TCREUR_Public/050518.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, May 18, 2005, Vol. 6, No. 97

                            Headlines

B U L G A R I A

ELISSEYNA EAD: Government Reopens Bidding
FIRST INVESTMENT: Receives Lower-B Ratings from Fitch


F R A N C E

ALAIN PALANCHON: Commercial Court Sanctions Reorganization
ALSTOM SA: Wins EUR80 Million Contract in China
DUPLOYER FILS: Court Orders Reorganization
LARABI: Reorganization Receives Go Signal
SODELEC: Urges Creditors to File Claims as soon as Possible
TOUR D'AUXOIS: Succumbs to Liquidation
TROUILLET: Samro to Acquire Bankrupt Trailer Maker


G E R M A N Y

AUTOHAUS FRANZ: Creditors' Claims Due Next Week
ERFTGRUN GMBH: Creditors Have Until Friday to File Claims
GBR HKL: To Hold Creditors Meeting July
GEBA GENERALUNTERNEHMEN: Court Appoints Interim Administrator
GERBRACHT CONTAINER: Sets Creditors Meeting June 28

GK OBERFLACHENTECHNIK: Proofs of Claim Due Next Week
HAACK BAUUNTERNEHMUNG: Under Bankruptcy Administration
HEIDELBERGCEMENT AG: First-quarter Loss Swells to EUR96 Million
HEIDELBERGCEMENT AG: 2004 Last of 'Losing Years', Vows Chairman
HELMUT GUTH: Court to Verify Claims June

ISIM STAHLBAU: Heilbronn Court Confirms Bankruptcy
KL KONZEPT: Creditors Have Until Next Month to File Claims
LEBENS-ART: Kleve Court Appoints Provisional Administrator
PILOT GARTEN: Claims Verification Set July
RENATE ZIEGENHARDT: Claims Deadline Nears

SCHERER+HIRT AUTOMATISIERUNGSTECHNIK: Declared Bankrupt
SCHEUER ROHRINNENSANIERUNG: Succumbs to Bankruptcy
UNIVERSAL LIFT: Court to Verify Claims August


I T A L Y

PARMALAT FINANZIARIA: Posts Higher EBITDA for March
PARMALAT FINANZIARIA: Banks Helped Perpetuate Fraud
SEAT PG: Posts EUR64.9 Million Operating Loss


L U X E M B O U R G

MILLICOM INTERNATIONAL: Shareholders Meeting Set May 31


P O L A N D

ELEKTRIM SA: Work at Patnow Plant to Resume in Two Months


R U S S I A

BEL-ENERGO-MASH: Belgorod Court Appoints Insolvency Manager
GAZ CAPITAL: Fitch Rates Third Tranche of Loan Program 'BB'
KALUGA-TRANS-STROY: External Management Procedure Begins
MIXED FODDER: Undergoes Bankruptcy Supervision Procedure
MOVABLE MECHANIZED: Names A. Gurchenko Insolvency Manager

OAO ROSNEFT: Yugansk Lenders Call in Loans
OZERSKIY: Deadline for Proofs of Claim Expires Next Month
PERVOMAYSKOYE: Succumbs to Bankruptcy
PETROVSKIY: Declared Insolvent
PROGRESSOVSKIY BAKERY: Amur Court Appoints Insolvency Manager

SAMARA-AGRO-LEASING: Under Bankruptcy Supervision
TROLLEYBUS FACTORY: Undergoes Bankruptcy Supervision Procedure
YUKOS OIL: Taps Alvarez & Marsal as Restructuring Advisor


S P A I N

CABLEUROPA SAU: First-quarter Net Loss Balloons
ONO GROUP: Expects up to EUR240 Million EBITDA for 2005


S W E D E N

SKANDIA INSURANCE: Not Interested in any Bid Right Now


U N I T E D   K I N G D O M

AILEC HAND: Liquidator from Neville & Co. Moves in
AILEC MAILING: In Administrative Receivership
ALLIED DOMECQ: French Bidder to Withdraw if E.U. Scrutinizes Bid
ALMA DISTRIBUTION: Liquidator from Lake Bushells Moves in
AMHERST LIMITED: Calls in Liquidator from Numerica

ANDERSON ARCHITECTURAL: Appoints Moore Stephens Liquidator
ARDEN VALE: Members Pass Winding-up Resolutions
ARMSTRONG PROJECTS: Members Decide to Wind up Firm
ARREARS COLLECTION: Hires PricewaterhouseCoopers as Liquidator
BA MEDIA: Members Hire Liquidator from Langley & Partners

B & K WINDOWS: Appoints Butcher Woods Liquidator
BLUE EDGED: Liquidator from Begbies Traynor Moves in
BOUVERIE LIMITED: Gives Creditors Until June to File Claims
BRANDPOWER COMMUNICATIONS: Names Ideal Corporate Liquidator
BROOK HANSEN: Members Decide to Wind up Firm

C WATTAM: Hires BBK Partnership Liquidator
DORUSTRIA LIMITED: Liquidator from Slate Maidment Moves in
EIDOS PLC: SCi Offer Declared Wholly Unconditional
ELCAMPO LIMITED: Creditors' Claims Due Next Week
HARBOUR CONSULTANCY: Shareholders Send Group into Liquidation

INMARSAT GROUP: Stock Market Flotation on Track
INTEC SYSTEMS: Winding-up Report Out June
INTERNATIONAL POWER: Q1 Pre-tax Profit Almost Double in 2005
JOHN A. FRANSEN: Appoints Numerica Administrator
JOHN CARNE: Hires Joint Administrators from Numerica

JOHN MILLAR: Confectionery Maker Falls into Receivership
K ARMSTRONG: Names Lines Henry Administrator
KENLEY MANUFACTURING: In Administrative Receivership
LIFE FORTUNE: Members Pass Winding-up Resolution
MERSEA ENTERPRISES: Appoints Liquidator

MG ROVER: Pension Trustees Gear up for Legal Battle
MG ROVER: Dealers Ask More Time to Study Offer
N. M. FABRICATIONS: Cattle Invoice Appoints Receiver
RAILSTORE LIMITED: Calls in Administrators from Menzies
ROYAIR LTD.: Appoints Insolvency Administrator

RTR INVESTMENTS: Hires Liquidator from BBK Partnership
WAM!NET HOLDINGS: Names Grant Thornton Liquidator
WHITE & CO.: Appoints Liquidator from Grant Thornton


                            *********


===============
B U L G A R I A
===============


ELISSEYNA EAD: Government Reopens Bidding
-----------------------------------------
Bulgaria has opened another bidding for its metallurgical
facilities in Elisseyna, Europe Intelligence Wire says.

Former Director Slavcho Todorov said the assets are priced at
BGN18 million, ten times lower than its book value.  The
enterprise, which has been under receivership following its
bankruptcy in December, had been up for sale twice before, but
its debt of BGN17.7 million is scaring away buyers.

Mr. Todorov said the best solution is for Re Group to acquire the
plant.  The Czech company has been trying to buy a stake in
Elisseyna for three years now, but has failed to reach a firm
agreement with the economy ministry.

CONTACT:  REPUBLIC OF BULGARIA
          Privatization Agency
          Veneta Nacheva
          Aksakov 29 str.
          Sofia 1000, Bulgaria
          Phone: (+ 359 2) 987 32 94
                           980 42 50
                           987 99 80
          Fax: (+ 359 2) 980 98 27
               (+ 359 2) 981 62 01
          E-mail: press@priv.government.bg
          Web site: http://priv.government.bg/

          ELISSEYNA EAD
          3160 Gara Elisseyna, District of Vratsa


FIRST INVESTMENT: Receives Lower-B Ratings from Fitch
-----------------------------------------------------
Fitch Ratings assigned Bulgaria's First Investment Bank (FIB)
ratings of Long-term 'BB-'; Short-term 'B'; Individual 'D'; and
Support '5'.  The Outlook is Stable.

The Long-term, Short-term and Individual ratings reflect FIB's
thin capital base in light of high customer concentration levels
and rapid loan growth, which could result in asset quality
problems as loans season.  The sharp rise in volumes has put some
pressure on controls, and FIB is lending increasingly to
borrowers with a limited credit history (i.e. retail and SME),
though this has also had some diversification benefits.  At the
same time, the ratings also take into account the bank's
promising earnings prospects in the fast growing Bulgarian
banking sector and its reasonably good track record in managing
credit risk.

Despite Fitch's concerns over the pace of loan growth, it
recognizes that credit losses at FIB to date have been fairly
small, and large loan concentration levels should fall as the
bank expands lending.  The agency considers that FIB's
profitability is also adequate.  While FIB's operating profit
fell in 2004, heavy investments in strengthening the distribution
network should start to generate higher business volumes.  Demand
for credit remains strong despite intensifying competition.

FIB has been successful in diversifying and lengthening the tenor
of its funding, through customer deposit growth and, in Q105, the
issuance of EUR200 million of three-year Eurobonds, although
funding still remains largely short-term.  Fitch welcomes FIB's
efforts to strengthen its capital base through a planned EUR5m
share issue to existing shareholders in H105, and further
subordinated debt issuance.

FIB was founded in 1993.  It is the largest Bulgarian-controlled
bank.  Ultimate control of FIB lies in the hands of two private
individuals, FIB's founding shareholders, who have significant
interests in the tourism and real estate sectors in Bulgaria, the
US and the U.K.  Although historically a corporate bank, FIB is
developing its retail banking services and is seeking to expand
into micro and SME lending.  As a result, it has been expanding
its branch network.  At end-2004, FIB was ranked the sixth
largest bank in Bulgaria.

CONTACT:  FITCH RATINGS
          Lindsey Liddell, London
          Phone: +44 (0) 20 7417 3495

          Matthew Hegarty
          Phone: +44 (0) 20 7417 6319

          Media Relations:
          Jon Laycock, London
          Phone: +44 20 7417 4327


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


ALAIN PALANCHON: Commercial Court Sanctions Reorganization
----------------------------------------------------------
The Commercial Court of Chalon-sur-Saone placed Alain S.A.R.L.
Palanchon into judicial reorganization on April 28, 2005.
Jean-Jacques Deslorieux has been appointed to represent creditors
during the company's observation period.  Proofs of claim must be
submitted to the liquidator within two months following the
publication of the ruling on the BODACC.  The group is engaged in
transportation of meat products.

CONTACT:  S.A.R.L. ALAIN PALANCHON
          Ferme des Sapins,
          Saint-Martin-du-Mont
          71580 St-Martin-du-Mont

          Jean-Jacques Deslorieux, Creditors' Representative
          BP 3, 71640 Givry


ALSTOM SA: Wins EUR80 Million Contract in China
-----------------------------------------------
Alstom S.A. has won a contract worth more than EUR80 million with
Dongfang Electric Group Corporation (DEC) for its part in the
supply of two 1000 MW Arabelle steam turbine and generator
packages for phase II of construction at Ling Ao nuclear power
station, run by China Guangdong Nuclear Power Corporation
(CGNPC), in Shenzhen, China.

This partnership reinforces the leadership position of ALSTOM and
its technologies in China's nuclear conventional island market.
It is the third significant nuclear power contract
Alstom has won in China in recent years.  Previously, the company
has recorded two major contracts for the supply of Daya Bay and
Ling Ao nuclear power stations.

Alstom's Arabelle steam turbine is the only state-of-the-art,
proven technology covering 1000 MW to 1800 MW range.  Its
configuration gives high overall efficiency, extended design
lifetime, short overhaul periods, and low maintenance costs.
Arabelle can operate with any type of nuclear island
configuration.

Alstom is the world's No.1 supplier of nuclear steam turbines and
generators.  With over 40 years' experience and 175 units
installed in more than 12 countries, Alstom technology is present
in over a third of the world's total installed nuclear capacity.

Its winning of the Ling Ao Phase II project builds on Alstom's
successful execution of Ling Ao Phase I project.  As the design
and supply contractor for the two units of the Phase I project,
Alstom contributed to the commercial inauguration of Unit 1 and
the Unit 2 in 2002, respectively 48 days and 66 days earlier than
the dates specified in the contract.

Philippe Joubert, President of Alstom's Power Turbo Systems and
Power Environment Sectors, said: "Alstom is very pleased to be
chosen by our Chinese partner and customer to serve this key
project in China's program of nuclear power generation.  It
confirms Alstom's position as a key worldwide player and
technology leader in conventional islands for nuclear power
plants and its commitment to participate, alongside Chinese
partners, to the ambitious development of power generation in
China."

CONTACT:  ALSTOM S.A.
          3 Avenue Andre Malraux
          92300 Levallois
          France
          Phone: 33 (0) 1 41 49 27 13
          Fax: 33 (0) 1 41 49 79 32 1

          Press Relations
          S. Gagneraud
          Phone: +33 1 41 49 27 40
                 +33 1 41 49 27 13
          E-mail: internet.press@chq.alstom.com

          Investor Relations
          E. Chatelain
          Phone: +33 1 41 49 37 38
          E-mail: investor.relations@chq.alstom.com


DUPLOYER FILS: Court Orders Reorganization
------------------------------------------
The Commercial Court of Le Creusot ordered the reorganization of
S.A.R.L. Duployer Et Fils on May 3, 2005.  Jean-Jacques
Deslorieux has been appointed to represent creditors during the
company's observation period.  Proofs of claim must be submitted
to him as soon as possible.

CONTACT:  S.A.R.L. DUPLOYER ET FILS
          18 B, Rue de Paris
          71400 Autun

          Jean-Jacques Deslorieux,
          BP 3
          71640 Givry


LARABI: Reorganization Receives Go Signal
-----------------------------------------
The Commercial Court of Le Creusot ordered the reorganization of
S.A.R.L. Larabi on May 3, 2005.  Jean-Jacques Deslorieux has been
appointed to represent creditors during the company's observation
period.  Proofs of claim must be submitted to him as soon as
possible.

CONTACT:  S.A.R.L. LARABI
          67, Avenue de la Republique
          71200 Le Creusot

          Jean-Jacques Deslorieux, Creditors' Representative
          BP 3, 71640 Givry


SODELEC: Urges Creditors to File Claims as soon as Possible
-----------------------------------------------------------
The Commercial Court of Dijon placed Sodelec S.A.R.L. into
judicial reorganization on May 3, 2005.  SCP Cure Thiebaut has
been appointed to represent creditors during the company's
observation period.  Proofs of claim must be submitted him as
soon as possible.

CONTACT:  SODELEC S.A.R.L.
          28, rue de Montchapet
          21000 Dijon

          SCP Cure Thiebaut, Creditors' Representative
          78, Avenue Victor-Hugo
          BP 81556
          21015 Dijon Cedex


TOUR D'AUXOIS: Succumbs to Liquidation
--------------------------------------
The Commercial Court of Dijon ordered the liquidation of S.A.R.L.
De La Tour D'Auxois on May 3, 2005.  Liquidator Bissieux
Jean-Joachim has been appointed to facilitate the sale of the
company's assets.  Proofs of claim must be submitted to him as
soon as possible.  The group is engaged in hotel and restaurant
reservation services.

CONTACT:  S.A.R.L. DE LA TOUR D'AUXOIS
          Square Alexandre-Dumaine
          21210 Saulieu

          Bissieux Jean-Joachim, Liquidator
          36, rue Jeannin
          21000 Dijon


TROUILLET: Samro to Acquire Bankrupt Trailer Maker
--------------------------------------------------
Semi-trailer manufacturer Trouillet will fall into the hands of
rival Samr, Les Echos says.

The commercial court of Roanne chose Samro, the country's leading
semi-trailer manufacturer, to take over Trouillet after it
offered to invest EUR2.3 million in the company within the next
three years.  Samro also offered to retain 111 of 120 Trouillet
staff, but 20 employees refused the offer since it involves
collective pay agreement.

