIS GROUP: Members Pass Winding-up Resolution
MOSSLAY LIMITED: Holding Company Hires Administrator
NEW FULCRUM: Appoints PricewaterhouseCoopers Liquidator
NTL INC.: Sells Irish Division for EUR325 Million

PAGANEL ESTATES: Names Higgs & Sons Liquidator
PATHFINDER (NOTTINGHAM): Members Hire Liquidator from D. Wald
POW INVESTMENTS: Calls in Administrator
QSOFT MEDIA: Members Decide to Wind up Firm
ROYAL MAIL: Quells Privatization Reports

SKYEPHARMA PLC: Receives FDA Approval for Triglide
SUSTAINABLE PROPERTY: Hires Administrator from Wilkins Kennedy
S W BUILDERS: Hires Administrator from Bond Partners
UNIWEST (DEVELOPMENTS): Names KPMG Liquidator
WZXUQ LIMITED: Names Liquidator from Dewey & Co.

* Individual Bankruptcies Up; Company Insolvencies Down


                            *********


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


CEPRO AS: Dealers Enforce Claim by Withholding Oil Payments
-----------------------------------------------------------
Dealers are refusing to pay for crude oil sourced from fuel
storage company Cepro, according to Czech Happenings.

The withholding of payment is allegedly meant to offset about
CZK3 billion in claims that dealers have assumed from Cepro's
creditors.  According to the report, a court had previously
recognized the claims as valid, but until recently no party had
tried to enforce it.

The report did not identify the creditors from which the dealers
acquired the claims or the court, which upheld it.  Jan Juchelka,
who chairs Cepro's sole shareholder, the National Property Fund,
acknowledged the claims, but vowed to fight it.

"Cepro does not accept one-sided setting off of claims and will
take steps to get the money back," Mr. Juchelka told Czech
Happenings.

Tomas Sokol, a lawyer of Al Batal, which used to hold a CZK2.6
billion claim on Cepro, sees nothing wrong with the dealers'
move.  "The debt has been acknowledged by court and exists.
Setting it off is an absolutely legitimate way to get rid of the
matter.  I am probably not the only one who has discovered this,"
the report quoted him saying.

As of 2000, Cepro operated 16 of Czech Republic's 45 oil depots.
Supplied by pipeline, the depots can hold 9.9 million barrels of
crude oil, according to http://www.factbook.net/. The company
recently avoided a distraint order that creditors had sought on
its properties.

CONTACT:  CEPRO A.S.
          Prague 1 Spalena 5
          Post Code 111 21
          Phone: 420 221 968 110
          Fax: 420 221 968 123
          E-mail: ceproas@ceproas.cz
          Web site: http://www.ceproas.cz


MS-UNIKOV: Court Sides with Creditor; Declares Firm Bankrupt
------------------------------------------------------------
The Regional Court in Ostrava on Friday declared metal waste
processor MS-Unikov Ostrava bankrupt, Czech Happenings said
citing the court's deputy chairman Rostislav Krhut.

Cyprus-based company Stroden Management Limited filed the
petition against MS-Unikov, which failed to pay the claim Stroden
bought from Union banka.  The report puts the debt at CZK400
million, one of Union banka's substantial claims against
MS-Unikov.

Spokesman Ondrej Hampl, of Mittal Steel Ostrava, the parent of
MS-Unikov, said the firm has been a problem child for four years
now.  Last year it tried to improve its fortunes by hiring new
staff, raising production and labor productivity, and reinforcing
its fleet to improve market position.  Output and productivity
did improve last year, but the subsidiary still lost CZK88
million, up from -CZK58 million the year before; this despite
increase in sales to CZK740 million from CZK259 million.
Operating loss reached CZK5 million, owner's equity dropped
to -CZK542 million, and loans ballooned to CZK895 million.

Mr. Hampl said the majority owner wants the firm to continue
operating while in bankruptcy, but the final word on the matter
will be Jiri Sebesta's, the court-appointed receiver.  Mittal
Steel Ostrava owns about 75% of MS-Unikov, while Trinecke
zelezarny holds the rest.  The majority stake is worth CZK208
million.  Trinecke spokeswoman Dusana Chrenekova said MS-Unikov's
bankruptcy will not affect her firm's results, as it had already
made provisions for the claims.

MS-Unikov was set up by former Nova hut, now Mittal Steel
Ostrava, and Trinecke zelezarny in 1993.  It eventually became
one of Czech Republic's biggest metal waste processors.  It
employed 90 people as of 2004.

CONTACT:  MS-UNIKOV OSTRAVA s.r.o.
          Polanecka 820
          723 01 OSTRAVA - SVINOV
          Phone: 596 976 111
          Fax: 596 964 436
          Web site: http://www.msunikov.cz/


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


CLUB MEDITERRANEE: Reiterates Operating Profit Forecast
-------------------------------------------------------
Club Mediterranee S.A. intends to increase operating profit by
fivefold next year.  Chief executive Henri Giscard d'Estaing told
recently told weekly paper Le journal des finances the resorts
operator is aiming for an operating profit of EUR100 million in
2006, up from EUR17 million last year.

To meet the goal, the company intends to raise prices and volumes
and improve ticket sales.  The company also plans to lure more
visitors, from 25,000 in 2004 to 30,000 per year beginning next
year.

Club Med reported an operating profit in 2004, a year after
booking a EUR6 million loss in the operating level and EUR44
million overall; this notwithstanding EUR1.6 billion in sales.
In the first quarter, turnover dropped 6.9%, as revenues only
amounted to EUR319 million.  It blamed the result to the tsunami
that hit southern Asia and hurricanes in the Caribbean.  Accor
holds a 28.9% stake in the group.

CONTACT:  CLUB MEDITERRANEE S.A.
          11 rue de Cambrai
          75957 Paris Cedex 19
          Phone: +33-1-53-35-35-53
          Fax: +33-1-53-35-32-73
          Web site: http://www.clubmed.com


INTERNATIONAL REAL: Death Knell Sounds for Edouard Stern's Firm
---------------------------------------------------------------
International Real Returns, the investment fund owned by murdered
French investment banker Edouard Stern, will be liquidated, Les
Echos reported Monday.

According to the paper, which quoted the executor of Mr. Stern's
will Kristen van Riel, the liquidation should be finished earlier
than expected.

Meanwhile, French holding company Eurazeo disclosed last week its
intention to sell its stake in IRR.  The firm has been mulling
the reduction of its IRR shares since 2004.  Mr. Stern founded
IRR in Switzerland following his departure from investment bank
Lazard, a Eurazeo subsidiary.

CONTACT:  INTERNATIONAL REAL RETURNS
          c/o Eurazeo
          3 rue Jacques Bingen
          75017 Paris, France
          Phone: +33-1-44-15-01-11
          Fax: +33-1-47-66-84-41
          Web site: http://www.eurazeo.com


LAFON INDUSTRIES: Fuel Tanker Maker Succumbs to Bankruptcy
----------------------------------------------------------
A court in Bordeaux has declared Lafon Industries bankrupt,
according to Les Echos.

The company, which manufactures fuel tanker lorries, recently
reported a EUR750,000 full-year loss, its second after posting
EUR2.5 million last year.  According to the company, the
consolidation in the oil sector brought many changes to the fuel
distribution sector as well.  The blow was particular hard on the
company, which recorded a decline of more than 50% in demand the
past two years.

CONTACT:  LAFON GROUP
          Web site: http://www.lafon.fr/


RHODIA SA: 2004 Net Loss Balloons Under IFRS
--------------------------------------------
As announced on 19 January 2005, Rhodia S.A. presented on Monday
the impact of the transition to IFRS on its consolidated
financial statements for 2004.  The adoption of the new standards
will not have any impact on Rhodia's liquidity and financial
resources.

Key 2004 figures under IFRS:

(a) sales from continuing operations of EUR5,486 million;

(b) recurring EBITDA from continuing operations of EUR483
    million;

(c) EBITDA on sales ratio of 8.8%;

(d) net loss of EUR641 million;

(e) consolidated net debt of EUR2,328 million; and

(f) shareholders' equity to (EUR546) million at 31 December
    2004.

The principal effects of the transition to IFRS relate to:

(a) Sales, which came to EUR5,486 million after the inclusion of
    EUR609 million in revenues from other industrial activities
    and services, EUR44 million in sales from joint ventures and
    after the elimination of (EUR448) million in sales from
    discontinued operations during 2004;

(b) Recurring EBITDA of EUR483 million versus EUR537 million
    before the reclassification of discontinued operations.  The
    change in recurring EBITDA, from EUR444 million under French
    GAAP to EUR483 million under IFRS, breaks down as (in
    millions of euros):

    Restatement of the actuarial gains
    and losses on pensions:                         36

    Proportional consolidation
    of joint ventures
    (Primester, Butachimie, etc.)                   46
    including EUR12 million
    in exceptional items

    Other effects (leases, research
    and development costs)                           11
                          Sub-total (historic scope) 93

    Reclassification of EBITDA
    from discontinued operations:                   (54)
                                              Total  39

(c) Recurring EBITDA as a percentage of sales breaks down as:

    (in millions       2004         2004 IFRS      2004 IFRS
    of euros)       French GAAP     including      continuing
                                   discontinued    operations
                                    operations

    Sales             5,281           5,934        5,486
    Recurring EBITDA   444             537          483
    As a % of sales  8.4%              9%          8.8%;

(d) The IFRS 2004 net loss came to EUR641 million, compared with
    a net loss of EUR625 million under French GAAP.  The first-
    time adoption of the new standards negatively impacts the
    net result by EUR71 million principally due to the treatment
    of deferred taxation.  Excluding these items, IFRS would
    have had a positive impact of EUR55 million on 2004 net
    income mainly as a result of:

    (i) discontinuation of actuarial losses amortization on
        pension obligations: EUR36 million;

   (ii) capitalization of certain development costs: EUR8
        million;

  (iii) discontinuation of the straight-line amortization of
        goodwill: EUR10 million;

(e) At 31 December 2004, Rhodia's net debt under IFRS came to
    EUR2,328 million compared with EUR1,929 million under French
    GAAP owing primarily to the impact of including joint
    ventures debt and the consolidation of asset securitization
    programs recorded off-balance sheet under French GAAP;

(f) As announced in January 2005, Rhodia's negative
    shareholders' equity of (EUR546) million under IFRS compared
    with a positive figure of EUR70 million under French GAAP at
    31 December 2004 primarily reflects the impact of the
    immediate recognition in Liabilities of EUR607 million in
    actuarial losses on pension obligations.

CONTACT:  RHODIA SA
          26, quai Alphonse Le Gallo
          92512 Boulogne-Billancourt Cedex, France
          Phone: +33-1-55-38-40-00
          Fax: +33-1-55-38-44-71
          Web site: http://www.rhodia.com

          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25


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


2 K-BAU: Creditors Have Until June to Prove Claims
--------------------------------------------------
The district court of Limburg opened bankruptcy proceedings
against 2 K-Bau GmbH on April 20.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 2, 2005 to register their claims with
court-appointed provisional administrator Dr. Alfred Kohler.

Creditors and other interested parties are encouraged to attend
the meeting on June 16, 2005, 10:05 a.m. at Zimmer C 9,
Amtsgerichtsgebaude, Walderdorffstrasse 12, 65549 Limburg of
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:  2 K-BAU GMBH
          Ruppertstrasse 15, 65551 Limburg-Lindenholzhausen
          Contact:
          Nurten Eser, Manager
          Grossmannswiese 22b, 65594 Runkel

          Dr. Alfred Kohler, Administrator
          Wilhelmstrasse 42, D-65582 Diez
          Phone: 06432/6458-0
          Fax: 06432/6458-20


BASYS BAU: Creditors Meeting Set July
-------------------------------------
The district court of Offenburg opened bankruptcy proceedings
against Basys Bau GmbH on April 20.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 8, 2005 to register their claims with
court-appointed provisional administrator Dr. Martin
Mildenberger.

