TCREUR_Public/050517.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Tuesday, May 17, 2005, Vol. 6, No. 96

                            Headlines

C Z E C H   R E P U B L I C

PRIA: Ex-chairman Gets Six Years for Mismanagement


G E R M A N Y

AGB LACHNER: Court to Verify Claims Next Month
AKTUELLE EINRICHTUNGSSYSTEME: Under Bankruptcy Administration
BERATUNGSFORUM AG: Creditors Meeting Set July
BORGHORSTER WARPS: Cedes Control to Interim Administrator
CONCEPT - SPEDITION: Applies for Bankruptcy Proceedings

INTERWAITTV GMBH: Koln Court Appoints Administrator
KARSTADTQUELLE AG: Supervisory Board Chairman Replaces CEO
PAUL GEBAUDETECHNIK: Creditors' Claims Due Mid-June
SK LOGISTIC: Gives Creditors Until Next Month to File Claims
SOLUTIONLINE HOLDING: Last Day for Filing Claims June 9
THOMAS + EBERT: Frankfurt Court Appoints Administrator
UNGEFEHR BUROORGANISATION: Falls into Bankruptcy


I T A L Y

ALITALIA SPA: Cuts Net Loss to EUR134 Million in Q1
ALITALIA SPA: Inks Code-sharing Deal with Russia's Aeroflot
PARMALAT U.S.A.: Farmland Dairies Claims Reduced
PARMALAT U.S.A.: Milk Products Amends Schedules of Assets, Debt
TISCALI SPA: Net Debt Swells to EUR381.7 Mln in First Quarter


K Y R G Y Z S T A N

AELAM: Proofs of Claim Deadline Set First Week of July
ASHMARA: To Hold Public Auction Next Week
KITARIS: Gives Creditors Until Next Month to File Claims
KLAIV: Proofs of Claim Deadline Expires July
KYRGYZ-DAN-AZYK: Creditors' Claims Due July 6

MAIS: Sets Creditors Meeting Friday
SANIRABIGA: Last Day for Filing Claims July 6
SUUSAMYR: Gives Bidders Until Thursday to Submit Offers


N E T H E R L A N D S

KONINKLIJKE AHOLD: Closes Spanish Winery Stake Sale


N O R W A Y

PETROLEUM GEO-SERVICES: To Discuss Q1 Results Next Week


R U S S I A

AGRO-SERVICE: Under Bankruptcy Supervision
AVANGARD: Belgorod Court Appoints Insolvency Manager
GAS-BUILDER: Declared Insolvent
IMPEXBANK: Gets Short-term Rating of 'B' from Fitch
KRASNOKAMENSKOYE: Krasnoyarsk Court Names Insolvency Manager

METROMEDIA INTERNATIONAL: 10-K Filing Delayed Further
MODUS: Deadline for Proofs of Claim Set Next Month
OILER: Bankruptcy Proceedings Begin
PRISM: Under External Management Procedure
REGION-SERVICE: Succumbs to Bankruptcy

SHEKINSKAYA: Creditors Have Until June to File Claims
SYKTYVKARSKIY: Komi Courts Names I. Bobkov Insolvency Manager
YUKOS OIL: Fulbright Asks Court to Seal Distribution Motion
YUKOS OIL: Moscow Court Sustains Rosneft's RUB62.4 Billion Claim


S W E D E N

SKANDIA INSURANCE: In Buyout Discussions with Old Mutual


U N I T E D   K I N G D O M

ADVANTAGE VEHICLE: Hires Liquidator from Thorntonrones
A. GARNER: Members Call in Liquidator from Poppleton & Appleby
AIR CARE: Calls in Liquidator
AIRFLOW CHARITY: Hires Liquidator from Haines Watts
ANYKEY COMPUTER: Creditors to Convene Second Week of July

ASHLEYCARTER WHITEHEAD: Liquidator from Tenon Recovery Moves in
ATLANTIS VACATIONS: Creditors General Meeting Set Next Week
BAE SYSTEMS: Shareholders Agree to Buy U.S. Defense Firm
BANBURYS HOME: Appoints Buchanans Administrator
BEECH HOUSE: Hires Liquidator from Mistry Associates Ltd.

BENTLEY'S VEHICLE: Liquidator Takes over Operations
BONDROSE LTD.: Appoints S G Banister & Co Liquidator
BOOTS GROUP: Likely to Report 12% Drop in Profits
CALIGVLETTE RESTAURANTS: Members Pass Winding-up Resolution
CAR AND COMMERCIAL: Members Decide to Wind up Firm

CITY FABRICS: Members Call in Liquidators from Begbies Traynor
CONNEXIONS EUROPE: Members Call in Benedict Mackenzie Liquidator
COSTAIN GROUP: Seals Water Works Agreement with United Utilities
DIGNITY PLC: Exceeds Last Year's Revenues by GBP1.8 Million
DOMINION POWER: Calls Final Creditors Meeting

DSB SHOWTOURS: Creditors Meeting Set Next Week
EMERGENCY AND CONTRACT: Members Pass Winding-up Resolution
EQUITABLE LIFE: Sets Annual General Meeting Wednesday
FIRST CHOICE: Creditors Meeting Set June
FORTIFICATION HOLDINGS: Names Tait Walker Administrator

MELODYGOLD LTD.: Winding-up Report Out First Week of June
MISYS PLC: Signs IT Development Contract with Carole Nash
PASS FEES: Hires Liquidators from PricewaterhouseCoopers
PERHOW 6: Names Price and Co. Liquidator
PONTEFRACT PANEL: Hires Administrators from Tait Walker

RDS AUTOMOTIVE: Calls in Administrator from Till Morris
R H BECKFORD: Names Gibson Hewitt & Co. Liquidator
ROBERT WISEMAN: Profit Down on Major Contract Losses
S T & M PROPERTIES: Liquidators from Begbies Traynor Move in
TAMARA D: Restaurant Falls into Administration

TCS (NE): Administrators from Tait Walker Move in
TELEWEST GLOBAL: Mulls Reformatting TV Service
TELEWEST GLOBAL: Offers GBP194 Million for sit-up ltd
WASHINGTON COACHWORKS: Repair Shop Calls in Administrator

* Large Companies with Insolvent Balance Sheets


                            *********


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


PRIA: Ex-chairman Gets Six Years for Mismanagement
--------------------------------------------------
The Brno regional court on Friday found Pria's former board
chairman Frantisek Zoubek and daughter Kamila Brezinova, a board
member, guilty of mismanagement.  Mr. Zoubek was sentenced to six
years imprisonment, while Ms. Brezinova was meted out three years
of suspended penalty.  They also have to pay a fine of CZK3
million.  Mr. Zoubek has to shell out the amount or face another
year in prison.

The court said the two made unjustified payments without the
knowledge of other managers between 1999 and 2000, including some
CZK10.5 million for reviews of some estate.  They also invested
millions of crowns in a plot owned by Mr. Zoubek's wife, in Brno,
where it had its center.  Five years ago they also hired a public
relations firm, which was promised annual royalties of CZK1.4
million.

"The credit union paid the installments four years in advance
without any reasonable deliberation," Judge Ivo Zummer said.

According to the judge, the mismanagement cost Pria CZK23.3
million.  Both defendants pleaded not guilty, and immediately
appealed, saying the verdict was unfair.

"It is a political trial on order," Mr. Zoubek told Czech
Happenings.  He said he would issue a statement on the trial at
http://www.intercity.cz.

During its heyday, Pria was among the country's biggest credit
unions. It had 4,000 clients and CZK300 million in managed
deposits.  It fell into forced administration in Jan. 2000 and
lost its license in mid-2002, during which an interim receiver
was appointed.  The court declared it bankrupt last year.


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


AGB LACHNER: Court to Verify Claims Next Month
----------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against AGB Lachner Anlagen und Geratebau KG on April 19.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 20, 2005 to
register their claims with court-appointed provisional
administrator Dr. Jobst Wiesner.

Creditors and other interested parties are encouraged to attend
the meeting on June 14, 2005, 8:35 a.m. at the district court of
Augsburg, Justizgebaude, Sitzungssaal 162/I. Stock, Am Alten
Einlass 1, 86150 Augsburg, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  AGB LACHNER ANLAGEN UND GERATEBAU KG
          Kanalstr. 1, 86415 Mering, HRA 12759, AG Augsburg
          Contact:
          Lachner Maria, Manager

          Dr. Jobst Wiesner, Administrator
          Fuggerstr. 16, 86150 Augsburg


AKTUELLE EINRICHTUNGSSYSTEME: Under Bankruptcy Administration
-------------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Aktuelle Einrichtungssysteme Bastian und
Partner GmbH on April 14.  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. Holger Lessing.

Creditors and other interested parties are encouraged to attend
the meeting on July 18, 2005, 8:45 a.m. at the district court of
Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  AKTUELLE EINRICHTUNGSSYSTEME BASTIAN UND PARTNER GMBH
          Max Planck Strasse 29, 61184 Karben
          Contact:
          Wolfgang Rothenburger, Manager
          Holger Wust, Manager

          Dr. Holger Lessing, Administrator
          Hanauer Landstrasse 287-289, D-60314
          Frankfurt am Main
          Phone: 069/15051300
          Fax: 069/15051400


BERATUNGSFORUM AG: Creditors Meeting Set July
---------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Beratungsforum AG on April 21.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 1, 2005 to register their claims with
court-appointed provisional administrator Nikolaus Gaede.

Creditors and other interested parties are encouraged to attend
the meeting on July 22, 2005, 9:00 a.m. at the district court of
Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass 1,
86150 Augsburg, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  BERATUNGSFORUM AG
          Donaustr. 103, 12043 Berlin, HRB 19877, Augsburg
          Contact:
          Jurgen Neininger, Manager

          Nikolaus Gaede, Administrator
          c/o Kanzlei Haarmann, Hemmelrath & Partner,
          Maximilianstr. 35, 80539 Munchen


BORGHORSTER WARPS: Cedes Control to Interim Administrator
---------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against Borghorster Warps-Spinnerei GmbH & Co.KG on May 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 27, 2005 to
register their claims with court-appointed provisional
administrator Dr. Norbert Kupper.

Creditors and other interested parties are encouraged to attend
the meeting on July 18, 2005, 9:00 a.m. at the district court of
Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster, EG, Saal 13 B at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  BORGHORSTER WARPS-SPINNEREI-BETEILIGUNGS GMBH
          Gantenstrasse 4, 48565 Steinfurt
          Contact:
          Rainer Zenner, Manager
          Gantenstrasse 4, 48565 Steinfurt
          Manfred Kroger, Manager
          Gantenstrasse 4, 48565 Steinfurt

          Dr. Norbert Kuepper
          Paderborner Str. 11, 33415 Verl
          Phone: 05246/9275-0
          Fax: +495246927511


CONCEPT - SPEDITION: Applies for Bankruptcy Proceedings
-------------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against Concept - Spedition und Logistik GmbH on May 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 22, 2005 to
register their claims with court-appointed provisional
administrator Norbert Kruse.

Creditors and other interested parties are encouraged to attend
the meeting on July 13, 2005, 9:00 a.m. at the district court of
Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster, EG, Saal 13 B at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  CONCEPT - SPEDITION UND LOGISTIK GMBH
          St. Josef-Strasse 11, 49479 Ibbenbueren
          Contact:
          Klaus Scholz, Manager
          Kleiwiese 17, 48477 Horstel-Bevergern

          Norbert Kruse, Administrator
          Bonhoefferstr. 10, 48282 Emsdetten
          Phone: 02572/875-0
          Fax: +49257287533


INTERWAITTV GMBH: Koln Court Appoints Administrator
---------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
InterWaitTV GmbH on April 25.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 29, 2005 to register their claims with
court-appointed provisional administrator Dr. Sabine Feuerborn.