Trouillet will trade under a new name -- Balbigny Semi-remorques
Trouillet (BSRT) -- and will focus on van manufacturing.  Samro
also plans to increase Trouillet's workforce by 50 over the next
three years.  Samro bought Trouillet for a symbolic price of
EUR1.

The Roanne court placed Trouillet under court-supervised
administration in March, shortly after the group filed for
insolvency.  The company has failed to pay EUR4 million in debt,
despite posting EUR12 million in turnover in 2004.  It recently
removed its chairman and main shareholder, Michel Lucas,
following a two-day strike by 120 employees, who demanded payment
of their wages for February.

CONTACT:  TROUILLET
          Michel Lucas, President
          8 Rue de L'Industrie
          42510 Balbigny

          S.A. SEG SAMRO
          Zi de Jericho
          Allee du pont Noget
          85200 Fontenay Le Comte
          Phone: 33 (0)2 51 53 12 13
          Fax: 33 (0)2 51 69 00 42
          E-mail: info@samro.fr
          Web site: http://www.samro.fr


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


AUTOHAUS FRANZ: Creditors' Claims Due Next Week
-----------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Autohaus Franz Vieth GmbH on April 28, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 27, 2005 to
register their claims with court-appointed provisional
administrator Andreas Amelumg.

Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 2:15 p.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne 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:  AUTOHAUS FRANZ VIETH GMBH
          Kolner Str. 89 - 93
          50171 Kerpen
          Contact:
          Thomas Schonauen, Manager
          Marienstr. 58
          50171 Kerpen

          Andreas Amelung, Administrator
          Im Mediapark 6 B
          50670 Cologne
          Phone: 57437910
          Fax +4922157437938


ERFTGRUN GMBH: Creditors Have Until Friday to File Claims
---------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
ErftGrun GmbH Garten- und Landschaftsbau on April 21.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 20, 2005 to
register their claims with court-appointed provisional
administrator Wolfram Jahn.

Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 1:30 p.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1. Etage,
Saal 142 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  ERFTGRUN GMBH GARTEN- UND LANDSCHAFTSBAU
          Schmittenstr. 97, 50354 Hurth
          Contact:
          Robert Witt, Manager
          Schmittenstr. 97, 50354 Hurth

          Wolfram Jahn, Administrator
          Duerener Str. 270, 50935 Koln
          Phone: 4308758
          Fax: +492214308759


GBR HKL: To Hold Creditors Meeting July
---------------------------------------
The district court of Cologne opened bankruptcy proceedings
against GbR HKL Am Vorgebirgstor on April 27, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 7, 2005 to
register their claims with court-appointed provisional
administrator Dr. Ralf Sinz.

Creditors and other interested parties are encouraged to attend
the meeting on July 7, 2005, 9:30 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne 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:  GBR HKL AM VORGEBIRGSTOR
          Strasschen Siefen 7 b
          51467 Bergisch Gladbach
          Contact:
          Norbert Kuerten, Manager
          Wichheimer Strasse 241 a
          51067 Cologne

          Bernd Langwagen, Manager
          Grafenmuehlenweg 196
          51069 Cologne

          Dr. Ralf Sinz, Administrator
          Zeughausstr. 28 - 38
          50667 Cologne
          Phone: 9 21 22 23
          Fax: +492219212221


GEBA GENERALUNTERNEHMEN: Court Appoints Interim Administrator
-------------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against GEBA Generalunternehmen fuer schluesselfertiges Bauen und
Sanieren GmbH on April 28, 2005.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 7, 2005 to register their claims with
court-appointed provisional administrator Dr. Ruediger Werres.

Creditors and other interested parties are encouraged to attend
the meeting on July 7, 2005, 9:00 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne 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:  GEBA GENERALUNTERNEHMEN FUER SCHLUESSELFERTIGES BAUEN
          UND SANIEREN GMBH
          Peter-Henlein-strasse 14
          50389 Wesseling
          Contact:
          Heinz Bernhard Kuhl, Manager

          Dr. Ruediger Werres, Administrator
          Friesenplatz 17 a
          50672 Cologne
          Phone: 0221/95 14 46 - 20
          Fax: +4922195144690


GERBRACHT CONTAINER: Sets Creditors Meeting June 28
---------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Gerbracht Container und Metallbau GmbH & Co. KG on April
28.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until July 4,
2005 to register their claims with court-appointed provisional
administrator Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on June 28, 2005, 1:45 p.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on August
16, 2005, 1:15 p.m. at the same venue.

CONTACT:  GERBRACHT CONTAINER UND METALLBAU GMBH & CO. KG
          Ohlweg 9, 58730 Frondenberg

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


GK OBERFLACHENTECHNIK: Proofs of Claim Due Next Week
----------------------------------------------------
The district court of Hagen opened bankruptcy proceedings against
GK Oberflachentechnik GmbH on April 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 26, 2005 to register their
claims with court-appointed provisional administrator Manfred
Gottschalk.

Creditors and other interested parties are encouraged to attend
the meeting on June 16, 2005, 11:00 a.m. at the district court of
Hagen, Haupthaus (Neubau), Heinitzstrasse 42, 58097 Hagen, Etage
2, Raum 283, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  GK OBERFLACHENTECHNIK GMBH
          Bachstr. 34-38, 58300 Wetter
          Contact:
          Dipl. Ing. Friedrich-Wilhelm Kleinkorres, Manager
          Bachstr. 34-38, 58300 Wetter

          Manfred Gottschalk, Administrator
          Kirchender Dorfweg 14, 58313 Herdecke
          Phone: 02330/80880
          Fax: +492330808888


HAACK BAUUNTERNEHMUNG: Under Bankruptcy Administration
------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Haack Bauunternehmung GmbH on April 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 20, 2005 to
register their claims with court-appointed provisional
administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on June 15, 2005, 10:30 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on September 14,
2005, 10:30 a.m. at the same venue.

CONTACT:  HAACK BAUUNTERNEHMUNG GMBH
          Elsenstr. 82,12059 Berlin

          Dr. Wolfgang Schroder, Administrator
          Genthiner Str. 48, 10785 Berlin


HEIDELBERGCEMENT AG: First-quarter Loss Swells to EUR96 Million
---------------------------------------------------------------
Overview January to March

EUR millions                        2004            2005

Turnover                           1,347          1,355

Operating income before
   depreciation (OIBD)                90             85

Operating income                     -33            -35

Additional ordinary result            18            -21

Results from participations            2             11

Earnings before interest
   and income taxes (EBIT)           -13            -44

Result before tax                    -83            -99

Loss for the financial year          -60            -96

Group share                          -58           -105

Investments                          -84            140

The international economic growth has weakened slightly in recent
months.  However, the U.S. and China continue to provide the
strongest impetus.  In the E.U. countries, the considerable
slowdown in the economic dynamics was partly caused by the heavy
increase in raw material prices.  The severe winter impaired
major parts of Europe in the first quarter.  In Germany the
growth forecast was lowered significantly as a result of the
continuously weak domestic economy and the strong euro.

In the first quarter, turnover increased slightly in comparison
with the previous year by 0.6% to EUR1,355 million (previous
year: 1,347).  Welcome growth in turnover was achieved in
Northern Europe, Central Europe East and North America.  In North
America, turnover in U.S. dollars increased by around 17%.
Excluding currency and consolidation effects, Group turnover rose
by a total of 0.8% in comparison with the previous year.

At EUR85 million (previous year: EUR90 million), operating income
before depreciation (OIBD) was 5.4% below the previous year's
value.  In the first quarter, operating income decreased by 6.6%
to -EUR35 million (previous year: -EUR33 million).  The effects
of unfavorable weather conditions in Europe counterbalanced the
positive contribution to results made by North America and
Africa-Asia-Turkey.  The additional ordinary result of -EUR21
million (previous year: EUR18 million) essentially results from
taking into account the prepayment penalty for the redemption of
35% of our high yield bond.  The financing costs will decrease in
the following years accordingly.  Our participation Vicat exerted
a considerable influence on the results from participations,
which amounted to EUR11 million (previous year: EUR2 million).

The financial results improved by EUR16 million to -EUR54 million
(previous year: -EUR70 million).  This was primarily due to the
fact that unlike in the previous year Indocement incurred no
foreign exchange losses.  Loss before tax amounts to -EUR99
million (previous year: -EUR83 million).  In accordance with the
revised German tax laws, no tax assets resulting from losses were
recognized.  Consequently, in the first quarter of 2005, the tax
income decreased by EUR21 million to EUR2 million (previous year:
23).  As a result of the positive development of Indocement's
profit for the financial year, the minority interests total EUR8
million (previous year: -EUR1 million).  The Group share amounts
to -EUR105 million (previous year: -EUR58 million).

Acquisition of Teutonia Successfully Completed

Following the conclusion of the public tender offer for Teutonia
Zementwerk AG, Hanover, HeidelbergCement now holds 131,164
ordinary shares and 68,541 preference shares.  This corresponds
to around 99% of the voting rights and 92% of the share capital.
The Cartel Office's authorization for the acquisition of Teutonia
was issued on April 28, 2005.

Change in the Supervisory Board

On April 6, 2005, Mr. Gerhard Hirth was appointed member of the
Supervisory Board, as a shareholder representative, by resolution
of the Local Court (Amtsgericht) in Heidelberg.
He succeeds Dr. Bernd Scheifele, who was appointed Chairman of
the Managing Board of HeidelbergCement effective February 1,
2005.

Further development of the corporate and management structure
In line with the personnel changes in the Managing Board, some of
the responsibilities within the Managing Board were also
redistributed.  In addition to Central Europe West and Central
Europe East, Andreas Kern is now also responsible for the United
Kingdom and Northern Europe.  Furthermore, Dr. Lorenz Nager was
assigned responsibility for maxit Group.  We have appointed the
management consultancy firm Boston Consulting to examine the
organizational structure for Europe and to develop a transparent
and efficient structure for the European regions.

In addition, the decision has been made to move the Group
departments Strategy & Development, Internal Audit and Finance &
Treasury from Brussels and Malmo respectively to Heidelberg.  The
administrative locations in Malmo and Singapore are to close.
The responsibilities assigned to Singapore will, in future, be
handled directly by our operating units in Asia.  A decision will
be made regarding the administrative location in Brussels
following the conclusion of a detailed investigation.

Cement and Clinker Sales Volumes

In the first quarter of 2005, cement and clinker sales volumes
decreased by 2% to 12.7 million tons (previous year: 12.9 million
tons).  In most regions, sales volumes were adversely affected by
the severe winter.  We were able to achieve increases in sales
volumes in North America, Northern Europe and Africa-Asia-Turkey.
Excluding consolidation effects, the decline amounted to 3.7%.

Employees

In the first three months, HeidelbergCement employed 41,602
people (previous year: 42,453) across the Group.  In almost all
regions, restructuring measures were carried out.

Investments

In the first quarter, cash relevant investments rose by 68% in
comparison with the previous year to EUR140 million (previous
year: EUR84 million).  Of this figure, EUR93 million (previous
year: EUR72 million) was invested in tangible fixed assets and
EUR47 million (previous year: EUR12 million) in financial fixed
assets.  Disinvestments of EUR26 million (previous year: EUR43
million) and changes in the consolidation scope amounting to EUR9
million (previous year: EUR63 million) led to a total cash flow
from investing activities totaling -EUR105 million (previous
year: EUR23 million).

Prospects

Despite a weak first quarter, we expect moderate increases in
sales volumes and turnover in the current financial year.  Once
again, North America and the growth markets will provide strong
impetus.  Germany, where construction sector capital spending is
continuously decreasing, will undoubtedly remain weak.  We will
focus on increasing efficiency and reducing costs in all areas,
not just in the plants but also in the central functions.  We
will also reduce costs in the finance area.

We will continue to participate in the process of consolidation
that is taking place in the international cement sector,
directing our attention towards small or medium-sized
acquisitions.  Our aim is to further improve our existing market
positions.

Heidelberg, May 4, 2005

Yours sincerely,

Dr. Bernd Scheifele
Chairman of the Managing Board

Full copy of the first-quarter results can be viewed at
http://bankrupt.com/misc/Heidelberg_1q2005.pdf

CONTACT:  HEIDELBERGCEMENT AG
          Berliner Strasse 6
          69120 Heidelberg
          Phone: +49-6221-481-227
          Fax: +49-6221-481-217
          Web site: http://www.heidelbergcement.com


HEIDELBERGCEMENT AG: 2004 Last of 'Losing Years', Vows Chairman
---------------------------------------------------------------
Report by the Chairman of the Managing Board of HeidelbergCement
AG, Dr. Bernd Scheifele, at the Annual General Meeting on 4 May
2005 at the Portland Forum am Herrenberg in Leimen:

Ladies and Gentlemen,

I am pleased that so many of you are able to be here [] in our
beautiful Festival Hall, or, as it is now called, the Portland
Forum am Herrenberg.

On behalf of my colleagues on the Managing Board, I would like to
sincerely welcome you to [the May 4] Annual General Meeting.

My report on the situation of the company is broken down into
three parts: summary of the 2004 financial year, current topics
from this financial year, and prospects for 2005.

                            Summary

Results for 2004 - Overview

(a) Adjusted turnover rose by 5.8%.  This is comparatively
    healthy growth, which reflects the sound state of the
    worldwide cement market;

(b) HeidelbergCement increased its cement and clinker sales
    volumes by 28% to over 65 million tons.  This is primarily
    attributable to the first-time consolidation of our
    Indonesian subsidiary, Indocement, which achieved cement
    sales volumes of approximately 12 million tons in 2004;

(c) Results in Germany improved.  After three hard years, we
    succeeded in substantially increasing results in Germany and
    are operating in the black once again;

(d) I will talk about the additional ordinary result of -EUR674
    million in more detail in the balance sheet section;

(e) Some changes took place in the Managing Board and
    Supervisory Board, which were partly due to the withdrawal
    of the banks.  Deutsche Bank withdrew completely from
    HeidelbergCement, while the share held by Dresdner Bank, now
    part of Allianz, fell to below 5%.  After the last Annual
    General Meeting, I was elected Chairman of the Supervisory
    Board.  Managing Board members Mr. Vanfrachem and Mr.
    Fernvik retired on 1 July 2004.  Mr. Wolf, the former Chief
    Financial Officer, retired on 1 November and Mr. Bauer
    stepped down on 31 January 2005.  The Supervisory Board then
    assigned me the position of Chairman of the Managing Board
    and elected Mr. Heckmann as Chairman of the Supervisory
    Board.  On 6 April 2005, Mr. Hirth was appointed member of
    the Supervisory Board, as a shareholder representative, in
    place of me; and

(f) We have improved the financing situation.  The net
    indebtedness remained virtually stable despite the first-
    time consolidation of Indocement.

In addition, we took out a new syndicated loan of EUR1 billion in
December 2004, which refinances the syndicated loan from the
previous year under better conditions and lower financing costs.
We are pleased to say that, as a result, the rating agencies have
moved our long-term unsecured liabilities up two grades.

Share Price Performance

The price of our share recovered substantially in the 2004
financial year, with the upward trend continuing.  After a
temporary low of EUR31.70 in January, the share price closed the
year at EUR44.30.

With a price increase of 32%, it performed considerably better
than the DAX (+7%), MDAX (+20%) and the global industry index
MSCI (World Construction Materials Index; +21%).

Key Figures - Turnover and Operating Income Before Depreciation
(OIBD)

Before adjustment for currency and consolidation effects,
turnover increased by 8.8%.  The increase in OIBD was 19%.  This
also reveals the typical seasonal structure of our business: As a
result of weather and repairs, the first and fourth quarters are
typically not as strong as the second and third quarters, when
construction activity increases.  Of course, this applies
particularly to our markets in Europe and North America.