Creditors and other interested parties are encouraged to attend
the meeting on July 17, 2005, 10:00 a.m. at the district court of
Offenburg, Hindenburgstr. 5, 77654 Offenburg, Kellergeschoss,
Saal 0005 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:  BASYS BAU GMBH
          Contact:
          Uwe Armbruster
          Palmengasse 1, 77948 Friesenheim

          Dr. Martin Mildenberger, Administrator
          Bertha-von-Suttner-Str. 3, 77654 Offenburg


BHG COLOR: Heidelberg Court Appoints Administrator
--------------------------------------------------
The district court of Heidelberg opened bankruptcy proceedings
against BHG Color Print GmbH & Co. KG on April 20.  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 Karl-Heinrich Lorenz.

Creditors and other interested parties are encouraged to attend
the meeting on June 24, 2005, 9:00 a.m. at the district court of
Heidelberg, 69115 Heidelberg, Kurfurstenanlage 21, EG, Saal 12 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:  BHG COLOR PRINT GMBH & CO. KG
          Neue Bahnhofstr. 31, 68535 Edingen-Neckarhausen

          Karl-Heinrich Lorenz, Administrator
          Theodor-Heuss-Anlage 12, 68165 Mannheim
          Phone: 0621/422900
          Fax: 0621/4229010


C.P. TRANSPORTE: Creditors Claim Due this Month
-----------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against C. P. Transporte und Kurierdienst GmbH on April 19.
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 Axel Geese.

Creditors and other interested parties are encouraged to attend
the meeting on June 20, 2005, 10:00 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  C. P. TRANSPORTE UND KURIERDIENST GMBH
          Pestalozzistr. 4, 33615 Bielefeld
          Contact:
          Peter Carkic, Manager

          Axel Geese, Administrator
          Adenauerplatz 4, 33602 Bielefeld


DRUCK- UND VERLAGSHAUS: Under Bankruptcy Proceedings
----------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Druck- und Verlagshaus Katzbach GmbH on April 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 10, 2005 to
register their claims with court-appointed provisional
administrator Dr. Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting on July 12, 2005, 2:30 p.m. at Saal 56, 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:  DRUCK- UND VERLAGSHAUS KATZBACH GMBH
          Schillerstrasse 52, 04565 Regis-Breitingen
          Contact:
          Ralf Katzbach, Manager
          Klaus-Peter Katzbach, Manager

          Dr. Volkhard Frenzel, Administrator
          Magdeburger Str. 23, 06112 Halle


ERNST HAAK: Neumunster Court Declares Firm Bankrupt
---------------------------------------------------
The district court of Neumunster opened bankruptcy proceedings
against Ernst Haak Fliesen, Keramik, Treppen GmbH on April 6.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 26, 2005 to
register their claims with court-appointed provisional
administrator Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting on July 7, 2005, 9:50 a.m. at Raum B 031, im
Gerichtsgebaude, Boostedter Strasse 26 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:  ERNST HAAK FLIESEN KERAMIK, TREPPEN GMBH
          Contact:
          Geba Haak
          Usedomstrasse 3, 24782 Budelsdorf
          Illemann und Postel
          Am Holstentor 7, 24768 Rendsburg

          Jan H. Wilhelm, Administrator
          Albert-Einstein-Ring 11, 22761 Hamburg


FREIZEIT CENTER: Proofs of Claim Due Next Month
-----------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Freizeit Center Main Automaten und Handelsgesellschaft
mbH on April 15.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
June 13, 2005 to register their claims with court-appointed
provisional administrator Michael H. J. Graaff.

Creditors and other interested parties are encouraged to attend
the meeting on July 12, 2005, 2:00 p.m. at the district court of
Hannover Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger Allee
26, 30161 Hannover, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  FREIZEIT CENTER MAIN AUTOMATEN
          UND HANDELSGESELLSCHAFT MBH
          Osterfeldweg 8, 30900 Wedemark
          Contact:
          Horst Helmut Freise, Manager

          Michael H. J. Graaff, Administrator
          Georgstrasse 48, 30159 Hannover
          Phone: 0511/270412-0
          Fax: 0511/270412-10


GASTRONOMIE & CATERING: Proofs of Claim Due Next Month
------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against LAGA Gastronomie & Catering GmbH on April 26.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 13, 2005 to
register their claims with court-appointed provisional
administrator Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting on July 4, 2005, 11:00 a.m. at the district court of
Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster, EG, Saal 13 B 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:  GASTRONOMIE & CATERING GMBH
          Fabrikstrasse 3, 48599 Gronau
          Contact:
          Beatrice Schmitt, Manager
          Rue de Bolets 16, F67500 Haguenau

          Andreas Sontopski, Administrator
          Gnoiener Platz 1, 48493 Wettringen
          Phone: 02557/9384-0
          Fax: +492557938450


GEBERT HEIZUNG: Court to Verify Claims June
-------------------------------------------
The district court of Amberg opened bankruptcy proceedings
against Gebert Heizung Luftung Sanitar GmbH on April 11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 2, 2005 to
register their claims with court-appointed provisional
administrator Tassilo Schatz.

Creditors and other interested parties are encouraged to attend
the meeting on June 20, 2005, 1:30 p.m. at the district court of
Amberg, Baustadelgasse 1, Sitzungssaal V, 1. Stock, Zimmer 115,
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this meeting,
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager at the same venue.

CONTACT:  GEBERT HEIZUNG LUFTUNG SANITAR GMBH
          Krandorfer Str. 10 in 92548 Unterauerbach

          Tassilo Schatz, Administrator
          Sulzbacher Strasse 113, 92224 Amberg
          Phone: 09621/603063
          Fax: 09621/603064


HERA GRUNDSTUCKS: Creditors Meeting Set June
--------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against HERA Grundstucks GmbH on April 21.  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 M.
Welsch.

Creditors and other interested parties are encouraged to attend
the meeting on June 20, 2005, 11:20 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  HERA GRUNDSTUCKS GMBH
          Rietberger Str. 2, 33378 Rheda-Wiedenbruck
          Contact:
          Torsten Hainke, Manager
          Capitelholz 14, 33378 Rheda-Wiedenbruck

          Frank M. Welsch, Administrator
          Barkeystrasse 30, 33330 Gutersloh


KB MODEVERTRIEB: Court Appoints Thomas Linse Administrator
----------------------------------------------------------
The district court of Bamberg opened bankruptcy proceedings
against KB Modevertrieb GmbH on April 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors had until May 9, 2005 to register their claims
with court-appointed provisional administrator Thomas Linse.

Creditors and other interested parties are encouraged to attend
the meeting on July 1, 2005, 9:00 a.m. at the district court of
Bamberg, Sitzungssaal 031, Synagogenplatz 1, 96047 Bamberg, at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager at the same venue.

CONTACT:  KB MODEVERTRIEB GMBH
          Johann-Langhans-Str. 22 in 97475 Zeil am Main

          Thomas Linse, Administrator
          Rosenauer Str. 22, 96450 Coburg
          Phone: 09561/8034-0
          Fax: 09561/8034-34


LICHT & KRAFT: Court Confirms Bankruptcy
----------------------------------------
The district court of Muhlhausen opened bankruptcy proceedings
against Licht & Kraft Elektrotechnik Mihla e.G 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 Dr. Frank Kreuznacht.

Creditors and other interested parties are encouraged to attend
the meeting on June 20, 2005, 2:30 p.m. at the district court of
Muhlhausen, Untermarkt 17, Raum 35 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  LICHT & KRAFT ELEKTROTECHNIK MIHLA E.G.
          Talstrasse 1, 99826 Mihla

          Dr. Frank Kreuznacht, Administrator
          Untermarkt 23, 99974 Muhlhausen


LTU GROUP: High Fuel Costs Keeps Firm from Soaring
--------------------------------------------------
Holiday flight operator LTU Group is expecting results to be flat
this year as it struggles with continued rise in fuel prices,
Suddeutsche Zeitung reports.  However, despite abandoning its
more rosy prediction, the firm still believes net profit would be
a seven-digit figure.

High fuel costs last year also deterred the firm from reporting a
small profit.  It was only able to halve the previous year's loss
instead of returning to black as planned.

This year LTU plans to pay EUR30 million of its EUR100 million
debt.  The firm obtained the loan in 2001 to keep itself afloat
after the collapse of substantial shareholder Swissair, whose
share it is now trying to dispose.

LTU provides supplements of EUR20 on medium-haul flights and
EUR30 on long-haul flights.

CONTACT:  LTU LUFTTRANSPORT-UNTERNEHMEN GMBH
          Flughafen Halle 8
          D-40474 Dusseldorf, Germany
          Phone: +49-211-9418-888
          Fax: +49-211-9418-881
          Web site: http://www.ltu.de


MARSEILLE-KLINIKEN AG: Sales Up to EUR152 Million
-------------------------------------------------
In the first three quarters of the fiscal year 2004/05,
Marseille-Kliniken AG (Prime Standard, ISIN DE 0007783003, MKA)
was able to further increase sales by 1.2% to EUR152.1 million
(previous year EUR150.3 million).  The earnings pursuant to
DVFA/SG (IFRS) amounted to EUR6.4 million compared with EUR6.2
million in the previous year.  The earnings per share came to
EUR0.53 following EUR0.51 in the same period one year ago.  Thus,
due to its strong earnings power the Nursing division was also
able to more than offset the decline in earnings in
Rehabilitation in the third quarter of the business year
2004/2005.

The occupancy rate in the entire Group amounted to 89.3% for the
reference period compared with 89.8% one year ago.  In addition
to the still low utilization rate of the Rehabilitation division,
the main reasons are start-up facilities in the Nursing segment.

In its core segment Nursing, in which Marseille-Kliniken provides
three quarters of the Group's total bed capacity, sales and
earnings continued to improve.  With sales of EUR111.3 million in
this segment during the period under review, Marseille-Kliniken
realized a rise in sales of EUR3 million with respect to the
EUR108.3 million sales generated in the same period a year ago.
The earnings pursuant to DVFA/SG (IFRS) once again improved
compared with the prior year after the completion of
modernization measures.  It rose to EUR9.3 million, up EUR0.7
million from EUR8.6 million in the previous year.

There are more and more signs of normalization in the
Rehabilitation segment.  Even though the division's sales and
earnings were burdened because of restructuring measures, the
important key figure for the sector, the utilization rate,
improved from 74% to 75.8%.  As expected, sales of EUR39.1
million in the first nine months of the fiscal year 2004/05 were
EUR2.9 million below previous year's level of EUR42.0 million.
The earnings pursuant to DVFA/SG (IFRS) of -EUR2.9 million were
still below last year's amount of -EUR2.4 million.  However,
during the 3rd quarter the loss contribution was reduced by
EUR365,000 (23%) to EUR1.215 million compared with the same
period one year ago.

The so far solid development will continue in the remaining three
months.  Therefore, we expect the growth in the Nursing division
and the beginning recovery in the Rehabilitation segment to
result in a disproportionately high increase in the DVFA result
for the entire business year 2004/2005 (previous year: EUR7.9
million).

                            *   *   *

In February, Standard & Poor's Ratings Services revised its
outlook on Germany-based private health-care provider
Marseille-Kliniken AG to negative from stable, following a
weakening of the group's capital base.  The 'BB-' long-term
corporate credit rating was affirmed.

CONTACT:  MARSEILLE-KLINIKEN AG
          MKA Sportallee 1 Deutschland DE-22335 Hamburg
          Phone: +49(0) 40 51459 0 Pharmaceuticals
          Web site: http://www.marseille-kliniken.de

          Axel Holzer, CEO
          Alte Jakobstrasse 79/80 10709 Berlin
          Phone: +49 30/246 32-400
          Fax: +49 30/246 32-401

          HILLERMANN CONSULTING
          Christian Hillermann, Managing Director
          Eppendorfer Baum 5 20249 Hamburg
          Phone: +49 40/414069-13
          Fax: +49 40/414069-14


PHOENIX KAPITALDIENST: Quick Recovery of Missing Cash Unlikely
--------------------------------------------------------------
It will take five years or longer to sort out the mess at Phoenix
Kapitaldienst, according to Europe Intelligence Wire.

The disgraced fund manager has left a jumble of accounts that
have gone missing along with EUR800 million in investors' money.
Insolvency administrator Frank Schmitt, of local law firm
Schultze & Braun, has set up a database to determine how much
money went into and out of which account.  The system has so far
traced EUR200 million in various accounts in Germany and
Scandinavia.