Creditors and other interested parties are encouraged to attend
the meeting on July 20, 2005, 10:15 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  INTERWAITTV GMBH
          Bonner Str. 528-530, 50968 Koln
          Contact:
          Peter Wahler, Manager
          Engelbertstrasse 57, 50674 Koln
          Joachim Deinert, Manager
          Nassestr. 34, 50939 Koln

          Dr. Sabine Feuerborn, Administrator
          Else-Lang-Str. 1, 50858 Koln
          Phone: 285 547-0
          Fax: +4922128554729


KARSTADTQUELLE AG: Supervisory Board Chairman Replaces CEO
----------------------------------------------------------
At KarstadtQuelle AG's extraordinary meeting on Thursday, the
Supervisory Board appointed Chairman Dr. Thomas Middelhoff Chief
Executive Officer.  His successor as Chairman of the Supervisory
Board will be Hero Brahms, member of the Supervisory Board and
former Chief Financial Officer and member of the Management Board
of Linde AG.

KarstadtQuelle's Chief Financial Officer Harald Pinger will take
on additional responsibility for running the Mail Order business.
Arwed Fischer, up to now board member in charge of the Mail Order
business, will leave the company.  These changes are effective
May 12, 2005.

The Supervisory Board also welcomed to the proposal of Dr. Thomas
Middelhoff, to substantially reduce the complexity of the
management structure of the entire KarstadtQuelle Group,
streamline the structure and thus accelerate planning and
implementation and create a more efficient organization.

"The new management structure will allow significantly shorter
and more direct decision taking, will require significant
entrepreneurial decision taking in customer-facing areas, and
will create a more powerful and service-oriented organization
overall," said Mr. Middelhoff.

"My first task will be to implement the new structure that will
allow us to accelerate the re-alignment of our company.  As far
as costs and divestments are concerned, the overall turnaround is
progressing according to plan.  Now, our prime focus will be more
than ever on sales generation.

"The new organizational structure will give us additional
momentum.  A further focus will be on Mail Order -- particularly
Quelle -- with which we continue to be particularly dissatisfied.
Under the responsibility of Harald Pinger, this area will be
brought back on track," he said.

"In view of the scale of the problems in Mail Order we had to act
quickly, and I am very pleased that Thomas Middelhoff has
followed our request, as he was our preferred candidate right
from the outset," said the new Chairman of the Supervisory Board,
Hero Brahms.  "Continuing to search for an external candidate
would have meant losing more time -- something we cannot afford."

At the beginning of April, Dr. Christoph Achenbach, Chief
Executive since June 2004 and previously responsible for Mail
Order, resigned.

Core of the streamlining of the management structure will be the
conversion of the joint stock companies below the KarstadtQuelle
Group management company into limited companies.  This will
significantly simplify planning and coordination across the Group
and will result in shorter reporting lines between Group
management and the operational divisions.  These operational
units will in future report directly to the Group Holding
company.  The new structure is expected to be fully implemented
as quickly as possible.

Earlier on Thursday, KarstadtQuelle Group published its interim
financial statement for the first quarter 2005.  Over this
period, earnings declined compared to last year but were above
plan.  Sales (on a comparable basis) were down by 8.4% to EUR2.97
billion, with the German Mail Order business under particular
pressure.  The company reported adjusted EBITDA of around EUR73
million, which is EUR14 million better than the Group's plans.

Cost cutting measures are showing first results, and Group
financing is secured.  KarstadtQuelle confirmed its earlier 2005
earnings forecast of adjusted EBITDA in excess of EUR500 million.

CONTACT:  KARSTADTQUELLE AG
          Media Contact:
          Jorg Howe
          Head of Corporate Communications
          Phone: + 49 (0) 201/727-25 38
          Fax: + 49 (0) 201/727-37 09
          E-mail: joerg.howe@karstadtquelle.com


PAUL GEBAUDETECHNIK: Creditors' Claims Due Mid-June
---------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against Paul Gebaudetechnik GmbH on April 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 15, 2005 to register their
claims with court-appointed provisional administrator Friedrich
Seggebruch.

Creditors and other interested parties are encouraged to attend
the meeting on July 13, 2005, 11:30 a.m. at the district court of
Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004 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:  PAUL GEBAUDETECHNIK GMBH
          Ernst-Thalmann-Strasse 11, 14651 Nauen OT Wachow
          Contact:
          Joachim Paul, Manager

          Friedrich Seggebruch, Administrator
          Damaschkestrasse 21, 10711 Berlin


SK LOGISTIC: Gives Creditors Until Next Month to File Claims
------------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against SK Logistic Speditionsgesellschaft mbH on April 28.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 15, 2005 to
register their claims with court-appointed provisional
administrator Dr. Friedrich Seggebruch.

Creditors and other interested parties are encouraged to attend
the meeting on July 13, 2005, 11:45 a.m. at the district court of
Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004 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:  SK LOGISTIC SPEDITIONSGESELLSCHAFT MBH
          An den Schraan 10 B, 14641 Wustermark OT Priort
          Contact:
          Thomas Kuehl, Manager

          Dr. Friedrich Seggebruch, Administrator
          Damaschkestrasse 21, 10711 Berlin


SOLUTIONLINE HOLDING: Last Day for Filing Claims June 9
-------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Solutionline Holding GmbH on April 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 9, 2005 to register their
claims with court-appointed provisional administrator Hans-Achim
Ernst.

Creditors and other interested parties are encouraged to attend
the meeting on June 30, 2005, 9:45 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  SOLUTIONLINE HOLDING GMBH
          Heidestr. 50, 32051 Herford
          Contact:
          Volker Aring, Manager
          Michael Schoneberg, Manager

          Hans-Achim Ernst, Administrator
          Bunsenstr. 3, 32052 Herford


THOMAS + EBERT: Frankfurt Court Appoints Administrator
------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Thomas + Ebert GmbH on April 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 2, 2005 to
register their claims with court-appointed provisional
administrator Dr. Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting on July 12, 2005, 8:30 a.m. at the district court of
Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  THOMAS + EBERT GMBH
          Durkheimerstrasse 54-56, 65934 Frankfurt am Main
          Contact:
          Martin Georg Ebert, Manager
          Langer Weg 19-21, 60489 Frankfurt am Main
          Reinold Ernst Thomas, Manager
          Durkheimerstrasse 54-56, 65934 Frankfurt am Main

          Dr. Jan Markus Plathner, Administrator
          Lyoner Strasse 14, 60528 Frankfurt am Main
          Phone: 069/9623340
          Fax: 069/96233422


UNGEFEHR BUROORGANISATION: Falls into Bankruptcy
------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Ungefehr Buroorganisation GmbH & Co KG on
April 15.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until May
25, 2005 to register their claims with court-appointed
provisional administrator Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting on June 28, 2005, 9:00 a.m. at the district court of
Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  UNGEFEHR BUROORGANISATION GMBH & CO KG
          Schweinfurter Weg 61, 60599 Frankfurt am Main
          Contact:
          Yves Marc Ungefehr, Manager

          Ulrike Hoge-Peters, Administrator
          Cronstettenstrasse 30, D-60322 Frankfurt am Main
          Phone: 069/9591100
          Fax: 069/959110-12


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


ALITALIA SPA: Cuts Net Loss to EUR134 Million in Q1
---------------------------------------------------
Alitalia S.p.A. reduced net loss by more than a third in the
first quarter, proof that its restructuring efforts are paying
off.

Despite high fuel cost, Alitalia narrowed net loss to EUR134
million (US$170 million) down from EUR206 million in the same
period a year earlier.

"The first significant recoveries obtained in downsizing costs .
. . even outweighed the heavy impact of climbing fuel prices,"
Alitalia said in a statement.

Operating loss was lower at EUR120 million (US$152.2 million)
versus EUR190 million (US$240.9 million) in the comparable
period.  Revenues rose 8.0% to EUR963 million (US$1.11 billion)
from EUR890 million in the first quarter of 2004.

Alitalia is planning a EUR1.2 billion capital increase.  Proceeds
of the transaction will be used to finance its restructuring,
which aims to return the airline to breakeven by 2006.  Last
month, it said it had already used up all its EUR400 million
bridging loan.

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


ALITALIA SPA: Inks Code-sharing Deal with Russia's Aeroflot
-----------------------------------------------------------
Troubled national carrier Alitalia has forged a code-sharing
agreement with Russian flag carrier Aeroflot, Reuters says.

The agreement, which would take effect on June 1, allows both
carriers to sell 125 economy and 16 business seats in each
other's flights a week.  Eventually, the two hope to switch to
unrestricted sales of each other's tickets.  In a statement, Aero
flot said the code-sharing deal covers four Moscow-to-Milan
flights and three Milan-to-Moscow flights a week.

The deal brings Aeroflot a step closer to becoming a member of
the Sky Team alliance, which already has Air France, Delta,
Korean Air and Alitalia.  Aeroflot hopes to clinch full
membership into the alliance early next year.

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

          AEROFLOT RUSSIAN AIRLINES JSC
          Leningradsky Prospect 37, Bldg. 9
          125167 Moscow, Russia
          Phone: +7-095-155-6643
          Fax: +7-095-155-6647
          Web site: http://www.aeroflot.ru


PARMALAT U.S.A.: Farmland Dairies Claims Reduced
------------------------------------------------
Farmland Dairies LLC amends Schedule F in its Schedules of Assets
and Liabilities to report a reduction of 16 scheduled claims.
Farmland also schedules 24 insurance claims, each for $0.

Farmland estimates its total liabilities to be $25,995,223,
consisting of:

          Type of Claim                          Amount
          -------------                          ------
          Long-Term Debt                       $142,129
          Deposits Payable                   $1,168,572
          Accounts Payable                  $13,525,300
          Intercompany Liabilities           $9,512,302
          Litigation Claims                Undetermined
          Other Liabilities                  $1,646,920
          Insurance Claims                 Undetermined

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

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


PARMALAT U.S.A.: Milk Products Amends Schedules of Assets, Debt
---------------------------------------------------------------
Milk Products of Alabama LLC estimates that it has a US$2,196
accounts payable to Anderson Chemical Company.  Milk Products
amends Schedule F in its Schedules of Assets and Liabilities to
reflect the claim.

Milk Products estimates its total scheduled liabilities to be
US$7,024,014, consisting of:

          Type of Claim                          Amount
          -------------                          ------
          Accounts Payable                   $1,021,587
          Intercompany Liabilities           $6,002,427
          Litigation Claims                Undetermined

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

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


TISCALI SPA: Net Debt Swells to EUR381.7 Mln in First Quarter
-------------------------------------------------------------
The Board of Directors of Tiscali S.p.A. confirmed Ruud Huisman
as CEO of the Group and appointed Vittorio Serafino Chairman of
the Board.

First-quarter 2005 results were in line with the forecasts set
out in the 2005-2007 business plan, which was announced a few
weeks ago.  The focus on growth in broadband and related
value-added services in four countries (Italy, Germany, the
Netherlands and the U.K.) has already produced clear improvements
in profitability.  The analysis of pro-forma results, on the same
perimeter as the 2005-2007 business plan, shows that the gross
margin improved from 48% in 1Q04 to 51% in 1Q05, while the EBITDA
margin expanded from 9% to 15% over the same period (EBITDA was
13.3 million in 1Q04, and EUR25 million in 1Q05).

At the end of the first quarter of 2005, the Tiscali had 150,000
ADSL additional subscribers in the countries included in the
business plan compared with end-2004, taking the total number of
ADSL customers to over 1.2 million (pro-forma).

The growing profitability of investment activities, in line with
the business plan, and other measures currently being implemented
(such as the sale of the Spanish subsidiary and network
infrastructure of TiNet), will enable Tiscali to complete its
financial program aimed at the repayment of outstanding debt and
at supporting further growth.

Revenues and Gross Profit

Tiscali Group revenues totaled EUR239.7 million in the first
quarter of 2005.  Pro forma revenues were up 11% vs. 1Q04, at
EUR171.6 million.  At March 31, 2005, the Group had 1.2 million
ADSL customers (pro-forma), compared with around 1 million at
December 31, 2004 -- an increase of over 150,000 (+20%).  This
increase was mainly achieved in the U.K. thanks to Tiscali's
competitive offers.  The U.K. market is expanding rapidly, and
therefore offers excellent prospects over the next few months.

The number of active users totaled 5.2 million (pro forma) at the
end of the quarter, of which 4 million were dial-up users.  The
decrease in the dial-up user base compared with the previous
quarter reflects the smaller structure of the Group, as well as
user migration to ADSL, in line with the Group's strategy of
promoting broadband services -- particularly in unbundled mode.
By the end of March, around 235,000 ADSL customers were receiving
unbundled services.

