TCREUR_Public/050512.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

             Thursday, May 12, 2005, Vol. 6, No. 93

                            Headlines

C Z E C H   R E P U B L I C

CESKE DRAHY: Names Chairman Josef Bazala Concurrent CEO
HARVARDSKY PRUMYSLOVY: Appeals Court Overturns Bankruptcy


D E N M A R K

PAN FISH: E.U. Trade Restriction Decimates Danish Operation


F I N L A N D

SANITEC OYJ: Standard & Poor's Withdraws All Ratings


G E R M A N Y

ART + MEDIA: Gives Creditors Until Next Week to File Claims
DEUTSCHE LUFTHANSA: Narrows Operating Loss to EUR26 Million
FLECK & GONZALEZ: Interim Administrator Takes over Operations
FRIED STAHL: Wuppertal Court Appoints Administrator
HEINZE BUROEINRICHTUNGSGESELLSCHAFT: Declared Insolvent

KLOECKNER & CO.: Earns Upgrade for Improved Capital Structure
NORCOM INFOSYSTEMS: Creditors Meeting Set July
RATSKELLER HERFORD: Creditors Claim Due Next Month
SD KAPITAL: Claims Verification Set July 19
UNIMONT STUTTGART: Proofs of Claim Deadline Expires May 31

WALTER BETONSANIERUNG: Applies for Bankruptcy Proceedings
WALTER WASSER: Gives Creditors Until Next Month to File Claims
WOHNUNGSBAUGESELLSCHAFT AM KLAUSENBERG: Declares Bankruptcy


I R E L A N D

JSG FUNDING: Blames Poor Trading Conditions for 24% EBITDA Slide


I T A L Y

PARMALAT FINANZIARIA: Borsa Italiana Okays Relisting
PARMALAT U.S.A.: Stremicks Wants Affiliates' Claims Canceled


N E T H E R L A N D S

ROYAL SHELL: Posts 42% Increase in First-quarter Earnings
ROYAL SHELL: Signs Joint Exploration Deal with Naftogaz Ukrainy
UNITEDGLOBALCOM INC.: Q1 Results Close to Breakeven


N O R W A Y

PETROLEUM GEO-SERVICES: Revenues Lower Under U.S. GAAP


P O L A N D

STOCZNIA GDYNIA: Headed into Bankruptcy


R U S S I A

AUTOMOBILE COLUMN: Omsk Court Appoints Insolvency Manager
BANK OF MOSCOW: Fitch Rates Proposed Eurobond 'BB+'
ELECTRIC DRIVE: Bankruptcy Hearing Set July
IZENSKIY MEKH-ENERGO-SERVICE: Under Bankruptcy Supervision
KALININSKOYE: Declared Insolvent

NAZYVAEVSKIY DAIRY: Bankruptcy Proceedings Begin
NYANDOMSKOYE: Declared Insolvent
PROM-ZHIL-STROY: Tyva Court Names Ch. Ondar Insolvency Manager
RYAZAN-STROY 7: Undergoes Bankruptcy Supervision Procedure
SARATOVSKIY: Bankruptcy Hearing Resumes June
SPETS-STAL-COMPLEKT: Bankruptcy Proceedings Begin


S W I T Z E R L A N D

ABB LTD.: Closure of French Factory Still On
CONVERIUM AG: Full Recovery May Take Time, Moody's Says
CONVERIUM HOLDING: Reports US$61.8 Mln Net Loss in Q1


U K R A I N E

BERDYANSK: Zaporizhya Court Appoints Insolvency Manager
BUDGAZMONTAZH: Succumbs to Bankruptcy
DOVIRA: Undergoes Bankruptcy Supervision Procedure
HLIBOROB: Creditors Have Until Friday to File Claims
LAJT: Chernivtsi Court Declares Firm Insolvent

LVIVNASINNYA: Lviv Court Appoints Insolvency Manager
UKRTRANSSERVICE: Deadline for Proofs of Claim Saturday
VAPNYARSKIJ: Succumbs to Bankruptcy
VYAZIVSKE: Agricultural Firm Goes Belly up
ZHITLOVIK: Declared Insolvent


U N I T E D   K I N G D O M

ABBEY NATIONAL: Hundreds of Jobs More to Go
BLACKFORDS FENCING: Sets Creditors Meeting Next Week
CARDIFF 2008: Liquidator to Give Update Next Month
CH MANAGEMENT: High Court Appoints Liquidator
CHURCHFIELDS SPRING: Members Decide to Wind up Company

COOK STREET: Sets Members Meeting June 15
CRAFTSMAN FURNITURE: Creditors Meeting Set Friday
DERITEND ADVANCED: Members Pass Winding-up Resolutions
DIGITAL UNION: Appoints Tenon Recovery Administrator
DONCASTERS YEOVIL: Hires Liquidator from UHY Hacker Young

E C & J KEAY: Members Decide on Winding-up
ELITE MEDICAL: Hires Administrators from Leonard Curtis & Co.
EQUITABLE LIFE: Asked To Call Off Legal Claim
FINNFOREST PLYWOOD: Sets Final Meeting Next Month
FKI PLC: Buys 52.85% of Chinese Wire Rope Producer

GOVETT ENTERPRISE: Members Final Meeting Set June
HERMES POOLED: Hires Deloitte & Touche Liquidator
IDEAL INSURANCE: Members General Meeting Set July
INCO 400: Sets Creditors Meeting Friday
IPM INDUSTRIES: Meeting of Creditors Set Next Week

JESSOPS PLC: Opens 18 New Stores in First Quarter
JESSOPS PLC: Names Robin Whitbread Non-executive Director
JEWELLERY STORE: Administrators from Deloitte & Touche Move in
KRUGER BRENT: Calls in Liquidator from Butcher Woods
LLOYDS THERMALLOY: Members Hire Liquidator from Hacker Young

MARGATE FOOTBALL: Names Langley & Partners Administrator
MG ROVER: Longbridge Revival Remote as Another Buyer Withdraws
MOVTHERM LIMITED: Names Liquidator from UHY Hacker Young
MOWLEM PLC: Appoints New Executive Director
MOWLEM PLC: Wins GBP175 Mln Barnsley Schools PFI Contract

MOWLEM PLC: Suspended from Track Renewals
NTL INC.: Returns to Black in Q1 with GBP456.1 Mln Net Income
PARAMOUNT FITTINGS: Liquidator from UHY Hacker Young Moves in
PILKINGTON CHANNEL: Hires PricewaterhouseCoopers Liquidator
PROGRAM MARKETING: Calls in Administrators from Leonard Curtis

RICHARDS & ROSS: Calls in Liquidator
RICOSS TRADING: Members Pass Winding-up Resolutions
STREAMCHASE LIMITED: Hires UHY Hacker Young Liquidator
TRIPLEX LIGHT: Members Decide to Wind up Firm
TTG EUROPE: Falls into Administration
WATERSIDE PRESS: Creditors Meeting Set Next Week
WRE SERVICES: Hires Administrators from Tenon Recovery


                            *********


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


CESKE DRAHY: Names Chairman Josef Bazala Concurrent CEO
-------------------------------------------------------
The board of Cesky Drahy appointed Tuesday a new chief executive
who will see the rail operator complete its restructuring.

Ceske's directors named deputy CEO and chairman Josef Bazala to
replace recently resigned CEO Petr Kousal, spokesman Petr
Stahlavsky told Czech Happenings.  Mr. Bazala assumes the post
after being appointed chairman of the supervisory board Monday.
He has been with the company since 1981, initially serving as
head of division for trade and operation and later as interim CEO
for three months in 1995.

The board also appointed director Jiri Kolar as deputy CEO for
trade and operation.  He replaced Jiri Kloutvor, who resigned
Monday.  Mr. Kloutvor has been blamed by unions for the firm's
poor results.

Mr. Kousal, who spent more than two years at the helm, left
without showing any improvement in Ceske's freight transport
operations.  The firm failed to meet volume targets in the first
quarter.  Ceske Drahy plans to reconstruct 60 railway stations at
the cost of billions of crowns and is looking for investors,
according to Lidove noviny daily.

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


HARVARDSKY PRUMYSLOVY: Appeals Court Overturns Bankruptcy
---------------------------------------------------------
The High Court in Prague has reversed the decision declaring
Harvardsky prumyslovy holding (HPH) bankrupt, Czech Happenings
says.

The assailed decision was handed down by a lower court in
December, according to the report.  Prior to the decision, the
company had filed for liquidation to recover money for
distribution to shareholders.

HPH Chairman Karel Stanek, who believes bankruptcy will preclude
shareholders from getting anything, welcomed the reversal.  He
said the liquidation process allows the company "to trace down
assets that have been stolen from the holding."

The company is the successor of the Harvard funds, which were set
up by Viktor Kozeny to buy shares in state-owned companies that
were privatized in the early 1990s.  Presented by an array of
investment opportunities, many Czechs turned to companies like
HPH to manage their coupon books or privatization vouchers.
Unfortunately for HPH's 240,000 shareholders, Mr. Kozeny siphoned
their money and fled to the Bahamas.

Receiver Josef Cupka and Michal Pacovsky, who filed the
bankruptcy petition, could not be reached for comment, the paper
says.


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


PAN FISH: E.U. Trade Restriction Decimates Danish Operation
-----------------------------------------------------------
Pan Fish Denmark has decided to send home all 200 employees at
its processing plant in Hirtshals in Denmark in the coming weeks.

The move is a direct consequence of E.U.'s decision to impose
anti-dumping duties on Norwegian farmed salmon.  This has made it
impossible to continue the operation in its current form, the
company said.

Pan Fish took over 100% of Pan Fish Denmark (former Vestlax
Hirtshals) in autumn.  The takeover was a part of the
restructuring and revitalization of Pan Fish.  The plant had and
still has a significant potential to take part in a continuously
growing market for consumables.  The company was well underway
with its extensive operational, product and marketing
restructuring when the E.U. decided to impose the trade
restrictions.

"Almost 4 Danish kroner per kilo salmon in toll directly into the
E.U. is more than we are able to carry during this
reorganization," says newly hired managing director Thorstein
Abrahamsen in Pan Fish Denmark.

"We are in the middle of restructuring our operations, and have
implemented a number of measures linked to cost savings and
optimalization of our operations, hereunder divestment of
properties.  These processes have already given positive results,
however the implementation of anti-dumping duty from E.U. towards
Norwegian salmon, which is the primary raw material for our
production, has effectively brought the positive operational and
financial development to a stop," he said.

"This is a very sad and unfortunate situation.  The
implementation of anti-dumping duty has hit our Danish
operations, which is inside the E.U., with full strength.  Pan
Fish Denmark has struggled with weak margins due to high raw
material prices, and with anti-dumping duties on top and thereby
increased competitiveness for Chilean farmers, it was absolutely
necessary for us to take drastic actions.  Unfortunately the only
defensible solution was to make all production personnel
temporary redundant," says CEO Atle Eide.

"Our employees have really worked hard and made a positive
contribution to the extensive restructuring which has been
started, and it is with great regret we now see ourselves with no
other alternative than redundancy.  Particularly since the
Hirtshals-area already struggles with a high unemployment rate,"
says Mr. Abrahamsen.

On April 27, E.U. introduced anti-dumping duties on Norwegian
farmed salmon based on dumping accusations against Norwegian
farmed salmon in the E.U. market.  The duties were introduced
after pressure from a small group of Scottish fish farmers with a
total number of employees of no more than 265, barely more than
the employees of Pan Fish Denmark.  A joint Norwegian fish
farming industry with strong support from Norwegian Authorities
had argued against E.U.'s measures, and considerable support has
been gained from countries within the E.U.  However, the
political and industrial pressure has so far not lead to any
solution on the disagreement with E.U.

The financial impact for the Pan Fish Group related to the
redundancy situation in Pan Fish Denmark will depend upon if and
when an agreement with E.U. to terminate the restrictions can be
made.

Book values of fixed assets related to the operation in Pan Fish
Denmark have been written down significantly in the consolidated
group accounts.  The financial impact for the Pan Fish Group will
thus be limited, provided that the shutdown is of temporary
character.  The company is positive with respect to the promising
development in the marked for processed products and is positive
to restart the production if the E.U. Commission, as soon as
possible, terminates the restrictions.

"The potential upside for the company is significant if only we
are given the opportunity to compete on equal terms.  The
situation in Pan Fish Denmark is not a unique situation for us as
a company, but a consequence of the decision made by E.U.  I
cannot with my greatest desire understand that this serves E.U.'s
best interests.  I hope that parties from both the E.U. side and
Norwegian side is willing to find a solution before even more
people are made redundant, and before the anti-dumping duties
causes the industry, including farmers within the E.U., permanent
damage," says Atle Eide.

CONTACT:  PAN FISH A.S.A.
          Atle Eide, Chief Executive Officer
          Phone: +47 911 52 977

          PAN FISH DENMARK
          Thorstein Abrahamsen, Managing Director
          Phone: +45 244 94 080


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


SANITEC OYJ: Standard & Poor's Withdraws All Ratings
----------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B+' corporate
credit rating on Sanitec International S.A., the holding company
of the Sanitec group (Sanitec); and Sanitec Oy, a subsidiary of
Sanitec International, at the company's request.

At the same time, the 'B-' subordinated debt rating on Sanitec
International's Sanitec EUR260 million bond and the 'B+' senior
secured rating on Sanitec Oy's EUR555 million bank loan were also
withdrawn.

The rating action follows the completion of Sanitec's acquisition
by EQT on April 11, 2005, during which Sanitec successfully
tendered for essentially all of its public debt.  Following the
expiry of the tender offer for EUR260 million of Sanitec's
high-yield bonds on April 11, 2005, only a fraction of these
bonds is still outstanding, so that Sanitec no longer has any
public reporting requirements.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk (44)
20-7176-7400; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Group E-mail Address
          CorporateFinanceEurope@standardandpoors.com


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


ART + MEDIA: Gives Creditors Until Next Week to File Claims
-----------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Art + Media Gesellschaft fur Kulturmanagement mbH on April 21.
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 Hannelore Kruger-Knief.

Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 1:45 p.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1. Etage,
Saal 142 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  ART + MEDIA GESELLSCHAFT FUR KULTURMANAGEMENT MBH
          Hansaring 60, 50670 Koln
          Contact:
          Markus Gassen, Manager
          Decksteiner Str. 113, 50354 Hurth

          Hannelore Kruger-Knief, Administrator
          Bonner Str. 172-176, 50968 Koln
          Phone: 9370500
          Fax: +4922193705050


DEUTSCHE LUFTHANSA: Narrows Operating Loss to EUR26 Million
-----------------------------------------------------------
The Lufthansa Group closed the first quarter of 2005 with an
operating loss of EUR26 million.  This compares with an operating
loss in the first quarter of 2004 of EUR116 million.

From January to March 2005 the Group generated EUR3.9 billion in
revenue and returned a net loss of EUR116 million.  When
comparing these figures with the net profit of EUR62 million for
the first quarter of 2004, the subsequent sale of parts of the
company and book profits of EUR292 million from the sale of a
stake in Amadeus must be taken into account.

                            *   *   *

In March, Moody's Investors Service placed the ratings of
Deutsche Lufthansa Aktiengesellschaft on review for possible
downgrade, following the announcement of Lufthansa's takeover
offer for Swiss International.

Moody's said that although the combination of the two airlines
will mark a further step in the consolidation of the European
airline industry, the combined credit profile may not be
commensurate with the current Baa2 rating assigned to Lufthansa.
Based on preliminary understanding of the transaction and the
relative size of Swiss, Moody's does not anticipate that any
rating action following the review is likely to be greater than
one notch.

CONTACT:  DEUTSCHE LUFTHANSA AG
          Investor Relations
          60546 Frankfurt
          Ulrike Schlosser
          Phone: +49 69 696-90997
          Fax: +49 69 696-90990
          E-mail: investor.relations@dlh.de


FLECK & GONZALEZ: Interim Administrator Takes over Operations
-------------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Fleck & Gonzalez GmbH & Co. KG on April 26.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 31, 2005 to
register their claims with court-appointed provisional
administrator Johannes Koepsell.

Creditors and other interested parties are encouraged to attend
the meeting on June 16, 2005, 9:45 a.m. at the district court of
Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal, 2. Etage, Saal
234 - Altbau Amtsgericht at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  FLECK & GONZALEZ GMBH & CO. KG
          Intzestrasse 21, 42859 Remscheid

          FLECK & GONZALEZ VERWALTUNGS GMBH
          Intzestrasse 21, 42859 Remscheid
          Contact:
          Hans-Walter Fleck, Manager
          Osminghausen 24, 42929 Wermelskirchen
          Miguel Gonzalez, Manager
          Intzestrasse 21, 42859 Remscheid

          Johannes Koepsell, Administrator
          Morianstrasse 3, 42103 Wuppertal
          Phone: 0202/24 56 721
          Fax: 0202/2456722


FRIED STAHL: Wuppertal Court Appoints Administrator
---------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Fried Stahl - & Metall - Handelsgesellschaft mbH on April
26.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until May 27,
2005 to register their claims with court-appointed provisional
administrator Henner Klein.

Creditors and other interested parties are encouraged to attend
the meeting on June 21, 2005, 9:40 a.m. at the district court of
Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal, 2. Etage, Saal
234 - Altbau Amtsgericht at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  FRIED STAHL - & METALL - HANDELSGESELLSCHAFT MBH
          Spreestr. 70, 42697 Solingen
          Contact:
          Beate Thomas, Manager
          Spreestr. 70, 42697 Solingen

          Henner Klein, Administrator
          Werlestrasse 38, 42289 Wuppertal
          Phone: 0202/26 26 40 oder 01722061011(Handy)
          Fax: 0202/6 34 08


HEINZE BUROEINRICHTUNGSGESELLSCHAFT: Declared Insolvent
-------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Heinze Büroeinrichtungsgesellschaft mbH on April 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 22, 2005 to
register their claims with court-appointed provisional
administrator Dr. Norbert Heimann.

Creditors and other interested parties are encouraged to attend
the meeting on July 13, 2005, 9:20 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  HEINZE BUROEINRICHTUNGSGESELLSCHAFT MBH
          Longericher Strasse 29, 50767 Koln
          Contact:
          Stefan Maubach, Manager
          Longericher Strasse 29, 50767 Koln

          Dr. Norbert Heimann, Administrator
          Spichernstr. 55, 50672 Koln
          Phone: 9595925
          Fax: +49221514437


KLOECKNER & CO.: Earns Upgrade for Improved Capital Structure
-------------------------------------------------------------
Moody's Investors Service upgraded Kloeckner & Co. International
GmbH's senior implied rating to Ba3.  Moody's has also upgraded
the rating of the subordinated bond at Kloeckner Investment
S.C.A. to B2 and the issuer rating of Kloeckner & Co.
International GmbH to B3.

Kloeckner & Co. International GmbH is a holding company
established for the acquisition of Kloeckner & Co. AG and its
businesses, herein referred to as "Kloeckner" or "the group".
The outlook for the rating is stable.  This rating action follows
the announcement by the company of certain improvements to its
capital structure.

