/raid1/www/Hosts/bankrupt/TCREUR_Public/050513.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, May 13, 2005, Vol. 6, No. 94

                            Headlines

D E N M A R K

NYCOMED: Posts Double-digit Growth in First-quarter Turnover


F I N L A N D

FINNAIR OYJ: Blames Testy Crew for Poor April Load Factors
TOOLON MATKATOIMISTO: Declares Bankruptcy as Fraud Probe Widens


F R A N C E

RECIF SA: Under Observation for Six Months
RHODIA SA: Strengthens Ties with China's Blue Star Corporation
RHODIA SA: Board Stands by Chairman, Chief Executive


G E R M A N Y

BEST BETT: Bonn Court to Verify Claims July
G. BETTENHAUSEN: Creditors' Claim Due Later this Month
LG WOHNBAU: Gives Creditors Until Next Month to File Claims
MEKRO WELDING: Court Appoints Siegfried Muller Administrator
METALL- UND BAUTECHNIK: Applies for Bankruptcy Proceedings

MG TECHNOLOGIES: Positive Q1 Earnings Cap Successful Turnaround
"SAUBERMANN" GLAS: Interim Administrator Takes over Operations
SLEEP STUDIO: Creditors Meeting Set Next Month
THOMAS COOK: Aldiana Attracts at least Two Buyers
UD-WERBEGESELLSCHAFT: Falls into Bankruptcy
VOEPEL & STRUCKER: Wuppertal Court Appoints Administrator
WERNER ZIOLKOWSKI: Proofs of Claim Deadline Expires Next Month


H U N G A R Y

RABA RT: HUF1.52 Billion in the Red in First Quarter


I T A L Y

FIAT SPA: Posts Higher Trading Profit Despite Lower Demand
IMPREGILO SPA: Delays Payment on Bridging Loan
IMPREGILO SPA: Amends Terms of Bridging, Short-term Loans
PARMALAT FINANZIARIA: 71 Could Face Trial for Fraud


N E T H E R L A N D S

ROYAL SHELL: Signs Gas Pipeline Joint Venture in China
VERSATEL TELECOM: Cuts Net Loss to EUR3 Million


P O L A N D

STER-PROJEKT: Continues to be Loss-making in 2005


R U S S I A

ALBATROS: Creditors Have Until June to File Claims
AUTO-COLUMN 1258: Assets for Public Auction Today
DISTILLERY: Adygeya Court Names Insolvency Manager
KOPEYSKIY: Assets Worth RUB22 Mln for Public Auction Today
NOLINSKIY: Bankruptcy Proceedings Begin

PRIAZOV-OIL-GAS: Declared Insolvent
PUTILOVSKOYE: Bankruptcy Proceedings Begin
VLADYKINO: Declared Insolvent
VORONTSOVO: Succumbs to Bankruptcy
YARTSEVSKOYE: Deadline for Proofs of Claim Set Later this Month
YUKOS OIL: Massive Layoffs Imminent On Restructuring Plan
YUKOS OIL: Fulbright & Jaworski Applies for Final Compensation


U K R A I N E

ALCHEVSK BUILDING 7: Court Names Liquidator
DIBROVA: Sumi Court Assigns Liquidator
KOLOS: Temporary Insolvency Manager Comes in
MIHAJLIVSKIJ FOOD: Declared Insolvent
ODITOR: Kyiv Court Opens Bankruptcy Proceedings

OLEKSANDRIVSKI PEKARNI: Under Bankruptcy Supervision
SOKILSKE: Court Appoints Temporary Insolvency Manager
TEHNOBUD: Insolvency Manager Takes over Operations
TEMPINFORM: Bankruptcy Supervision Starts
TEPLOMEREZHI: Succumbs to Bankruptcy


U N I T E D   K I N G D O M

ATTRATRA LIMITED: Printing Business for Sale
BRABY-FULLER LIMITED: Hires KPMG as Liquidator
B REALISATIONS: Yorkshire Bank Appoints Receiver
CAMGATE LITHO: Opts for Liquidation
CB FINANCIAL: Hires Liquidator from Coyne Butterworth & Chalmers

CEREALIA UNIBAKE: Calls in Liquidator from KPMG
CIRO CITTERIO: Receiver Locks down Remaining Outlets
COLLECTORS CONNECTION: Venture Finance Appoints Receiver
EXETER FUND: Sets Creditors Meeting May 25
FABRIC DISPLAY: Names Cooper Parry Administrator

GALLAHER GROUP: Outperforms Weak Market
GEARWELL GEARBOXES: Final Creditors Meeting Set June
GRAFTON'S BAKERY: In Administrative Receivership
GREEN STREET: Liquidators from KPMG Move in
HARRIS BLYTH: Winding-up Report Out Third Week of June

K W PURVIS: Assets Up for Sale
LATSEL NO. 3: Appoints KPMG Liquidator
MARKS & SPENCER: Chairman Insists on Staying
MAWLAW PP2: Liquidators from Deloitte & Touche Move in
MEDICAL SICKNESS: Hires PricewaterhouseCoopers Liquidator

MULTIPLE CONSTRUCTION: Names Administrator from Pridie Brewster
PATTERN EQUIPMENT: Business for Sale
PLANIT KITCHENS: Calls in Administrator from Houghton Stone
PRESTON COLOUR: Hires DTE Leonard Curtis Administrator
PURLHEATH LIMITED: Appoints McCabe Ford Williams Liquidator

QXL RICARDO: Bid from Israeli Group May be Forthcoming
REPSOL (UK): Liquidators from KPMG Move in
SYMPHONIX LIMITED: Administrators from Milner Boardman Move in
TANBRYN LIMITED: Calls in Administrators from BDO Stoy Hayward
TENPRIDE LIMITED: Hires Hart Shaw as Administrator

TESCSEL LIMITED: Calls in Liquidator from KPMG
TIME RESTAURANTS: Diner Calls in Administrator
VISIONLINK PLUS: Cable TV Supplier Falls into Administration
WHITELEY INSURANCE: Liquidators Sell Businesses
WY STEWART: Appoints Tom Harrison Insolvency Administrator


                            *********


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


NYCOMED: Posts Double-digit Growth in First-quarter Turnover
------------------------------------------------------------
Nycomed achieved a net turnover of EUR178.8 million in the first
quarter of 2005, representing an increase of EUR18.2 million or
11.3% over the same period last year.  Excluding currency impact,
the net turnover increased by EUR19.9 million or 12.4%.

March delivered the highest-ever monthly net turnover in
Nycomed's history.  The positive development is based on very
satisfactory results in most home markets.

Russia/CIS performed strongly with an increased net turnover of
51.8% in local invoicing currency (US$) compared to the first
quarter of 2004, thereby reinforcing its position as Nycomed's
fastest growing market.  Russia/CIS now represents approximately
18% of total net turnover.

Adjusted EBITDA reached EUR34.2 million in the first quarter of
2005, an increase of EUR2.9 million or 9.3% compared to the first
quarter of 2004.  Excluding currency fluctuations, the adjusted
EBITDA rose by EUR4.8 million or 15.3% over the same period last
year.

Product Launches Proceeding According to Plan

The launches of Nycomed's two new key hospital products,
Angiox(TM) (bivalirudin) for percutaneous coronary interventions
(PCI), and TachoSil(R), a surgical patch developed to assist
surgeons achieve bleeding control, are proceeding according to
plan.  Angiox(TM) has now been introduced in 11 countries and
TachoSil(R) in 14 countries across Europe.

At the end of March 2005, the European Medicines Agency, EMEA,
confirmed that the assessment of the marketing authorization
application (MAA) of Preotact(TM) that stimulates the growth of
structurally normal bone lost due to osteoporosis, has been
initiated.  With a positive assessment from EMEA, Preotact(TM)
could be ready to launch in Europe as early as the second half of
2006.

New Ownership Structure Completed

On 9 May 2005, completion of Nordic Capital Fund V's acquisition
of shares in Nycomed occurred after the transaction was approved
on 19 April 2005 by the European Commission.  Nycomed A/S is the
newly established parent company of the Nycomed Group.  Nordic
Capital Fund V is now the largest shareholder of the Nycomed
Group.  DLJ Merchant Banking and Blackstone Group remain as
equity investors.  Toni Weitzberg, Partner at Nordic Capital,
will become the new chairman of the Board.

New Marketing and Sales Organization

With the purpose of strengthening marketing and sales, Nycomed
reorganized its operations in mid-April into these segments:

(a) Big five, which includes France, Germany, Italy,
    Spain/Portugal and the U.K./Ireland,

(b) Northern/Western Europe, which includes Scandinavia
    (Denmark, Norway, Sweden, Finland), the  Baltic States
    (Estonia, Lithuania, Latvia) and Benelux (Belgium, the
    Netherlands and Luxembourg;

(c) Central/Southern Europe, which includes Austria, Greece,
    Poland and Switzerland.  This region will also establish
    Nycomed affiliates in new E.U. accession countries; and

(d) Russia/CIS, the Commonwealth of Independent States, which
    includes Russia and the former Soviet Union Republics
    (excluding the Baltic States).

Hakan Bjorklund, Nycomed CEO said: "We have again achieved very
satisfactory results.  However we want to grow even faster and we
need to prepare now.  Our new organization will enable us to
realize the potential of our very promising pipeline for hospital
specialist products."

Financial Background

Adjusted EBITDA means net income before net financial items,
income taxes, depreciation of tangible assets and amortization of
intangible assets, adjusted for certain unusual or non-recurring
items.  In connection with the acquisition of Nycomed Holding ApS
on 29 November 2002, purchase accounting adjustment relating to
property, plant and equipment has resulted in an increase in
depreciation expense and therefore an increase in indirect
production costs included in our costs of goods sold.

The acquisition of Nycomed A/S by Nordic Capital and its
co-investors in May 2005, the application of purchase accounting
adjustments related thereto, and the related financing
transactions will not affect Nyco Holdings 2 Aps.

New Reporting Standards

As of 1 January 2005, Nycomed reports and accounts for
transactions in accordance with IFRS (International Financial
Reporting Standards) whereas previously we had used Danish GAAP.
A complete reconciliation of the difference between IFRS and
Danish GAAP will be available when we prepare the full Nycomed
group annual accounts after 31 December 2005.  Until then, we
will follow the requirements of IAS 34 Interim Financial
Reporting.

We have identified only one material difference between IFRS and
Danish GAAP when reporting first quarter of 2005 and the prior
year comparatives in 2004.  This material difference was that
under IFRS 3 Business Combinations, we no longer amortize
goodwill in the profit and loss account but instead maintain the
value on the balance sheet subject to annual impairment review.
Using Danish GAAP, we had amortized EUR8.2 million through the
profit and loss account in the first three months of 2004 and
EUR32.8 million for the full year 2004 respectively.  These
amounts have been re-classed to goodwill on the balance sheet in
the figures presented in this document.  Net cash flow is not
affected.

Financial Calendar

The results for first half 2005 are expected to be announced on
17 August 2005.

About Nycomed

Nycomed is a pharmaceutical company dedicated to meeting needs in
Europe.  The company provides hospital products throughout the
region and general practitioner and pharmacy medicines in
selected markets.  New products are sourced through licensing
agreements with research companies.  Here Nycomed provides
late-stage clinical development, registration and marketing.

Headquartered in Roskilde, Denmark, the company employs about
3,000 people throughout Europe and Russia/CIS.  Nycomed is
privately owned and had a 2004 revenue of EUR644.6 million.  For
more information visit http://www.nycomed.com

The financial results reported in this release are related to the
fully owned Nycomed subsidiary, Nyco Holdings 2 ApS, which
through its subsidiaries and affiliates, comprises all of the
Nycomed Group's operations.  A full report is available at
http://www.nycomed.com

                            *   *   *

In April, Moody's Investors Service downgraded the senior implied
rating of Nycomed from B1 to B2.  The outlook on all ratings is
stable.  The rating action concluded the review initiated on 11
March 2005.  Nycomed A/S has acquired the share capital of Nyco
Holdings, which is the indirect parent company of Nyco 2 Holdings
ApS and its operating subsidiaries, collectively known as
"Nycomed" or "the group".

CONTACT:  NYCOMED
          Hakan Bjorklund, Chief Executive
          Phone: +45 46 77 11 11

          Runar Bjorklund, Chief Financial Officer
          Phone: +45 46 77 11 11

          Christoffer Jensen, VP Communications
          Phone: +45 46 77 11 12
          Mobile: +45 22 43 69 44


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


FINNAIR OYJ: Blames Testy Crew for Poor April Load Factors
----------------------------------------------------------
Finnair Oyj passenger load factors were negatively affected by
the threat of cabin crew strike.  Finnair scheduled traffic,
however, increased by 8.2% compared to April last year.
Passenger load factor was 64.8%, down 2 percentage points. Number
of passengers carried was 635,100, up 4.7%.

Finnair Group traffic, measured in passenger kilometers,
increased by 4.3% in April, while the capacity was up by 7.4%,
resulting in a passenger load factor of 67.7%, 2 points lower
than last year.  All Finnair Group airlines altogether
transported 721,100 passengers, which is 3.3% more than a year
ago.

Departure punctuality of scheduled flights was 90.7% (based on a
fifteen minute standard), 3 points lower than in April 2004.
Including leisure flights departure punctuality was 89.8% (-3.2
p.p).  Arrival punctuality of scheduled flights was 91.7% and
that of all operations was 90.7%.

Finnair's Tallinn-based subsidiary Aero AS, carried 69,000
passengers (+472.8%) on routes between Helsinki and the Baltic
capitals and within Southern Finland.  During April,
Stockholm-based flynordic continued to gain market share and
carried 95,700 passengers (+61.8%).  Aero and flynordic figures
are respectively included in Finnair Group total figures.