The company's complex operations was exposed when financial
regulator BaFin opened an investigation into the collapse of
Phoenix Managed Account in March.  The fund, one of only several
managed by the company which counts 30,000 investors, is believed
to be worth over EUR900 million, according to Troubled Company
Reporter-Europe.

The company's insolvency proceedings will begin either June or
July, the report says.

CONTACT:  PHOENIX KAPITALDIENST GMBH
          Vilbeler Strasse 29
          Arcadia-Haus
          D-60313 Frankfurt am Main
          Phone: +49-69-28 02 66
                        30 03 600
          Fax: +49 - 69 - 29 01 80
                          28 41 75
          E-mail: phxkap@phoenix-ffm.de
          Web site: http://www.phoenix-ffm.de

          SCHULTZE & BRAUN RECHTSANWALTSGESELLSCHAFT FUER
          INSOLVENZVERWALTUNG MBH
          Olof-Palme-Strasse 13
          60439 Frankfurt
          Phone: +49 69 / 50986-0
          Fax: +49 69 / 50986-110
          Web site: http://www.schubra.de


ROCH AG: Court Sets Proofs of Claim Deadline Next Month
-------------------------------------------------------
The district court of Lubeck opened bankruptcy proceedings
against Roch AG on April 21.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 13, 2005 to register their claims with
court-appointed provisional administrator Hansjoachim
Grube-Dobrick.

Creditors and other interested parties are encouraged to attend
the meeting on July 4, 2005, 9:00 a.m. at the district court of
Lubeck, Am Burgfeld 7 , 23568 Lubeck, Saal 256 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:  ROCH AG
          Seelandstrasse 1, D- 23569 Lubeck

          Hansjoachim Grube-Dobrick, Administrator
          Wakenitzstr. 6a, 23564 Lubeck


RUDNITZER TRANSPORTGESELLSCHAFT: Falls into Bankruptcy
------------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Rudnitzer Transportgesellschaft mbH
Internationale Spedition on April 22.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 14, 2005 to register their claims with
court-appointed provisional administrator Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting on July 19, 2005, 10:10 a.m. at the district court of
Frankfurt (Oder), Mullroser Chaussee 55, 15236 Frankfurt (Oder),
Saal 401, 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:  RUDNITZER TRANSPORTGESELLSCHAFT MBH
          INTERNATIONALE SPEDITION
          Dorfstrasse 20, 16321 Rudnitz

          Dr. Petra Hilgers, Administrator
          Goethestrasse 85, 10623 Berlin


SGL CARBON: Posts Earnings Growth in First-quarter
--------------------------------------------------
SGL Carbon results increased in particular as a result of the
continuing strong demand for graphite electrodes.  Consolidated
sales went up 13% to EUR238.3 million (Q1/2004: EUR211.0
million).  After adjusting for foreign currency changes, an
increase of 15% was posted.

EBIT increased on a comparable basis by 25% from EUR16.7 million
in the previous year to EUR20.9 million in Q1/2005 -- largely the
result of the ongoing favorable business development of CG and
the reduced operating loss of SGL T.  Adjusted EBIT for Q1/2004
of EUR16.7 million is calculated as follows: EBIT after
restructuring expenses amounted to EUR7.7 million in Q1/2004.
Taking into consideration the EUR6.5 million operating loss from
the divested Surface Protection business, the cessation of the
EUR1.3 million scheduled amortization of goodwill in line with
IFRS 3, and the reclassification of the north American pension
provisions of EUR1.2 million, that are now unified and shown in
the financial result altogether in the above-mentioned EBIT of
EUR16.7 million.  The US$ currency risk in financial year 2005
has been largely hedged.

Net Financing Costs

The net financing costs improved from -EUR15.2 million in Q1/2004
to -EUR13.1 million in Q1/2005.  The quarterly net interest
expense on loans decreased from EUR7.7 million in Q1/2004 to
EUR7.0 million in Q1/2005.  This is attributable to the lower
volume of borrowing and the higher interest income.  In addition,
non-cash expenses in connection with the antitrust proceedings
(interest expense and exchange rate effects) decreased by EUR0.9
million to EUR2.0 million.

Result before and after taxes Profit before tax totaled EUR7.8
million in Q1/2005 compared with EUR1.5 million in Q1/2004.  With
a tax rate of approximately 50%, the Group earned a net profit of
EUR3.7 million (Q1/2004: EUR0.6 million).  The high tax rate
results mainly from the inability to offset profits in some
countries from losses in other countries.  For the remaining year
the tax rate should level off by around 40-50%.  Taking into
consideration the loss of the Surface Protection business, the
net profit after taxes increased by approximately EUR7.1 million
from -EUR3.4 million in Q1/2004 to EUR3.7 million in Q1/2005.
The resulting earnings per share was EUR0.07 compared
with -EUR0.08 in the same quarter of the previous year.

Business Development of the Segments

Carbon and Graphite (CG) Sales increased by 16% from EUR122.6
million in Q1/2004 to EUR142.9 million in Q1/2005.  Growth was
19% after adjusting for foreign currency changes.  Due to the
ongoing favorable demand for graphite electrodes, further price
increases, and ongoing cost reduction measures, EBIT for Q1/2005
amounted to EUR26.7 million -- 49 % higher than the EUR17.9
million posted in Q1/2004.  The return on sales improved from
14.6% in Q1/2004 to 18.7% in Q1/2005.  The average price for
graphite electrodes increased over Q1/2004 by 11% in US$ terms
and by 4% in euro terms.  Approximately 52,000 metric tons were
delivered in Q1/2005 -- nearly 16% more than the 45,000 metric
tons delivered in Q1/2004.  In line with our forecasts, raw
material and energy costs rose by approximately 10% over 2004.

Graphite Specialties (GS) Sales of EUR57.3 million were 1% less
than the EUR58.1 million posted in the same quarter the previous
year.  This development was influenced in particular by Process
Technology (PT), which was included as part of GS for the first
time.  The PT business reported lower project related sales in
Q1/2005, which were down by 15% to approximately EUR10 million.
This development is expected to be recouped already in Q2/2005.
Excluding PT, the sales of GS improved by around 3% to EUR 47.5
million.  EBIT is EUR1.3 million in Q1/2005 compared with a
figure of EUR5.3 million in Q1/2004.

The Q1/2005 figure included a loss generated by the PT business
of -EUR1.5 million (Q1/2004: EUR0.4 million).  The business of GS
alone, which totaled EUR2.8 million, declined by approximately
EUR2 million in Q1/2005 compared with the EUR4.9 million realized
in Q1/2004 -- a result of the higher level of output as well as
the inventory buildup in Q1/2004 due to the delivery structure of
the orders realized in fiscal year 2004.  Compared with 2004, no
comparable inventory buildup was necessary this year due to an
expected strong H2/2005.

SGL Technologies (SGL T) Sales grew by 26% from EUR29.8 million
in Q1/2004 to EUR37.5 million.  The favorable sales volume in
composites, carbon-ceramic brake discs, and especially in fibers
were in part offset by the EUR/US$ exchange rate.  Sales adjusted
for foreign currency changes rose by approximately 30%.  EBIT in
Q1/2005 amounted to EUR-0.6 million (Q1/2004: -EUR1.8 million).
With the exception of the carbon-ceramic brake disc business,
which was subject to additional development costs in connection
with the possible launch of series production, all lines of
business contributed to this favorable development.

Corporate Costs Corporate costs rose from -EUR4.7 million in
Q1/2004 to -EUR6.5 million in Q1/2005.  This is primarily
attributable to the measurement of share-based payments for the
first time in line with IFRS 2 beginning on January 1, 2005,
which were not expensed in Q1/2004.  Furthermore, a bonus was
paid in Q1/2005, which did not occur the previous year, when the
members of the Board of Management and executive management
declined to receive bonuses.

Employees Due to the restructuring, the number of employees in
the Group fell by 18 from 5,109 as of December 31, 2004 to 5,091
at the end of Q1/2005.

Outlook In Q2/2005, SGL Carbon anticipates a growth in sales of
around 10% and an improvement in EBIT of approximately 40 %
compared with Q1/2005.  Due to the favorable demand situation,
additional increases in sales and higher average revenues for
graphite electrodes have been forecast for the CG segment.  Due
to additional sales increases, a significant improvement in EBIT
is expected for GS and in particular for PT in connection with
project-related business.  The favorable trend is also expected
to continue in SGL T, especially through the further increase in
fiber capacity utilization as well as the gratifying order
backlog in aerospace and defense projects.  For the year as a
whole, SGL Carbon anticipates nearly unchanged an increase in
sales of more than 5 percent, an above average rise in EBIT, and
a positive after-tax result on a consolidated basis.  Net
financial debt is to be further reduced.

Key figures SGL Carbon Group (EUR million, except per share
amounts)

                                         1st Quarter
                                           2005         2004

Sales revenue                               238.3        211.0

EBITDA                                       35.0         31.1

EBIT                                         20.9         16.7

Return on sales (1)                           8.8%         7.9%

Net profit (loss)
   from continuing operations                 3.7          0.6

Net profit (loss)
   from discontinued operations               -           (4.0)

Net profit (loss)
   before minority interests                  3.7         (3.4)

Earnings per share (in EUR)                   0.07        (0.08)

Operational cash flow
   continuing operations (2)                 11.4          3.8

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(1) EBIT divided by sales revenue

(2) Without currency exchange rate effects
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

                                   March 31 2005    Dec 31 2004

Total assets                             1,257          1,315

Equity                                     290            282

Net debt (3)                               342            321

Debt ratio (gearing) (4)                     1.2            1.1

Equity ratio (5)                            23.1%          21.4%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(3) Further information see shareholder letter first quarter of
2005

(4) Net debt divided by shareholders' equity

(5) Shareholders' equity divided by total assets
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Effective January 6, 2005, SGL Carbon concluded the sale of its
investment in SGL ACOTEC GmbH, which included SGL's Surface
Protection business.  The effects resulting from this transaction
were already recognized in the annual financial statements for
2004.  The Process Technology (PT) business remaining in the
Group was integrated within the Graphite Specialties (GS)
Business Area.  Only the results of continuing operations are
presented in this quarterly report.

According to IFRS 2, since January 1, 2005, share-based payments,
such as stock option plans and share bonus programs, for
employees and members of senior management are included under
staff costs.  Based on a current calculation, this change will
burden the results of the segments and corporate costs by a total
of approximately EUR2 million each quarter in 2005.

As we already discussed at the year-end press conference in
March, the restructuring measures have now largely been
completed.  Therefore, profit from operations (EBIT) no longer
includes a separate presentation of restructuring expenses.

CONTACT:  SGL CARBON AG
          Rheingaustr. 182
          D - 65203 Wiesbaden, Germany
          Phone: 0049-611 6029-0
          Fax: 0049-611 6029-201
          E-mail: cpc@sglcarbon.de
          Web site: http://www.sglcarbon.com


WAHL TRANSPORT: Administrator Takes over Operations
---------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Wahl Transport GmbH & Co. KG on April 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until June 8, 2005 to
register their claims with court-appointed provisional
administrator Holger Wahl.

Creditors and other interested parties are encouraged to attend
the meeting on July 6, 2005, 10:35 a.m. at Saal 145, 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:  WAHL TRANSPORT GMBH & CO. KG
          Windorfer Str. 35, 04229 Leipzig

          Dr. Oliver Hartig, Administrator
          Grosser Berlin 14, Haus B, 06108 Halle


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


AUCHAN MAGYARORSZAG: To Face Unpaid Bills
-----------------------------------------s
Auchan Magyarorszag has reportedly discussed with its suppliers
its HUF115 million debt to three companies.

Magyar Hirlap reported Monday the supermarket chain still owes
Istvan Kovacs, which controls the three largest of the unpaid
suppliers.  Kovacs claims Auchan has not replied to their
inquiries.

Last week, the Economical Board of Budapest City Law Court denied
the petition filed by five creditors seeking the liquidation of
Auchan.  The court stressed the number of employees that would be
affected in case the firm will be closed.