Ratings Rationale

With the rating upgrade, Moody's acknowledges (i) the noticeable
improvement in the capital structure of Kloeckner following the
announcement of a EUR40 million increased equity contribution
from the shareholders and (ii) the elimination of the
contemplated special dividend payout of EUR50 million as a
consideration under certain conditions resulting in the
subsequent reduction of anticipated indebtedness.

The changes in the capital structure have resulted in an
improvement in the ratio of pro forma adjusted net debt/EBITDAR
to 4.3x from 4.7x.

The stable outlook reflects Moody's expectation that (i) the
litigation risk resulting from the Balli cases for Kloeckner is
low and there is sufficient protection from the seller to cover
potential damage claims with an indemnification of EUR320 million
from WestLB and (ii) that the company operates in a relatively
stable environment given the wide-spread structure of its
customer base, both by sector diversification and low dependency
on single customers.

Company Summary

Headquartered in Duisburg, Germany, Kloeckner is one of the
world's leading multi-metal distributors with an emphasis on
steel and metal products for customized specifications requiring
value-added processing to more than 200,000 active customers in
Western Europe and Northern America.  The company generated
consolidated sales of EUR4.8 billion in 2004.

CONTACT:  MOODY'S DEUTSCHLAND GMBH
          Frankfurt
          Matthias Hellstern
          Vice President - Senior Analyst
          Corporate Finance Group

          MOODY'S INVESTORS SERVICE LTD.
          London
          David G. Staples
          Managing Director
          Corporate Finance Group

          For Journalists
          Phone: 44 20 7772 5456


NORCOM INFOSYSTEMS: Creditors Meeting Set July
----------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against NORCOM Infosystems Gesellschaft fur EDV Beratung mbH on
April 18.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
June 16, 2005 to register their claims with court-appointed
provisional administrator Stephan Munzel.

Creditors and other interested parties are encouraged to attend
the meeting on July 18, 2005, 9:00 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal
1, 2. Ebene (Zi. 2.18), at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  NORCOM INFOSYSTEMS GESELLSCHAFT FUR EDV BERATUNG MBH
          Uhlandstrasse 26, 22087 Hamburg
          Contact:
          Ingeborg Nitz, Manager
          Dorotheenstrasse 111, 22301 Hamburg
          Reiner Voss, Manager
          Loher Strasse 27, 22149 Hamburg

          Stephan Munzel, Administrator
          Bachstrasse 85a, 22083 Hamburg
          Phone: 040/3208360
          Fax: 040/320836-36


RATSKELLER HERFORD: Creditors Claim Due Next Month
--------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Ratskeller Herford GmbH on April 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 16, 2005 to register their
claims with court-appointed provisional administrator Hans-Peter
Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on July 7, 2005, 11:00 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:  RATSKELLER HERFORD GMBH
          Rathausplatz 1, 32052 Herford
          Contact:
          Bettina Meyer, Manager
          Bauvereinstr. 25, 32049 Herford
          Norbert Kardell, Manager
          Waldstr. 23 a, 32105 Bad Salzuflen

          Hans-Peter Burghardt, Administrator
          Bunsenstr. 3, 32052 Herford


SD KAPITAL: Claims Verification Set July 19
-------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against SD Kapital Portfolio AG on April 18.  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. Jur.
Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on July 19, 2005, 8:30 a.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:  SD KAPITAL PORTFOLIO AG
          Calenberger Esplanade 6, 30169 Hannover
          Contact:
          Peter Reimer

          Dr. Jur. Rainer Eckert, Administrator
          Lister Strasse 18, 30163 Hannover
          Phone: 0511/626287-0
          Fax: 0511/626287-10


UNIMONT STUTTGART: Proofs of Claim Deadline Expires May 31
----------------------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against Unimont Stuttgart, Zeitarbeit GmbH on April 19.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 31, 2005 to
register their claims with court-appointed provisional
administrator Steffen Beck.

Creditors and other interested parties are encouraged to attend
the meeting on June 30, 2005, 10:00 a.m. at Saal 4, Hauffstr. 5,
70190 Stuttgart, AG Stuttgart, Hauffstr. 5, EG 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:  UNIMONT STUTTGART, ZEITARBEIT GMBH U. CO KG
          Contact:
          Friedrich Hackmaier, Manager
          Silberburgstr. 144, 70176 Stuttgart

          Steffen Beck, Administrator
          Danneckerstr. 52, 70182 Stuttgart
          Phone: 0711/238890
          Fax: 0711/2388930


WALTER BETONSANIERUNG: Applies for Bankruptcy Proceedings
---------------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against WALTER Betonsanierung und Erhaltung GmbH on April 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 31, 2005 to
register their claims with court-appointed provisional
administrator Dipl. Kfm. Werner Schneider.

Creditors and other interested parties are encouraged to attend
the meeting on July 1, 2005, 8:45 a.m. at the district court of
Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass 1,
86150, 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:  WALTER BETONSANIERUNG UND ERHALTUNG GMBH
          Muhlmahdweg 25a, 86167 Augsburg
          Contact:
          Schuster Rainer, Manager

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


WALTER WASSER: Gives Creditors Until Next Month to File Claims
--------------------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against WALTER Wasser und Abwassertechnik GmbH on April 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 3, 2005 to
register their claims with court-appointed provisional
administrator Dipl. Kfm. Werner Schneider.

Creditors and other interested parties are encouraged to attend
the meeting on July 1, 2005, 11:15 a.m. at the district court of
Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass 1,
86150, 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:  WALTER WASSER UND ABWASSERTECHNIK GMBH
          Boheimstr. 8, 86153 Augsburg
          Contact:
          Jan Ludwig Beckmann, Manager

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


WOHNUNGSBAUGESELLSCHAFT AM KLAUSENBERG: Declares Bankruptcy
-----------------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Wohnungsbaugesellschaft am Klausenberg mit beschrankter
Haftung on April 16.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until June 3, 2005 to register their claims with
court-appointed provisional administrator Dipl. Kfm. Werner
Schneider.

Creditors and other interested parties are encouraged to attend
the meeting on July 1, 2005, 11:30 a.m. at the district court of
Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass 1,
86150, 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:  WOHNUNGSBAUGESELLSCHAFT AM KLAUSENBERG
          MIT BESCHRANKTER HAFTUNG
          Boheimstr. 8, 86153 Augsburg
          Contact:
          Christian Bohm and Jochen Raasch, Managers


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


JSG FUNDING: Blames Poor Trading Conditions for 24% EBITDA Slide
----------------------------------------------------------------
First Quarter, 2005: Year-on-year Performance

JSG Funding's first quarter continuing net sales of EUR1,040
million decreased 3% against EUR1,068 million in the first
quarter of 2004.  First quarter continuing EBITDA, before
exceptional items, of EUR108 million decreased 11% against EUR121
million in the first quarter of 2004.  Continuing EBITDA, before
exceptional items, of EUR108 million represents a margin of 10.4%
on net sales against 11.4% in the first quarter of 2004.

Quarter-on-quarter Performance

First quarter continuing net sales decreased EUR32 million or 3%
on the fourth quarter of 2004.  First quarter continuing EBITDA,
before exceptional items, of EUR108 million decreased 24% against
EUR142 million in the fourth quarter of 2004.  Continuing EBITDA,
before exceptional items, of EUR108 million represents a margin
of 10.4% on net sales against 13.2% in the fourth quarter of
2004.

Summary Cash flows & Capital Structure

A cash outflow in the first quarter of EUR33 million compares to
an inflow of EUR13 million in the same quarter of 2004.  This
operating deficit primarily reflects adverse market conditions
and lower operating profit year-on-year.  Net borrowing at March
31, 2005, was EUR2,605 million (excluding EUR16 million of
capital leases).  This represents a 16% decrease in debt levels
from EUR3,091 million at March 31, 2004 and a 10% decrease from
EUR2,895 million at December 31, 2004.  Net proceeds from the
disposal of Munksjo's specialty paper and pulp operations were
EUR425 million.  Net debt to capitalization was 76.8% at March
31, 2005.

                   Corporate Activity

New Offerings

On January 13, 2005, JSG Funding commenced a tender offer to
purchase for cash all outstanding existing 15.5% subordinated
notes.  All of the euro 15.5% subordinated notes and 99.99% of
the dollar 15.5% subordinated notes were tendered.  The tender
offer was completed on February 14, 2005.  In January 2005, JSG
Funding completed an offering of EUR217.5 million and US$200
million of 7.75% subordinated cash-pay notes due 2015.  JSG
Funding applied the proceeds from this offering to fund the
purchase of the 15.5% subordinated notes tendered.  This new
issue lowers JSG Funding's cost of debt.

Concurrent with the completion of this offering of notes, JSG
Holdings plc, the indirect parent of JSG Funding, completed an
offering of EUR325 million of 11.5% senior PIK notes due 2015,
substantially all of the net proceeds of which were loaned to JSG
Packaging Limited, its parent, which in turn, returned the net
proceeds to its shareholders by means of a share capital
reduction under Irish law.  No separate financial information for
JSG Holdings plc is included in this release.  JSG Holdings plc
is a holding company with no business operations.

                  Product Market Overview

Europe

European market conditions remained very challenging in the first
quarter of 2005.  The European recycled containerboard industry
is experiencing significant capacity additions against a backdrop
of poor demand growth which continues to impact upon overall
industry performance.  While the industry is experiencing the
shut down of certain inefficient capacity, JSG, in addition,
continues to focus on reducing costs and further integrating its
containerboard and corrugated operations.  An integrated system
provides support for JSG's operating margins and the cash flow
generation of the business in difficult market conditions.

Kraftliner volumes declined 11% on the first quarter of 2004.
This decline partially reflects a relatively strong first quarter
in 2004, when there was an element of customer purchasing ahead
of announced price increases.  The opposite is prevailing in
2005.  Market conditions remain very difficult and there is
evidence of increased imports of kraftliner into the European
market in the first quarter.  Kraftliner pricing is under
pressure with prices in the first quarter of 2005, EUR50 per ton
or 11% higher than the comparable period in 2004.

Recycled containerboard volumes declined 6% on the first quarter
of 2004.  This decline reflects, in part, the closure of the
Dublin and Cordoba mills, the build up of inventory for these
markets by Mengibar and Townsend Hook and lower shipments in the
U.K. due to the closure of the Tamworth corrugated plant.  JSG's
focus on increased levels of integration resulted in an increase
in volumes in Germany and France of 1% and 2% respectively.
Recycled containerboard prices declined 3% on 2004 first quarter
levels.  OCC price increases during the first quarter of 2005,
also resulted in some margin squeeze in recycled containerboard.

European corrugated volumes, reflecting weak market conditions,
declined 4% on first quarter 2004 levels.  France and Italy were
weaker than expected with volume declines of 5% and 6%
respectively.  However, JSG's corrugated operations in Spain,
Holland, Portugal and Poland reported positive growth in volumes
in the first quarter on 2004 levels.  On average, European
corrugated prices declined EUR7 per ton or 1% on 2004 levels.

Latin America

JSG's Latin American operations continued to report positive
results following record operating results for the full year
2004.  Sales continued to grow in double digits in the first
quarter of 2005 in their reporting currency, the U.S. dollar.
EBITDA, however, declined over 3% on first quarter 2004 levels in
US dollar terms.  The impact of the weaker dollar translated this
decline to over 7% in reported euro results.  This decline
primarily reflects predicted changes to market conditions in
Venezuela where product prices declined and currency devaluation
occurred in March, 2005.  All of JSG's other countries of
operation reported growth in EBITDA (in US dollar terms) on 2004
levels.  Latin American containerboard and corrugated volumes
increased 3% and 6% respectively year-on-year.  Both average
containerboard prices and average corrugated prices increased on
2004 levels.

The Colombian economy continues to grow following 4% GDP growth
in the full year 2004.  Volume improvements and price increases
continued in the first quarter.  Containerboard and corrugated
volumes increased 10% and 13% respectively year-on year.

Mexican volumes declined 4% in containerboard and 8% in
corrugated on first quarter 2004 levels in a softening Mexican
economy.  These declines reflect an inventory reduction across
the country's customer base.  Containerboard prices increased
14%, which resulted in an increase in corrugated prices of 10%.
Despite the improved corrugated prices year-on-year, however, the
increase was more than offset by increases in other input costs.

Containerboard volumes in Venezuela were unchanged while
corrugated volumes increased 19%.  The de-coupling of
containerboard and corrugated volume growth reflects the fact
that JSG's containerboard operations are operating at effectively
full capacity in Venezuela.  Despite the strong increase in
corrugated volumes, however, corrugated prices declined 8%
year-on-year, due to significantly increased external
competition, resulting in Venezuela's reported performance being
weaker than the first quarter of 2004.

Argentina had a strong first quarter in volume terms.  Corrugated
and containerboard volumes both increased 11% on 2004 levels.
Rising paper and other input costs impacted the performance of
the corrugated operations in the first quarter.

In Chile, JSG's converting operation started production in 2004
while the corrugator started in the first quarter of 2005 and had
higher than expected volumes.  The competitive environment and
rising input costs, however, resulted in a modest loss for the
corrugated operations for the first quarter.  It is expected to
turn profitable in the near term.

Cash flows

First quarter 2005 free cash flow was a deficit of EUR33 million
compared to a surplus of EUR13 million in the comparable period
in 2004 principally due to lower operating profits year-on-year.

First quarter capital expenditure of EUR38 million represented
69% of depreciation compared to 59% in the first quarter of 2004.
The relative year-on-year increase in capital expenditure, as a
percentage of depreciation, reflects the absence of Munksjo's
specialty paper and pulp operations in the first quarter of 2005
with a corresponding impact on the depreciation charge.
Consistent with the Group's focus on controlled capital
expenditure, the target for 2005 remains at or close to 80% of
deprecation.

Working capital increased by EUR13 million in the first quarter
reflecting higher debtors, stocks and creditors.  As a percentage
of annualized net sales, however, working capital of EUR324
million at March 2005 was 7.7% compared to 7.6% at December, 2004
and 9.5% at March 2004.

JSG's operating deficit for the first quarter was more than
offset by the proceeds from the sale of Munksjo's specialty paper
and pulp operations in the period.  This resulted in a total
surplus of approximately EUR180 million for the first quarter of
2005.  JSG received net proceeds of EUR425 million from the sale
of the Munksjo operations - EUR273 million of which is recorded
within "sale of operations", EUR157 million within the movement
on net borrowing as the repayment of inter-company loans, partly
offset by cash disposed of EUR5 million.  In addition, JSG sold
the Voghera mill in Italy for EUR10 million.  It received EUR3
million in cash and the balance is payable over a three year
period.

Financing and investment outflows in the first quarter of 2005
relate primarily to costs arising in respect of the refinancing
completed in February 2005.  Refinancing costs of EUR53 million
comprise the EUR51 million premium paid for the early redemption
of the PIK together with waiver fees of approximately EUR2
million.  The debt issuance costs of EUR8 million relate to the
new senior notes.

The net surplus of EUR213 million from financing and investment
activity less the free cash flow deficit of EUR33 million,
resulted in a total surplus of approximately EUR180 million for
the first quarter compared to EUR21 million in 2004.  The surplus
for the quarter was increased by the EUR157 million of Munksjo
inter-company debt repaid offset by the add-back of non-cash
interest, currency and net cash of approximately EUR5 million in
the Munksjo operations. These movements resulted in a decrease in
net borrowing of approximately EUR291 million.

Currency movements, primarily the strengthening of the U.S.
dollar relative to the euro, resulted in an increase in the value
of non-euro debt and a currency translation loss of EUR30 million
in the first quarter of 2005.  This compares to EUR28 million in
the first quarter of 2004.  In total, net borrowing at the JSG
Funding level was EUR2,605 million (EUR2,621 million including
capital leases of EUR16 million) at March 2005 compared to
EUR2,895 million (EUR2,913 million including leases) at December
2004 and EUR3,091 million (EUR3,118 million including leases) at
March 2004.

Summary cash flows for the first quarter are set out in these
tables:

     3 months       3 months
     to March       to March
                                         31, 2005       31, 2004

                                              EUR            EUR
                                          Million        Million
- ------------------------------------- ---------   -   --------
Loss before tax - subsidiaries               (68)            (6)
Exceptional items                            (33)             -
Depreciation and depletion                     55             66
Goodwill amortization                          10             12
Non cash interest expense                      32             15
Refinancing costs                              53              -
Working capital change                       (13)           (13)
Capital expenditure                          (38)           (39)
Change in capital creditors                  (14)            (7)
Sales of fixed assets                           1              4
Tax paid                                     (14)           (19)
Other                                         (4)             -
- -------------------------------------- --------   -   --------
Free cash flow                               (33)            13

Investments                                   (1)            (1)
Sale of businesses and investments            276              -
Dividends paid to minorities                  (1)            (1)
Transaction fees                               -             (1)
Deferred debt issue costs                     (8)             -
Amounts transferred from affiliates             -             11
Refinancing costs                             (53)             -

- -------------------------------------- --------   -   --------
Net cash inflow                               180             21
Net cash disposed                             (5)             -
Munksjo inter-company debt repaid             157              -
Non-cash interest accrued                    (11)           (10)
Currency translation adjustments             (30)           (28)
- -------------------------------------- --------   -   --------

Decrease/(increase) in net borrowing     EUR  291           (17)
- -------------------------------------- --------   -   --------

Performance Review and Outlook

Gary McGann, Chief Executive Officer, said: "Our reduced
financial performance reflects extremely challenging business
conditions in Europe today.  A combination of excess new
capacity, below trend line demand growth and a strong currency
impact is reflected in a significant reduction to EBITDA.
Despite that, the Group continues to deliver against its
underlying objective of 'controlling the controllables'.

"For Latin America, a strong financial performance within this
quarter follows record operating results for 2004.  While we are
pleased to report double-digit revenue growth for the region as a
whole, there are some indications of weakening demand in Mexico.
However, we have confidence in our progress in the region."

A copy of these results is available free of charge at
http://bankrupt.com/misc/JSGFunding(Q12005).mht

CONTACT:  JSG FUNDING PLC
          Beech Hill, Clonskeagh
          Dublin, 4, Ireland
          Phone: +353-1-202-7000
          Fax: +353-1-269-4481
          Web site: http://www.smurfit-group.com

          Gary McGann
          Phone: +353 1 202 7000

          Ian Curley
          Phone: +353 1 202 7000


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


PARMALAT FINANZIARIA: Borsa Italiana Okays Relisting
----------------------------------------------------
Parmalat Finanziaria's plan to relist now awaits the market
regulator's clearance after the stock exchange approved it
Monday.  Consob could give the go-ahead within days, Daily Il
Sole 24 Ore reported without citing sources.

The dairy group was kicked out of the exchange on Dec. 29, 2003
when it collapsed under the weight of its EUR14 billion debt.  It
is applying for relisting in conjunction with its revival as
Parmalat S.p.A.  On Monday the Italian bourse agreed to admit its
shares and warrants on condition that its proposed
debt-for-equity swap is approved by creditors and its sponsor
Mediobanca S.p.A. promises not to mislead the market with
incorrect reports again.

A Parma court is expected to approve a vote on the
debt-for-equity swap once Consob gives its approval.  Sources
said the voting requires no quorum, only the presence of at least
50% of voters.  They expect to complete the process two months
after Consob's ruling.

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

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


PARMALAT U.S.A.: Stremicks Wants Affiliates' Claims Canceled
------------------------------------------------------------
On July 9, 2004, Parmalat S.p.A. and its affiliates filed claims
against Milk Products of Alabama LLC -- now known as Farmland
Stremicks Sub, L.L.C.:

   Claim Number     Claimant                          Amount
   ------------     --------                          ------
      804           Parmalat S.p.A.             $363,937,810
      884           Archway Cookies L.L.C.           632,005
      829           Parmalat Finance Corp. BV    122,068,472
      824           Parmalat Netherlands BV      144,880,348
      879           Curcastle Corporation NV      72,049,960
      869           Fratelli Strini Costruz.          20,640
                    Meccaniche S.r.L.
      848           Centro Latte S.r.L.         Undetermined
      845           Coloniale S.p.A.            Undetermined
      842           Contal S.r.L.               Undetermined
      839           Dairies Holding             Undetermined
                    International BV
      836           Eliair S.r.L.               Undetermined
      833           Eurolat S.p.A.              Undetermined
      868           Geslat S.r.L.               Undetermined
      862           HIT International S.p.A.    Undetermined
      865           HIT S.p.A.                  Undetermined
      859           Lactis S.p.A.               Undetermined
      874           Parmalat Capital            Undetermined
                    Netherlands BV
      826           Parmalat Finanziaria        Undetermined
      820           Parmalat Soparfi S.p.A.     Undetermined
      856           Newco S.r.L.                Undetermined
      851           Nuova Holding S.p.A.        Undetermined
      812           Olex S.A.                   Undetermined
      810           Panna Elena S.r.L.          Undetermined
      807           Parma Food Corporation BV   Undetermined
      817           Parmatour S.p.A.            Undetermined
      814           Parmengineering S.r.L.      Undetermined

James M. Sullivan, Esq., at McDermott Will & Emery LLP, in New
York, relates that Milk Products' Chapter 11 Plan requires
sufficient funds to be reserved, in trust, to pay holders of
disputed claims.  Mr. Sullivan explains that Milk Products cannot
make distributions to its creditors and equity holders under its
Chapter 11 Plan until the claims filed by the Parmalat Entities
have been resolved.

Pursuant to the terms of a settlement among the parties, the
Parmalat Entity Claims, other than the claims of Parmatour and
Archway, will be withdrawn upon execution of a definitive
document.  In addition, Parmalat has indicated that the claim of
Parmatour will be withdrawn in connection with the Settlement.

Mr. Sullivan notes that because the Settlement is subject to
approval by the Italian Ministry of Productive Assets, the
Debtors expect that the definitive settlement documents will not
be executed immediately.  In any case, Mr. Sullivan contends that
the Parmalat Entities' claims against Milk Products are
unsubstantiated and without basis and should be estimated at zero
for distribution purposes pending consummation of the Settlement.

Thus, Farmland Stremicks asks the Court to estimate the Parmalat
Entity Claims at zero.

                     Parmalat Entities Object

The Parmalat Entities assert that Farmland Stremicks' Request is
premature because the Settlement negotiated among the parties is
scheduled to close by May 31, 2005, subsequent to the Italian
Ministry's approval.  Assuming that the Settlement will close by
that date, or some date relatively soon after, the Request would
provide no meaningful relief to any party-in-interest and would
add costs and expenses and needlessly consume the Court's
resources, the Parmalat Entities assert.

Nancy E. Delaney, Esq., of Curtis, Mallet-Prevost, Colt & Mosle
LLP, contends that the Request glosses over the fact that if the
Settlement does not close for some reason, the Parmalat Entities
would have every right to assert their claims, which are fixed
and liquidated.

According to Ms. Delaney, the Request is fatally flawed because
Section 502(c) of the Bankruptcy Code may not properly be used to
finally adjudicate claims for distribution purposes.  The role of
the estimation process is to facilitate the plan confirmation
process, including to allow the Court to determine claim amounts
for purposes of gauging a plan's feasibility, Ms. Delaney
clarifies.  Estimation is not designed to provide a final
adjudication of claims for distribution purposes.

Moreover, Ms. Delaney says that even if estimation under Section
502(c) were available for the purpose of fixing the treatment of
a claim for distribution purposes, it is inappropriate to utilize
Section 502(c) to estimate claims that are neither "contingent"
nor "unliquidated" and, accordingly, Section 502(c) on its face
is inapplicable.

Furthermore, the Parmalat Entities point out that Farmland
Stremicks has failed to establish any "undue" delay.  Within a
few weeks the parties will have an informed view of whether or
not the Settlement will close by the May 31 deadline.  If the
Settlement closes, the Request will be moot and the time and
resources of the parties and the Court would be conserved.  If it
fails to close for any reason, the parties will determine whether
to settle or adjudicate the subject claims and they will be able
to advise the Court of how and when the claims should be
resolved.  Accordingly, the brief period of time between the
filing of the Request and the time when the parties will be fully
informed about the status of the Parmalat Entity Claims would not
"unduly delay" the administration of the U.S. Debtors' bankruptcy
cases, Ms. Delaney insists.

The Parmalat Entities also argue that the estimation of their
claims at zero for distribution purposes would, in effect,
constitute an adjudication of the claims by fiat, in violation of
their substantive and procedural due process rights.  Ms.
Delaney explains that it is misleading to characterize the
Request as an "estimation" of claims because if it were granted,
and if Farmland Stremicks were then to distribute all of its
assets to creditors and equity holders as contemplated, then the
Request would have resulted in a de facto final determination of
the Parmalat Entity Claims.  According to Ms. Delaney, Farmland
Stremicks is asking the Court to make factual findings without
evidence and without granting the parties the opportunity to
conduct discovery.

In addition, Ms. Delaney believes that the Request would violate
the Plan, which requires Farmland Stremicks to create and fund a
reserve for the treatment of disputed claims that become allowed
claims on a pari passu basis with other claims in the same class.

Ms. Delaney notes that Farmland Stremicks has not provided any
reason why it should not comply with its own Plan.  Ms. Delaney
asserts that Farmland Stremicks should fully fund a reserve
account for the benefit of the Parmalat Entities' claims if it
wants to make a distribution to its other creditors and equity
holders before the Parmalat Entity Claims are resolved.

The Parmalat Entities, therefore, ask the Court to deny the
Request.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more than
EUR7 billion in annual revenue.  The Parmalat Group's 40-some
brand product line includes milk, yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.  The company employs over 36,000 workers in 139
plants located in 31 countries on six continents.  It filed for
chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case
No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq.,
of Weil Gotshal & Manges LLP, represent the Debtors in their
restructuring efforts.  On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debt.
(Parmalat Bankruptcy News, Issue No. 53; Bankruptcy Creditors'
Service, Inc., 215/945-7000)

CONTACT:  PARMALAT U.S.A. CORPORATION
          520 Main Ave.
          Wallington, NJ 07057
          Phone: 973 777 2500
          Fax:   973 777 7648
          Toll Free: 888 727 6252
          Web site: http://www.parmalatusa.com


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


ROYAL SHELL: Posts 42% Increase in First-quarter Earnings
---------------------------------------------------------
The Group's income for first quarter 2005 was US$6,673 million,
an increase of 42% from the comparative period in 2004,
reflecting higher hydrocarbon realizations, strong LNG earnings
and higher earnings in Oil Products and Chemicals.

Income in the first quarter 2005 included net gains of US$220
million, mainly from divestments partly offset by certain
charges, compared with a net gain of US$490 million in 2004.
Exploration & Production segment earnings of US$2,955 million
were 9% higher than a year ago (US$2,707 million) mainly
reflecting higher realized prices partly offset by lower volumes
and higher costs including exploration and depreciation.

Segment earnings in the first quarter 2005 included charges of
US$41 million (mainly from divestment gains of US$82 million
which were more than offset by a US$172 million charge for
marking-to-market certain gas supply contracts in the U.K.),
compared with net gains of US$245 million in the first quarter of
2004.  Excluding these charges and net gains, segment earnings
were 22% higher than a year ago.

Liquids realizations were 44% higher than a year ago, compared to
an increase in Brent of 49% and WTI of around 41%.  Outside the
U.S.A., gas realizations increased by 29%.  In the U.S.A. gas
realizations increased by 18%, compared to an increase in Henry
Hub of 14%.  Hydrocarbon production for the first quarter 2005
was 3,847 thousand boe per day.  Excluding the impact of
divestments of 18 thousand boe per day and the end of a Middle
East gas contract of 100 thousand boe per day, total production
was 2% lower than the same quarter last year, reflecting a 7%
decrease in oil production and a 4% increase in gas production.

Production benefited from new fields mainly in the U.K. and the
U.S.A. and the ramp-up of production in the U.S.A. totaling some
183 thousand boe per day versus a year ago.  New production
volumes exceeded field declines of approximately 147 thousand boe
per day, mainly in the U.S.A., Norway and Oman.  This net
increase was more than offset by operational issues totaling some
100 thousand boe per day, mainly in the U.K. North Sea, compared
to a year ago.

Gas & Power segment earnings were US$476 million, including gains
of US$48 million mainly from divestments, compared to US$522
million a year ago, which included divestment gains of US$166
million.  Earnings were helped by record LNG volumes (up 15%) and
higher LNG prices and increased by 17% excluding the effect of
divestments.

Oil Products segment earnings were US$3,051 million compared to
US$1,573 million for the first quarter of 2004.  Results included
net gains of US$427 million mainly from divestments versus a net
gain of some US$100 million a year ago.  Higher earnings due to
increased refining margins (benefiting from wide light heavy
crude differentials particularly in the U.S.A., and in Europe
from middle distillates strength) were partially offset mainly by
the impact of lower retail marketing margins in the U.S.A. (due
to the impact of rising product cost which could not be fully
recovered in the marketplace), lower trading results and higher
costs mainly due to the weaker U.S. dollar.

Chemicals segment earnings were US$449 million, compared to
segment earnings of US$221 million in the same quarter last year.
Earnings reflected higher operating rates, increased capacity and
improved margins.  Chemicals segment earnings in the first
quarter 2005 included an impairment of the Group's investment in
Basell of US$214 million.  In 2004, Shell and BASF announced the
review of strategic options for the Basell joint venture (Group
interest 50%) and on May 5, 2005 announced that the companies are
to sell Basell.  The activities of Basell, including impairments,
are reported as discontinued operations.

Corporate and Other net costs were US$127 million in the first
quarter 2005 compared to US$176 million a year ago, due to lower
net interest expense from lower net gearing partly offset by
lower insurance results.

Cash flow from operating activities totaled US$8.1 billion in the
first quarter 2005.  There were US$1.1 billion gross proceeds
from divestments, including US$0.8 billion in Oil Products with
sales of businesses in Romania, the Canary Islands and the
Eastern part of the Caribbean, the LPG business in Portugal and
the Bakersfield refinery in the U.S.A.  Capital investment in the
first quarter 2005 was US$3.2 billion, compared with US$3.1
billion in the comparative period, of which US$2.4 billion was in
Exploration & Production.

Investments and Portfolio Developments

Upstream portfolio developments during the quarter were the
production licenses for Upper and Western Salym (Shell share 50%)
in Russia were extended until 2032 and 2034 respectively.

In Kazakhstan, Shell increased its equity interest in the North
Caspian Sea Production Sharing Agreement (NCPSA), which includes
the Kashagan Project, by 1.85% to 18.52% following the sale by BG
Group.  In Australia, Shell's divestment of the mature Laminaria
(22% share interest) and Corallina (25% share interest) oil
fields, is expected to be completed in the second quarter of
2005.

Successful exploration wells were drilled in Nigeria, Norway,
U.S.A., Malaysia, the Netherlands, the U.K. and Oman.  Results to
date are encouraging but awaiting completion of evaluation and
clearance from governments and partners to provide more
definitive information.

Successful appraisal wells were drilled in Malaysia, Egypt, the
Netherlands and the U.K.

In Alaska, Shell is expected to be awarded 86 blocks in Lease
Sale 195 for the Beaufort Sea.  In the Gulf of Mexico, Shell is
expected to be awarded nine blocks in Lease Sale 194.  In Canada,
Shell Canada acquired a 20% interest in eight existing
exploration licenses in the Orphan Basin under a farm-in
agreement.  In Algeria, an exploration contract was awarded to
Shell in the Reggane and Timimoun basins covering some
30,000 square kilometres (sq. km.).

In Egypt, Shell acquired 30% of four Western Desert concessions
covering some 60,000 sq. km. of exploration acreage.  Shell and
Qatar Petroleum signed a Heads of Agreement for the development
of a large-scale integrated LNG project including Upstream gas
and liquids production and a 7.8 million tonnes per annum (mtpa)
LNG train (Qatargas 4, Shell share 30%).  Intended LNG markets
are North America and Europe with first deliveries expected to
commence around 2010-2012.

The Sakhalin II LNG joint venture (Shell share 55%) and Malaysia
Tiga LNG (Shell share 15%) concluded 20-years sales commitments
with Kogas, the Korean gas company to supply 1.5 to 2.0 mtpa each
beginning in 2008.  Shell and its partners in the Australian
Gorgon LNG and domestic gas project agreed to integrate their
interests in the Greater Gorgon area.  Shell will hold a 25%
interest in the joint venture to construct two 5 mtpa LNG trains.
Shell expects to sell all or part of its share of gas from the
Gorgon LNG project to the North American and Mexican markets.

Shell received approval from the U.S. Maritime Administration for
a 7.7 mtpa (initial capacity) offshore LNG import terminal (Gulf
Landing) in the Gulf of Mexico.  In Europe, Shell announced plans
for the development of a 5.8 mtpa LNG import terminal in Sicily,
Italy (Shell share 50%).

In April 2005, Shell signed a Memorandum of Understanding with
the Nigerian National Petroleum Corporation (NNPC) and partners
for the joint development of a greenfield LNG project (Olokola
LNG) in Nigeria.  The project is expected to include a joint
venture infrastructure and operating company, and initially up to
four 5 mtpa LNG trains.  Two of the four trains will be owned by
NNPC and Shell.  The intended markets are North America and
Europe.

In April 2005, Shell and Bechtel Enterprises Energy B.V. signed
an agreement to sell InterGen N.V. (Shell share 68%) including 10
of its power plants for US$1.75 billion.  Excluded from the sale
are InterGen's assets in the United States, Colombia and Turkey
pending further review.  The transaction is expected to close
mid-2005 and is subject to certain conditions and regulatory
approvals.

On May 3, 2005, The National Oil Corporation of the Great
Socialist People's Libyan Arab Jamahiriya (NOC) and Shell
Exploration and Production Libya GmbH (Shell) announced that they
have reached a long-term agreement for a major gas exploration
and development deal.  The agreement covers the rejuvenation and
upgrade of the existing Liquefied Natural Gas (LNG) Plant at
Marsa Al-Brega on the Libyan coast, together with exploration and
development of five areas located in the heart of Libya's major
oil and gas producing Sirte Basin.  The contract follows the
Heads of Agreement signed in March 2004 between NOC and Shell, in
which both parties agreed to establish a long-term strategic
partnership in the Libyan gas sector.

Downstream continued implementation of the Group's strategy for
reshaping the portfolio during the quarter.

On 1 January 2005, Shell implemented one integrated Downstream
organization for the Oil Products and Chemicals businesses with a
global line of business structure to optimize manufacturing
facilities, standardize processes and improve services to
customers.  Oil Products completed the earlier announced sales of
its businesses in Romania, the Canary Islands and the Eastern
part of the Caribbean.  In addition, Shell completed the sale of
the LPG business in Portugal and the Bakersfield Refinery in the
U.S.A.  Total gross proceeds amounted to US$762 million.

In China, the joint venture (Shell share 40%) with Sinopec
started operating its first retail stations.  At the end of the
quarter over 200 retail stations were in operation.  The joint
venture is expected to build and operate 500 retail outlets in
the Jiangsu Province.

Shell signed a Letter of Intent with Qatar Petroleum for the
development of a world-scale ethane-based cracker and derivatives
complex in Ras Laffan, Qatar.

In 2004, Shell and BASF announced the review of strategic options
for the Basell joint venture (Shell share 50%).

On May 5, 2005 BASF and Shell Chemicals announced that they are
to sell Basell for a consideration of EUR4.4 billion, including
debt.  The transaction is subject to approval by the relevant
antitrust authorities and closing is expected in the second half
of 2005.

A copy of these results is available free of charge at
http://bankrupt.com/misc/RoyalShell(Q12005).pdf

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


ROYAL SHELL: Signs Joint Exploration Deal with Naftogaz Ukrainy
---------------------------------------------------------------
National Joint Stock Company Naftogaz Ukrainy and Royal
Dutch/Shell Group's Shell Exploration Company B.V. signed Tuesday
a cooperation agreement to carry out technical studies leading to
joint exploration and production of hydrocarbons in an area of
interest in the Dniepr-Donets Basin.

According to the agreement, NAK and Shell will embark on a joint
study of an agreed area of joint interest, which covers an area
of over 30,000 sq. km. with potential for further enlargement.
According to geological data, the Dniepr-Donets Basin contains
significant remaining undiscovered resources of natural gas.  The
recovery of these undiscovered resources is subject to
considerable technological challenges and dependant on the
application of modern insights and technology.

Olexiy Ivchenko, Chairman of Naftogaz Ukrainy, said: "Naftogaz
Ukrainy is pleased to enter into this agreement with Shell.  We
believe the combination of the detailed technical and operational
knowledge of Naftogaz Ukrainy and access to state of-the-art
technology from Shell will result in mutual benefits and we look
forward to a fruitful partnership."

Matthias Bichsel, Head of Exploration of Shell, said: "This
cooperation agreement with Naftogaz Ukrainy marks Shell's entry
into the Ukrainian upstream.  We believe that the combination of
NAK's geological and operational strength combined with the
application of Shell's technology and insight into similar play
settings will lead to the opening up of significant new
opportunities to add more integrated gas from the Dniepr-Donets
Basin.  North-Eastern Ukraine is close to important regional gas
markets, so we are excited to be beginning what should be a long
and fruitful cooperation with Naftogaz Ukrainy."

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


UNITEDGLOBALCOM INC.: Q1 Results Close to Breakeven
---------------------------------------------------
Highlights for the quarter:

(a) revenue growth of 46% to US$798 million;

(b) Operating Cash Flow growth of 37% to US$279 million;

(c) net RGU additions of 140,100 (using new method), an increase
    of 101%; and

(d) net loss of US$3 million compared to net loss of US$150
    million.

Mike Fries, President and Chief Executive Officer of UGC said:
"We delivered excellent operating and financial results for the
first quarter of 2005.  We added 140,100 total RGUs during the
period, which was more than double last year's net additions in
the first quarter, driven by robust broadband data and digital
phone sales.  At March 31, 2005, we had approximately 11.2
million consolidated RGUs and customer growth has remained strong
early in the second quarter.  As a result, we believe that we're
on track to meet or exceed our full year guidance for 600,000 net
new RGUs.

"On a reported basis, revenue and Operating Cash Flow (OCF) in
first quarter 2005 increased 46% and 37%, respectively, in part
due to favorable foreign currency (FX) movements.  Using the same
FX rates in effect during last year's first quarter, our revenue
and OCF growth rates were 38% and 28% respectively, well ahead of
our full year guidance targets of 20% growth for each of those
performance measures.

"We have made good progress recently on a number of our key
strategic initiatives.  In April, we closed on the merger or our
Chilean subsidiary, VTR, with Metropolis-Intercom, which will
strengthen our market leading position in broadband Internet,
multi-channel video and triple-play services.  We expect to
benefit from a significant reduction in duplicative operating
costs and other synergies as a result of the merger over the next
1-2 years.  We also expect to generate meaningful synergies from
merger of NTL Ireland's business with our Chorus asset, if the
transaction receives regulatory approval.  The Republic of
Ireland is one of the fastest growing economies in Western Europe
and we are well positioned to participate in the rapid growth of
broadband services there.

"In Europe, UPC is poised for the rapid expansion of digital
phone (VoIP) services across several new markets.  In the
meantime, digital phone sales remain strong, averaging over 5,000
per week in the Netherlands and Hungary, and we recently began
our commercial VoIP launch in France.  We are also aggressively
increasing the speeds of our broadband Internet products across
Europe beginning with 20+ Mbps 'Extreme' products already
launched in the Netherlands, Norway, Belgium, and Sweden.
Finally, we recently announced our plans to migrate all of our
cable subscribers to digital in the Netherlands, which we expect
to begin in the fourth quarter of 2005.  As a result of this
initiative, we expect to eventually deploy over 2 million digital
set-top boxes and enhance our leading position in the Dutch
pay-TV marketplace."

First Quarter 2005 Results

Consolidated operating subsidiaries in Europe include UPC
Broadband -- the cable television and broadband division with
operations in 13 countries, and chellomedia -- the media and
programming division, which also includes the Competitive Local
Exchange Carrier (CLEC), Priority Telecom.  In Latin America,
primary operation is VTR, our cable television and broadband
provider in Chile.

Revenue

Revenue for the quarter ended March 31, 2005 was US$798 million,
an increase of 46% or US$251 million compared to the same period
in 2004.  Excluding the impact of foreign exchange movements,
currency adjusted year-over-year revenue growth was 38% for first
quarter 2005, well ahead of the 20% full year 2005 guidance
target, as a result of higher average monthly revenue per
subscriber (ARPU) and RGU growth.  Excluding FX movements as well
as acquisitions, organic revenue growth for the first quarter
2005 was 13% compared to the same period last year.

Total European revenue increased 50% to US$711 million for the
quarter ended March 31, 2005 compared to the same period last
year, primarily due to a 49% increase in the core triple play
operation, UPC Broadband.  Excluding acquisitions (primarily Noos
and Chorus), revenue in Western Europe increased 16% compared to
the same period in 2004, while sales in Central and Eastern
Europe increased 36% on the same basis.  In Chile, revenue at VTR
increased 18% for the first quarter 2005 compared to same period
last year.

Average monthly revenue (ARPU) per RGU, excluding acquisitions,
for the three months ended March 31, 2005 was US$21.22, an
increase of 13% compared to the same period in 2004.  Excluding
foreign currency movements, the organic increase in ARPU per RGU
was approximately 8.6% year-over-year.  ARPU per customer
relationship was US$26.56 for the three months ended March 31,
2005, an increase of 18% from US$22.52 compared to the same
period in 2004.  Excluding foreign currency movements, the
organic increase in ARPU per customer relationships was 13%.

Operating Cash Flow

Operating Cash Flow (OCF) for the quarter ended March 31, 2005
was US$279 million, an increase of 37% compared to the prior
year.  Excluding the impact of FX movements, OCF growth was 28%
compared to the prior year period, significantly above the
guidance target of 20% OCF growth for the full year.  On an
organic basis (excluding FX and the impact of acquisitions), OCF
growth was 11% year-over-year.  Excluding approximately US$7
million of charges associated with the potential business
combination with Liberty Media International, organic cash flow
growth rate for the quarter would have been 15%.

Total European OCF increased 43% to US$261 million for the
quarter ended March 31, 2005, primarily due to a 39% increase at
UPC Broadband.  OCF in Western Europe increased 36% to US$219
million (including Noos and Chorus), while OCF in Central and
Eastern Europe increased 43% to US$68 million.  Excluding
acquisitions (primarily Noos and Chorus), OCF in Western Europe
increased 17% to US$188 million.  In Chile, OCF for the quarter
ended March 31, 2005 increased 23% to US$31 million.

For the quarter ended March 31, 2005, consolidated OCF margin was
35.0% compared to 37.3% for the same period last year.  On a
sequential basis, however, consolidated OCF margin increased by
approximately 400 basis points compared to 31.0% in the fourth
quarter of 2004 when OCF margin suffered primarily as a result of
costs associated with the settlement of a legal dispute for a
Dutch programming contract (MovieCo).  Excluding the results of
Noos and Chorus and approximately US$7 million of costs
associated with the potential business combination with Liberty
Media International, first quarter overall OCF margin was 38.0%
compared to 37.3% for the same period last year due primarily to
the inclusion of results from lower margin broadband business in
France and Ireland in the current period.

Net Income (Loss)

Net loss was US$3 million or -US$0.00 earnings per share for the
quarter ended March 31, 2005, which compares with a net loss of
US$150 million or -US$0.21 per share in last year's first
quarter.

Free Cash Flow and Capital Expenditures

Free Cash Flow (FCF) for the quarter ended March 31, 2005 was
negative US$35 million due in part to an approximate US$50
million payment related to the litigation settlement of a Dutch
programming contract (MovieCo).  Excluding that payment, FCF for
the period would have been a positive US$14 million, which
compares to US$36 million that we generated in last year's first
quarter.  Subscriber acquisition costs and corresponding
equipment costs were materially higher in this year's first
quarter compared to last year given the substantial increase in
net RGU additions.

Capital expenditures for the quarter ended March 31, 2005 were
US$167 million (21% of revenues) compared to US$80 million (15%
of revenues) for first quarter 2004.  The primary reason for the
increase was higher spending on customer premise equipment (CPE)
due to the significant increase in RGU growth in first quarter
2005 compared to the same period last year, as well as foreign
currency movements.

Balance Sheet, Leverage, and Liquidity

At March 31, 2005, total long-term debt was US$4.9 billion and we
had cash and cash equivalents (including short-term liquid
investments) of US$1.1 billion.  Net debt to annualized Operating
Cash Flow or consolidated leverage ratio was 3.4x compared to
3.1x for the same period in the prior year, primarily as a result
of increased borrowings to finance acquisitions, which were
financed with additional debt and cash on hand.

In addition to cash balances, the company currently has EUR1.0
billion of availability under the revolvers of our European
credit facility subject to covenant compliance.  Together with
the market value of interests in the publicly traded securities
of SBS Broadcasting and Austar United, and including cash
balances at March 31, 2005, total liquidity was approximately
US$3.0 billion using the market values and FX rates in effect on
that date.

Operating Statistics

Total RGUs were approximately 11.2 million at March 31, 2005. UGC
management has recently implemented a change in how we analyze
RGUs with respect to its video business.  As a result, the
company no longer "double count" a digital video subscriber also
as an analog video subscriber.  It is providing subscriber
results under both this "new" method as well as "old" method for
comparative purposes.

During the first quarter, the company added 140,100 net new RGUs,
which represents a 101% increase from last year's first quarter
RGU additions, primarily driven by strength in the broadband
Internet and digital phone (VoIP) products in Europe.  Under the
"old method" of double counting digital RGUs currently used by
most U.S. cable companies, the company added 163,100 net new RGUs
during the quarter, a 77% improvement compared to the same period
last year.  Over the past 12 months and excluding acquisitions,
the Company has added 535,700 net new RGUs on an organic basis.

In terms of net additions by product, the company added a total
of 102,900 broadband Internet subscribers during the first
quarter, including 88,300 in Europe and 14,500 in Chile.  As of
March 31, 2005, broadband Internet subscriber base exceeds 1.5
million total RGUs.  Telephony additions were 44,000 for the
first quarter primarily driven by the early success of digital
phone (VoIP) launches in the Netherlands and Hungary.  The
company expects the digital phone RGU additions to increase over
the next several quarters as it launches the product across
additional markets in Europe.

A full copy of the financial results is available free of charge
at http://bankrupt.com/misc/UnitedGlobalCom(Q12005).mht

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

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

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


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


PETROLEUM GEO-SERVICES: Revenues Lower Under U.S. GAAP
------------------------------------------------------
Petroleum Geo-Services A.S.A. (OSE and NYSE: PGS) said on Tuesday
it has filed its Annual Report on Form 20-F for the year ended
Dec. 31, 2004 containing consolidated financial statements
prepared in accordance with U.S. GAAP.

A copy of the Company's Form 20-F is on file with the U.S.
Securities and Exchange Commission (SEC) and is available for
viewing and/or downloading at http://www.sec.govor at
http://www.pgs.com(select the link to "Investor Relations",
"Financial Reports" then "SEC Filings").

As previously reported, the financial statements prepared in
accordance with U.S. GAAP vary significantly from the financial
statements prepared in accordance with Norwegian GAAP.  The
Company adopted fresh-start reporting effective Nov. 1, 2003 for
U.S. GAAP reporting purposes.  Under fresh-start reporting, the
Company recorded assets and liabilities at estimated fair values
as of Nov. 1, 2003, creating a large number of differences
compared to the Norwegian GAAP financial statements, which are on
an historical cost basis.  As previously reported, these
differences, in the consolidated statement of operations for
2004, relates predominantly to the amortization of the
multi-client library and other intangible assets, but also other
effects of fresh-start.  There are no material differences in net
cash provided by operating activities, net cash used in investing
activities and net cash used in financing activities in the
consolidated statement of cash flows.

The tables below show the main differences in net income and
shareholders' equity between the financial statements prepared in
accordance with U.S. GAAP and those prepared in accordance with
Norwegian GAAP.  Due to fresh-start reporting there is a large
number of differences and the tables and related comments that
follow should not be considered a complete description of the
differences.

Net Income

(In millions of dollars)                     2004

Net loss Norwegian GAAP
(including minority interest)               (54.3)

GAAP differences by caption:

Revenues (a)                                 (6.0)

Cost of sales, R&D and SG&A (b)               7.0

Exploration costs (c)                       (16.3)

Depreciation and amortization (d)           (41.4)

Other operating expenses,
net/cost of reorganization                    0.2

Income (loss) from associated companies      (4.6)

Interest expense                              0.4

Other financial items, net                    0.3

Income tax expense (e)                      (19.4)

Minority expense                             (0.6)

Net loss in accordance with U.S. GAAP      (134.7)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Comments on main differences:

(a) Revenues for 2004 reported in accordance with U.S. GAAP were
lower principally because: (1) upon adopting fresh-start
reporting, some elements of deferred revenues were recorded at
estimated fair value; and (2) since under U.S. GAAP certain
outstanding forward sales contracts for oil were recorded at fair
value at December 31, 2004.

(b) Cost of sales, R&D and SG&A for 2004 reported in accordance
with U.S. GAAP were lower primarily since certain costs reported
as cost of sales under Norwegian GAAP were presented as
exploration cost under U.S. GAAP (ref. also (c)).

(c) Exploration costs (which includes cost to explore for oil and
natural gas) for 2004 are reported on a separate line in the
statement of operations in accordance with U.S. GAAP, while these
costs were included in cost of sales and depreciation and
amortization under Norwegian GAAP (ref. also (b) and (d)).  This
difference only affects the classification in the statement of
operations and has no effect on net income.

(d) Depreciation and amortization for 2004 reported in accordance
with U.S. GAAP was higher, as previously disclosed, mainly due to
higher amortization of the multi-client library and amortization
of several intangible assets recognized under fresh-start
reporting.  Higher amortization of the multi-client library was
due to several factors, including higher book value of the
library at the beginning of 2004 due to fresh-start reporting and
higher minimum amortization caused by fresh-start minimum
amortization profiles.  Partially offsetting these effects, the
costs related to a dry exploration well were included in
depreciation and amortization under Norwegian GAAP while they
were presented as part of exploration costs under U.S. GAAP (ref.
also (c)).

(e) Income tax expense for 2004 reported in accordance with U.S.
GAAP was higher, mainly because: (1) the provision for tax
contingencies at January 1, 2004 was lower than under Norwegian
GAAP; and (2) realization of unrecognized tax assets generated
before November 1, 2003 are recorded as a reduction of the
carrying value of intangible assets under U.S. GAAP compared to a
reduction of tax expense under Norwegian GAAP.

Shareholders' Equity

(In millions of dollars)                    Dec. 31, 2004

Shareholders' equity  Norwegian GAAP:            304.1

GAAP differences::

Property, plant and equipment (f)                (33.3)

Multi-client library                               4.1

Oil and natural gas assets (g)                     7.5

Intangible and other long-lived assets   (h)      38.6

UK lease related liabilities (i)                 (63.4)

Accrual for pension liabilities (j)              (20.1)

Deferred tax, long-term                           (6.7)

Other long-term liabilities                       (2.8)

Accrued expenses                                  (2.6)

Taxes payable and short-term deferred tax         (1.5)

Shareholders' equity U.S. GAAP
and minority interest                             223.9

(f) Property, plant and equipment at December 31, 2004 in
accordance with U.S. GAAP were lower mainly because, under
fresh-start reporting, the estimated fair value of some of the
contracts related to the FPSO fleet were recorded separately as
intangible assets.  Under Norwegian GAAP, when recording
impairments on these assets in 2003, the contracts were included
in the valuation of the FPSOs.

(g) Oil and natural gas assets at December 31, 2004 in accordance
with U.S. GAAP were higher mainly because, under fresh-start
reporting, these were recorded at the estimated fair value.
Offsetting this difference is the deferred income tax effect,
which approximated 78% of this difference.

(h) Intangible and other long-lived assets at December 31, 2004
in accordance with U.S. GAAP were higher mainly because, under
fresh-start reporting, several intangible assets were recorded at
estimated fair value, including the fair value of some of the
contracts related to the FPSO fleet.

(i) Accrual for U.K. lease related liabilities at December 31,
2004 in accordance with U.S. GAAP were higher because, under
fresh-start reporting, the Company calculated and recognized a
liability for certain tax indemnities related to these leases and
also recorded the interest rate differential related to the
leases at estimated fair value.

(j) Accrual for pension liabilities at December 31, 2004 in
accordance with U.S. GAAP was higher because, under fresh-start
reporting, the Company recorded the liabilities at estimated fair
value.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates four
floating production, storage and offloading units (FPSOs).  PGS
operates on a worldwide basis with headquarters at Lysaker,
Norway.  For more information on Petroleum Geo-Services visit
http://www.pgs.com.

CONTACT:  PETROLEUM GEO-SERVICES A.S.A.
          Ola Bosterud
          Sam R. Morrow
          Christopher Mollerlokken
          Phone: +47 6752 6400

          U.S. Investor Services
          Renee Sixkiller
          Phone: +1 281 679 2240


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


STOCZNIA GDYNIA: Headed into Bankruptcy
---------------------------------------
The chances of Stocznia Gdynia (Gdynia Shipyard) surviving until
next month looks dim after drafts of a plan that would allow it
to extend restructuring failed to materialize.

The firm is hoping Poland would amend its regulations concerning
public aid to enterprises of particular importance to the job
market before its restructuring deadline ends by June 5.
However, according to a report from the Europe Intelligence Wire,
authorities have not yet showed any draft to the amendment by May
9.

According to the report, Economic Committee Head Adam Szejnfeld
admitted hearing of the project, but thinks it still warrants a
thorough investigation.  An amendment would give the firm another
48 months of protection from creditors who are owed PLN40
million.  The firm is about to complete its two-year
reorganization.  Its collapse would take PLN900 million from the
state budget.

CONTACT:  STOCZNIA GDYNIA S.A.
          ul Czechoslowacka 3
          Gdynia 81-969
          Poland
          Phone: 48 58 627 1500
          Fax: 48 58 621 0879
          Web site: http://www.stocznia.gdynia.pl


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


AUTOMOBILE COLUMN: Omsk Court Appoints Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on open joint stock company Automobile
Column - 1251.  The case is docketed as K/E-158/04.  Mr. O.
Kratko has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 644093, Russia,
Omsk region, Post User Box 9486.  A hearing will take place on
June 14, 2005, 10:00 a.m.

CONTACT:  AUTOMOBILE COLUMN - 1251
          644036, Russia, Omsk region,
          1st Kazakhtanskaya Str. 30

          Mr. O. Kratko
          Temporary Insolvency Manager
          644093, Russia, Omsk region,
          Post User Box 9486


BANK OF MOSCOW: Fitch Rates Proposed Eurobond 'BB+'
---------------------------------------------------
Fitch Ratings assigned Kuznetski Capital S.A.'s upcoming issue of
limited recourse loan participation notes an expected Long-term
'BB+' rating.  The notes are to be used solely for financing a
loan to Russia's Bank of Moscow (BOM, rated Long-term foreign
currency 'BB+', Short-term 'B', Support '3', Individual 'D').
The assignment of the final rating is contingent on receipt of
final documentation conforming materially to information already
received.

Kuznetski Capital S.A., a Luxembourg-domiciled special purpose
vehicle (SPV), will only pay noteholders amounts (principal and
interest), if any, received from BOM under the loan agreement.
Under a trust deed, the issuer will charge to the trustee, J.P.
Morgan Corporate Trustee Services Limited, as security for its
payment obligations in respect of the notes and for the benefit
of noteholders, its rights as lender under the loan agreement and
amounts received pursuant to the loan in an account of the
issuer.  The notes will be offered both outside the U.S. (in
reliance on Regulation S of the U.S. Securities Act of 1933) and
within the U.S. (to qualified institutional buyers as defined in
Rule 144A under the Securities Act who are also qualified
purchasers within the meaning of Section 2(a)(51)(A) of the U.S.
Investment Company Act).

The SPV's claims under the loan agreement will rank at least pari
passu with the claims of other unsecured borrowers, save those
preferred by relevant (bankruptcy, liquidation etc.) laws.  Under
Russian law, the claims of retail depositors rank above those of
other senior unsecured creditors.  At end-2004, retail deposits
accounted for 33% of BOM's total liabilities, according to the
bank's IFRS accounts.

The loan agreement between the SPV and BOM contains a cross
default clause and covenants that limit disposals by BOM and its
subsidiaries.  The loan agreement also contains a negative pledge
clause, which allows for a degree of securitization by BOM.  Were
such a deal to be undertaken, Fitch comments that the nature and
extent of any over-collateralization would be assessed by the
agency for any potential impact on unsecured creditors.

BOM was founded in 1994 and is one of Russia's 10 largest banks,
with consolidated assets of approximately US$5.7 billion at
end-2004.  Since 1995 BOM has been majority-owned by the
government of the City of Moscow (rated 'BBB-') and its Long-term
rating is driven by potential support from the government.  The
City government and associated organizations are a substantial
source of, at times cheap, funds for the bank.  Likewise, lending
to the City or to parties closely related to the City constitutes
a significant element of the bank's business.  However, the bank
has also been growing its retail operations very rapidly and has
plans to expand further its branch network both in Moscow and
across the wider Russian Federation.

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

          James Watson
          Phone: +7 095 956 9901

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


ELECTRIC DRIVE: Bankruptcy Hearing Set July
-------------------------------------------
The Arbitration Court of Tula region has commenced bankruptcy
supervision procedure on open joint stock company Electric Drive.
The case is docketed as A68-13/B-05.  Mr. V. Naumov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 301114, Russia,
Tula region, Leninskiy region, Plekhanovo.  A hearing will take
place on July 27, 2005, 10:00 a.m. at the Arbitration Court of
Tula region.

CONTACT:  ELECTRIC DRIVE
          301114, Russia, Tula region,
          Leninskiy region, Plekhanovo

          Mr. V. Naumov
          Temporary Insolvency Manager
          301114, Russia, Tula region,
          Leninskiy region, Plekhanovo


IZENSKIY MEKH-ENERGO-SERVICE: Under Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Izenskiy Mekh-Energo-Service.  The case is docketed as
A72-736/05-21/6-B.  Mr. V. Ermilov has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 432071, Russia, Ulyanovsk, Federatsii St. 105, Office 14.

CONTACT:  IZENSKIY MEKH-ENERGO-SERVICE
          433030, Russia, Ulyanovsk region,
          Inza, Transportnaya Str. 9

          Mr. V. Ermilov
          Temporary Insolvency Manager
          432071, Russia, Ulyanovsk region,
          Federatsii Str. 105, Office 14


KALININSKOYE: Declared Insolvent
--------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against Kalininskoye
after finding the close joint stock company insolvent.  The case
is docketed as A56-14530/2004.  Mr. A. Korobov has been appointed
new insolvency manager.  Creditors may submit their proofs of
claim to 191119, Russia, Saint-Petersburg, Post User Box 131.

CONTACT:  KALININSKOYE
          187683, Russia, Leningrad region,
          Boksitogorskiy region

          Mr. A. Korobov
          Insolvency Manager
          191119, Russia, Saint-Petersburg,
          Post User Box 131


NAZYVAEVSKIY DAIRY: Bankruptcy Proceedings Begin
------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on open joint stock company Nazyvaevskiy
Dairy.  The case is docketed as AK/E-4/05.  Mr. D. Gindin has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 644010, Russia,
Omsk, Post User Box 5135.  A hearing will take place on Aug. 2,
2005.

CONTACT:  NAZYVAEVSKIY DAIRY
          Russia, Omsk region, Nazyvaevsk

          Mr. D. Gindin
          Temporary Insolvency Manager
          644010, Russia, Omsk region,
          Post User Box 5135


NYANDOMSKOYE: Declared Insolvent
--------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Nyandomskoye (TIN 29018004718, KPP 290101001) after
finding the auto-transport enterprise insolvent.  The case is
docketed as A05-14698/02-858/15.  Mr. S. Tifanov has been
appointed insolvency manager.  Creditors have until June 2, 2005
to submit their proofs of claim to 163000, Russia, Arkhangelsk,
Volodarskogo Str. 36A.

CONTACT:  NYANDOMSKOYE
          164200, Russia, Arkhangelsk region,
          Nyandoma, Generala Kovyrzina Str. 39

          Mr. S. Tifanov
          Insolvency Manager
          163000, Russia, Arkhangelsk,
          Volodarskogo Str. 36A


PROM-ZHIL-STROY: Tyva Court Names Ch. Ondar Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Tyva republic has commenced bankruptcy
supervision procedure on close joint stock company
Prom-Zhil-Stroy (TIN 1701028849).  The case is docketed as
A69-581/05-3.  Mr. Ch. Ondar has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 667000, Russia,
Tyva republic, Kyzyl, Kochetova Str. 1, 2nd floor, Office 6.  A
hearing will take place on June 14, 2005, 10:00 a.m.

CONTACT:  PROM-ZHIL-STROY
          Russia, Tyva republic, Kyzyl,
          Mayakovskogo Str. 52

          Mr. Ch. Ondar
          Temporary Insolvency Manager
          667000, Russia, Tyva republic, Kyzyl,
          Kochetova Str. 1, 2nd floor, Office 6


RYAZAN-STROY 7: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Ryazan region has commenced bankruptcy
supervision procedure on close joint stock company Ryazan-Stroy
#7.  The case is docketed as A54-566/05-S6.  Mr. V. Salkazanov
has been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to 391030, Russia, Ryazan region,
Spas-Klepiki, Sovetskaya Str. 6.

CONTACT:  RYAZAN-STROY #7
          390542, Russia, Ryazan region,
          Ryazan, Leninskogo Komsomola Str. 5

          Mr. V. Salkazanov
          Temporary Insolvency Manager
          391030, Russia, Ryazan region,
          Spas-Klepiki, Sovetskaya Str. 6


SARATOVSKIY: Bankruptcy Hearing Resumes June
--------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on open joint stock company Saratovskiy.
The case is docketed as A57-91 B/05-12.  Ms. T. Perfilova has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 410029, Russia,
Saratov, Sako I Vantsetti Str. 54/60, Office 201.  A hearing will
take place on June 8, 2005, 10:15 a.m. at 410002, Russia,
Saratov, Babushkin Vvoz, 1.

CONTACT:  SARATOVSKIY
          410071, Russia, Saratov region,
          Shelkovichnaya Str. 177

          Ms. T. Perfilova
          Temporary Insolvency Manager
          410029, Russia, Saratov region,
          Sako I Vantsetti Str. 54/60, Office 201


SPETS-STAL-COMPLEKT: Bankruptcy Proceedings Begin
-------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Spets-Stal-Complekt after finding the close joint stock
company insolvent.  The case is docketed as A40-45511/4-73-32B.
Mr. M. Frolov has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 140188, Russia, Moscow
region, Zhukovskiy, Post User Box 563.

CONTACT:  SPETS-STAL-COMPLEKT
          103030, Russia, Moscow region,
          Novoslobodskaya Str. 26, Building 1

          Mr. M. Frolov
          Insolvency Manager
          140188, Russia, Moscow region,
          Zhukovskiy, Post User Box 563


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


ABB LTD.: Closure of French Factory Still On
--------------------------------------------
ABB Ltd. communications director Jean-Luc Raphet revealed Tuesday
the company's Champagne-sur-Seine factory in Seine-et-Marne will
still be shut down.

This contradicts earlier claims by trade unions that the company
has suspended the closure of the factory, which employs 3,200
people.  According to the Interactive Investor, the company has
not disclosed any information regarding the proposed closure,
despite the union's notification procedure against it in April.

The unions reportedly said the move cannot push through until
July 20 at the earliest, during which the central works committee
will have a presentation.  Union spokesman Manuel Gomez said they
were set to meet with the company Wednesday.

CONTACT:  ABB LTD.
          Affolternstrasse 44
          8050 Zurich, Switzerland
          Phone: +41-43-317-7111
          Fax: +41-43-317-4420
          Web site: http://www.abb.com


CONVERIUM AG: Full Recovery May Take Time, Moody's Says
-------------------------------------------------------
Moody's Investors Service assigned a negative outlook to the Baa1
insurance financial strength rating of Converium AG and the Baa1
IFSR of Converium Rueckversicherung (Deutschland) AG, as well as
to the 8.25% subordinated notes due 2032 issued by Converium
Finance S.A. and guaranteed by Converium AG.

Moody's said that its rating action was taken following earnings
announcement and as a result of the increased likelihood that
Converium will take longer than expected to return to sustainable
profitability.  The rating agency pointed out that lackluster
2005 renewals, a high expense ratio, ongoing restructuring costs,
and deteriorating prospects for the next renewals season as a
result of weak operating performance are increasing negative
pressure on the ratings.

Moody's further stated that the Baa1 IFSR is predicated on the
Group breaking even in 2005.  To the extent additional evidence
emerges later in the year that this expectation is unlikely to be
met, Moody's will contemplate taking downward rating action at
that time.

Converium AG, based in Zurich, Switzerland, is the main operating
company of Converium Holding AG, Zug, Switzerland.  Converium
Holding AG reported consolidated Gross Premiums Written of
US$3,840.9 million in 2004 and Shareholders' Equity of US$1,580.8
million as of 31 March 2005.

A negative outlook was assigned to these ratings:

(a) Converium AG -- insurance financial strength rating of Baa1,

(b) Converium Rueckversicherung (Deutschland) AG - insurance
    financial strength rating of Baa1,

(c) US$200 million 8.25% guaranteed subordinated notes due
    December 2032 (callable in 2007) issued by Converium Finance
    S.A., a wholly owned subsidiary of Converium Holding AG --
    subordinated debt rating of Ba1

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          Simon Harris, Managing Director
          Financial Institutions Group

          London
          Timour Boudkeev
          Vice President - Senior Analyst

          For Journalists
          Phone: 44 20 7772 5456


CONVERIUM HOLDING: Reports US$61.8 Mln Net Loss in Q1
-----------------------------------------------------
For the first quarter of 2005 Converium Holding reports a net
loss of US$61.8 million and a pre-tax operating loss[1] of
US$47.8 million.  For the Company's ongoing operations, i.e.
excluding U.S. run-off, the segment loss[2] amounts to US$21.0
million and the non-life combined ratio to 115.7%.

The overall result is also attributable to an operating expense
base, which is not yet fully reflective of the cost reduction
measures initiated in March 2005.  Converium reiterates its
commitment to target an administration expense ratio for its
ongoing operations of a maximum of 6.5% of net premiums written
in 2006.

Converium reports satisfactory results for its Life & Health
Reinsurance segment with a segment income of US$6.2 million.

Investment activities continued to exhibit satisfactory results,
with the total investment income yield amounting to 3.9%.

The April 1 renewals, primarily in Japan, were in line with
expectations.  Converium continued to pursue a disciplined
underwriting approach and consequently declined any business,
which did not meet the Company's profitability targets.

Converium continues to be confident about the profitability of
its underlying ongoing business.  This portfolio a comprises a
significant portion of longer-tail business, which can be
profitably priced at combined ratios exceeding 100%.

Terry Clarke, CEO, said: "Converium's financial results for the
first quarter are disappointing.  They are driven by losses
arising from natural catastrophes and commutations of various
retrocession contracts.  The commutations reflect my
unconditional commitment to operational prudence and strict risk
management standards.  Acts of God, however, are a constant
phenomenon in the risk business and should, therefore, be assumed
to occur from time to time producing volatility in results."

Terry Clarke added: "All in all, I feel encouraged by the
continuing profitability of our underlying ongoing business,
particularly as the current, non-sustainable administrative
expense base will come down significantly in the wake of the cost
cutting measures initiated in March.  I am also pleased about our
reserve situation, which continues to be stable."

First quarter 2005 highlights

Gross premiums written:                 US$717.5 million

Net loss:                              -US$61.8 million

Pre-tax operating loss:                 -US$47.8 million

Segment loss of ongoing operations:     -US$21.0 million

Segment loss of run-off operation:      -US$4.6 million

Ongoing non-life combined ratio:          115.7%

Impact from winter storm Erwin:             6.1%

Impact from the commutation of
retrocession contracts:                     7.2%

Impact from late developments
relating to 2004 hurricanes:                2.0%

Adjusted ongoing non-life
combined ratio:                           100.4%

Total investment income yield:              3.9%

Shareholders' equity:                 US$1,580.8 billion

Overview of first quarter performance and short-term outlook

For the first quarter 2005 Converium reported a consolidated net
loss of US$61.8 million and a pre-tax operating loss of US$47.8
million as compared to a net profit of US$65.7 million and a
pre-tax operating income of US$77.9 million in the same period of
2004.

These developments had measurable effects on the first quarter
2005 financial results:

(a) The decrease in gross premiums written, net premiums
    written, and net premiums earned in the first quarter of
    2005 (by 48.1%, 45.7% and 30.6%, respectively) is reflective
    of the reduction in business volume caused by the placement
    of the Company's North American reinsurance entity into
    orderly run-off in 2004 and the impact of the ratings
    downgrades which prompted clients to cancel their business
    or reduce their shares with Converium.  Despite the decrease
    in premiums, there was still some growth in Property,
    Agribusiness and in the Life & Health Reinsurance segment
    resulting from increased shares in existing business and new
    client relationships;

(b) Winter storm Erwin, which swept across Northern Europe in
    January 2005, caused pre-tax net losses in the amount of
    US$32.5 million;

(c) As part of its risk management process Converium regularly
    evaluates the quality of its reinsurance assets taking into
    account all public domain information including the current
    rating and claims payment ability of Converium's
    retrocessionaires.  Based on this process, the Company
    decided in the first quarter of 2005 to commute certain
    retrocessional reinsurance contracts with reinsurance
    recoverables in the amount of US$100.1 million (the full
    nominal value of future claims recoveries) for a commutation
    settlement of US$60.1 million (reflecting the discounted
    value of the commuted reserves).  This commutation generated
    a negative impact of US$38.7 million on the technical result
    in the first quarter of 2005.  This results from the long-
    tail nature of the expected future claims payment patterns
    of the underlying business;

(d) In the first quarter of 2005 Converium recorded a net
    strengthening of prior years' loss reserves of US$10.4
    million (including US$10.9 million related to the 2004
    hurricanes).  This compares with net reserve additions of
    US$43.0 million in the same period of 2004;

(e) For the fifth consecutive quarter Converium's Life & Health
    Reinsurance segment produced a positive segment income which
    amounted to US$6.2 million in the first quarter of 2005.
    The Company reiterates that it considers the Life & Health
    Reinsurance operations a core element of its business;

(f) In the first quarter of 2005, the administration expense
    ratio for the ongoing non-life business was 6.4% as compared
    to 2.8% in the same period of 2004.  Total operating and
    administration expenses for the Company were US$56.9
    million, an increase of US$5.9 million compared with the
    same period of 2004.  This included retention plan costs of
    US$6.6 million.  It will take until early 2006 before the
    cost management measures initiated in March 2005 take full
    effect.  Converium's current cost base, therefore, is not
    yet in line with the reduced premium volume; and

(g) For the first quarter of 2005, Converium's Run-Off segment
    reported a segment loss of US$4.6 million.  Even though no
    material commutations took place during this period of time
    Converium reaffirms its commitment to commute North American
    liabilities.  The operating and administration expenses
    incurred by the Run-Off segment amounted to US$10.0 million
    in the first quarter of 2005, as compared to US$12.3 million
    in the same period of 2004.

The non-life combined ratio for Converium's ongoing operations
was 115.7% for the first quarter of 2005 compared to 93.0% in the
same period of 2004.  Adjusted for winter storm Erwin and late
loss development on the 2004 hurricanes (8.1 percentage points)
as well as the negative impact from the commutation of
retrocession contracts (7.2 percentage points), the adjusted
non-life combined ratio for the ongoing operations was 100.4%.
Given the mix of Converium's portfolio and the relatively large
proportion of medium- to long-tail business, as well as
considering the Company's extraordinary expense load this
combined ratio indicates a continuing satisfactory performance of
recent underwriting years, particularly as the administration
expense ratio is expected to come down to a more sustainable
level in light of Converium's cost reduction measures launched in
March 2005.

For the first quarter 2005, Converium's Standard Property &
Casualty Reinsurance and Life & Health Reinsurance segments
reported a segment income of US$2.4 million and US$6.2 million,
respectively.  This compares with a segment income of US$48.2
million and US$1.7 million for the same period of 2004.  The
positive performance of Converium's Life & Health Reinsurance
business is reflective of the growth in premium income and the
expansion of existing reinsurance transactions in Continental
Europe.  The Specialty Lines segment reported a segment loss of
US$29.6 million compared with a segment income of US$49.3 million
for the same period of 2004.

The April 1 renewals have again proven the resilience of
Converium's franchise.  The Company retained 75.4% of the
renewable business.  In Japan, almost 70% of the business was
successfully renewed.  Converium maintained its very strong
position with the largest clients.  In South Korea the Company
retained about three-quarters of the renewable business but
withdrew from larger catastrophe programs only broker business,
due to inadequate rates.  The India renewals were less successful
with a retention ratio of 45%, which is also reflective of
softening market conditions.  Converium is also satisfied with
the renewal of its Medical Defence Union (MDU) book of business,
which grew by 9.5%.  Considering these results, Converium
reiterates the expectation to generate gross premiums written for
the 2005 calendar year of in excess of US$2 billion.

The Company's net investment income continued to improve to
US$82.2 million in the first quarter of 2005, an increase of
13.2% as compared to the same period of 2004.  This increase
largely resulted from growth in invested assets over 2004, as
well as an allocation shift from equity securities to fixed
income securities in mid-2004.  In the first quarter of 2005, net
realized capital losses amounted to US$0.7 million as compared to
net realized capital gains of US$9.2 million in the same period
of 2004.  The total investment income yield for the first quarter
of 2005 was 3.9% as compared to 4.1% in the first quarter of
2004, which benefited from net realized capital gains.

Looking ahead, Converium will focus its efforts on the systematic
implementation of its six-point road map to recovery:

(a) Continue to operate as a stand-alone entity: The encouraging
    results of the January and April treaty renewals clearly
    testify to the resilience and viability of Converium's
    franchise;

(b) Right-size the organization: In order to remain competitive
    Converium is currently adjusting its cost base to the
    reduced volume of business it has today.  The Company
    reiterates its commitment to target administration expenses
    for its ongoing operations at a ratio of 6.5% of net
    premiums written in 2006;

(c) Achieve a better financial strength rating: Converium's
    management is in regular contact with the rating agencies.
    Restoring their confidence based on a stable financial
    performance remains a key corporate objective;

(d) Implement future business strategies: Based on its earnings
    record outside North America, Converium continues to feel
    very confident about its current business model and will
    continue;

(e) with a clear geographical focus;

(f) to write all major lines of business and offer value-adding
    services to its clients;

(g) Successfully manage the run-off of Converium's North
    American entity: One of Converium's corporate priorities is
    to reduce legacy exposure from the U.S. business in a way
    which meets the interests of shareholders.  Converium will
    continue to diligently pursue commutations, look into the
    option of selling Converium Reinsurance (North America) Inc.
    as well as constantly evaluate any other options for
    extracting maximum value for shareholders from the U.S.
    business; and

(h) Enhance Converium's corporate culture: As well as restoring
    financial strength and management credibility, Converium
    promotes a corporate culture that appropriately balances the
    objectives of delegating authority to employees with
    ensuring a maximum level of accountability.  Business
    development.

This section comments on the development of Converium's business
segments and the Corporate Center.  In the first quarter of 2005,
Converium implemented a new segment structure to reflect the
placement of Converium Reinsurance (North America) Inc. into
orderly run-off.  Going forward, Converium's business will be
organized around four operating segments: Standard Property &
Casualty Reinsurance, Specialty Lines and Life & Health
Reinsurance, which are based principally on ongoing global lines
of business, as well as the Run-Off segment, which primarily
comprises the business from Converium Reinsurance (North America)
Inc., excluding the U.S. originated Aviation business portfolio.

Standard Property & Casualty Reinsurance represented
approximately 57.2% of total net premiums written in the first
quarter of 2005.  During this period of time, the segment
reported a segment income of US$2.4 million as compared to a
segment income of US$48.2 million for the same period in 2004.
The segment's non-life combined ratio was 107.0% for the first
quarter of 2005.  The segment result was primarily attributable
to these factors:

(a) Winter storm Erwin resulted in pre-tax net losses in the
    amount of US$32.5 million during the first quarter of 2005.
    This compares with the absence of any major natural
    catastrophes in the first quarter of 2004; and

(b) The hurricanes which occurred in 2004 resulted in late loss
    developments of US$7.4 million for the segment.  The segment
    income was favorably impacted by positive development on
    prior years' loss reserves of US$10.2 million.  This
    positive reserve development primarily consisted of US$7.5
    million in Property (net of US$7.4 million for the 2004
    hurricanes).

In the first quarter of 2005, gross premiums written decreased by
34.9% to US$412.5 million, net premiums written dropped by 32.8%
to US$402.9 million and net premiums earned decreased by 35.0% to
US$242.0 million.

The reduction in net premiums written was driven by the ratings
downgrades of 2004, which resulted in the cancellation of
business and reduced shares in current business.  More
specifically, developments by line of business included:

(a) Motor, which decreased by 53.7% or US$138.9 million to
    US$119.6 million as a result of reduced writings in the
    United Kingdom and France due to profitability
    considerations;

(b) General Third Party Liability, which declined by 45.3% or
    US$50.6 million to US$61.0 million, resulting from the
    cancellation of business and reduced shares in current
    business; and

(c) Personal Accident (assumed from non-life insurers), which
    decreased by 43.4% or US$9.6 million to US$12.5 million as
    a result of the cancellation or non-renewal of business and
    reduced shares in current business.  These decreases were
    partially offset by an increase in net premiums written
    within the Property line of business, which grew by 3.9% or
    US$7.8 million to US$209.8 million reflecting new business
    written and an increase in shares of current business.

Specialty Lines represented approximately 22.0% of total net
premiums written in the first quarter of 2005.  During this
period of time, the Specialty Lines segment reported a segment
loss of US$29.6 million, as compared to a segment income of
US$49.3 million for the same period in 2004.  The segment's
non-life combined ratio was 125.7% for the first quarter of 2005.
The segment result primarily reflects these factors:

(a) As a result of its retrocessional risk management process,
    Converium decided in the first quarter of 2005 to commute
    certain retrocessional reinsurance contracts with nominal
    reinsurance recoverables in the amount of US$100.1 million
    for a commutation settlement of US$60.1 million, which
    generated a negative impact on the technical result of
    US$38.7 million.  This impact reflects the long-tail nature
    of the expected future claims payment patterns of the
    underlying business.  As part of its risk management process
    Converium regularly evaluates the quality of its reinsurance
    assets taking into account all public domain information
    including the current rating of its retrocessionaires.  If
    there are genuine concerns about retrocessionaires' future
    prospects and their ability to pay future claims Converium
    considers commuting the retrocessionaires' obligations in
    respect of future claims.  In this type of transaction the
    reinsurance recoverables which are included in claims
    reserves on Converium's balance sheet and reflect the full
    nominal value of expected future claims recoveries are
    reduced to zero.  In exchange, Converium receives
    commutation considerations, which reflect the time value of
    money on the commuted reserves in question.  Due to the
    value of the discount in respect of future expected cash
    flows, Converium expects a negative accounting impact on the
    technical result when such a commutation takes place, but
    avoids future concerns about the recoverability of the
    Company's reinsurance assets including potential bad debt
    provisions.  Additionally, Converium will economically
    benefit in future quarters from additional investment income
    on cash received and/or reduced interest expenses related to
    any funds held balance; and

(b) The Specialty Lines segment recorded a net strengthening of
    prior years' reserves of US$4.2 million, including late
    loss developments of US$3.5 million relating to the
    hurricanes which occurred in 2004.  In the first quarter
    2005, gross premiums written decreased by 55.6% to US$154.5
    million, net premiums written declined by 51.9% to US$155.4
    million and net premiums earned increased by 3.7% to US$
    292.4 million.

Premium volume was impacted by the ratings downgrades in 2004,
which resulted in the cancellation of business and reduced shares
in current business.  More specifically, net premiums written by
line of business decreased as:

(a) Aviation & Space by 78.5% or US$75.9 million to US$20.8
    million;

(b) Credit & Surety by 48.7% or US$19.0 million to US$20.0
    million;

(c) Professional Liability and other Special Liability by 41.1%
    or US$42.7 million to US$61.1 million;

(d) Engineering by 39.9% or US$17.0 million to US$25.6 million;
    and

(e) Marine & Energy by 29.1% or US$10.2 million to US$24.9
    million.  These decreases were partially offset by an
    increase in net premiums written in the Agribusiness line of
    business by US$5.8 million to US$6.6 million.  Life & Health
    Reinsurance represented approximately 16.1% of total net
    premiums written in the first quarter of 2005.  In this
    period of time the Life & Health Reinsurance segment
    reported a segment income of US$6.2 million as compared to
    a segment income of US$1.7 million for the same period in
    2004.  The technical result for the first quarter of 2005
    was US$6.0 million compared to US$1.3 million for the same
    period in 2004.  Technical result is defined as net premiums
    earned minus losses, loss adjustment expenses and life
    benefits minus underwriting acquisition costs plus technical
    interest.

The positive development of the segment's bottom-line was
primarily attributable to growth in premium volume and the
expansion of existing reinsurance transactions in Continental
Europe, which was partially offset by a negative development of
US$1.5 million related to the tsunami that occurred in late 2004.

In the first quarter of 2005 gross premiums written decreased by
1.8% to US$117.1 million, net premiums written grew by 2.3% to
US$113.8 million and net premiums earned rose by 19.8% to US$81.1
million.

Net premiums written growth in the Life & Health Reinsurance
segment by line of business included Life and Disability
reinsurance (increased by 16.8% or US$12.6 million to US$87.7
million), which grew due to the expansion of existing reinsurance
transactions as well as new business being written.

This increase was offset by a decrease of 27.7% or US$10.0
million in net premiums written to US$26.1 million in the
Accident & Health line of business due to the cancellation of
contracts as a result of profitability considerations as well as
the rating actions in 2004.

The newly established Run-Off segment, which represents all
business originating from Converium Reinsurance (North America)
Inc. and Converium Insurance (North America) Inc., excluding the
U.S.-originated Aviation business portfolio of GAUM, reported a
segment loss of US$4.6 million.  This result is largely
attributable to a net strengthening of prior years' loss reserves
by US$16.4 million.  The reserve strengthening primarily occurred
within Professional Liability and other Special Liability and
Workers' Compensation.

The Corporate Center carries certain administration expenses,
such as costs of the Board of Directors, the Global Executive
Committee, and other corporate functions.  The Corporate Center
costs decreased in the first quarter of 2005 primarily due to the
reduced size of Converium's Global Executive Committee and its
dedicated functions.  The company has made it a policy not to
provide any quarterly or annual earnings guidance and it will not
update any past outlook for full year earnings.  It will however
continue to provide investors with perspectives on its value
drivers, its strategic initiatives and those factors critical to
understanding its business and operating environment.

About Converium

Converium is an independent international multi-line reinsurer
known for its innovation, professionalism and service.  Today
Converium employs about 650 people in 20 offices around the globe
and is organized into four business segments: Standard Property &
Casualty Reinsurance, Specialty Lines and Life & Health
Reinsurance, which are based principally on ongoing global lines
of business, as well as the Run-Off segment, which primarily
comprises the business from Converium Reinsurance (North America)
Inc., excluding the U.S. originated Aviation business portfolio.
Converium has a "BBB+" rating (outlook stable) from Standard &
Poor's and a "B++" rating (outlook stable) from A.M. Best
Company.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] losses from winter storm Erwin (US$32.5 million adding 6.1
percentage points to the ongoing non-life combined ratio),

[2] a negative impact on the technical result from the
commutation of retrocession agreements (US$38.7 million or 7.2
percentage points),

[3] net strengthening of prior years' loss reserves (US$10.4
million, including late developments of US$10.9 million relating
to 2004 hurricanes),

[4] costs associated with Converium's restructuring (US$10.1
million)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

A full copy of its financial results is available free of charge
at http://bankrupt.com/misc/Converium(Q12005).pdf

CONTACT:  CONVERIUM HOLDING
          Esther Gerster, Head of Public Relations
          Phone: +41 (0) 1 639 90 22
          Fax: +41 (0) 1 639 70 22
          E-mail: esther.gerster@converium.com

          Zuzana Drozd, Head of Investor Relations
          Phone: +41 (0) 1 639 91 20
          Fax: +41 (0) 1 639 71 20
          E-mail: zuzana.drozd@converium.com


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


BERDYANSK: Zaporizhya Court Appoints Insolvency Manager
-------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Berdyansk (code EDRPOU 31401001) on March 29,
2005 after finding the tin plant insolvent.  The case is docketed
as 21/82.  Mr. R. Gorbachov has been appointed
liquidator/insolvency manager.

Creditors have until May 13, 2005 to submit their proofs of claim
to:

(a) BERDYANSK
    71100, Ukraine, Zaporizhya region,
    Berdyansk, Promislova Str. 9/8

(b) Liquidator/Insolvency Manager
    69095, Ukraine, Zaporizhya region,
    Ukrainska Str. 6A/58

(c) Economic Court Of Zaporizhya region
    69001, Ukraine, Zaporizhya region,
    Shaumyana Str. 4


BUDGAZMONTAZH: Succumbs to Bankruptcy
-------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Budgazmontazh (code EDRPOU 32665541) on
April 5, 2005 after finding the private enterprise insolvent.
Mr. Sklyar has been appointed liquidator/insolvency manager.  The
company holds account number 26005052724248 at CB Privatbank,
Pecherska branch of Kyiv, MFO 300711.

Creditors have until May 14, 2005 to submit their proofs of claim
to:

(a) BUDGAZMONTAZH
    Ukraine, Kyiv region,
    Shors Str. 31

(b) Liquidator/Insolvency Manager
    Phone: 8 (044) 240-00-94

(c) Economic Court Of Kyiv region
    01030, Ukraine, Kyiv region,
    B. Hmelnitskij Boulevard, 44-B


DOVIRA: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on agroindustrial firm Dovira on March 29,
2005.  The case is docketed as 5/116 b.  Ms. Irina Stuk (License
Number AA 485235) has been appointed temporary insolvency
manager.

Creditors have until May 14, 2005 to submit their proofs of claim
to:

(a) DOVIRA
    Ukraine, Chernigiv region,
    Priluki district, Ryashki, Lenin Str. 41

(b) Temporary Insolvency Manager
    14008, Ukraine, Chernigiv region,
    Nahimov lane, 50

(c) Economic Court Of Chernigiv Region
    14000, Ukraine, Chernigiv region,
    Miru avenue, 20


HLIBOROB: Creditors Have Until Friday to File Claims
----------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Hliborob (code EDRPOU 30639483) on March 31,
2005 after finding the limited liability company insolvent.  The
case is docketed as 6/33-05.  Mr. Vadim Zakorko (License Number
AA 719836) has been appointed liquidator/insolvency manager.

Creditors have until May 13, 2005 to submit their proofs of claim
to:

(a) HLIBOROB
    Ukraine, Sumi region, Trostyanets district,
    Kamyanka, Gagarin Str. 145

(b) Liquidator/Insolvency Manager
    40030, Ukraine, Sumi region,
    Proletarska Str. 69, 2nd floor

(c) Economic Court Of Sumi region
    40477, Ukraine, Sumi region,
    Shevchenko Avenue, 18/1


LAJT: Chernivtsi Court Declares Firm Insolvent
----------------------------------------------
The Economic Court of Chernivtsi region commenced bankruptcy
proceedings against LAJT (code EDRPOU 23249920) on Jan. 18, 2005
after finding the limited liability company insolvent.  Mr. D.
Popovich (License Number AA 779271) has been appointed
liquidator/insolvency manager.

Creditors have until May 13, 2005 to submit their proofs of claim
to:

(a) LAJT
    Ukraine, Chernivtsi region,
    Storozhinetska Str. 101/7

(b) Liquidator/Insolvency Manager
    59223, Ukraine, Chernivtsi region,
    Vizhnitskij district, Koritne
    Phone: (067) 259-76-22

(c) Economic Court Of Chernivtsi region
    58000, Ukraine, Chernivtsi region,
    O. Kobilyanska Str. 14


LVIVNASINNYA: Lviv Court Appoints Insolvency Manager
----------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Lvivnasinnya (code EDRPOU 13822991) after
finding the regional scientific-production state cooperative
association insolvent.  The case is docketed as 6/135-7/37.  Mr.
Volodimir Mashevskij (License Number AA 116211) has been
appointed liquidator/insolvency manager.  The company holds
account number 260044399 at JSPPB Aval, Gorodok branch.

Creditors have until May 13, 2005 to submit their proofs of claim
to:

(a) LVIVNASINNYA
    Ukraine, Lviv region,
    Gorodok, Lvivska Str. 557A

(b) Liquidator/Insolvency Manager
    Ukraine, Lviv region,
    Lukich Str. 3/1
    Mobile: 8 (050) 370-74-94

(c) Economic Court Of Lviv region
    79010, Ukraine, Lviv region,
    Lichakivska Str. 81


UKRTRANSSERVICE: Deadline for Proofs of Claim Saturday
------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Ukrtransservice (code EDRPOU 31738697) on
March 29, 2005.   Ms. Svitlana Babich (License Number AA 630006)
has been appointed liquidator/insolvency manager.

Creditors have until May 14, 2005 to submit their proofs of claim
to:

(a) UKRTRANSSERVICE
    83052, Ukraine, Donetsk region,
    Burdenko Str. 27

(b) Liquidator/Insolvency Manager
    02152, Ukraine, Kyiv,
    Serafimovich str. 5/15

(c) Economic Court Of Donetsk Region
    83048, Ukraine, Donetsk region,
    Artema Str. 157


VAPNYARSKIJ: Succumbs to Bankruptcy
-----------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Vapnyarskij (code EDRPOU 03730414) on March
3, 2005 after finding the open joint stock company insolvent.
The case is docketed as 10/142-04.   Mr. Ruslan Gorbatyuk
(License Number AA 783200) has been appointed
liquidator/insolvency manager.  The company holds account
260066389 at JSPPB Aval, MFO 302247.

CONTACT:  VAPNYARSKIJ
          24240, Ukraine, Vinnitsya region,
          Tomashpilskij district, Vapnyarka, Gagarin Str. 6

          Mr. Ruslan Gorbatyuk
          Liquidator/Insolvency Manager
          Ukraine, Kyiv,
          Timoshenko Str. 2/4-134

          Economic Court Of Vinnitsya region
          21036, Ukraine, Vinnitsya region,
          Hmelnitske Shose, 7


VYAZIVSKE: Agricultural Firm Goes Belly up
------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Vyazivske (code EDRPOU 30794530) after
finding the agricultural company insolvent.  The case is docketed
as 6/141-04.  Mr. Sergij Volovik (License Number AA 779353) has
been appointed liquidator/insolvency manager.

Creditors have until May 13, 2005 to submit their proofs of claim
to:

(a) VYAZIVSKE
    42734, Ukraine, Sumi region,
    Ohtirka District, Vyazove, Pionerska Str. 12a

(b) Liquidator/Insolvency Manager
    40030, Ukraine, Sumi region,
    Proletarska Str. 69, 2nd floor

(c) Economic Court Of Sumi region
    40477, Ukraine, Sumi region,
    Shevchenko Avenue, 18/1


ZHITLOVIK: Declared Insolvent
-----------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Zhitlovik (code EDRPOU 03337473) on March 21,
2005 after finding the repair-building enterprise insolvent.  Ms.
Svitlana Babich (License Number AA 630006) has been appointed
liquidator/insolvency manager.

Creditors have until May 14, 2005 to submit their proofs of claim
to:

(a) ZHITLOVIK
    83100, Ukraine, Donetsk region,
    Naberezhna Str. 117

(b) Liquidator/Insolvency Manager
    02152, Ukraine, Kyiv,
    Serafimovich Str. 5/15

(c) Economic Court Of Donetsk Region
    83048, Ukraine, Donetsk region,
    Artema Str. 157


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


ABBEY NATIONAL: Hundreds of Jobs More to Go
-------------------------------------------
Abbey's new owner is cutting 1,000 more jobs, according to The
Scotsman.

Banco Santander Central Hispano, which took over the British bank
in November for GBP9.5 billion, had earlier promised to axe only
3,000 jobs.  So far, 1,000 employees had already left while 2,000
are on the way.  The additional cut will be spread across the
country and involve mostly back-office staff.  Abbey employs
25,000 in Britain.

Hugh Scullion, the regional officer of banking union Amicus,
condemned the move. "They have been continually moving the
goalposts at the expense of staff morale and job security, which
can only have a knock-on effect on customer service," The
Scotsman quoted him saying.

The news came just as Banco Santander reported that Abbey had
contributed EUR153 million (GBP104.56 million) to its first
quarter results.  Santander's profit in the period jumped 38.5%
to EUR1.19 billion (GBP813.8 million).

Abbey CEO Francesco Gomez-Roldan said: "It is too early for the
changes we are making to have had a meaningful impact, but the
first-quarter results include some encouraging early signs."

CONTACT:  ABBEY NATIONAL PLC
          Abbey National House,
          2 Triton Square, Regent's Place
          London NW1 3AN, United Kingdom
          Phone: +44-870 607 6000
          Web site: http://www.abbeynational.com


BLACKFORDS FENCING: Sets Creditors Meeting Next Week
----------------------------------------------------
The creditors of Blackfords Fencing Services Limited will meet on
May 19, 2005 at 10:00 a.m.  It will be held at the offices of BDO
Stoy Hayward LLP, Kings Wharf, 20-30 Kings Road, Reading,
Berkshire RG1 3EX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings
Road, Reading, Berkshire RG1 3EX not later than 12:00 noon, May
18, 2005.

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


CARDIFF 2008: Liquidator to Give Update Next Month
--------------------------------------------------
The general meeting of the members of Cardiff 2008 Limited will
be on June 22, 2005 at 10:30 a.m.  It will be held at KPMG,
Marlborough House, Fitzalan Road, Cardiff CF4 0TE.

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.  Creditors who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged with
KPMG, Marlborough House, Fitzalan Road, Cardiff CF4 0TE not later
than 12:00 noon, June 21, 2005.

CONTACT:  KPMG LLP
          Marlborough House
          Fitzalan Court
          Fitzalan Road
          Cardiff CF24 0TE
          Phone: 029 2046 8000
          Fax: 029 2046 8202
          E-mail: joff.pope@kpmg.co.uk


CH MANAGEMENT: High Court Appoints Liquidator
---------------------------------------------
The High Court in Ireland has wound up hotel management company
CH Management Ltd., according to The Irish Examiner.  Ms. Justice
Mary Laffoy appointed Rory O'Ferall of Deloitte and Touche as
official liquidator on Monday.

In his affidavit, dancing star Michael Flatley, who owns the
company, said he is owed a total of EUR2.2 million, representing
loans he had granted the company over the years.  In 2002, the
year the company was incorporated, he lent it EUR63,486, followed
by EUR902,879 in 2003, EUR1,129,864 in 2004, and EUR123,771 this
year.

The firm stopped trading at the end of January due to heavy
losses.  Shortly after, Mr. Flatley brought the winding-up
petition to the court.  The court said there was no notice of
intention to appeal the application from any other contributor.

Mr. Flatley does not expect to be paid because, with the
exception of one or two items of furniture, the company no longer
have any assets.  All its employees had been made redundant.

CONTACT:  CH MANAGEMENT LTD.
          Castlehyde Hotel, Fermoy
          Co. Cork Ireland
          Contact:
          Stephen Murphy Marguerite, Director
          Girasole, Albert Farrell, Director
          Phone: (00353) [0] 25 31865
          Fax: (00353) [0] 61 377 717
          E-mail: cashyde@iol.ie
          Web site: http://www.castlehydehotel.ie

          DELOITTE & TOUCHE
          Deloitte & Touche House
          Earlsfort Terrace
          DUBLIN, IRELAND 2
          Phone: 00 353 1 417 2200
          Fax: 00 353 1 417 2300
          E-mail: rory.o'ferrall@deloitte.ie


CHURCHFIELDS SPRING: Members Decide to Wind up Company
------------------------------------------------------
At the extraordinary general meeting of the members of
Churchfields Spring Company Limited on April 25, 2005 held at St
James Building, 79 Oxford Street, Manchester M1 6HT, the
extraordinary and special resolutions to wind up the company were
passed.  R. E. C. Cook of UHY Hacker Young turnaround and
recovery, St James Building, 79 Oxford Street, Manchester M1 6HT
has been appointed liquidator of the company.

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


COOK STREET: Sets Members Meeting June 15
-----------------------------------------
The members of Cook Street Pallets Limited will meet on June 15,
2005 at 11:00 a.m.  It will be held at Bridge House, Heap Bridge,
Bury BL9 7HT.

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
Nuttall & Co, Bridge House, Heap Bridge, Bury BL9 7HT not later
than 12:00 noon, June 14, 2005.

CONTACT:  NUTTALL & CO.
          Bridge House
          Heap Bridge
          Bury
          Lancashire BL9 7HT
          Phone: 0161 447 8394
          Fax: 0161 447 8395
          E-mail: phil.nuttall@nuttalls.net


CRAFTSMAN FURNITURE: Creditors Meeting Set Friday
-------------------------------------------------
The creditors of Craftsman Furniture Limited will meet on May 13,
2005 at 10:00 a.m.  It will be held at 8 Baker Street, London W1U
3LL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to 8 Baker Street, London W1U 3LL not later than
12:00 noon, May 12, 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


DERITEND ADVANCED: Members Pass Winding-up Resolutions
------------------------------------------------------
At the extraordinary general meeting of the members of Deritend
Advanced Technology Limited on April 25, 2005 held at St James
Building, 79 Oxford Street, Manchester M1 6HT, the extraordinary
and special resolutions to wind up the company were passed.  R.
E. C. Cook of UHY Hacker Young turnaround and recovery, St James
Building, 79 Oxford Street, Manchester M1 6HT has been appointed
liquidator of the company.

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


DIGITAL UNION: Appoints Tenon Recovery Administrator
----------------------------------------------------
Nigel Ian Fox and Carl Stuart Jackson (IP Nos 8891, 8860) have
been appointed joint administrators for Digital Union UK Ltd.
The appointment was made April 28, 2005.

The company handles software consultancy.  Its registered office
is located at Highfield Court, Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ.

CONTACT:  TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax: 023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


DONCASTERS YEOVIL: Hires Liquidator from UHY Hacker Young
---------------------------------------------------------
At the extraordinary general meeting of the members of Doncasters
Yeovil Limited on April 25, 2005 held at St James Building, 79
Oxford Street, Manchester M1 6HT, the extraordinary and special
resolutions to wind up the company were passed.  R. E. C. Cook of
UHY Hacker Young turnaround and recovery, St James Building, 79
Oxford Street, Manchester M1 6HT has been appointed liquidator of
the company.

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


E C & J KEAY: Members Decide on Winding-up
------------------------------------------
At the extraordinary general meeting of the members of E C & J
Keay Limited on April 25, 2005 held at St. James Building, 79
Oxford Street, Manchester M1 6HT, the extraordinary and special
resolutions to wind up the company were passed.  R. E. C. Cook of
UHY Hacker Young turnaround and recovery, St James Building, 79
Oxford Street, Manchester M1 6HT has been appointed liquidator of
the company.

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


ELITE MEDICAL: Hires Administrators from Leonard Curtis & Co.
-------------------------------------------------------------
N. A. Bennett and S. D. Swaden (IP Nos 9083, 2719) have been
appointed administrators for Elite Medical Services Limited.  The
appointment was made April 29, 2005.

The company handles recruitment consultancy.  Its registered
office is located at 10-11 Grosvenor Place, Belgravia, London
SW1X 7JG.

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


EQUITABLE LIFE: Asked To Call Off Legal Claim
---------------------------------------------
The counsel for six of former Equitable Life non-executive
directors appealed for the company to withdraw its GBP1.7 billion
claim against them.

According to The Guardian Wednesday, Laurence Rabinowitz QC urged
the insurer to "give very serious consideration" to its lawsuit
versus nine former non-executive directors, six former
executives, and its auditor for negligence and breach of
fiduciary duty.

A heated argument reportedly transpired in court regarding law
firm Herbert Smith's non-disclosure of documents prior to the
trial.  Four new documents have surfaced, three of which were
discovered by an Ernst & Young witness.  Mr. Rabinowitz noted the
cross-examination of witnesses proceeded without the necessary
documents.

Meanwhile, Robert Miles QC, acting for Herbert Smith, described
the criticisms hurled against its client as "quite unfair and
misplaced."

Iain Milligan QC, representing Equitable Life, then started
grilling former director Roy Ranson about the guaranteed annuity
rates which were blamed for the company's downfall.

The insurer claims the company was not informed of its need to
reserve a substantial amount from 1997-99 to cover some
policyholders' income guarantees, which consequently led to huge
losses.

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


FINNFOREST PLYWOOD: Sets Final Meeting Next Month
-------------------------------------------------
The final meeting of Finnforest Plywood Ltd. will be on June 6,
2005 at 12:00 noon.  It will be held at Numerica, PO Box 2653, 66
Wigmore Street, London W1A 3RT.

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.  Shareholders who want to be represented
at the meeting may appoint proxies.  Proxy forms must be lodged
with Numerica, PO Box 2653, 66 Wigmore Street, London W1A 3RT not
later than 12:00 noon, June 3, 2005.

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


FKI PLC: Buys 52.85% of Chinese Wire Rope Producer
--------------------------------------------------
Further to the announcement on 21 January 2005 of the signing of
the contract to acquire 52.85% of Tianjin Golik No 1 Steel Wire
Rope Company Limited for US$1.63 million cash, regulatory
approval has been received and the transaction has completed.

Tianjin No 1 provides FKI's steel wire rope manufacturer, Bridon,
with an opportunity to access the large and growing Chinese
market for elevator rope.  Tianjin No 1 has been renamed Bridon
Tianjin Rope Limited and will have new funds of US$1 million
available for investment.

                            *   *   *

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

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

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

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

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

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


GOVETT ENTERPRISE: Members Final Meeting Set June
-------------------------------------------------
The final meeting of the members of Govett Enterprise Investments
Limited will be on June 9, 2005 at 10:00 a.m.  It will be held at
186 City Road, London EC1V 2NU.

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
RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU not later
than 12:00 noon, June 8, 2005.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


HERMES POOLED: Hires Deloitte & Touche Liquidator
-------------------------------------------------
At the general meeting of Hermes Pooled Pension Funds Trustee
Limited, the special, ordinary and extraordinary resolutions to
wind up the company were passed.  J. R. D. Smith and N. J. Dargan
of PO Box 810, Athene Place, 66 Shoe Lane, London EC4A 3WA have
been appointed joint liquidators of the company.

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


IDEAL INSURANCE: Members General Meeting Set July
-------------------------------------------------
The general meeting of the members of Ideal Insurance Agencies
Limited will be on July 13, 2005 at 12:00 noon.  It will be held
at KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL.

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
KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL not later than
4:00 p.m., July 12, 2005.

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


INCO 400: Sets Creditors Meeting Friday
---------------------------------------
The creditors of Inco 400 Limited will meet on May 13, 2005 at
11:00 a.m.  It will be held at Milsted Langdon, Winchester House,
Deane Gate Avenue, Taunton, Somerset TA1 2UH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Milsted Langdon, Winchester House, Deane Gate
Avenue, Taunton, Somerset TA1 2UH not later than 12:00 noon, May
12, 2005.

CONTACT:  MILSTED LANGDON
          Winchester House
          Deane Gate Avenue
          Taunton
          Somerset TA1 2UH
          Phone: 01823 445566
          Fax: 01823 445555
          E-mail: risaacs@milsted-langdon.co.uk


IPM INDUSTRIES: Meeting of Creditors Set Next Week
--------------------------------------------------
The creditors of IPM Industries Limited will meet on May 19, 2005
at 11:00 a.m.  It will be held at Tenon Recovery, Tenon House,
Ferryboat Lane, Sunderland SR5 3JN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tenon Recovery, Tenon House, Ferryboat Lane,
Sunderland SR5 3JN not later than 12:00 noon, May 18, 2005.

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


JESSOPS PLC: Opens 18 New Stores in First Quarter
-------------------------------------------------
Highlights of the interim results for the 26 Weeks to 27 March
2005:

(a) total sales up 4.2% to GBP161.0 million (2004: GBP154.5
    million);

(b) total like for like sales up 1.7%; store like for like sales
    up 1.4%; direct like for like sales (Internet and Mail
    Order) up 5.8%;

(c) gross margins held steady;

(d) profit before interest, tax and amortization down 18% to
    GBP5.7 million (2004: GBP7.0 million);

(e) basic earnings per share (pre exceptionals) of 0.2 pence;

(f) maiden interim dividend of 0.7p per share; and

(g) 18 new stores opened, 2 relocated and 2 closed, bringing
    group total to 276 stores.

Derek Hine, Chief Executive of Jessops plc, said: "Despite a
solid first quarter, trading became extremely difficult in
February and early March.  In response, we have set in train a
number of projects to improve margins and drive efficiencies.

"The second half accounts for the bulk of the Group's profits and
the fourth quarter is our most important trading period, so it is
still too early to forecast the outcome for the year.  Sales in
the past six weeks have shown some improvement on the very
disappointing levels achieved in February and the actions being
taken put the Group on track to meet its expectations on a lower
level of like for like growth in sales than previously
anticipated."

Results

The past six months to 27 March 2005 have been a period of
significant change for Jessops and the second quarter in
particular has been a challenge.  Sales for the Group were up
4.2% to GBP161 million, with overall like for like sales up 1.7%.
Store like for like sales up 1.4% and direct like for like sales
(Internet and mail order) up 5.8%.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Sales by channel       6 Months           6 Months           Inc
                     To 27/3/05         To 28/3/04             %
                    GBP million        GBP million

Like for Like Stores        140                138           1.4
Closed Stores                 -                  3             -
New Stores                    7                  -             -
Direct & Commercial Sales    14                 13           4.6
- - - - - - -            ------         ----------     ---------
Total Sales                 161                154           4.2
- - - - - - -           -------         ----------     ---------

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Earnings before interest, tax and amortization ('EBITA') were 18%
down at GBP5.7 million.  Profits on ordinary activities before
tax for the period, which included a higher interest charge for
October under the group's former financing structure, were GBP1.3
million. Net debt reduced to GBP42.8 million (2003: GBP126
million).

In accordance with our stated intention in our flotation
prospectus to pay approximately 20% of the annual reported Group
net income (before goodwill amortization), we intend to pay a
maiden interim divided of 0.7p per share, payable on 22 July 2005
to shareholders on the register on 24 June 2005.

Review of Trading

The period started with the conclusion of our GBP100 million
fund-raising and flotation, which was completed in early
November.  This major step for the business was followed by a
solid trading performance over the Christmas period, in what was
widely regarded as the most difficult Christmas for the High
Street for nearly a decade.

However this positive start to our life as a listed company was
in contrast to the Group's trading in February and early March,
which saw an unprecedented decline in digital camera sales and
the toughest trading conditions seen at Jessops at least since
digital cameras were launched onto the market in the mid 1990s.

Digital cameras accounted for 45% of the Group's total sales in
the first 6 months.  Data from GfK Marketing Services showed that
the U.K. digital camera market grew by 36%, 32% and 20% in
November, December and January compared to the prior year, yet
recorded growth of just 0.1% in February, giving some context to
the sudden decline in the Group's sales in the second quarter.
Some recovery was evident in the industry figures for March as a
whole, which saw growth of 21%, but the bulk of this increase was
seen towards the end of the month, which this year included
Easter.

The impact of the sales shortfall in February and early March not
only had a material impact on our profits for the period, but
caused us to reconsider our projections for the second half of
the year.  This was communicated to the market on 21 March 2005.
As the second quarter progressed, it became clear that these
difficult market conditions were not confined to Jessops alone.

The Group's overall share of the digital camera market held up
well over the 6 months, in spite of further competition as more
mass market merchandisers entered the market.  In the fast
growing area of digital SLR cameras, which in March 2005
accounted for 18% of the total market compared with 10% in
October 2004, the Group's share has increased from 26.6% to
32.6%.  They have also seen the first significant digital SLR
camera launch of 2005, with the launch of Canon's 350D SLR camera
on 16 March.

While price competition has remained intense, it is not any more
competitive than they have experienced in the past and the
Group's margins remained steady in the period.

In response to these difficult market conditions, the company has
set in train a number of projects to drive sales and deliver
efficiency savings.

It also continues to progress its program of selective store
openings.  In the first half, its opened 13 new Jessops stores,
relocated two and closed another two and opened five new
photoexpress stores.  It will continue to open further stores
where they believe return criteria can be met.

Outlook

The company has confidence in the long-term prospects for the
digital camera market and for the business.  Household
penetration of digital cameras remains relatively low, at
approximately 35%, compared with 83% for analogue.  The
Developing and Printing (D&P) market continues to go through
rapid change, with digital D&P now accounting for 43% of all
first time processing.  This is up from 25% in July last year.
While the growth in digital processing has yet to fully offset
the decline in analogue processing, the growth trend in digital
D&P is encouraging and supports the strategy of offering digital
mini-labs and digital instant kiosks in store to improve its
share of the D&P market.

At the time of the March announcement, the company stated that it
expected to see a gradual recovery in sales from the very
disappointing and significantly negative store like for like
sales experienced in February.  Total sales in the six weeks to 8
May 2005, which this year excluded Easter, were up 2.2%, with
store like for like sales down 2.4%.  While some sales
improvement has been evident, the actions being taken should have
the effect of enabling the Group to meet its expectations on a
lower level of like for like growth in sales than previously
anticipated.

The second half accounts for the bulk of the Group's profits and
the fourth quarter is the group's most important trading period.
Thus, while it is still too early to forecast the outcome for the
year, a continuation of the fragile consumer recovery combined
with the actions being taken leads the Board to believe that the
Group is on track to meet our expectations for the year.

A full copy of the financial results is available free of charge
at http://bankrupt.com/misc/Jessopsplc(Q12005).mht

CONTACT:  JESSOPS PLC
          Jessop House, Scudamore Rd.
          Leicester
          LE3 1TZ, United Kingdom
          Phone: +44-116-232-6000
          Web site: http://www.jessops.com


JESSOPS PLC: Names Robin Whitbread Non-executive Director
---------------------------------------------------------
Jessops plc said Tuesday that Robin Whitbread has joined the
Board as a non-executive Director, with immediate effect.  He
will be Chairman of Jessops' Remuneration Committee and will also
take the role of Senior Independent Director.

Mr. Whitbread, 54, brings extensive retail and management
experience, gained from 32 years in supermarket retailing with
Sainsbury's, including 11 years as a Main Board director.  He
joined Somerfield PLC in 2002 as Group Buying Director and until
November 2004 was Group Buying and Marketing Director of
Somerfield and Managing Director of Kwik Save.

Gavin Simonds, Chairman of Jessops, said: "I am delighted that
Robin has agreed to join the Board as a non-executive director
and senior independent director.  His combined plc, retailing,
marketing and management experience will contribute to the
strength we already have on the Board, and I have no doubt he
will make a positive contribution as we tackle the near term
challenges and maximize Jessops longer term potential."

There are no further details that require to be disclosed under
paragraph 6.F.2 (b) - (g) of the UKLA Listing Rules.

CONTACT:  JESSOPS PLC
          Jessop House, Scudamore Rd.
          Leicester
          LE3 1TZ, United Kingdom
          Phone: +44-116-232-6000
          Web site: http://www.jessops.com


JEWELLERY STORE: Administrators from Deloitte & Touche Move in
--------------------------------------------------------------
Lee Antony Manning (IP No 006477) and Angus Matthew Martin (IP No
008331) have been appointed administrators for The Jewellery
Store Limited.  The appointment was made May 3, 2005.

The company retails pieces of jewelry.  Its registered office is
located at Hill House, 1 Little New Street, London EC4A 4TR.

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

          DELOITTE & TOUCHE LLP,
          Abbotts House, Abbey Street,
          Reading RG1 3BD
          Web site: http://www.deloitte.com


KRUGER BRENT: Calls in Liquidator from Butcher Woods
----------------------------------------------------
At the extraordinary general meeting of Kruger Brent Limited on
April 29, 2005 held at Monmore Business Park, Dixon Street,
Wolverhampton WV2 2EE, the special and ordinary resolutions to
wind up the company were passed.  Roderick Graham Butcher of
Butcher Woods, 79 Caroline Street, Birmingham B3 1UP has been
appointed liquidator of the company.

CONTACT:  BUTCHER WOODS
          79 Caroline Street,
          Birmingham B3 1U


LLOYDS THERMALLOY: Members Hire Liquidator from Hacker Young
------------------------------------------------------------
At the extraordinary general meeting of the members of Lloyds
Thermalloy Limited on April 25, 2005 held at St James Building,
79 Oxford Street, Manchester M1 6HT, the extraordinary and
special resolutions to wind up the company were passed.  R. E. C.
Cook of UHY Hacker Young turnaround and recovery, St James
Building, 79 Oxford Street, Manchester M1 6HT has been appointed
liquidator of the company.

CONTACT:  UHY HACKER YOUNG
          St James Building
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


MARGATE FOOTBALL: Names Langley & Partners Administrator
--------------------------------------------------------
Philip Simons and Alan Simon (IP Nos 009289, 008635) have been
appointed administrators for Margate Football Club Limited.  The
appointment was made April 29, 2005.

The company is a football club.  Its registered office is located
at Hartsdown Park, Hartsdown Road, Margate, Kent CT9 5QZ.

CONTACT:  LANGLEY & PARTNERS
          Langley House
          Park Road
          East Finchley
          London N2 8EX
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: philip.simons@langleypartners.co.uk


MG ROVER: Longbridge Revival Remote as Another Buyer Withdraws
--------------------------------------------------------------
Alchemy head Jon Moulton has dropped its plans to buy MG Rover's
sports car business, said The Times Wednesday.

Mr. Moulton attributed the venture capital group's pullout to
problems with intellectual property rights, supplies and
warranties.

The move, which further shrunk the company's hopes of restoring
production at its Longbridge plant, comes as Rover administrator
PricewaterhouseCoopers has only three days left to sell the group
before splitting it up.