Scheduled Traffic

(a) In scheduled traffic (international + domestic) revenue
    passenger kilometres increased by 8.2%.  The change in
    capacity was +11.5%.  Passenger load factor was 64.8%, 2
    percentage points lower than last year;

(b) In scheduled international traffic, total number of
    passengers was up by 12.8%.  Capacity in ASKs was +14.5%,
    while RPKs increased by 10.9%.  Passenger load factor
    decreased by 2.2 percentage points;

(c) In European scheduled traffic, ASKs increased by 8.2%, and
    as RPKs increased by 4.7%, the passenger load factor was
    58.8%, down 2 points from previous year;

(d) In Asian scheduled traffic, capacity increase was 19.3%
    mainly due to adding frequencies to Shanghai and Osaka since
    beginning of June.  The passenger traffic was up by 18.3%.
    Passenger load factor was 75.0%, 0.6 percentage points down;

(e) In North Atlantic scheduled traffic, capacity increased by
    37.5%.  Change in RPKs was +11.0% and passenger load factor
    for April was 70.9%, 16.9 points lower than previous year;
    and

(f) Domestic scheduled traffic decreased by 8.5% on a capacity
    decrease of 4.7%.  Passenger load factor decreased by 2.4
    percentage points to 56.0%.

Leisure Traffic

ASKs for leisure traffic decreased in April by 5.6%, and RPKs
decreased by 6.1%, resulting in a passenger load factor of 78.8%,
0.5 points lower than last year.

Cargo

Cargo traffic increased by 15.5% in terms of cargo tons carried.
Growth in scheduled traffic was +13.0%.  Increase in Asian
traffic was +11.6%.  Volume in European traffic increased by
8.4%. In North-Atlantic traffic cargo volume increased by 47.2%.
Cargo traffic carried on chartered cargo flights increased by
31.6%.  The cargo load factor was 62.8%.  The cargo load factor
in the Asian traffic was 80.4% and in the North Atlantic traffic
78.8%.

Full traffic performance data available at
http://www.finnairgroup.com/linked/en/sijoittaja/Monthly_traffic_data_Apr_2005.pdf

Finnair Plc
Communications
May 11, 2005

CONTACT:  FINNAIR OYJ
          Mr. Lasse Heinonen, SVP& CFO
          Phone: +358 9 818 4950
          Mr. Christer Haglund, SVP Corporate Communications
          Phone: +358 9 818 4007

          Mr. Taneli Hassinen, Director, Investor Relations
          Phone: +358 9 818 4976

          Mr. Petteri Kostermaa, VP Traffic Planning
          Phone: +358 9 818 8504
          Mr. Timo Riihimaki, Assistant Vice President
          Phone: +358 9 818 5487


TOOLON MATKATOIMISTO: Declares Bankruptcy as Fraud Probe Widens
---------------------------------------------------------------
Finland's second largest travel agency, Toolon Matkatoimisto,
filed for bankruptcy in Helsinki court Wednesday.

The collapse follows alleged fraud that dates back to the 1990s,
according to Finnish online news service YLE24.  Manager Juha
Kumara said the wrongdoing does not involve current management.

Toolon has requested police to probe the irregularity.  According
to The Associated Press, authorities have questioned one
employee, but provided no details.  The fraud involved millions
of euros that were not detected or reported earlier by auditors.
The auditor claims innocence, saying it only depended on data the
agency provided.

"I am bound by confidentiality, but I must say that my colleague
and I consider that we performed the audit absolutely correctly,"
said Jarkko Arjatsalo, company's auditor for 20 years.

On Wednesday, the company's 11 nationwide offices remained
closed.  The shutdown will affect more than 10,000 customers,
according to Mr. Kumara.

"Some 300,000 trips are made through us every year and about 800
daily," he said. "We will not automatically cancel already booked
travel because some of it can be transferred to other companies."

The Finnish Consumer Agency assured that most private customers
who had booked ordinary package trips through the company would
be at least partly compensated.  Toolon's 230 workers are
expected to lose their jobs in the coming weeks.

CONTACT:  TOOLON MATKATOIMISTO OY
          Finland
          Phone: 358 9 22 88 81
          Fax: 358 9 22 88 83 30
          E-mail: toolotravel@toolonmatkatoimisto.fi
          Web site: http://www.toolo.net


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


RECIF SA: Under Observation for Six Months
------------------------------------------
A commercial court has placed silicon wafer handling equipment
maker Recif under compulsory administration, with an observation
period of six months, Les Echos says.

Following a EUR5.3 million net loss in 2003, the
Aussonne-near-Toulouse-based group had been unable to finance a
much-needed restructuring.  Things turned for the worse when one
potential investor backed out from talks after the group suffered
a decline in order backlog in March and showed little sign of
recovery for the rest of the year.  A short-term loan agreement
between Recif and its bank also expired last month.

CONTACT:  RECIF S.A.
          ZI du Moulin
          31840 Aussonne
          Phone: 33 (0) 825 83 47 47
          Fax: 33 (0)5 61 85 27 66
          Web site: http://www.recif.com


RHODIA SA: Strengthens Ties with China's Blue Star Corporation
--------------------------------------------------------------
In relation to an October 15, 2004 letter of intent, Rhodia S.A.
and China National Blue Star Corporation signed Tuesday a
Memorandum of Understanding marking another step forward in the
formation of a strategic alliance of their respective silicones
activities.

The two companies intend to build a core intermediates
(methylchlorosilane) production unit in Tianjin, China, based on
Rhodia's technology.  The unit will have an initial capacity of
200 kt and is planned to start up in the fourth quarter of 2007.
The two companies also plan to create a co-enterprise to
commercialize products manufactured through the alliance in the
fast growing Asia-Pacific market.

At the same time, Rhodia and China National Blue Star Corporation
are studying the feasibility of forming a global strategic
alliance combining their upstream and downstream silicones
activities.  This joint venture would reinforce both companies'
competitiveness and innovation potential and strengthen their
ability to support their customers on a worldwide basis.

The competitive access to Blue Star's silicium metal, combined
with strong integration in core intermediates in both Europe
(France) and Asia (China) and Rhodia Silicones' full range of
specialties, would position this new entity as a key player with
strong growth potential, particularly in Asia-Pacific.

The companies intend to complete the global joint venture of
their silicones businesses by mid-2006.

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

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


RHODIA SA: Board Stands by Chairman, Chief Executive
----------------------------------------------------
The Rhodia S.A. Board of Directors met Wednesday and reviewed the
proposed resolutions that will be submitted to shareholders at
the June 23 Annual General Meeting of Rhodia Shareholders.

The Board recommends that shareholders elect as Directors Pascal
Colombani, former Chairman and Chief Executive Officer of the
French Atomic Energy Commission and former Chairman of the
Supervisory Board of Areva; and Olivier Legrain, Chairman and
Chief Executive Officer of Materis, to replace Mr. Bruel and Mr.
Langlois, whose terms as Directors are expiring.

Their election will increase to seven, or a large majority of the
Board, the number of independent directors.

Noting that Walter Cirillo's term as Director expires at the next
Annual Meeting and acting on the proposal of Rhodia Alliance, the
association representing the Group's employee shareholders, the
Board will also ask shareholders to elect as Director Jacques
Kheliff, the Group's Vice President for Sustainable Development.

Lastly, the Board reviewed the resolutions submitted by Colette
Neuville jointly with and on behalf of Hugues de Lasteyrie and
the Valauret company, which call for the removal of two
Directors, Yves-Rene Nanot and Hubertus Sulkowski.

The Board unanimously recommends that shareholders vote against
these resolutions.  It reaffirms its support for the recovery
plan, assertively undertaken since October 2003 by the senior
management team, expresses its full confidence in Yves-Rene
Nanot, Chairman of the Board; and Jean-Pierre Clamadieu, Chief
Executive Officer, and calls on shareholders to re-elect Mr.
Clamadieu to the Board.  The Board is convinced that the recovery
plan, which has steadily improved the Group's situation over the
past 18 months, must be pursued to enable Rhodia to return to a
level of operational profitability in line with its competitors.

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

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


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


BEST BETT: Bonn Court to Verify Claims July
-------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Best Bett Gesunder Wohnen und Schlafen GmbH on April 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 7, 2005 to
register their claims with court-appointed provisional
administrator Dirk Henning Tonnesmann.

Creditors and other interested parties are encouraged to attend
the meeting on July 22, 2005, 11:15 a.m. at the district court of
Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1. Stock,
Saal W126, 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:  BEST BETT GESUNDER WOHNEN UND SCHLAFEN GMBH
          Kleinstr. 16, 53332 Bornheim
          Contact:
          Wolfgang Peter, Manager
          Ringstr. 15, 53913 Swistal-Ludendorf

          Dirk Henning Tonnesmann, Administrator
          Josef Ruhr Str. 30, 53879 Euskirchen
          Phone: 02251 / 65081-22
          Fax: 65081-25


B & S BAU: Claims Deadline Expires Next Week
--------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against B & S Bau- und Sanierungs GmbH 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 Andreas Kienast.

Creditors and other interested parties are encouraged to attend
the meeting on June 17, 2005, 10:10 a.m. at Saal E,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg 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:  B & S BAU- UND SANIERUNGS GMBH
          Geschwister-Scholl-Str. 105, 06449 Aschersleben
          Contact:
          Manfred Bauermeister, Manager
          Kreisstr. 98, 06456 Drohndorf

          Andreas Kienast, Administrator
          Lennestr. 10, 39112 Magdeburg
          Phone: 0391/5973322
          Fax: 0391/5973333


G. BETTENHAUSEN: Creditors' Claim Due Later this Month
------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against G. Bettenhausen GmbH 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 Dr. Martin
Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting on July 25, 2005, 11:30 a.m. at the district court of
Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070
Aachen, I. Etage, Saal 14, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  G. BETTENHAUSEN GMBH
          Julicher Str. 441, 52070 Aachen
          Contact:
          Guido Bettenhausen, Manager
          Zehntweg 44, 52078 Aachen

          Dr. Martin Dreschers, Administrator
          Julicher Strasse 116, 52070 Aachen
          Phone: 0241/94618-0
          Fax: 0241/533562


LG WOHNBAU: Gives Creditors Until Next Month to File Claims
-----------------------------------------------------------
The district court of Ingolstadt opened bankruptcy proceedings
against LG Wohnbau GmbH on April 15.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 10, 2005 to register their claims with
court-appointed provisional administrator Karl Dinkel.

Creditors and other interested parties are encouraged to attend
the meeting on July 18, 2005, 8:40 a.m. at 85049 Ingolstadt,
Schrannenstr. 3, Sitzungssaal/Zi. 28/I at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  LG WOHNBAU GMBH
          Manchinger Strasse 125 B in 85053 Ingolstadt
          Contact:
          Jochen Zwerger und Gisela Gschwendtner, Manager

          Karl Dinkel, Administrator
          Rosenstrasse 107, 86633 Neuburg/Donau
          Phone: 08431/7201
          Fax: 08431/7214


MEKRO WELDING: Court Appoints Siegfried Muller Administrator
------------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
MEKRO Welding GmbH on April 25.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 10, 2005 to register their claims with
court-appointed provisional administrator Siegfried Muller.

Creditors and other interested parties are encouraged to attend
the meeting on July 11, 2005, 9:40 a.m. at the district court of
Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 2. Stock,
Saal S 2.17, 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:  MEKRO WELDING GMBH
          Dorriesstrasse 2, 53894 Mechernich
          Contact:
          Silvia Kronenberg Thumm, Manager
          Heiko Kronenberg, Manager
          Ziegelgasse 5 a, 53909 Zulpich

          Siegfried Muller, Administrator
          Zum Markt 10, 53894 Mechernich
          Phone: 02443 / 98120
          Fax: 0244398 12 19


METALL- UND BAUTECHNIK: Applies for Bankruptcy Proceedings
----------------------------------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against Metall- und Bautechnik GmbH (MBT) on April
27.  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 Michael Berghs.

Creditors and other interested parties are encouraged to attend
the meeting on July 4, 2005, 8:45 a.m. at the district court of
Monchengladbach, Hohenzollernstr. 157, 41061 Monchengladbach,
Erdgeschoss, Sitzungssaal A 58 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:  METALL- UND BAUTECHNIK GMBH
          Dahler Kirchweg 41, 41069 Monchengladbach
          Contact:
          Tim Theissen und Dirk Theissen, Manager

          Michael Berghs, Administrator
          Bismarckplatz 4, 41061 Monchengladbach


MG TECHNOLOGIES: Positive Q1 Earnings Cap Successful Turnaround
---------------------------------------------------------------
Following its successful turnaround in 2004, mg technologies AG
once again reported a profit in the first quarter of 2005.  Its
earnings before tax (EBT) -- reported for the first time in
accordance with International Financial Reporting Standards
(IFRS) -- came to EUR2.2 million.  In the corresponding quarter
of last year it had reported a loss of EUR21.1 million.  The main
reasons for this turnaround in what is traditionally the weakest
quarter of the year were the solid operating performance of the
four segments as well as a marked improvement in holding- company
and financing costs.

"The restructuring of the mg Group is increasingly yielding
results.  Given our solid operating performance in the first
quarter, our targets for the mg Group for 2005 continue to be
sales of EUR4.5 billion and a return on sales of around 4
percent," announced Peter Steiner, mg's CFO, during a conference
call.

Sales Rise in Line with Forecasts

In the first three months of 2005, the mg Group raised its sales
by 5.9% to EUR942.8 million.

The former GEA divisions, which under the new corporate structure
have been combined into the three segments Customized Systems,
Process Equipment and Process Engineering, raised their sales by
an aggregate 6.6%, although performance varied from one segment
to another.  In Customized Systems, sales fell by 3.6% to
EUR146.5 million.  This decrease was solely attributable to the
Refrigeration strategic business unit (SBU), whose key markets
were still suffering from a lack of capital investment at the
beginning of the year.  By contrast, the Air Treatment SBU
reported a slight improvement.