Two of these creditors, Debreceni Hus Rt. and Immobilia 1904
Vagyonkezelo Rt., claim the firm has failed to pay its debt of
HUF28 million and HUF106 million, respectively.

The company earlier denied the claims, saying it would normally
encounter problems with 800-900 suppliers, but it did try to pay
them in time.

Meanwhile, Auchan representative Katalin Gillemo said: "The
moment we can see exactly what we owe, we'll pay."

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

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

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


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


ALITALIA SPA: Emirates Open to Partnership, Says Minister
---------------------------------------------------------
Italy's deputy minister for industry, Adolfo Urso, last week
revealed Emirates Airlines is interested in forming an alliance
with Alitalia.

According to Mr. Urso, who recently visited the Arab nation,
Emirates is considering buying a stake if a strategic partnership
is not possible owing to Alitalia's alliance with Air France.  La
Stampa, which carried the report last week, did not indicate if a
firm agreement on either options was reached at all.

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

          EMIRATES AIRLINES
          Ground Fl. Dubai Airline Centre Building
          Dubai
          United Arab Emirates
          Phone: +971-4-2951111
          Fax: +971-4-2952001
          Web site: http://www.emirates.com


PIAGGIO & C. SPA: Narrows 1st-qtr. Net Loss to EUR16.7 Mln
----------------------------------------------------------
At a meeting on Monday in Milan chaired by Roberto Colaninno, the
Board of Directors of Piaggio & C. S.p.A. examined and approved
the Group figures for the first quarter of 2005.

The January-March quarter was the first consolidation including
Aprilia.  It reflected an expansion in the Group's business as a
result of the acquisition, in terms of both breadth of offer and
variety of geographical markets, and consequently a change in the
relevant competitive scenario.

Consolidated net sales amounted to EUR312.3 million, an
improvement of 1.7% on EUR307.2 million in the first quarter of
2004 at constant size.  Growth was achieved despite a sharp
decline (more than 10%) in Europe, Piaggio's core market.  Strong
progress was reported by Derbi, in light commercial vehicles on
the European and Indian markets, on the U.S. market (more than
50%), while Aprilia made a recovery with 5.5% revenue growth in
the first quarter.

EBITDA totaled EUR25.9 million (8.3% return on net sales) and was
almost double the EUT13.5 million of 2004 (4.4% of net sales).
The result stemmed from a significant improvement in operating
efficiency through the continuing turnaround at Piaggio and the
start-up of a similar recovery program at Aprilia.

Amortization and depreciation charges gross of goodwill
amortization were EUR21.8 million.

Operating income amounted to EUT4.1 million, compared with an
operating loss of EUR8.2 million in the first quarter of 2004.

Net financial charges were EUR6.6 million, down from EUR7.6
million in the year-earlier period, in part as a result of the
debt restructuring at Aprilia following its acquisition by
Piaggio.

Non-recurring charges, including goodwill amortization and
restructuring charges, amounted to EUR9.2 million, up from EUR5.7
million in 2004.

The first quarter closed with a net loss of EUR16.7 million, an
improvement on the aggregate net loss of EUR25.1 million a year
earlier.

Net debt stood at EUR517.2 million at 31 March 2005, an increase
of EUR60.4 million from the figure at 31 December 2004: this was
largely due to use of resources in connection with the seasonal
nature of the company's business.

Shareholders' equity was EUR215.5 million (EUR232.1 million at 31
December 2004).

Post First-quarter Events

On 27 April 2005 the Group issued a EUR150 million bond maturing
in 2012, for institutional investors specializing in high yield
instruments.  Part of the proceeds were used to repay the Aprilia
EUR100 million bond that matured on 2 May 2005; the residual
proceeds will be used to consolidate and improve Group sources of
funds.

Commenting on first-quarter performance, Piaggio Chief Executive
Officer Rocco Sabelli said: "The period marked a further
consolidation in Piaggio profitability, thanks to the growth
achieved by a number of business units (Derbi, light commercial
vehicles in Europe and India) and also thanks to efficiency
gains.  Aprilia's first results are very significant and show
that the company is well on the way to improving its market
position and business performance.  The net sales trend for April
(consolidated progressive growth of +3.9% on 2004) is an
indicator of the recovery being achieved throughout the group."

                           *   *   *

In April, Standard & Poor's Ratings Services assigned its 'B+'
corporate credit rating to Piaggio & C. S.p.A., reflecting the
group's currently aggressive financial profile and the
below-average industry risk profile of the two-wheels market.
The outlook is stable.

At the same time, Standard & Poor's assigned a 'B' debt rating to
the proposed senior unsecured EUR150 million notes to be issued
by Piaggio Finance S.A., a Luxembourg-based finance vehicle
wholly owned by Piaggio.  The notes, which will be guaranteed by
Piaggio & C. S.p.A. and by Aprilia S.p.A., are rated a notch
below the corporate credit rating, owing to their structural and
contractual subordination to existing liabilities.

CONTACT:  PIAGGIO & C. S.p.A.
          23, Viale Rinaldo Piaggio
          56025 Pontedera, Pisa, Italy
          Phone: +39-587-27-21-11
          Fax: +39-587-27-22-74
          Web site: http://www.piaggio.com


VINCENZO ZUCCHI: Remains Loss-making in First Quarter
-----------------------------------------------------
Vincenzo Zucchi S.p.A. reported higher consolidated net loss in
the first quarter of 2005, according to Agenzia Giornalistica
Italia.

The linen firm is EUR6 million in the red versus EUR1.7 million
in 2004.  Consolidated operating loss for 2005 is about EUR4
million for a turnover of EUR77 million.  Turnover is down 14.9%
from last year's EUR90 million.

Zucchi has debt of EUR145 million as of March 31, up EUR1 million
from December 2004.

According to http://www.business.com,the firm manufactures,
markets and distributes household textiles under the brand names
of Zucchi, Bassetti, Descamps, Jalla, Bear and Eliolona.  Its raw
textiles, materials and yarn are manufactured mainly through
Standardtela and Standardtre.  Household linen accounted for 76%
of 2001 revenues; dyeing & printing, 16% and materials, 8%.

CONTACT:  VINCENZO ZUCCHI S.P.A.
          Via Tiziano 9/a
          20145 Milan
          Italy
          Phone: +39 02 48 01 16 56
          Fax: +39 02 43 92 21
          Web site: http://www.gruppozucchi.com
          Contact:
          Giordano Zucchi, Chairman & Managing Director
          Manlio Zucchi, Vice Chairman & Managing Director
          Manlio A. Zucchi, Managing Director


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


MAKSAT: Assets for Public Auction Tomorrow
------------------------------------------
The bidding organizer and insolvency manager of Maksat will sell
its property on May 12, 2005, 11:00 a.m. (local time).  The
public auction will take place at Kara-Bulak, building of the
local government.  Up for sale are 13 lots of warehouses, mill
equipment, and different vehicles.

The list of documentary requirements is available at Kara-Bulak,
in the accounting department of the local government tomorrow
5:00 p.m. only.  To participate, bidders must deposit an amount
equivalent to 10% of the starting price to the cash desk of
Maksat.

For more information, contact mobile no: (0-502) 62-46-55.


MEIKI: Chui Court Declares Firm Insolvent
-----------------------------------------
The Arbitration court of Chui region commenced bankruptcy
proceedings against Meiki after finding the limited liability
company insolvent.  Creditors have until June 29, 2005 to file
proofs of claim to Kant, Kurenkeeva Str. 32.


OSHSKOYE PATP: Public Auction Set Today
---------------------------------------
The bidding organizer and insolvency manager of joint stock
company Oshskoye PATP will sell its 100% share in the authorized
capital of LLC Avtopredpriatie Zapadnoye established on the basis
of insolvency enterprise on May 11, 2005, 10:00 a.m. (local
time).  The public auction will take place at Osh, Zapadnaya Str.
4 administrative building.

For more information, contact: (0-3222) 7-64-52, (0-502) 32-43-46
or mobile no. 40-30-71.


PALMIRA LTD.: Deadline for Proofs of Claim Set Next Month
---------------------------------------------------------
The limited liability company Palmira Ltd., which recently became
insolvent, will accept proofs of claims until June 29, 2005.

For more information, contact: (0-32-22) 2-14-45.


RATIBOR: Creditors Have Until June to File Claims
-------------------------------------------------
Limited Liability Company Ratibor, which recently became
insolvent, will accept proofs of claim until June 29, 2005.

For more information, contact: (0-32-22) 3-55-83.


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


NUMICO N.V.: Regulator Extends Mellin Buyout Probe
--------------------------------------------------
The Italian antitrust authority extended Tuesday the time period
in which it will assess the potential implications on the Italian
Baby Food market of Royal Numico N.V.'s intended takeover of
Mellin S.p.A., an Italian Baby Food company.  The extension will
be for a 45-day period.

Numico will provide full cooperation and remains confident that
the intended acquisition of Mellin will be approved by the
Italian antitrust authority in June.

                            *   *   *

In March, shareholders approved the acquisition of Mellin and the
related issuance of 6,711,409 new shares, which is expected to be
completed in the second quarter of 2005.

The acquisition of Mellin represents an important step forward
for Numico's Baby Food strategy in Western Europe.  Mellin
complements and significantly strengthens Numico's existing
operations in terms of product range, channel presence and
market position.  The resulting competitive number 2 position in
the Italian Baby Food Market provides Numico with the necessary
platform and scale to drive growth in this underdeveloped and
fragmented market.

CONTACT:  ROYAL NUMICO N.V.
          P.O. Box 75538, 1118 ZN Schiphol Airport
          The Netherlands
          Phone: +31 20 456 9000
          Fax: +31 20 456 8000
          Corporate Communications
          Phone: +31 20 456 9077
          Investor Relations
          Phone: +31 20 456 9003


UNITEDGLOBALCOM, INC.: To Acquire NTL Ireland
---------------------------------------------
UnitedGlobalCom, Inc. (UCOMA) through one of its affiliates,
agreed to buy, subject to regulatory approval, MS Irish Cable
Holdings B.V., an affiliate of Morgan Stanley.  MS Irish Cable
Holdings B.V. on Monday purchased the NTL Incorporated broadband
operations located in the Republic of Ireland (NTL Ireland) from
the NTL Group.  UGC loaned the funds that MS Irish Cable Holdings
B.V. used to purchase NTL Ireland.

The total purchase price is approximately EUR325 million
excluding an adjustment for cash in the business at closing, plus
a EUR4 million arrangement fee and reimbursement of certain
expenses and costs of Morgan Stanley incurred in connection with
MS Irish Cable Holdings B.V.'s acquisition and ownership of NTL
Ireland and Morgan Stanley's sale of MS Irish Cable Holdings B.V.
to the relevant UGC affiliate.

More information about the transaction is included in UGC's
public filings with the United States Securities and Exchange
Commission (SEC), which can be obtained on the Web sites of UGC
(http://www.unitedglobal.com)and the U.S. SEC
(http://www.sec.gov).

NTL Ireland is the largest cable operator in the Republic of
Ireland, offering cable television and broadband services to
residential customers and managed network services to corporate
customers.  At December 31, 2004, NTL Ireland had approximately
355,300 revenue generating units (RGUs) including 347,800 digital
and analog video RGUs and 7,500 broadband Internet RGUs.

Mike Fries, President and CEO of UGC said: "We are pleased to
announce this transaction in the Republic of Ireland, one of the
fastest growing economies in Western Europe.  NTL Ireland is a
leading pay-TV provider in Dublin, Galway and Waterford and is
well positioned to participate in the rapid growth of broadband
services.  The purchase price represents a multiple of
approximately 8.6 times estimated 2005 operating cash flow at the
system level.  We also anticipate significant synergies from
combining the NTL asset with our existing Chorus business.  In
the meantime, we look forward to working with Irish regulators to
get the transaction approved as soon as possible."

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 9.4 million video
subscribers, 1.4 million broadband Internet subscribers, and
803,500 telephone subscribers.

CONTACT:  UNITEDGLOBALCOM, INC.