With the launch of commercial offers aimed at increasing the
take-up of double play (voice and data) services, already
available in the Netherlands, the U.K. and Germany, highly
competitive access packages in the U.K. and Italy, and the
imminent launch of additional services and content, we expect an
increasing number of customers to receive unbundled, rather than
wholesale services.  In May double play services have been
launched also in Italy.  Access revenues came in at EUR178.0
million in 1Q05: the dial-up business contributed EUR85.5
million, which was exceeded by ADSL revenues, at EUR92.5 million.

The pro-forma figure rose by 17% versus 1Q04, from EUR109.4
million to EUR127.9 million (75% of total revenues), and by 2%
versus the previous quarter (EUR125.4 million).  In detail, ADSL
revenues totaled EUR65.8 million (51% of access revenues) in the
quarter, almost double the EUR36.9 million (34% of access
revenues) recorded in 1Q04, and 7% ahead of the EUR61.7 million
(49% of access revenues) reported the previous quarter.  Dial-up
revenues totaled EUR62.1 million (49% of access revenues),
reflecting the increasing contribution of ADSL and the marked
change in the access revenue mix.

Revenues from voice services for 1Q05 were EUR30.3 million.  The
pro-forma figure, EUR21.5 million (13% of total revenues), was
down 11% versus 1Q04, and down 6% compared with the previous
quarter.  This decline was due to a refocus of the offer of
traditional voice services in favor of VoIP services, which are
more profitable.  Revenues from business services for 1Q05 were
EUR19.8 million.  The pro-forma figure was EUR13.9 million (8% of
revenues), a 6% increase versus 1Q04 (EUR13.1 million), and a 3%
advance on the previous quarter (EUR13.5 million).

Note that for the first quarter of 2005, the business services
division only reported revenues from business services, such as
housing, hosting, domain names and leased lines.  Therefore, it
does not include revenues from providing access services to the
corporate sector (these are now included under access revenues).
Portal (Media & VAS) revenues for 1Q05 were EUR9.6 million.  The
pro-forma figure, EUR6.3 million (4% of total revenues), was down
1% versus 1Q04, and down 25% compared with the previous quarter.
This performance was due to the seasonal factors that typically
affect the first quarter of the year.  An increasing focus on
valued added services (VAS) has contributed to the increase at
gross margin YoY (69% vs. 50%).

In the first quarter of 2005, gross profit was EUR106.8 million.
The pro-forma figure stood at EUR86.6 million (gross margin:
51%), up 16% versus 1Q04 (EUR74.4 million, 48% of revenues), and
4% ahead of the previous quarter (EUR83.6 million).

The substantial improvement in both the gross profit and gross
margin, related directly to the decision to focus on markets
offering greater potential for value creation, and to the
implementation of the network unbundling strategy, which will
mean that a significant proportion of ADSL customers can
gradually be migrated to unbundled services.

Operating Performance

Operating costs stood at EUR85.5 million for the first quarter of
2005.  The pro forma figure was EUR61.6 million, broadly flat in
absolute terms versus 1Q04 (EUR61.0 million).  However, these
costs accounted for a smaller proportion of revenues, falling
from 40% in 1Q04, to 36% this time.  Compared with the previous
quarter (EUR55.9 million), operating costs were higher in
1Q05, and also increased as a proportion of revenues, from 33% to
36%.  This increase relates to the substantial amount spent on
marketing to support growth (see below), particularly in March
2005.  We underline that in a positive trend that shows an
increase in pro forma revenues, together with the Group's
efficiency improvement, general and personnel costs reduced.

Operating costs break down:

(a) First-quarter marketing costs totaled EUR32.6 million.  The
    pro-forma figure for 1Q05, EUR24 million (14% of revenues)
    was up 10% versus 1Q04 (EUR21.9 million; 14% of revenues),
    and 38% higher than in the previous quarter (EUR17.5
    million; 10% of revenues).  Most of the costs incurred over
    the quarter involved promoting ADSL services;

(b) Personnel costs were EUR35.1 million in the first quarter of
    the year.  The pro-forma figure of EUR27.3 million was
    broadly flat versus 1Q04 (EUR27.5 million), and 2% lower
    than in the previous quarter.  As a percentage of revenues,
    these costs fell from 18% in 1Q04 to 16% in 1Q05 (and were
    broadly unchanged from the previous quarter); and

(c) General and administrative costs were EUR17.8 million in the
    first quarter of the year.  The pro-forma figure for 1Q05,
    EUR10.3 million (6% of revenues) was up 11% versus 1Q04
    (EUR11.7 million; 8% of revenues), but down 3% versus
    the previous quarter (EUR10.7 million; 6% of revenues).

In the first quarter of 2005, EBITDA was EUR21.3 million.  The
pro-forma figure stood at EUR25.0 million, an 87% increase on
1Q04 (EUR13.3 million).  Over the same period, the EBITDA margin
expanded from 9% to 15%.  However, first-quarter EBITDA was 10%
lower than in the previous quarter (EUR27.7 million), since high
marketing costs pushed up overall operating costs.

Depreciation, amortization, provisions and write-downs totaled
EUR49.6 million, compared with EUR51.1 million in 1Q04.  The
decrease, which occurred despite higher investments, is
attributable to the deconsolidation of the companies sold in 2004
and in the first quarter of 2005.  Specifically, depreciation of
tangible assets totaled EUR22.3 million in the quarter, while
amortization of intangible assets was EUR22.4 million, of which
EUR10.6 million related to goodwill (consolidation difference).
Note that goodwill amortization was reported in 1Q05, because the
first quarter results were drawn up according to Italian
accounting principles.  International principles (IAS/IFRS) will
be adopted for the report on the first six months of 2005.

The loss at EBIT level was EUR28.3 million, versus losses of
EUR27.2 million in 1Q04 and EUR19.6 million in the previous
quarter.  The pro forma figure if goodwill amortization is
excluded, as per international accounting principles falls to
EUR5.4 million.

The group made a pre-tax loss (EBT) of EUR17.9 million in the
quarter, a 30% improvement on the loss of EUR52.1 million
reported in 1Q04.  This result benefited from extraordinary
income from the sale of subsidiaries in South Africa and Denmark
(some EUR25 million), or EUR8 million, stripping out goodwill
amortization.

Financial Position

Balance Sheets    March 31  March 31  March 31  December 12
                    2005      2005      2004       2004
Euro(000)

Current assets      600,631     600,631     601,782     598,299

Non-current assets  854,282     854,282   1,010,377     909,700

Total assets      1,454,913   1,454,913   1,612,159   1,507,999

Current liabilities 783,567     783,567     666,273     831,350

Long-term
   liabilities      370,292     370,292     570,088     360,877

Shareholders'
   equity           301,054     301,054      375,798    315,772

Total liabilities 1,454,913   1,454,913    1,612,159  1,507,999

Net Financial Position

At March 31, the Tiscali Group had financial resources of
EUR180.2 million, while net debt stood at EUR381.7 million.  The
table shows the Group's cash and debt position at March 31, 2005,
and at December 31, 2004.  Notably "other financial assets" fell
versus December 31, 2004.  The proceeds from the sale of
non-strategic assets (around EUR47 million) are also included.

EUR million                      Dec 31, 2004     Mar 31, 2005

Cash                                    128.4            112.3

Other financial assets                   75.8             67.9

Escrow account                           25.8             27.7

Tax receivables and other assets         49.9             40.2

Total cash and other financial assets   204.2            180.2

FRNs 2005                               250.0            250.0

Convertible bond 2006                   209.5            209.5

Other                                     0.4              -

Total bonds                             459.9            459.5

Long-term loans                          36.5             46.0

Bank overdrafts and S/T credit lines     25.7             19.1

Total bank debt                          62.2             65.1

Leasing                                  41.7             37.2

Total financial debt                    563.8            561.8

Net Debt                                359.6            381.7

The Tiscali Group increased its net debt by EUR22 million in the
first quarter of 2005.  This figure takes into account proceeds
from the sale of the Danish subsidiary (EUR17 million), and part
of the proceeds from the sale of the South African subsidiary
(EUR30 million).  In addition, the cash position of the
subsidiaries sold came to around EUR10 million.  First-quarter
investment totaled around EUR32 million.  Financial charges of
EUR8.9 million were broadly unchanged from both 1Q04 and 4Q04.

Antitrust Authority Approves Sale of South African Subsidiary

On January 17, 2005 the South African competition regulator
approved the sale of the Group's South African subsidiary Tiscali
Pty Limited to MBWEB Holdings (Pty), as announced on August 20,
2004, for a total of around EUR40 million.  On January 12, the
regulator also gave the green light for the sale of Tiscali's
South African mobile telephone operations to Vodacom Service
Provider Company Ltd., as announced on
October 19, 2004, for EUR5.3 million.  As of March 31, 2005,
payments totaling EUR30 million had been received in respect of
these disposals.  All outstanding amounts will be received during
the second quarter of 2005.

Sale of the Danish subsidiary

On February 1, 2005 Tiscali sold its Danish subsidiary, Tiscali
Denmark A/S, to Tele2 A/S, a Danish company belonging to the
Tele2 AB Group.

Sale of Liberty Surf Group: Capital Gain of EUR150 Million

On April 5, 2005, an agreement was reached on the sale of the
French subsidiary (Liberty Surf Group).  The value of the
transaction totaled EUR280 million.  Tiscali will receive EUR266
million for the stake it owns directly, with 90% to be paid at
closing.  Liberty Surf posted revenues of EUR224.6 million in
2004 and has over 1 million active users.  At EBITDA level, the
company more or less broke even.  The completion of the
transaction is dependent on obtaining the green light from
France's competition regulator, who is expected to announce a
decision in the second quarter 2005.  The sale of the French
subsidiary will deliver a capital gain for the Group of around
EUR150 million due to the difference between the sale price and
the book value of the shareholders' equity of Liberty Surf in
Tiscali's consolidated accounts, including goodwill.

As part of the plan to dispose of non-strategic assets and to
focus on the main markets offering the greatest potential for
creating value, the Tiscali Group is in the process of selling
its Spanish operations, TiNet Link and Excite, and expects to
complete these transactions in the second quarter of 2005.
Transition to IAS/IFRS Tiscali set up a working group with a
diverse range of skills (accounting, operation control, operating
systems, information systems) to assess the effects of the
introduction of IAS/IFRS at group level.  This assessment and
diagnosis phase, which was intended to identify the areas
concerned with the change in accounting principles and any
modification of the information systems and data flows, ended in
2004.  In this respect, the analysis did not reveal any
significant issue and/or critical aspect in terms of the
transition to IAS/IFRS.

Also in 2004, the necessary procedures were implemented to
"restate" the consolidated financial statements as of and for the
year ended December 31, 2003 (as the opening balance sheet of the
first comparative period will be as of 1 January 2004) and 2004.
In accordance with CONSOB's consultation document, plans for the
transition to IAS/IFRS call for the preparation of the accounts
for the first quarter of 2005 according to accounting policies
consistent with previous GAAP and the preparation of the
half-yearly accounts as of 30 June 2005 on the basis of
accounting policies consistent with IAS/IFRS.

For 2005, the business plan includes the achievement of the these
objectives:

(a) Revenues of over EUR800 million, an increase of more than
    20% vs. 2004 over the same perimeter, to be recorded mainly
    in access (ADSL) and business services;

(b) EBITDA of over EUR100 million;

(c) More than 1.8 million ADSL users, with 30% receiving
    unbundled services; and

(d) Capex at 12% of revenues.

CONTACT:  TISCALI S.p.A.
          Sa Illetta
          09122 Cagliari
          Phone: +39 02 309011
          E-mail: ir@tiscali.com
          Web site: http://www.tiscali.com


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


AELAM: Proofs of Claim Deadline Set First Week of July
------------------------------------------------------
AELAM, which recently became insolvent, will accept proofs of
claim at Bishkek, Volgogradski Str. 71/36 until July 6, 2005.
For more information, call (0-312) 69-44-27.


ASHMARA: To Hold Public Auction Next Week
-----------------------------------------
The bidding organizer and insolvency manager of Agricultural
Cooperative Ashmara will sell its property on May 24, 2005, 11:00
a.m. at Chaldovar, Agricultural Cooperative Ashmara.  For sale
are 47 lots of vehicles, facilities, agricultural and technical
equipment and buildings.