The Process Equipment segment raised its sales by 9.5% to
EUR239.4 million.  This result was largely due to the Process
Equipment SBU, which achieved strong organic growth in addition t
o the effect of the first-time consolidation of WTT, a heat
exchanger specialist it acquired in 2004.  The Mechanical
Separation business was also able to grow internally, despite the
adverse impact of the weak U.S. dollar.  The Dairy Farm Systems
business benefited from the encouraging trend in Germany and the
U.S.A.  The Process Engineering segment reported the largest
percentage volume growth of all mg segments in the first quarter,
raising its sales by 10.8% to EUR249.3 million.  This result was
driven by the sharp sales rise of around one-third in the Energy
Technology SBU. As expected, the sales generated by the Process
Engineering SBU had also increased year on year at the end of
March due to the acquisitions of Diessel, Colby and
Messo-Chemietechnik.

Although the performance of business varied substantially from
one unit to another, sales in the Plant Engineering segment
advanced by 5.2% to EUR265.0 million during the reporting period.
Whereas Lurgi's sales continued to suffer from the poor level of
orders in 2004 (down by 15.2% to EUR93.0 million), Lurgi Lentjes
(incl. the Gas Cleaning SBU) increased its sales in line with
forecasts by 38.4% to EUR105.6 million.  Zimmer's business was
hit by delays in the awarding of projects, with the result that
its sales contracted by 9.4% year on year to EUR72.0 million.

Successful Return to Profit

In the first quarter of 2005, mg returned to profit with EBT of
EUR2.2 million under IFRS, having reported a loss of EUR21.1
million in the corresponding quarter of 2004.  Two factors were
responsible for this trend:

(a) Significantly improved earnings in the Process Equipment
    segment; and

(b) A sustainable overall reduction of EUR14.6 million in
    holding-company costs.

The mg Group reported net income -- after tax and minority
interest -- of EUR10.4 million for the first quarter of 2005,
having earned EUR37.3 million in the same quarter of 2004.  This
figure for 2005 includes a profit of EUR9.6 million (2004:
EUR50.0 million) on discontinued operations.

Adjusted to exclude these items, net income for the quarter would
have amounted to EUR0.8 million, an increase of EUR13.5 million
on the prior-year figure (net loss of EUR12.7 million).  With a
weighted average number of 188.0 million shares in issue,
earnings per share at March 31, 2005 came to EUR0.06, EUR0.05 of
which was attributable to discontinued operations.  Earnings per
share in the corresponding period of last year had amounted to
EUR0.19, EUR0.26 of which was attributable to discontinued
operations.

Former GEA Divisions Perform Well Overall

The Customized Systems, Process Equipment and Process Engineering
segments increased their aggregated earnings before tax by 15.7%
to EUR28.8 million.  Customized Systems reported earnings before
tax of EUR5.6 million -- a decrease of EUR0.8 million year on
year, mainly due to its low volume of business.  By contrast, the
Process Equipment segment raised its EBT by EUR5.9 million to
EUR15.2 million -- despite adverse currency effects in many
areas -- on the back of its larger volumes and the optimization
of its product mix in key businesses.  In line with forecasts,
EBT in the Process Engineering segment fell by EUR1.2 million to
EUR8.0 million year on year.

Plant Engineering Yields Mixed Results

In the first quarter of 2005, the Plant Engineering segment
reported a loss of EUR6.4 million (2004: loss of EUR4.3 million),
another unsatisfactory result.  The Lurgi SBU incurred a loss of
EUR11.9 million, which was mainly attributable to its
persistently low sales.  It had reported a loss of EUR11.0
million in the corresponding quarter of last year.  Because of
its focus on fast-growing markets such as waste incineration and
power plants, Lurgi Lentjes (including Gas Cleaning) managed to
raise its EBT from EUR0.2 million to EUR0.9 million.  Zimmer
reported EBT of EUR5.6 million, which was just below 2004's
extraordinarily high figure of EUR6.6 million.

Net Position Remains Positive in First Quarter

The net position improved by EUR1,129.4 million compared with
March 31, 2004 to a positive figure of EUR59.9 million.  Although
this represents a decrease of EUR266.6 million compared with
December 31, 2004, this trend is typical of the fluctuations in
the mg Group's debt over the course of the year.  The gearing
ratio (net position/shareholders' equity) has improved
substantially from 65.3% as of March 31, 2004, to -3.5% (March
31, 2005).

The overall outflow of cash in the first quarter of 2005 was
lower year on year due to structural effects and operating
improvements.  The net cash used for operating activities was
improved by EUR75.6 million to a net outflow of EUR231.3 million.
Free cash flow amounted to -EUR260.8 million during the reporting
period (2004: -EUR281.3 million).

New Orders Virtually Unchanged Year on Year

The level of new orders remained virtually unchanged on 2004.
The volume of EUR1,159.4 million reported for the mg Group in the
first quarter of 2005 was in line with the figure for the same
period of 2004 (EUR1,177.2 million).  Customized Systems reported
a slight decrease of 2.5% to EUR165.3 million.  Process Equipment
recorded growth of 7.8% to EUR277.6 million, while Process
Engineering achieved an increase of 12.3% to EUR333.2 million.
By contrast, the volume of new orders in the Plant Engineering
segment -- which is heavily dependent on big-ticket orders - fell
by 14.5% to EUR399.7 million.

However, business volumes in this segment were still 25 percent
above their target and more than 28 percent above the average
figure for 2004.  A major reason for the anticipated decrease was
the extraordinarily high level of new orders received by Lurgi
Lentjes in the first three months of 2004.  Lurgi won the largest
single contract in the growing gas-to-chemicals market.  It is to
build the largest propane-processing plant of its kind for
approximately EUR180 million in Saudi Arabia.

Forecast for 2005 Remains Unchanged

Mg achieved a key landmark when it moved its head office from
Frankfurt to Bochum at the beginning of April 2005.  The merger
of its administrative functions will further reduce its
holding-company costs.  At the same time, its decision-making
processes have been streamlined.  Another milestone was reached
on April 28 when the squeeze-out resolution adopted by GEA AG was
officially entered in the commercial register.  The agenda of
mg's Annual Shareholders' Meeting on June 7 this year will
include the proposals to relocate the company's headquarters to
Bochum and to change the company name to GEA Group
Aktiengesellschaft.

Apart from adding value to our Customized Systems, Process
Equipment and Process Engineering segments, we aim to achieve
profitable organic growth in our Plant Engineering segment.  The
disposal of Dynamit Nobel Kunststoff GmbH also remains a
priority.  Mg continues to pursue the goals for 2005 outlined in
its 2004 annual report.  Given the anticipated recovery in
project business in its Plant Engineering segment, the Group aims
to achieve sales of approximately EUR4.5 billion and a pre-tax
return on sales of roughly 4%.  Based on these figures, mg
expects to be able to pay a dividend for 2005.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Comments on Financial Reporting

Transition to IFRS: E.U. Regulation No. 1606/2002 of the European
Parliament and the Council concerning the use of International
Accounting Standards (IAS) was adopted on July 19, 2002.  This
regulation requires that the consolidated financial statements of
publicly listed companies be prepared in accordance with
International Financial Reporting Standards (IFRS) for fiscal
years starting on or after January 1, 2005.

The mg Group has decided to adopt the recommendations of the
Committee of European Securities Regulators (CESR) and will
already be publishing its quarterly reports in 2005 in accordance
with IFRS.  The comparative figures for the first quarter of 2004
in this interim report have therefore been adjusted accordingly.

The adjustments made as a result of the transition from U.S. GAAP
to IFRS accounting are explained in detail in a separate IFRS
brochure, which can be found at
http://www.mg-technologies.com

Since the second quarter of 2004, the Dynamit Nobel businesses
that were sold with effect from July 31, 2004 and the Dynamit
Nobel Plastics business unit currently for sale have been
reported as discontinued operations (DOPs).  To ensure
comparability with the corresponding figures for the first
quarter of 2004, these figures have been retroactively adjusted
to show the Dynamit Nobel Group as a discontinued operation.

All figures in this press release refer exclusively to continuing
operations unless stated otherwise.  As required by IFRS, the
Dynamit Nobel Plastics business, which is currently for sale, is
reported as a discontinued operation for the first quarter of
2005.

Now that the mg Group's restructuring process has largely been
completed, its segmentation was aligned with its new corporate
structure at the beginning of 2005.  This involved combining
GEA's seven divisions into three segments.  Refrigeration and Air
Treatment make up the Customized Systems segment.  The Process
Equipment segment combines Mechanical Separation, Process
Equipment and Dairy Farm Systems.  Energy Technology and Process
Engineering make up the Process Engineering segment. The former
Industrial Plant Engineering business -- comprising the Lurgi,
Lurgi Lentjes (incl. Gas Cleaning) and Zimmer strategic business
units (SBUs) -- now forms the new Plant Engineering segment.

A copy of this report is available free of charge at
http://bankrupt.com/misc/mgTechnologies(Q12005).pdf

CONTACT:  MG TECHNOLOGIES AG
          Communications
          Phone: +49 (0)234 980 1081
          Fax: +49 (0)234 980 1087
          Web site: http://www.mg-technologies.com


"SAUBERMANN" GLAS: Interim Administrator Takes over Operations
--------------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against "Saubermann" Glas- und Gebaudereinigung Manfred Klewer
GmbH on April 27.  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 Friedrich-Wilhelm Klein.

Creditors and other interested parties are encouraged to attend
the meeting on June 21, 2005, 10:25 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:  "SAUBERMANN" GLAS- UND GEBAUDEREINIGUNG MANFRED KLEWER
          GMBH
          Neuer Weg 30, 42111 Wuppertal
          Contact:
          Manfred Klewer, Manager
          Albert-Schweitzer-Strasse 78, 42109 Wuppertal

          Friedrich-Wilhelm Klein, Administrator
          Turmhof 15, 42103 Wuppertal
          Phone: 0202/49 37 00
          Fax: 0202/45 13 66


SLEEP STUDIO: Creditors Meeting Set Next Month
----------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Sleep Studio Sitz & Schlafsysteme GmbH on April 26.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 2, 2005 to
register their claims with court-appointed provisional
administrator Friedrich Knoop.

Creditors and other interested parties are encouraged to attend
the meeting on June 23, 2005, 9:45 a.m. at the district court of
Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 4.
OG. Altbau, A 409, 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:  SLEEP STUDIO SITZ & SCHLAFSYSTEME GMBH
          Oststr. 82-84, 40210 Dusseldorf
          Contact:
          Ralf Leupers, Manager
          Jostenallee 14, 41462 Neuss

          Friedrich Knoop, Administrator
          Robertstrasse 3, 40229 Dusseldorf


THOMAS COOK: Aldiana Attracts at least Two Buyers
-------------------------------------------------
Thomas Cook's Aldiana club brand is reportedly being targeted by
its rivals, CityWire reports.

After posting strong first quarter results, travel operators TUI
and Kuoni Travel recently admitted Aldiana is on their list of
potential acquisitions.  TUI chief executive Michael Frenzel,
however, said they have yet to open talks with Aldiana.

Thomas Cook is currently looking for buyers for Aldiana, a
non-core business that contributed to its EUR175.9 million loss
last year via a EUR29.3 million write-down.  The group is also
holding exclusive talks with U.S. financial investor Advent
International over the sale of its loss-making subsidiary.

The sale is part of the company's effort to return to
profitability by October.  The German tour operator booked EUR7.5
billion in turnover in 2004.  Lufthansa and KarstadtQuelle
jointly own Thomas Cook, Europe's No. 2 travel agency.

CONTACT:  THOMAS COOK AG
          Zimmersmuhlenweg 55
          61440 Oberursel
          Phone: +49-6171-6500
          Fax: +49-6171-652-125
          Web site: http://www.thomascook.de

          KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com

          DEUTSCHE LUFTHANSA AG
          Von-Gablenz-Strasse 2-6
          D-50679 Cologne, 21
          Phone: +49-69-696-0
          Fax: +49-69-696-6818
          Web site: http://www.lufthansa.com

          TUI AG
          Karl-Wiechert-Allee 4
          D-30625 Hanover
          Phone: +49-511-566-00
          Fax: +49-511-566-1098
          Web site: http://www.tui.com

          KUONI TRAVEL HOLDING LTD.
          Neue Hard 7
          CH-8010 Zurich, Switzerland
          Phone: +41-44-277-44-44
          Fax: +41-44-271-52-82
          Web site: http://www.kuoni.com


UD-WERBEGESELLSCHAFT: Falls into Bankruptcy
-------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against UD-Werbegesellschaft mbH on April 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 20, 2005 to register their
claims with court-appointed provisional administrator Dr.
Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on July 21, 2005, 8:50 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  UD-WERBEGESELLSCHAFT MBH
          Erinstr. 25, 44575 Castrop-Rauxel
          Contact:
          Heinz-Jurgen Kumherr, Manager
          Berkelstr. 6, 44628 Herne

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


VOEPEL & STRUCKER: Wuppertal Court Appoints Administrator
---------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Voepel & Strucker GmbH on April 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 1, 2005 to register their
claims with court-appointed provisional administrator Dr. Gunter
Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting on June 28, 2005, 8:30 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:  VOEPEL & STRUCKER GMBH
          Bismarckstr. 87, 42551 Velbert
          Contact:
          Peter Richarz, Manager
          Bismackstr. 87, 42551 Velbert

          Dr. Gunter Trutnau, Administrator
          Kettwiger Strasse 32/34, 45127 Essen
          Phone: 0201-10953
          Fax: 0201-1095500


WERNER ZIOLKOWSKI: Proofs of Claim Deadline Expires Next Month
--------------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Werner Ziolkowski Bedachungsbetrieb GmbH on April 22.
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 Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting on June 24, 2005, 10:30 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  WERNER ZIOLKOWSKI BEDACHUNGSBETRIEB GMBH
          Kortingsweg 13, 44329 Dortmund
          Contact:
          Werner Ziolkowski, Manager
          Lindenallee 118, 59174 Kamen

          Achim Thomas Thiele, Administrator
          Bronnerstrasse 7, 44141 Dortmund
          Phone: 54110
          Fax: 5411266


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


RABA RT: HUF1.52 Billion in the Red in First Quarter
----------------------------------------------------
Automotive parts manufacturer Raba Rt reported consolidated loss
of HUF1.52 billion (EUR6.6 million) in the first quarter, despite
a 44.3% increase in revenues year-on-year.  First-quarter
revenues amounted to HUF10.6 billion.  For the same period a year
earlier, Raba made a net profit of HUF2.73 billion.  The report
submitted Wednesday was done according to IFRS.