          Richard S.L. Abbott, Investor Relations
          Phone: +1-303-220-6682
          E-mail: ir@unitedglobal.com

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

          Bert Holtkamp, Corporate Communications
          Phone: +31 (0) 20 778 9447
          E-mail: communications@ugceurope.com
          Web site: http://www.unitedglobal.com


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


WIRTUALNA POLSKA: TPSA Ordered to Honor PLZ220 Mln Put Option
-------------------------------------------------------------
A local court has upheld the validity of a put option that
obliges Telekomunikacja Polska S.A. (TPSA) to buyout the minority
shareholders in Internet portal Wirtualna Polska (WP).

According to Europe Intelligence Wire, which failed to identify
the court, says the put option will cost TPSA PLZ220 million, an
amount it cannot hope to recover since WP is already bankrupt.

The put option, held by minority shareholders Key7 and GIF, is
stipulated in the contract entered with TPSA in 2001.  The two
shareholders, which together own 20% of WP, decided to exercise
the option after TPSA launched a competing Internet portal,
Neostrada.pl.  TPSA subsequently tried to avoid the obligation,
but the court ruled against it.

Aside from inheriting a worthless stake, TPSA stands to lose
PZL30 million in loans granted to WP, which was declared bankrupt
April last year.

CONTACT:  TELEKOMUNIKACJA POLSKA S.A.
          ul. Twarda 18
          00-105 Warsaw, Poland
          Phone: +48-22-527-2323
          Fax: +48-22-527-2341
          Web site: http://www.tpsa.pl

          WIRTUALNA POLSKA
          Web site: http://www.wp.pl/


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


KOCHAKOL: Deadline for Proofs of Claim Set Later this Month
-----------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Kochakol after finding the coal company
insolvent.  The case is docketed as A27-24304/2004-4.  Mr. V.
Naydanov has been appointed insolvency manager.

Creditors have until May 26, 2005 to submit their proofs of claim
to 650099, Russia, Kemerovo region, N. Ostrovskogo Str. 34,
Office 406.  A hearing will take place on March 6, 2006, 2:00
p.m.

CONTACT:  KOCHAKOL
          652813, Russia,
          Novokuznetsk region, Nikolaevka

          Mr. V. Naydanov
          Insolvency Manager
          650099, Russia, Kemerovo region,
          N. Ostrovskogo Str. 34, Office 406


KROMSKAYA MOVABLE: Creditors Have Until June to File Claims
-----------------------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
proceedings against Kromskaya Movable Mechanized Column-2 after
finding the open joint stock company insolvent.  The case is
docketed as A48-637/04-17b.  Mr. I. Kolesnikov has been appointed
insolvency manager.  Creditors have until June 2, 2005 to submit
their proofs of claim to 302025, Russia, Orel, Moskovskoye
Shosse, 171, Apartment 70.

CONTACT:  KROMSKAYA MOVABLE MECHANIZED COLUMN-2
          303200, Russia, Orel region,
          Kromy, Maslozavodskoy Per.

          Mr. I. Kolesnikov
          Insolvency Manager
          302025, Russia, Orel region,
          Moskovskoye Shosse, 171, Apartment 70


LIKHOSLAVLSKIY: Tver Court Appoints Insolvency Manager
------------------------------------------------------
The Arbitration Court of Tver region commenced bankruptcy
proceedings against Likhoslavlskiy after finding the flax factory
insolvent.  The case is docketed as A66-5651/2004.  Mr. I.
Peshekhonov has been appointed insolvency manager.  Creditors
have until May 26, 2005 to submit their proofs of claim to
170100, Russia, Tver-100, Post Office, Post User Box 39A.

CONTACT:  LIKHOSLAVLSKIY
          Russia, Tver region,
          Likhoslavl, Bezhetskaya Str. 14B

          Mr. I. Peshekhonov
          Insolvency Manager
          170100, Russia, Tver-100,
          Post Office, Post User Box 39A
          Phone: (0822) 35-32-55


SEVER-ALKO: Declared Insolvent
------------------------------
The Arbitration Court of Murmansk region commenced bankruptcy
proceedings against Sever-Alko after finding the wine-distillery
insolvent.  The case is docketed as A42-2900/04-9.  Ms. T.
Kazakova has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 183008, Russia, Murmansk, Post
User Box 4353.

CONTACT:  SEVER-ALKO
          183038, Russia, Murmansk region,
          Pozdnyakova Str. 8

          Ms. T. Kazakova
          Insolvency Manager
          183008, Russia, Murmansk region,
          Post User Box 4353


SLAVYANKA: Succumbs to Bankruptcy
---------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
proceedings against Slavyanka after finding the financial
industrial company insolvent.  The case is docketed as
A11-7609/2004-K1-60B/4B.  Ms. G. Ryabina has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 600009, Russia, Vladimir, Elektrozavodskaya Str. 1.

CONTACT:  SLAVYANKA
          Russia, Vladimir region,
          Razina Str. 21

          Ms. G. Ryabina
          Insolvency Manager
          600009, Russia, Vladimir region,
          Elektrozavodskaya Str. 1


SOV-BUSINESS-2: Moscow Court Names Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Sov-Business-2 (TIN 7707088186) after finding the varied
enterprise insolvent.  The case is docketed as
A40-21371/02-123-45B.  Mr. I. Sarkisyan has been appointed
insolvency manager.
Creditors may submit their proofs of claim to 140005, Russia,
Moscow region, Lyubertsy, Kirova Str. 61/7, Post User Box 37.

CONTACT:  SOV-BUSINESS-2
          103055, Russia, Moscow region,
          Novoslobodskaya Str. 31, Building 1

          Mr. I. Sarkisyan
          Insolvency Manager
          140005, Russia, Moscow region, Lyubertsy,
          Kirova Str. 61/7, Post User Box 37


TAYSHETSKIY COMBINE: Bankruptcy Proceedings Begin
-------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Tayshetskiy Combine of Grain Products after
finding the open joint stock company insolvent.  The case is
docketed as A19-2901/02-8.  Mr. I. Kolotilin has been appointed
insolvency manager.

Creditors have until June 2, 2005 to submit their proofs of claim
to 664046, Russia, Irkutsk, Post User Box 4710.  A hearing will
take place on Dec. 20, 2005, 10:00 a.m.

CONTACT:  TAYSHETSKIY COMBINE OF GRAIN PRODUCTS
          665000, Russia, Irkutsk region,
          Tayshet, Kirova Str. 224

          Mr. I. Kolotilin
          Insolvency Manager
          664046, Russia, Irkutsk region,
          Post User Box 4710
          Phone/Fax: 22-65-11


TRANS-INTER-TERMINAL: Names B. Mazenko Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Trans-Inter-Terminal after finding the close
joint stock company insolvent.  The case is docketed as
A40-17176/04-38-14B.  Mr. B. Mazenko has been appointed
insolvency manager.  Creditors have until June 2, 2005 to submit
their proofs of claim to 117042, Russia, Moscow, Post User Box
24.

CONTACT:  TRANS-INTER-TERMINAL
          107078, Russia, Moscow region,
          Kalanchaevskaya Str. 11, Building 2

          Mr. B. Mazenko
          Insolvency Manager
          117042, Russia, Moscow region,
          Post User Box 24
          Phone: 8-916-724-38-58


TSVILLINGSKOYE: Deadline for Proofs of Claim Set Next Month
-----------------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Tsvillingskoye after finding the grain
receiving enterprise insolvent.  The case is docketed as
A47-4507/2004-14 GK.  Mr. A. Taushev has been appointed
insolvency manager.  Creditors have until June 2, 2005 to submit
their proofs of claim to 460000, Russia, Orenburg, Gaya Str. 23A.

CONTACT:  TSVILLINGSKOYE
          461500, Russia, Orenburg region,
          Sol-Iletskiy region, Tsvillinga

          Mr. A. Taushev
          Insolvency Manager
          460000, Russia, Orenburg region,
          Gaya Str. 23A


YUKOS OIL: Allowed to Disburse US$384,967 from Court Registry
-------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
Texas previously authorized Yukos Oil to deposit US$21 million
into the Court registry.  The Registry Order provides that "any
withdrawal or payment of funds from the Registry of Court may
only be made pursuant to an Order of this Court."

Against this backdrop, Yukos asks the United States Bankruptcy
Court for the Southern District of Texas to authorize payments
totaling US$741,955, to be made out of the funds held in the
Court Registry on Yukos' behalf.

                            *    *    *

Judge Clark authorizes and directs the Clerk of the Court to
issue checks out of the registry of the United States Bankruptcy
Court for the Southern District of Texas to these payees:

                Nature of
Payee          Expenditure       Amount    Necessity of Payment
-----          -----------       ------    --------------------
Office of      U.S. Trustee     $20,000    Revised from the U.S.
the U.S.       Quarterly Fees              Trustee related to
Trustee        for the 4th                 the period from 4th
               Quarter of                  Quarter of 2004 and
               2004 and 1st                1st Quarter of 2005
               Quarter of
               2005

Expert's      Thomas Walde      109,587    Expert witness fees
Fees          David Anderson    138,412    incurred in
                                           litigation
              Peter Maggs        49,307    involving Motion to
              Barry E. Carter    67,661    Dismiss.
                                --------
    TOTAL                       $384,967
                                ========

Headquartered in Houston, Texas, 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


ZAVOLZHSKIY BREAD: Declared Insolvent
-------------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings against Zavolzhskiy Bread Combine after finding the
open joint stock company insolvent.  The case is docketed as
A1213/14.  Mr. I. Borzov has been appointed insolvency manager.

CONTACT:  ZAVOLZHSKIY BREAD COMBINE
          Russia, Ivanovo region,
          Zavolzhsk, Mira Str. 31

          Mr. I. Borzov
          Insolvency Manager
          Russia, Ivanovo region,
          Bagaeva Str. 17, Office 201


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


SAS GROUP: Mulls Disposing Component Business
---------------------------------------------
SAS Group is currently in the process of evaluating the future
structure and strategy of SAS Component, a global operator in the
area of aircraft component management and logistics.  This
includes negotiations with an international consortium on a
possible partnership or acquisition.  SAS Component is a
subsidiary of SAS Technical Services.

The aviation component business is a growing high technology
industry within the aviation sector.  Companies within this area
develop high quality services for the airline industry in the
maintaining and logistics of aircraft components, from flight
deck instruments to landing gears.

Several airlines have in recent years decided to enter into
partnerships with firms specialized in this line of business, or
to divest of their component businesses, in order to create a
better platform for profitable development.  In this context, the
SAS Group has ongoing discussions with interested parties. No
decisions have been made at this point in time, but conclusions
from the evaluation and the talks are likely to be drawn before
the end of June.

CONTACT:  SAS GROUP
          Hans Ollongren,
          SVP Corporate Communications and External Relations
          Phone: +46 8 797 1950


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


ACCOUNTANCY TUITION: Liquidators from PwC Move in
-------------------------------------------------
At the extraordinary general meeting of the Accountancy Tuition
Centre (Eastern) Limited on April 27, 2005, the special and
ordinary resolutions to wind up the company were passed.  Richard
Victor Yerburgh Setchim and Jonathan Michael Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of the company.

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


AFFORDABLE MAINTENANCE: Names F A Simms Liquidator
--------------------------------------------------
At the extraordinary general meeting of Affordable Maintenance
Limited on May 3, 2005 held at Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP, the subjoined extraordinary
resolution to wind up the company was passed.  Richard Frank
Simms of Insol House, 39 Station Road, Lutterworth,
Leicestershire LE17 4AP has been appointed liquidator of the
company.

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


APEX FREIGHT: Hires Liquidators from DS Insolvency Services
-----------------------------------------------------------
At the extraordinary general meeting of Apex Freight Limited on
April 22, 2005 held at 29 King Street, Newcastle under Lyme,
Staffordshire ST5 1ER, the extraordinary and ordinary resolutions
to wind up the company were passed.  Martin Williamson of DS
Insolvency Services Ltd., 29 King Street, Newcastle under Lyme,
Staffordshire ST5 1ER has been appointed liquidator of the
company.