To participate, bidders are required to deposit an amount
equivalent to 10% of the starting price to the cashier of
Ashmara.  Bidding documents must be submitted on or before May
23, 2005.  For more information, call (0-502) 50-37-13 or
57-70-55.


KITARIS: Gives Creditors Until Next Month to File Claims
--------------------------------------------------------
LLC KITARIS, which recently became insolvent, will accept proofs
of claim until June 6, 2005.  For more information, call (0-312)
65-89-08 or (0-502) 32-55-56.


KLAIV: Proofs of Claim Deadline Expires July
--------------------------------------------
LLC Klaiv, which recently became insolvent, will accept proofs of
claim until July 6, 2005.  For more information, call (0-502)
30-23-94.


KYRGYZ-DAN-AZYK: Creditors' Claims Due July 6
---------------------------------------------
JSC Kyrgyz-Dan-Azyk, which recently became insolvent, will accept
proofs of claim until July 6, 2005.

CONTACT:  KYRGYZ-DAN-AZYK
          Bishkek, Kievskaya Str. 120


MAIS: Sets Creditors Meeting Friday
-----------------------------------
The court commenced bankruptcy supervision procedure on Mais on
May 4, 2005 after finding the agricultural farm insolvent.
Mr. Jumabek Ashyrakmatov has been appointed temporary insolvency
manager.  Creditors will meet at Bishkek, Chui Avenue 265,
Science Academy Building, Room 352 on May 20, 2005, 2:00 p.m.

Creditors must submit their proofs of claim and register with the
temporary insolvency manager seven days prior to the meeting.
Proxies must have authorization to vote.

CONTACT:  Mr. Jumabek Ashyrakmatov
          Temporary Insolvency Manager
          Phone: (0-312) 64-10-93


SANIRABIGA: Last Day for Filing Claims July 6
---------------------------------------------
LLC Sanirabiga, which recently became insolvent, will accept
proofs of claim until July 6, 2005.

CONTACT:  SANIRABIGA
          Bishkek, Gorki Str. 142


SUUSAMYR: Gives Bidders Until Thursday to Submit Offers
-------------------------------------------------------
The bidding organizer and insolvency manager of Agricultural Farm
Suusamyr will sell its property on May 20, 2005, 11:00 a.m. at
Jaiyl district, Suusamyr, Local Government Building.  For sale
are 99 lots of assorted equipment and cars.

To participate, bidders are required to deposit an amount
equivalent to 10% of the starting price to the cashier of
Agricultural Farm Suusamyr.  Bidding documents are accepted daily
except weekend from 9:00 a.m. to 5:00 p.m. until May 19, 2005.
For more information, call, (0-312) 43-19-86.


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


KONINKLIJKE AHOLD: Closes Spanish Winery Stake Sale
---------------------------------------------------
Koninklijke Ahold said Friday it has successfully completed the
sale of its 50% interest in Bodegas Williams & Humbert, S.A. (W&H
and formerly known as Luis Paez, S.A.) to an entity controlled by
the Medina family, that holds the remaining 50% stake in W&H.
The transaction amount was not disclosed.

W&H is a winery based in the Spanish city of Jerez de la
Frontera.  The main focus of the business of this company is the
production and distribution of beverages under several brand
names.  In 1979, Ahold became a 50% partner in Luis Paez.  In
1995, Luis Paez obtained full ownership of Williams & Humbert, a
prominent sherry bodega.

The divestment of the stake in W&H is part of Ahold's strategy to
optimize its portfolio and to strengthen its financial position
by reducing debt.

CONTACT:  KONINKLIJKE AHOLD
          Corporate Communications
          Phone: +31 (0)75 - 659 5720


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


PETROLEUM GEO-SERVICES: To Discuss Q1 Results Next Week
-------------------------------------------------------
Petroleum Geo-Services A.S.A. will release its 2005 first quarter
financial results on Tuesday, May 24, 2005.  The results will be
released at approximately 8:00 a.m. Central European Time (CET).

A presentation has been scheduled the same day at 9:00 a.m. (CET)
at PGS' Headquarters at Lysaker Norway.  A Web cast and
conference call have also been scheduled the same day at 2:00
p.m. CET (8:00 a.m. ET), to discuss PGS' first quarter results.
The contact details for this service are detailed below.

As previously announced, the release and the slide presentation
will be based on U.S. GAAP.

The news release concerning the 2005 first quarter financial
results and a corresponding slide presentation will be posted at
http://www.pgs.com. Interested parties can listen to the
conference call and management's remarks to the slide
presentation over the Internet or by telephone.

To participate on the simulcast of the conference call over the
Internet, visit http://www.pgs.com,at least 15 minutes early, to
register and to download and install any necessary audio
software.

Alternatively, to access the live broadcast of the conference
call by telephone, please dial-in at these numbers, corresponding
to your location:

Location                               Dial-In Number

U.S. and Canada (Toll-Free):           +1 866-238-0638

International (Toll-Free)[**]:         +00 800 4363 7976

International (Toll):                  +1 703-639-1157

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
** Participants dialing in from Finland (990), Australia (0011),
Hong Kong (001), Japan (001), Korea (002), Singapore (001), or
Thailand (001) should use the designated International Access
Code (+) specified here in place of (00).

The telephone will be open for questions at the conclusion of
management's remarks.

For those that cannot listen to the live conference call, a
replay of the Web cast will be made available at
http://www.pgs.com. Alternatively, a digital reply will be
available shortly after the conclusion of the conference call,
through Friday, June 3, 2005 at +1 888-266-2081 (U.S. and Canada
Toll Free) or +1 703-925-2533 (International Toll).  Reference
Access Code 700134.

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

                            *   *   *

Earlier this month, Standard & Poor's Ratings Services assigned
its 'B+' rating and its 'B+' senior unsecured rating to Petroleum
Geo-Services.  The outlook is stable.

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

          U.S. Investor Services,
          Renee Sixkiller
          Phone: +1 281 509 8548


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


AGRO-SERVICE: Under Bankruptcy Supervision
------------------------------------------
The Arbitration Court of Sakha republic (Yakutiya) has commenced
bankruptcy supervision procedure on state unitary enterprise
Agro-Service.  The case is docketed as A58-872/2005.  Mr. V.
Popov has been appointed temporary insolvency manager.  Creditors
may submit their proofs of claim to 677000, Russia, Sakha
republic (Yakutiya), Yakutsk, Kurasheva Str. 28, Room 216.

CONTACT:  AGRO-SERVICE
          677000, Russia, Sakha republic (Yakutiya),
          Yakutsk, Kurasheva Str. 28/1

          Mr. V. Popov
          Temporary Insolvency Manager
          677000, Russia, Sakha republic (Yakutiya),
          Yakutsk, Kurasheva Str. 28, Room 2


AVANGARD: Belgorod Court Appoints Insolvency Manager
----------------------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
supervision procedure on close joint stock company Avangard (TIN
3127007108).  The case is docketed as A08-975/05-11.  Mr. Y.
Shevchenko has been appointed temporary insolvency manager.

Creditors have until June 9, 2005 to submit their proofs of claim
to Russia, Belgorod, Preobrazhenskaya Str. 132-28.  A hearing
will take place on July 18, 2005.

CONTACT:  AVANGARD
          309000, Russia, Belgorod region,
          Gubkinskiy region, Gubkin, Belgorodskaya Str. 333

          Mr. Y. Shevchenko
          Temporary Insolvency Manager
          Russia, Belgorod region,
          Preobrazhenskaya Str. 132-28
          Phone: (0722) 32-16-96, 36-45-68


GAS-BUILDER: Declared Insolvent
-------------------------------
The Arbitration Court of Orel region commenced bankruptcy
proceedings against Gas-Builder after finding the limited
liability company insolvent.  The case is docketed as
A48-131/98-144/kb-13.  Mr. B. Latyshev has been appointed
insolvency manager.  Creditors have until June 9, 2005 to submit
their proofs of claim to 302043, Russia, Orel, Kromskoy Proezd,
2, room 4-10.

CONTACT:  GAS-BUILDER
          Russia, Orel region, Dmitovsk

          Mr. B. Latyshev
          Insolvency Manager
          302043, Russia, Orel region,
          Kromskoy Proezd, 2, Room 4-10
          Phone: (0862) 72-41-22


IMPEXBANK: Gets Short-term Rating of 'B' from Fitch
---------------------------------------------------
Fitch Ratings assigned Russia's Impexbank ratings of Long-term
'B-', Short-term 'B', Individual 'D/E' and Support '5'.  The
Outlook is Stable.

The Long-term, Short-term and Individual ratings reflect Impex's
modest capitalization and performance, the high borrower and
sector risk concentrations in the loan book, the risks inherent
in the bank's rapid loan growth, potentially vulnerable liquidity
and certain weaknesses in the Russian operating environment.
However, the ratings also consider Impex's good asset quality to
date, the reduction in its related-party exposures and the bank's
growing franchise, in particular in the retail sector.

Impex's equity/assets ratio was a modest 8.8% at end-2004, with
the total capital ratio a low 8.1% (although the latter would
have been 9.6% if a zero risk weighting had been applied to a
large holding of Gazprom equity, on which the bank did not bear
any market risk).  The issuance in 1Q05 of RUB650 million of
subordinated debt (which is expected to be converted into equity
in Q305) has supported the bank's capitalization, but target
ratios of 10% for equity/assets and 12% for total capital are on
the low side for the Russian market.

Return on average assets improved to 1.5% in 2004 from 1.2% in
2003, but performance has been supported by securities trading
gains, equal to 112% of pre-tax profit in 2004 (2003: 98%), and
mainly coming from equity securities.  Interest income generation
has been constrained by the relatively low loans/assets ratio,
but fee income is strong.  The bank's high cost base (cost/assets
ratio of 7.2% in 2004) weighs significantly on performance.

The loan book grew by a rapid 65% in 2004, following a 79%
increase in 2003, and Impex targets a doubling of the portfolio
in 2005, driven by lending to retail customers and small and
medium-sized enterprises (SMEs).  Asset quality has been good to
date, but the ratio of loan loss reserves-to-total loans of 3.7%
is low.  Concentrations are high, with the top 20 exposures equal
to 219% of equity at end-2004.  Related-party exposures have
fallen, however, and by end-Q105 should have been below 20% of
equity.

Funding is drawn mainly from customer accounts (65% of total
liabilities at end-2004). However, about 90% of these were
effectively demand funding (i.e. current accounts or retail term
deposits), meaning that liquidity is potentially vulnerable.
Deposit outflows during the mini-crisis in the Russian banking
sector in 2004 were not substantial, but Impex's shareholders
provided additional liquidity in the form of a deposit of US$120
million of Gazprom equity, which the bank used to raise repo
financing.  Securities positions have been significant although
Fitch is informed that in Q105 a substantial portion of trading
operations have been transferred to Impex's sister bank,
Rossiyskiy Kredit, with Impex holding securities primarily for
liquidity purposes.

Impex was founded in 1993 and purchased by its current
shareholders, two individuals, in 1999.  Since then, the bank has
grown rapidly, and at end-2004 was one of the 30 largest in
Russia by total assets, with a network including over 90 full
service offices and almost 300 retail outlets.  Impex's owners
also own another Russian bank, Rossiyskiy Kredit (RK), which
defaulted after the 1998 Russian financial crisis.  Under a 2000
settlement, RK's creditors claims were restructured, although the
fair (discounted) value of the assets they received was only a
fraction of their nominal claims against RK.

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

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

          Alex Clelland, London
          Phone: +44 20 7862 4084


KRASNOKAMENSKOYE: Krasnoyarsk Court Names Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Krasnokamenskoye after finding the mine
corporation insolvent.  The case is docketed as A33-11258/04-S4.
Mr. L. Barzunov has been appointed insolvency manager.
Creditors may submit their proofs of claim to 123100, Russia,
Moscow, Post User Box 6.