The firm's operating loss improved to HUF983 million from HUF1.8
billion a year earlier.  Gross profit rose 89.5% to HUF 1.81
billion.  Sales abroad and at home both showed increases.
Domestic sales were up 28.3% to HUF3.31 billion, while export
proceeds rose 53.1% to HUF7.26 billion.  Export sales now
accounts for 68.7% of revenue, up from 58.4% one year earlier.

Raba's axle, parts, and vehicle units made operating losses of
HUF830 million, HUF172 million and HUF9 million, respectively.

Long-term liabilities were HUF5.67 billion, while total assets
stood at HUF39.61 billion.  Consolidated net assets, including
registered capital, amounted to HUF15.52 billion.

Raba is owned by EBRD (11.52%), DRB Hicom Group (11.52%), the
Gyor city council (7.63%), Raba Investments (5.79%), and the
Treasury (5.8%).

CONTACT:  RABA RT
          Attila Deak
          Investor Relations Manager
          Phone: +36 96 624 470
          Fax: +36 96 624 006
          E-mail: attila.deak@raba.hu
          Web site: http://www.raba.hu/


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


FIAT SPA: Posts Higher Trading Profit Despite Lower Demand
----------------------------------------------------------
The Board of Directors of Fiat S.p.A., which met Tuesday in Turin
under the chairmanship of Luca Cordero di Montezemolo, decided to
call the Stockholders Meeting for June 23, 2005, on the second
call, and to define the guidelines for an update of the corporate
governance system.

Despite a lower auto market demand which in the quarter caused a
decline in Group revenues (-2.4%), Group trading profit -- the
new indicator that measures the regular company operations --
almost doubled (from EUR24 million to EUR47 million), and Fiat
Auto cut its loss from EUR146 million to EUR129 million.

Particularly positive was the performance of Iveco, with improved
revenues by about 5%, and of Fiat Auto's commercial vehicles,
with a market share of about 40% in Italy, which rose to 43.9% in
April.

During the first three months of 2005, Fiat achieved the
leadership position in the Brazilian market for cars and
commercial vehicles with a share of 24.6%, as registrations of
its new vehicles rose by 15.8%, well ahead of the 4.9% recorded
by the market as a whole.

Net income amounted to EUR293 million, an improvement of EUR685
million due to the realized gain on the first installment of the
settlement with General Motors attributable to the first quarter
of 2005.

In addition, the Group made important strategic decisions in the
first quarter of 2005, including the creation of an alliance
between Iveco Finance and Barclays that will provide financial
services to Iveco customers, and the establishment of Fiat
Powertrain Technologies.  All of the Group's engine and
transmission know-how will be combined within this new industrial
business unit, which will spearhead technological development in
powertrain and drive sales of engine systems to third parties.

Fiat Group Statement of Operations

(in millions of euros)            1st Qtr 2005    1st Qtr 2004

Net revenues                            10,755          11,024

Group trading profit                        47              24

Operating result                           729              71

Result before taxes                        561            (267)

Net result before minority interest        293            (392)

Group interest in net result               295            (390)

Research and development                   339             343

Significant Events Occurring in the First Three Months of 2005

On February 13, 2005 the Board of Directors of Fiat and General
Motors approved a contract pursuant to which General Motors has
agreed to pay Fiat EUR1.55 billion to terminate the Master
Agreement, including cancellation of the put option, the
unwinding of all joint ventures and return of GM's 10% equity
interest in Fiat Auto Holdings to Fiat.  The settlement will
allow GM to continue to use some of Fiat's diesel technology and
to own a 50% interest in the Bielsko-Biala (Poland) plant, which
manufactures 1.3 liter diesel engines.

Also in February, Fiat announced that the ownership of Maserati,
until then wholly owned by Ferrari, would be transferred to Fiat
as soon as practicable.  The move foresees that Alfa Romeo and
Maserati will cooperate closely on technical and commercial
matters -- particularly in important international markets.
Maserati will, however, continue its co-operation with Ferrari
-- especially in industrial, technical, engine and sales network
terms -- which has helped revitalize the marque.

In March, Fiat, PSA Peugeot Citroen and Tofas signed a
cooperation agreement to develop and produce small entry-level
light commercial vehicles in Turkey.  Scheduled for rollout in
2008, the vehicles will extend the current Fiat, Peugeot and
Citroen product ranges, thus providing the right products to meet
anticipated changes in the entry-level segment of the European
light commercial vehicle market.  The three partners' objective
is to design a compact, economical and multi-purpose commercial
vehicle.

Also in March, Fiat announced the creation of Fiat Powertrain
Technologies, a new industrial unit that will integrate all the
Group's innovation capabilities and expertise in engines and
transmissions -- a business open to the outside world.  The new
company will operate in 12 countries with 26 plants and 16
research and development centers and will combine the resources,
employees and activities of Fiat Auto Powertrain, Iveco
Powertrain, Magneti Marelli Powertrain (including Motor Sport),
Iveco Motoren Forschung and the Powertrain research activities of
the Fiat Research Center and Elasis.  With an annual output of
over 2,200,000 engines, some 2,000,000 transmissions, and an
extensive range of both power outputs and applications, Fiat
Powertrain Technologies will be one of the most significant
players in the automotive world.

Also in March, Fiat exercised the put option to EDF for its 24.6%
holding in Italenergia Bis and the holding of 14% sold in 2002 to
the three banks (Banca Intesa, IMI Investimenti and Capitalia).

Finally, in April, Iveco and Barclays Asset and Sales Finance
have agreed to combine their respective strengths by creating
Iveco Finance Holdings, a new venture that will provide
commercial vehicle financing and leasing solutions to Iveco
customers in France, Germany, Italy, Switzerland and the U.K.
This transaction further enhances Iveco's strong commercial offer
to its dealers and customers, while freeing approximately EUR2
billion of financial resources, which will further strengthen the
Group's liquidity.

2005 Outlook

In Italy, demand for automobiles was down sharply in the first
four months of 2005.  Given the current expectations of anemic
economic growth, a steady increase in fuel prices and the
elimination of incentives for cars fueled with natural gas and
similar types of vehicles, a turnaround does not appear likely
over the short term.

For Europe as a whole, the demand picture is equally unfavorable,
following a contraction of 3% in the first quarter of the year.
The only bright spot among the Group's main markets is Brazil,
where demand expanded by a few percentage points.

Operating in such a challenging environment, Fiat Auto will have
to focus on sales to final customers in order to protect its
profit margins, looking to its new models to provide the momentum
needed for a turnaround.  The new Fiat Croma, which has been
received favorably in the press, will be on the market in June.
Innovative 159 will follow Croma.  In the fall, eagerly awaited
new Fiat Punto and the exciting Alfa Romeo Brera Coupe 2+2 will
also be released.

Fiat Auto will have to continue to work with great determination
to meet the challenge of a competition that shrinking markets are
making every day more intense, in order to achieve the stated
objective of ending the year with a smaller operating loss, which
will also require the implementation of aggressive cost-cutting
programs.  Programs that Fiat Auto will be implementing during
the second quarter of 2005 to reduce general and administrative
expenses are expected to generate annual savings of EUR180
million.

The outlook for CNH and Iveco remains favorable.  In the markets
in which they operate, demand will hold steady or increase
slightly, and the recent, comprehensive renovation of their model
lines should help them improve their performance and report
higher revenues and earnings.

The conversion of the Convertible Loan, the completion of the
Italenergia transaction and upcoming real estate disposals will
strengthen the Group's financial structure by about EUR5 billion,
and significantly improve relevant ratios.

With the closing of 2004, the Fiat Group put an end to a period
of net losses.  Looking forward to 2005, the Group confirms its
stated objective of continuing on the road to regaining its
strength and expects to report a further improvement in trading
profit and to achieve positive net income after unusual items.

Full copy of Fiat's 2005 first-quarter results is available free
of charge at http://bankrupt.com/misc/Fiat_1q2005.pdf

CONTACT:  FIAT S.p.A.
          250 Via Nizza
          10126 Turin
          Phone: +39-011-006-1111
          Fax: +39-011-006-3798
          Web site: http://www.fiatgroup.com


IMPREGILO SPA: Delays Payment on Bridging Loan
----------------------------------------------
Impregilo S.p.A. said that Gemina S.p.A. and IGLI S.p.A. had
agreed to further postpone the deadline for fulfillment of the
terms of its EUR680 million bridging loan.  The due date is now
May 16, 2005.  Accordingly, the deadline for the payment of the
first tranche of the loan was also moved to May 16, 2005.

The conditions of the loan between the companies were drawn up 14
April.  The loan is convertible up to a maximum amount of EUR500
million into a medium/long-term loan.  The financing banks are
Banca Intesa, San Paolo IMI and Unicredit.

The postponements were necessary in the wake of Borsa Italiana's
recommendation that an amendment be introduced in the agreements
of 14 April on the planned Impregilo share capital increase.  It
required that, given the presence of a withdrawal clause in the
event of material adverse changes, the increase be adopted as a
splittable operation rather than as a non-splittable operation as
initially envisaged.  Implementation of the change is currently
under discussion.

The withdrawal was requested by the banks in the underwriting
syndicate in accordance with standard market practice.

With regards to the negotiations on the bridging loan and partial
conversion into a medium/long-term loan, Impregilo and the
financing banks have substantially finalized the contract
documents.

CONTACT:  IMPREGILO S.p.A.
          Viale Italia 1
          Sesto San Giovanni I-20099 MI
          Italy
          Phone: 39 02 24422111
          Fax: 39 02 24422293
          Web site: http://www.impregilo.it


IMPREGILO SPA: Amends Terms of Bridging, Short-term Loans
---------------------------------------------------------
Impregilo S.p.A. said that Gemina S.p.A. and IGLI S.p.A. agreed
on May 6 to extend a number of conditions precedent relating to
the Impregilo Group's relations with the banking system.

Specifically:

(a) the term for the stipulation of a EUR680 million bridging
    loan (convertible up to a maximum of EUR500 million into a
    medium/long-term borrowing): extended from May 6 (the
    original term was 4 May 2005) until 10 May 2005 [now 16 May
    2005];

(b) the term for the stipulation of the above medium/long-term
    borrowing of EUR500 million: extended from May 6 (the
    original term was 4 May 2005) to 7 June 2005; and

(c) the term for the medium/long-term re-scheduling of part of
    the current short-term debt of Group companies and for the
    re-negotiation of the medium-term borrowing of the
    subsidiary Fisia Italimpianti S.p.A: extended from 26 May
    2005 to 7 June 2005.

Impregilo said that the first extension was necessary to permit
finalization of technical and juridical details in the loan
documentation; the other two terms have been extended until work
has been completed on the new Impregilo Group business plan: this
will permit fine-tuning of a number of points in the
medium/long-term loan contract and in the current debt
re-negotiation/re-scheduling agreements.

The content and conditions precedent of the agreements signed on
14 April 2005 have already been published; specifically, in the
statements released on 15 and April 2005 and on 2 May 2005, to
which reference should be made for further details.

CONTACT:  IMPREGILO S.p.A.
          Viale Italia 1
          Sesto San Giovanni I-20099 MI
          Italy
          Phone: 39 02 24422111
          Fax: 39 02 24422293
          Web site: http://www.impregilo.it


PARMALAT FINANZIARIA: 71 Could Face Trial for Fraud
---------------------------------------------------
Parma prosecutors, who closed on Wednesday an 18-month probe on
fraudulent bankruptcy at Parmalat Finanziaria, could send up to
71 people to trial within days, according to reports.

The individuals subjected to investigations of fraudulent
bankruptcy and false accounting included founder Calisto Tanzi,
former chief financial officers, as well as executives and
auditors.

Reuters says defense lawyers now have 20 days to fortify their
stand before prosecutors can ask the judge to send the accused to
trial.

Lead prosecutor Vito Zincani, meanwhile, is intent on wrapping up
the main probe so he could notify defense lawyers before his term
ends this week.  The investigation concerns banks that Mr. Tanzi
said is responsible for the firm's demise.  Prosecutors already
closed an inquiry into the group's political connections.

The Parma probe is the largest of the two probes related to the
dairy giant's collapse in December 2003.  The other is being held
by Milan prosecutors.  A year ago they asked for the indictment
of 27 people, a bank and two former auditors, on charges that
include market rigging.  The court still has to rule on the case.

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


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


ROYAL SHELL: Signs Gas Pipeline Joint Venture in China
------------------------------------------------------
The Hangzhou Gas (Group) Company Limited, Royal Dutch/Shell
Group's Shell (China) Limited and Shell China B.V., and The Hong
Kong and China Gas Company Limited (Towngas) signed Wednesday a
joint venture contract to construct, operate and manage a high
pressure natural gas pipeline system in Hangzhou.

The new joint venture, which will involve an investment of US$91
million (RMB750 million), is building a 117-kilometer pipeline
and two natural gas city gate stations.

The Hangzhou Gas (Group) Company Limited will take a 51%
shareholding in the new company, while the Shell companies will
hold 39%.  Towngas will take 10%.

Work on the project started last year with 18 kilometers of
pipeline and one city gate station completed.  Currently the city
gate station and nine kilometers of the completed pipeline have
been put into operation, supplying 150,000 cubic meters of gas
per day to 190,000 families and some commercial users in
Hangzhou.

The project is expected to be completed in 2008 and will be
operating at its capacity of 600 million cubic meters of gas per
year in 2010.