CONTACT:  DS INSOLVENCY SERVICES LTD.
          29 King Street
          Newcastle-Under-Lyme
          Staffordshire ST5 1ER
          Phone: 01782 614618
          Fax: 01782 717287
          E-mail: mwilliamson@dsinsolvency.co.uk


APR DEVELOPMENTS: Calls in Liquidators from KPMG
------------------------------------------------
At the general meeting of APR Developments Limited, the special
and ordinary resolutions to wind up the company were passed.
John Paul Bateman and Brian Green of KPMG LLP, 8 Princes Parade,
Liverpool L3 1QH have been appointed joint liquidators of the
company.

CONTACT:  KPMG LLP
          8 Princes Parade,
          Liverpool L3 1QH
          Phone: (0151) 473 5100
          Fax:   (0151) 473 5200
          Web site: http://www.kpmg.co.uk


ARKIMA BUSINESS: Appoints RSM Robson Rhodes Administrator
---------------------------------------------------------
Charles William Anthony Escott (IP No 8913) and Gerald Clifford
Smith (IP No 6335) have been appointed joint administrators for
Arkima Business Solutions Limited.  The appointment was made
April 25, 2005.

The company makes reprographics and print solutions.  Its
registered office is located at RSM Robson Rhodes LLP, St George
House, 40 Great George Street, Leeds LS1 3DQ.

CONTACT:  RSM ROBSON RHODES LLP
          St George House,
          40 Great George Street,
          Leeds LS1 3DQ
          Web site: http://www.robsonrhodes.co.uk

          RSM ROBSON RHODES LLP
          Centre City Tower,
          7 Hill Street,
          Birmingham B5 4UU
          Web site: http://www.robsonrhodes.co.uk


BAYSHIELDS LIMITED: Applies for Liquidation
-------------------------------------------
At the extraordinary general meeting of Bayshields Limited on
April 26, 2005 held at O'Reilly's, Ullswater House, Duke Street,
Penrith, Cumbria CA11 7LY, the special resolutions to wind up the
company were passed.  Mark Prideaux of Unique Business Finance
Ltd., 6 Lockside Office Park, Lockside Road, Preston PR2 2YS has
been appointed liquidator of the company.

CONTACT:  UNIQUE BUSINESS FINANCE LTD.
          Unit 6
          Lockside Office Park
          Lockside Road
          Preston
          Lancashire PR2 2YS
          Phone: 01772 731994


BELL, DUNN: Members Decide to Wind up Firm
------------------------------------------
At the extraordinary general meeting of the members of Bell, Dunn
& Keenlyside Limited on May 3, 2005, the subjoined special
resolution to wind up the company was passed.  Simon John Lundy
and John Bell of Hawdon Bell & Co, 4 Northumberland Place, North
Shields NE30 1QP have been appointed joint liquidators of the
company.

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


COLOURDRAW LIMITED: In Administrative Receivership
--------------------------------------------------
Name of companies:
Colourdraw Limited
Eightacre Limited
Moon Holdings Limited

Paul Russell Tissiman and Alan Terence Littmoden appointed Antony
David Nygate and Shay Bannon (Office Holder Nos 9237, 8777/01)
joint administrative receivers for these companies.  The
application was filed April 25, 2005.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


CORNER BAR: Names Mercer & Hole Administrator
---------------------------------------------
John Anthony Dickinson and Steven Leslie Smith (IP Nos 9342,
6424) have been appointed administrators for Corner Bar And
Restaurant Limited.  The appointment was made April 29, 2005.
The company manages a bar and restaurant.  Its registered office
is located at 2 Crossways, London Road, Sunninghill, Ascot,
Berkshire SL5 0DL.

CONTACT:  MERCER & HOLE
          International Press Centre,
          76 Shoe Lane, London EC4A 3JB
          Phone: +44 (0) 20 7353 1597
          Fax: +44 (0) 20 7353 1748
          DX: 469 London/Chancery Lane
          E-mail: london@mercerhole.co.uk
          Web site: http://www.mercerhole.co.uk


DAWSON INTERNATIONAL: Narrows Pre-tax Loss to GBP2 Million
----------------------------------------------------------
Highlights of the Results for the Period Ended 1 January 2005

(a) GBP16.3 million net cash inflow;

(b) GBP17.1 million reduction in pre-tax losses to GBP2.0
    million (2003: GBP19.1 million);

(c) the strategic review initiated in late 2003 has resulted in
    significant restructuring;

(d) disposal of loss making Ballantyne and Joseph Dawson
    businesses;

(e) GBP10 million raised through a Loan Stock issue -- improved
    cash generation has enabled early redemption of GBP4
    million;

(f) restoration of profits at both Barrie and Todd & Duncan;

(g) turnover increased to GBP70.2 million (2003: GBP68.3
    million);

(h) operating loss before goodwill and exceptional items reduced
    to GBP0.2 million (2003: GBP9.6 million);

(i) net cash and deposits of GBP11.9 million (2003: GBP10.1
    million net debt);

(j) all continuing businesses in profit; and

(k) subsequent to the year end, acquired market leading brand
    business, Dorma.

Commenting on the financial results for the period ended 1
January 2005, chairman Mike Hartley said: "Substantial progress
has been made during 2004 to stabilize the financial position of
the group and restore all remaining businesses to profit.  The
strategic review is now complete and we have embarked upon a new
growth phase of the planned turnaround of the group.

"This is evidenced by the acquisition of Dorma earlier this year,
which almost doubles the size of the group.  We expect that our
newly developed strategic position coupled with a strong
operational results focus will deliver further improvements in
profit and cash generation from the enlarged group.

"I am pleased to report on an active year from which the Group
has emerged significantly strengthened.  We have sold Ballantyne
and Joseph Dawson, raised GBP10 million from a Loan Stock issue,
restored Todd & Duncan and Barrie to profit and further improved
profits at Dawson Forte.  Net cash inflow of GBP16.3 million
enabled the early redemption of GBP4 million of Loan Stock.

"The Group achieved increased turnover of GBP70.2 million (2003:
GBP68.3 million) and decreased operating losses before
exceptional charges and goodwill to GBP0.2 million (2003: GBP9.6
million).  Losses for the financial period transferred to
reserves decreased to GBP2.0 million (2003: GBP19.2 million).
Further details of the financial performance are given in the
Financial Review.

"The strategic review initiated in late 2003 is now complete and
as previously announced we have embarked on a new growth phase of
the planned turnaround of the Group.  We completed the
acquisition of Dorma on 14 February 2005.  While this business is
currently loss making we intend to return Dorma to profit and
cash generation as has been achieved with our existing
businesses.

"In addition, during the year the decision was taken to have the
Company's securities transferred to the Alternative Investment
Market.  The Directors consider that AIM is now a more suitable
market for the enlarged Group's securities and the key advantages
are: a flexible regulatory regime which enables costs to be
reduced for Corporate transactions; access to a globally
respected market; access to a wide pool of potential investing
institutions and eligibility for a range of tax benefits.

"I wish to take this opportunity of thanking the Group's staff
and management for their perseverance and hard work during a year
of great change.  The scale of results improvement is a tribute
to their contribution.  This is much appreciated.

"Much has been achieved.  The financial position of the Group has
been stabilized and there is scope for significant further
improvement in trading from the enlarged Group.  However, it must
be recognized that the Group continues to face the financial
burden of the high cost of its outstanding Loan Stock and its
final salary pension schemes which, under the FRS 17 regime and
on the basis of the situation at the end of 2004, would bring the
Group balance sheet into a deficit position overall.  The focus
will continue on delivering continued improvements in operating
results and cash generation and I am confident of reporting
progress in the near term."

                       Operational Review

Todd & Duncan

The cashmere yarn business based at Kinross in Scotland increased
turnover with much improved customer service as a result of
better production planning and operational efficiency.  These
developments significantly improved profitability.

Joseph Dawson

Volumes increased and trading performance improved in the Joseph
Dawson fiber business but despite these significant improvements,
returns were not projected to meet the marginal cost of invested
capital and the business was disposed of on 15 October 2004.

                          Knitwear

Barrie

Our Barrie cashmere knitwear business, based at Hawick in
Scotland, increased turnover with much improved customer service
as a result of effective product development and production
planning which in turn led to much improved profitability.  The
highly committed workforce and management team worked together
very effectively to transform this business.

Ballantyne

Volumes increased and manufacturing efficiencies improved which
led to a better trading performance.  However, the financial
resources required to fully support the development of the brand
exceeded those available to the Group at that time and there were
considerable execution risks.  The business was disposed of on 31
March 2004 at a premium of GBP3.5 million to net assets, which
represented a good return for the management effort invested in
this loss making business.

                       Sourced Garments

Dawson Forte Cashmere

Dawson Forte, the cashmere knitwear business, is based in Boston,
USA with sales offices in New York.  It markets in the USA and
sources the cashmere knitwear product from China.  In 2004, it
increased dollar sales by 59 per cent and more than doubled
dollar profits to produce a very satisfactory performance.
Market penetration was increased by its strong, highly committed
and well-focused team.

Dawson Cashmere Company

The sourced cashmere brand DCC marketed in Europe, while still of
a small scale, produced an increased profit.

Kinross Cashmere Europe

This new branded cashmere business, marketed in Europe, was
launched in November 2004.

Financial Review

In 2004, the Group reduced its operating losses before goodwill
and exceptional charges from GBP9.6 million to GBP0.2 million.
The loss before tax was reduced from GBP19.1 million to GBP2.0
million.

It was a year of significant restructuring with the disposal of
Ballantyne in March, the issue of GBP10 million Loan Stock in
June which enabled all U.K. bank borrowings to be repaid, the
disposal of Joseph Dawson in October and the acquisition of the
Dorma bed linen business which completed in February 2005.

Prior to disposal Ballantyne reported as part of the Knitwear
business and Joseph Dawson as part of the Fibres & Yarns
business. Due to the integrated nature of these operations it was
not possible to clearly distinguish the results of either
Ballantyne or Joseph Dawson for financial reporting purposes and
so neither has been reported as a discontinued activity.

Operating Results

Turnover for the year was GBP70.2 million, an increase of GBP1.9
million despite the disposal of Ballantyne and Joseph Dawson. The
Sourced Garments business grew turnover by GBP8.9 million (40%)
benefiting from relatively low cashmere prices, which stimulated
demand.

The operating loss for the year was GBP1.4 million (2003: GBP18.1
million).  The base operating loss (before goodwill impairment
and exceptional charges) was GBP0.2 million (2003: GBP9.6
million).

The Fibres & Yarns business, which included Joseph Dawson until
its disposal in October, recorded a base operating profit of
GBP0.7 million (2003: GBP3.1 million loss) following
restructuring of the Todd & Duncan business and the pull through
of cheaper cashmere stocks.

The Knitwear business, which included Ballantyne until its
disposal in March, reduced its base operating loss from GBP3.5
million to GBP0.6 million.  The performance of the remaining
Barrie business has been particularly pleasing.

The Sourced Garments business benefited from significantly
increased turnover as noted above and grew operating profit from
GBP1.1 million to GBP3.1 million.

Central costs were reduced from GBP4.1 million to GBP3.4 million
mainly due to the crystallization of favorable forward exchange
contracts.

Exceptional Charges

Operating exceptional charges were GBP1.2 million (2003: GBP7.0
million).  These comprised reorganization costs at Todd & Duncan
of GBP0.2 million, refinancing costs of GBP0.6 million and
further provision made in respect of the discontinued U.S.
pension scheme of GBP0.4 million.  In addition a further GBP1.5
million was provided against the debt due by the Group's former
joint venture partner King Deer.  A revised payment plan has been
agreed with King Deer extending the repayment term to 2008.

While the company remains optimistic that the total debt can be
recovered, full provision has now been made to reflect the risk
inherent in such an extended term of credit.  An exceptional
credit of GBP1.5 million resulted from the release of a provision
made against potential charges from Chinese suppliers, which have
not crystallized.

A net exceptional gain of GBP2.2 million on the sale and
termination of operations comprised a gain of GBP3.5 million on
the disposal of Ballantyne offset by a loss of GBP1.3 million on
the disposal of Joseph Dawson, in each case after accounting for
transaction costs.  Goodwill previously written off to reserves
of GBP0.8 million is charged through the profit and loss account
as required by FRS10 but has no impact on shareholders funds.