A research and development and engineering center backed by
Shanghai Automotive Industry Corporation was earlier speculated
to be housed at the plant.  However, the Chinese firm has so far
offered only to acquire tooling for the Rover 25 and 75, the
series K and L engines, and some R&D equipment.

SAIC, which earlier refused to employ anyone directly in the
U.K., owns the intellectual property rights to the 25, the 75 and
two engines.  The setup makes its all the more difficult for
potential buyers to exploit Longbridge facilities.

Rover, which is retained by former owner BMW, has reportedly
received several bids.  But most of them have lost interest
already.  The company fell into administration on April 8 after a
tie-up with SAIC failed to materialize.

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

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

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


MOVTHERM LIMITED: Names Liquidator from UHY Hacker Young
--------------------------------------------------------
At the extraordinary general meeting of the members of Movtherm
Limited on April 25, 2005 held at St James Building, 79 Oxford
Street, Manchester M1 6HT, the extraordinary and special
resolutions to wind up the company were passed.  R. E. C. Cook of
UHY Hacker Young turnaround and recovery, St James Building, 79
Oxford Street, Manchester M1 6HT has been appointed liquidator of
the company.

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


MOWLEM PLC: Appoints New Executive Director
-------------------------------------------
Further to its announcement on 3 March 2005, Mowlem plc appointed
on Tuesday Mr. Paul Mainwaring as executive director.

He succeeds Mr. G.T. Brown who leaves the board after 9 years as
Group Finance Director.

No further details are required to be disclosed in accordance
with rule 6.F.2 (b) to (g) of the FSA Listing Rules.

                            *   *   *

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

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

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


MOWLEM PLC: Wins GBP175 Mln Barnsley Schools PFI Contract
---------------------------------------------------------
Mowlem plc, as equal partners with Innisfree Ltd., signed Tuesday
the GBP175 million Barnsley Schools PFI contract for client
Barnsley Metropolitan Borough Council.

The contract is to design, build, finance and operate 13
replacement new build primary schools at various locations
throughout the Barnsley district.  Mowlem will undertake the
initial GBP45 million design and build capital works, to be
carried out over a two-year period, and will then provide soft
and hard services for a further 25 years.

Construction work will commence immediately, with the first
tranche of five schools scheduled to open in June 2006, the
second tranche of three schools scheduled to open in February
2007 and the remainder due for completion in June 2007.

Simon Vivian, Mowlem Group Chief Executive, said: "We are
delighted to have been selected by Barnsley Metropolitan Borough
Council as their partner on this exciting project.  We look
forward to a long and successful relationship with them and with
the schools.  Following our recent contract for the Redcar and
Cleveland Schools PFI, this contract confirms Mowlem's position
as a leader in schools PFI."

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


MOWLEM PLC: Suspended from Track Renewals
-----------------------------------------
Over the weekend of January 8-9, renewals contractor Mowlem plc
carried out track renewals work on the West Coast Main Line near
Bushey (near Watford).

Following a report of a 'rough ride' from a train driver on the
Monday (10 January) afternoon, the line was blocked and
inspected.  Network Rail engineers found a small part of the new
section of track that was not up to standard.  The section of
track had deteriorated during the day, eventually leading to the
reported 'rough ride'.

Network Rail immediately rectified the fault and launched a full
and detailed investigation into how the track came to be in this
condition.  Mowlem was suspended from undertaking any further
track renewals activity on the West Coast pending the outcome of
the investigation.

The investigation found weaknesses in the management and
implementation of the works and made a series of recommendations.
Network Rail also decided not to renew Mowlem's contract on the
West Coast (which expired on 1 April).  And in addition, Network
Rail has suspended Mowlem from carrying out any track renewals
work on its network until such time as it can demonstrate that it
has implemented the improvements needed in its management and
working practices relating to track renewals.

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


NTL INC.: Returns to Black in Q1 with GBP456.1 Mln Net Income
-------------------------------------------------------------
Highlights of the first quarter results:

(a) OCF of GBP 178 million, up 7%;

(b) operating income of GBP16 million compared to loss of GBP7
    million for Q1 2004;

(c) OCF margins improved to 34% from 32%;

(d) net cash provided by operating activities of GBP139 million;

(e) Free Cash Flow from continuing operations of GBP59 million;

(f) record quarter of 195,100 gross additions (157,000 on-net);

(g) strong broadband growth of 112,900 (79,600 on-net);

(h) triples up 17%; triple play penetration of 23.2% (24.6% on-
    net);

(i) improvement in all key customer service metrics vs. Q4
    2004;

(j) Churn improved to 1.4%; net additions of 58,100 (on-
    net 32,800);

(k) Ireland business sold for EUR325 million; and

(l) 3.24 million shares repurchased to date for a total of
    US$215 million.

Financial Highlights

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                                                            %
(GBP millions)                      Q1-2005    Q1-2004    change
                                   ---------  ---------
Revenue
   Consumer                           384.5      369.8     4.0%
   Business                           113.6      126.3   (10.1%)
   Ireland                             19.2       17.5     9.7%
                                    ---------  ---------
Total Revenue                         517.3      513.6     0.7%

Operating income before depreciation,
amortization and other charges (OCF) 177.5      166.2     6.8%

Operating income (loss)                16.4       (7.3)    n.m.

(Loss) from continuing operations      (62.6)     (75.5)   17.1%
                                     =========  =========
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Commenting on the results, Simon Duffy, Chief Executive Officer
of ntl, said: "We have started the year with continued margin
expansion, robust gross additions, improved customer churn and
continued growth in our triple play customer penetration.
Compared to the first quarter of last year, our OCF margins are
up nearly two points to 34.3%.  Gross additions of 195,100 and
improved customer service -- which have helped reduce churn to
1.4 per cent -- resulted in total net additions of 58,100.
Continued strong performance in gross additions and further
improvements in churn should put us back on track for our
long-term on-net target of over 50,000 net customer additions per
quarter from Q2 onwards, resulting in over 200,000 on-net
customer additions this year.

"We have repurchased a total of 3.24 million shares in the open
market at a cost of US$215 million and [on Tuesday] concluded the
sale of our operations in the Republic of Ireland for EUR325
million, reinforcing our focus on building our U.K. cable
business.  This activity leaves us well positioned for the next
stage of our development."

                      Q1 2005 Review

Revenue

First quarter revenue was GBP517.3 million (US$977.8 million), up
0.7% compared to the prior year period.  The increase is
primarily due to growth in Consumer revenue, which is discussed
in detail below.

Consumer

The company provides bundled services, including a range of
broadband and dial-up Internet services, local, long distance and
international telephone services, and digital and analogue cable
television, to our residential customers through our Consumer
sales channel.  Included within Consumer are ntl's residential
off-net and virgin.net customers.

Consumer revenue was GBP384.5 million (US$726.8million), up 4.0
percent over the same period last year.  The increase in revenue
reflects the acquisition of virgin.net and strong growth in
broadband RGUs which increased by 112,900 (79,600 on-net) in the
quarter and by 414,400 (296,100 on-net) compared to the same
period last year.  Also contributing to Consumer revenue growth
were an increase in digital TV customers, which grew by 16,900
compared to the same period last year, and two TV price
increases.  These positive factors were offset by a decline in
telephony usage, lower pricing, fewer ATV customers and lower TV
premiums and off-net revenue.

The strength of the ntl product portfolio led to a record quarter
of 195,100 (157,000 on-net) total gross customers additions.
Customers taking all three services increased 17% from the first
quarter of last year bringing triple customer penetration to
23.2% (24.6% on-net).  Triples as a percentage of on-net gross
additions increased to 11.8% up from 8.4% in the first quarter of
2004, reflecting a continued improvement in the value of our
customer base.  On-net gross customer RGU additions were evenly
distributed between all three product categories with 35% for
broadband, 35% for telephony and 30% for television.

Following the major reorganization and billing system migrations
that took place last year, customer service metrics improved
considerably during the first quarter, with particularly strong
results achieved in March.  The average speed of answering a call
improved from the fourth quarter to the first quarter by 42
percent and in March averaged 77 seconds, the fastest since Q2
2004.  March call abandonment rates improved to 4.2% and calls
answered within 20 seconds improved to 55%, levels last
experienced in the first quarter of 2004.

These improvements in customer service metrics contributed to a
reduction in customer churn to 1.4% which resulted in a 70%
increase in total net additions and 58% increase in on-net net
additions compared to the fourth quarter. The company added
58,100 residential customers (32,800 on-net) to end the quarter
with 3.19 million customers (3.01 million on-net), a 4.0%
increase over Q1 2004.  It also added 101,800 RGUs (72,700
on-net), ending the quarter with over 6 million RGUs (5.86
million on-net), a 4.7% increase over Q1 2004.  On-net RGUs per
customer also continued to improve to 1.95 RGUs per customer, up
from 1.93 over the same period last year.

There were no customer adjustments during the first quarter of
2005.

The company successfully launched its video on demand service in
Glasgow and Wales (Swansea and Cardiff) during the first quarter.
It will be launching in three additional markets during the
summer and expect to be in a total of 10 markets by year end.

Business

The company provides a range of retail and wholesale voice, data
and Internet products and services to the business market
comprising private and public organizations as well as resellers
and mobile operators.

Business revenue of GBP113.6 million (US$214.8 million) was down
10.1% over the same period last year primarily due to the loss of
virgin.net revenue.  Prior to the 100% acquisition of virgin.net
by ntl in November 2004, virgin.net was a third party wholesale
Internet customer.  The remaining decline in Business revenue is
primarily due to the previously announced conclusion of its
contract with Vodafone and the continued transition toward
replacing declining traditional circuit switched network services
revenue such as voice, frame relay and ATM with higher growth
"New Wave" IP-based data and managed services revenue such as
Ethernet and Virtual Private Network (VPN) solutions.

During the first quarter it launched its National Ethernet
product, building on the existing portfolio of Ethernet services
including Metro Ethernet and Ethernet VPN solutions.  The
Ethernet portfolio is aimed at enterprises that are seeking to
modernize and consolidate their existing legacy networks and is
also available to carriers and wholesale customers.  National
Ethernet will deliver improved operating efficiency at a lower
cost and higher bandwidth than legacy ATM or frame relay
technologies.  The product will allow businesses to integrate
their Wide Area Networks and Local Area Networks into a single,
national LAN capable of supporting new services such as
multimedia presentations, VoIP and video conferencing.

One of the early wins for its new National Ethernet product was a
managed services contract to deliver our National Ethernet
solution to the Association of Chartered Certified Accountants.
Other New Wave contract wins in the first quarter included a
contract to provide one of the world's largest content delivery
networks for a major public organization in the U.K. and a
contract to provide a managed optical wavelength service for a
Fortune 100 company.

Ireland

As announced on May 9, 2005, it has sold its operations in
Ireland for EUR325 million.  They intend to use the net sale
proceeds to repay principal amounts outstanding under senior
credit facility in accordance with its terms.  In the second
quarter of 2005, Ireland will be accounted for on the basis of
discontinued operations.

Ireland revenue is derived from digital and analogue cable
television services provided to homes in the Republic of Ireland
including Dublin, Waterford and Galway, and broadband in parts of
Dublin.  Additionally, the company has offered a full range of
business telecommunications services in Ireland, including voice,
data and Internet products.

Ireland revenue was GBP19.2 million (US$36.2 million), up 9.7%
over the same period last year, reflecting strong subscriber
growth, greater take up of digital television services and
increases in television pricing.

In the first quarter, residential customers increased by
approximately 2,400 to reach 350,100.  Monthly customer churn
declined to 0.7% vs. 1.1 percent during the same period last
year.  Digital television subscriber numbers grew significantly
to reach 102,000, an increase of 31% over the same period last
year.

The ongoing investment in Broadband has increased the number of
marketable Broadband homes to over 102,000.  Broadband customers
increased by 2,500 in the first quarter to 10,000, a penetration
level of approximately 10% of marketable homes.

Operating Income Before Depreciation, Amortization and Other
Charges (OCF)

OCF increased by 6.8% to GBP177.5 million (US$335.5 million)
versus the same period last year.  The increase reflects the
improved product mix in Consumer and higher margin Internet
revenue.  Savings in operational overheads were achieved through
the ongoing benefit of renegotiated maintenance contracts and
lower costs due to a reduced level of set top box repair and
recycling.  These savings were partly offset by increased
installs in pre-wired residential customer homes where the cost
to install is expensed rather than capitalized, higher bad debt
expense and the conclusion of the Vodafone contract. First
quarter stock based compensation expense (SBCE), which is
included in OCF, was GBP2.9 million (US$5.4 million) compared to
GBP2.1 million (US$3.8 million) during the same period last year.

Operating Income (loss) and Net Income (loss)

Operating income was GBP16.4 million ($31.1 million) versus an
operating loss of GBP7.3 million (US$13.5 million) during the
same period last year.  The improvement is primarily due to our
increased OCF and lower depreciation charges.

Net income was GBP456.1 million (US$1,068.0 million) versus a net
loss of GBP65.4 million ($120.3 million) during the same period
last year.  The improvement reflects a GBP514.6 million
(US$1,178.4 million) gain from the sale of our Broadcast
operations completed on January 31, 2005, which was partly offset
by exchange rate losses.  Excluding the gain from the sale of
Broadcast, (loss) from continuing operations was GBP62.6 million
(US$118.2 million).

Fixed Asset Additions (accruals basis)

First quarter fixed asset additions from continuing operations
were GBP67.2 million (US$123.7 million), an increase of GBP1.9
million over the same period last year.  The increase is due to
higher scaleable infrastructure costs primarily associated with
broadband speed increases and other network enhancements and
higher CPE (customer premise equipment) costs reflecting an
increase in deliveries of set top boxes and cable modems.  These
increases were partly offset by lower Support Capital costs due
primarily to decreased billing system migration and IT spend and
Commercial costs related primarily to a reduction in business
install costs.

Cash and Cash Equivalents

At March 31, 2005, cash and cash equivalents were GBP842.8
million (US$1,591.8 million), an increase of GBP717.5 million
(US$1,351.8 million) over the prior quarter.  The increase is
primarily due to the retained balance of proceeds from the
previously announced sale of our Broadcast operations.

Other Matters

As of the end of April, the company has purchased 3.24 million
shares of common stock in the open market for a total of
approximately US$215 million.

A full copy of the financial results is available free of charge
at http://bankrupt.com/misc/NTLInc(Q12005).mht

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


PARAMOUNT FITTINGS: Liquidator from UHY Hacker Young Moves in
-------------------------------------------------------------
At the extraordinary general meeting of the members of Paramount
Fittings Limited on April 25, 2005 held at St James Building, 79
Oxford Street, Manchester M1 6HT, the extraordinary and special
resolutions to wind up the company were passed.  R. E. C. Cook of
UHY Hacker Young turnaround and recovery, St James Building, 79
Oxford Street, Manchester M1 6HT has been appointed liquidator of
the company.

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


PILKINGTON CHANNEL: Hires PricewaterhouseCoopers Liquidator
-----------------------------------------------------------
Name of companies:
Pilkington Channel Island Holdings Limited
Pilkington (Glass Technologies) Limited
Pilkington Micronics Limited
Pilkington Overseas Holdings (1991) Unlimited
Pilkington Overseas Holdings Unlimited
Pilkington Overseas Investments Limited
Sarhal Limited

At the extraordinary general meetings of these companies on April
29, 2005, the special and ordinary resolutions to wind up the
companies were passed.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP have appointed joint liquidators of these
companies.

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


PROGRAM MARKETING: Calls in Administrators from Leonard Curtis
--------------------------------------------------------------
J. M. Titley and A. Poxon (IP Nos 8617, 8620) have been appointed
administrators for Program Marketing Limited.  The appointment
was made April 18, 2005.

The company offers other business services.  Its registered
office is located at Hyde House, 4th Floor, The Hyde, Edgware
Road, London NW9 6LA.

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


RICHARDS & ROSS: Calls in Liquidator
------------------------------------
At the extraordinary general meeting of the members of Richards &
Ross Limited on April 25, 2005 held at St James Building, 79
Oxford Street, Manchester M1 6HT, the extraordinary and special
resolutions to wind up the company were passed.  R. E. C. Cook of
UHY Hacker Young turnaround and recovery, St James Building, 79
Oxford Street, Manchester M1 6HT has been appointed liquidator of
the company.

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


RICOSS TRADING: Members Pass Winding-up Resolutions
---------------------------------------------------
At the extraordinary general meeting of the members of Ricoss
Trading Limited on April 25, 2005 held at St James Building, 79
Oxford Street, Manchester M1 6HT, the extraordinary and special
resolutions to wind up the company were passed.  R. E. C. Cook of
UHY Hacker Young turnaround and recovery, St James Building, 79
Oxford Street, Manchester M1 6HT has been appointed liquidator of
the company.

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


STREAMCHASE LIMITED: Hires UHY Hacker Young Liquidator
------------------------------------------------------
At the extraordinary general meeting of the members of
Streamchase Limited on April 25, 2005 held at St James Building,
79 Oxford Street, Manchester M1 6HT, the extraordinary and
special resolutions to wind up the company were passed.  R. E. C.
Cook of UHY Hacker Young turnaround and recovery, St James
Building, 79 Oxford Street, Manchester M1 6HT has been appointed
liquidator of the company.

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


TRIPLEX LIGHT: Members Decide to Wind up Firm
---------------------------------------------
At the extraordinary general meeting of the members of Triplex
Light Alloys Limited on April 25, 2005 held at St James Building,
79 Oxford Street, Manchester M1 6HT, the extraordinary and
special resolutions to wind up the company were passed.  R. E. C.
Cook of UHY Hacker Young turnaround and recovery, St James
Building, 79 Oxford Street, Manchester M1 6HT has been appointed
liquidator of the company.

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


TTG EUROPE: Falls into Administration
-------------------------------------
TTG Europe plc was placed in administration Tuesday.  These
subsidiary companies have also been placed into administration:

(a) Phone Direct Holdings Limited;

(b) Phone Direct Limited;

(c) Phone Direct International Limited; and

(d) Cityphone International Limited.

A further announcement will be made in due course.

                            *   *   *

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

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

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

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

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

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


WATERSIDE PRESS: Creditors Meeting Set Next Week
------------------------------------------------
The creditors of Waterside Press (Hatfield) Limited will meet on
May 17, 2005 at 10:00 a.m.  It will be held at BDO Stoy Hayward
LLP, 85 Great North Road, Hatfield, Hertfordshire AL9 5BS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, 85 Great North Road,
Hatfield, Hertfordshire AL9 5BS not later than 12:00 noon, May
16, 2005.

CONTACT:  BDO STOY HAYWARD LLP
          Prospect Place, 85 Great North Road,
          Hatfield, Hertfordshire AL9 5BS
          Phone: 01707 255888
          Fax:   01707 255890
          E-mail: hatfield@bdo.co.uk
          Web site: http://www.bdo.co.uk


WRE SERVICES: Hires Administrators from Tenon Recovery
------------------------------------------------------
Carl Stuart Jackson and Tina Yearsley (IP Nos 8860, 9298) have
been appointed joint administrators for WRE Services Limited.
The appointment was made April 26, 2005.

The company handles animal incineration.  Its registered office
is located at Highfield Court, Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ.

CONTACT:  TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax: 023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


                            *********


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

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

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

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

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

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


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