The joint venture contract was signed by Zhang Weiming, President
of the Hangzhou Gas (Group) Company Limited, Heng Hock Cheng,
Chair of Shell Companies in China and Managing Director of Shell
China Gas & Power, and Alfred Chan Wing-Kin, Managing Director of
Towngas.

Zhang Weiming said: "Hangzhou Gas Group has acquired a relatively
stable gas market in Hangzhou through development in the past 10
years.  At the same time, we've accumulated certain experience
and expertise over the operation of gas projects.  The launch of
West-East gas project provides us a broader prospect for further
development and we are taking this opportunity to promote the gas
market here and contribute to the economic development in
Hangzhou, joining hands with global gas business leaders Shell
and Towngas through sharing technical, management and cultural
strengths."

Heng Hock Cheng said: "Shell aims to play a leading role in
developing natural gas as a clean energy to fuel China's economic
growth, sharing our experience, technology and skills as one of
the world's leading natural gas producers and marketers.  This
project is a good opportunity for Shell to be involved in
bringing clean fuel to an important market."

Alfred Chan Wing-Kin said: "The Hangzhou Gas (Group) Company
Limited is the most reputable gas company in Zhejiang,
experienced in the management of the gas business in China.
Shell is an internationally renowned energy company, known for
its advanced technology.  Towngas is proud to be in partnership
with these two outstanding enterprises for the Hangzhou high
pressure pipeline project.  With Towngas' quality service and
established history in managing the piped-gas business, the
project is poised to integrate strengths of parties involved.  To
the city of Hangzhou and its neighboring region, this project
will bring cleaner fuel and more efficient and professional
services, resulting in a win-win situation for all."

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


VERSATEL TELECOM: Cuts Net Loss to EUR3 Million
-----------------------------------------------
Financial Highlights:

(a) first quarter 2005 revenues increased to EUR178 million or
    by 4% compared with 4Q04 revenues of EUR171 million
    and by 31% compared with 1Q04 revenues of EUR135 million;

(b) on-net revenues for 1Q05 increased by 6% to EUR133
    million from 4Q04 on-net revenues of EUR126 million, and
    increased by 31% from EUR102 million in 1Q04;

(c) in the first quarter of 2005, gross margin as a percentage
    of revenues was 56%, up from 53% in the first quarter of
    2004 and 54% in the fourth quarter of 2004;

(d) first quarter 2005 EBITDA was EUR38 million compared with
    EUR25 million in 1Q04 and EUR35 million in 4Q04, up 50%
    and 9% respectively;

(e) Versatel's net loss in 1Q05 was EUR3 million compared with a
    net loss of EUR7 million in 1Q04 and EUR8 million in 4Q04;

(f) capital expenditures (Capex) in the first quarter of 2005
    amounted to EUR62 million, compared with EUR24 million in
    the first quarter of 2004 and EUR54 million in the fourth
    quarter of 2004; and

(g) on March 31, 2005, Versatel had approximately EUR260 million
    in cash on its balance sheet, compared with EUR269 million
    at the end of 2004 and EUR148 million at the end of the
    1Q04.

Other Highlights:

(a) in 1Q05, Versatel recorded its 29th consecutive quarter of
    sequential revenue growth;

(b) in January 2005, Versatel started a marketing campaign to
    further position the Versatel brand name and to support the
    rebranding of our Dutch Consumer business, previously named
    Zon;

(c) Versatel recorded 1,000 new residential DSL customers in The
    Netherlands in the first quarter of 2005, bringing the total
    at approximately 170,000 as per March 31, 2005.
    Additionally, Versatel successfully enticed approximately
    13,000 existing customers to migrate to higher-end and more
    profitable products;

(d) in Germany, the number of on-net residential customers
    increased strongly with approximately 42,000 during 1Q05 to
    a total of approximately 257,000, of which approximately
    140,000 are on DSL access.  New DSL subscribers increased
    with 44% in 1Q05;

(e) in Belgium, the number of DSL customers increased by
    approximately 10,000 in 1Q05 to a total of approximately
    48,000;

(f) the total number of residential lines, both DSL and other
    on-net copper, increased by approximately 53,000 or 12%
    during 1Q05 to a total of approximately 475,000 on March 31,
    2005; and

(g) in the first quarter of 2005 Versatel provisioned 229 new
    Corporate IP-VPN sites in The Netherlands to total of 6,356
    in The Netherlands, a sequential growth of 3.7%.

For the quarter ended March 31, 2005 revenues were EUR177.5
million, up 4% from 4Q04 revenues of EUR171.2 million and up 31%
compared with 1Q04 revenues of EUR135.5 million.  The increase in
revenues came from all of our geographical markets and was
primarily driven by growth in our IP-VPN business and our
residential broadband business.

In total, on-net revenues for Versatel were EUR133.3 million in
1Q05 compared with EUR125.5 million in the previous quarter and
EUR101.5 million in the same quarter of 2004.

Versatel's gross margin as a percentage of total revenue in 1Q05
was 55.6% compared with 53.9% in 4Q04 and 53.3% in 1Q04.  The
growth in our gross margin as a percentage of revenue was
primarily driven by an increase in our DSL customers in Germany.

Raj Raithatha, Chief Executive Officer, said: "We are very
pleased with the continued performance of our business in the
first quarter, as we managed to substantially grow our top line
in all countries and customer segments.  Our positive momentum in
the business market continued while in the residential market we
managed to substantially improve our performance as a group.

"Although DSL customer intake varied across our geographical
markets, we successfully managed to grow the revenues by adding
new customers and upgrading existing customers.  This resulted in
an improvement in margins and indicates that the market for
broadband services is still strong, with customers looking for
higher speed products."

Selling, general and administrative expenses (SG&A) for the first
quarter 2005 were EUR60.6 million compared with 4Q04 SG&A
expenses of EUR57.1 million and 1Q04 of EUR46.9 million.  The
increase in SG&A during the quarter is primarily due to an
increase in expenditures for re-branding and the roll out of
triple play services in The Netherlands.  Versatel's marketing
expenditures for 1Q05 were EUR6.3 million compared with EUR7.1
million and EUR3.3 million in 4Q04 and 1Q04 respectively.
Although there was a sequential decrease in marketing
expenditures for the group, in The Netherlands, Versatel engaged
in a campaign to re-brand our consumer business, Zon, into
Versatel.

For the first quarter 2005, Versatel's result before interest,
tax, depreciation and amortization (EBITDA) was EUR38.2 million
compared with EUR35.2 million for the previous quarter and
EUR25.4 million in 1Q04.  Although our EBITDA run rate for the
quarter implies that we will over perform our guidance for 2005,
we expect that EBITDA on a quarterly basis will decrease for the
rest of the year as we start to incur additional significant
expenses for the roll out of triple play services in The
Netherlands and for the production of Eredivisie football and
other video content.

Mark Lazar, Chief Financial Officer, said: "Even though the first
quarter is seasonally not the strongest, we continued to increase
our revenues as well as our margins as a percentage of these
revenues.  In all markets we recorded an improvement in our
results, which is balanced between strong performance in both the
business and residential markets.  In our residential broadband
business in Germany we were successful in adding new subscribers
to our bundled voice and Internet 'No limit' product, whereas in
The Netherlands the margin improvement was mainly due to upgrades
of our existing customers to higher-end Internet products."

Versatel's net loss for 1Q05 amounted to EUR2.5 million compared
with net losses of EUR8.3 million in 4Q04 and EUR7.2 million in
1Q04.  The improvement in our net loss for the quarter was
primarily due to the growth of our business, a decline in our
depreciation expense, and the strengthening of the U.S. dollar
against the Euro, which resulted in an exchange rate gain of
approximately EUR1.2 million on the US dollar cash balance that
we maintain to cover U.S. dollar denominated capital
expenditures.

Over the course of 2005, our net result will be affected by the
volatility of the U.S. dollar and depreciation expenses related
to increased capital expenditure for our triple play roll out.

For the first quarter of 2005, Versatel's capital expenditures
(Capex) were EUR61.7 million compared with capex of EUR53.6
million and EUR24.4 million for 4Q04 and 1Q04 respectively.
Approximately EUR26 million of the capex during 1Q05 is directly
related to the roll out of our triple play product in The
Netherlands.  These higher capex levels will maintain for the
rest of this year, as was announced in March 2005.

Free Cash Flow (calculated as EBITDA less capital expenditures)
in 1Q05 was negative EUR23.5 million, an increase compared to
4Q04 with negative EUR18.4 million and 1Q04 with positive EUR1.0
million.  The negative FCF is directly attributed to higher capex
in the first quarter, as was announced in our 4Q04 earnings
release.

As of March 31, 2005, Versatel had EUR259.6 million in cash on
its balance sheet compared with EUR269.5 million at December 31,
2004 and EUR148.2 million at the end of the first quarter of
2004.  The decrease in the first quarter is the result of higher
capex, predominantly due to the investment in our triple play
infrastructure.  Our negative free cash flow was greater than the
decline in our cash balance, which is primarily related to
deferred payment terms that we agreed with vendors of some of our
triple play equipment.  This deferred payment plan is over a
two-year period and therefore falls under the line in our cash
flow statement related to proceeds from loans.

The company had a positive shareholders' equity position of
EUR570.3 million as of March 31, 2005 compared with EUR572.5
million at the end of 2004.

As of 4Q03, Versatel has a deferred tax liability on its balance
sheet in respect of the gain related to the completion of its
2002 financial restructuring, whereby any subsequent losses in
The Netherlands are recognized and taken against this deferred
tax liability.  At March 31, 2005, Versatel's deferred tax
liability totaled EUR115.7 million, equal to year-end 2004.

As announced in December 2004 and during our 2004 results, we
continue to believe that our organic business plan, including the
roll out of triple play services in The Netherlands, is fully
funded without a need for third party financing.  However,
pending future capital markets sentiment, we remain open to
future capital on an opportunistic basis to retain our financial
flexibility.

CONTACT:  VERSATEL TELECOM INTERNATIONAL N.V.
          Hullenbergweg 101
          1101 CL Amsterdam
          Phone: +31-20-750-10-00
          Fax: +31-20-750-10-01
          Web site: http://www.versatel.com


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


STER-PROJEKT: Continues to be Loss-making in 2005
-------------------------------------------------
IT company Ster-Projekt had lost at least PLN48.3 million in
2004, Warsaw Business Journal reports citing auditor Deloitte &
Touche.

According to the report, it was not yet known how much money did
owner Ryszard Krauze get from Ster-Projekt to plough into its
other company, Prokom Investments.  Including the figure in
Ster-Projekt's report would have beefed-up its loss for last
year.

Ster-Projekt reported a net loss of more than PLN10 million for
the third quarter of last year as sales plunged to record low,
TCR-Europe previously reported.  The result brought the company's
total loss to PLN20.3 million since the beginning of 2004, while
sales for the period slipped to PLN38 million.

The firm encountered problems in 2003 after failing to
immediately sign a deal with TP S.A. for the construction of a
data processing center.  Things turned awry when it failed to win
more clients afterwards.  Even the acquisition of profitable DRQ
did not help improve its situation.

In September, the company's new management announced a
restructuring program that included job cuts and shakeup of the
organizational structure.  Piotr Smolski, Ster-Projekt's
president, hoped this could help the company post a PLN10 million
profit in 2005.

CONTACT:  STER-PROJEKT S.A.
          02-652 Warszawa, ul. Magazynowa 1
          Phone: (22) 60 77 200
          Fax: (22) 60 77 100
          E-mail: centrala@spsa.com.pl
          Web site: http://www.sterprojekt.com.pl


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


ALBATROS: Creditors Have Until June to File Claims
--------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Albatros after finding the limited liability
company insolvent.  The case is docketed as A 63-208/04-S5.  Mr.
Y. Kaverin has been appointed insolvency manager.  Creditors have
until June 2, 2005 to submit their proofs of claim to Russia,
Pyatigorsk, Ermolova Str. 38.

CONTACT:  ALBATROS
          Russia, Pyatigorsk

          Mr. Y. Kaverin
          Insolvency Manager
          Russia, Pyatigorsk,
          Ermolova Str. 38.

          The Arbitration Court of Stavropol region
          Russia, Stavropol region,
          Mira Str. 458b


AUTO-COLUMN 1258: Assets for Public Auction Today
-------------------------------------------------
Open joint stock company Auto-Column #1258 will sell its property
on May 13, 2005, 2:00 p.m.  The public auction will take place at
664023, Russia, Irkutsk, Deputatskaya Str. 39-1.  Up for sale are
different building constructions.  Starting price: RUB5,750,000.

The list of documentary requirements is available at 664023,
Russia, Irkutsk, Deputatskaya Str. 39-1.  To participate, bidders
must deposit an amount equivalent to 20% of the starting price to
the settlement account 40702810800120000387 at IF OJSC
Sibakadembank, Irkutsk, correspondent account
30101810300000000760, BIC 042520760.

CONTACT:  AUTO-COLUMN 1258
          664035, Russia, Irkutsk,
          Chelyabinskaya Str. 25


DISTILLERY: Adygeya Court Names Insolvency Manager
--------------------------------------------------
The Arbitration Court of Adygeya republic commenced bankruptcy
proceedings against Distillery after finding the open joint stock
company insolvent.  The case is docketed as A01-B-1333-2002-8.
Mr. A. Bogus has been appointed insolvency manager.
Creditors have until June 2, 2005 to submit their proofs of claim
to Russia, Adygeya republic, Maykopskiy region, Pobeda, Tenistaya
Str. 9.

CONTACT:  Mr. A. Bogus
          Insolvency Manager
          Russia, Adygeya republic, Maykopskiy region,
          Pobeda, Tenistaya Str. 9


KOPEYSKIY: Assets Worth RUB22 Mln for Public Auction Today
----------------------------------------------------------
The close joint stock company Kopeyskiy will sell its property on
May 13, 2005, 10:00 a.m.  The public auction will take place at
Russia, Chelyabinsk region, Kopeysk, Severnoye Shosse, 2.  Up for
sale ate different building constructions and equipment.
Starting price: RUB22,000,000.

The list of documentary requirements is available at Russia,
Chelyabinsk region, Kopeysk, Severnoye Shosse, 2.  To
participate, bidders must deposit RUB1,000,000 to the settlement
account 40702810007280000271 at Kopeyskiy branch OJSC
Chelindbank, Kopeysk, correspondent account 30101810400000000711,
BIC 047501711.

CONTACT:  KOPEYSKIY
          Russia, Chelyabinsk region,
          Kopeysk, Severnoye Shosse, 2


NOLINSKIY: Bankruptcy Proceedings Begin
---------------------------------------
The Arbitration Court of Kirov region commenced bankruptcy
proceedings against Nolinskiy after finding the repair-mechanical
factory insolvent.  The case is docketed as A28-174/04-210/6.
Ms. V. Bushmanova has been appointed insolvency manager.
Creditors may submit their proofs of claim until June 2, 2005.

CONTACT:  NOLINSKIY
          613440, Russia, Kirov region,
          Nolinsk, Zavodskaya Str. 3

          Ms. V. Bushmanova
          Insolvency Manager
          613440, Russia, Kirov region,
          Nolinsk, Zavodskaya Str. 3


PRIAZOV-OIL-GAS: Declared Insolvent
-----------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Priazov-Oil-Gas after finding the oil company
insolvent.  The case is docketed as A32-48182/2004-1/270-B.  Mr.
P. Bashmakov has been appointed insolvency manager.  Creditors
have until June 3, 2005 to submit their proofs of claim to
400005, Russia, Volgograd, Post User Box 251.

CONTACT:  PRIAZOV-OIL-GAS
          Russia, Krasnodar region,
          Uraslkaya Str. 96

          Mr. P. Bashmakov
          Insolvency Manager
          400005, Russia, Volgograd,
          Post User Box 251


PUTILOVSKOYE: Bankruptcy Proceedings Begin
------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Putilovskoye after finding the close joint
stock company insolvent.  The case is docketed as K/E-68/04.  Mr.
D. Gindin has been appointed insolvency manager.  Creditors have
until June 2, 2005 to submit their proofs of claim to 644010,
Russia, Omsk region, Post User Box 5135.

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


VLADYKINO: Declared Insolvent
-----------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Vladykino after finding the agricultural
industrial company insolvent.  The case is docketed as
A57-171B/04-31.  Mr. N. Kuzyutkin has been appointed insolvency
manager.  Creditors have until June 2, 2005 to submit their
proofs of claim to 410010, Russia, Saratov, Tekhnicheskaya Str.
16B, Apartment 39.

CONTACT:  Mr. N. Kuzyutkin
          Insolvency Manager
          410010, Russia, Saratov region,
          Tekhnicheskaya Str. 16B, Apartment 39


VORONTSOVO: Succumbs to Bankruptcy
----------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Vorontsovo after finding the open joint stock
company insolvent.  The case is docketed as A40-42297/04-101-17
B.  Ms. O. Goryainova has been appointed insolvency manager.
Creditors have until June 2, 2005 to submit their proofs of claim
to 117133, Russia, Moscow, Post User Box 23.

CONTACT:  VORONTSOVO
          119121, Russia, Moscow region,
          1st Truzhennikov Per. 12, Building 1

          Ms. O. Goryainova
          Insolvency Manager
          117133, Russia, Moscow region,
          Post User Box 23


YARTSEVSKOYE: Deadline for Proofs of Claim Set Later this Month
---------------------------------------------------------------
The Arbitration Court of Smolensk region commenced bankruptcy
proceedings against Yartsevskoye after finding the passenger
auto-transport enterprise insolvent.  The case is docketed as
A62-613-N/03.  Mr. M. Turkov has been appointed insolvency
manager.

Creditors have until May 26, 2005 to submit their proofs of claim
to

(a) YARTSEVSKOYE
    215800, Russia, Smolensk region,
    Yartsevo, Gagarina Str. 15
    Phone/Fax: 8 (08143) 5-19-46

(b) Mr. M. Turkov
    Insolvency Manager
    215800, Russia, Smolensk region,
    Yartsevo, Gagarina Str. 15
    Phone/Fax: 8(08143) 5-19-46

(c) The Arbitration Court of Smolensk region
    214000, Russia, Smolensk region,
    Gagarina Str. 46


YUKOS OIL: Massive Layoffs Imminent On Restructuring Plan
---------------------------------------------------------
About 800 Yukos Oil workers could lose their jobs as part of the
company's restructuring plan for the first half of the year.

According to The Russia Journal Wednesday, the Yukos-Moskva
division will also be shut down.

Yukos spokeswoman Claire Davidson said: "We can confirm that
restructuring is underway.  The process will evolve over the next
week or so, and after that company CEO Steven Theede will explain
the details of it."

Other divisions will become independent from the center in Moscow
to avoid problems in taxes and with Russian officials due to
consolidated accounting.

Yukos has already faced tax claims of US$28 billion, and dropped
Yuganskneftegaz to redeem some of the receivables.  It is
reportedly worried about the sale of its remaining assets.

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

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

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


YUKOS OIL: Fulbright & Jaworski Applies for Final Compensation
--------------------------------------------------------------
Fulbright & Jaworski L.L.P. seeks allowance of fees and expenses,
totaling $3,045,925:

    * professional fees for $2,611,845 for professional services
      rendered for the period December 14, 2004, through
      February 28, 2005; and

    * reasonable and necessary expenses for $434,080.

Zack A. Clement, Esq., at Fulbright & Jaworski, LLP, in
Houston, Texas, reminds the U.S. Bankruptcy Court for the
Southern District of Texas that the firm quickly developed a
primary strategy to deal with the Yukos Oil Company's case.
Fulbright & Jaworski tried to:

    (a) enforce the automatic stay to stop the tax sale and
        possible future similar tax sales of other assets;

    (b) refer the Russian Government Tax Claim dispute to an
        international arbitration; and

    (c) confirm a Plan of Reorganization that hopes for the best
        -- reorganization as a going concern -- and prepares
        simultaneously for the worst -- continued dismemberment
        by the Russian Government -- necessitating a Litigation
        Trust to continue pursuing causes of action to recover
        recompense for the dismemberment.

In a very short period of time, Fulbright & Jaworski put before
the Court:

    (a) a Plan of Reorganization, providing both for a going
        concern reorganization and a Litigation Trust;

    (b) a motion to set a bar date; and

    (c) an Amended Motion to Refer to Arbitration.

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

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

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

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


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


ALCHEVSK BUILDING 7: Court Names Liquidator
-------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Alchevsk Building Materials Plant 7 (code
EDRPOU 13383037) on March 22, 2005 after finding the limited
liability company insolvent.  The case is docketed as 21/32 b.
Mr. Sergij Zhezherya (License Number AA 630099) has been
appointed liquidator/insolvency manager.  The company holds
account number 26009301180110 at Prominvestbank, Alchevsk branch,
MFO 304342.

Creditors had until May 12, 2005 to submit their proofs of claim
to:

(a) ALCHEVSK BUILDING MATERIALS PLANT 7
    94205, Ukraine, Lugansk region,
    Alchevsk, Chapayev Str. 5

(b) Mr. Sergij Zhezherya
    Liquidator/Insolvency Manager
    91493, Ukraine, Lugansk region,
    Yuvilejne, Shahtarskij quarter, 5/58

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


DIBROVA: Sumi Court Assigns Liquidator
--------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Dibrova (code EDRPOU 30902218) on March 31,
2005 after finding the limited liability company insolvent.  The
case is docketed as 6/32-05.  Mr. Vadim Zakorko (License Number
AA 719836) has been appointed liquidator/insolvency manager.

Creditors had until May 12, 2005 to submit their proofs of claim
to:

(a) DIBROVA
    Ukraine, Sumi region,
    Trostyanets, Naberezhna Str. 3

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

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


KOLOS: Temporary Insolvency Manager Comes in
--------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on LLC Agricultural Production-Commercial
Company Kolos (code EDRPOU 30863284) on February 7, 2005.  The
case is docketed as 2-18/5022-2005.  Mr. A. Zolotavin (License
Number AA 668312) has been appointed temporary insolvency
manager.  The company holds account number 26006456110360 at JSCB
Ukrsocbank, Krym republic branch, MFO 324010.

Creditors had until May 12, 2005 to submit their proofs of claim
to:

(a) KOLOS
    96017, Ukraine, AR Krym region,
    Krasnoperekopskij district,
    Filatovka, Krimska Str. 18

(b) Mr. A. Zolotavin
    Temporary Insolvency Manager
    95000m Ukraine, AR Krym region,
    Simferopol, L. Shvetsova Str. 33

(c) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


MIHAJLIVSKIJ FOOD: Declared Insolvent
-------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Mihajlivskij Food Products Plant (code EDRPOU
22141706) on March 18, 2005 after finding the limited liability
company insolvent.  The case is docketed as 19/62.  Mr. O.
Baranov has been appointed liquidator/insolvency manager.

Creditors had until May 12, 2005 to submit their proofs of claim
to:

(a) MIHAJLIVSKIJ FOOD PRODUCTS PLANT
    72000, Ukraine, Zaporizhya region,
    Mihajlivka, Pushkin Str. 114

(b) Mr. O. Baranov
    Liquidator/Insolvency Manager
    69104, Ukraine, Zaporizhya region, a/b 4976

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


ODITOR: Kyiv Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Oditor (code EDRPOU 32347993) on March 21,
2005 after finding the limited liability company insolvent.  The
case is docketed as 24/108-B.  Mr. Oleksandr Chechelnitskij
(License Number AA 250036) has been appointed
liquidator/insolvency manager.  The company holds account number
26006010110311 at JSCB Ukrsocbank, MFO 321024.

Creditors had until May 12, 2005 to submit their proofs of claim
to:

(a) ODITOR
    Ukraine, Kyiv region,
    Marshal Grechko Str. 10B

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


OLEKSANDRIVSKI PEKARNI: Under Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Trade House Oleksandrivski Pekarni
(code EDRPOU 30938239) on March 28, 2005.  The case is docketed
as 25/58.  Mr. O. Baranov has been appointed temporary insolvency
manager.

Creditors had until May 12, 2005 to submit their proofs of claim
to:

(a) OLEKSANDRIVSKI PEKARNI
    69009, Ukraine, Zaporizhya region,
    Gotvald Str. 2

(b) Mr. O. Baranov
    Temporary Insolvency Manager
    69104, Ukraine, Zaporizhya region, a/b 4976

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


SOKILSKE: Court Appoints Temporary Insolvency Manager
-----------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Sokilske (code EDRPOU 30795618) on
February 16, 2005.  The case is docketed as B 15/32/05.  Mr.
Nataliya Chesnova (License Number AB 216702) has been appointed
temporary insolvency manager.  The company holds account number
26000125233001 at CJSC CB Privatbank, Sinelnikove branch, MFO
305229.

Creditors had until May 12, 2005 to submit their proofs of claim
to:

(a) SOKILSKE
    51322, Ukraine, Dnipropetrovsk region,
    Yurjivskij district, Sokilske, Nova Str. 1

(b) Mr. Nataliya Chesnova
    Temporary Insolvency Manager
    49101, Ukraine, Dnipropetrovsk region,
    Kirov Avenue, Kujbishev Str. 1-A

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


TEHNOBUD: Insolvency Manager Takes over Operations
--------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Tehnobud (code EDRPOU 31252361) on March 11,
2005 after finding the limited liability company insolvent.  Mr.
Anatolij Zayats (License Number AA 315461) has been appointed
liquidator/insolvency manager.  The company holds account number
2600 at 4181491001, Oleksandrijska branch, MFO 323691.

Creditors had until May 12, 2005 to submit their proofs of claim
to:

(a) TEHNOBUD
    27552, Ukraine, Kirovograd region,
    Svitlovodsk, Komarov Str. 110a

(b) Mr. Anatolij Zayats
    Liquidator/Insolvency Manager
    Ukraine, Kirovograd region,
    Svitlovodsk, Nagirnij lane, 3/125

(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
    25022, Ukraine, Kirovograd region,
    Lunacharski str. 29


TEMPINFORM: Bankruptcy Supervision Starts
-----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Tempinform (code EDRPOU 32113358 The
company holds account number 26000301908 at JSCB National credit,
MFO 320702) on March 29, 2005.  The case is docketed as 24/195-b.
Mr. A. Ganenko has been appointed temporary insolvency manager.

Creditors had until May 12, 2005 to submit their proofs of claim
to:

(a) TEMPINFORM
    Ukraine, Kyiv region,
    Pushkinska Str. 31-V/2

(b) Mr. A. Ganenko
    Temporary Insolvency Manager
    Phone: (044) 244-44-89

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


TEPLOMEREZHI: Succumbs to Bankruptcy
------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Teplomerezhi (code EDRPOU 32670614)
on March 29, 2005.  The case is docketed as 24/193-b.  Mr. A.
Ganenko has been appointed temporary insolvency manager.  The
company holds account number 26009301910 at JSCB National credit,
MFO 320702.

Creditors had until May 12, 2005 to submit their proofs of claim
to:

(a) TEPLOMEREZHI
    Ukraine, Kyiv region,
    Bluher Str. 11

(b) Mr. A. Ganenko
    Temporary Insolvency Manager
    Phone: (044) 244-44-89

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


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


ATTRATRA LIMITED: Printing Business for Sale
--------------------------------------------
The joint administrators, Tyrone S. Courtman and Shaun N. Adams,
offer for sale the business and assets of this sheet feed
commercial color printer.

Features:

(a) Operates from leased premises in Billborough, Nottingham;

(b) Complete range of prepress, printing and finishing
    machinery;

(c) Experienced and skilled workers of around 44 employees;

(d) Extensive blue chip customer base; and

(e) Annual turnover of around GBP4.8 million.

CONTACT:  COOPER PARRY LLP
          14 Park Row
          Nottingham NG1 6GR
          Web site: http://www.cooperparry.com
          Contact:
          Tyrone Courtman
          Phone: 0115 958 0212
          Fax: 0115 938 8042
          E-mail: tyronec@cooperparry.com


BRABY-FULLER LIMITED: Hires KPMG as Liquidator
----------------------------------------------
At the general meeting of Braby-Fuller Limited on April 27, 2005,
the special and ordinary resolutions to wind up the company were
passed.  Richard John Hill and David John Crawshaw of KPMG LLP,
Arlington Business Park, Theale, Reading RG7 4SD have been
appointed joint liquidators of the company.

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


B REALISATIONS: Yorkshire Bank Appoints Receiver
------------------------------------------------
Yorskhire Bank Plc appointed David P Appleby and Steven J.
Williams (Office Holder Nos 8976 and 8887) joint administrative
receivers for B Realisations (Sheffield) Limited (Reg No
01073492, 4531).  The application was filed May 3, 2005.  The
company installs electrical wiring.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street
          Preston PR1 8BU
          Phone: 01772 202000
          Fax: 01772 200099
          E-mail: preston@begbies-traynor.com
          Web site: http://www.begbies.com


CAMGATE LITHO: Opts for Liquidation
-----------------------------------
S. J. Parker and D. R. Beat (IP Nos 8989, 8161) have been
appointed joint administrators for sheet fed printers Camgate
Litho Limited.  The appointment was made April 26, 2005.  Its
registered office is located at Unit 3B, Galleywall Trading
Estate, Galleywall Road, London SE16 3PB.

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


CB FINANCIAL: Hires Liquidator from Coyne Butterworth & Chalmers
----------------------------------------------------------------
At the extraordinary general meeting of CB Financial Services
Limited on April 28, 2005 held at Coyne, Butterworth & Chalmers,
Lupins Business Centre, 1-3 Greenhill, Weymouth, Dorset DT4 7SP,
the subjoined special resolution to wind up the company was
passed.  Ian William Walton of Coyne, Butterworth & Chalmers,
Lupins Business Centre, 1-3 Greenhill, Weymouth, Dorset DT4 7SP
has been appointed liquidator of the company.

CONTACT:  COYNE BUTTERWORTH & CHALMERS
          Lupins Business Centre
          1-3 Greenhill
          Weymouth
          Dorset DT4 7SP
          Phone: 01305 772458
          Fax: 01305 779956
          E-mail: wey@c-b-c.co.uk


CEREALIA UNIBAKE: Calls in Liquidator from KPMG
-----------------------------------------------
At the general meeting of Cerealia Unibake (UK) Limited on April
29, 2005, the special and ordinary resolutions to wind up the
company were passed.  Richard John Hill of KPMG LLP, Arlington
Business Park, Theale, Reading RG7 4SD has been appointed
liquidator of the company.

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


CIRO CITTERIO: Receiver Locks down Remaining Outlets
----------------------------------------------------
The receiver of collapsed fashion retailer Ciro Citterio has shut
down all of the group's Midlands outlets, Europe Intelligence
Wire says.

Prior to this, the receiver also closed down around 50 Ciro
outlets, including branches in Bullring, Solihull's Touchwood
Court and the Merry Hill center in Brierley Hill.  The
government-appointed receiver will review the group's reason for
insolvency and determine which assets to sell to pay creditors.
The receiver declined to reveal the group's debt and the number
of dismissed employees.

A spokeswoman said, "The Official Receiver is now in charge of
the company and the decision has been taken to close all the
stores down.  But we would call on the creditors and employees to
get in touch with us."

Meanwhile, the Birmingham Crown Court will hear on June 1 the
case filed against former Ciro finance director Ramesh Sthankiya.
The Serious Fraud Office has accused Mr. Sthankiya, along with
Donald Brian Ashford of Leeds Leasing, Paul John Syers, the head
of Symac; and Ian Henry Stewart and Gary James Stewart, who ran a
firm called AG Shop Fittings, of conspiring to defraud finance
companies and suppliers.

Owned by Trident Fashions Limited, Ciro Citterio appointed
Charles MacMillan and Dermot Justin Power of BDO Stoy Hayward LLP
joint administrators on April 27, 2005.  The company had been in
and out of administration in recent years.  Anar Huddersfield
bought the company in April 2004, seven months after falling into
administration.

CONTACT:  TRIDENT FASHIONS PLC
          70 Plover Road, Lindley
          Huddersfield HD3 3HR
          Phone: 01484 656 161
          Fax: 01484 649 751
          E-mail: enquiry@cirocitterio.com
          Web site: http://www.cirocitterio.com

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


COLLECTORS CONNECTION: Venture Finance Appoints Receiver
--------------------------------------------------------
Venture Finance Plc appointed Nigel Price and Colin Andrew
Prescott (Office Holder Nos 8778 and 9056) joint administrative
receivers for Collectors Connection (UK) Limited (Reg No
3813131).  The application was filed April 29, 2005.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House, 94-96 Newhall Street,
          Birmingham B3 1PB
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.co.uk


EXETER FUND: Sets Creditors Meeting May 25
------------------------------------------
The creditors of Exeter Fund Managers Limited (formerly Cathedral
Unit Trust Managers Limited) will meet on May 26, 2005.  It will
be held at Prospero House, 241 Borough High Street, London SE1
1GB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Plumtree Court, London
EC4A 4HT not later than 12:00 noon, May 25, 2005.

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


FABRIC DISPLAY: Names Cooper Parry Administrator
------------------------------------------------
Shaun N. Adams and Tyrone S. Courtman (IP Nos 8568, 7237) have
been appointed administrators for Fabric Display Limited.  The
appointment was made May 3, 2005.  The company is into
bookbinding and finishing.  Its registered office is located at
14 Park Row, Nottingham NG1 6GR.

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


GALLAHER GROUP: Outperforms Weak Market
---------------------------------------
At the Annual General Meeting Wednesday, Gallaher Group plc said:
"2004 was another year of strong performance for Gallaher,
despite difficult trading conditions in continental Europe and
the overall negative impact of foreign exchange translation.

"In 2004, turnover excluding duty increased by 9.5%.  Group
operating profit before interest, tax, amortization and
exceptional charges increased by 3.9% and adjusted earnings per
share were up 6.1% for the full year.  In spite of the
challenging operating conditions, we grew tobacco EBITA by 5.4%.

"Gallaher's trading performance in 2005 continues to be resilient
and remains in line with expectations.

"Group cigarette volumes declined by 2% for the first quarter of
2005, largely driven by December 2004 trade demand in the U.K.,
Austria, Iberia and Benelux.  Eliminating these impacts, volumes
would have been relatively stable for the period.

United Kingdom

"In the U.K., the chancellor raised cigarette duty by another 8p
per pack on 16 March 2005, further contributing to an already
high tax incidence relative to other markets.  This dynamic
continues to influence the overall U.K. duty-paid market size,
and downtrading into value cigarettes persists.

"The U.K. duty-paid cigarette market declined around 3% in the
first quarter.  Gallaher's U.K. cigarette volumes were down by
10%, largely reflecting trade demand in December 2004 ahead of
January price increases, phasing of trade sales and the overall
reduced market size.  Management continues to expect volumes to
decline at a rate in line with the total market for the full
year.

"Our first quarter market share was stable at 38.5%, supported by
good performances from Mayfair and Benson & Hedges Silver.
Mayfair's market share grew to a record 12.7% and Benson & Hedges
Silver attained a share of 1.9% over the period.  These gains,
however, were offset by minor losses from mid-priced brands.

"The value cigarettes share of the market rose to 60.6%
reflecting the ongoing trend in downtrading.

"Gallaher maintained its lead of the U.K. cigar market with a
share of 46.8%, a slight improvement over 2004.  The decline in
total U.K. cigar market volumes continues, however, further
reflecting the increased reduction in the size of the
medium-cigar sector.  Total market volumes declined by 7.8% for
the quarter.

Europe

"Trading conditions in western Europe remain difficult as a
consequence of excise duty increases, heightened cross-border
activity and workplace smoking bans that have been introduced in
some E.U. markets.  In spite of these external factors, Gallaher
outperformed cigarette market trends in a number of countries and
continued to extend its footprint across the enlarged European
Union.

"Gallaher's western European volumes declined by 4% to 9.9
billion cigarettes for the first quarter, primarily due to
December 2004 trade demand in Austria, Iberia and Benelux ahead
of January 2005 price/duty increases.

"In Austria, we defended our leading position, demonstrated by a
moderate decline in market share to 43.5%.  The Group's Memphis
house share grew to 27.4% in the quarter.

"In the Republic of Ireland, the Group maintained its leading
position of the cigarette market with an improved share of 49.7%.
The total market decline of 4% for the quarter did not fully
reflect the impact of the ban on workplace smoking because of
February 2005 trade demand ahead of manufacturer price increases
in March.

"Noteworthy performances in central and eastern Europe include
the Czech Republic and Romania where we exceeded 0.5 billion in
cigarette volumes in the Czech Republic for the first time and
increased volumes by 19% in Romania.

"As expected, market changes in Austria and Germany were
reflected in Gallaher's distribution businesses, impacting
profits for the full year.

"As previously announced, we have acquired the Benson & Hedges
and Silk Cut trademarks from British American Tobacco in Malta,
North and South Cyprus, and the Silk Cut trademark in Lithuania.
Although this transaction will not have a material impact on
Group results, we are pleased with its completion given our
achievements with the aforementioned brands in the E.U. to date.

Commonwealth of Independent States

"Gallaher continues to make good progress in its key CIS markets,
lifting regional volumes by 6% for the quarter.

"In Russia, we increased our share of consumer sales to 17% and
continued to augment our sales mix by increasing market share of
Sovereign and Sobranie.

"In Kazakhstan, the Group maintained its share of the cigarette
market above 35%, driven by good performances from Sovereign,
Sobranie and LD.

"Finally, Gallaher's share of consumer sales in the Ukraine
increased to 16% for the quarter, driven by good ongoing
performances in the intermediate-priced sector.

Rest of World

"Total cigarette volumes in the Group's Rest of World division
declined to 3 billion for the first quarter compared to 3.8
billion for the same period last year.  The decline was largely
attributed to the phasing of trade sales in Africa.

"Gallaher defended its leading position of the cigarette market
in Sweden with a modest decline in share to 37.3%, and Gustavus
maintained its retail share of the snus market at 2.4% during the
quarter.

"In Poland, we continue to maintain monthly market share at
around 5%.

"Earlier this year Gallaher announced its agreement to acquire a
factory site in South Africa in order to establish on-shore
manufacture in the region.  The Group completed the acquisition
of a brown-field site in April and launched Sobranie in the
market in the same month.

Operations

"2004 was another excellent year for our manufacturing divisions
where cigarette manufacturing productivity was increased by 15.1%
and Group unit costs were reduced by 6.6% in real terms.

"In an effort to remain at the forefront of manufacturing
efficiency and enhance its competitive position, Gallaher
announced earlier this year proposals for further restructuring
of its European operations.  The employee consultation process is
progressing well and we will disclose further information once
this process is complete.

Overview

"In the face of challenging conditions, the drive and commitment
from our employees continues to maximize opportunities for growth
and I am grateful to them for this ongoing contribution. The good
working relationships that we have with our customers and
suppliers are vital to our achievement of an efficient supply
chain.  Finally, we have an ongoing commitment to maximize
shareholder returns through the targeted and efficient use of
capital in areas that will enhance organic growth.  We continue
to look to the future with confidence."

CONTACT:  GALLAHER GROUP PLC
          Claire Jenkins
          Director, Investor Relations
          Phone: 01932 832637

          CARDEWCHANCERY
          Anthony Cardew
          Tim Robertson
          Phone: 020 7930 0777


GEARWELL GEARBOXES: Final Creditors Meeting Set June
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Gearwell Gearboxes

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Final Meeting of Creditors of Gearwell Gearboxes
will be held at Baker Tilly, Elgar House, Holmer Road, Hereford
HR4 9SF, on June 1, 2005 at 10:00 a.m. for the purpose of
receiving the Liquidator's report of the winding-up and
determining whether the Liquidator should have his release under
section 174 of the said Act.

A Creditor entitled to attend and vote at the above Meeting may
appoint a proxy to attend and vote instead of him or her.
Proxies for use at the Meeting must be lodged at the above
address, no later than 12:00 noon on the business day prior to
the Meeting.

L. M. Brittain, Liquidator
April 18, 2005

CONTACT:  BAKER TILLY
          Elgar House
          Holmer Road
          Hereford HR4 9SF
          Phone: 01432 352222
          Fax: 01432 269367
          Web site: http://www.bakertilly.co.uk


GRAFTON'S BAKERY: In Administrative Receivership
------------------------------------------------
National Westminster Bank Plc appointed Mark David Arthur Loftus
and Ian David Green (Office Holder Nos 8324, 9045) joint
administrative receivers for Grafton's Bakery Limited (Reg No
01891790, SIC 1581-Manufacture of Bread, Fresh Pastry and Cakes).
The application was filed May 4, 2005.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          1 East Parade
          S1 2ET
          Sheffield
          Phone: +44 (0) 114 2729141
          Fax: +44 (0) 114 2752573
          Web site: http://www.pwc.com/uk/eng/


GREEN STREET: Liquidators from KPMG Move in
-------------------------------------------
At the extraordinary general meeting of Green Street Limited on
April 26, 2005 held at 17 Grosvenor Street, London W1K 4QG, the
special and ordinary resolutions were passed.  Jeremy Simon
Spratt and Finbarr O'Connell of KPMG LLP, 8 Salisbury Square,
London EC4Y 8BB have been appointed joint liquidators of the
company.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


HARRIS BLYTH: Winding-up Report Out Third Week of June
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Harris Blyth Limited

Notice is hereby given that the Final Meeting of Creditors of
Harris Blyth Limited, will be held at the office of UHY Hacker
Young, St. Alphage House, 2 Fore Street, London EC2Y 5DH, on June
20, 2005 at 10:30 am, to receive the Liquidator's report of the
winding-up and to determine whether the Liquidator should have
his release under the provisions of section 146 of the Insolvency
Act 1986.

A Creditor entitled to attend and vote at the Meeting may appoint
a proxy to attend and vote in his place.  Proxy forms must be
returned to the offices of UHY Hacker Young, St. Alphage House, 2
Fore Street, London EC2Y 5DH, by no later than 12:00 noon of June
17, 2005.

A. Andronikou, Liquidator
April 27, 2005

CONTACT:  UHY HACKER YOUNG
          St. Alphage House
          2 Fore Street
          London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


K W PURVIS: Assets Up for Sale
------------------------------
The joint administrators, Gordon S. Goldie and Alan D. Kelly of
Tait Walker Corporate Recovery, offer for sale as a going concern
the business and assets of K W Purvis Limited.

Features:

(a) Specializes in mineral extraction, aggregate supplies,
    waste-recycling operations, heavy plant hiring, and ground
    works;

(b) Based in Alnwick, Northumberland;

(c) Turnover of around GBP4 million;

(d) Workforce of around 60 people;

(e) Blue chip and strong local customer base; and

(f) Substantial plant equipment with full inventory available.

CONTAC:  TAIT WALKER CORPORATE RECOVERY
          Bulman House, Regent Centre,
          Gosforth,
          Newcastle upon Tyne NE3 3LS
          Contact:
          Kerry Pearson
          Phone: 0191 285 0321
          Fax: 0191 284 9117
          E-mail: kerry.pearson@taitwalker.co.uk


LATSEL NO. 3: Appoints KPMG Liquidator
--------------------------------------
At the general meeting of Latsel No. 3 Limited on April 28, 2005,
the special and ordinary resolutions to wind up the company were
passed.  Jeremy Simon Spratt and Finbarr Thomas O'Connell of KPMG
LLP, 8 Salisbury Square, London EC4Y 8BB have been appointed
joint liquidators of the company.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


MARKS & SPENCER: Chairman Insists on Staying
--------------------------------------------
Paul Myners wants to remain as chairman of Marks & Spencer Group
plc, said The Guardian.

This came after directors failed to agree on the chairmanship
issue at the board meeting Wednesday.  The retailer has been
pressed to decide whether it should have a new chairman amid a
boardroom row that has already gone public.

Chief Executive Stuart Rose and major investors Brandes, Legal &
General, and Standard Life have earlier rallied to retain Mr.
Myners, who assumed office on a temporary basis last year.

Meanwhile, senior non-executive director Kevin Lomax has prepared
a list of three external candidates.  Mr. Lomax along with three
other non-executives wanted Mr. Myners to step down.

The feud is believed to only end with the exit of both Mr. Myners
and Mr. Lomax from the board.  Mr. Rose is expected to solve the
matter before the release of the company's full-year results on
Tuesday.

For the sixth consecutive quarter, Marks & Spencer reported a
6.7% drop in like-for-like sales last month, blaming tough
trading conditions and the residual effects of problems that
plagued the previous management.  The company also saw a further
decline in clothing market-share in that period, while Mr. Rose
admitted that overall sales growth in the current trading year
was practically nil.

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


MAWLAW PP2: Liquidators from Deloitte & Touche Move in
------------------------------------------------------
At the extraordinary general meeting of Mawlaw PP2 Limited on
April 29, 2005 held at 11 Pilgrim Street, London EC4V 6RW, the
special and ordinary resolutions to wind up the company were
passed.  Aileen Jane Crooks of Deloitte & Touche LLP, City House,
126-130 Hills Road, Cambridge CB2 1RY and Andrew Philip Peters of
Deloitte & Touche LLP, Four Brindleyplace, Birmingham B1 2HZ have
been appointed joint liquidators of the company.

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

          DELOITTE & TOUCHE LLP
          Four Brindleyplace
          Birmingham B1 2HZ, UNITED KINGDOM
          Phone: +44 (0) 121 632 6000
          Fax: +44 (0) 121 695 5678
          Web site: http://www.deloitte.com


MEDICAL SICKNESS: Hires PricewaterhouseCoopers Liquidator
---------------------------------------------------------
At the extraordinary general meeting of Medical Sickness Limited
on April 26, 2005, the special and ordinary resolutions to wind
up the company were passed.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall Street,
Birmingham B3 2DT have been appointed joint liquidators of the
company.

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


MULTIPLE CONSTRUCTION: Names Administrator from Pridie Brewster
---------------------------------------------------------------
Hasan Mirza (IP No 1308) has been appointed administrator for
Multiple Construction Limited.  The appointment was made April
28, 2005.  The company supplies laborers to construction
industry.

CONTACT:  PRIDIE BREWSTER
          Carolyn House
          29-31 Greville Street
          London EC1N 8RB
          Phone: 020 7831 8821
          Fax: 020 7404 3069
          E-mail: hmirza@london.pridie-brewster.com


PATTERN EQUIPMENT: Business for Sale
------------------------------------
The joint administrators offer for sale the business and assets
of Pattern Equipment Company Limited as a going concern.

Features:

(a) Over GBP3.5 million in turnover;

(b) Established business, incorporated in 1949;

(c) Good order book;

(d) Blue chip customer base;

(e) Extensive CAD Tooling design facility; and

(f) Freehold premises in Oadby, Leicester.

CONTACT:  PKF
          Pannell House
          159 Charles St
          Leicester LE1 1LD
          Phone: 0116 2504400
          Fax: 0116 2854651
          E-mail: info.leicester@uk.pkf.com
          Web site: http://www.pkf.co.uk


PLANIT KITCHENS: Calls in Administrator from Houghton Stone
-----------------------------------------------------------
Simon Thornton (IP No 9031) has been appointed administrator for
Planit Kitchens Limited.  The appointment was made April 27,
2005.  The company retails kitchens.

CONTACT:  HOUGHTON STONE BUSINESS RECOVERY
          The Conifers, Filton Road,
          Hambrook, Bristol BS16 1QG
          Phone: 0117 957 9009


PRESTON COLOUR: Hires DTE Leonard Curtis Administrator
------------------------------------------------------
A. Poxon and N. A. Bennett (IP Nos 8620, 9083) have been
appointed joint administrators for printing company Preston
Colour Limited.  The appointment was made April 29, 2005.  Its
registered office is located at 348-350 Lytham Road, Blackpool
FY4 1DW.

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


PURLHEATH LIMITED: Appoints McCabe Ford Williams Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of Purlheath Limited on May
3, 2005 held at Long Mill Farm, Long Mill Lane, Plaxtol,
Sevenoaks, Kent TN15 0RA, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Peter Roderick
Frowde of McCabe Ford Williams, Bank Chambers, 1 Central Avenue,
Sittingbourne, Kent ME10 4AE has been appointed liquidator of the
company.

CONTACT:  MCCABE FORD WILLIAMS
          Bank Chambers,
          1 Central Avenue,
          Sittingbourne, Kent ME10 4AE
          Phone: (01795) 479111
          Fax: (01795) 428810
          E-mail: sittingbourne@mfw.co.uk
          Web site: http://www.mfw.co.uk


QXL RICARDO: Bid from Israeli Group May be Forthcoming
------------------------------------------------------
Shares in online auction company QXL Ricardo rose Tuesday on
speculations it could be bought by a consortium of Israeli
investors.

Izaki Group has continued to buy shares in the firm.  From 16.5%
in early April it has brought its ownership to 22.3% this month.
According to Evening Standard, the group has indicated plans to
buy up 30% of the shares but has not yet decided whether to
launch a takeover.

The stake-building came just shortly after QXL rejected a GBP23.8
million bid from Dutch private-equity group.

Last month, QXL reported an operating loss (excluding exceptional
items and goodwill) of GBP368,000 for the year ended 31 March
2004, a 90% reduction from last year's GBP3.51 million.

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

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


REPSOL (UK): Liquidators from KPMG Move in
------------------------------------------
At the general meeting of Repsol (UK) Limited on April 28, 2005,
the special and ordinary resolutions to wind up the company were
passed.  John Paul Bateman and Mark Orton of KPMG LLP, 2 Cornwall
Street, Birmingham B3 2DL have been appointed joint liquidators
of the company.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham
          West Midlands B3 2DL
          Phone: 0121 232 3000
          Fax: 0121 232 3500


SYMPHONIX LIMITED: Administrators from Milner Boardman Move in
--------------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed administrators for Symphonix Limited.  The appointment
was made May 4, 2005.  Its registered office is located at
Mission Building, Stonehill, Huntingdon PE29 6EY.

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


TANBRYN LIMITED: Calls in Administrators from BDO Stoy Hayward
--------------------------------------------------------------
S. J. Parker and D. R. Beat (IP Nos 8989, 8161) have been
appointed administrators for Tanbryn Limited.  The appointment
was made April 26, 2005.

The company sells Web off-set printers.  Its registered office is
located at Unit 3B Galleywall Trading Estate, Galleywall Road,
London SE16 3PB.

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


TENPRIDE LIMITED: Hires Hart Shaw as Administrator
--------------------------------------------------
Andrew J. Maybery and Christopher J. Brown (IP Nos 5373, 8973)
have been appointed joint administrators for Tenpride Limited.
The appointment was made April 29, 2005.

The company rents property.  Its registered office is located at
29-33 Knifesmithgate, Chesterfield S40 1RL.

CONTACT:  HART SHAW
          Europa Link
          Sheffield Business Park
          Sheffield S9 1XU
          Phone: 0114 251 8850 or 01709 362001
          Fax: 0114 251 8851 or 01709 368590
          E-mails: chris.brown@hartshaw.co.uk
                   andrew.maybery@hartshaw.co.uk


TESCSEL LIMITED: Calls in Liquidator from KPMG
----------------------------------------------
At the general meeting of Tescsel Limited on April 28, 2005, the
special and ordinary resolutions to wind up the company were
passed.  Jeremy Simon Spratt and Finbarr Thomas O'Connell of KPMG
LLP, 8 Salisbury Square, London EC4Y 8BB have been appointed
joint liquidators of the company.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


TIME RESTAURANTS: Diner Calls in Administrator
----------------------------------------------
Andrew White and Susan Maund (IP Nos 8066, 8923) have been
appointed administrators for Time Restaurants Limited.  The
appointment was made April 29, 2005.  The company manages
restaurants.

CONTACT:  BAKER TILLY
          International House
          Queens Road, Brighton BN1 3XE
          Phone: 01273 223400
          Fax: 01273 223401
          Web site: http://www.bakertilly.co.uk


VISIONLINK PLUS: Cable TV Supplier Falls into Administration
------------------------------------------------------------
Nick O'Reilly and Simon Glyn (IP Nos 8309 and 9159) have been
appointed joint administrators for Visionlink Plus Ltd.  The
appointment was made April 6, 2005.  The company supplies CCTV
equipment to trade.

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


WHITELEY INSURANCE: Liquidators Sell Businesses
-----------------------------------------------
The joint provisional liquidators of Whiteley Insurance
Consultants, Dan Schwarzmann and Nicholas Reed from
PricewaterhouseCoopers, sold the travel insurance book of
Whiteley Insurance Consultants to Travel & General Insurance
Company plc.

They also announced the sale of the commercial insurance book of
Whiteley Insurance Consultants to Huddersfield-based WY Risk
Management Limited, part of Eastwood & Partners group of
insurance broking companies.

Insurance company Travel & General Insurance Company plc (tgic)
has taken on the travel insurance book of Halifax-based insurance
intermediaries Whiteley Insurance Consultants, also trading as
Kingfisher Travel Insurance and Kingfisher Insurance Services.
tgic will be contacting approximately 10,000 travel
policyholders, informing them of the news and their options.

Customers who require immediate assistance can call the dedicated
customer helpline on 0845 345 2487 or the 24-hour medical
emergency helpline on 01422 355553.

WY Risk Management Limited has purchased the commercial insurance
book of Whiteley Insurance Consultants, which issued policies in
respect of various commercial, household and motor insurance, and
has transferred four members of staff to the new business.
Approximately 1,500 policyholders will be contacted informing
them of the news and their options.

Dan Schwarzmann, Partner at PricewaterhouseCoopers, said: "My
team and I are delighted to be able to announce this news today
[May 11, 2005].  We are particularly pleased that we have been
able to negotiate such a swift sale of the two businesses.  We
would like to thank all parties who have contributed to this
successful outcome."

Samantha Callaghan, spokesperson for tgic, said: "tgic undertakes
to do its best for the many thousands of customers affected.  We
are liaising closely with PricewaterhouseCoopers to ensure that
alternative cover is arranged as speedily as possible."

Roger Underwood, Managing Director, WY Risk Management Limited,
said: "We are delighted to have completed this deal with
PricewaterhouseCoopers.  This was an ideal opportunity for us to
expand our local book of commercial business and at the same time
take on some highly experienced and qualified staff."

The liquidators have been working hard to determine the financial
position regarding claims and hope to be able to provide an
update within the next few weeks.  In the meantime, the
liquidators have been dealing with emergency cases and liaising
closely with the Financial Services Compensation Scheme (FSCS).

CONTACT:  WHITELEY INSURANCE CONSULTANTS
          Caroline Feltham
          Advisory PR Senior Manager
          Phone: 020 7212 3097
          Mobile: 07841 783907

          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


WY STEWART: Appoints Tom Harrison Insolvency Administrator
----------------------------------------------------------
Thomas Charles Edwin Harrison (IP No 8097) has been appointed WY
Stewart & Sons Limited.  The appointment was made May 3, 2005.

The company is a steel stockholder.  Its registered office is
located at Concourse House, 432 Dewsbury Road, Leeds LS11 7DF.

CONTACT:  TOM HARRISON INSOLVENCY SERVICES
          Concourse House
          432 Dewsbury Road
          Leeds, West Yorkshire LS11 7DF, UK
          Phone: 0800 0321 449
          Web site: http://www.this.uk.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
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Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
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Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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