Cement and Clinker Sales Volumes 2004

The cement and clinker sales volumes again indicate the enormous
rise from just under 51 million tons to over 65 million tons,
which is, first and foremost, attributable to Indocement.  We
recorded declines in Central Europe West and Western Europe.  Our
cement sales volumes were stable in Northern Europe and Central
Europe East.  We achieved an increase of 7% in North America and
an impressive 191% in Africa-Asia-Turkey, this growth, of course,
being heavily influenced by the consolidation of Indocement.

OIBD in the Regions

In Central Europe West -- which is basically Germany, but also
includes Austria and Switzerland -- you will notice a significant
increase of EUR64 million in OIBD, primarily due to price
increases and cost savings.  This shows that in Germany, we have
succeeded in reversing the results trend, which sets us apart
from one or the other player on the market.

At the end of 2004, we signed the agreement to purchase Teutonia
Zementwerk Aktiengesellschaft near Hanover.  This acquisition was
authorized by the Cartel Office during the past week.  We now
hold more than 99% of the voting rights in Teutonia.  It has
decisively strengthened our position in Northern Germany, from
Anneliese Zement in North Rhine-Westphalia to Konigs Wusterhausen
near Berlin.

In Western Europe, we recorded a decline in results, which was
partly due to the falling cement prices in the Benelux countries.
In the United Kingdom, results were impaired by project costs at
Padeswood in Wales, where we are converting an obsolete wet
cement plant to a dry kiln.  The conversion will be completed in
the summer.  Results also declined in Northern Europe.  On the
one hand, this is due to the fact that we have sold producers of
prefabricated concrete elements and ready-mixed concrete
companies in Finland.  On the other hand, we have made extensive
changes in our largest Norwegian plant in Brevik in Southern
Norway, enabling us to increase the proportion of alternative
fuels to 70-80%. Naturally, this conversion had an adverse effect
on results.

Central Europe East recorded a rise of 13%.  This figure is all
the more impressive when you consider that the sale of our
Bulgarian company, which took place in 2003, is already taken
into account in this increase. Infrastructure measures are being
taken in connection with the entry to the E.U., providing a
definite boost to cement sales volumes.  We achieved positive
developments in Poland, the Czech Republic and Hungary.  However,
this also applies to the countries that have not yet joined the
E.U.  In Romania, large motorway projects are planned.  In the
Ukraine, where we are the market leader, we are not able to
completely service the demand.  It is now clear that we made the
investments in Eastern Europe at the right time.

This year, North America is once again the strongest region in
the Group.  America is the second-largest cement market in the
world, behind China.  Unlike in Germany, where we have excess
capacities, the market there is characterized by the fact that we
have undercapacities, i.e. America has an annual net import
requirement of approximately 20 million tons of cement.

Excluding exchange rate effects, the OIBD would have increased by
14% -- an enormous result for a mature market.  Even after
conversion into EUR, the increase amounts to 4%.  This shows that
the American cement market is still in a very sound state.
Africa-Asia-Turkey was affected by the first-time consolidation
of Indocement.  This basically explains the leap from EUR72
million to EUR192 million.  In Africa, sales volumes rose
significantly.  The Turkish market developed positively and the
macroeconomic figures stabilized.  In addition, Turkey is
currently exporting 2 million tons to Iraq.  This, too, has
contributed to the fact that in Turkey, we experienced a
significant increase in cement demand and better utilization of
our plants.

At maxit Group, cash flow rose by 6%, in line with our
expectations.  However, the picture at maxit Group is quite a
varied one: In Germany, the market remains difficult.  In other
European countries, particularly in Scandinavia but also in
Portugal, Spain and France, we experienced positive business
development.

Trading in cement, clinker and fossil fuels is managed by Group
Services.  While the turnover in this unit rose by 21% as a
result of the heavy increase in freight rates, OIBD fell from
EUR12 million to EUR3 million as a result of internal
restructuring within the Group.

OIBD - Regional Breakdown

North America is achieving the best results.  Central Europe
West, which is the traditional home market Germany, still
accounts for just 9% of the OIBD, despite the addition of the
acquisitions from 2003 and 2004.  This speaks volumes about how
much HeidelbergCement has changed, from a Southern German cement
manufacturer to an international Group.  You can see quite
clearly that the growth markets have increased their share to
32%.  This is primarily due to the fact that we have strong
growth markets in our portfolio, with Central Europe East,
Indocement and China.  We have now set ourselves a new target of
obtaining a mature to growth markets ratio of 50:50.

Employees 2004: 42,062 (2003: 37,774)

The increase in the number of employees is primarily attributable
to the inclusion of Indocement in the consolidation scope.  On
balance, this increase is greater than the decline in personnel,
which we recorded in the other regions as a result of
restructuring measures and disinvestments.

On behalf of the Managing Board, I would like to thank all our
employees, whose dedication and enthusiasm have contributed to
the success of HeidelbergCement.  Our thanks also go to the
employee representatives, who have helped to make some difficult
decisions for the Group in a year marked by change.

Profit and Loss Account

We now move on to the financial report.  You will note that the
figures are characterized by three influential factors: (a) solid
operating activities, (b) the first-time consolidation of
Indocement, (c) the elimination of balance sheet risks, amounting
to around EUR700 million.

I have already talked about turnover and OIBD.  As regards
depreciation, the fundamental difference is that following a
change in the accounting principles in accordance with IAS,
annual goodwill amortization in the region of EUR170 million were
discontinued.  This also largely accounts for the increased
operating income of EUR735 million.

Additional Ordinary Result 2004

In order to eliminate balance sheet risks, we absorbed
extraordinary charges in the order of around EUR700 million.  The
majority of these measures are reflected in the additional
ordinary result, which shows a negative balance, with expenditure
of EUR674 million.  If we look at this figure more closely, it
can be broken down into exceptional amortization (impairment) of
EUR450 million and non-recurring expenses of around EUR230
million.

For the exceptional amortization of around EUR446 million, we
carried out impairment tests in accordance with the regulations
of the IAS.  This involves testing whether the assets shown in
the balance sheet for a specific business unit within the Group
earn sufficient profit to finance these levels of goodwill.
These impairment tests established that, overall, these figures
fell short by a value in the region of EUR350 million.
Consequently, we recorded impairment of EUR350 million.  This is
the largest item you will see here.  In addition, we recorded
impairment on fixed assets of around EUR100 million.  The
majority of this was due to the restructuring measures in Belgium
and the Netherlands, where we have plans to decommission a kiln
line in Maastricht.

The non-recurring expenses of around EUR228 million included the
formation of a provision for Indocement's financing costs.  The
second major amount was, once again, a provision for personnel
reductions as part of the reorganization plan for Belgium and the
Netherlands.  The plan involves cutting 400 jobs over a period of
three to four years, requiring the formation of provisions for
redundancy pay.

The amount of -EUR674 million recorded under additional ordinary
result is obtained from the sum of impairment of EUR446 million
and the non-recurring expenses of EUR228 million.

Including the results from participations, the earnings before
interest and income taxes (EBIT) fall to EUR128 million.  The
financial results change from -EUR222 million to -EUR280 million,
primarily as a result of foreign exchange losses in Indonesia.
This leads to a profit before tax of -EUR152 million.

Taxes on income rise to EUR181 million, mainly as a result of the
increased limitations in Germany on using tax losses carried
forward.  This produces a loss for the financial year of EUR333
million and a Group share in results of -EUR366 million.

Cash flow Statement 2004

The increase in net cash from operating activities from EUR660
million to EUR937 million shows the strength of our operating
activities.  Investments are another significant factor: They
fell from EUR612 million in the previous year to EUR511 million
in 2004.  This is counterbalanced by proceeds from fixed asset
disposals and cash from changes in the consolidation scope,
bringing the total net cash used in investing activities to
EUR309 million.

Dividends of EUR125 million were paid and we were able to reduce
bonds and loans by around EUR704 million, which resulted in a
figure of EUR829 million for net cash used in financing
activities.

At the end of the year, cash and cash equivalents stood at EUR305
million.

Investments 2004: EUR511 Million

Here you have another detailed view of the investments in
tangible and financial fixed assets.  In comparison with the
previous year, they fell by around 17%.  While investments in
tangible fixed assets rose, investments in financial fixed assets
fell heavily; these mainly related to the purchase of further
shares in Anneliese Zementwerke AG and the Chinese company China
Century Cement.  Restraint in investments served mainly to reduce
debt.

Balance Sheet as of 31 December 2004

The balance sheet also reflects the effects of the influential
factors I described in relation to the profit and loss account.
As a result of the impairment, intangible fixed assets decreased
from EUR2.5 billion to around EUR2.3 billion.  Tangible fixed
assets increased by around EUR500 million to more than EUR5
billion.  This EUR500 million arises primarily from Indocement.
The counteractive effect can be seen in the financial fixed
assets.  Until 2003, Indocement was accounted for as
participation.  After its full consolidation, the participation
no longer appears in the balance sheet; instead, the individual
assets are recorded in the balance sheet.  This has therefore
reduced the financial fixed assets by around EUR250 million.

Only small changes occurred in receivables: Cash and cash
equivalents were reduced by EUR300 million through improved cash
management.

On the liabilities side, you will see that in shareholders'
equity, the capital entitled to shareholders fell by EUR500
million.  This is essentially due to the dividend payment and the
loss incurred in the 2004 financial year.  The minority interests
rose by EUR275 million.

The reason for this is the consolidation of Indocement.

HeidelbergCement now holds a share of around 33% in Indocement.
You will find the remaining 67% here, i.e. EUR275 million.  I
have already explained the increase in provisions.  Overall, the
financial liabilities decrease by EUR237 million, in parallel to
the cash and cash equivalents.

Despite the first-time consolidation of Indocement, we succeeded
in reducing the balance sheet total slightly.  Despite the
additional liabilities taken over from Indocement, the net
indebtedness remains virtually the same, even though the
debt/equity ratio -- known as the gearing -- has increased once
again as a result of the lower shareholders' equity.

Today [May 4], the Managing Board and Supervisory Board are
proposing a reduced dividend of 55 cents per share, as you will
see under item 2 on the agenda.  We believe this reduction is
appropriate in view of the heavy loss incurred by the Group.  The
savings in dividends will help the company -- your company -- to
further strengthen its equity base and internal financing.

A Fresh Start

For you, the shareholders of HeidelbergCement, the results of the
year 2004 -- with a loss recorded for the first time in the
postwar period -- are of course disappointing.  This year may be
received as a year of transition in the history of the company.
With the balance sheet of the year 2004 and the measures
described we draw a conclusion under the last three very
difficult years for HeidelbergCement.  Now we have clarity
regarding the leadership of the Group and have clearly set the
direction for the coming years in terms of personnel.  The
balance sheet is stable again.  At the end of March, the equity
ratio amounts to approximately 40% and we have good liquidity.

A copy of the report is available free of charge at
http://bankrupt.com/misc/Heidelberg_2005AGMReport.pdf

CONTACT:  HEIDELBERGCEMENT AG
          Berliner Strasse 6
          69120 Heidelberg
          Phone: +49-6221-481-227
          Fax: +49-6221-481-217
          Web site: http://www.heidelbergcement.com


HELMUT GUTH: Court to Verify Claims June
----------------------------------------
The district court of Essen opened bankruptcy proceedings against
Helmut Guth Catering GmbH on April 28.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 1, 2005 to register their claims with
court-appointed provisional administrator Dr. Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on June 15, 2005, 10:05 a.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber
Bereich, Saal 293, 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:  HELMUT GUTH CATERING GMBH
          Bellenbergsteig 49, 45239 Essen
          Contact:
          Helmut Guth, Manager

          Dr. Jorg Nerlich, Administrator
          Goethestr. 100, 45130 Essen
          Phone: 0201 8961050
          Fax: 8961059


ISIM STAHLBAU: Heilbronn Court Confirms Bankruptcy
--------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against ISIM Stahlbau Industriemontage GmbH on April 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 31, 2005 to
register their claims with court-appointed provisional
administrator Undine Haller.

Creditors and other interested parties are encouraged to attend
the meeting on July 12, 2005, 10:30 a.m. at the district court of
Heilbronn, 74072 Heilbronn, Rollwagstr. 10 A, Erdgeschoss, Saal 4
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:  ISIM STAHLBAU INDUSTRIEMONTAGE GMBH
          Contact:
          Michael Mack, Manager
          Holunderweg 1, 74080 Heilbronn

          Undine Haller, Administrator
          Bismarckstr. 39, 74074 Heilbronn


KL KONZEPT: Creditors Have Until Next Month to File Claims
----------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
KL Konzept & Losung, Verwaltungs- und
Geschaftsfuehrungsgesellschaft fuer Immobilien mbH on April 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 13, 2005 to
register their claims with court-appointed provisional
administrator Dr. Henning Dohrmann.

Creditors and other interested parties are encouraged to attend
the meeting on July 13, 2005, 11:00 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 12.
Etage, Raum 1240 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:  KL KONZEPT & LOSUNG, VERWALTUNGS- UND
          GESCHAFTSFUEHRUNGSGESELLSCHAFT FUER IMMOBILIEN MBH
          Niederwipper 25, 51688 Wipperfuerth
          Contact:
          Wolfgang Wessendorf, Manager
          Ewald-Gnau-Str. 31, 42499 Huckeswagen

          Dr. Henning Dohrmann, Administrator
          Moltkestr. 12, 51643 Gummersbach
          Phone: 02261/9279-0
          Fax: +49226192799


LEBENS-ART: Kleve Court Appoints Provisional Administrator
----------------------------------------------------------
The district court of Kleve opened bankruptcy proceedings against
LEBENS-ART Gastronomie GmbH on May 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 7, 2005 to register their claims with
court-appointed provisional administrator Claudia Heidersdorf.

Creditors and other interested parties are encouraged to attend
the meeting on June 28, 2005, 10:00 a.m. at the district court of
Kleve, Hauptstelle, Schlossberg 1, 47533 Kleve, Erdgeschoss, C 58
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this meeting,
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  LEBENS-ART GASTRONOMIE GMBH
          Konigsgarten 53, 47533 Kleve
          Contact:
          Alexander Polders, Manager

          Claudia Heidersdorf, Administrator
          Eichendorffstrasse 25, 47800 Krefeld
          Phone: 02151-80580
          Fax: 02151 - 805858


PILOT GARTEN: Claims Verification Set July
------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Pilot Garten- und Landschaftsbau GmbH on April 15, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 6, 2005 to
register their claims with court-appointed provisional
administrator Joachim Klein II.

Creditors and other interested parties are encouraged to attend
the meeting on July 7, 2005, 11:00 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne 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:  PILOT GARTEN- UND LANDSCHAFTSBAU GMBH
          Kirschbaumweg 28 c
          50996 Cologne
          Contact:
          Roland Pilot, Manager

          Joachim Klein II, Administrator
          Hansaring 79 - 81
          50670 Cologne
          Phone: 91267777
          Fax: +4922191267799


RENATE ZIEGENHARDT: Claims Deadline Nears
-----------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against Renate Ziegenhardt KG on April 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 27, 2005 to register their
claims with court-appointed provisional administrator Dr. Harald
Hess.

Creditors and other interested parties are encouraged to attend
the meeting on June 27, 2005, 12:30 p.m. at the district court of
Erfurt, Raum 12, Rudolfstr. 46, 99092 Erfurt, 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:  RENATE ZIEGENHARDT KG
          Schlosserstr. 4, 99084 Erfurt

          Dr. Harald Hess, Administrator
          Barbarossahof 4-5, 99092 Erfurt


SCHERER+HIRT AUTOMATISIERUNGSTECHNIK: Declared Bankrupt
-------------------------------------------------------
The district court of Koblenz opened bankruptcy proceedings
against Scherer+Hirt Automatisierungstechnik Verwaltungs-GmbH on
April 21.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
June 26, 2005 to register their claims with court-appointed
provisional administrator Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting on July 1, 2005, 9:00 a.m. at Saal 127,
Hauptjustizgebaude, Karmeliterstrasse 14, 56068 Koblenz 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 July 22, 2005, 9:00 a.m. at
the same venue.