CONTACT:  KRASNOKAMENSKOYE
          662955, Russia, Krasnoyarsk region,
          Kuraginskiy region, Krasnokamensk

          Mr. L. Barzunov
          Insolvency Manager
          123100, Russia, Moscow region,
          Post User Box 6


METROMEDIA INTERNATIONAL: 10-K Filing Delayed Further
-----------------------------------------------------
Metromedia International Group, Inc. has still been unable to
fully complete the preparation of its consolidated financial
statements and footnote disclosures for the annual audit of the
Company, as required for the filing of its Annual Report on Form
10-K for the fiscal year ended December 31, 2004.

The Company believes that it will file the Form 10-K with the
United States Securities and Exchange Commission (SEC) no later
than June 3, 2005, the required filing date in order for the
Company to avoid an event of default under the indenture
governing the Company's 10 1/2 % Senior Notes Due 2007.  If such
an event of default were to occur, the trustee or holders of at
least 25% of the aggregate principal amount of the Senior Notes
outstanding could declare all Senior Notes to be due and payable
immediately, and should that happen, the Company would not have
sufficient corporate cash to meet this obligation.

The Company is also announcing that it does not expect that it
will file its Quarterly Report on Form 10-Q for the fiscal
quarter ended March 31, 2005 with the U.S. SEC by May 16, 2005,
the required date in order for the Form 10-Q to be timely filed.
The delay in filing the Form 10-Q is attributable to the
additional effort and time that has been required for the Company
to prepare and finalize the Form 10-K and for the finance teams
of the Company's PeterStar and Magticom business ventures to
prepare, finalize and submit the final first quarter U.S. GAAP
financial results for PeterStar and Magticom, respectively, to
the Company's corporate finance team.

As a result of the delay in the filing of the Form 10-K and the
delay in the receipt of the PeterStar and Magticom first quarter
U.S. GAAP financial results, the Company's corporate finance team
has not been able to begin the review and analysis of the
PeterStar and Magticom first quarter financial results, and as
such, has not been able to finalize the Company's consolidated
financial statements and management's discussion and analysis of
the Company's financial condition and results of operations.  At
present, the Company is uncertain as to when it will complete the
filing of the Form 10-Q with the U.S. SEC, but anticipates filing
the Form 10-Q by June 30, 2005.

Finally, the Company said that on April 20, 2005 the OTCBB
trading system appended the Company's common stock trading symbol
by adding an "E" modifier due to the Company's delinquency in
filing the Form 10-K and that, as reported on the OTCBB Web site,
the Company has a grace period until May 20, 2005 to file the
Form 10-K and avoid having the Company's common stock become
ineligible for trading on the OTCBB.  If the Company's common
stock becomes ineligible for trading on the OTCBB, it is expected
that the Company's common stock will be traded only in the Pink
Sheets.

The Company cannot at this time provide any further guidance as
to when either the Form 10-K or Form 10-Q will be filed with the
U.S. SEC or when the annual audited financial statements and
first quarter 2005 unaudited financial statements will be
completed.

The Company has also failed to timely file with the U.S. SEC the
financial information of Magticom required under Item 9.01(a) and
(b) of Form 8-K in respect of the Company's purchase of an
additional interest in Magticom, as previously announced by the
Company in a press release dated February 15, 2005.  The Company
will file such financial information by amending the Company's
February 17, 2005 Form 8-K on or around the date the Company
files its Form 10-K.

About Metromedia International Group

Through its wholly owned subsidiaries, the Company (MIG),
currently traded as: (OTCBB: MTRME) Common Stock and (PINK
SHEETS: MTRMP) - Preferred Stock, owns interests in
communications businesses in the countries of Russia and Georgia.
Since the first quarter of 2003, the Company has focused its
principal attentions on the continued development of its core
telephony businesses, and has substantially completed a program
of gradual divestiture of its non-core cable television and radio
broadcast businesses.  The Company's core telephony businesses
include PeterStar, the leading competitive local exchange carrier
in St. Petersburg, Russia, and Magticom, Ltd., the leading mobile
telephony operator in Tbilisi, Georgia.  Visit
http://www.metromedia-group.comfor more information.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Ernie Pyle
          Phone: 704-321-7380
          E-mail: investorrelations@mmgroup.com


MODUS: Deadline for Proofs of Claim Set Next Month
--------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Modus after finding the
open joint stock company insolvent.  The case is docketed as
A75-1533/2005.  Mr. A. Drozdetskiy has been appointed insolvency
manager.  Creditors have until June 9, 2005 to submit their
proofs of claim to 628407, Russia, Tyumen region, Surgut-7,
Chernyj Mys.

CONTACT:  MODUS
          628407, Russia, Tyumen region,
          Surgut-7, Chernyj Mys

          Mr. A. Drozdetskiy
          Insolvency Manager
          628407, Russia, Tyumen region,
          Surgut-7, Chernyj Mys
          Phone: (3462) 23-66-32


OILER: Bankruptcy Proceedings Begin
-----------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
proceedings against Oiler (TIN 7323000498, KPP 732301001) after
finding the open joint stock company insolvent.  The case is
docketed as A72-81/05-19/10-b.  Ms. N. Bataeva has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 432063, Russia, Ulyanovsk, Post User Box 7024.

CONTACT:  OILER
          433400, Russia, Ulyanovsk region, Cherdakly,
          Krasnoarmeyskaya Str. 46

          Ms. N. Bataeva
          Insolvency Manager
          432063, Russia, Ulyanovsk region,
          Post User Box 7024


PRISM: Under External Management Procedure
------------------------------------------
The Arbitration Court of Yaroslavl region has commenced external
management bankruptcy procedure on open joint stock company
Prism.  The case is docketed as A82-8030/04-3-B/33.  Ms. N.
Siryanova has been appointed external insolvency manager.

CONTACT:  PRISM
          152375, Russia, Yaroslavl region,
          Rybinsk, 1st Vyborgskaya Str. 50
          Phone/Fax: (0855) 26-32-20.

          Ms. N. Siryanova
          External Insolvency Manager
          152915, Russia, Yaroslavl region,
          Rybinsk, 1st Vyborgskaya Str. 50


REGION-SERVICE: Succumbs to Bankruptcy
--------------------------------------
The Arbitration Court of Kalmykiya republic commenced bankruptcy
proceedings against Region-Service after finding the close joint
stock company insolvent.  The case is docketed as
A22/170-05/5-27.  Mr. A. Shukurlaev has been appointed insolvency
manager.

CONTACT:  REGION-SERVICE
          358000, Russia, Kalmykiya republic,
          Elista, Lenina Str. 249, Room 505

          Mr. A. Shukurlaev
          Insolvency Manager
          358000, Russia, Kalmykiya republic,
          Elista, Lenina Str. 241, Room 201


SHEKINSKAYA: Creditors Have Until June to File Claims
-----------------------------------------------------
The Arbitration Court of Tula region commenced bankruptcy
proceedings against Shekinskaya after finding the poultry farm
insolvent.  The case is docketed as A68-65/B-04.  Mr. I. Sapegin
has been appointed insolvency manager.  Creditors have until June
16, 2005 to submit their proofs of claim to 300012, Russia, Tula,
Post User Box 1977.

CONTACT:  SHEKINSKAYA
          301226, Russia, Tula region,
          Shekinskiy region, Karamyshevo

          Mr. I. Sapegin
          Insolvency Manager
          300012, Russia, Tula region,
          Post User Box 1977
          Phone/Fax: (0872) 35-22-46


SYKTYVKARSKIY: Komi Courts Names I. Bobkov Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Komi republic has commenced bankruptcy
supervision procedure on limited liability company Syktyvkarskiy.
The case is docketed as A29-1700/05-3B.  Mr. I. Bobkov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 167023, Russia,
Komi republic, Syktyvkar-23, Post User Box 2012.  A hearing will
take place on Aug. 25, 2005, 9:15 a.m.

CONTACT:  SYKTYVKARSKIY
          Russia, Komi republic,
          Syktyvkar, Pushkina Str. 57

          Mr. I. Bobkov
          Temporary Insolvency Manager
          167023, Russia, Komi republic,
          Syktyvkar-23, Post User Box 2012


YUKOS OIL: Fulbright Asks Court to Seal Distribution Motion
-----------------------------------------------------------
On March 18, 2005, Fulbright & Jaworski L.L.P. filed an Expedited
Motion for Order Authorizing Distribution From Retainer Pending
Approval of Final Fee Application.  Pursuant to Local Bankruptcy
Rule 2016(g), Fulbright filed detailed descriptions of its
services rendered, time spent, hourly rates charged, and the name
of the professional or paraprofessional performing the work from
the Petition Date through February 28, 2005.

According to Zack A. Clement, Esq., at Fulbright & Jaworski
L.L.P., in Houston, Texas, the body of the Motion for
Distribution and an exhibit refer to a Yukos arbitration file
that is being handled by Fulbright other than the U.S. Bankruptcy
Restructuring File.  "The Arbitration Agreement in the
arbitration matter contains confidentiality provisions, which
arguably preclude the disclosure of even the existence of the
arbitration."

While there are clear exceptions to these provisions, like
disclosures lawfully required in related judicial proceedings,
Mr. Clement relates, the Fulbright arbitration attorneys have
sought input from opposing counsel in the arbitration.

Accordingly, to protect any confidential information and out of
an abundance of caution, Fulbright asks the U.S. Bankruptcy Court
for the Southern District of Texas to seal the Motion for
Distribution.

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

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

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

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


YUKOS OIL: Moscow Court Sustains Rosneft's RUB62.4 Billion Claim
----------------------------------------------------------------
The Moscow Arbitration Court on Friday ordered Yukos Oil to pay
the new owner of its then main production asset RUB62.4 billion
(US$2.2 billion) for past oil bills.  The amount relates to oil
Yukos received from Yuganskneftegaz in the second half of last
year.

Yukos spokesman Alexander Shadrin told Bloomberg News: "We didn't
pay because of force-majeure . . . Our accounts were frozen and
the tax authorities were withdrawing the amounts that we would
have paid."

Yuganskneftegaz was sold to state-owned OAO Rosneft in a
controversial action in December to pay Yukos' tax bill.  Since
then Rosneft has filed three suits seeking more than US$12
billion from Yukos for damages.

It wants RUB163.1 billion for lost profit and RUB141.2 billion
for tax charges.  The case on the tax charges will be heard June
10, according to Interfax.  The suits have prompted the court to
freeze Yukos' remaining oil-producing assets last month.

The ruling came just before Moscow's Meshchansky District
court -- hearing the fraud and tax evasion cases against owner
Mikhail Khodorkovsky -- found him guilty on all counts read out
on Monday.

Defense lawyer Yury Shmidt said Mr. Khodorkovsky and his partner
Platon Lebedev were convicted on three counts of fraud, one count
of income tax evasion and two counts of failing to comply with
court orders.  The verdict on all charges lodged against him may
come out in a week.

Earlier, prosecutors said they are planning to file new charges
against Mr. Khodorkovsky.  A spokesman for the Prosecutor
General's Office told Bloomberg it plans to charge Mr.
Khodorkovsky and Mr. Lebedev with laundering billions of rubles.

Since his arrest in October 2003, shares in what was once the
country's biggest crude exporter have lost 97% of their value.
Analysts think Yukos ultimate falldown is just around the corner.
Yuganks' claim could make Rosneft's the company's largest
creditor.  As such, it could declare the firm bankrupt and
pillage on its remains.

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


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


SKANDIA INSURANCE: In Buyout Discussions with Old Mutual
--------------------------------------------------------
An GBP8 billion cross-border financial services group could
emerge if Old Mutual succeeds in buying out Skandia Insurance
Company Ltd.

The South African company on Friday confirmed the takeover talks
with Skandia, the biggest insurer in the Nordic region.  Citing
people privy to the deal, CityWire said any offer by the
London-listed Old Mutual would be for the entire Skandia.

Sought for comments, a Skandia spokesman told CityWire: "As a
standalone business, Skandia is attractive, but we are also
willing to discuss any opportunities with any other company which
may arise.  There has been a lot of interest.  We're pleased with
our geographical presence, but we're also interested in markets
in Asia."