Pension Costs

The total pension cost of the Group, computed on a SSAP 24 basis,
was GBP2.5 million, GBP2.1 million in respect of the U.K. schemes
and GBP0.4 million in respect of the discontinued U.S. scheme.

In 2005, the Group will implement FRS 17, which requires any
surplus or deficit in defined scheme pension funds to be included
in the consolidated balance sheet.

At December 2004 the pre-tax deficit on the UK and US schemes was
GBP29.3 million which would have reduced reserves accordingly,
net of any related deferred tax asset.  It is likely, at least in
the early years of adoption of FRS17, that it will be difficult
to justify recognition of any deferred tax asset and that net
assets would consequently be reduced by the gross amount.  This
would cause a breach of the Group's borrowing powers under the
Articles of Association, which will be addressed by a change to
the Articles to be proposed at the forthcoming Annual General
Meeting.

Interest

Interest costs have escalated as a result of the high premium
Loan Stock issued in June 2004.  The net interest charge for the
year was GBP2.3 million (2003: GBP1.0 million) of which GBP1.1
million was Loan Stock premium and GBP0.4 million amortization of
issue costs which are being expensed over the minimum term of the
loan notes as required by FRS 4.

Taxation

The taxation rate on losses on ordinary activities before
exceptional items was lower than the U.K. corporate tax rate of
30%, mainly due to the non-recognition of a tax asset on the
losses incurred in the year.

FRS 19 requires that deferred tax liabilities be provided in full
and deferred tax assets be recognized to the extent they are
considered recoverable.  There are substantial deferred tax
assets in both the U.K. and U.S.A. however the deferred tax asset
has been restricted to GBP1.5 million.

Earnings Per Share

The basic loss per share was 2.0 pence (2003: 18.9 pence).  The
adjusted loss per share, calculated on the loss before
exceptional charges and goodwill impairment was 2.3 pence (2003:
10.5 pence).  The weighted average number of shares in issue
during both 2004 and 2003 was 101.5 million shares.

Dividends

No dividends were paid or proposed in the year.

Cash flow

The net cash inflow for the year before management of liquid
resources and financing was GBP16.3 million (2003: GBP5.1 million
outflow).

The net cash inflow from operating activities before exceptional
items was GBP2.0 million (2003: GBP3.2 million outflow).  The
cash cost of exceptional items, including amounts provided in
previous years, was GBP1.6 million (2003: GBP1.3 million).

The net cash outflow from interest and similar charges was GBP1.2
million (2003: GBP1.1 million).  This is significantly lower than
the profit and loss account charge of GBP2.3 million mainly
because Loan Stock premium accrues until redemption by the
Company or maturity.

Capital expenditure of GBP0.5 million was offset by fixed asset
disposals of GBP0.8 million to give a net cash inflow of GBP0.3
million (2003: GBP0.9 million outflow).

The net cash inflow from the disposal of Ballantyne and Joseph
Dawson was GBP16.5 million.

Funding and Facilities

As noted in last year's annual report the Group's principal
borrowing facilities at 3 January 2004 were GBP20 million multi
option facilities provided jointly by the Bank of Scotland and
the Royal Bank of Scotland.  These facilities were made available
on an on demand basis and the Group had committed to
substantially reduce the level of borrowings.

In May the Group agreed a three-year working capital facility of
US$25 million with Bank of America to fund its U.S. operations.

In June the Group issued GBP10 million zero coupon, convertible,
secured, redeemable Loan Stock.  This, together with the proceeds
from the disposal of Ballantyne, enabled the Group to repay all
of its bank borrowings.

In October the Group agreed a three-year working capital facility
of GBP8.5 million with Gmac Commercial Finance to fund its U.K.
operations which together with the disposal of Joseph Dawson
enabled the Group to redeem tranche 1 of the Loan Stock in
December.

It is a priority for the Board to minimize its cost of capital by
redeeming tranches 2 and 3 of the Loan Stock at the earliest
opportunity.

Treasury

The Group's funding policy is to negotiate facilities sufficient
to cover forecast net borrowings for the following 12-month
period with adequate headroom against identified risks.  This was
achieved with the conclusion of the working capital facilities
and issue of Loan Stock as noted above.  It is noteworthy that
the U.S. facility was sufficiently flexible to fund a significant
increase in turnover and hence working capital requirement.

The Group's current interest rate policy is that 50% of any core
net borrowings will be at fixed rates of interest.  However, in
2004, following the repayment of all bank borrowings and
excluding the Loan Stock the Group had no core net borrowings and
so borrowed only at floating rates of interest to fund seasonal
working capital requirements.

The Group's policy on currency risk is to minimize the impact of
currency risk arising from currency transaction flow.
Accordingly it seeks to hedge a large proportion of its
transactions using forward foreign exchange contracts.  This
policy was hampered by inadequate credit facilities in the year.
Translation exposures on foreign currency net assets and income
streams are not hedged.

The average exchange rate used to translate U.S. dollar income
into Sterling for reporting purposes was US$1.83 (2003: US$1.64);
the year-end rate was US$1.92 (2003: US$1.79).

A full copy of the financial results is available free of charge
at http://bankrupt.com/misc/DawsonInternational2005.htm

CONTACT:  DAWSON INTERNATIONAL PLC
          Lochleven Mills
          Kinross
          KY13 8GL, United Kingdom
          Phone: +44-1577-867000
          Fax: +44-1577-867010
          Web site: http://www.dawson-international.co.uk

          Mike Hartley, Chairman
          Phone: 07711 734631


DIAMONITE PLC: Lloyd TSB Bank Appoints Receiver
-----------------------------------------------
Lloyds TSB Bank Plc appointed Simon James Michaels and David
Harry Gilbert (Office Holder Nos 8824/01, 2376/01) joint
administrative receivers for Diamonite Plc (Reg No 01534716,
Trade Classification: 11).  The application was filed April 27,
2005.  The factory manufactures plastic products, shop fitting
and printing.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


EFUSE SOLUTIONS: Meeting of Creditors Set Next Week
---------------------------------------------------
The creditors of Efuse Solutions Limited will meet on May 18,
2005 at 11:00 a.m.  It will be held at Stanton House, 41
Blackfriars Road, Salford, Manchester M3 7DB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Stanton House, 41 Blackfriars Road, Salford,
Manchester M3 7DB not later than 12:00 noon, May 17, 2005.

CONTACT:  CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford
          Manchester
          Greater Manchester M3 7DB
          Phone: 0161 828 1000
          Fax: 0161 832 1829


ENCODA BROADCAST: Members General Meeting Set Next Month
--------------------------------------------------------
The general meeting of the members of Encoda Broadcast Systems
Limited will be on June 13, 2005 at 10:00 a.m.  It will be held
at 5-6 The Courtyard, East Park, Crawley, West Sussex RH10 6AG.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged with
Benedict Mackenzie, 5-6 The Courtyard, East Park, Crawley, West
Sussex RH10 6AG not later than 12:00 noon, June 10, 2005.

CONTACT:  BENEDICT MACKENZIE
          The Courtyard
          East Park
          Crawley
          West Sussex RH10 6AG
          Phone: 01293 410333
          Fax: 01293 428530
          E-mail: m.fillmore@benemack.com


FOOD & DRINK: Hires Administrators from BDO Stoy Hayward
--------------------------------------------------------
Name of companies:
Food & Drink Brands International
K & H Imports/Exports Limited
Moon Group Ltd.

Antony David Nygate and Shay Bannon (IP Nos 9237, 8777/01) have
been appointed joint administrators for these companies.  The
appointment was made April 25, 2005.  These companies wholesales
end of line products.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


GENERAL INSURANCE: Liquidator from Kroll Limited Moves in
---------------------------------------------------------
At the extraordinary general meeting of General Insurance
Standards Council on April 14, 2005 held at 1 Fleet Place, London
EC4M 7WS, the special resolution to wind up the company was
passed.  Gary Squires of Kroll Limited, 10 Fleet Place, London
EC4M 7RB has been appointed liquidator of the company.

CONTACT:  KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001


HIRAMIX LIMITED: Members Pass Winding-up Resolutions
----------------------------------------------------
At the extraordinary meeting of the members of Hiramix Limited on
April 27, 2005, the special and ordinary resolutions to wind up
the company were passed.  Simon Gwinnutt of Smith Cooper has been
appointed liquidator of the company.

CONTACT:  SMITH COOPER
          Wilmot House
          St James Court
          Friar Gate, Derby
          Derbyshire DE1 1BT
          Phone: 01332 332021
          Fax: 01332 290439
          E-mail: smg@smithcooper.co.uk
          Web site: http://www.krollworldwide.com


HOMECOVER INSURANCE: Members Final Meeting Set June
---------------------------------------------------
Name of companies:
Homecover Insurance Services Limited
Legal & Professional Indemnity Limited

The final meeting of the members of these companies will be on
June 10, 2005 at 11:00 a.m. and 11:15 a.m. respectively.  It will
be held at the offices of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the properties of the
companies disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged with
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT not
later than 12:00 noon, June 9, 2005.

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


LAMTECH LIMITED: Administrators from Menzies Move in
----------------------------------------------------
Jason James Godefroy and Andrew Gordon Stoneman (IP Nos 9097,
8728) have been appointed joint administrators for Lamtech
Limited.  The appointment was made April 26, 2005.

The company develops innovative broadband fixed wireless access
solutions.  Its registered office is located at 198 Silbury
Boulevard, Central Milton Keynes, Buckinghamshire MK9 1LL.

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


LOCKERBY PACKAGING: Creditors Meeting Set Friday
------------------------------------------------
The creditors of Lockerby Packaging Limited (t/a Deeside
Corrugated Products) will meet on May 13, 2005 at 10:30 a.m.  It
will be held at PricewaterhouseCoopers LLP, 101 Barbirolli
Square, Lower Mosley Street, Manchester M2 3PW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP not later than 12:00 noon, May
12, 2005.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          Web site: http://www.pwcglobal.com


MARKS & SPENCER: May Conclude Appointment Feud This Week
--------------------------------------------------------
Marks & Spencer may finally have a new chairman as chief
executive Stuart Rose and external candidates meet this week,
said The Independent Monday.

This came amid pressure for the company to conclude the
appointment as the feud between boardroom factions has gone
public already.

Together with Mr. Rose, key shareholders Brandes, Legal &
General, and Standard Life have reportedly agreed to retain
"temporary" chairman Paul Myners, while senior non-executive
director Kevin Lomax has prepared a list of outside candidates.

Mr. Lomax, who allegedly wanted to push aside Mr. Myners, is also
said to be rallying behind an external candidate to pore over Mr.
Rose.  Mr. Rose and Mr. Myners paired last year to block Philip
Green's bid approach, which Mr. Rose blamed for the company's
poor results due to negative publicity.

Mr. Myners may give up his post as director of the Bank of New
York to pacify opponents, while Mr. Lomax' fate after the power
struggle remains uncertain.

Lord Burns of Pitshanger, a former secretary to the Treasury and
chairman of Abbey National, is believed to be leading the final
three external candidates.  He is also a non-executive at British
Land and Pearson.

Last month, Marks & Spencer reported like-for-like sales fell
6.7% for the sixth consecutive quarter.  The result was
attributed to tough trading conditions and the residual effects
of problems that plagued the previous management.

The company also saw a further decline in clothing market-share
in that period, while Mr. Rose admitted that overall sales growth
in the current trading year was practically nil.

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


MERLIN SUNSCREENING: Calls in Administrators from Stoy Hayward
--------------------------------------------------------------
Martha H. Thompson (IP No 8678/01) and Simon J. Michaels (IP No
8824/01) have been appointed joint administrators for Merlin
Sunscreening Systems Limited.  The appointment was made April 29,
2005.  The company manufactures, distributes and installs
exterior sunscreening systems.

CONTACT:  BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk

          BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


MORRIS GROUP: Members Pass Winding-up Resolution
------------------------------------------------
At the meeting of the members of Morris Group (UK) Limited on
April 26, 2005, the special resolution to wind up the company was
passed.  Stephen James Hobson of Francis Clark, Southernhay
House, 36 Southernhay East, Exeter EX1 1NX has been appointed
liquidator of the company.