CONTACT:  SCHERER+HIRT AUTOMATISIERUNGSTECHNIK VERWALTUNGS-GMBH
          Robert-Bosch-Strasse 1, 56070 Koblenz
          Contact:
          Wolfgang Hirt, Manager
          Eschenweg 2, 71364 Winninden

          Jens Lieser, Administrator
          Josef-Gorres-Platz 5, 56068 Koblenz
          Phone: 0261/304-790
          Fax: 0261/911-4729


SCHEUER ROHRINNENSANIERUNG: Succumbs to Bankruptcy
--------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Scheuer Rohrinnensanierung GmbH on April 29, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 13, 2005 to
register their claims with court-appointed provisional
administrator Hans-Gerd Jauch.

Creditors and other interested parties are encouraged to attend
the meeting on July 7, 2005, 10:00 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne 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:  SCHEUER ROHRINNENSANIERUNG GMBH
          Pastoratsstr. 5
          50997 Cologne
          Contact:
          Manfred Scheuer, Manager

          Hans-Gerd Jauch, Administrator
          Sachsenring 81,
          50677 Cologne
          Phone: 0221/33660130
          Fax +492213366085


UNIVERSAL LIFT: Court to Verify Claims August
---------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against UNIVERSAL LIFT GmbH on April 26.
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 Joachim Voigt Salus.

Creditors and other interested parties are encouraged to attend
the meeting on June 9, 2005, 9:00 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on August 4, 2005,
9:10 a.m.

CONTACT:  UNIVERSAL LIFT GMBH
          Jansastr. 16,12045 Berlin

          Joachim Voigt Salus, Administrator
          Rankestrasse 33, 10789 Berlin


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


PARMALAT FINANZIARIA: Posts Higher EBITDA for March
---------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
presents the operating and financial results of the Parmalat
Group at March 31, 2005.

Scope of Consolidation

The scope of consolidation has been defined using principles that
are consistent with those adopted in preparing the statement of
income and balance sheet at December 31, 2004.  Companies that
are subject to restrictions on their management are a result of
local bankruptcy proceedings that have placed them outside the
control of Parmalat Finanziaria S.p.A.  in Extraordinary
Administration, and companies in voluntary liquidation, are no
longer consolidated on a line-by-line basis.

The current scope of consolidation no longer includes companies
in which the Group held equity investments that were sold after
January 1, 2005.  The corresponding 2004 data have been restated
accordingly on a pro forma basis.  The operations divested in
2005 include the companies that comprised the U.S.A. Bakery
Division (Mother's Cake & Cookies, Archway Cookies and three
production units in Canada), which were sold in January 2005, and
Parmalat Uruguay, which was sold in February 2005.  Margherita
Yogurt, which was placed in liquidation in February 2005, has
also been removed from the scope of consolidation.

Operating Performance

Financial Highlights
Cumulative through March
                                 Revenues
Values in
millions
of Euro            Previous      Previous        Current
                     year          year            year
                                 Pro-Forma

Core Businesses [*]   845.9        845.9           880.5

Non-Core
Businesses [**]       110.3        102.9            68.9

Total                 956.3        948.9           949.4

                                  EBITDA

                   Previous      Previous        Current
                     year          year            year
                                 Pro-Forma

Core Businesses [*]    50.6         50.6            61.8

Non-Core
Businesses [**]        (6.2)        (5.9)            4.0

Subtotal               44.4         44.7            65.8

Proceedings Costs     (14.6)       (14.6)          (16.5)

Total                  29.8         30.1            49.3

                            EBITDA % of Revenues

                    Previous      Previous         Current
                      year          year             year
                                  Pro-Forma

Core Activities [*]     6.0          6.0              7.0

Non-Core
Activities [**]        (5.6)        (5.7)             5.7

Subtotal                4.6          4.7              6.9

Total                   3.1          3.1              5.2

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] The Core Businesses include the following product categories:
beverages (milk and fruit juices) and functional dairy products,
focused on approximately 30 brands (both global and strong local
brands) primarily in high-potential countries in which there is
sustained demand for wellness products, consumers are willing to
pay a premium price for Parmalat brands and where there is access
to leading edge technologies.

[**] The Non-core Businesses are those that are located in
countries or engaged in activities that are not strategically
significant and have been earmarked for divestiture.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Core Businesses

The Group's Core Businesses had revenues of EUR880.5 million in
the first quarter of 2005, a gain of 4.1% over the EUR845.9
million booked in the same period last year.  This revenue gain
produced an improvement in EBITDA as well, which grew both in
absolute terms (from EUR50.6 million to EUR61.8 million) and as a
percentage of revenues (from 6.0% to 7.0%).  These data do not
reflect the impact of the nonrecurring charges related to the
extraordinary administration proceedings, which amounted to about
EUR16.5 million.

Revenues for the month (difference between the cumulative figures
at March 31 and February 28) totaled EUR311.8 million, up
slightly from the EUR302.0 million booked in March 2004.  EBITDA
were also up, rising to EUR23.3 million (EUR19.6 million in March
2004).  An analysis of the Group's results in the main geographic
regions in which it operates is provided below.

Italy

At EUR329.8 million, cumulative revenues were slightly lower
(-1.6%) compared with the first quarter of 2004 (EUR335.3
million).  Cumulative EBITDA for the first three months of 2005
grew to EUR25.5 million from EUR24.7 million in the same period
last year.  The ratio of EBITDA to revenues also improved,
increasing from 7.4% to 7.7%.

The March 2005 monthly figures showed gains as well, as compared
with the previous year, with revenues totaling EUR123.7 million
and EBITDA amounting to EUR10.1 million (8.2% of revenues).  The
drop in net revenues mainly reflects lower sales by Boschi, an
affiliate that operates primarily in the co-packing business and
was declared eligible for extraordinary administration at the end
of 2004.  Total EBITDA held at about the same level as last year,
as savings in manufacturing costs and overheads offset increases
in promotional and advertising expenses.

Spain

Cumulative revenues at March 31, 2005 totaled EUR49.5 million,
down 5.0% from the EUR52.1 million booked in the first quarter of
2004.  This decrease was accompanied by a reduction in EBITDA,
which declined from EUR3.4 million at the end of March 2004 to
EUR3.1 million in the first quarter of this year.  The ratio of
EBITDA to revenues followed a similar pattern, contracting from
6.6% to 6.2%.

In March 2005, revenues and EBITDA improved compared with the
first two months of the year, totaling EUR18.0 million and EUR1.4
million, respectively.  There are several factors, other than
structural considerations, that explain the drop in revenues and
EBITDA compared with the same period last year.   These include:
a general contraction in consumer demand; continued competitive
pressure; and the negative impact of Easter, a period during
which consumer spending is traditionally sharply lower in Spain.
Because last year Easter occurred in April, a comparison of March
and first-quarter data for 2004 and 2005 is not really
meaningful.

South Africa

In the first quarter of 2005, revenues rose to EUR66.2 million,
up from EUR55.5 million in the same period last year.  The
increase in net revenues translated into a gain at the EBITDA
level, which improved in absolute terms  (up 15.7%, from EUR5.1
million to EUR5.9 million) but declined slightly as a percentage
of revenues (from 9.2% to 8.9%).

Revenues for the month of March 2005 were EUR24.8 million and
EBITDA amounted to EUR2.6 million (10.5% of revenues).  Both
figures show an improvement compared with the data for January
and February 2005.  This positive performance by the South
African operations is due to the significant appreciation of the
South African rand versus the euro (average exchange rate up 7.2%
compared with the first three months of 2004) and to an increase
in unit sales for all of the main product lines (shipments of
pasteurized milk, powdered milk and fruit juices were especially
strong).  The main negative factor was a rise in shipping costs.

Venezuela

At EUR35.5 million, revenues for the first three months of 2005
were down 7.3%, compared with the same period last year, when
they amounted to EUR38.3 million.  The main reason for this
decrease is a deterioration of the average bolivar/euro exchange
rate, which was sharply lower (-18.1%) than in the first quarter
of 2004.  During the same period, EBITDA rebounded strongly, both
in absolute terms (from EUR0.8 million to EUR3.3 million) and as
a percentage of revenues (from 2.0% to 9.3%).

Monthly revenues booked in March 2005 by the Venezuelan
operations totaled EUR11.3 million.  EBITDA for the same period
amounted to EUR1.3 million (11.5% of revenues).  Both figures are
roughly in line with those for the same month last year.  The
results reported for March, along with those of recent months,
point to a turnaround for the Venezuelan companies that has been
made possible by the recent implementation of reorganization and
refocusing programs.  However, this progress is being hampered by
the social policies recently adopted by the
Venezuelan government.

Canada

Revenues for the first quarter of 2004 were substantially higher
(+14.8%) than in the same period last year, rising from EUR246.2
million to EUR282.7 million.  Quarterly EBITDA jumped 63.9% to
EUR17.7 million (EUR10.8 million in the first three months of
2004), equal to 6.3% of revenues (4.4% in the same period last
year).

Monthly data for March 2005 show revenues of EUR93.9 million and
EBITDA of EUR5.4 million (5.8% of revenues), as profitability
declined compared with February 2005.  A slight appreciation of
the Canadian dollar versus the euro (+2.5% compared with the
average exchange rate for the first quarter of 2004), higher unit
sales (particularly for cheese, cream and pasteurized milk) and
price increases implemented at the beginning of the year are the
main reasons for the improved performance in the first three
months of 2005.  Another positive factor was a reduction in
overheads.

Australia

The results reported by the Australian operations in the first
quarter of 2005 showed little change from the same period a year
ago.  Revenues totaled EUR90.8 million (EUR90.0 million for the
first three months of 2004) and EBITDA were unchanged at EUR5.9
million.

For the month of March, revenues were EUR30.3 million and EBITDA
amounted to EUR2.1 million (6.9% of revenues), in line with the
data for the previous months of the year.  The performance of the
Australian operations in the first quarter of 2005 reflects the
positive impact of higher sales of pasteurized milk, UHT milk and
yogurt, offset in part by a decrease in shipments of pasteurized
cream, tea and desserts, and a slight depreciation of the
Australian dollar versus the euro (-3.3% compared with the
average exchange rate for the first quarter of 2004).

Non-core Businesses

In the first quarter of 2005, the Group's Non-core Businesses
reported revenues of EUR68.9 million, a decrease of 33% from pro
forma revenues of EUR102.9 million in the same period last year.
However, even though net revenues were down, EBITDA improved from
a negative EUR5.9 million to a positive EUR4 million, due mainly
to the Group's ability to reduce costs.  Revenues for the month
of March were also down compared with March 2004, totaling
EUR12.9 million, and EBITDA were negative by EUR1.8 million.

A copy of these results is available free of charge at
http://bankrupt.com/misc/Parmalat_mar2005.pdf

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          Web site: http://www.parmalat.net


PARMALAT FINANZIARIA: Banks Helped Perpetuate Fraud
---------------------------------------------------
Lenders of Parmalat Finanziaria are partly to blame for the
latter's collapse because they provided financing that helped
hide losses and debt, prosecutors in Parma, Italy said.

About two dozen lenders, including Bank of America Corporation
and Citigroup Inc., arranged the firm's more than EUR15 billion
(US$19 billion) financing in 1989-2003.  In the document
summarizing the first phase of fraud investigation against 71
former Parmalat officials and auditors, prosecutors called the
transaction "particularly onerous."

According to documents obtained by Bloomberg News, the financing
included almost EUR12 billion of bond sales, more than EUR1
billion in private placements by Bank of America and other
structured financing deals.  The banks often helped conceal
details about the funding from investors, the prosecutors said.

Parmalat's court-appointed administrator Enrico Bondi declined to
comment.  Bank of America spokesman, Timothy Gilles, refused to
make a statement on the document, having not received a copy.  He
reiterated the bank had believed in the integrity of Parmalat
when it worked on the financing.

Dan Noonan, a Citigroup spokesman, maintained the bank's
innocence, claiming it was even defrauded of over EUR500 million.
It plans to continue its defense, while cooperating with
authorities.  Citigroup and Bank of America are among Parmalat's
biggest creditors at the time of its collapse in December 2003.
They are set to become two of the biggest foreign bank
shareholders in the restructured company.  They will hold a
combined stake of 6% after the debt-for-equity-swap.

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

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


SEAT PG: Posts EUR64.9 Million Operating Loss
---------------------------------------------
The Seat Pagine Gialle Board of Directors, chaired by Chairman
Enrico Giliberti, has approved the results for the first quarter
2005 submitted by CEO Luca Majocchi.

           Consolidated Results at March 31, 2005

Revenue Trend

Net consolidated revenues amounted to EUR189.8 million, up 1.1%
(+3.6% considering a constant amount of directories published);

At a level of individual business areas, the performance was:

(a) "Italian Directories": net revenues amounted to EUR132.4
    million (+4.6%), thanks to the valid multi-platform
    offering, including online operations (PAGINEGIALLE.it,
    EUR16.3 million revenues, +29.5%), the voice platform
    (Pronto PAGINE GIALLE, EUR12.1 million revenues, +50.6%) and
    Direct Marketing activities (EUR2.9 million, +21.8%), which
    supported growth and offset the slight downturn of print
    products (-2%);

(b) "U.K. Directories": revenues amounted to EUR19.4 million, a
    decrease of approximately EUR2.4 million, as four fewer
    directories were published than in the first quarter 2004.
    At constant exchange rates and number of directories,
    revenues would have increased 11.0%;

(c) "Directory Assistance": revenues amounted to EUR43.0
    million, up 4%, thanks to the good performance of Italy and
    Spain.  EBITDA increased significantly to EUR10.5 million,
    up by 32.3%; and

(d) "Other businesses": these increased by 9.6%, reaching
    revenues of EUR7.7 million (of which EUR7.5 million
    generated by Consodata).

EBITDA Performance

Operating income before depreciation and amortization (EBITDA)
increased by 13.8% from EUR35.3 million at March 31, 2004 to
EUR40.2 million.  This growth is attributable also to the
increase in gross operating profit, consequently to the company
policy focused on strengthening the sales quality and the
operative efficiency.  It is noted that production is affected by
the publication calendar of directories both in Italy and abroad
and that, in the first quarter, 57 category and alphabetical
directories were published, out of a total of 478 directories
planned for the year.

Operating Result Performance

Operating loss amounted to EUR64.9 million (it amounted to
EUR67.8 million at March 31, 2004), basically due to
non-operating amortization of goodwill arising from the mergers
carried out in previous years (totaling EUR40.6 million) and from
the Customer Data Base (totaling EUR40.5 million).

Result for the Period

The loss of the period amounted to EUR124.8 million (it amounted
to EUR78.1 million on March 31, 2004), in consequence of
non-operative amortization and interest expenses for EUR58.6
million (EUR4.7 million at March 31, 2004), due to the debt
related to the extraordinary dividend paid in April 2004.

Performance of Net Financial Debt

Net financial debt amounted to EUR3,874.2 million (of which
EUR3,832.5 million long-term debt), down by EUR51.5 million
compared to December 31, 2004.  Thanks to the Group's positive
cash flow generation, EUR50 million were re-paid in advance at
the end of January and repayment of further EUR84 million,
originally due in June 2005 based on the amortization plan, is
now scheduled for the end of March.  Availabilities at March 31,
2005 were EUR117.4 million.

Operating Cash Flow Trend

The Group generated EUR125.8 million in operating cash flow in
the first quarter 2005, down EUR10.4 million compared to Q1 2004,
due to the decrease in the contribution from Thomson to
consolidated EBITDA, to the fewer directories published and the
increase in investment allocated to the Telegate call center,
while Seat Pagine Gialle S.p.A.'s result was in line with Q1
2004.

Main Companies of the Seat Pagine Gialle Group

SEAT PG S.p.A.

In the current difficult macroeconomic context that affects SMEs'
investment decisions, the Parent Company showed a good increase
in revenues and margins, thanks to its wide and high-quality
multi-platform offering.

Meanwhile, the company pursued the strategy launched in Q2 2004,
which in this phase is focused on favors the quality of revenues
through greater attention to customer credit-worthiness and the
re-establishment of positive relationships with some customers
that were recently overselling without an adequate actual return
on investments.  Although in the short term, this strategy
affects the revenues, it enabled the Company to achieve a better
book yield and allocate lower provisions, thus improving
profitability.

Revenues reached EUR132.4 million (up 4.6%): the breakdown by
individual product is:

(a) Print: revenues amounted to EUR96.9 million, down 2%.  This
    reduction is due to the above-mentioned macro-economic
    context and the short-term negative impact of sales quality
    actions on a limited number of medium-sized and large
    customers;

(b) Online: revenues stood at EUR17.4 million (+22.1%), thanks
    to the excellent performance of PAGINEGIALLE.it (16.3
    million revenues, +29.4%);

(c) Voice: Pronto PAGINE GIALLE 89.24.24 again reported
    sustained revenue growth, up 50.6% to EUR12.1 million,
    driven by the 39.3% increase in advertising revenues and the
    22.2% increase in calls, reaching 4.4 million; and

(d) Other products: Direct Marketing operations also increased
    (EUR2.9 million, +21.8%) as did promotional gifts (EUR2.2
    million, +2.8%).

With reference to print directories in large metropolitan areas,
in the first quarter the Company published the Turin directory,
which showed a 3.1% reduction compared to 2004.  This difference
is mainly attributable to the difficulties faced with a limited
number of medium-sized and large customers, while the good
performance of most customers confirmed the validity of the print
product.

The second quarter will see publication of the Milan directory,
where -- in terms of customers -- the effects of the recent
marketing policies are felt more deeply.

The focus on revenue quality resulted in an improvement of
industrial margins (printing and distribution costs decreased by
23.7% to 23.3% of revenues) and provisions (down by 11.7%), thus
reaching an EBITDA of EUR34.9 million, up by 19% compared to Q1
2004 (with a ratio to revenues going from 23.2% to 26.4%).

Net financial debt was EUR3,879.6 million (compared to EUR3,926.7
million at December 31, 2004), and operating cash flow was
EUR115.3 million (in line with Q1 2004).

Thomson

Four fewer directories were published compared to the first
quarter 2004 (contributing GBP2.7 million).  As a result,
revenues amounted to EUR19.4 million (compared to EUR21.8 million
in Q1 2004), up 11% at constant exchange rates and number of
directories published.

EBITDA reflected the increase in investment in the sales area and
advertising, showing a loss of EUR4.4 million (-EUR1.1 million in
Q1 2004), due to the shifting of the publication of the four
directories, which had a negative impact of EUR3.2 million.

Telegate

Revenues increased slightly (reaching EUR41.1 million, +2.1%) as
a result of reduced revenues in the German market (with a
decrease in call volume, for a large part offset by the increase
in average value per call) compared to the Italian and Spanish
markets (where call volume increased 26.5

Profitability was markedly positive (with EBITDA growing 32.3%
compared to Q1 2004 to EUR10.5 million, lifting the ratio to
revenues from 19.8% to 25.6%), mainly driven by cost-efficiency
gains made in the German market, the decrease in advertising
investments in Spain, and the exit from the U.K. market in 2004
(generating a loss in the first quarter 2004).

Evolution of Operations

In Italy -- the major reference market for the Seat Group -- the
main macroeconomic indicators (GDP and consumption trends) point
to a deterioration in the outlook for 2005 compared to what was
expected some months ago, with a negative impact on the
propensity of current and potential Seat PG customers to spend on
advertising.

Against this background, Seat will continue to leverage the
validity of the multi-platform offering and the introduction of
new products (some were launched already during the first quarter
and are scheduled to be published in the second and third
quarters).

At the same time, Seat will continue to work to improve the
quality of revenues and of customer service.  For this purpose, a
significant training program has been started, entailing about
175,000 training hours over a 12-month period (April 2005 - March
2006), in favor of over 1,900 agents.  The 2006 Turin directories
will be the first ones to benefit from the new sales approach.

In the United Kingdom, Thomson will continue to develop its
customer base in 2005, for both print and online products,
allocating adequate resources to the investments necessary to
adapt to an increasingly competitive environment.

Meanwhile, Telegate will continue to develop its range of
value-added services on offer in Germany, still the Group's main
reference market, as well as develop operations in Italy and
France, where market liberalization is expected in the coming
months, but whose expected starting dates have been delayed.

On the whole, the Seat Pagine Gialle Group confirms an EBITDA
growth in line with the objectives stated in the 2005 - 2007
Strategic Plan, presented in November 2004.

The Board of Directors furthermore approved the adoption of
IAS/IFRS accounting principles also for the preparation of Seat
PG's Financial Statements.

The Board of Directors will meet on May 23 to resolve upon the
debt-refinancing plans proposed by advisor BNP Paribas.

CONTACT:  SEAT PAGINE GIALLE
          Communications
          Phone: +39 011 435.3030
          Fax: +39 011 435.3040
          E-mail: Comunicazione.stampa@seat.it

          Investor Relations
          Phone: +39.011.435.2600
          E-mail: Investor.relations@seat.it

          SEAT PAGINE GIALLE S.P.A.
          Legal and Corporate Affairs
          E-mail: ufficio.societario@seat.it

          BARABINO & PARTNERS
          Phone: +39 02 72 02 35 35
          Fax: +39 02 89 00 519
          Federico Steiner
          E-mail: f.steiner@barabino.it
          Niccolo Moschini
          E-mail: n.moschini@barabino.it


===================
L U X E M B O U R G
===================


MILLICOM INTERNATIONAL: Shareholders Meeting Set May 31
-------------------------------------------------------
The annual general meeting and an extraordinary general meeting
of the shareholders of Millicom International Cellular S.A. is to
be held at the Chateau de Septfontaines, 330, rue de
Rollingergrund, Luxembourg-City, Luxembourg, on Tuesday May 31,
2005 at 4.00 p.m. Central European time, to consider and vote on
these resolutions:

(a) To receive the Management Report of the Board of Directors
    and the Report of the Auditors on the consolidated and
    parent company accounts at December 31, 2004;

(b) To approve the consolidated accounts and the parent company
    accounts for the year ended December 31, 2004;

(c) To allocate the result of the year ended December 31, 2004;

(d) To discharge the Board of Directors and the Auditors for the
    year ended December 31, 2004;

(e) To elect the Directors;

(f) To elect the Auditors;

(g) To determine the Directors' fees for 2005;

(h) To approve the procedure of the Nominations Committee for
    the election of members of the Board of Directors at the
    Annual General Meeting to be held in 2006;

(i) To pass a resolution in accordance with the requirements of
    article 100 of the law of August 10, 1915 on commercial
    companies as amended;

(j) To approve the grant of stock options to members of the
    Board of Directors and employees; and

(k) Miscellaneous

Appointment of the Members of the Board of Directors (Item 5)

The Nominations Committee proposes that, until the end of the
Annual General Meeting to be held in 2006, Mr. Daniel
Johannesson, Ms. Donna Cordner, Ms. Cristina Stenbeck, Mr. Michel
Massart, Mr. Raymond Kirsch, Mr. Ernest Cravatte, Mr. Vigo
Carlund and Mr. Lars-Johan Jarnheimer be re-elected directors of
the Company and Mr. Tope Lawani be elected to the Board of
Directors as a new board member.

Appointment of the External Auditor of the Company (Item 6)

The Board of Directors proposes that PricewaterhouseCoopers Sarl,
Luxembourg, be re-appointed as external auditor for a term ending
at the Annual General Meeting of the shareholders to be held in
2006.

Directors' Fees (Item 7)

The Nominations Committee proposes to the Meeting that the fees
for the members of the Board of Directors for the period until
the end of the next Annual General Meeting to be held in 2006 be
a total of US$525,000.

Approval of the Procedure for the Nomination of Board of
Directors for the Annual General Meeting to be Held in 2006 (Item
8)

The Board of Directors proposes that the Meeting approve these
procedures for the Nominations Committee for the election of
members of the Board of Directors for the Annual General Meeting
in 2006:

The work of preparing a proposal of members to the Board of
Directors for the Annual General Meeting of 2006 shall be
executed by a Nominations Committee.  The Nominations Committee
will be created during the fall of 2005 in consultation with at
least three major shareholders and Ms. Cristina Stenbeck will act
as convenor of the Nominations Committee.  The composition of the
Nominations Committee will be communicated in the financial
report for the third quarter 2005.

Other Information

There is no quorum of presence requirement for the AGM/EGM,
except that a quorum of presence of half of the issued and
outstanding share capital is required for purposes of Item 9 of
the Agenda.  Also in respect of Item 9, the resolution must be
adopted by a two-thirds majority of the shares present or
represented at the AGM/EGM.

Participation in the AGM is reserved to shareholders who give
notice of their intention to attend the AGM/EGM by mail or return
a duly completed proxy form at these address: Millicom
International Cellular S.A., 75, route de Longwy, L-8080
Bertrange, Luxembourg, attention: Ms. Veronique Mathieu, Phone: +
352 27 759 287, Fax: + 352 27 759 359, so that it shall be
received no later than Friday May 27, 2005, 5:00 p.m. Central
European time.  Proxy forms are available upon request at
Millicom's registered office, at the above address and contact
numbers.

Holders of Swedish Depository Receipts wishing to attend the
meeting or to be represented at the AGM/EGM by proxy have to
request a power of attorney from Fischer Partners Fondkommission
AB, P.O. Box 16027, SE-103-21 Stockholm, Sweden, Phone: + 46 8
463 85 00, and send it duly completed to Millicom's address
indicated above, so that it shall be received no later than
Friday May 27, 2005, 5:00 p.m. Central European time.  Holders of
Swedish Depository Receipts having registered their Swedish
Depository Receipts in the name of a nominee must temporarily
register the Swedish Depository Receipts in their own name in the
records maintained by VPC AB in order to exercise their
shareholders' rights at the AGM/EGM.  Such registration must be
completed no later than Friday May 20, 2005.

May 13, 2005
The Board of Directors

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa.  It currently has a total of 17
cellular operations and licenses in 16 countries.  The
Group's cellular operations have a combined population under
license of approximately 399 million people.

                            *   *   *

This month, Millicom said the year 2004 was one of the most
successful in Millicom's history.  The Company started seeing the
full benefits of its successful balance sheet restructuring in
the previous two years.  It allowed Millicom to take better
advantage of the low mobile penetration in its markets and to
drive growth by combining higher capital expenditure with a move
to GSM technology in a number of key markets.

CONTACT:  MILLICOM INTERNATIONAL CELLULAR S.A.
          75, route de Longwy
          L-8080 Bertrange, Luxembourg
          R.C.S. Luxembourg: B 40.630 -
          Contact:
          Marc Beuls
          President and Chief Executive Officer
          Phone:  +352 27 759 327
          Web site: http://www.millicom.com

          ANDREW BEST
          Investor Relations
          Telephone:  +44 20 7321 5022


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


ELEKTRIM SA: Work at Patnow Plant to Resume in Two Months
---------------------------------------------------------
The State Treasury and Elektrim S.A. finally ironed out
differences to enable work on the Elektrownia Patnow II power
plant to continue.  New general contractor SNC Lavalin will take
over work at the facility from Elektrim-Megadex at the beginning
of July.  In the meantime, Elektrim-Megadex has to pay off its
liabilities towards subcontractors.

Work in the Patnow II power plant has been suspended since last
year due to disagreement between the Ministry -- its largest
shareholder -- and Elektrim S.A., which controls the plant's
operations.

Elektrim and its subsidiary Patnow-Adamow-Konin have completed
47% of the Patnow power plant II project, spending some EUR210
million as part of a promised investment.  But for lack of funds
and disagreement with Poland's Treasury regarding deadline, it
was forced to suspend construction in May last year.  A previous
deadline expired two months ago.

CONTACT:  ELEKTRIM S.A.
          Panska 77/79
          00-834 Warszawa

          Public relations:
          Ewa Bojar
          Company Spokesman
          Phone: (+48 22) 432 89 55
          Fax:   (+48 22) 432 87 99
          E-mail: ewa_bojar@elektrim.pl

          Investor relations:
          Phone: (+48 22) 432 87 75
          Fax:   (+48 22) 432 87 99
          Web site: http://www.elektrim.pl

          ELEKTROWNIA PATNOW
          62-510 Konin
          ul. Kazimierska 45
          Phone: +48(63) 247-30-00
          Fax: +48(63) 247-30-30
          Web site: http://www.zepak.com.pl


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


BEL-ENERGO-MASH: Belgorod Court Appoints Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Bel-Energo-Mash (TIN/KPP
3120000022/312001001) after finding the limited liability company
insolvent.  The case is docketed as A08-15633/04-2 B.  Mr. A.
Ovchinnikov has been appointed insolvency manager.
Creditors have until June 9, 2005 to submit their proofs of claim
to Russia, Belgorod region, Shebekino, Rzhevskoye Shosse Str. 11.

CONTACT:  BEL-ENERGO-MASH
          Russia, Belgorod region, Shebekinskiy region,
          Grafovka, Proizvodstvennaya Str. 9

          Mr. A. Ovchinnikov
          Insolvency Manager
          Russia, Belgorod region, Shebekino,
          Rzhevskoye Shosse Str. 11
          Phone: 8 (07248) 3-06-40


GAZ CAPITAL: Fitch Rates Third Tranche of Loan Program 'BB'
-----------------------------------------------------------
Fitch Ratings assigned an expected 'BB' rating to Gaz Capital
S.A.'s issue of a third tranche under the existing loan
participation note program (rated 'BB'), which relies on a senior
unsecured liability of OAO Gazprom for repayment.  The final
rating for this tranche will be assigned once the tenor, amount
and currency of the issue are decided.

In November 2004, Fitch changed the Rating Watch on Gazprom's
Senior Unsecured foreign currency and local currency ratings to
Positive from Evolving, following the agency's Sovereign upgrade.
The Positive Watch reflects the increased likelihood of an
upgrade for Gazprom, due to its strategic linkage to the state
and synergies to be gained from an increase of state ownership
following its possible merger with Rosneft, which is still
pending, but now looks increasing unlikely.  Fitch still expects
the state to increase its ownership interest in Gazprom, although
perhaps not through a merger with Rosneft.

At the same time, a downgrade seems less likely as a result of
the increase in state-ownership.  Instead, any negative news
associated with this event would likely lead Fitch to affirm the
rating at its current level and maintain a two-notch difference
with the Sovereign rating.  Fitch has expressed concern that the
pending acquisition could lead to a significant increase in
Gazprom's consolidated leverage, especially short-term debt.

Fitch plans to resolve the Rating Watch as soon as the outcome on
the planned merger is decided.

CONTACT:  FITCH RATINGS
          Jeffrey Woodruff, Moscow
          Phone: +7-095-956-9986

          Isaac Xenitides, London
          Phone: +44 207 417 4300

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


KALUGA-TRANS-STROY: External Management Procedure Begins
--------------------------------------------------------
The Arbitration Court of Kaluga region has commenced bankruptcy
external management procedure on municipal unitary enterprise
Kaluga-Trans-Stroy (TIN 4028025122, KPP 402801001).  The case is
docketed as A23-1536/04B-17-52.  Mr. V. Stratilatov has been
appointed external insolvency manager.  Creditors may submit
their proofs of claim to 248018, Russia, Kaluga, Zavodskaya Str.
57.

CONTACT:  KALUGA-TRANS-STROY
          Russia, Kaluga region,
          Zavodskaya Str. 57

          Mr. V. Stratilatov
          External Insolvency Manager
          248018, Russia, Kaluga region,
          Zavodskaya Str. 57


MIXED FODDER: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on limited liability company Mixed Fodder.
The case is docketed as A55-1925/05-40.  Mr. D. Korobkov has been
appointed temporary insolvency manager.

CONTACT:  MIXED FODDER
          Russia, Samara region, Klyavlinskiy region,
          Klyavino, Sovetskaya 11

          Mr. D. Korobkov
          Temporary Insolvency Manager
          443013, Russia, Samara region,
          Post User Box 9520


MOVABLE MECHANIZED: Names A. Gurchenko Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Movable Mechanized Column #59 after finding
the open joint stock company insolvent.  The case is docketed as
A-57-167B/04-31.  Mr. A. Gurchenko has been appointed insolvency
manager.  Creditors have until June 2, 2005 to submit their
proofs of claim to 410012, Russia, Saratov, B. Kazachya Str.
23/27.

CONTACT:  MOVABLE MECHANIZED COLUMN #59
          Russia, Saratov region, Engels,
          2nd Studencheskiy Proezd, 4a

          Mr. A. Gurchenko
          Insolvency Manager
          410012, Russia, Saratov region,
          B. Kazachya Str. 23/27


OAO ROSNEFT: Yugansk Lenders Call in Loans
------------------------------------------
State-owned oil company OAO Rosneft has asked bankers for more
time to pay a loan made by Yuganskneftegaz, the oil production
asset it bought a few months ago from Yukos Oil.

Rosneft implored creditor banks to wait until the government
decides on its merger with Gazprom for the payment of the
remaining US$490 million of Yugansk's EUR1 billion loan,
according to Vedomosti.  In April Rosneft CEO Sergei Bogdanchikov
had referred bankers to Yukos for repayment.

Rosneft proposed the payment schedule after bankers threatened it
of cross default for borrowing money to acquire the unit.
Lenders of both Yugansk and Rosneft claim Rosneft had violated
loan agreements.  The additional loan increased its debt to
US$12.6 billion, US$8.9 billion of which are short-term.  The
banks would no longer allow Rosneft to borrow cash to restructure
short-term debt until the credit is settled, according to the
report.

CONTACT:  OAO ROSNEFT OIL COMPANY
          26/1 Sofiyskaya Embankment, 1
          115998 Moscow, Russia
          Phone: +7-095-777-4422
          Fax: +7-095-777-4444
          Web site: http://www.rosneft.ru


OZERSKIY: Deadline for Proofs of Claim Expires Next Month
---------------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Ozerskiy after finding the agro-complex
insolvent.  The case is docketed as A08-12767/04-2 B.  Mr. Y.
Razinkov has been appointed insolvency manager.  Creditors have
until June 16, 2005 to submit their proofs of claim to 309514,
Russia, Belgorod region, Staryj Oskop, Demokraticheskaya Str. 26.

CONTACT:  OZERSKIY
          309546, Russia, Belgorod region,
          Starooskolskiy region, Ozerki

          Mr. Y. Razinkov
          Insolvency Manager
          309514, Russia, Belgorod region,
          Staryj Oskop, Demokraticheskaya Str. 26
          Phone: (0725) 22-58-63


PERVOMAYSKOYE: Succumbs to Bankruptcy
-------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Pervomayskoye after finding the close joint
stock company insolvent.  The case is docketed as
A55-2586/2003-13.  Mr. R. Shishkin has been appointed insolvency
manager.
Creditors have until June 2, 2005 to submit their proofs of claim
to 443100, Russia, Samara, Lesnaya Str. 9, 3rd floor.

CONTACT:  PERVOMAYSKOYE
          446380, Russia, Samara region,
          Krasnoyarskiy region, Lopatino

          Mr. R. Shishkin
          Insolvency Manager
          443100, Russia, Samara region,
          Lesnaya Str. 9, 3rd floor


PETROVSKIY: Declared Insolvent
------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Petrovskiy after finding the open joint stock
company insolvent.  The case is docketed as A08-12766/04-2 B.
Mr. Y. Razinkov has been appointed insolvency manager.
Creditors have until June 16, 2005 to submit their proofs of
claim to 309514, Russia, Belgorod region, Staryj Oskop,
Demokraticheskaya Str. 26.

CONTACT:  PETROVSKIY
          309546, Russia, Belgorod region,
          Starooskolskiy region, Gorodishe

          Mr. Y. Razinkov
          Insolvency Manager
          309514, Russia, Belgorod region,
          Staryj Oskop, Demokraticheskaya Str. 26
          Phone: (0725) 22-58-63


PROGRESSOVSKIY BAKERY: Amur Court Appoints Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on municipal unitary enterprise
Progressovskiy Bakery (TIN 2806002399).  The case is docketed as
A04-200/05-2/15 B.  Mr. M. Miroshnichenko has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 675011, Russia, Blagoveshensk, Krasnoarmeyskaya Str.
165-15.

CONTACT:  PROGRESSOVSKIY BAKERY
          Russia, Amur region, Progress,
          Promyshlennaya Str. 10

          Mr. M. Miroshnichenko
          Temporary Insolvency Manager
          675011, Russia, Blagoveshensk,
          Krasnoarmeyskaya Str. 165-15


SAMARA-AGRO-LEASING: Under Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on open joint stock company
Samara-Agro-Leasing (TIN 6316032659).  The case is docketed as
A55-16886/04-38.  Ms. Y. Buntova has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 443023, Russia, Samara region, Yuzhnyj Proezd, 224-3.

CONTACT:  SAMARA-AGRO-LEASING
          Russia, Samara region,
          Nevskaya Str. 1

          Ms. Y. Buntova
          Temporary Insolvency Manager
          443023, Russia, Samara region,
          Yuzhnyj Proezd, 224-3


TROLLEYBUS FACTORY: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on open joint stock company Trolleybus
Factory (TIN 6449003135).  The case is docketed as
A-57-118B/05-12.  Mr. V. Ershov has been appointed temporary
insolvency manager.  A hearing will take place on June 20, 2005,
10:00 a.m. (Moscow time) at Russia, Saratov, Babushkin Vvoz, 1,
14th floor.

CONTACT:  TROLLEYBUS FACTORY
          413105, Russia,
          Saratov region, Engels

          Mr. V. Ershov
          Temporary Insolvency Manager
          413105, Russia,
          Saratov region, Engels


YUKOS OIL: Taps Alvarez & Marsal as Restructuring Advisor
---------------------------------------------------------
As previously reported in the Troubled Company Reporter on
February 14, 2005, Yukos Oil Company sought authority from the
U.S. Bankruptcy Court for the Southern District of Texas to
employ Alvarez & Marsal, LLC, as its restructuring advisor,
effective as of the Petition Date.

Pursuant to an employment agreement between the parties,
Alvarez & Marsal will provide:

   * assistance with respect to strategic, financial,
     operational and bankruptcy process management matters
     relative to the Debtor's Chapter 11 proceeding;

   * assistance with the development and approval of a
     Disclosure Statement and Plan of Reorganization;

   * testimony as may be necessary during the course of the
     Chapter 11 proceeding and agreed to by Alvarez & Marsal;
     and

   * other services as requested or directed by the Debtor and
     agreed to by Alvarez & Marsal.

The Debtor will compensate Alvarez & Marsal for its services
based
on these hourly rates:

        Managing Directors        $475 - $690
        Directors                 $375 - $510
        Associates                $275 - $400
        Analysts                  $150 - $300

                        *     *     *

The Court approved the Debtor's request.

Headquartered in Moscow, Russia, 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


=========
S P A I N
=========


CABLEUROPA SAU: First-quarter Net Loss Balloons
-----------------------------------------------
Cable operator Cableuropa, which trades under the ONO brand, saw
its first-quarter losses swell despite an increase in EBITDA, AFX
says.

The group's first-quarter net loss ballooned from EUR10 million
in 2004 to EUR25 million this year.  The company blamed EUR17.7
million in one-time loss, a turnaround from a EUR1.9 million
one-time gain last year.  Cableuropa also booked a 36% hike in
EBITDA to EUR54 million and a 24.7% increase in revenues to
EUR143 million.

Cableuropa's chief executive said business during the period
remained "strong" despite tough competition.  Subscribers grew by
50,000 to 1.5 million.

The group, meanwhile, launched last month a EUR2.6 billion
takeover bid for Auna TLC, a unit of Auna Operadores de
Telecomunicaciones S.A.  In 2004, Auna took a similar move,
offering as much as EUR2.4 billion for Cableuropa.  Cableuropa,
however, rejected the offer.

CONTACT:  CABLEUROPA S.A.U.
          Calle Basauri 7-9
          Urbanizacion la Florida
          28023 Aravaca
          Madrid
          Phone: +34-91-180-93-00
          Fax: +34-91-180-93-44
          Web site: http://www.ono.es


ONO GROUP: Expects up to EUR240 Million EBITDA for 2005
-------------------------------------------------------
ONO, one of Spain's leading broadband service providers, outlined
guidance on its projected 2005 results.

The Projections

The management of ONO believes that, absent any significant
change in the operating environment in Spain, these results
should be achievable for the full year 2005:

                                  Range
Revenue             EUR580,000,000 - EUR600,000,000
EBITDA              EUR220,000,000 - EUR240,000,000
Capital expenditure EUR220,000,000 - EUR230,000,000
Homes passed 270,000 - 300,000

These Projections are based on the current ONO plans for 2005.
In keeping with past practice, the ONO management will be
constantly reassessing these plans against on-going operational
and financial performance.

About ONO

ONO is one of the leading broadband services providers in Spain.
It offers direct access telephony, pay television and Internet
access services to the residential market where it has a
potential market of over seven million homes.  In the business
market, ONO offers advanced voice, data and value added services
across its own high capacity local access and national backbone
networks.  ONO's principal shareholders are Bank of America,
Caisse de depot et placement du Quebec, General Electric, Grupo
Ferrovial, Grupo Multitel, Santander Central Hispano, VAL
Telecomunicaciones and Sodinteleco.

CONTACT:  ONO
          Jonathan Cumming, Chief Financial Officer
          Phone: (+ 34) 91 180 9444
          E-mail: jonathan.cumming@ono.es

          GRUPO ALBION
          Hiedra Fuentes
          Phone: (+ 34) 91 531 2388
          E-mail: hfuentes@grupoalbion.net


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


SKANDIA INSURANCE: Not Interested in any Bid Right Now
------------------------------------------------------
Burdaras HF disclosed Tuesday that the board of Skandia Insurance
Company Ltd. is likely to refuse any buyout offer.
This came after South African company Old Mutual confirmed the
takeover talks with the biggest insurer in the Nordic region.

A Burdaras director said: "There has been speculation about an
acquisition of Skandia for the last two years, but the board has
not wished to sell.  It would not be surprising if they acted the
same way now."

According to The Scotsman, Burdaras, which controls 3.6 percent
of Skandia, has also noted that the Swedish insurer's current
market value of about GBP3.1 billion is a bit low.

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


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


AILEC HAND: Liquidator from Neville & Co. Moves in
--------------------------------------------------
At the extraordinary general meeting of Ailec Hand Finishing
Services Limited on May 4, 2005 held at Victoria Business Park,
Roche, St Austell, Cornwall PL26 8SQ, the extraordinary and
ordinary resolutions to wind up the company were passed.  Richard
Neville of Neville & Co. has been appointed liquidator of the
company.

CONTACT:  NEVILLE & CO
          10 and 11 Lynher Building,
          Queen Anne's Battery,
          Plymouth PL4 0LP


AILEC MAILING: In Administrative Receivership
---------------------------------------------
Ailec Holdings Limited appointed Richard Patrick Neville (Office
Holder No 592) joint administrative receiver for Ailec Mailing
Services Limited (Reg No 3127593).  The application was filed May
4, 2005.  The company's registered office is located at 10 and 11
Lynher Building, Queen Anne's Battery, Plymouth PL4 0LP.

CONTACT:  NEVILLE & CO
          10 and 11 Lynher Building,
          Queen Anne's Battery,
          Plymouth PL4 0LP


ALLIED DOMECQ: French Bidder to Withdraw if E.U. Scrutinizes Bid
----------------------------------------------------------------
French distiller Pernod Ricard expressed optimism on its joint
offer with Fortune Brands for the world's second largest
winemaker Allied Domecq, Les Echos says.

Despite threats of a counter offer from U.S. groups Brown Forman,
Constellation Brands, Lion Capital and Blackstone, Pernod remains
confident that competition authorities in both U.S. and Europe
would clear its offer.  Pernod stressed, though, that it will not
put up with a 4-month delay should the European Commission decide
to review its offer.

Allied Domecq shareholders will vote on Pernod's offer late June.
Pernod recently celebrated its 30th anniversary.

CONTACT:  ALLIED DOMECQ PLC
          The Pavilions
          Bridgwater Road
          Bedminster Down
          Bristol BS13 8AR
          Phone: +44-117-978-5000
          Fax: +44-117-978-5300
          Web site: http://www.allieddomecq.co.uk

          PERNOD RICARD
          12, Place des Etats-Unis
          75116 Paris, France
          Phone: +33-1-41-00-41-00
          Fax: +33-1-41-00-41-41
          Web site: http://www.pernod-ricard.com/fr

          FORTUNE BRANDS, INC.
          300 Tower Pkwy.
          Lincolnshire
          IL 60069-3640
          Phone: 847-484-4400
          Fax: 847-478-0073
          Web site: http://www.fortunebrands.com

          LION CAPITAL LLC
          8484 Wilshire Blvd. Ste. 700
          Beverly Hills, CA 90211
          Phone: 866-207-8999
                 323-852-5090
          Fax: 323-852-5099
          Web site: http://www.lioncapital.us

          BROWN-FORMAN CORPORATION
          850 Dixie Hwy.
          Louisville, KY 40210
          Phone: 502-585-1100
          Fax: 502-774-7876
          Web site: http://www.brown-forman.com

          THE BLACKSTONE GROUP, INC.
          360 N. Michigan Ave., 15th Fl.
          Chicago, IL 60601
          Phone: 312-419-0400
          Fax: 312-419-8419
          Web site: http://www.bgglobal.com

          CONSTELLATION BRANDS, INC.
          370 Woodcliff Dr., Ste. 300
          Fairport, NY 14450-4222
          Phone: 585-218-3600
          Fax: 585-218-3601
          Web site: http://www.cbrands.com


ALMA DISTRIBUTION: Liquidator from Lake Bushells Moves in
---------------------------------------------------------
At the extraordinary general meeting of Alma Distribution Limited
on May 9, 2005 held at 129 New London Road, Chelmsford, Essex CM2
0QT, the subjoined extraordinary resolution to wind up the
company was passed.  Peter George Byatt of Lake Bushells, 129 New
London Road, Chelmsford, Essex CM2 0QT has been appointed
liquidator of the company.

CONTACT:  LAKE BUSHELLS
          129 New London Road
          Chelmsford
          Essex CM2 0QT
          Phone: 01245 254 780
          Fax: 01245 254 799
          E-mail: info@lakebushells.co.uk


AMHERST LIMITED: Calls in Liquidator from Numerica
--------------------------------------------------
At the extraordinary general meeting of Amherst Limited on April
18, 2005 held at 66 Wigmore Street, London W1U 2HQ, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Peter Hughes-Holland and Frank Wessely of Numerica,
81 Station Road, Marlow, Buckinghamshire SL7 1SX have been
appointed joint liquidators of the company.

CONTACT:  NUMERICA
          81 Station Road, Marlow,
          Buckinghamshire SL7 1SX
          Phone: 01628 478100
          Fax:   01628 472629
          Web site: http://www.numerica.biz


ANDERSON ARCHITECTURAL: Appoints Moore Stephens Liquidator
----------------------------------------------------------
At the extraordinary general meeting of Anderson Architectural
Limited on May 4, 2005 held at Moore Stephens Corporate Recovery,
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Nigel Price of Moore Stephens Corporate Recovery,
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB has been
appointed liquidator of the company.

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


ARDEN VALE: Members Pass Winding-up Resolutions
-----------------------------------------------
At the extraordinary general meeting of the members of Arden Vale
Homes Limited on April 27, 2005 held at Holiday Inn Express, 65
Lionel Street, Birmingham B3 1JE, the extraordinary and ordinary
resolutions to wind up the company were passed.  Nigel Price of
Moore Stephens Corporate Recovery, Beaufort House, 94-96 Newhall
Street, Birmingham B3 1PB has been appointed liquidator of the
company.

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


ARMSTRONG PROJECTS: Members Decide to Wind up Firm
--------------------------------------------------
At the extraordinary general meeting of the members of Armstrong
Projects (U.K.) Limited on May 9, 2005 held at 26-28 Goodall
Street, Walsall, West Midlands WS1 1QL, the extraordinary
resolution to wind up the company was passed.  Timothy Frank
Corfield of Griffin & King, 26-28 Goodall Street, Walsall, West
Midlands WS1 1QL has been nominated liquidator of the company.

CONTACT:  GRIFFIN & KING
          26-28 Goodall Street,
          Walsall, West Midlands WS1 1QL
          Phone: 01922 722205
          Fax: 01922 639480


ARREARS COLLECTION: Hires PricewaterhouseCoopers as Liquidator
--------------------------------------------------------------
Name of companies:
Arrears Collection Enforcement Limited
Capital Bank Corporate Finance Plc
Capital Bank Property Investments (9) Limited
Capital Vehicle Contracts Limited
NWS 874 Limited
Tower Hill Property Investments (1) Limited
Tower Hill Property Investments (4) Limited

At the extraordinary general meeting of these companies on May 6,
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 these
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


BA MEDIA: Members Hire Liquidator from Langley & Partners
---------------------------------------------------------
At the extraordinary general meeting of the members of BA Media
Group Ltd. on May 3, 2005 held at Langley House, Park Road,
London N2 8EX, the extraordinary and ordinary resolutions to wind
up the company were passed.  Alan Simon has been appointed
liquidator of the company.

CONTACT:  LANGLEY & PARTNERS
          Langley House
          Park Road
          East Finchley
          London N2 8EX
          Phone: 020 8444 2000
          Fax: 020 8444 3400


B & K WINDOWS: Appoints Butcher Woods Liquidator
------------------------------------------------
At the extraordinary general meeting of B & K Windows Limited on
May 6, 2005 held at 79 Caroline Street, Birmingham B3 1UP, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Roderick Graham Butcher of Butcher Woods, 79
Caroline Street, Birmingham B3 1UP has been appointed liquidator
of the company.

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


BLUE EDGED: Liquidator from Begbies Traynor Moves in
----------------------------------------------------
At the extraordinary general meeting of Blue Edged Solutions
Limited on May 5, 2005 held at The Old Exchange, 234 Southchurch
Road, Southend-on-Sea, Essex SS1 2EG, the subjoined extraordinary
resolution to wind up the company was passed.  David Paul Hudson
of Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG has been appointed liquidator of
the company.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


BOUVERIE LIMITED: Gives Creditors Until June to File Claims
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Bouverie Limited

Notice is hereby given that at an Extraordinary General Meeting
of the Members of Bouverie Limited, duly convened and held on
April 27, 2005 these resolutions were duly passed:

(a) That the Company be placed in Voluntary Liquidation; and

(b) That Stafford Drake Challis FCA of P.O. Box 344, Longue
    Hougue House, St. Sampson, Guernsey be and is hereby
    appointed Liquidator of the Company.

All persons having claims against the Company are required to
submit details thereof to the Liquidator on or before June 10,
2005 and all persons indebted to the said Company are required to
settle with the Liquidator by the abovementioned date.

CONTACT:  Stafford Drake Challis, Liquidator
          P.O. Box 344
          Longue Hougue House,
          St. Sampson
          Guernsey


BRANDPOWER COMMUNICATIONS: Names Ideal Corporate Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of Brandpower Communications
Limited on May 6, 2005 held at Tarleton House, 112A-116 Chorley
New Road, Bolton BL1 4DH, the extraordinary resolution to wind up
the company was passed.  Andrew Rosler of Ideal Corporate
Solutions Limited, 10 Eagley House, Deakins Business Park, Bolton
BL7 9RP has been appointed liquidator of the company.

CONTACT:  IDEAL CORPORATE SOLUTIONS LIMITED
          10 Eagley House,
          Deakins Business Park,
          Bolton BL7 9RP
          E-mail: andrew.rosler@idealcorporatesolutions.co.uk


BROOK HANSEN: Members Decide to Wind up Firm
--------------------------------------------
Name of companies:
Brook Hansen (International) Ltd.
Dunlop Argentina Ltd.
Eurotherm Recorders Ltd.
Hawker Siddeley Diesels Ltd.
Hawker Siddeley Holdings Ltd.
Silvertown Plastics Ltd.
Sorbo Thirty-One Ltd.
Sorbo Thirty-Two Ltd.
Sorbo Thirty-Three Ltd.
Watts Electrical Ltd.

At the extraordinary general meeting of the members of these
companies on May 5, 2005 held at Portland House, Stag Place,
London SW1E 5BF, the special resolution to wind up the companies
was passed.  Robin Arthur of 9 The Elms, Church Road, Claygate,
Surrey KT10 0JT has been appointed liquidator of the company.

CONTACT:  ROBIN ARTHUR
          9 The Elms, Church Road,
          Claygate, Surrey KT10 0JT


C WATTAM: Hires BBK Partnership Liquidator
------------------------------------------
At the extraordinary general meeting of C Wattam & Company
Limited on May 5, 2005 held at 1 Beauchamp Court, Victors Way,
Barnet, Hertfordshire EN5 5TZ, the subjoined extraordinary
resolution to wind up the company was passed.  Sabia Sahota of
BBK Partnership, 1 Beauchamp Court, Victors Way, Barnet,
Hertfordshire EN5 5TZ has been appointed liquidator of the
company.

CONTACT:  BBK PARTNERSHIP
          1 Beauchamp Court,
          Victors Way, Barnet,
          Hertfordshire EN5 5TZ
          E-mail: sabia@bbka.com


DORUSTRIA LIMITED: Liquidator from Slate Maidment Moves in
----------------------------------------------------------
At the extraordinary general meeting of Dorustria Limited on May
9, 2005 held at One Aldwych, London WC2B 4BZ, the special
resolution to wind up the company was passed.  Christopher Wray
Sudlow of Slater Maidment, 7 St James's Square, London SW1Y 4JU
has been appointed liquidator of the company.

CONTACT:  SLATER MAIDMENT
          7 St James's Square
          London SW1Y 4JU
          Phone: 020 7930 7621
          Fax: 020 7930 9352


EIDOS PLC: SCi Offer Declared Wholly Unconditional
--------------------------------------------------
Following the Admission Monday of up to 23,667,078 Offer Shares
and the announcement on 13 May 2005 that all other conditions of
the Offer for Eidos plc had been satisfied or waived, the Board
of SCi has disclosed that the Offer has become wholly
unconditional.

As at 1.00 p.m. on 13 May 2005, SCi had received valid
acceptances of the Offer in respect of a total of 110,801,042
Eidos Shares representing approximately 78.02% of the issued
share capital of Eidos.

The Offer will remain open for acceptance by Eidos Shareholders
until further notice.

Eidos Shareholders who hold their shares in certificated form and
who have not yet accepted the Offer are urged to complete and
return their Forms of Acceptance to Capita Registars, Corporate
Actions, PO Box 166, The Registry, 34 Beckenham Road, Beckenham,
Kent, BR3 4TH, as soon as possible.  Holders of Eidos
Shares in uncertificated form may only accept the Offer in
respect of such shares by TTE Instruction in accordance with the
procedure set out in paragraph 16 (b) of Part II of the Offer
Document.

Eidos Shareholders who are in any doubt as to the procedure for
acceptance or who require assistance with filling in the Form of
Acceptance should call Capita IRG on 0870 162 3121.

As set out in the Offer Document, SCi received irrevocable
undertakings to accept or procure the acceptance of the Offer in
respect of 66,279,421 Eidos Shares, representing approximately
46.7% of the issued share capital of Eidos.  Acceptances under
the Offer have been received in respect of 63,952,621 of the
Eidos Shares, the subject of these undertakings.

The definitions contained in the Offer Document sent to Eidos
Shareholders on 19 April 2005 apply for the purposes of this
document.

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

          SCI ENTERTAINMENT GROUP PLC
          14 Ivory House
          Plantation Wharf
          London
          United Kingdom
          SW11 3TN
          Phone: +44 20 7350 5240
          Fax: +44 20 7924 3419
          Web site: http://www.sci.co.uk


ELCAMPO LIMITED: Creditors' Claims Due Next Week
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF ElCampo Limited

Notice is hereby given that an Extraordinary General Meeting of
the Members of ElCampo Limited was held at Frances House, Sir
William Place, St Peter Port, Guernsey, Channel Islands, GY1 4HQ
on May 5, 2005.

The purpose of the meeting was to consider and if thought fit, to
pass these Resolutions:

(a) That the Company be wound up voluntarily; and

(b) That Mr. Julian Dai Lane of Frances House, Sir William
    Place, St Peter Port, Guernsey, be and is hereby appointed
    Liquidator for the purposes of such winding-up.

All Persons having claims against or indebted to the Company are
requested to send details thereof to the address below on or
before May 22, 2005.

CONTACT:  Julian Dai Lane, Liquidator
          Frances House,
          Sir William Place,
          St. Peter Port,
          Guernsey GY1 4HQ


HARBOUR CONSULTANCY: Shareholders Send Group into Liquidation
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Harbour Consultancy Services Limited

Notice is hereby given that at an Extraordinary General Meeting
of the Shareholders of Harbour Consultancy Services Limited held
on April 13, 2005 these resolutions were passed:

(a) That the Company be wound up voluntarily; and

(b) That Ms. Sally C. Davies, Chartered Accountant, of Harbour
    Court, Les Amballes, St Peter Port, Guernsey be appointed
    sole Liquidator of the Company.

All persons having claims against or indebted to the Company are
hereby requested to send details thereof to me at Harbour Court,
Les Amballes, St. Peter Port, Guernsey not later than May 31,
2005.

CONTACT:  Sally C. Davies, Liquidator
          Harbour Court,
          Les Amballes,
          St. Peter Port,
          Guernsey


INMARSAT GROUP: Stock Market Flotation on Track
-----------------------------------------------
After posting a positive first-quarter result, satellite operator
Inmarsat will float on the London Stock Exchange, The Scotsman
says.

The planned listing is expected to bring the company's value at
more than GBP1 million.  Inmarsat has reportedly appointed three
adviser firms for the flotation, which should occur within the
next six weeks.  The group had scrapped a flotation after the
September 11 incident.  The private equity groups acquired
Inmarsat a year-and-a-half ago, a move perceived as precursor to
a float.  The group's interim results were boosted by the recent
launch of its I-4 satellite, considered the largest commercial
antenna placed into orbit.

Inmarsat currently owns and operates ten satellites providing
communications for TV broadcasters, telecommunications firm,
airlines, and governments.

CONTACT:  INMARSAT GROUP LIMITED
          99 City Rd.
          London EC1Y 1AX
          Phone: +44-20-7728-1256
          Fax: +44-20-7728-1179
          Web site: http://www.inmarsat.com


INTEC SYSTEMS: Winding-up Report Out June
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Intec Systems International Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Final Meeting of the Creditors of Intec Systems
International Limited will be held at Baker Tilly, 1st Floor, 46
Clarendon Road, Watford, Hertfordshire WD1 1HE, on June 21, 2005,
at 10:30 a.m. 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, and also of
determining whether the Liquidator should have his release under
section 174 of the said Act.

A Creditor entitled to vote at the Meeting may appoint a proxy to
attend and vote instead of him.  A proxy need not be a Creditor
of the Company.  Proxies to be used at the Meetings must be
lodged with the Liquidator at Baker Tilly, 1st Floor, 46
Clarendon Road, Watford, Hertfordshire WD1 1HE no later than
12:00 noon on the day prior to the meeting.

M. J. Wilson, Liquidator
May 10, 2005

CONTACT:  BAKER TILLY
          46 Clarendon Road
          Watford WD17 1JJ
          Phone: 01923 816400
          Fax: 01923 253402
          Web site: http://www.bakertilly.co.uk


INTERNATIONAL POWER: Q1 Pre-tax Profit Almost Double in 2005
------------------------------------------------------------
International Power announces its results for the quarter ended
31 March 2005 and reports on key developments to date on May 12.

Sir Neville Simms, Chairman of International Power, said: "The
business has delivered a strong performance.  Integration of the
EME and Turbogas acquisitions has progressed well and the
acquired assets have performed in line with expectations.  Higher
profitability in this quarter includes positive contributions
from all new plants, benefiting in particular from a strong
performance at First Hydro in the U.K."

Financial Highlights

(a) Earnings per share (excluding exceptional items) of 3.8p
    (2004:2.6p),

(b) Profit from Operations[*] (excluding exceptional items) of
    GBP127 million (2004:GBP65 million),

(c) Profit before tax (excluding exceptional items) of GBP83
    million (2004:GBP42 million),

(d) Net cash inflow from operating activities of GBP54 million
    (2004:GBP46 million)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] International Financial Reporting Standards require profit
from associates and joint ventures to be reported on an after
interest and tax basis.  Accordingly, Profit from Operations will
comprise the sum of profit before interest and tax (PBIT) of
subsidiaries and profit after tax (PAT) of joint ventures and
associates.  Comparatives for 2004 have been restated on this
basis.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

North America

Overall, the region incurred a loss from operations of GBP7
million (2004: loss from operations GBP6 million).  Profit after
tax from joint ventures and associates increased to GBP6 million
from GBP2 million last year, reflecting the earnings from
EcoElectrica in Puerto Rico, which was acquired as part of the
EME portfolio in December 2004.  However, this increase was more
than offset by the contribution from the merchant fleet, which
was down on last year principally due to IFRS mark-to-market
adjustments on our hedging contracts.

Our Hays plant in South Texas, which was mothballed in January
2004, has returned to full commercial operation and we continue
to expect market recovery in Texas and New England in the period
2007 to 2009.

Europe

Profit from operations increased significantly to GBP78 million
(2004: GBP31 million) following the substantial increase in
operational capacity in 2004.

Total installed capacity in Europe has increased 92% to 4,904 MW
since Q1 2004.  A 20% interest in Turbogas was sold to EdP in
March, reducing our shareholding to 60% (revised net capacity:
594 MW).

All assets acquired in Europe last year, namely Turbogas, First
Hydro, Derwent, ISAB and Spanish Hydro made positive
contributions to profit.  First Hydro delivered strong earnings
due to a robust performance in the Ancillary Services and
Balancing Mechanism markets.  First Hydro's earnings are highly
seasonal and performance in this quarter reflects a particularly
strong demand for reserve capacity and rapid response services in
the winter of 2004/05.

All other assets in the portfolio continued to perform to
expectations.  In the U.K., earnings and cash flow at Rugeley
marginally increased following the improvement in market
conditions. This positive impact affected only the uncontracted
output of the plant.