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080
          Web site: http://www.skandia.com

          OLD MUTUAL PLC
          5th Fl., Old Mutual Place, 2 Lambeth Hill
          London
          EC4V 4GG, United Kingdom
          Phone: +44-20-7002-7000
          Fax: +44-20-7002-7221
          Web site: http://www.oldmutual.co.uk


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


ADVANTAGE VEHICLE: Hires Liquidator from Thorntonrones
------------------------------------------------------
At the extraordinary general meeting of Advantage Vehicle
Contracts Limited on April 26, 2005 held at ThorntonRones, First
Floor, 167 High Road, Loughton, Essex IG10 4LF, the extraordinary
and ordinary resolutions to wind up the company were passed.
Richard Rones of ThorntonRones, 167 High Road, Loughton, Essex
IG10 4LF has been appointed liquidator of the company.

CONTACT:  THORNTONRONES
          1st Floor
          167 High Road
          Loughton
          Essex IG10 4LF
          Phone: 020 841 9333
          Fax: 020 8418 9444
          E-mail: info@thorntonrones.co.uk


A. GARNER: Members Call in Liquidator from Poppleton & Appleby
--------------------------------------------------------------
At the extraordinary general meeting of the members of A. Garner
Limited on May 5, 2005 held at Gable House, 239 Regents Park
Road, Finchley, London N3 3LF, the extraordinary and ordinary
resolutions to wind up the company were passed.  H. J. Sorsky has
been appointed liquidator of the company.

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


AIR CARE: Calls in Liquidator
-----------------------------
At the extraordinary general meeting of Air Care (UK) Limited on
May 6, 2005 held at The Gateway Hotel, Nuthall Road, Nottingham
NG8 6AZ, the subjoined extraordinary resolution to wind up the
company was passed.  Mr. S. Franklin of Panos Eliades, Franklin &
Co., of Albany House, 18 Theydon Road, London E5 9NZ has been
appointed liquidator of the company.

CONTACT:  PANOS ELIADES FRANKLIN & CO.
          18 Theydon Road
          London E5 9NA
          Phone: 020 8815 4000
          Fax: 020 8815 4040


AIRFLOW CHARITY: Hires Liquidator from Haines Watts
---------------------------------------------------
At the extraordinary general meeting of Airflow Charity Limited
on May 6, 2005 held at Lancaster Road, Cressex Business Park,
High Wycombe HP12 3QP, the special and ordinary resolutions to
wind up the company were passed.  David Thorniley and Peter John
Forsey of Haines Watts, 25-31 Tavistock Place, London WC1H 9SF
have been appointed joint liquidators of the company.

CONTACT:  HAINES WATTS
          25-31 Tavistock Place,
          London WC1H 9SF
          Web site: http://www.hwca.com


ANYKEY COMPUTER: Creditors to Convene Second Week of July
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Anykey Computer Solutions Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Final Meeting of Creditors of Anykey Computer
Solutions Limited will be held at the offices of Begbies Traynor,
30 Park Cross Street, Leeds LS1 2QH, on July 12, 2005, at 10:00
a.m. for the purpose of having an account laid before it showing
the manner in which the winding-up has been conducted and the
property of the Company disposed of, and of hearing any
explanation that may be given to the Liquidator, and determining
whether the Liquidator should have his release under section 174
of the Insolvency Act 1986.

A Creditor entitled to attend and vote at the above Meeting is
entitled to appoint a proxy to attend and vote instead of him.
Proxies should be lodged at the address shown above no later than
4:00 p.m. on the business day prior to the meeting.

R. Sadler, Liquidator
May 4, 2005

CONTACT:  BEGBIES TRAYNOR
          30 Park Cross Street
          Leeds LS1 2QH
          Phone: 0113 244 0044
          Fax: 0113 244 5820
          E-mail: leeds@begbies-traynor.com
          Web site: http://www.begbies.com


ASHLEYCARTER WHITEHEAD: Liquidator from Tenon Recovery Moves in
---------------------------------------------------------------
At the extraordinary general meeting of Ashleycarter Whitehead
Limited on April 28, 2005 held at 6th Floor, Salisbury House, 31
Finsbury Circus, London EC2M 5SQ, the subjoined extraordinary
resolution to wind up the company was passed.  Duncan Beat of
Tenon Recovery, 6th Floor, Salisbury House, 31 Finsbury Circus,
London EC2M 5SQ has been appointed liquidator of the company.

CONTACT:  TENON RECOVERY
          Salisbury House
          31 Finsbury Circus
          London EC2M 5SQ
          Phone: 020 7628 2040
          Fax: 020 7638 0217
          Web site: http://www.tenongroup.com


ATLANTIS VACATIONS: Creditors General Meeting Set Next Week
-----------------------------------------------------------
The general meeting of the creditors of Atlantis Vacations
Limited will be on May 24, 2005 at 2:30 p.m.  It will be held at
65 St Edmunds Church Street, Salisbury, Wiltshire SP1 1EF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to 65 St Edmunds Church Street, Salisbury, Wiltshire
SP1 1EF not later than 12:00 noon, May 23, 2005.

CONTACT:  MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury, Wiltshire SP1 1EF
          Phone: 01722 435 192
          Fax: 01722 421102
          E-mail: julie@middletonpartnerssalisbury.co.uk
          Web site: http://www.middletonpartners.co.uk


BAE SYSTEMS: Shareholders Agree to Buy U.S. Defense Firm
--------------------------------------------------------
At an Extraordinary General Meeting (EGM) held Friday, the
shareholders of BAE Systems passed a resolution approving the
proposed acquisition of United Defense Industries Inc.  Earlier
last week, UDI stockholders also approved the proposed
acquisition.

The transaction has also been approved by the Committee on
Foreign Investment in the United States and by regulatory
authorities in Sweden, Turkey, Germany and Norway.  The United
States Department of Justice is continuing to review the
transaction under the Hart-Scott-Rodino Act.  Subject to
regulatory approval, the parties continue to anticipate closing
in mid-2005.

Also at the EGM, shareholders passed a resolution approving the
variation of the borrowing powers contained in the Company's
Articles of Association.
Both resolutions were passed

Issued by:
BAE Systems plc
London

                            *   *   *

In February, Moody's Investors Service placed the debt ratings of
BAE Systems plc (Baa2) on review for possible downgrade.  In a
related action, Moody's has placed the debt ratings of United
Defense Industries, Inc. (Ba2) under review for possible upgrade.
The reviews were prompted by the announcement that BAE had agreed
to purchase United Defense in an all cash transaction valued at
US$3.97 billion plus assumed debt.  The acquisition is expected
to be financed with approximately US$3 billion in new debt, with
the remainder funded with cash and new equity issued by BAE.

CONTACT:  BAE SYSTEMS plc (London: BA)
          Warwick House, Farnborough Aerospace Center
          Farnborough
          Hampshire GU14 6YU, United Kingdom
          Phone: +44-1252-373-232
          Fax: +44-1252-383-000
          Web site: http://www.baesystems.com


BANBURYS HOME: Appoints Buchanans Administrator
-----------------------------------------------
Peter Hall and Alan Peter Whalley (IP Nos 3966, 6588) have been
appointed administrators for Banburys Home & Garden Limited.  The
appointment was made April 29, 2005.

The company supplies and installs conservatories.  Its registered
office is located at Latimer House, 5 Cumberland Place,
Southampton SO15 2BH.

CONTACT:  BUCHANANS PLC
          Latimer House
          5 Cumberland Place
          Southampton SO15 2BH
          Phone: 023 8022 1222


BEECH HOUSE: Hires Liquidator from Mistry Associates Ltd.
---------------------------------------------------------
At the extraordinary general meeting of Beech House Publishing
Limited on May 6, 2005 held at the offices of Mistry Associates,
6-8 Henry Square, Ashton-under-Lyne OL6 7TF, the extraordinary
resolution to wind up the company was passed.  Manubhai
Govindbhai Mistry of Mistry Associates Ltd. has been appointed
liquidator of the company.

CONTACT:  MISTRY ASSOCIATES LTD.
          6-8 Henry Square
          Ashton-Under-Lyne OL6 7TF
          Phone: 0161 343 8228
          Fax: 0161 343 8334
          E-mail: manumistry@aol.com


BENTLEY'S VEHICLE: Liquidator Takes over Operations
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Bentley's Vehicle Contracts Limited

Of 48 Suffolk Road, Sheffield, South Yorkshire S1 4RU.
I, Derek Leslie Woolley, of The P&A Partnership, 93 Queen Street,
Sheffield S1 1WF, hereby give notice that I was appointed
Liquidator of Bentley's Vehicle Contracts Limited by a Meeting of
Creditors on April 14, 2005.

D. L. Woolley, Liquidator
May 6, 2005

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street
          Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


BONDROSE LTD.: Appoints S G Banister & Co Liquidator
----------------------------------------------------
At the extraordinary general meeting of Bondrose Ltd. on April
27, 2005 held at the registered office of the Company situated at
334-336 Goswell Road, London EC1V 7RP, the subjoined
extraordinary resolution to wind up the company was passed.  D.
M. Patel of 40 Great James Street, London WC1N 3HB has been
appointed liquidator of the company.

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


BOOTS GROUP: Likely to Report 12% Drop in Profits
-------------------------------------------------
A number of private equity groups are reportedly eyeing several
businesses of Boots Group plc.

The Scotsman named Friday Kohlberg Kravis Roberts and Cinven as
among those interested in Boots amid speculations of a 12% drop
in its profits.  The retailer is expected to report Thursday
pre-tax profits lower than the GBP545 million it registered the
year earlier.

KKR is said to be looking at Boots' healthcare products venture,
which owns the Clearasil skin products, Nurofen painkillers and
Strepsils lozenges, and could be valued up to GBP1.2 billion.

Meanwhile, the company's major arm Boots The Chemist showed no
significant improvements amid efforts by big supermarket groups
to penetrate the pharmaceutical trade.  The unit, which currently
operates through 1,400 drugstores, is carrying out price
reductions and restructuring its supply chain.

Same-store sales, which dropped 0.9% in April, is expected to
grow by only about 2%, while operating costs are predicted to
increase by 6%, with gross margin staying flat.

Shares have considerably plunged from 700 pence at the start of
the year, closing 4 pence down at 592.

WestLB analyst Peter Brockwell said: "We would hope the worst of
the underperformance is behind us, although current sector
sentiment will not help and we still have some fundamental
concerns."

CONTACT:  BOOTS GROUP PLC
          1 Thane Road
          Notttingham NG2 3AA
          Phone: 0115 950 6111
          Customer Service: 0845 070 80 90
          Web site: http://www.boots-plc.com


CALIGVLETTE RESTAURANTS: Members Pass Winding-up Resolution
-----------------------------------------------------------
At the extraordinary general meeting of the members of
Caligvlette Restaurants Limited on April 29, 2005 held at 237
Kennington Lane, London SE11, the extraordinary resolution to
wind up the company was passed.  David Lewis of D Lewis & Co, 7
Nunappleton Way, Hurst Green, Oxted, Surrey has been nominated
liquidator of the company.

CONTACT:  D LEWIS & CO
          7 Nunappleton Way,
          Hurst Green, Oxted, Surrey


CAR AND COMMERCIAL: Members Decide to Wind up Firm
--------------------------------------------------
At the extraordinary general meeting of the members of Car And
Commercial Services (Birmingham) Limited on May 4, 2005 held at
Emerald House, 20-22 Anchor Road, Aldridge, Walsall WS9 8PH, the
extraordinary and ordinary resolutions to wind up the company
were passed.  C. H. I. Moore has bee appointed liquidator of the
company.

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


CITY FABRICS: Members Call in Liquidators from Begbies Traynor
--------------------------------------------------------------
At the extraordinary general meeting of the members of City
Fabrics (Cardiff) Limited on May 5, 2005 held at 5th Floor,
Riverside House, 31 Cathedral Road, Cardiff, the extraordinary
and ordinary resolutions to wind up the company were passed.
John W. Davies and David Hill of Begbies Traynor, 5th Floor,
Riverside House, 31 Cathedral Road, Cardiff CF11 9HB have been
appointed joint liquidators of the company.

CONTACT:  BEGBIES TRAYNOR
          4th Floor, Riverside House,
          31 Cathedral Road, Cardiff CF11 9HB
          Phone: 029 2022 5022
          Fax: 029 2022 4523
          E-mail: cardiff@begbies-traynor.com
          Web site: http://www.begbies.com


CONNEXIONS EUROPE: Members Call in Benedict Mackenzie Liquidator
----------------------------------------------------------------
At the extraordinary general meeting of the members of Connexions
Europe Limited on May 5, 2005 held at 5-6 The Courtyard, East
Park, Crawley, West Sussex RH10 6AH, the extraordinary and
ordinary resolutions to wind up the company were passed.  Julie
P. Vahey and Graham P. Petersen of Benedict Mackenzie, 5-6 The
Courtyard, East Park, Crawley, West Sussex RH10 6AH have been
appointed joint liquidators of the company.