CONTACT:  FRANCIS CLARK
          Southernhay House
          36 Southernhay East
          Exeter
          Devon EX1 1NX
          Phone: 01392 667000
          Fax: 01392 662751
          E-mail: SJH@francisclark.co.uk


MOSSLAY LIMITED: Holding Company Hires Administrator
----------------------------------------------------
Jason James Godefroy and Andrew Gordon Stoneman (IP Nos 9097,
8728) have been appointed joint administrators for holding
company Mosslay Limited.  The appointment was made April 26,
2005.  Its registered office is located at 198 Silbury Boulevard,
Central Milton Keynes, Buckinghamshire MK9 1LL.

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


NEW FULCRUM: Appoints PricewaterhouseCoopers Liquidator
-------------------------------------------------------
At the extraordinary general meeting of New Fulcrum Securities
Plc on April 29, 2005, the ordinary resolution to wind up the
company was passed.  Richard Setchim and Jonathan Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed liquidators of the company.

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


NTL INC.: Sells Irish Division for EUR325 Million
-------------------------------------------------
Ntl Incorporated completed on Monday the sale of its
telecommunications operations in the Republic of Ireland to MS
Irish Cable Holdings B.V., an affiliate of Morgan Stanley, for a
price of EUR325 million.  The company intends to use the net sale
proceeds to repay principal amounts outstanding under its senior
credit facility in accordance with the terms of that facility.

Morgan Stanley has advised ntl that it has entered into an
agreement with UPC Ireland B.V., an indirect subsidiary of
UnitedGlobalCom for the on-sale of the ntl business in the
Republic of Ireland to UPC Ireland B.V.  Such a purchase would be
subject to obtaining appropriate regulatory approvals.

Simon Duffy, Chief Executive Officer of ntl, said: "We are very
pleased to have sold our division in the Republic of Ireland on
these terms.  This transaction reinforces our commitment to
maintaining a clear focus on growing and improving our U.K.
communications and content distribution businesses.  I would like
to thank everyone in ntl Ireland for all they have contributed
and achieved over the past several years.  They have built a
strong business and we wish them continued success."

ntl's division in the Republic of Ireland is the largest cable
operator in the country, offering cable television and broadband
services to residential customers and managed network services to
corporate customers.

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

     Media
     Justine Smith
          Phone: 01256 752 669
                 07966 421 991

          Buchanan Communications
          Richard Oldworth
          Jeremy Garcia
          Mark Edwards
          Phone: 020 7466 5000

          Investor Relations
          Patti Leahy
          Phone: 610-667-5554


PAGANEL ESTATES: Names Higgs & Sons Liquidator
----------------------------------------------
At the extraordinary general meeting of Paganel Estates Limited
on April 27, 2005, the special resolution to wind up the company
was passed.  David John Reynolds of Higgs & Sons, 134 High
Street, Brierley Hill, West Midlands DY5 3BG has been appointed
liquidator of the company.

CONTACT:  HIGGS & SONS
          PO Box 15
          Blythe House
          134 High Street
          Brierley Hill
          West Midlands DY5 3BG
          Phone: 01384 342100
          Fax: 01384 342001


PATHFINDER (NOTTINGHAM): Members Hire Liquidator from D. Wald
-------------------------------------------------------------
At the extraordinary general meeting of the members of Pathfinder
(Nottingham) Limited on April 29, 2005 held at 18 Sapcote Trading
Centre, Dudden Hill Lane, London NW10 2DH, the special and
extraordinary resolutions to wind up the company were passed.  D.
I. L. Wald of D. Wald & Co, 18 Sapcote Trading Centre, Dudden
Hill Lane, London NW10 2DH has been appointed liquidator of the
company.

CONTACT:  D. WALD & CO.
          18 Sapcote Trading Centre
          Dudden Hill Lane
          London NW10 2DH
          Phone: 020 8451 3939
          Fax: 020 8830 2929


POW INVESTMENTS: Calls in Administrator
---------------------------------------
Ian Michael Rose and Robert Michael Young (IP Nos 9144, 7875)
have been appointed joint administrators for Pow Investments
Limited.  The appointment was made April 22, 2005.  Its
registered office is located at Poppleton & Appleby, The Old
Barn, Caverswall Park, Caverswall Lane, Stoke-on-Trent,
Staffordshire ST3 6HP.

CONTACT:  THE P&A PARTNERSHIP
          The Old Barn, Caverswall Park, Caverswall Lane
          Stoke on Trent ST3 6HP
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


QSOFT MEDIA: Members Decide to Wind up Firm
-------------------------------------------
At the extraordinary general meeting of the members of Qsoft
Media Limited on April 26, 2005 held at Gladstone House, 77-79
High Street, Egham, Surrey TW20 9HY, the ordinary resolution to
wind up the company was passed.  Keith Aleric Stevens has been
appointed liquidator of the company.

CONTACT:  WILKINS KENNEDY
          Gladstone House, 77-79 High Street,
          Egham, Surrey TW20 9HY
          Phone: +44 (0) 1784 435561
          Fax:   +44 (0) 1784 430584
          E-mail: egham@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


ROYAL MAIL: Quells Privatization Reports
----------------------------------------
A Royal Mail spokesman has denied rumors that Chairman Allan
Leighton is planning to propose a partial privatization of the
courier to the government.

"Allan Leighton has frequent contact with the government, but
stories about the nature of these discussions are only
speculation," she said.

Weekend reports say Mr. Leighton is planning to approach
government ministers in the coming days regarding a proposal to
borrow some GBP2 billion, secured against its balance sheet.  He
is allegedly planning to use some of the money to buy part of the
state's stake, with the remainder to be used for plugging the
firm's looming GBP2.5 billion pension deficit.  The program will
see shares being bought over a three-year program, according to
The Scotsman.

Mr. Leighton is thought to believe taking Royal Mail private
would help it compete better on the postal delivery market.  Some
people in the industry believe the scheme will benefit employees
as it would allow them to partly own the business.  But others
worry the plan would meet opposition from those who strongly
believe postal service should be publicly owned.  There are also
fears privatization could trigger job cuts.

Mr. Leighton has seen Royal Mail through its restructuring in the
past three years.  Positive results of the shakeup are expected
when the firm announces its full-year results within days.

Analysts expect Royal Mail to post operating profits of over
GBP500 million.

CONTACT:  ROYAL MAIL HOLDINGS PLC
          148 Old St.
          London EC1V 9HQ
          United Kingdom
          Phone: +44-20-7250-2888
          Fax: +44-20-7250-2244
          Web site: http://www.royalmailgroup.com


SKYEPHARMA PLC: Receives FDA Approval for Triglide
--------------------------------------------------
The U.S. Food and Drug Administration has approved SkyePharma
PLC's Triglide(TM), a novel formulation of fenofibrate.  This
approval will trigger a US$15 million milestone payment from our
partner First Horizon Pharmaceutical Corporation (FHRX).

In May 2004, SkyePharma announced that it had granted First
Horizon exclusive U.S. marketing and distribution rights for a
cardiovascular product (now identified as fenofibrate IDD(R)-P).
Under this agreement, SkyePharma will receive up to US$50 million
in milestone payments, US$30 million of which are sales-based
milestone payments.  In addition SkyePharma will receive 25% of
First Horizon's net sales of the product.  US$5 million was paid
to SkyePharma upon signature of the agreement.  SkyePharma will
manufacture and supply the product from its Lyon manufacturing
facility.  SkyePharma will also make a contribution of up to US$5
million to First Horizon's initial marketing expenses to
establish the product.

Michael Ashton, SkyePharma's Chief Executive Officer, said: "We
are delighted with the approval of Triglide(TM).  This approval
further reinforces our strategy to improve quality of earnings
via increased royalties.  We are confident that First Horizon's
400-strong representative force with their focus on
cardiovascular physicians and high-prescribing primary care
practitioners will be able to successfully create a substantial
franchise in this therapeutic area."

Fenofibrate is an oral treatment for lipid disorders such as
elevated cholesterol and triglycerides.  The main drawback of
fenofibrate is insolubility in water, resulting in variable
uptake from the stomach and requiring the patient to take the
tablets with food.  Triglide(TM) the new formulation developed by
SkyePharma, has a comparable absorption under fed and fasting
conditions and therefore allows patients to take the drug at any
time, improving compliance and simplicity for both patients and
prescribers.  This represents the first approval for a product
utilizing SkyePharma's solubilization IDD(R)-P technology.

SkyePharma PLC develops pharmaceutical products benefiting from
world- leading drug delivery technologies that provide
easier-to-use and more effective drug formulations.  There are
now ten approved products incorporating SkyePharma's technologies
in the areas of oral, injectable, inhaled and topical delivery,
supported by advanced solubilization capabilities.  For more
information, visit http://www.skyepharma.com.

CONTACT:  SKYEPHARMA PLC
          Phone: +44-207-491-1777
          Michael Ashton, Chief Executive Officer
          Peter Laing, Director of Corporate Communications
          Phone: +44-205-491-5124

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

          BUCHANAN COMMUNICATIONS
          Tim Anderso
          Mark Court
          Phone: +44-207-466-5000


SUSTAINABLE PROPERTY: Hires Administrator from Wilkins Kennedy
--------------------------------------------------------------
Stephen Paul Grant (IP No 8929) and Colin George Wiseman (IP No
6721) have been appointed joint administrators for Sustainable
Property Group Limited.  The appointment was made April 7, 2005.
Its registered office is located at Risborough House, 38-40
Sycamore Road, Amersham, Buckinghamshire HP6 5DZ.

CONTACT:  WILKINS KENNEDY
          Risborough House,
          38-40 Sycamore Road, Amersham,
          Buckinghamshire HP6 5DZ
          Web site: http://www.wilkinskennedy.com


S W BUILDERS: Hires Administrator from Bond Partners
----------------------------------------------------
T. Papanicola (IP No 005496) has been appointed administrator for
S W Builders Limited.  The appointment was made April 18, 2005.
Its registered office is located at The Grange, 100 High Street,
London N14 6TG.

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


UNIWEST (DEVELOPMENTS): Names KPMG Liquidator
---------------------------------------------
At the general meeting of Uniwest (Developments) Limited, the
special and ordinary resolutions to wind up the company were
passed.  Richard John Hill and David John Crawshaw of KPMG LLP,
Arlington Business Park, Theale, Reading RG7 4SD have been
appointed joint liquidators of the company.

CONTACT:  KPMG
          Corporate Recovery, Arlington Business Park,
          Theale, Reading RG7 4SD
          Phone: (0118) 9642000
          Fax:   (0118) 9642222
          Web site: http://www.kpmg.co.uk


WZXUQ LIMITED: Names Liquidator from Dewey & Co.
------------------------------------------------
At the extraordinary general meeting of WZXUQ Limited on April
28, 2005 held at the Celtic Manor Hotel, Coldra Woods, Newport,
South Wales, the special and ordinary resolutions to wind up the
company were passed.  Peter Richard Dewey of Dewey & Co, 17 St
Andrews Crescent, Cardiff has been appointed liquidator of the
company.

CONTACT:  DEWEY & CO.
          17 St Andrews Crescent
          Cardiff
          Glamorgan CF10 3DB
          Phone: 029 2022 2244
          Fax: 029 2022 2223
          E-mail: peter@dewey.demon.co.uk


* Individual Bankruptcies Up; Company Insolvencies Down
-------------------------------------------------------
The number of individual insolvencies in the United Kingdom has
hit a record high in the first three months of 2005, AFX reported
Friday.

Government figures showed a total of 13, 229 individual
bankruptcies in the period, posting a 1.6% rise from the previous
quarter, and 27.9% from the same period last year.

HSBC economist John Butler said: "In the first quarter, the ratio
was higher than during the early 1990s recession."

The result came in the wake of data released last week noting
applications for mortgage repossessions jumped 25 percent from
the previous quarter and 35 percent from the 2004 figure.

On the other hand, company insolvencies dropped 7.4 percent,
liquidations plunged 9.2 percent, and companies under
receivership decreased by 49 percent.

However, the number of companies falling into administration rose
for the sixth consecutive quarter, increasing by 47 percent in
the period.


                            *********


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.

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