In March, Rugeley received GBP53 million from the TXU
Administrators in relation to its contract termination claim.  An
exceptional item of GBP44 million has been recorded in respect of
this item, with the remaining GBP9 million reflecting the
recovery of debtor balances and costs associated with the claim
that had been previously incurred.  The remainder of the claim,
in the range of GBP20 million to GBP31 million, is expected to be
received in the second half of 2005 and in early
2006.  The majority of the settlement will be used to pay down
project level debt.

Middle East

The Middle East region generated profit from operations of GBP4
million (2004: GBP4 million).  The underlying operations showed
growth in earnings attributable to Shuweihat in the UAE, which
commenced operation in October last year.

However, overall profit from operations was flat as the
comparative period in 2004 included development fee income.  All
assets in the region continue to perform well.

The financing of the Ras Laffan B power and water plant (1,025 MW
power and 60 MIGD water) in Qatar was completed in April 2005.
This US$908 million (GBP475 million) facility was strongly
supported by a consortium of major local and international banks.
International Power will provide an equity contribution of US$66
million (GBP35 million) for its 40% share in this project.

Australia

Overall profit from operations for the region rose to GBP39
million (2004: GBP36 million), reflecting the additional
contribution from the assets acquired in 2004, particularly Loy
Yang B.  As expected, earnings from Hazelwood are down on the
comparative period last year, which benefited from higher
contracted prices.

Canunda (46 MW wind farm) successfully commenced operation at the
end of March 2005 and delivered a modest contribution to profit.

In April, International Power and EnergyAustralia signed an
agreement to establish a 50:50 partnership to sell electricity
and gas to retail customers in Victoria and South Australia.
International Power will pay A$60 million (GBP24 million) for its
50 per cent share of this retail partnership.  The retail
business currently has 175,000 gas and electricity accounts.
Completion of this acquisition is expected in July 2005.

Asia

Profit from operations in Asia increased considerably to GBP22
million (2004: GBP7 million), mainly reflecting additional
earnings from Paiton in Indonesia.  All assets in the region
delivered a strong financial performance.

In April 2005, Malakoff completed the acquisition of a further
19% shareholding in the 1,303 MW CCGT Lumut Power Plant.
Malakoff's net installed capacity now totals 3,108 MW, which
translates to net capacity of 566 MW for International
Power.

Cash Flow

Cash generated by operations in Q1 2005 increased 69% to GBP118
million (2004: GBP70 million), reflecting the strong Q1 operating
profit.  After tax and interest, the Group continues to generate
strong net cash flow of GBP54 million, which is ahead of the
comparative period in 2004 of GBP46 million.

Growth capital expenditure amounted to GBP42 million (2004: GBP62
million) with the majority of the spend incurred on Tihama (Saudi
Arabia) and the West Field mine at Hazelwood.

The proceeds from investments of GBP130 million comprises
disposals arising out of commitments entered into at the time of
the EME and Turbogas acquisitions,  including the sale of Italian
Wind, Tri Energy and the 20% interest in Turbogas.

Taxation

The tax charge for the quarter was GBP18 million (2004: GBP8
million).  This increase mainly results from higher
profitability.  However, the overall effective tax rate for the
Group (comprising tax of the subsidiaries, joint ventures and
associates) has also increased from 27% in 2004 to 33% in 2005.
This higher tax rate reflects the tax profile of the EME
portfolio and the benefit in 2004 of foreign tax holidays.  The
Finance Act announced in March, but not enacted until later this
year, adds some degree of uncertainty to our tax charge.

Outlook

Integration of the EME and Turbogas acquisitions has progressed
very well and these assets are contributing to profits and cash
flow in line with expectations.  The underlying financial
performance of the portfolio is on track and our earnings per
share guidance for 2005 remains in the range of 11.0p to
12.5p.

About International Power

International Power plc is a leading independent electricity
generating company with 15,523 MW (net) in operation and 1,708 MW
(net) under construction.  International Power has power plants
in operation or under construction in Australia, the United
States of America, the United Kingdom, the Czech Republic, Italy,
Portugal, Spain, Turkey, Oman, Qatar, Saudi Arabia, the UAE,
Indonesia, Malaysia, Pakistan, Puerto Rico and Thailand.
International Power was listed on the London Stock Exchange and
the New York Stock Exchange (as ADR's), on 2
October 2000.  The ticker symbol on both stock exchanges is
'IPR'.

Financial statements are available free of charge at
http://bankrupt.com/misc/InternationalPower(Q12005).mht

CONTACT:  INTERNATIONAL POWER
          Media Contact
          Sara Richardson
          Phone: +44 (0)20 7320 8619

          Investor Contact
          Aarti Singhal
          Phone: +44 (0)20 7320 8681


JOHN A. FRANSEN: Appoints Numerica Administrator
------------------------------------------------
Simon Elliot Glyn and Nicholas Hugh O'Reilly (IP Nos 9159 and
8309) have been appointed joint administrators for John A.
Fransen Ltd.  The appointment was made May 9, 2005.  The company
purchase and sells hairdressers equipment and accessories.

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


JOHN CARNE: Hires Joint Administrators from Numerica
----------------------------------------------------
Simon Elliot Glyn and Nicholas Hugh O'Reilly (IP Nos 9159 and
8309) have been appointed joint administrators for holding
company John Carne Products Limited.  The appointment was made
May 3, 2005.

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


JOHN MILLAR: Confectionery Maker Falls into Receivership
--------------------------------------------------------
Candy maker John Millar and Sons has called in receivers from
PricewaterhouseCoopers, Europe Intelligence Wire says.

John Millar will continue to trade to attract possible investors.
Receivers revealed some potential buyers have declared interest
in the group.

Established in 1844 by John Millar, the group makes mints,
caramels and boiled sweets.

CONTACT:  JOHN MILLAR & SONS LIMITED
          Thistle Business Park,
          Broxburn, West Lothian
          Scotland EH52 5BB
          Phone: +44 (0) 1506 855252
          Fax: +44 (0) 1506 856969
          Web site: http://www.johnmillar.co.uk


K ARMSTRONG: Names Lines Henry Administrator
--------------------------------------------
Neil Henry (IP No 8622) has been appointed administrator for K
Armstrong & Company Limited.  The appointment was made May 4,
2005.

The factory manufactures textile.  Its registered office is
located at First Floor, Hallam Mill, Hallam Street, Stockport,
Cheshire SK2 6PT.

CONTACT:  LINES HENRY
          27 The Downs
          Altrincham
          Cheshire WA14 2QD
          Phone: 0161 929 1905
          Fax: 0161 929 1977


KENLEY MANUFACTURING: In Administrative Receivership
----------------------------------------------------
Name of companies:
Kenley Manufacturing Limited
The Kenley Partnership Limited

HSBC Bank Plc appoints Edward Terence Kerr (Office Holder No
9020) and Ian James Gould (Office Holder No 7866) joint
administrative receivers for these companies.  The application
was filed April 28, 2005.

The Kenley Partnership Limited is a holding company while Kenley
Manufacturing Limited manufactures, imports and sells bathroom
accessories.  Its registered office is located at Regent House,
Clinton Avenue, Nottingham NG5 1AZ.

CONTACT:  PKF
          Regent House
          Clinton Avenue
          Nottingham
          Nottinghamshire NG5 1AZ
          Phone: 0115 960 8171
          Fax: 0115 960 3665

          PKF
          New Guild House
          45 Great Charles Street
          Queensway
          Birmingham
          West Midlands B3 2LX
          Phone: 0121 212 2222
          Fax: 0121 212 2300
          E-mail: ian.gould@uk.pkf.com


LIFE FORTUNE: Members Pass Winding-up Resolution
------------------------------------------------
Name of companies:
Life Fortune 100 Limited (formerly Warren Borsje Education
Limited)
Life Fortune 300 Limited (formerly New World Education Limited)

At the extraordinary general meeting of the members of these
companies on May 9, 2005 held at 60-62 Old London Road, Kingston
upon Thames KT2 6QZ, the special resolution to wind up the
company was passed.  Andrew John Whelan of Marks Bloom, 60-62 Old
London Road, Kingston upon Thames KT2 6QZ has been appointed
liquidator of the company.

CONTACT:  MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames, Surrey KT2 6QZ
          Phone: +44 (0) 20 85499951
          Fax:   +44 (0) 20 85496218
          Web site: http://www.marksbloom.co.uk


MERSEA ENTERPRISES: Appoints Liquidator
---------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Mersea Enterprises Limited

Notice is hereby given in accordance with Section 94(4) of the
International Business Companies Act, Cap. 291 of the laws of the
Virgin Islands that the Voluntary Winding-Up and Dissolution of
Mersea Enterprises Limited will commence on May 30, 2005 and that
Mr. Anthony Christian Pickford of Anson Court, Route des Camps,
St Martin's, Guernsey, Channel Islands has been appointed
Liquidator of the Company.

CONTACT:  Anthony Christian Pickford, Liquidator
          Anson Court,
          Route des Camps,
          St. Martin's, Guernsey


MG ROVER: Pension Trustees Gear up for Legal Battle
---------------------------------------------------
Trustees for MG Rover's pension scheme will launch a legal attack
against Phoenix Ventures Holding (PVH) to secure payments to
6,500 former employees, Europe Intelligence Wire says.

Independent Trustee Services (ITS) is trying to force the
carmaker's parent into administration so it can enter all of MG
Rover's pension schemes to the government's Pension Protection
Fund.  PVH, however, has averted insolvency after proving it has
enough assets to cover its liabilities, preventing the two of MG
Rover's three pension schemes to qualify for the fund.

ITS director Hetal Kotecha said, "It remains our objective to get
the pensions schemes into the Protection Fund."

MG Rover's pension schemes have GBP400 million in deficit,
putting the yearly pension payment to the group's employees at
risk.  For the pension schemes to enter the Pension Protection
Fund, ITS needs to prove PVH is liable to the two pension funds.
According to a source, the funding deficit is enough to make PVH
insolvent.  If ITS succeeds in entering the schemes to the fund,
around 90% of MG Rover's employees will receive GBP20,000
annually.

PVH, however, is expected to thwart any attempt to force it into
administration.  A spokesman of the group said, "PVH remains a
going concern."

A source close to negotiations revealed, "It is a case of when,
rather than if, PVH goes into administration."

Former MG Rover employees expressed confidence in the trustees'
actions.  A spokesman for the Transport & General Workers' Union
said, "There is a bit of a stand off with Towers and Co over
whether PVH goes into administration.  But the mood here is that
our members will get their pensions."

Administrators PricewaterhouseCoopers is currently reviewing 12
offers for MG Rover's assets.  The bids, however, excluded the
resumption of car production at the group's Longbridge site.
Bidders include Shanghai Automotive Industry Company (SAIC),
which withdrawal from rescue talks forced MG Rover into
administration.  SAIC is looking forward to buy MG Rover's
Powertrain business and equipment used to produce Rover 25 and
75, as well as some parts of the Longbridge production line.

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

          SHANGHAI AUTOMOTIVE INDUSTRY CORPORATION (GROUP)
          489 Wei Hai Rd.
          Shanghai, 200041, China
          Phone: +86-21-2201-1888
          Fax: +86-21-2201-1777
          Web site: http://www.saicgroup.com


MG ROVER: Dealers Ask More Time to Study Offer
----------------------------------------------
Dealers of MG Rover want more time to look into the rescue
package by Capital Bank, said The Guardian Tuesday.

Richard Cort, the chairman of the Rover dealers association, said
they have not agreed on anything concrete yet aside from the
warranty scheme aimed at supporting future sales.

Over 400 dealer representatives were present during the
"constructive" meeting on Monday at the Heritage Motor Centre at
Gaydon, Warwickshire.

Capital Bank has offered GBP25 million to help Rover clear about
GBP165 million-worth of unsold cars.  The HBOS' car finance
division, which owns most of the 15,000 units stuck with the
dealers, has also proposed to write off reportedly about 15% to
improve sales.  It fears dealers would default on payments,
particularly those who would fail to sell their stock.

This came in the wake of the Friday deadline set by
administrators PricewaterhouseCoopers for potential buyers to
present their bids.  Sale of Rover assets was earlier scheduled
this week unless a viable proposal turns up before the date.

Without any financial aid, Rover is likely to cancel the 20%
discount on cars that it has given to dealers before it fell into
administration.  It collapsed on April 8 after a tie-up with the
Shanghai Automotive Industry Corporation SAIC failed to
materialize, leaving more than 5,000 workers jobless.

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


N. M. FABRICATIONS: Cattle Invoice Appoints Receiver
----------------------------------------------------
Cattles Invoice Finance Limited called in G. N. Lee and D. Bailey
joint administrative receivers for N. M. Fabrications Limited
(Reg No 04098651, Trade Classification: 2875).  The application
was filed May 6, 2005.  The factory manufactures
Fabricated metal products.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


RAILSTORE LIMITED: Calls in Administrators from Menzies
-------------------------------------------------------
Paul David Williams and Paul John Clark (IP Nos 9294, 8570) have
been appointed administrators for Railstore Limited.  The
appointment was made May 5, 2005.

The company serves as a warehouse and distributor at the same
time.  Its registered office is located at 17-19 Foley Street,
London W1W 6DW.

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


ROYAIR LTD.: Appoints Insolvency Administrator
----------------------------------------------
Air conditioning component manufacturer Royair Ltd. has gone into
voluntary administration.  Partners Ian Walker and Simon Haskew
of insolvency practitioner Begbies Traynor have been appointed
administrators to the firm, according to Europe Intelligence
Wire.  The move will result to the dismissal of 11 of the
company's 48 staff.

Royair managing director Peter Reid said the protective
administration will allow the firm to continue trading while it
completes a restructuring.  He blamed low cost imports for the
move.

"Measures we had already put in place earlier in the year,
including significant improvements to our marketing and service,
were already bringing results, and we have seen our market
position improve significantly over the year," he said.

He is confident the company will "emerge as a sound competitive
business, responsive to current and future market needs."

Manufacturing has hit three-year low in the country with
production dropping 1.6% between February and March, the worst
since June 2002.

CONTACT:  ROYAIR LTD.
          Heathpark Industrial Estate
          Honiton
          Devon
          EX14 1SP
          England
          Phone: +44 (01404) 41651
          Fax: +44 (01404) 46227
          Web site: http://www.royair.co.uk/


RTR INVESTMENTS: Hires Liquidator from BBK Partnership
------------------------------------------------------
At the extraordinary general meeting of RTR Investments Limited
on May 4, 2005 held at 1 Beauchamp Court, Victors Way, Barnet,
Hertfordshire EN5 5TZ, the special and ordinary resolutions to
wind up the company were passed.  Sabia S. Sahota of BBK
Partnership, 1 Beauchamp Court, Victors Way, Barnet,
Hertfordshire EN5 5TZ has been appointed liquidator of the
company.

CONTACT:  BBK PARTNERSHIP
          1 Beauchamp Court,
          Victors Way, Barnet,
          Hertfordshire EN5 5TZ
          E-mail: sabia@bbka.com


WAM!NET HOLDINGS: Names Grant Thornton Liquidator
-------------------------------------------------
Name of companies:
Wam!Net Holdings (UK) Limited
Wam!Net Limited
Wam!Net (UL) Limited

At the meeting of these companies, the special and ordinary
resolutions to wind up the companies were passed.   Samantha Keen
of Grant Thornton UK LLP has been appointed liquidator of the
company.

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


WHITE & CO.: Appoints Liquidator from Grant Thornton
----------------------------------------------------
At the meeting of White & Co. (Earls Barton) Limited on May 4,
2005, the special resolution to wind up the company was passed.
Roy Welsby of Grant Thornton UK LLP, 1 Westminster Way, Oxford
OX2 0PZ has been appointed liquidator of the company.

CONTACT:  GRANT THORNTON
          1 Westminster Way,
          Oxford OX2 0PZ
          Phone: 01865 799899
          Fax: 01865 724420
          Web site: http://www.grant-thornton.co.uk


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter
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Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
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Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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