CONTACT:  BENEDICT MACKENZIE
          The Courtyard
          East Park
          Crawley
          West Sussex RH10 6AH
          Phone: 01293 410333
          Fax: 01293 428530


COSTAIN GROUP: Seals Water Works Agreement with United Utilities
----------------------------------------------------------------
Costain Group plc has completed the framework agreement on its
plan to buy a major part of United Utilities' Asset Management
Program (AMP4) in joint venture with Galliford Try and WS Atkins.

The contract, which covers some 20% of United Utilities' GBP2.9
billion AMP4 program over the next five years, will deliver both
water and wastewater infrastructure works throughout the North
West of England.

Stuart Doughty, Costain Group Chief Executive, said: "This
contract confirms Costain's leading position in the water sector.
We now have five to ten year contracts in place with United
Utilities, Thames Water, Yorkshire Water, Welsh Water and
Southern Water.  This level of workflow considerably strengthens
our long-term order book and is an excellent platform for the
future."

Steven Beaumont, who has overall responsibility for the
procurement and investment delivery process for United Utilities,
said: "I am delighted to be working with partners that have such
a breadth of expertise and I am confident that our new
relationships and collaborative way of working will help us
achieve the ambitious goals we have set ourselves.  I am looking
forward to working closely with our new partners in our aim to
achieve industry-leading performance for our investment program
over the next five years."

CONTACT:  COSTAIN GROUP PLC
          Costain House, Nicholsons Walk
          Maidenhead
          SL6 1LN, United Kingdom
          Phone: +44-1628-842-444
          Fax: +44-1628-674-477
          Web site: http://www.costain.com

          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director
          Graham Read, Public Relations
          Phone: 01628 842 444

          COLLEGE HILL
          Mark Garraway
          Matthew Gregorowski
          Phone: 020 7457 2020


DIGNITY PLC: Exceeds Last Year's Revenues by GBP1.8 Million
-----------------------------------------------------------
Financial highlights:

(a) unaudited EBITDA for the 53 week period ended 1 April 2005
    was GBP45.9 million compared to GBP44.9 million for the
    audited 53 week period ended 31 December 2004;

(b) this strong performance is due to a combination of a GBP1.8
    million growth in revenues, compared to 2004, allied to
    continued strong cost control: EBITDA margin for 53 weeks
    ending 1 April 2005 was 33.4% compared to 33.1% for the 53
    week period ending 31 December 2004;

(c) on 27 April 2005, the trustees approved the payment of
    actuarial surpluses of GBP1,200,000 from certain of the pre-
    arranged funeral plan trusts;

(d) the number of funeral locations at the period end was 515,
    which compares to 512 at December 2004;

(e) the group operated from 22 crematoria during 2005;

(f) since December 2004, the Group has acquired three funeral
    home locations.  The Group is also pursuing a number of
    other opportunities to acquire small, "bolt-on," funeral
    homes as part of its stated strategy of developing its
    funeral home portfolio.

The Group has continued to make further progress and the results
announced in the Investor Report are in line with expectations.

Peter Hindley, Chief Executive of Dignity plc, said: "I am
pleased with our performance in the first quarter.  Revenue,
profits and margins have progressed and we remain firmly on track
to achieve our expectations for the full year."

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

CONTACT:  DIGNITY PLC
          Plantsbrook House
          94 The Parade
          Sutton Coldfield
          West Midlands
          B72 1PH
          Phone: 0121 354 1557
          Fax: 0121 321 5644
          E-mail: enquiries@dignityuk.co.uk


DOMINION POWER: Calls Final Creditors Meeting
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Dominion Power Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Final Meeting of Creditors of Dominion Power
Limited will be held at the offices of Begbies Traynor, 2-3
Pavilion Buildings, Brighton BN1 1EE, on June 10, 2005, at 11:00
a.m. for the purposes of receiving the report of the Liquidator
as to the winding-up and determining whether the Liquidator
should have his release under section 174 of the said Act.

G. W. Rhodes, Liquidator
May 6, 2005

CONTACT:  BEGBIES TRAYNOR
          2/3 Pavilion Buildings
          Brighton
          East Sussex
          BN1 1EE
          Phone: 01273 747847
          Fax: 01273 747743
          E-mail: brighton@begbies-traynor.com
          Web site: http://www.begbies.com


DSB SHOWTOURS: Creditors Meeting Set Next Week
----------------------------------------------
The creditors of DSB Showtours Limited will meet on May 26, 2005
at 11:00 a.m.  It will be held at One Great Cumberland Place,
Marble Arch, London W1H 7LW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to One Great Cumberland Place, Marble Arch, London
W1H 7LW not later than 12:00 noon, May 25, 2005.

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


EMERGENCY AND CONTRACT: Members Pass Winding-up Resolution
----------------------------------------------------------
At the extraordinary general meeting of the members of Emergency
And Contract Maintenance Limited on May 6, 2005 held at 20
Winmarleigh Street, Warrington, Cheshire WA1 1JY, the
extraordinary resolution to wind up the company was passed.
Robert W. Keating of R W Keating & Co, 20 Winmarleigh Street,
Warrington, Cheshire WA1 1JY has been nominated liquidator of the
company.

CONTACT:  R. W. KEATING & CO.
          2nd Floor
          20 Winmarleigh Street
          Warrington
          Cheshire WA1 1JY
          Phone: 01925 245004
          Fax: 01925 245357
          E-mail: robert@rwkeating.fsnet.co.uk


EQUITABLE LIFE: Sets Annual General Meeting Wednesday
-----------------------------------------------------
A barrage of questions from policyholders is expected to greet
the board of Equitable Life at the annual meeting on Wednesday.

However, The Scotsman said Sunday that Chairman Vanni Treves
intends to ignore inquiries on the insurer's GBP3.75 billion
lawsuit against nine former non-executive directors, six former
executives, and Ernst & Young for negligence and breach of
fiduciary duty.

A spokesman said: "It would be contempt for us to comment while
it [litigation] is ongoing."

Mr. Treves is reportedly set to present long-term scenarios and
their impacts on policyholders and discuss the benefits of
breaking up the with-profits fund and unitizing individuals'
investments.

The spokesman added: "It is now essentially a fixed-interest
fund, but by unitizing it we reopen the door for individuals who
want growth to go back into equities."

Mr. Treves will also tackle the "distant prospect" of a buyer for
the fund as well as look at the effects of keeping the company
under a slow "run-off" fund scheme.

Meanwhile, former managing director and actuary Roy Ranson last
week stood firm on his decision to maintain bonuses even though
liabilities had already exceeded the company's assets.  He saw
nothing wrong with it, adding this was common practice at that
time.  Mr. Ranson, whose testimony will continue this week,
justified the company's decision not to set aside a substantial
amount to cover income guarantees.

Former appointed actuary and chief executive Christopher Headdon
is expected to take the stand next week.

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


FIRST CHOICE: Creditors Meeting Set June
----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF First Choice Vehicle Hire Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Meeting of the Creditors of First Choice Vehicle
Hire Limited will be held at RSM Robson Rhodes LLP, 186 City
Road, London EC1V 2NU, on June 8, 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 be released under
section 174 of the Insolvency Act 1986.

A Creditor entitled to attend and vote at the above Meeting may
appoint a proxy to attend and vote in his place.  It is not
necessary for the proxy to be a Creditor. Proxy forms must be
returned to RSM Robson Rhodes LLP, 186 City Road, London EC1V
2NU, by no later than 12:00 noon on June 7, 2005.

M. J. Hore, Liquidator
May 4, 2005

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


FORTIFICATION HOLDINGS: Names Tait Walker Administrator
-------------------------------------------------------
Gordon S Goldie and Allan David Kelly (IP Nos 5799, 9156) have
been appointed administrators for Fortification Holdings Limited.
The appointment was made May 3, 2005.  The company offers
management activities.

CONTACT:  TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


MELODYGOLD LTD.: Winding-up Report Out First Week of June
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                  IN THE MATTER OF Melodygold Ltd.

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a General Meeting of the Members of Melodygold
Ltd. will be held at Baker Tilly, Brazennose House, Lincoln
Square, Manchester M2 5BL, on June 3, 2005, at 10:00 a.m. to be
followed at 10:30 a.m. by a Final Meeting of Creditors, for the
purpose of receiving an account showing the manner in which the
winding-up has been conducted and the property of the Company
disposed of, and of hearing any explanation that may be given by
the Liquidators.

A Member or Creditor entitled to vote at the above Meetings may
appoint a proxy to attend and vote instead of him.  A proxy need
not be a Member of the Company.  Proxies to be used at the
Meetings must be lodged with the Liquidators at Baker Tilly,
Brazennose House, Lincoln Square, Manchester M2 5BL, no later
than 12:00 noon on the day prior to the meeting.

L. J. Cooper, Liquidator
May 4, 2005

CONTACT:  BAKER TILLY
          Brazennose House
          Lincoln Square
          Manchester M2 5BL
          Phone: 0161 834 5777
          Fax: 0161 835 3242
          Web site: http://www.bakertilly.co.uk


MISYS PLC: Signs IT Development Contract with Carole Nash
---------------------------------------------------------
The U.K.'s largest motorcycle insurance broker, Carole Nash, has
entered into a two-year development contract with Misys plc worth
over GBP1 million.

Following a major IT review, Carole Nash has contracted for a
dedicated development team within Misys General Insurance
headquarters in Worcester.  A minimum of five highly experienced
Misys development staff will concentrate solely on Carole Nash's
specific long-term development requirements for a minimum of two
years.

The partnership with Misys will allow Carole Nash to evolve their
current technology in order to grow their 350-staff call center
operations in Altrincham and Dublin.

Damian Keeling, Managing Director, Carole Nash, said: "As a
rapidly expanding call center operation, investment in IT is
crucial to the success of our business.  Having a dedicated
resource within Misys gives us a close partnership over the
direction, priorities and timescales in which we wish to progress
our systems and develop new software.

"After reviewing all of the options available to us -- software
house and in-house -- it is clear that Misys is the only partner
that has the level of development expertise, system functionality
and ability to deliver what we require.  It is also their
financial stability and continued investment in research and
development that gives us the confidence to make this long-term
commitment.

"The partnership will enable us to trade more efficiently,
ensuring that we deliver the best service to our 250,000
policyholders."

Phillip Bell, CEO, Misys General Insurance, said: "Our experience
has shown that joint development contracts of this kind prove
extremely successful.  The broker gets direct access to a highly
skilled and experienced development resource that can focus on
their specific requirements and maximize the opportunities
available to them.

"We have a long-standing excellent relationship with Carole Nash
and are delighted that they have made this level of commitment to
Misys.  They have an enviable track record specializing in
motorcycle business and are using their expertise as a highly
professional and ambitious player to move their business into new
areas, realizing that technology is the long-term answer to
competitive trading."

CONTACT:  MISYS PLC
          Burleigh House, Chapel Oak, Salford Priors,
          Evesham, WR11 8SP, United Kingdom
          Phone: 44 (0)1386 871373
                 44 (0)1386 871045
          Web site: http://www.misys.com
          E-mail: group.secretariat@misys.co.uk

          Angela D. Jenkins
          Healthcare Systems
          Phone: (303) 364-9957
          E-mail: angela.jenkins@misyshealthcare.com

          Susan Cottam
          Group Communications Director
          Phone: +44 (0) 20 7368 2305
          Mobile: +44 (0) 7957 807 721

          Andrew Farmer
          Head of Investor Relations
          Phone: +44 (0) 20 7368 2307
          Mobile: +44 (0) 7909 895 094

          Caroline Hardiman
          Press Relations Manager
          Misys General Insurance
          Phone: + 44 (0)1905 754455
          E-mail: caroline.hardiman@mfs.misys.co.uk


PASS FEES: Hires Liquidators from PricewaterhouseCoopers
--------------------------------------------------------
Name of companies
Pass Fees Limited
Pass Loans Limited
Pass Review Limited
Pension Advisers Support System Limited

At the extraordinary general meeting of these companies on May 5,
2005, the special and ordinary resolutions to wind up the
companies were passed.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP have been appointed joint liquidators of the
companies.

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


PERHOW 6: Names Price and Co. Liquidator
----------------------------------------
At the meeting of Perhow 6 Limited, the special resolution to
wind up the company was passed.  Alan Price of Price & Co, 65
Broad Green, Wellingborough NN8 4LQ has been appointed liquidator
of the company.

CONTACT:  PRICE AND CO
          65 Broad Green,
          Wellingborough NN8 4LQ
          E-mail: arprice@rescueco.co.uk


PONTEFRACT PANEL: Hires Administrators from Tait Walker
-------------------------------------------------------
Gordon S. Goldie and Allan David Kelly (IP Nos 5799, 9156) have
been appointed administrators for Pontefract Panel Beating
Company Limited.  The appointment was made May 3, 2005.  The shop
repairs motor vehicle.

CONTACT:  TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


RDS AUTOMOTIVE: Calls in Administrator from Till Morris
-------------------------------------------------------
Duncan Roderick Morris (IP No 8693) has been appointed
administrator for RDS Automotive Limited.  The appointment was
made May 4, 2005.  The company offers engineering and design
services.

CONTACT:  THE TILL MORRIS PARTNERSHIP
          32 Brook Street
          Warwick
          Warwickshire CV34 4BL
          Phone: 01926 497 722
          Fax: 01926 497 733
          E-mail: duncan.morris@tillmorris.co.uk


R H BECKFORD: Names Gibson Hewitt & Co. Liquidator
--------------------------------------------------
At the extraordinary general meeting of R H Beckford Limited on
May 6, 2005 held at 5 Park Court, Pyrford Road, West Byfleet,
Surrey KT14 6SD, the special and ordinary resolutions to wind up
the company were passed.  Robert David Hewitt of 5 Park Court,
Pyrford Road, West Byfleet, Surrey KT14 6SD has been appointed
liquidator of the company.

CONTACT:  GIBSON HEWITT & CO
          5 Park Court
          Pyrford Road
          West Byfleet
          Surrey KT14 6SD
          Phone: 01932 336149
          Fax: 01932 336150
          E-mail: robert@gibsonhewitt.co.uk


ROBERT WISEMAN: Profit Down on Major Contract Losses
----------------------------------------------------
Robert Wiseman Dairies in East Kilbride is expected to reveal a
15% fall in 2004 profits when it delivers a report this week.

The firm's bottom line will likely be at GBP25 million, according
to The Scotsman.  The drop is believed to be mainly caused by the
loss of a contract with Asda, of which it took the group six
months to find a replacement.  Robert Wiseman had a year of
costly bidding wars with rivals Dairy Crest, and Arla, who had
consistently complained to the competition watchdog about the
group's dominance.

The firm also lost a deal with Morrison last year.  It won new
contracts from Tesco and Sainsbury, but the six-month dry spell
is believed to have reduced its milk production to about 1.2
billion liters from 1.35 billion last year, according to the
report.  The worst result of the setback was the loss of all
businesses of its Scottish market.  Robert Wiseman is reportedly
mulling job cuts at the operation.

A spokesman for the group said: "No decisions have been made.  We
are certainly going to review our infrastructure needs across the
U.K. to ensure that it is aligned to the needs of the business.
But this is still a growing business."

Robert Wiseman used to be the dominant player in Scottish market,
but now its share of Scotsland's liquid milk has gone down to 54%
from 70%.

CONTACT:  ROBERT WISEMAN DAIRIES LTD.
          Cairn Place
          Nerston Industrial Estate
          East Kilbride, G74 4NQ
          Strathclyde
          Phone: 01355 247777
          Fax: 01355 228181
          Web site: http://www.wiseman-dairies.co.uk


S T & M PROPERTIES: Liquidators from Begbies Traynor Move in
------------------------------------------------------------
At the extraordinary general meeting of S T & M Properties
Limited on April 25, 2005 held at 44 The Ropewalk, Nottingham NG1
5EL, the resolutions to wind up the company were passed.  Peter
A. Blair and Richard A. B. Saville of Begbies Traynor have been
appointed joint liquidators of the company.

CONTACT:  BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk, Nottingham NG1 5DU
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


TAMARA D: Restaurant Falls into Administration
----------------------------------------------
Steven Leslie Smith and James Richard Harries (IP Nos 6424, 9293)
have been appointed administrators for Tamara D Limited.  The
appointment was made May 4, 2005.

The company is a restaurant.  Its registered office is located at
Culpitt House, 74-78 Town Centre, Hatfield, Hertfordshire AL10
1NS, trading from 14-16 Station Road, Letchworth, Hertfordshire
SG6 3AU.

CONTACT:  MERCER & HOLE
          Gloucester House
          72 London Road
          St Albans
          Hertfordshire AL1 1NS
          Phone: 01727 869141
          Fax: 01727 869149
          E-mail: stevesmith@mercerhole.co.uk


TCS (NE): Administrators from Tait Walker Move in
-------------------------------------------------
Gordon S. Goldie and Allan David Kelly (IP Nos 5799, 9156) have
been appointed joint administrators for TCS (NE) Limited.  The
appointment was made May 3, 2005.  The shop repairs motor
vehicle.

CONTACT:  TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


TELEWEST GLOBAL: Mulls Reformatting TV Service
----------------------------------------------
Telewest Global, Inc. is planning to transform its TV service,
giving consumers greater access to, and control over additional
digital programs.  Key elements of the transformation include:

(a) completed rollout of TVOD by early 2006;

(b) significant expansion of on-demand programming; and

(c) phased analogue switchover.

The cable company outlined the expansion of its
television-on-demand (TVOD) service, following its initial launch
in January, confirming that it intends to complete the national
rollout of TVOD to over one million digital TV customers by early
2006.

Telewest Broadband is also widening the range of on-demand
programming available, boosting the existing movie service, which
now shows over 200 current and library titles.  The extended TVOD
service will include the best of the previous week's programs,
including 60 hours of BBC content, at no extra cost to customers.

There will also be a mix of free and subscription services
including popular TV series, music videos and niche content.
Additional agreements are confirmed with Flextech, Nickelodeon
and adult programming (including Playboy and TVX Fantasy
channels), while negotiations with other programmers continue
apace.

Following the initial launch of TVOD in Bristol, Telewest
Broadband will make the service available region by region
throughout the second half of this year, starting with 26,000
customers in Cheltenham who are set to receive the service in
early July.

Telewest Broadband also announced a phased analogue switchover
program, aiming to migrate its remaining 171,000 analogue TV
customers to digital by the end of 2006, supporting government
plans to switch off the national analogue TV signal by 2012.
Telewest Broadband has the highest percentage of TV customers
taking digital, currently 87%, of any cable company in Europe and
North America.

Eric Tveter, president and chief operating officer at Telewest,
said: "We are transforming TV as we know it by giving consumers
both a superb choice of programs and the flexibility to watch
them whenever they want.  We don't ever want to hear our
customers say there's nothing on the box or that they have missed
their favorite program.

"And while digital TV goes from strength to strength, analogue
has finally had its day.

"Out of those customers who already have access to the TVOD
service, over half have already watched a movie.  Saturday
evening is the most popular time to choose a movie and the top
selling films to date are The Stepford Wives, 50 First Dates and
King Arthur.  The highest selling evening to date was Valentine's
night, when our romantics in Bristol chose The Ladykillers as
their number one movie choice."

The TVOD service gives customers instant access to a vast library
of films and TV programs, available via the remote control and
existing set top box.  It provides the same controls as watching
a DVD or video; once a program is selected, customers can watch
it when they want, pause, fast forward and rewind.

Telewest Broadband is investing around GBP20 million in the
development of TV-on-demand and personal video recorder (PVR)
services in 2005.  Telewest Broadband's 160Gb PVR service, which
includes three tuners and is HDTV compatible, will be available
in the second half of 2005.

                            *   *   *

In December, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Telewest Global (formerly
known as Telewest Communications Networks Ltd.) to 'BB-' from
'CCC+', following the group's announcement of underwritten
refinancing.  The ratings were removed from CreditWatch, where
they were placed on Aug. 20, 2004.  The outlook was stable.

It has also executed a commitment letter for new GBP1.8 billion
credit facilities that will be used to replace outstanding
borrowings under the Telewest group's existing GBP2.03 billion
senior credit facilities.

Barclays Bank PLC, BNP Paribas, Citigroup Global Markets
Limited, Credit Suisse First Boston, Deutsche Bank and Royal
Bank of Scotland will underwrite the new facilities.  As a
result of the planned transaction, Telewest will have
significantly extended the maturity profile of its senior credit
facilities, the majority of which currently mature in December
2005, and reduced its overall long-term cost of borrowing.

CONTACT:  TELEWEST GLOBAL, INC.
          160 Great Portland St.
          London
          W1W 5QA, United Kingdom
          Phone: +44-20-7299-5000
          Fax: +44-20-7299-5495
          Web site: http://www.telewest.co.uk

          Richard Williams
          Phone: 020 7299 5479

          Vani Gupta
          Phone: 020 7299 5353

          Telewest Broadband
          Rachel Turner
          Phone: 01483 582140
                 07985 805805
          E-mail: rachel.turner@telewest.co.uk

          John Moorwood
          Phone: 01483 582802
                 07985 801742
          E-mail: john.moorwood@telewest.co.uk


TELEWEST GLOBAL: Offers GBP194 Million for sit-up ltd
-----------------------------------------------------
Telewest Global Inc., through its wholly owned subsidiary,
Screenshop Ltd., made an unconditional cash offer to purchase all
shares of British TV retail group sit-up ltd that it does not
currently own, in a deal which values sit-up at over GBP194
million.

The three Founder Directors of sit-up, Ashley Faull, John Egan
and Chris Manson, along with the other Board Directors (including
Finance Director Ian Percival and non-executive Director Robin
Klein), will stay on as Directors.  The Founder Directors will
also be continuing at sit-up in their current management roles
and are all investing in the future of the ongoing business.

In 2004, sit-up's revenue was GBP206 million, with profit before
tax at GBP11 million.  Its growth rate, since the company's first
TV auction was broadcast in October 2000, was featured in the
Sunday Times 'Fast Track 100' List in December 2004, where sit-up
ranked as the fastest growing U.K. company with a turnover of
over GBP100 million.

Sit-up continues to innovate and excel in providing great
entertainment on its 5 TV channels which are watched by over 5
million viewers per month, and has been recognized by the
Financial Times' 'Top 50 Creative Businesses' List in both of the
last two years.

Sit-up's main TV channels, bid tv and price-drop tv are available
in 16 million U.K. homes and have created a loyal and fast
growing customer base of over 2 million people.  Sit-up also owns
the Screenshop infomercial channel.  In April 2005, sit-up
expanded its channel portfolio by launching two free-to- air
movie channels, matinee movies and bad movies.

Chris Manson, Managing Director of sit-up, said: "We're delighted
to become part of the Telewest group.  Sit-up is now a leading
British TV retailer, with a unique mix of great entertainment and
great value for our customers, and with the continued commitment
of our staff we intend to build on that success in the years to
come."

John Egan, Founder Director of sit-up, said: "We are very pleased
with the deal we have delivered for our initial shareholders and
would like to thank them and Telewest for all their support in
achieving the company's success to date."

CONTACT:  TELEWEST GLOBAL, INC.
          160 Great Portland St.
          London
          W1W 5QA, United Kingdom
          Phone: +44-20-7299-5000
          Fax: +44-20-7299-5495
          Web site: http://www.telewest.co.uk

          Richard Williams
          Phone: 020 7299 5479

          Vani Gupta
          Phone: 020 7299 5353

          SIT-UP
          Ashley Faull
          Phone: 0208 6009717
                 07836 555518


WASHINGTON COACHWORKS: Repair Shop Calls in Administrator
---------------------------------------------------------
Gordon S. Goldie and Allan David Kelly (IP Nos 5799, 9156) have
been appointed joint administrators for Washington Coachworks
Limited.  The appointment was made May 3, 2005.  The shop repairs
motor vehicles.

CONTACT:  TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *