TCREUR_Public/050519.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, May 19, 2005, Vol. 6, No. 98

                            Headlines

B U L G A R I A

TREMA-TRYAVNA: New Orders Revitalize Bankrupt Ordnance Maker


C Z E C H   R E P U B L I C

BOHEMIANS PRAHA: New Investor Redeems Club from Bankruptcy


D E N M A R K

ISS GLOBAL: Rating Cut to 'B+'; Placed on CreditWatch Negative


F I N L A N D

BENEFON OYJ: Upgrading Mobile Telematics Products Portfolio
TOOLON MATKATOIMISTO: KohdematkatKaleva Shows Interest


F R A N C E

ALSTOM SA: Subsidiary Probed for Walkway Accident
COSTIL TANNERIES: Falls into Receivership Anew
SYNELEC TELECOM: U.S. Buyer Rescues Firm from Bankruptcy


G E R M A N Y

BAU GMBH: Creditors Claim Due June 27
BKO-MASSIVHAUS: Applies for Bankruptcy Proceedings
CAFE CENTRAL: Administrator's Report Out Next Month
D.I.S. GMBH: Magdeburg Court Appoints Interim Administrator
EMM NETZWERKKOMPONENTEN: Under Bankruptcy Administration

ERWIN HERFORT: Sets Creditors Meeting June 24
EUROPA-SCHUHE: Court to Verify Claims Next Month
GEORG EING: Creditors to Meet August
GS FENSTERBAU: Claims Verification Set July
HUBERT BUSSMANN: Court Stays All Pending Lawsuits

H. WEENINK: Provisional Administrator Takes over Helm
LIFE LINE: Court Appoints Michael Plossner Administrator
MARKETING EVENT: Interim Administrator Takes over Helm
NOBA GBR: Applies for Bankruptcy Proceedings
PRIVATES INSTITUT: Creditors' Claims Due Next Month

SPEDITION JAGER: Under Bankruptcy Administration
STADTMARKETING LAUSCHA: Court Confirms Bankruptcy
TECHNISCHE OBJEKT: Verification of Claims Set July
T + F KERAMIKVERTRIEBS: Succumbs to Bankruptcy
WERNER BOXBUECHER: Schedules Creditors Meeting July
WOHNBAU KREATIV: Gives Creditors Until June 22 to File Claims


I R E L A N D

ELAN CORPORATION: Sets Annual Meeting May 26


N E T H E R L A N D S

KONINKLIJKE AHOLD: Net Income Up EUR1.3 Billion Under IFRS
ROYAL SHELL: Work on PetroChina Joint Venture Starts


R U S S I A

AGRO-PRINTSEVSKOYE: Names K. Yakovlev Insolvency Manager
ENERGO-STROY: Succumbs to Bankruptcy
GOTNYANSKIY BRICKWORKS: Declared Insolvent
KHABAROVSKIY: Khabarovsk Court Appoints Insolvency Manager
KINESHEMSKOYE: Deadline for Proofs of Claim June 2

KRASNORECHENSKIY COMBINE: Bankruptcy Proceedings Begin
METROMEDIA INTERNATIONAL: Delays 10-Q Report Filing
MONOLITH: Declared Insolvent
NERYUNGRINSKIY: Sakha Court Appoints Insolvency Manager
NEYA-AGRO-KHIMIYA: Bankruptcy Proceedings Begin

OAO GAZPROM: Government to Increase Stake
VOLGOGRADSKAYA: Succumbs to Bankruptcy
YUKOS OIL: Ordered to Bailout Siberian Unit
YUKOS OIL: Refutes Fraud, Mismanagement Allegations


S W E D E N

CONCORDIA BUS: Noteholders Offer EUR40 Million Financing


T U R K E Y

EREGLI DEMIR: Long-term Corporate Credit Rating at 'BB-'


U N I T E D   K I N G D O M

ADVANCEDWAVE LIMITED: Hires Liquidator from Grant Thornton
ALLIED DOMECQ: Diageo Out to Provide Financial Reinforcement
ARIA FOODS: Agricredit Appoints PwC Receiver
ATTRATRA LIMITED: Appoints Cooper Parry Administrator
BTMCS 0404: Liquidator from Parkin S. Booth Moves in

CIMAC INTERNATIONAL: Meeting of Creditors Set Next Month
DZM & ASSOCIATED: Sets Creditors Meeting Later this Month
E & S SMITH: Textile Manufacturer Falls into Administration
EXECUTIVE RECRUITMENT: Creditors Meeting Set Friday
FREEDOOR LIMITED: Meeting of Creditors Set June

GASKELL FLOORING: Creditors Meeting Set Next Week
HATHERTON ENGINEERING: Names Robson Rhodes Administrator
HERMIONE (EUROPEAN LOAN CONDUIT NO 14): Calls in Liquidator
HOOVER LTD.: Transfer to China Could Leave 88 Workers Jobless
J J ELECTRONIC: In Administrative Receivership

J V H SECURITY: Hires Administrators from PwC
KENTWEAR FASHION: Clothing Factory Calls in Administrator
LE CREUX: Creditors' Claims Due Next Week
LUXFER HOLDINGS: S&P Junks Corporate Credit Rating
MARCONI CORPORATION: Signs Distribution Deal with Huawei

MARKS & SPENCER: Appoints Lord Burns Deputy Chairman
MORNING RAYS: Appoints Kroll Limited Administrator
MRK STATIONERS: Administrators from PKF Move in
NORTH WEST: Names Bridgestones Administrator
O'DONNELL BROS.: Appoints DTE Leonard Curtis Administrator

PD PORTS: Underlying Pre-tax 2004 Profit Up 35%
PETER WRIGHT: Final Meeting Set Last Week of June
PINABLE SERVICES: Winding-up Report Out June
PROPHET CONTROL: Sets Creditors Meeting Next Month
RASMALA INVESTMENTS: Liquidator Takes over Operations

RDS AUTOMOTIVE: Calls in Administrator
REACT MAINTENANCE: HSBC Appoints PFK Receiver
REEF RECRUITMENT: Sets Creditors Meeting Next Week
REX REGAL: Lloyds TSB Appoints Receiver
RUSTLINGS LTD.: Calls Creditors Meeting

TRIMAC TECHNOLOGY: In Administrative Receivership
YELL GROUP: To Acquire TransWestern for US$1,575 Million
YELL GROUP: Rating Cut to 'BB' Over TransWestern Acquisition


                            *********


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


TREMA-TRYAVNA: New Orders Revitalize Bankrupt Ordnance Maker
------------------------------------------------------------
Business is picking up at Trema-Tryavna, maker of military
equipment and ordnance, according to Europe Intelligence Wire.

The company recently received several orders from both military
and civilian customers, owner Lyudmil Buchev told the newswire.
The company plans to hire 100 to 150 employees before the end of
the year to cope up with the orders.

The company has been in bankruptcy since December 2001.  It
continues to trade under the supervision of two bankruptcy
receivers.  It has BGN15 million in liabilities to creditors and
suppliers and currently employs 238 people.

CONTACT:  INVEST BULGARIA AGENCY
          1000 Sofia , Bulgaria
          31, Aksakov Str.
          Phone:(359 2)985-5500
          Fax:(359 2)980-1320
          E-mail: iba@investbg.government.bg
          Web site: http://www.investbg.government.bg

          BULGARIAN INVESTMENT AGENTS ABROAD
          Mr. Pavel Stamboliyski
          Foreign Investment Office
          Consulate General of Republic of Bulgaria
          in Los Angeles
          11766 Wilshire Boulevard, Suite 440,
          Los Angeles, CA 90025, USA
          Phone/Fax: +1 310 478 8436
          E-mail: p.stamboliyski@investbulgaria.net

          Mr. Miroslav Burnev
          Ambassade de la Republique de Bulgarie
          58, Avenue /Hamoir, 1180 UCCLE
          BELGIQUE, BRUXELLES
          Phone: +32 2 37 29 126
                 +32 2 37 45 963
          E-mail: mbarnev@bulgaria.be


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


BOHEMIANS PRAHA: New Investor Redeems Club from Bankruptcy
----------------------------------------------------------
AFK Vrsovice, a company formed to save bankrupt Bohemians Praha,
has officially taken over the soccer club, according to Czech
Happenings.

The Soccer Association of the Czech Republic said AFK Vrsovice
was its only legitimate successor, the report said.   Frantisek
Steinbroch, the former chief of the second Czech soccer league
Viktorie Zizkov club, was appointed director.

Bohemians Praha fell into bankruptcy a few months ago with debt
of several million crowns.  It has lost its position in the
second soccer league and was about to lose its license when AFK
expressed interest in the club.

Support from the fans continues to pour in.  Recently, they
organized the Bohemians Fans' Team, which attracted 400 members,
and launched a fund drive, which raised several millions of
crowns.  They hope to enlist the club in the third league.

The English New Europe Entrepreneurs Counsellors Company Limited
is the full owner of AFK, according to the report.

CONTACT:  BOHEMIAN PRAHA
          Web site: http://www.fc-bohemians.cz/


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


ISS GLOBAL: Rating Cut to 'B+'; Placed on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit ratings on Denmark-based facilities services
group ISS A/S and wholly owned subsidiary ISS Global A/S to 'B+'
from 'BB+.'  At the same time, Standard & Poor's lowered its
senior unsecured debt ratings on ISS Global to 'B' from 'BB+'.
All long-term ratings remain on CreditWatch with negative
implications, where they were placed on March 29, 2005.  The 'B'
short-term corporate credit rating on ISS A/S was affirmed.

The lowering of the long-term ratings follows the announcement
by PurusCo A/S (a private equity backed vehicle) of the
preliminary financing structure in connection with the
acquisition of ISS.  The financing structure indicates total
debt of about DKR23 billion (US$3.9 billion).  Adjusted for
estimated operating lease commitments of about DKR2.4 billion,
total debt to EBITDA is expected to initially be about 7x-8x.

"This leverage is high even for the 'B+' rating, but is
compensated for by ISS' strong business profile," said Standard
& Poor's credit analyst Alf Stenqvist.  "In addition, even at
this high leverage, ISS is expected to continue to post positive
free cash flows."

Although the 'B+' corporate credit rating is a likely final
outcome, the long-term ratings remain on CreditWatch with
negative implications as the capital structure is not yet
finalized, and detailed information about the group's future
business and financial strategies, including acquisition
policies, are still not known.

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

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


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


BENEFON OYJ: Upgrading Mobile Telematics Products Portfolio
-----------------------------------------------------------
Benefon Oyj reported in the first quarter 2005 interim report
released on May 12, 2005 about retaining the New York investment
bank Punk Ziegel to explore and evaluate the strategic long-term
financing options of the Company and that such evaluation is
ongoing.  An essential strategic objective is to update and
renew the company's current mobile telematics product portfolio
released for sale during the years 2000-2004 and the company has
provided information in market bulletins dated Nov. 23, 2004,
Feb. 24, 2005, April 12, 2005 and May 12, 2005 about commencing
a new product program and the initial funding secured for such
program.

One purpose of the strategic financing program managed by Punk,
Ziegel is to secure the financing for the said product roadmap
to be realized during the years 2005 and 2006 in a cost
effective manner and within the planned timeframe.

The evaluation of the said financing program has now advanced to
a stage where Punk, Ziegel is about to contact interested
investors for the purpose of presenting the history, current
situation and trading information and the ongoing business
development projects of the Company, of which the most central
is the said new product program started last autumn.  The
principal information about the technical and timeline
objectives of that product program, included in the presentation
material, is as follows.

The first product of the new product program, targeted for
release this year, will be rugged, splash proof user terminal.
The product will be a combination GPS/GPRS smartphone with
built-in antennas.  The product measures 114x51x24 mm and will
weigh about 120 grams.  Some of the features in the first
version to be released to the market will include a high-
resolution color screen, Bluetooth connectivity and a slot for a
mini-SD memory card for maps and other data storage, along with
an e-mail client software.  There will also be a USB connection
port for data transfer.

The product will cover EGSM/GPRS networks on four frequency
bands 850, 900, 1800 and 1900 MHz, which will provide coverage
for all existing GSM/GPRS networks.  The GPRS multislot
functionality is specified up to class 10, and the GSM
functionalities include those of phase 2/2+.  The GPS
functionality is achieved with a 12-channel high performance
receiver.  Certain of the telematics functions are compatible
with the applications developed by Benefon up to now with
enhanced telematics functions planned.  This product will
combine Benefon's personal navigation platform along with its
telematics and safety solutions, providing a navigation mobile
phone with a built-in GPS receiver coupled with the Benefon
telematics solutions.  A whole range of services are planned to
be provided to customers, including traffic updates, weather
information, points of interest and speed camera information,
where applicable, to name but a few.

The subsequent versions of the product will include the
following features, amongst others, a 1.3 megapixel camera, a
clam shell design, a WiFi (wlan)- link, push-to-talk
functionality, EGPRS and EDGE functionalities and the AGPS
function.  Also a 3G-version is planned in the product roadmap.

The new product family will be divided into three distinct
market segments.  The first will be targeted towards the
business user, the second will be designed for personal consumer
use, and the third comprising versions tailored for the B2B
market.

International design company Pentagram Design has been retained
for overseeing and managing the design and marketing of the
planned product roadmap.  Another of the Company's strategic
partners China Putian, reported on Oct. 28, 2004, will be
extensively utilized in its production planning.

The realization of all of the described product program will
require that the strategic financing program being evaluated by
Punk, Ziegel will be successfully completed within this year.
Should there be essential deviations, the Company may need to
limit the scope of the program or extend its timeline, or both.
The information provided herein about the characteristics of the
products under development is based on the current plan, and the
Company withholds the right to changes as needed during and/or
after the program.

BENEFON OYJ
CEO, Tomi Raita

CONTACT:  BENEFON OYJ
          P.O. Box 84 Meriniitynkatu
          11 FIN-24101 Salo, Finland
          Phone: +358-2-77 400
          Fax: +358-2-733 2633
          E-mail: salesoffice@benefon.fi
          Web site: http://www.benefon.com


TOOLON MATKATOIMISTO: KohdematkatKaleva Shows Interest
------------------------------------------------------
Travel agent KohdematkatKaleva is considering several options
for rival Toolon Matkatoimisto, including a buyout.

KohdematkatKaleva chief executive Mika Kiljunen acknowledged to
the Finnish News Agency last week Toolon's operations and
products had been of good quality.

Toolon collapsed over alleged accounting fraud that dates back
to the 1990s, according to Finnish online news service YLE24.
Manager Juha Kumara said the wrongdoing does not involve current
management.  He pointed to former Chief Financial Officer Erik
Mattson as the one responsible for the fraud.  Mr. Mattson, in
turn, passed the blame to Pertti Hatinen, Toolon's majority
owner and chairman, who allegedly asked him to tinker with the
books.

"Accusations that say EUR15 million disappeared from the company
are pure nonsense," Mr. Mattson told daily Hufvudstadsbladet
recently.

Other travel agencies in the region, Suomen Matkatoimisto,
Aurinkomatkat, Finnmatkat and Tjareborg, are reportedly not
interested in Toolon.  Erik Floman, chief executive of
Travelzon, had no comment.

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


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


ALSTOM SA: Subsidiary Probed for Walkway Accident
-------------------------------------------------
Chantiers de l'Atlantique, a division of Alstom S.A., has been
reportedly put under investigation for "manslaughter and
unintentional injuries."

Prosecutors have asked that seven individuals and two companies,
including Chantiers, be probed in connection with the 2003 Queen
Mary 2 accident that killed 15 people.  Aside from the
casualties, 28 people were reportedly injured when a walkway
connecting the deck of the ocean liner to the quayside caved in
on November 15, 2003.  The weight of some 40 visiting relatives
of Chantiers employees had caused the collapse of the gangway,
sending them 66 feet down to the dry dock.

The facility was installed by Endel, a subsidiary of energy and
environment utility Suez.  Chantiers refused to comment on the
investigation.

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


COSTIL TANNERIES: Falls into Receivership Anew
----------------------------------------------
A commercial court in Pont-Audemer has placed Costil Tanneries
De France S.A.S. under receivership, said Les Echos Tuesday.

The French tannery group, which will be under observation until
July 22, blames its woes to the strong euro currency.
Accordingly, customers are shifting to suppliers in dollar-zone
countries, apparently attracted by the weakening dollar.

About 18 to 30 employees, out of 77, could face redundancy as
restructuring gets underway.  This is the second time that
Costil fell into receivership.  In 2002, authorities looked into
claims of misuse of funds against its executive chairman.

CONTACT:  COSTIL TANNERIES DE FRANCE S.A.S.
          1, rue des Peausseries
          BP 71035
          67381 Lingolsheim CEDEX
          Phone: 0388788810
          Fax: 0388788819
          Web site: http://www.costil-tf.fr


SYNELEC TELECOM: U.S. Buyer Rescues Firm from Bankruptcy
--------------------------------------------------------
U.S. firm Clarity Visual Systems has taken over bankrupt digital
display company Synelec Telecom Multimedia, according to Les
Echos.  The deal saved 65 of 70 jobs at the business.

Synelec fell into court-supervised administration in August
2004.  It blamed its difficulties to the drop in orders after
the Sept. 11 attack in the U.S. and the reduction of the value
of the dollar.  Two months prior to its collapse, Synelec posted
turnover of EUR27 million, 85% of which was derived from
exports.

The acquisition will help Clarity establish itself in Europe and
offer complete solutions to customers.  The firms have
complementary product ranges and geographical cover.  Synelec
specializes in video wall displays and software and systems for
digital displays.

CONTACT:  SYNELEC TELECOM MULTIMEDIA
          Z.I. 12380 St Sernin sur Rance
          France
          Phone: +33 5 65 99 67 44
          Fax: +33 5 65 99 67 25
          Web site: http://www.synelec.com/


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


BAU GMBH: Creditors Claim Due June 27
-------------------------------------
The district court of Meiningen opened bankruptcy proceedings
against Bau GmbH Andreas Happ on April 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 27, 2005 to register their
claims with court-appointed provisional administrator Stephan
Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting on July 20, 2005, 9:30 a.m. at the district court of
Meiningen, Lindenallee 15, Saal A 0105 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:  BAU GMBH ANDREAS HAPP
          Contact:
          Marcel Noack, Manager
          Papiermuhle 1, 98554 Benshausen

          Stephan Mitlehner, Administrator
          Walter-Benjamin-Platz 6, 10629 Berlin-Charlottenburg


BKO-MASSIVHAUS: Applies for Bankruptcy Proceedings
--------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against BKO-Massivhaus GmbH on April 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 14, 2005 to register their
claims with court-appointed provisional administrator Hans-Achim
Ernst.

Creditors and other interested parties are encouraged to attend
the meeting on July 5, 2005, 8:45 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  BKO-MASSIVHAUS GMBH
          Engerstr. 30, 32051 Herford
          Contact:
          Wolfgang Klein, Manager
          Karsten Rehre 4, 31515 Wunstorf

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


CAFE CENTRAL: Administrator's Report Out Next Month
---------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against Cafe Central GmbH on May 1, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 9, 2005 to register their
claims with court-appointed provisional administrator Dr.
Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting on June 30, 2005, 11:00 a.m. at the district court
of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster 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:  CAFE CENTRAL GMBH
          Bernhard von Galen Strasse 33
          48653 Coesfeld
          Contact:
          Ursula Aupers, Manager
          Rosenstrasse 1a,
          48653 Coesfeld


          Dr. Stephan Thiemann, Administrator
          Lublinring 12
          48147 Muenster
          Phone: 0251/16283-0
          Fax: +492511628311


D.I.S. GMBH: Magdeburg Court Appoints Interim Administrator
-----------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against D.I.S. GmbH on April 26.  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 Michael Schreiber.

Creditors and other interested parties are encouraged to attend
the meeting on July 6, 2005, 9:30 a.m. at Saal D,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  D.I.S. GMBH
          Rogatz, Magdeburger Str. 46a, 39326 Rogatz
          Contact:
          Peter Meyer, Manager

          Michael Schreiber, Administrator
          Halberstadter Strasse 40 a, 39112 Magdeburg
          Phone: 0391/6223886
          Fax: 0391/6223887


EMM NETZWERKKOMPONENTEN: Under Bankruptcy Administration
--------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
EMM Netzwerkkomponenten GmbH on May 1.  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. Jorg
Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting on July 22, 2005, 10:00 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 2.
Stock, Saal S 2.22, 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:  EMM Netzwerkkomponenten GmbH
          Bruesseler Str. 17, 53842 Troisdorf
          Contact:
          Ralf Meurer, Manager
          Bernd Meurer, Manager

          Dr. Jorg Bornheimer, Administrator
          Sporergasse 7, 50667 Koln
          Phone: 0221 - 27 26 12 0
          Fax: 0221 - 27 26 12 99


ERWIN HERFORT: Sets Creditors Meeting June 24
---------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Erwin Herfort Fahrzeugbau GmbH on May 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until June 9, 2005 to
register their claims with court-appointed provisional
administrator Rolf Otto Neukirchen.

Creditors and other interested parties are encouraged to attend
the meeting on June 24, 2005, 9:00 a.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I.OG, gelber
Bereich, Saal 185, 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:  ERWIN HERFORT FAHRZEUGBAU GMBH
          Helenenstr. 70, 45143 Essen
          Contact:
          Lucie Herfort, Manager
          Angelika Rehage, Manager

          Rolf Otto Neukirchen, Administrator
          Zweigertstr. 28-30, 45130 Essen
          Phone: (0201) 438740
          Fax: +492014387479


EUROPA-SCHUHE: Court to Verify Claims Next Month
------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Europa-Schuhe GmbH on May 1.  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. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 1:45 p.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:  EUROPA-SCHUHE GMBH
          Limbecker Strasse 12-16, 45127 Essen
          Contact:
          Dipl. Kfm. Constanze Bohmer-Sproedt, Manager
          Limbecker Platz 12-16, 45127 Essen

          Dr. Winfrid Andres, Administrator
          Heinrich-Held-Str. 16, 45133 Essen
          Phone: 0201 330550
          Fax: 0201 3305511


GEORG EING: Creditors to Meet August
------------------------------------
The district court of Muenster opened bankruptcy proceedings
against Georg Eing GmbH on May 1, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 11, 2005 to register their
claims with court-appointed provisional administrator Volker
Heynck.

Creditors and other interested parties are encouraged to attend
the meeting on August 1, 2005, 9:00 a.m. at the district court
of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster 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:  GEORG EING GMBH
          Daimlerstrasse 7-9
          48712 Gescher
          Contact:
          Christian Eing, Manager

          Volker Heynck, Administrator
          Bocholter Str. 48
          46325 Borken
          Phone: 02861/902787-0
          Fax: +49286190278799


GS FENSTERBAU: Claims Verification Set July
-------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against GS Fensterbau GmbH & Co. KG on May 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 7, 2005 to
register their claims with court-appointed provisional
administrator Stephan Michels.

Creditors and other interested parties are encouraged to attend
the meeting on July 28, 2005, 10:30 a.m. at the district court
of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster 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:  GS FENSTERBAU GMBH & CO. KG
          Lise-Meitner-Strasse 15
          48161 Muenster

          Stephan Michels, Administrator
          Von-Vincke-Strasse 2
          48143 Muenster
          Phone: 0251/41430-0
          Fax: +492514143010


HUBERT BUSSMANN: Court Stays All Pending Lawsuits
-------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against Hubert Bussmann GmbH & Co. KG on May 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 16, 2005
to register their claims with court-appointed provisional
administrator Ralph Schmid.

Creditors and other interested parties are encouraged to attend
the meeting on July 8, 2005, 12:00 noon at the district court of
Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster 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:  HUBERT BUSSMANN GMBH & CO. KG
          Otto-Hahn-Strasse 20
          48691 Vreden

          Ralph Schmid, Administrator
          Duelmener Str. 92
          48653 Coesfeld
          Phone: 02541/915-03
          Fax: +492541915100


H. WEENINK: Provisional Administrator Takes over Helm
-----------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against H. Weenink GmbH on May 1, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 11, 2005 to register their
claims with court-appointed provisional administrator Ralph
Schmid.

Creditors and other interested parties are encouraged to attend
the meeting on August 1, 2005, 9:00 a.m. at the district court
of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster 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:  H. WEENINK GMBH
          Schersweide 8
          46395 Bocholt
          Contact:
          Hans-Juergen Weenink, Manager
          Karlstrasse 50
          46399 Bocholt

          Ralph Schmid, Administrator
          Duelmener Str. 92
          48653 Coesfeld
          Phone: 02541/915-03
          Fax: +492541915100


LIFE LINE: Court Appoints Michael Plossner Administrator
--------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Life Line Einrichtungshaus Luedenscheid GmbH & Co. KG on May 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 9, 2005 to
register their claims with court-appointed provisional
administrator Michael Plossner.

Creditors and other interested parties are encouraged to attend
the meeting on June 13, 2005, 9:00 a.m. at the district court of
Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1. Stock,
Saal W126, at which time the administrator will present his
first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on
August 16, 2005, 9:00 a.m. at the same venue.

CONTACT:  LIFE LINE EINRICHTUNGSHAUS LUEDENSCHEID GMBH & CO. KG
          Josef-Dietzgen-Str. 6, 53773 Hennef
          Contact:
          Armin R. Happ, Manager

          Michael Plossner, Administrator
          Hausdorffstrasse 11, 53129 Bonn
          Phone: 0228 / 911 51 11
          Fax: 9115199


MARKETING EVENT: Interim Administrator Takes over Helm
------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Marketing Event Catering Sportsmanagement GmbH on April
29, 2005.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
June 14, 2005 to register their claims with court-appointed
provisional administrator Ruediger Bauch.

Creditors and other interested parties are encouraged to attend
the meeting on July 12, 2005, 8:00 a.m. at the district court of
Leipzig at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  MARKETING EVENT CATERING SPORTSMANAGEMENT GMBH
          Deutscher Platz 4
          04103 Leipzig
          Contact:
          Thomas Meyer, Manager

          Ruediger Bauch, Administrator
          Inselstr. 29
          04103 Leipzig


NOBA GBR: Applies for Bankruptcy Proceedings
--------------------------------------------
The district court of Lubeck opened bankruptcy proceedings
against NoBa GbR on May 1.  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 Rolf Wesseloh.

Creditors and other interested parties are encouraged to attend
the meeting on June 23, 2005, 10:15 a.m. at the district court
of Lubeck, Am Burgfeld 7, 23568 Lubeck, Saal: E3 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:  NOBA GBR
          Braunstr. 11, 23552 Lubeck
          Contact:
          Thorsten Bartels, Manager
          Karin Northagen, Manager

          Rolf Wesseloh, Administrator
          Otto-Passarge-Strasse 4, 23564 Lubeck


PRIVATES INSTITUT: Creditors' Claims Due Next Month
---------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Privates Institut fuer Bildung und Beratung e.V. on May
2, 2005.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
June 10, 2005 to register their claims with court-appointed
provisional administrator Friedbert Striewe.

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

CONTACT:  PRIVATES INSTITUT FUER BILDUNG UND BERATUNG E.V.
          Saarlander Str. 20
          04179 Leipzig

          Friedbert Striewe, Administrator
          Fichtestr. 3
          04275 Leipzig


SPEDITION JAGER: Under Bankruptcy Administration
------------------------------------------------
The district court of Meiningen opened bankruptcy proceedings
against Spedition Jager und Co. GmbH on April 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until June 19, 2005 to
register their claims with court-appointed provisional
administrator Gorge Scheid, Anger 10, 99084 Erfurt.

Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 11:15 a.m. at the district court
of Meiningen, Lindenallee 15, Saal A 0105 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:  SPEDITION JAGER UND CO. GMBH
          Contact:
          Taschler, Edda, Manager
          Hergeser Weg 1, 98547 Viernau

          Gorge Scheid, Administrator
          Anger 10, 99084 Erfurt


STADTMARKETING LAUSCHA: Court Confirms Bankruptcy
-------------------------------------------------
The district court of Meiningen opened bankruptcy proceedings
against Stadtmarketing Lauscha GmbH on April 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until June 8, 2005 to
register their claims with court-appointed provisional
administrator Andreas Schafft.

Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 9:45 a.m. at the district court of
Meiningen, Lindenallee 15, Saal A 01 05 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:  STADTMARKETING LAUSCHA GMBH
          Contact:
          John Peter Muller-Schmoss, Manager
          Huttenplatz 6, 98724 Lauscha

          Andreas Schafft, Administrator
          Charlottenstr. 7, 99096 Erfurt


TECHNISCHE OBJEKT: Verification of Claims Set July
--------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against Technische Objekt-Betreuung von Immobilien GmbH on May
1, 2005.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
June 22, 2005 to register their claims with court-appointed
provisional administrator Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting on July 14, 2005, 8:30 a.m. at the district court of
Muenster, Gebudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster 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:  TECHNISCHE OBJEKT-BETREUUNG VON IMMOBILIEN GMBH
          Ennepestrasse 1
          46395 Bocholt
          Contact:
          Hubert Telaar, Manager
          Theresienstrasse 3
          46414 Rhede

          Ulrich Zerrath, Administrator
          Lange Wanne 57
          45665 Recklinghausen
          Phone: 02361/4884-0
          Fax: +492361488499


T + F KERAMIKVERTRIEBS: Succumbs to Bankruptcy
----------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against T + F Keramikvertriebs GmbH on May 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 29, 2005
to register their claims with court-appointed provisional
administrator Norbert Kruse.

Creditors and other interested parties are encouraged to attend
the meeting on July 20, 2005, 10:00 a.m. at the district court
of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster 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:  T + F KERAMIKVERTRIEBS GMBH
          Siemensstrasse 7
          48599 Gronau
          Contact:
          Wolfgang Tietz, Manager
          Leibnitzweg 2
          48599 Gronau

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


WERNER BOXBUECHER: Schedules Creditors Meeting July
---------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Werner Boxbuecher Bautragergesellschaft mit beschrankter
Haftung on April 22.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until June 2, 2005 to register their claims with court-
appointed provisional administrator Uwe Hueggenberg.

Creditors and other interested parties are encouraged to attend
the meeting on July 14, 2005, 10:30 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  WERNER BOXBUECHER BAUTRAGERGESELLSCHAFT
          MIT BESCHRANKTER HAFTUNG
          Stolzestr. 15, 44789 Bochum
          Contact:
          Joachim Rosseburg, Manager
          Trebbiner Str. 1, 14974 Grossbeuthen

          Uwe Hueggenberg, Administrator
          Huestrasse 34, 44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


WOHNBAU KREATIV: Gives Creditors Until June 22 to File Claims
-------------------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against Wohnbau Kreativ GmbH on May 1, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 22, 2005 to register their
claims with court-appointed provisional administrator Ulrich
Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting on July 14, 2005, 9:30 a.m. at the district court of
Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster 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:  WOHNBAU KREATIV GMBH
          Kolpingstrasse 34
          46354 Suedlohn
          Contact:
          Hermann Wessels, Manager

          Ulrich Zerrath, Administrator
          Lange Wanne 57
          45665 Recklinghausen
          Phone: 02361/4884-0
          Fax: +492361488499


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


ELAN CORPORATION: Sets Annual Meeting May 26
--------------------------------------------
The Annual General Meeting of Elan Corporation, plc will be held
on Thursday, May 26, 2005 at 10:00 a.m. British Summer Time,
5:00 a.m. Eastern Time in The Westin Hotel, Westmoreland Street,
Dublin 2, Ireland.

It will be available by Web cast.  Live audio of the AGM will be
broadcast over the Internet and will be available to investors,
members of the news media and general public.

This event can be accessed at http://www.elan.com. Look for the
event icon.  The event will be archived and available for replay
at the same URL.

                            *   *   *

In February, Biogen Idec and Elan pulled out TYSABRI(R)
(natalizumab) from the U.S. market and all ongoing clinical
trials, following reports the drug triggered progressive
multifocal leukoencephalopathy (PML), a rare and frequently
fatal, demyelinating disease of the central nervous
system.  Three patients were diagnosed with PML, two of whom
died.  The pullout was blamed for the 86% rise on the company's
net losses for the first quarter.

Last month, the Irish drug-maker released a two-year data
from the AFFIRM Phase III monotherapy trial, which showed that
treatment with TYSABRI(R) (natalizumab) led to a significant
reduction in disability progression, the rate of clinical
relapses and brain lesions in patients with relapsing forms of
multiple sclerosis.

On April 7, Tysabri's growing chances of returning to the market
have propelled Elan's shares to US$4.69, up 10.35%.  Patients
and healthcare companies have reportedly asked for the
comeback of the drug, which was touted as a breakthrough in
multiple sclerosis treatment when the U.S. Food and Drug
Administration approved it last year.

CONTACT:  ELAN CORPORATION PLC
          Lincoln House
          Lincoln Place
          Dublin2
          Ireland
          Phone: +353 1 709 4000
          Fax: +353 1 709 4108
          Web site: http://www.elan.com


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


KONINKLIJKE AHOLD: Net Income Up EUR1.3 Billion Under IFRS
----------------------------------------------------------
Highlights:

(a) opening group equity in accordance with IFRS approximately
    EUR1.6 billion lower;

(b) 2004 net income in accordance with IFRS approximately EUR1.3
    billion higher;

(c) IFRS Technical Conversion Memo available at
    http://www.ahold.com;and

(d) analyst conference call hosted via its Web site scheduled
    for 6-7 p.m. CET Tuesday.

Koninklijke Ahold N.V. has determined the impact of the
conversion from Dutch GAAP to International Financial Reporting
Standards (IFRS) for 2004.  As announced on March 29, 2005,
opening group equity in accordance with IFRS is approximately
EUR1.6 billion lower than in accordance with Dutch GAAP.  Net
income (loss) for 2004 in accordance with IFRS is approximately
EUR1.3 billion higher than in accordance with Dutch GAAP.

Prior to 2005, the company prepared consolidated financial
statements in accordance with Dutch GAAP.  From 2005 onwards,
they are required to prepare consolidated financial statements
in accordance with IFRS.  This change applies to all financial
reporting for accounting periods beginning on or after
January 1, 2005.  The company will report results for the first
quarter 2005 which are to be announced on June 14, 2005 in
accordance with IFRS.

Financial statements for 2005, inclusive 2004 comparatives, in
accordance with IFRS will be included in the 2005 annual report
which will be issued in 2006.  The 2005 annual report also will
contain the reconciliation of net income and shareholders'
equity to U.S. GAAP as required by the U.S. Securities and
Exchange Commission, which will only be provided on an annual
basis.

The company has prepared the 2004 IFRS information in accordance
with IFRS as it is expected to be in force as of December 31,
2005.  IFRS is subject to ongoing review and endorsement by the
European Union and possible amendment by interpretative guidance
from the International Accounting Standards Board (IASB) and,
therefore, may be subject to change before the 2005 year-end.

Additional information on the conversion to IFRS and how
reported financial position and results were affected is
provided in the detailed memorandum regarding the technical
aspects of the conversion to IFRS that is included on its Web
site at http://www.ahold.com.

Impact on Net Income (Loss)

Most of the differences resulting from the conversion of the
2004 consolidated figures from Dutch GAAP to IFRS affect
deferred income tax accounting and have in total resulted in an
increased tax charge of EUR109 million in 2004 net income under
IFRS.

(a) Cumulative Preferred Financing Shares

    The net income (loss) impact related to our cumulative
    preferred financing shares was EUR(44) million.  Under IFRS,
    cumulative preferred financing shares are considered a
    liability.  As a result, the company reclassified EUR666
    million in the opening balance sheet from group equity to
    liabilities.  The related dividend was accounted for as an
    interest expense;

(b) ICA Put Option

    The net income (loss) impact related to the ICA put option
    was EUR466 million.  The ICA put option was recognized as a
    liability, decreasing opening group equity by EUR601
    million.  The value of the ICA put option was re-measured
    quarterly until Q4 2004.  The carrying amount of the
    liability offset the purchase price paid for the 20% ICA
    shareholding obtained from Canica A.S., resulting in a
    difference in goodwill recognized.  The goodwill related to
    the Canica transaction was derecognized as part of the
    subsequent sale of the 10% ICA shareholding to ICA
    Forbundet.  The ICA put option liability balance was
    released as part of these transactions.

(c) Post-employment Benefits

    The net income (loss) impact from post-employment benefit
    accounting was EUR52 million and the 2004 opening group
    equity balance adjustment was EUR456 million.  All actuarial
    gains and losses were immediately recognized, thereby
    impacting the opening group equity, related amortization
    charges and the accounting for plans that are being settled
    or curtailed.  The vested portions of plan amendments were
    immediately recognized as an expense.  Additional minimum
    liabilities for the unfunded portions of accrued benefit
    obligations that were recognized under Dutch GAAP were
    reversed under IFRS.  The "measurement date" is
    required to be the balance sheet date.  Additional
    provisions were required for certain other long-term
    employee benefits;

(d) Non-current Assets Held for Sale and Discontinued Operations

    The net income (loss) impact related to the non-current
    assets held for sale and discontinued operations was EUR81
    million.  Non-current assets held for sale and related
    liabilities will be presented as a current assets and
    current liabilities in the balance sheet prospectively.  In
    the statement of operations, the results from discontinued
    operations are presented separately from those of ongoing
    operations retroactively.  Depreciation and amortization for
    assets that are classified as held for sale is prohibited
    and therefore reversed;

(e) Goodwill and Other Intangible Assets with Indefinite Lives

    The net income (loss) impact related to goodwill and other
    intangible assets with indefinite lives was EUR155 million.
    Goodwill and other intangible assets with indefinite lives
    are no longer amortized and are tested for impairment
    annually.  No additional impairment charge on the conversion
    date or at year-end 2004 was recognized;

(f) Net Gain (Loss) on Divestments

    The net income (loss) impact related to net gain (loss) on
    divestments was EUR725 million.  Goodwill previously charged
    to equity for divested entities is no longer recognized at
    the time of divestment.  Reversal of goodwill previously
    charged to equity was EUR252 million.  In addition, as
    permitted by a one-time exemption, the company set the
    cumulative translation adjustment reserve to zero at date of
    transition to IFRS.  As a result, EUR1.9 billion was
    recognized as a reclassification within equity.  Only CTA
    balances occurring after the transition date will be
    recognized upon divestment of foreign entities.  Reversal of
    CTA balances recognized under Dutch GAAP in 2004 was EUR502
    million.  Additional measurement differences of the divested
    entities relating to the transition to IFRS resulted in
    EUR(29) million; and

(g) Closing Group Equity

    At the end of 2004, closing group equity in accordance with
    IFRS was approximately EUR0.7 billion lower for a total
    group equity balance of EUR4.0 billion.

CONTACT:  KONINKLIJKE AHOLD N.V.
          Albert Heijnweg 1
          1507 EH Zaandam, The Netherlands
          Phone: +31-75-659-9111
          Fax: +31-75-659-8350
          Web site: http://www.ahold.com


ROYAL SHELL: Work on PetroChina Joint Venture Starts
----------------------------------------------------
PetroChina Company Limited and Royal Dutch/Shell Group's Shell
China Exploration and Production Company Limited are jointly
proceeding with the development of the Changbei natural gas
field in Shaanxi Province and Inner Mongolia Autonomous Region,
the People's Republic of China.

Shell, which will be the operator of the project under a
Production Sharing Contract with PetroChina, signed Tuesday
drilling contracts and Letters of Intent (LOI) for the award of
Engineering, Procurement and Construction (EPC) contracts for
the field development.

This marks the start of development of the field, which is
expected to start delivering 1.5 billion cubic meters per annum
(cm/pa) of natural gas to markets in Beijing, Shandong, Hebei
and Tianjin by 2007, rising to 3 billion cm/pa by 2008.

Total development costs for the full lifecycle of the project
will be about US$600 million, covering the construction of the
central processing facilities, inter-field pipelines and
development drilling of about 50 horizontal and multilateral
wells over 10 years.

The contract for the drilling rigs and associated services
covering the drilling of about 30 wells over the next six years
was awarded to the No. 1 Drilling Company of Liaohe Petroleum
Exploration Bureau.  A four-year directional drilling contract
was awarded to Halliburton Energy Services (Tianjin) Ltd., while
a three-year contract for drilling fluids and associated
services was awarded to the Engineering Technology Institute of
Changqing Petroleum Exploration Bureau.

A consortium comprising China Petroleum Engineering Company
Ltd., Southwest Company and Sichuan Petroleum Engineering
Construction Company Ltd. signed an LOI for the EPC contract for
the central gas processing facility.  China Liaohe Petroleum
Engineering Co. Ltd. signed an LOI for the EPC contract for the
inter-field pipeline infrastructure.

A second Shaan-Jing pipeline for transporting the gas to Beijing
is already being built by PetroChina and is scheduled to go into
operation by the middle of this year.

Attending the signing ceremony in Beijing were Yan Cunzhang,
President of PetroChina International, and Dominique Gardy,
Shell's Executive Vice President Exploration and Production,
Asia Pacific.

Shell has entitlement to about 50% of gas volumes over the 20-
year project lifetime.

Yan Cunzhang said: "The Changbei project is the largest onshore
Chinese-foreign exploration and production project.  It will
harness the best of our two companies in the project, combining
Chinese design, materials and services with sophisticated
technologies from Shell.  I am looking forward to the success of
Changbei and further opportunities to work with Shell both at
home and overseas."

Yves Merer, President of Shell China Exploration and Production
Company Limited, said: "We are very pleased to take a final
investment decision on this project bringing our experience in
subsurface reservoir management and advanced drilling technology
to this partnership with PetroChina.  Changbei is a perfect fit
with Shell's strategy to grow its portfolio of integrated gas
and to supply clean energy to meet China's energy demand from
both indigenous and external resources."

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


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


AGRO-PRINTSEVSKOYE: Names K. Yakovlev Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Agro-Printsevskoye after finding the open
joint stock company insolvent.  The case is docketed as A08-
15535/04-2 b.  Mr. K. Yakovlev has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 308033,
Russia, Belgorod, Post User Box 657.

CONTACT:  AGRO-PRINTSEVSKOYE
          Russia, Belgorod region,
          Valuyskiy region, Printsevka

          Mr. K. Yakovlev
          Insolvency Manager
          308033, Russia, Belgorod region,
          Post User Box 657


ENERGO-STROY: Succumbs to Bankruptcy
------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Energo-Story (TIN 6318209950) after finding
the limited liability company insolvent.  The case is docketed
as A55-1593/2005-13.  Mr. A. Safronov has been appointed
insolvency manager.  Creditors have until June 2, 2005 to submit
their proofs of claim to 443041, Russia, Samara, Buyanova Str.
62, Room 3.

CONTACT:  Mr. A. Safronov
          Insolvency Manager
          443041, Russia, Samara region,
          Buyanova Str. 62, Room 3


GOTNYANSKIY BRICKWORKS: Declared Insolvent
------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Gotnyanskiy Brickworks (TIN 3116000936)
after finding the close joint stock company insolvent.  The case
is docketed as A08-9904/04-11.  Mr. V. Reznikov has been
appointed insolvency manager.  Creditors have until June 9, 2005
to submit their proofs of claim to 308033, Russia, Belgorod,
Post User Box 716.

CONTACT:  GOTNYANSKIY BRICKWORKS
          309300, Russia, Belgorod region, Rakityanskiy region,
          Proletarskiy, Proletarskaya Str. 1a

          Mr. V. Reznikov
          Insolvency Manager
          308033, Russia, Belgorod region,
          Post User Box 716


KHABAROVSKIY: Khabarovsk Court Appoints Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Khabarovskiy after finding the factory of
metal constructions insolvent.  The case is docketed as A73-
379/2005-39.  Ms. E. Kruchinina has been appointed insolvency
manager.  Creditors have until June 9, 2005 to submit their
proofs of claim to 680028, Russia, Khabarovsk, Serysheva 22,
Office 216.

CONTACT:  KHABAROVSKIY
          680018, Russia, Khabarovsk region,
          Perspektivnaya Str. 38

          Ms. E. Kruchinina
          Insolvency Manager
          680028, Russia, Khabarovsk region,
          Serysheva 22, Office 216


KINESHEMSKOYE: Deadline for Proofs of Claim June 2
--------------------------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings against Kineshemskoye (TIN/KPP 3713000383/371301001)
after finding the agricultural enterprise insolvent.  The case
is docketed as A-17-1230/05 14-B.  Mr. Y. Treo has been
appointed insolvency manager.  Creditors have until June 2, 2005
to submit their proofs of claim to 155800, Russia, Ivanovo
region, Kineshma, Navolokskaya Str. 3-78.

CONTACT:  KINESHEMSKOYE
          155800, Russia, Ivanovo region,
          Kineshma, Vinogradova Str. 17

          Mr. Y. Treo
          Insolvency Manager
          155800, Russia, Ivanovo region,
          Kineshma, Navolokskaya Str. 3-78


KRASNORECHENSKIY COMBINE: Bankruptcy Proceedings Begin
------------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Krasnorechenskiy Combine after finding the
grain products insolvent.  The case is docketed as A73-
4698/2003-40/36.  Mr. O. Syskov has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 680000,
Russia, Khabarovsk, Zaparina, 67-7.

CONTACT:  KRASNORECHENSKIY COMBINE
          680041, Russia, Khabarovsk region,
          Melnichnaya Str. 9

          Mr. O. Syskov
          Insolvency Manager
          680000, Russia, Khabarovsk region,
          Zaparina, 67-7


METROMEDIA INTERNATIONAL: Delays 10-Q Report Filing
---------------------------------------------------
Metromedia International Group, Inc. is unable to timely file
its Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 2005 due to the additional time and effort that has
been required for the Registrant to prepare and finalize the
Annual Report on Form 10-K for the year ended December 31, 2004
and for the finance teams of the Registrant's PeterStar and
Magticom business ventures to prepare, finalize and submit their
first quarter U.S. GAAP financial results to the Registrant's
corporate financial team.

As a result of the delay in the filing of the Form 10-K and the
delay in the receipt of the PeterStar and Magticom first quarter
U.S. GAAP financial results, the Registrant's corporate finance
team has not been able to begin the review and analysis of the
PeterStar and Magticom first quarter financial results, and as
such, has not been able to finalize the Registrant's
consolidated financial statements and management's discussion
and analysis of the Registrant's financial condition and results
of operations.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Harold F. Pyle, III
          Phone: 704 321-7380


MONOLITH: Declared Insolvent
----------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Monolith after finding the open joint stock
company insolvent.  The case is docketed as A55-13119/2004-16.
Mr. V. Kolesnikov has been appointed insolvency manager.
Creditors have until June 2, 2005 to submit their proofs of
claim to 443031, Russia, Samara, Demokraticheskaya Str. 6-91.

CONTACT:  MONOLITH
          445560, Russia, Samara region, Privolzhskiy region,
          Privolzhye, Volzhskaya Str. 4

          Mr. V. Kolesnikov
          Insolvency Manager
          443031, Russia, Samara region,
          Demokraticheskaya Str. 6-91


NERYUNGRINSKIY: Sakha Court Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Sakha republic (Yakutiya) commenced
bankruptcy proceedings against Neryungrinskiy after finding the
electrical repair plant insolvent.  The case is docketed as A58-
1159/02.  Ms. I. Davydova has been appointed insolvency manager.
Creditors have until June 2, 2005 to submit their proofs of
claim to 678960, Russia, Neryungri, Severnaya Str. 6.

CONTACT:  NERYUNGRINSKIY
          Russia, Sakha republic (Yakutiya),
          Neryungri, Severnaya Str. 6

          Ms. I. Davydova
          Insolvency Manager
          678960, Russia, Neryungri,
          Severnaya Str. 6


NEYA-AGRO-KHIMIYA: Bankruptcy Proceedings Begin
-----------------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
proceedings against Neya-Agro-Khimiya (TIN/KPP
4406000513/440601001) after finding the municipal enterprise
insolvent.  The case is docketed as A31-8101/18.  Mr. V.
Saurenko has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 157800, Russia, Kostroma region,
Nerekhta, Lunacharskogo Str. 29.

CONTACT:  NEYA-AGRO-KHIMIYA
          157330, Russia, Neya,
          Lenina Str. 155

          Mr. V. Saurenko
          Insolvency Manager
          157800, Russia, Kostroma region,
          Nerekhta, Lunacharskogo Str. 29


OAO GAZPROM: Government to Increase Stake
-----------------------------------------
The Board of Directors of OAO Gazprom held Tuesday its regular
meeting in the Company's headquarters.

Dmitriy Medvedev, Chairman of the Board of Directors, has made a
report concerning decisions taken on Gazprom's share market
liberalization.  The scheme of increasing stake of the Russian
Federation in Gazprom up to controlling was amended and finally
approved.

In view of changes that occurred in the structure of
consolidated assets and liabilities of JSC NK Rosneft after
September 2004, the decision has been made not to use this asset
as a means of payment for an equity stake in Gazprom.  The
purchase of necessary quantity of the shares from the
subsidiaries of Gazprom group will be carried out at a market
price for cash.  The transaction is scheduled to be finalized
before the annual general meeting of shareholders of Gazprom.

                            *   *   *

The Russian government will acquire the 10.7% block needed to
increase its stake in Gazprom above 50% by paying cash for the
shares.  It has abandoned plans to merge the company with
Rosneft.

Earlier, Russia's dilemma was how to gain majority control over
Gazprom and at the same time give the latter a stake in Rosneft
Yugansk.

In November, Fitch Ratings revised Gazprom's 'BB' Senior
Unsecured foreign currency and local currency ratings to Rating
Watch Positive from Evolving, following the upgrade of Russia's
sovereign rating to 'BBB-' from 'BB+'.

The revision reflected 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 merger with Rosneft, which was still pending
regulatory approval at the time.

With the full merger, Moscow would have gained control over
expected increases of natural gas exports to the Asia-Pacific
region through buying Rosneft's Far East interests, especially
in the Sakhalin venture blocks.

Gazprom is the country's gas monopoly, while Rosneft is a state-
owned oil giant.

CONTACT:  OAO GAZPROM
          16 Nametkina
          117997 Moscow, V-420,
          Russia
          Phone: +7-95-719-3001
          Fax: +7-95-719-8333
          Web site: http://www.gazprom.ru


VOLGOGRADSKAYA: Succumbs to Bankruptcy
--------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Volgogradskaya (TIN 3444068687, KPP
344401001) after finding the investment company insolvent.  The
case is docketed as A12-29002/04-s57.  Ms. Z. Trigolosova has
been appointed insolvency manager.  Creditors have until June 9,
2005 to submit their proofs of claim to 400005, Russia,
Volgograd, Sovetskaya Str. 51, Office 3.

CONTACT:  VOLGOGRADSKAYA
          Russia, Volgograd region,
          Kommunisticheskaya Str. 28A

          Ms. Z. Trigolosova
          Insolvency Manager
          400005, Russia, Volgograd region,
          Sovetskaya Str. 51, Office 3


YUKOS OIL: Ordered to Bailout Siberian Unit
-------------------------------------------
A Moscow court has ordered Yukos Oil Company to pay US$357
million to settle a claim by New Century Securities Management
Anstalt, according to Interfax.  The claim was filed by Anstalt
based on a US$58 million promissory note issued by Yukos'
Siberian unit OAO Angarskaya Petrochemicals.  New Century also
sought US$300 million in penalties and fines.

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

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

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

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


YUKOS OIL: Refutes Fraud, Mismanagement Allegations
---------------------------------------------------
Yukos Oil hit the government again on Tuesday in answer to its
continued barrage of unfounded allegations about the company's
corporate governance procedures and management.

The company said it did not believe that employees, some of whom
are now exiled abroad through fear of false accusations or
incarcerated in Russian prisons, had in any way behaved
inappropriately in executing their responsibilities for Yukos.
The company called on the Russian government and administration
to cease their systematic and unwarranted attacks on Yukos and
its staff that appeared to have only one motive, the total
destruction of what was once Russia's premier company.

A company spokesperson said Tuesday that all allegations of
impropriety on behalf of management and fraudulent activity by
the company were false, unfounded and without merit.

"The activities undertaken by Yukos cited in Russian Federation
allegations were monitored and assessed through regular and
thorough auditing processes by the very Russian government who
now accuses the Company of fraud.  Furthermore, the Russian
statutory accounts and the U.S. GAAP financial statements of
Yukos were audited by its external auditors,
PricewaterhouseCoopers, which has audited the Company's accounts
since 1999."

For the purposes of this statement YUKOS Oil Company is
addressing three specific allegations:

(a) Allegations of Tax Evasion

The ongoing investigation by the Russian prosecutor and other
authorities into allegations of tax evasion by Yukos-associated
trading companies and the personal charges against the company's
chief accountant who is charged with masterminding this
activity, completely ignore the very clear fact that Yukos Oil
Company is a vertically integrated corporation.

Further, the allegations do not consider even the most basic
principles of consolidation accounting.  Russian legislation
either precluded or allowed some of Yukos' trading entities from
being included as subsidiaries or affiliated entities for
Russian statutory purposes, but, nevertheless, those entities
have consistently been consolidated within the company's U.S.
GAAP financial statements and included in Yukos' reporting to
the international financial community.  Trading companies
Fargoil, Ratibor and many others whose operations continue to be
investigated in the "traders" and "Golub" cases were among such
entities.

No distributions from any company in the Yukos U.S. GAAP
consolidated group, apart from dividends approved by a vote of
all of Yukos Oil Company shareholders and its Board of
Directors, were ever made to related parties not included in
YUKOS' U.S. GAAP consolidated financial statements.  The
prosecutors and other authorities simply have their facts wrong.
Individuals should not be charged criminally for the
shortcomings of properly and legally applied Russian statutory
accounting and tax practices or by a prosecutor's office, which
has little or no understanding of basic accounting principles.

(b) Allegations of Asset Stripping

Yukos does not believe that any of the employees of the company
accused in the course of the "VNK case" could have committed the
alleged crimes.  Yukos Oil Company is managed in accordance with
appropriate standards of corporate governance and the procedures
for performing asset transactions adopted by the company do not
allow for "asset stripping" or "misappropriating" of any of the
assets of the company.

All actions of the company's employees, which are considered by
the General Prosecutor's Office in the "VNK case" as criminal,
were in fact fully consistent with then existing Russian
legislation.  Attempts by the General Prosecutor's Office to
represent Tomskneft, a Yukos subsidiary as an injured party, is
wholly wrong and demonstrates the unbelievable and inappropriate
lengths to which the Russian authorities will go to pressure
Yukos' staff and subsidiaries to assist them in their systematic
assault on Yukos.

(c) Allegations of Mistrading of Oil

Yukos Oil Company, its subsidiaries and associated companies did
not conduct illegal transactions in the trading of oil as is
alleged by the General Prosecutor's Office.  Yukos and its
subsidiaries and associated companies were governed by a legal
requirement to implement fair market prices and this stipulation
was in turn governed by the legal process of public auctions,
the conditions for which were communicated through Russian mass
media.  The regulations allowed for transactions between
affiliated or related companies, when there was no published
price, at a price within a specified percentage deviation to the
average price of crude oil sold in the region where the oil was
extracted.  Compliance with the regulations was regularly
monitored by Yukos.

The company hopes that the Russian Federation will accept that
Yukos Oil Company is a viable and respected oil company and that
its systematic destruction will not in the short or the longer-
term benefit Russia.

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

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

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


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


CONCORDIA BUS: Noteholders Offer EUR40 Million Financing
--------------------------------------------------------
Concordia Bus Nordic AB received a financing proposal from
certain members of the Ad Hoc Committee of the 11% Senior
Subordinated Notes due 2010 issued by Nordic's ultimate parent,
Concordia Bus AB (Bus) under which such members of the Ad Hoc
Committee would lend EUR40,000,000 to Bus.

The funds would be contributed to Nordic by way of an equity
contribution with certain amounts retained by Bus to meet the
costs associated with the restructuring.  The financing proposal
is subject to a number of conditions, including the closing of
the Bus restructuring as outlined in the indicative terms
publicly announced on 16 March 2005.

A meeting has been scheduled for next week in London between
Nordic, Bus, the Ad Hoc Committee and certain holders of its
9.125% Senior Secured Notes due 2009 and advisers.

The operating businesses continue to function normally and
continue to provide full bus services to passengers and
customers.

Nordic also announces that it is extending its pending
solicitation of consents from holders of the Secured Notes to
(a) certain amendments and waivers (the Proposed Amendments and
Waivers) of the terms in the Indenture governing the Secured
Notes and (b) the foregoing (the Agreement) of their right to
participate in any change of control offer set out in Section
1015 of the Indenture occasioned by a restructuring of Bus as
outlined in the Indicative Terms.

Under the extended deadline, all holders of Secured Notes who
submit valid and unrevoked consents prior to 5:00 P.M. London
time on Friday, 20 May 2005, will receive the consent fee of
EUR5 per EUR1,000 of the principal amount of Secured Notes for
which they deliver valid and effective consents, subject to the
terms and conditions of the Solicitation.

Holders who have previously delivered consents need not take any
further action in order to receive the consent fee.

Nordic is not amending the Proposed Amendments and Waivers or
the Agreement.

This announcement is not a solicitation of consents with respect
to any securities.  The Solicitation is being made solely by the
Consent Solicitation dated 16 March 2005.

The Tabulation Agent has advised Nordic that as of 13 May 2005
consents for [.]% aggregate principal amount of the Secured
Notes had been validly submitted and unrevoked.

CONTACT:  ALVAREZ & MARSAL (EUROPE)
          Financial advisers to Concordia Bus Nordic AB
          5th Floor One Canada SquareLondon E14 5AA
          Contact:
          Tony Alvarez III
          Phone: +44 (0) 207 715 5200
          E-mail: TAlvarezIII@alvarezandmarsal.com

          Ragnar Norback
          Phone: +46(0)854630141
          Per Skargard
          Phone: +46(0)854630021

          GAVIN ANDERSON & COMPANY
          Richard Constant/Candace
          Carpenter
          Phone: +44(0)207.554.1400


===========
T U R K E Y
===========


EREGLI DEMIR: Long-term Corporate Credit Rating at 'BB-'
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Turkish steelmaker Eregli Demir ve
Celik Fabrikalari T.A.S. (Erdemir).  The outlook is developing.

"The ratings on Erdemir reflect risks associated with a very
ambitious restructuring and growth plan, as well as country risk
and uncertainties over the future ownership and management of
the company," said Standard & Poor's credit analyst Tommy Trask.

"These factors are offset by Erdemir's position as a low-cost
flat steel producer and the largest steelmaker in a country with
good growth prospect for steel consumption."

Erdemir produced 5.8 million tons of flat and long steel in 2004
at two plants positioned next to its own port facilities on the
Black Sea and the Mediterranean coast, respectively.  It is a
low-cost producer of good quality steel for a diverse range of
end markets.  Erdemir does not, however, have meaningful
backward integration into iron ore and coking coal, and is
therefore at a disadvantage compared with integrated producers
in Commonwealth of Independent States (CIS) countries.
Nevertheless, it does have advantages over CIS competitors for
supply to the domestic market in terms of logistics, quality,
and service.

Erdemir is investing about US$2 billion over the next four years
to convert the Isdemir plant from long to flat steel production
and to double the steel making capacity of the group by 2009.
Although the logic for such an investment is compelling, it
involves significant technological and commercial risks in
competing with flat steel imports to Turkey from the E.U. and
the CIS at a time when flat steel demand growth in Europe is
low.

In line with the Turkish government's privatization strategy,
the administration has flagged its intention to sell its 49%
stake in Erdemir in 2005.  Although the frontrunners for
purchasing the government's stake are stronger entities, Mittal
Steel Co. N.V. (BBB+/Stable/--) and Arcelor S.A. (BBB/Stable/A-
2), it is not certain that a potential acquirer will have as
strong a credit profile as that of Erdemir, particularly if the
acquisition is debt financed.

Profitability has improved significantly in 2003 and 2004 helped
by the stronger steel market, as well as a major headcount
reduction and installation of a continuous caster at the Isdemir
plant.

"Uncertainties remain surrounding the pending sale of the
government's stake in the company," added Mr. Trask.  "A
takeover by a stronger peer such as Mittal Steel Co. or Arcelor
S.A., could have positive rating implications.  Conversely, a
takeover by a weaker player such as OAO Severstal (B+/Stable/--)
or Corus Group PLC (BB-/Stable/B), could have a negative impact
on the ratings."

Change of ownership may also have positive or negative
implications (from a credit standpoint) for operational strategy
and financial policies.  FFO to total debt is expected to remain
above 30% over the cycle to maintain the rating.

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

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


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


ADVANCEDWAVE LIMITED: Hires Liquidator from Grant Thornton
----------------------------------------------------------
At the extraordinary general meeting of Advancedwave Limited on
April 21, 2005 held at 1 Westminster Way, Oxford OX2 0PZ, the
special resolution to wind up the company was passed.  Samantha
Jane Keen 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


ALLIED DOMECQ: Diageo Out to Provide Financial Reinforcement
------------------------------------------------------------
World's largest winemaker Diageo is bracing itself to join an
imminent bidding fray for Allied Domecq, The Scotsman says.

Diageo chief executive Paul Walsh has reportedly set aide GBP1
billion to back up the bid either of French spirits group Pernod
Ricard or of Constellation Brands-led consortium.  Diageo is
said to be eyeing some of Allied's wine and Tia Maria liquor as
reward for the extra push.

An industry source revealed, "It is in Allied Domecq
shareholders' interests to get an auction going, and Diageo is
prepared to give either party a leg-up over the fence in return
for some assets.

"It knows it cannot hope for more than this because, being the
dominant group in the sector, there are very few Allied assets
that the company could get past the regulators.

Pernod Ricard

Pernod Ricard, along with U.S. partner Fortune Brands, has
offered to acquire Allied for GBP7.4 billion.  Pernod's offer
includes 545p a share in cash and 0.0158 company shares, for a
total of 670p per share.  Sources, however, commented there are
weaknesses in Pernod's bid.  The source said, "For one thing, it
includes French paper and British institutions don't tend to
like that because those shares tend to flow back to France once
the deal is done."

Constellation Brands

Just recently, a consortium comprised of Constellation Brands,
U.S. winemaker Brown Forman and financial firms Lion Capital and
Blackstone Group.  Allied said it is currently reviewing the
offer, which its says is highly conditional, "being subject to
considerable further due diligence, confirmation of financing
and a number of other significant conditions.  Allied stressed
that though an agreement exist between them and Pernod, they
would still "continue to discuss the indicative proposal with
the consortium and determine whether certainty can be
established."

The consortium, however, is less likely to ask for financial
help from Diageo, as they "already got so much money," a source
familiar close to the talks said.  The source added, "It would
be more a case of Diageo reducing their risk, providing some
certainty for a home for some of [Allied] assets.

"Diageo could provide them with a very good perspective on the
spirits industry and help them achieve their 'flip'."

Bidding War

With the consortium's offer already made formal, a bidding war
looms, making the price per share go up.  Experts believe the
price per share would hike beyond GBP7, stretching Pernod's
balance sheet and forcing the winemaker to seek financial
reinforcement, which Diageo is willing to provide.  Both groups
had been major business partners, shelling out GBP5.5 billion to
acquire the Seagram drinks business.

Allied Domecq shareholders will vote on Pernod's offer late
June.

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
          Phone: 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

          DIAGEO PLC
          8 Henrietta Place
          London W1G OMD
          Phone: +44-20-7927-5200
          Fax: +44-20-7927-4600
          Web site: http://www.diageo.co.uk


ARIA FOODS: Agricredit Appoints PwC Receiver
--------------------------------------------
Agricredit appointed D. A. Howell and R. N. Lewis (Office Holder
Nos 6604, 9277) administrative receivers for Aria Foods Limited
(Reg No 04373509, Trade Classification: 04).  The plant is
engaged in meat processing.

CONTACT:  PRICEWATERHOUSECOOPERS
          1 Kingsway
          Cardiff
          Glamorgan CF10 3PW
          Phone: 029 2023 7000
          Fax: 029 2080 2405
          E-mails: derek.a.howell@uk.pwc.com
                   rob.n.lewis@uk.pwc.com


ATTRATRA LIMITED: Appoints Cooper Parry Administrator
-----------------------------------------------------
Tyrone Shaun Courtman and Shaun Neil Adams (IP Nos 7237, 8568)
have been appointed joint administrators for Attratra Limited.
The appointment was made May 9, 2005.  Its registered office is
located at 14 Park Row, Nottingham NG1 6GR.

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


BTMCS 0404: Liquidator from Parkin S. Booth Moves in
----------------------------------------------------
At the extraordinary general meeting of BTMCS 0404 Limited on
May 5, 2005 held at the offices of Parkin S. Booth & Co., 2 City
Road, Chester CH1 3AE, the special resolution to wind up the
company was passed.  Ian C. Brown of Parkin S. Booth & Co., 2
City Road, Chester CH1 3AE has been appointed liquidator of the
company.

CONTACT:  PARKIN S. BOOTH & CO.
          2 City Road,
          Chester CH1 3AE
          Web site: http://www.parkinsbooth.co.uk


CIMAC INTERNATIONAL: Meeting of Creditors Set Next Month
--------------------------------------------------------
The creditors of Cimac International Limited will meet on June
1, 2005 at 10:30 a.m.  It will be held at Thistle Euston, 43
Cardington Street, London NW1 2LP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Grant Thornton House, Melton Street, Euston
Square, London NW1 2EP not later than 12:00 noon, May 31, 2005.

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


DZM & ASSOCIATED: Sets Creditors Meeting Later this Month
---------------------------------------------------------
The creditors of DZM & Associated Companies Limited will meet on
May 27, 2005 at 11:00 a.m.  It will be held at the offices of
UHY Hacker Young turnaround and recovery, St James Building, 79
Oxford Street, Manchester M1 6HT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to UHY Hacker Young turnaround and recovery, St
James Building, 79 Oxford Street, Manchester M1 6HT not later
than 12:00 noon, May 26, 2005.

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


E & S SMITH: Textile Manufacturer Falls into Administration
-----------------------------------------------------------
Michael Edward George Saville and Rob Sadler (IP Nos 7250, 9172)
have been appointed joint administrators for E & S Smith
Limited.  The appointment was made May 9, 2005.

The factory manufactures textile.  Its registered office is
located at Stadium Mills, Pearson Road, Odsal, Bradford BD6 1BJ.

CONTACT:  BEGBIES TRAYNOR
          30 Park Cross Street, Leeds LS1 2QH
          Web site: http://www.begbies.com


EXECUTIVE RECRUITMENT: Creditors Meeting Set Friday
---------------------------------------------------
The creditors of Executive Recruitment Services Plc will meet on
May 20, 2005 at 3:00 p.m.  It will be held at the offices of
Smith & Williamson Limited, at Bartlett House, 9-12 Basinghall
Street, London EC2V 5NS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Smith & Williamson Limited, at Bartlett House, 9-
12 Basinghall Street, London EC2V 5NS not later than 12:00 noon,
May 19, 2005.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Bartlett House
          9-12 Basinghall Street, London EC2V 5NS
          Web site: http://www.smith.williamson.co.uk


FREEDOOR LIMITED: Meeting of Creditors Set June
-----------------------------------------------
The creditors of Freedoor Limited will meet on June 1, 2005 at
10:30 a.m.  It will be held at Thistle Euston, 43 Cardington
Street, London NW1 2LP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Grant Thornton UK LLP, Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP not later than
12:00 noon, May 31, 2005.

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


GASKELL FLOORING: Creditors Meeting Set Next Week
-------------------------------------------------
Name of companies:
Gaskell Flooring Limited
Gaskell Logistics Limited
Gaskell Plc

The creditors of these companies will meet on May 26, 2005 at
2:30 p.m.  It will be held at the Village Hotel and Leisure
Club, Bury.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Kroll Limited, 3rd Floor, Wellington Plaza, 31
Wellington Street, Leeds LS1 4DL not later than 12:00 noon, May
25, 2005.

CONTACT:  KROLL LIMITED
          Wellington Plaza,
          31 Wellington Street,
          Leeds LS1 4DL
          Web site: http://www.krollworldwide.com


HATHERTON ENGINEERING: Names Robson Rhodes Administrator
--------------------------------------------------------
Gerald Clifford Smith and John Neville Whitfield (IP Nos 6335,
9131) have been appointed joint administrators for Hatherton
Engineering Limited.  The appointment was made May 9, 2005.  Its
registered office is located at PO Box 4, Bell Lane, Bloxwich,
Walsall WS3 2JW.

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


HERMIONE (EUROPEAN LOAN CONDUIT NO 14): Calls in Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of Hermione (European Loan
Conduit No 14) Plc on May 6, 2005 held at 35 Great St Helen's,
London EC3A 6AP, the subjoined special resolution to wind up the
company was passed.  Malcolm Cohen of BDO Stoy Hayward LLP, 8
Baker Street, London W1U 3LL has been appointed liquidator of
the company.

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


HOOVER LTD.: Transfer to China Could Leave 88 Workers Jobless
-------------------------------------------------------------
A total of 88 Hoover workers could lose their jobs as the
company mulls transferring production from its Cambuslang site
to China.

According to The Scotsman Wednesday, a 30-day consultation
between managers and employees have already started, while
possible directions for the floor care manufacturing division
are being studied.

Graham White, chief executive for the U.K. and Ireland, said:
"As all other manufacturers of floor-care have found, the
economics of U.K. production don't add up like they used to.

"We are currently in a position where each unit produced in the
U.K. costs us 30 percent more than it does if we make it in
China.  We can no longer afford to fund what is essentially a
loss-making production."

The move will not affect more than 100 employees at Hoover's
sales and design engineering division, according to its owners,
the Italian Hoover-Candy group.

In 2003, over 150 workers were left jobless, following a closure
threat.

CONTACT:  HOOVER LTD.
          Pentrebach, Merthyr Tydfil
          Mid Glamorgan CF48 4TU
          Phone: 01685 721222
          Web site: http://www.hoover.co.uk


J J ELECTRONIC: In Administrative Receivership
----------------------------------------------
Close Invoice Finance Limited appoints J. M. Titley and P.
Reeves (Office Holder Nos 8617, 1434) joint administrative
receivers for J J Electronic Components Limited (Reg No
1174306).  The application was filed April 29, 2005.  the
company manufactures electronic components.

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


J V H SECURITY: Hires Administrators from PwC
---------------------------------------------
Paul William Harding and Derek Anthony Howell (IP Nos 0006310,
0006604) have been appointed joint administrators for J V H
Security Services Limited.  The appointment was made May 3,
2005.

The company offers security and guarding services.  Its
registered office is located at Blakedown House, Village Farm
Industrial Estate, Pyle, Bridgend CF33 6BJ.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Lennox House
          Beaufort Buildings
          Spa Road, Gloucester
          Gloucestershire GL1 1XD
          Phone: 01452 332200
          Fax: 01452 300699


KENTWEAR FASHION: Clothing Factory Calls in Administrator
---------------------------------------------------------
Andrew Tate and John Ariel (IP Nos 008960, 7838) have been
appointed joint administrators for Kentwear Fashion Group
Limited.  The appointment was made May 6, 2005.

The factory manufactures clothing.  Its registered office is
located at Thames House, Roman Square, Sittingbourne, Kent ME10
4BJ.

CONTACT:  BAKER TILLY
          12 Gleneagles Court
          Brighton Road
          Crawley
          Sussex RH19 6AD
          Phone: 01403 251666
          Fax: 01403 251466


LE CREUX: Creditors' Claims Due Next Week
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Le Creux Properties Limited

Notice is hereby given that an Extraordinary General Meeting of
the Members of Le Creux Properties 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


LUXFER HOLDINGS: S&P Junks Corporate Credit Rating
--------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-based gas-cylinder manufacturer
Luxfer Holdings PLC to 'CCC+' from 'B-', following a lack of
clear improvement in the group's financial performance.  The
outlook remains negative.

At the same time, Standard & Poor's also lowered its senior
unsecured debt rating on Luxfer's GBP131 million ($241 million)
of outstanding bonds to 'CCC' from 'CCC+'.

"The rating actions reflect Luxfer's lack of real improvement in
trading or financial performance and our belief that such
improvements may not be forthcoming for some time," said
Standard & Poor's credit analyst Jarrad Oberhardt.  "In
addition, we also note that Luxfer is now heavily reliant on a
revolving credit for its ongoing liquidity, which was previously
used for back-up purposes."

Luxfer's trading environment remains extremely challenging with
intense competitive pricing pressures, particularly evident in
its Gas Cylinders and MEL Chemicals divisions.  Although Luxfer
has maintained profitability at steady levels for the quarter to
March 2005, the group remains vulnerable to its external
environment and is reliant on a significant improvement in
trading to stem the cash outflow.

The group is now also in the precarious position of being overly
reliant on one, relatively small, source of funding in the form
of its GBP30 million secured banking facility.  Luxfer's
capacity to be able to deal effectively with business and
financial challenges has substantially reduced as a result.

The negative outlook reflects the group's reliance on a single
source of finance and vulnerability to external business
conditions and further potential downside risks, including:

(a) Continued pricing deterioration (particularly in the group's
    U.S. gas cylinders and MEL Chemicals divisions);

(b) Potential for further raw-material price inflation; and

(c) Exposure to currency risk, which will adversely affect the
    group's ability to service debt should the U.S. dollar
    continue to weaken.

"Further weakness in the group's financial performance,
including higher-than-expected cash outflows, could result in
further negative pressure on the ratings," added Mr. Oberhardt.
"Likewise, any deterioration in liquidity could lead to further
rating actions."

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

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


MARCONI CORPORATION: Signs Distribution Deal with Huawei
--------------------------------------------------------
Marconi Corporation plc and Huawei Technologies Co. Ltd., as
anticipated in the press release of 31 January 2005, signed
Tuesday a mutual distribution agreement.

Under the agreement, which follows the memorandum of
understanding signed before, the two companies will resell parts
of each other's product portfolio.

Marconi will resell Huawei's carrier-class data communications
products to telco services providers only under an OEM model or
other model as agreed by both companies.  Huawei will resell
Marconi's microwave radio, including next-generation microwave
radio equipment, and associated network services for Huawei's
wireless network projects.

The two companies have agreed to a process wherein they will
leverage their respective sales and marketing teams'
capabilities and regional strengths on an account-by-account
basis to bring products and support services to as many
customers as possible.  The partnership will offer customers
more flexibility, choice and support.  It will also ensure more
rapid integration of next-generation technology and products as
well as network solutions that are optimized for customers'
businesses.

Marconi Chief Technology and Information Officer Andy Evans
said: "Combining our core development strengths with the
additional reach and product capabilities of Huawei, coupled
with a comprehensive service wrap allows us to address customer
needs with a strong and compelling solution for their next-
generation networks.

"Both partners will also benefit as it creates new market
opportunities for their respective product lines."

Fei Min, Executive Vice President, Huawei Technologies, said:
"Following the spirit of the cooperation and agreements the two
parties have already achieved, Huawei expects further
cooperation with Marconi.  We will draw on each party's
strengths to provide customers with more competitive solutions
and services."

Under the agreement, Marconi will resell a full range of Huawei
data communications products to telco service providers only,
for example, the Quidway NetEngine and AR series.  The extended
portfolio will complement and augment a suite of data
communications products that Marconi currently develops and
sells, including the ASX, TNX and BXR multiservice switching and
routing platforms.

Marconi will become one of Huawei's microwave radio partners.
Huawei will gain access to Marconi's trunk and access microwave
radio products and services, including its next-generation AXR
radio platform and associated network management software.
Marconi's wireless consultancy and professional services have
also been officially accredited by Huawei's Asia Pacific
Regional Division.

Marconi and Huawei have already started to pursue joint business
opportunities on Huawei's data communications products and
Marconi's microwave in various regions around the world.

Discussions are also continuing regarding joint product
development in several areas, which will enable the two
companies to enhance their competitive position by leveraging
R&D resource and technologies.  The initial emphasis will be on
developing products that address the global European
Telecommunications Standards Institute (ETSI) market.

Discussions are also underway for the European accreditation by
Huawei of Marconi's full suite of telco services for both fixed
and mobile applications.  Details will be communicated once
these agreements have been finalized.

About Huawei Technologies Co., Ltd.

Huawei Technologies is a global telecommunications and
networking company that delivers long-term value and potential
growth to its customers.  The company is dedicated to providing
innovative and customized equipment, services and solutions
based on its deep understanding of customers' needs and demands.

Huawei's product portfolio covers wireless product line (UMTS,
cdma2000, GSM/GPRS/EDGE, WiMAX, etc.), network product line
(NGN, xDSL, optical network, data communications, etc.), value
added services (intelligent network, CDN/SAN, wireless data,
etc.), and terminals.

Currently, Huawei has around 24,000 employees, and is serving
over 300 telco operators, including 22 of the world's top 50
operators.  Huawei's products have been deployed in more than 90
countries worldwide.  Its contract sales in 2004 reached US$5.58
billion.

CONTACT:  MARCONI CORPORATION PLC
          4th Floor Regents Place
          338 Euston Rd
          London NW1 3BT
          Phone: +44-20-7493-8484
          Fax: +44-20-7493-1974
          Web site: http://www.marconi.com

          Press Enquiries
          David Beck
          Phone: 0207 306 1490
          E-mail: david.beck@marconi.com

          Investor Enquiries
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com

          Karen Keyes
          Phone: 0207 306 1345
          E-mail: karen.keyes@marconi.com

          HUAWEI TECHNOLOGIES CO., LTD.
          Web site: http://www.huawei.com
          Fu Jun
          Phone: +86-755-28787530
          Fax: +86-755-28787276
          E-mail: fujun@huawei.com


MARKS & SPENCER: Appoints Lord Burns Deputy Chairman
----------------------------------------------------
Lord Burns will be joining the Board of Marks and Spencer Group
plc as Deputy Chairman with effect from 1 October 2005 and will
become Chairman from the AGM, in July 2006.

Marks & Spencer Chairman, Paul Myners, will step aside from the
Board at the AGM in 2006, as he will no longer be considered
independent as a director under The Combined Code.

Paul Myners said: "I am delighted that Terry Burns will be
joining the Board and that he will succeed me as Chairman of the
Company.  I look forward to working with him."

Terry Burns said: "Marks & Spencer is a Company with a great
brand and a strong heritage.  I am very pleased to be joining
the Board at this important time."

Terry Burns is Chairman of Abbey National and Glas Cymru (Welsh
Water), and is a non-executive director of Banco Santander
Central Hispano, Pearson Group and British Land.

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


MORNING RAYS: Appoints Kroll Limited Administrator
--------------------------------------------------
C. P. Holder and S. C. E. Mackellar (IP Nos 9093, 6883) have
been appointed joint administrators for real estate company
Morning Rays Limited.  The appointment was made May 9, 2005.

CONTACT:  KROLL LIMITED
          Wellington Plaza,
          31 Wellington Street,
          Leeds LS1 4DL
          Web site: http://www.krollworldwide.com


MRK STATIONERS: Administrators from PKF Move in
-----------------------------------------------
Edward T. Kerr (IP No 9020) and Ian J. Gould (IP No 7866) have
been appointed joint administrators for MRK Stationers And
Printers Limited.  The appointment was made May 9, 2005.  The
company sells stationery.

CONTACT:  PKF
          Pannell House,
          159 Charles Street,
          Leicester LE1 1LD
          Phone: 0117 906 4000
          Fax: 0117 974 1238
          E-mail: info.bristol@uk.pkf.com
          Web site: http://www.pkf.co.uk

          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


NORTH WEST: Names Bridgestones Administrator
--------------------------------------------
Robert Cooksey and Jonathan Lord (IP Nos 9040, 9041) have been
appointed joint administrators for North West Guards Security
Limited.  The appointment was made May 6, 2005.  The company
provides public security as well as law and order.

CONTACT:  BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Phone: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


O'DONNELL BROS.: Appoints DTE Leonard Curtis Administrator
----------------------------------------------------------
J. M. Titley and A. Foxon (IP Nos 8617, 8620) have been
appointed joint administrators for O'Donnell Bros. Limited.  The
appointment was made May 9, 2005.

The company contracts civil engineering.  Its registered office
is located at New Tyne Iron House, High Row, Lemington,
Newcastle upon Tyne NE15 8SW.

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


PD PORTS: Underlying Pre-tax 2004 Profit Up 35%
-----------------------------------------------
Financial highlights:

(a) pro forma continuing business turnover was unchanged at
    GBP161.2 million for the year to 31 March 2005 (2004:
    GBP161.1 million).  Turnover for the period from 12 July
    2004 to 31 March 2005 was GBP113.6 million;

(b) pro forma underlying profit before interest increased by 5%
    to GBP35.1 million (2004: GBP33.4 million).  Underlying
    profit before interest for the period from 12 July 2004 to
    31 March 2005 was GBP25.6 million.  Profit before interest
    for the period from 12 July 2004 to 31 March 2005 was
    GBP23.9 million;

(c) pro forma underlying profit before tax increased by 35% to
    GBP15.0 million (2004: GBP11.1 million).  Underlying profit
    before tax for the period from 12 July 2004 to 31 March 2005
    was GBP11.5 million.  Profit before tax for the period from
    12 July 2004 to 31 March 2005 was GBP7.7 million;

(d) basic and underlying earnings per share for the period from
    12 July 2004 to 31 March 2005 were 3.69 pence and 5.21 pence
    respectively; and

(e) recommended maiden dividend of 3 pence per share for the
    period 12 July 2004 to 31 March 2005.

Operational and strategic highlights:

(a) challenging first half for port operations, with strong
    improvement in second half;

(b) full-year container volumes grew by 8%, with particularly
    strong performance from Hull (up 15%);

(c) successful integration of the Port Services and Logistics
    operations expected to achieve GBP1 million of annual future
    benefits;

(d) planning application submitted for Victoria Harbour in
    Hartlepool, the Group's principal development project, in
    June 2004;

(e) progress made on utilization of spare land at Teesport, with
    Gazeley, a subsidiary of Wal-Mart, submitting a planning
    application for a 508,000 sq. ft. Import Center; and

(f) six non-core properties sold in the full year, realizing
    proceeds of GBP7.6 million and profit of GBP2.9 million.

Graham Roberts, Group Chief Executive, said: "We have made good
progress on delivery of our key strategic objectives: attracting
new lines and routes to our container facilities, utilization of
spare land at Teesport, and progressing the major development
opportunity at Hartlepool.  These should all yield long-term
benefits to the Group.  At the same time, we have taken decisive
action to improve the operational efficiencies of our businesses
and have continued the disposal of non-core properties.

"The outlook for PD Ports for the year ahead remains favorable,
with significant progress in our core activities expected.  We
continue to have every confidence in the future of the
business."

Chairman David A Harding said: "It has been an eventful and
productive period for the Group.  Our flotation on AIM on 12
July 2004 was followed by admission to the Official List of the
London Stock Exchange on 20 December 2004.  We have made good
progress on the delivery of our key strategic objectives,
including the attraction of new lines and routes to our
container facilities, utilization of spare land at Teesport and
progressing the major development opportunity at Hartlepool.

"I was appointed Chairman of the new Board from the date of the
AIM Listing.  At this time, Graham Roberts, Group Chief
Executive, and Paul Daffern, Group Finance Director, were also
invited to join the new Board, and Alan Kelsey and James
Sutcliffe were appointed as independent non-executive directors.
The previous shareholder, Nikko Principal Investments Limited,
retained a 29.9% stake in the Group following flotation and
accordingly James Wilding of Nikko was also invited to join the
Board as a non-executive director.

Financial Performance

"The pro forma underlying turnover for the year ended 31 March
2005 was GBP161.2 million (2004: GBP161.1 million).  Underlying
turnover for the period from 12 July 2004 to 31 March 2005 was
GBP113.6 million (2004: GBP114.3 million).  The pro forma
underlying profit before tax for the year ended 31 March 2005
was GBP15.0 million (2004: GBP11.1 million), an increase of
35%.  Underlying profit before tax for the period from 12 July
2004 to 31 March 2005 was GBP11.5 million (2004: GBP8.5
million), an increase of 36%.

"This is a satisfactory set of results during a period of
intense corporate activity and confirms my view that over the
past nine months the Company has established itself as an
independent public company with growth prospects and an
appropriate capital structure.  I believe this has been a
tremendous achievement and I give credit to all of my colleagues
who have worked so hard to bring this about.  As a result, the
Board is pleased to confirm a maiden dividend of 3 pence per
share for the period from 12 July 2004 to 31 March 2005 will be
recommended at the Annual General Meeting on 20 July 2005 and,
if approved, will be paid on 1 August 2005 to shareholders on
the register at close of business on 8 July 2005.

Corporate Governance

"I am also pleased to note that good progress has been made in
respect of implementing effective Corporate Governance
procedures and we are now compliant in all major respects.

Strategy

"The task now is to convert this performance into increased
value for shareholders.  We are keen to expand our ports
activities where suitable opportunities arise.  Action has
already been taken to refocus the logistics business by bringing
it under the operational control of one of our port businesses,
achieving a significant reduction in overhead costs.  In respect
of property, a planning application for the Group's principal
development project, at Victoria Harbour in Hartlepool, has been
submitted and it is hoped permission to begin redevelopment will
be obtained early in the current financial year.  We continue to
review our portfolio of other properties and intend to dispose
of any non-core sites identified as being surplus to our
requirements.

"Teesport is already the second largest port, by volume, in the
U.K. and I believe the Group is now well placed to build further
on its position as one of the country's major port operators.
Our core competence is the efficient operation of port
activities but we have the additional challenge of extracting
value from our land holdings.  We have much to do but I and my
colleagues look forward to the future with confidence."

Graham Roberts, Group Chief Executive, said:  "This has been a
year of significant corporate activity for the business, which
included the Company's flotation onto AIM in July 2004 and its
subsequent admission to the Official List of the London Stock
Exchange in December 2004.  It is testament to the underlying
strength of our business that it continued to perform
satisfactorily during this busy period.  We were especially
pleased with the growth in container volumes at Hull, the
increased steel slab export volumes at Teesport and the
commencement of the Ormen Lange pipe storage and handling
contract at Hartlepool.  The recent announcements regarding the
future of the Redcar steel plant and investments in the Teesside
petrochemical industry have been encouraging and should
strengthen the long-term prospects of several of our most
important customers.  In addition, we made significant progress
towards achieving the main strategic objectives that we set
ourselves at the time of the flotation.

Strategic Initiatives

"Good progress has been made in the delivery of our three key
strategic objectives:

(a) We have been successful in attracting new lines and routes
    to our container facilities, and expect further success in
    the coming year as discussions with major container lines
    continue.  We were pleased to negotiate an extension to our
    license to operate the Hull Container Terminal, and our
    discussions are ongoing with ABP regarding Quay 2005 (the
    replacement in-river container terminal), which should gain
    planning approval in the course of the next few months;

(b) The utilization of spare land at Teesport has begun
    following the application by Gazeley, a subsidiary of Wal-
    Mart, for planning consent to build a 508,000 sq. ft. Import
    Center on a 30-acre site.  The application provides that the
    warehouse will be built in two phases, with phase 1
    anticipated to be completed by early 2006.  If planning
    consent is granted, the development should attract approx
    30,000 deep-sea teu per annum to the port when fully
    operational, which should generate additional revenue from
    container handling and land rental of approximately GBP1
    million per annum.  The remaining spare land at Teesport
    provides sufficient space for up to 2.5 m sq. ft. of
    additional warehousing; and

(c) The Victoria Harbour planning application was submitted to
    Hartlepool Borough Council in June 2004 and a decision is
    expected shortly.  Assuming planning permission is received,
    we hope to begin releasing sites for residential development
    purposes from 2006 onwards.

Port Operations (including Logistics)

"Profits from ports operations were down year on year by 3%.
This reflects a disappointing first half, partially offset by a
stronger second half performance, which was up by 7% when
compared with the second half of 2003/4.  The main reason for
this improvement was higher conservancy revenues at Teesport and
the commencement of the Ormen Lange contract at Hartlepool.  The
Logistics activity also had a much improved second half as the
overhead reduction exercise delivered cost savings.

Conservancy

"Although total river volumes on the Tees declined slightly year
on year by 1%, conservancy turnover and profits increased due to
the more favorable mix of customers' cargoes.  The volume
shortfall was largely due to the triennial shutdown of the
Ekofisk pipeline in September 2004.  The shutdown lasted four
weeks and subsequently reduced crude oil exports by over a
million tons.  The throughput of crude oil since the reopening
has returned to normal levels, and other chemical sector
customers on the river, particularly Huntsman, enjoyed record
levels of exports during the year.  We are encouraged by the
announcement made by Huntsman of its intention to invest GBP200
million in a new Polyethylene plant and the recent GBP30 million
investment by AdvanSA at the Wilton site, both of which indicate
long term support for the regionally important local
petrochemical industry on Teesside.

Lift on - Lift off (Lo-Lo) Containers

"Overall, container volumes grew by 8% due to a strong
performance at Hull.  Total Teesport volumes were down by 2%,
with a pleasing 30% growth in deep-sea feeder traffic being
offset by the partial transfer of Geest volumes to our Hull
operation.

"The May 2004 ascension of new E.U. states opened further market
opportunities with all the former Eastern bloc countries.  We
have been successful in exploiting these opportunities in
Teesport and were particularly pleased to attract Kursiu
Linija who offer a regular container service calling at Latvia,
Lithuania and Poland.  In September 2004, 'K' Line, a major deep
sea carrier, began a weekly call linking Teesport with their
Iberia and Scandinavia service.  In addition, Feederlink
commenced calling at Teesport from April 2005 and discussions
continue with a number of major deep-sea carriers to establish
Teesport as a northern base to deliver cargo for northern
consumers.

"In Hull, we were successful in attracting new customers
including OOCL and Delphis Maritime but the main driver of
growth was the Geest traffic through the terminal.  We were
especially pleased to see the commitment of two new 814 teu
ships by Geest to the Hull-Rotterdam route in March and April
2005, which will provide potential extra volume.

Steel

"Corus volumes through the Teesport Steel Export Terminal have
increased by 1% year on year.  This result however reflects two
contrasting performances.  Shipments of finished steel to
European and U.S. destinations declined by 27% as U.K. demand
remained strong.  In contrast, slab exports from the Teesside
Cast Products (TCP) Redcar plant increased by 45%, reflecting
the switch of production to export markets.  The Corus Pipe and
Plate mill at Hartlepool also enjoyed a good year with tonnages
handled by the port up by 42% year on year.

"In January 2005, Corus announced the results of the TCP
strategic review and confirmed that a ten year "off take"
arrangement had been signed with a syndicate of overseas
companies, beginning in 2006/7.  The Corus announcement stated
that approximately 78% of TCP's annual output of 3.4 m tons
would be taken by the syndicate and shipped to destinations in
Europe, Mexico and Korea.

"Slab export volumes in the year amounted to 0.6 m tons,
therefore the new arrangement provides the potential for higher
volumes to be shipped via the Tees.  Discussions continue with
Corus in respect of the handling arrangements for the potential
extra volume.

Roll on - Roll off (Ro-Ro) Ferry operations

"Teesport is served by two North Sea ferry routes, to Zeebrugge
and Rotterdam, and volumes were flat at 149,000 units.  The
volume of cars imported by Renault was down by 2% to 93,000, but
General Motors volumes reduced by 53% to 45,000.  The latter
followed the customer's decision to increase their U.K. ports of
entry from two to three, thereby significantly reducing the
territory covered by Teesport.

Teesport Bulk Cargoes

"Volumes of traditional product such as rutile sand, chrome,
timber and coal remained stable at 0.6 m tons with the main
project cargo gain during the year being the Ormen Lange
contract which generated an additional 0.5 m tons of throughput
and nearly GBP0.9 million of pipe storage and handling revenue.
The pipes are being stored at Hartlepool before being used to
construct a new underwater pipeline in the North Sea.  The
contract involves the handling of a further 0.5 m tons and is
expected to be completed by September 2005.

Small Ports

"At the start of the year, we owned and operated four small
ports in the U.K., at Howden (on the River Ouse), Keadby (on the
River Trent), Cowes (on the Isle of Wight) and Dibles Wharf (on
the River Itchen in Southampton).  The latter port had suffered
from several years of continuing low volumes through the
facility, and a strategic review confirmed that more value could
be extracted via a sale.

"We subsequently sold the loss-making four acre freehold site in
February 2005 for GBP4 million.  The remaining three ports
traded satisfactorily although Keadby suffered from the loss of
a paper handling contract with the Smurfit Group.  A new
contract was signed during the latter part of the year with
Associated Ash at Howden, which will improve future
profitability.

Humber Operations

"The activities on the Humber suffered a disappointing year in a
very competitive environment.  The Immingham stevedoring and
warehousing activities were affected by a much lower level of
project cargo than in the previous year.  In addition, the MACS
Line business was lost when it changed from a bulk handling
operation to a Ro-Ro activity.  The base of this business has
now been strengthened following the signing of a contract
between our Immingham stevedoring operation and Kemira for the
storage and processing of ferrous sulphate powder.

Logistics

"Following poor trading in the first half of the year and a
subsequent review of prospects, the decision was taken to
integrate our Logistics activity with our Port Services
Division.  We undertook a review, which identified nearly GBP1
million of annual overhead savings, and the actions necessary to
generate the savings were taken prior to the year end.  An
exceptional charge of GBP1.1 million was incurred, and the full
benefit of the savings will crystallize in the next financial
year.

"In addition, we withdrew from certain low margin contracts in
order to focus on delivering improved results through our port
related business activities.  In January 2005, PD Logistics
commenced the Expamet contract for the distribution of building
products nationwide.

                            Property

Property Rental

"The majority of our property rental income is generated through
long term leases in Teesside, where we own approximately 2,000
acres of industrial land.  Key tenants include ConocoPhillips
and Shell.  Income from property rental has grown by 9% during
the year following the conclusion of regular rent reviews.
Continued steady growth is expected going forward.

Property Disposals

"Our strategic review of our property portfolio identified a
number of sites where significant incremental value could be
generated from their sale.  We were very pleased to see the
success of this strategy in the year with six non-core
properties sold realizing proceeds of GBP7.6 million and profits
of GBP2.9 million.  All the properties were surplus to
requirements and followed decisions either to close low margin
operations or to realize a development gain.  The program of
non-core disposals is expected to reduce in subsequent years,
although we expect this to be offset by the commencement of land
sales at Hartlepool as Victoria Harbour begins to be developed.

Victoria Harbour

"Victoria Harbour is the Group's major property development
opportunity.  The planning application, submitted in June 2004,
covers the redevelopment of approximately 100 acres of our site
at Hartlepool which have become surplus to ongoing port
requirements.  Victoria Harbour is an exciting opportunity to
regenerate a large brown field site and has the support of both
the Tees Valley Regeneration company and Hartlepool Borough
Council.  The development will be spread over 15-20 years and
provide approximately 3,400 homes, together with commercial,
retail, leisure and community premises.  It is expected that
building plots will be released for sale on a gradual basis over
the development period.  A response on the planning application
for Victoria Harbour is expected shortly from Hartlepool Borough
Council.

Truck and Van

"Our Truck and Van operations trade under the H&L Garages name
and operate a franchise for Mercedes Benz in the Yorkshire and
Humberside area.  Turnover remained unchanged in the year to
March 2005, mainly due to the delay by DaimlerChrysler U.K. in
introducing the new Actros range of large trucks to the U.K.
The new range of Vito vans however proved very popular and
offset the decline in Actros sales.  Overall, new vehicle sales
increased by 1% to 938 units.  The lack of product and the costs
of opening the new site at York in September 2004 affected
profits which remained stable year-on-year.

The Northern Gateway project

"The Northern Gateway project is a Teesport proposal to build a
deep sea container terminal with a 1,000 meter quay on the south
bank of the River Tees within the Teesport estate.  The terminal
would be capable of handling 8,000 teu vessels to a depth of in
excess of 14 meters and would provide container capacity of 1.5
million teu pa.  A firm of Consulting Engineers is in the final
stages of completing a study of all aspects surrounding the
construction of a terminal and, in parallel, high level
discussions have commenced with a number of major shipping lines
to assess interest.  In conjunction with this study we are
working closely with the Northern Way regeneration initiative.

"Although we are optimistic about this potential development, we
recognize that there are a number of issues which would need to
be addressed before such a project can proceed.

Summary and Outlook

"The first half of the year for port operations was challenging
but the second half saw a strong improvement as new contracts
began to come on stream.  The integration and review of the
Logistics activity within Port Services has been substantially
completed and annualized benefits of over GBP1 million pa have
been crystallized.  The property division has had an excellent
year with significant progress being made with both Victoria
Harbour and the successful disposal of non-core sites.  H&L
Garages continues to maintain a satisfactory performance and
remains one of Mercedes Benz's leading commercial vehicle
dealerships in the U.K.

"We expect the improved second half performance within port
operations to continue into 2005/6 as feeder operators commence
new routes via Teesport and Corus steel export slab volumes
begin to accelerate.  Increased investment in capital equipment
will ensure that Hull continues to operate efficiently at high
levels of throughput.  The rate of progress at Hartlepool will
depend on the nature and timing of the decision from Hartlepool
Borough Council.

"The Group has satisfactorily progressed several exciting
strategic initiatives which should yield significant long term
benefits.  In the meantime, we expect this year to show
continued progress in our core activities and we have every
confidence in the future of the business."

                       Financial Performance

Turnover

Pro forma underlying turnover for the year ended 31 March 2005
was GBP161.2 million (2004: GBP161.1 million).  The year saw
marginal decreases in turnover from port operations and
commercial vehicle sales and service, deriving largely from
distribution activities and vehicle sales respectively.  This
was offset by higher property rental turnover, following new
lettings, principally in Felixstowe.  The underlying turnover
for the period from 12 July 2004 to 31 March 2005 was GBP113.6
million (2004: GBP114.3 million).

Profit Before Interest

Pro forma underlying profit before interest for the year
increased by 5% to GBP35.1 million, (2004: GBP33.4 million).  We
define underlying profit as the operating profit for continuing
businesses, before exceptional items, together with the profit
on sales of property, as we consider the latter to be an ongoing
and important part of our business.  Pro forma underlying profit
from port operations fell by 3%, due to changes in product mix
and higher depreciation charges, while the underlying profit of
our commercial vehicle business remained stable at GBP1.1
million.  Pro forma underlying profits from property increased
by 32% to GBP10.3 million, largely due to the higher level of
disposal profits.  Underlying profit before interest for the
period from 12 July 2004 to 31 March 2005 was GBP25.6 million
(2004: GBP24.2 million).

Pro forma profit before interest for the year was GBP33.1
million (2004: GBP35.2 million).  This fall reflects the non-
recurring items of GBP2.0 million arising in the year, being the
exceptional charges for the reorganization of the logistics
business, following the merger of the Port Services and
Logistics divisional structures, together with the costs of
moving to the Official List.  The comparison with the prior year
is also impacted by the profit of GBP1 million arising from the
Cory Brothers ships' agency business, which was sold in the
course of the previous year.  Profit before interest for the
period from 12 July 2004 to 31 March 2005 was GBP23.9 million
(2004: GBP26.1 million).

Interest

Pro forma underlying net interest payable for the year fell by
4% to GBP22.4 million (2004: GBP23.5 million).  This was due in
part to the beneficial impact of the debt refinancing in
September 2004, where the most expensive tranche of the
securitization debt was repurchased using the proceeds of new
bank debt raised.  This exercise reduced the interest rate on
the debt by 4%, and will save GBP1.6 million in a full year.
Underlying net interest payable for the period from 12 July 2004
to 31 March 2005 was GBP16.0 million.  Pro forma other finance
income, representing the expected rate of return on net pension
assets, increased to GBP2.3 million (2004: GBP1.2 million).

Taxation

The pro forma tax charge for the year amounted to GBP1.0 million
(2004: GBP0.8 million), and comprised a current tax charge of
GBP2.1 million, offset by a release of deferred tax of GBP1.1
million.  The Group had the benefit of group relief available
from its previous shareholder, which together with the
availability of capital losses and rollover relief on property
disposal profits, largely explains the low effective rate of
current tax.  The deferred tax release related largely to the
reversal of provisions made in the fair value exercise for the
swap valuations, which crystallized after 12 July 2004.  The
effective rate is expected to increase in future years as the
Group will not have access to group relief in respect of future
profits.  The tax charge for the period 12 July 2004 to 31 March
2005 was GBP1.2 million.

Earnings Per Share

Earnings per share for the period from 12 July 2004 to 31 March
2005 amounted to 3.69 pence (2004: 5.54 pence).  Underlying
earnings per share for the same period were 5.21 pence (2004:
4.51 pence).

Dividends

The directors have recommended a maiden final dividend for the
period from 12 July 2004 to 31 March 2005 of 3 pence per share.
This is broadly equivalent to 4 pence per share on a full year
basis.  The dividend will be paid on 1 August 2005 to holders on
the register at 8 July 2005.

Balance Sheet

Shareholders' funds at 31 March 2005 were GBP162.4 million.  The
fair value exercise undertaken at 12 July 2004 included an
external valuation of the Group's land and buildings amounting
to GBP206 million, including the development land.  On
flotation, issue costs amounting to GBP11.9 million were debited
to the share premium account.  Net assets per share at 31 March
2005 were 93 pence.

Cash Flow

Net cash inflow for the period from 12 July 2004 to 31 March
2005 amounted to GBP4.6 million.  This, combined with the cash
acquired with PD Ports Group of GBP16.4 million, produced a
closing cash position of GBP21.0 million.  Net cash inflow from
operating activities amounted to GBP29.2 million, representing
132% of Group operating profit for the period.  Net interest
paid totaled GBP16.1 million.  Net capital expenditure generated
GBP1.6 million as the proceeds from asset sales exceeded the
payments for capital additions.

Net Debt and Gearing

Following flotation, the Group repaid the most senior tranche of
its securitization debt, the A1 loan notes, amounting to GBP47.5
million.  It also refinanced the most junior tranche at
significantly more attractive rates.  Group net debt at 31 March
2005 (including the convertible bonds) amounted to GBP271.7
million.

Capital Expenditure

Capital expenditure in the year to March 2005 was GBP6.3 million
compared with GBP11.5 million in the previous year, which
included a significant proportion of the investment in the TCT2
container terminal.

International Financial Reporting Standards (IFRS)

The Group will be adopting IFRS in the preparation of its
subsequent financial results.  It has commenced a review of the
effect that these standards will have upon its reported results,
and it intends to provide a reconciliation of its results for
the period to 31 March 2005 under U.K. Generally Accepted
Accounting Principles to those under IFRS prior to the
publication of its first set of IFRS results.

The principal areas in which the adoption of IFRS will affect
the previously published U.K. GAAP results are:

(a) investment properties, where IAS40 requires gains and losses
    on valuation to be reflected in the profit and loss account;

(b) share options, where IFRS2 requires the fair value of share
    based payments to be reflected in the profit and loss
    account;

(c) deferred tax, where IAS12 requires that provision is made
    for all the inherent and rolled over capital gains relating
    to revalued tangible fixed assets; and

(d) dividends, where IAS10 provides that dividends are
    recognized as a liability only when they are formally
    approved.

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

CONTACT:  PD PORTS PLC
          17-27 Queen's Square
          Middlesbrough
          United Kingdom
          TS2 1AH
          Phone: +44 1642 877 200
          Fax: +44 1642 877 056
          Web site: http://www.pdports.co.uk


PETER WRIGHT: Final Meeting Set Last Week of June
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Peter Wright (Europe) Limited

A Meeting of Creditors of Peter Wright (Europe) Limited has been
summoned by the Liquidator, pursuant to section 146 of the
Insolvency Act 1986, for the purpose of having laid before them,
a summary of his final receipts and payments account and also to
consider whether he should have his release as Liquidator
pursuant to section 174 of the Insolvency Act 1986.

The Meeting will be held at the offices of Begbies Traynor
(Incorporating Taylor Gotham & Fry), The Old Exchange, 234
Southchurch Road, Southend on Sea, Essex SS1 2EG, on June 23,
2005, at 10:00 a.m.  A proxy form must be lodged with me not
later than 12:00 noon on June 22, 2005 to entitle you to vote by
proxy at the Meeting.

J. Taylor, Liquidator
May 5, 2005

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


PINABLE SERVICES: Winding-up Report Out June
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Pinable Services Limited

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a General Meeting of the Members of
Pinable Services Limited will be held at Baker Tilly, Brazennose
House, Lincoln Square, Manchester M2 5BL, on June 6, 2005, at
10:00 a.m. to be followed at 10:30 a.m. by a Final Meeting of
Creditors for the purpose of receiving an account showing the
manner in which the winding-up has been conducted and the
property of the Company disposed of, and of hearing any
explanation that may be given by the Liquidator.

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

L. J. Cooper, Liquidator
May 10, 2005

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


PROPHET CONTROL: Sets Creditors Meeting Next Month
--------------------------------------------------
The creditors of Prophet Control Systems Limited will meet on
June 1, 2005 at 10:30 a.m.  It will be held at Thistle Euston,
43 Cardington Street, London NW1 2LP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Grant Thornton House, Melton Street, Euston
Square, London NW1 2EP not later than 12:00 noon, May 31, 2005.

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


RASMALA INVESTMENTS: Liquidator Takes over Operations
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

IN THE MATTER OF Rasmala Investments Guernsey Nominees Limited

Notice is hereby given that an Extraordinary General Meeting of
Rasmala Investments Guernsey Nominees Limited held on April 21,
2005 these Resolutions were adopted:

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

(b) That Carey Administration Limited of Millennium House,
    Ollivier Street, Alderney GY9 3TD be and is hereby appointed
    as Liquidator for the purpose of such winding-up.

All persons having claims against the Company are requested to
send a detailed account thereof to the Liquidator, on or before
June 15, 2005.

CONTACT:  CAREY ADMINISTRATION LIMITED
          Millennium House
          Ollivier Street
          Alderney GY9 3TD


RDS AUTOMOTIVE: Calls in Administrator
--------------------------------------
Duncan Roderick Morris, (IP No 8693) has been appointed
administrator for RDS Automotive Interiors Limited.  The
appointment was made May 5, 2005.  The company offers
engineering and design services.

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


REACT MAINTENANCE: HSBC Appoints PFK Receiver
---------------------------------------------
HSBC Bank Plc appointed Ian C. Schofield and William Duncan
(Office Holder Nos 002647, 06440) joint administrative receivers
for React Maintenance Limited (Reg No 04231794).  The
application was filed May 5, 2005.  The company handles property
repair and maintenance.

CONTACT:  PKF
          Pannell House
          6 Queen Street
          Leeds
          West Yorkshire LS1 2TW
          Phone: 0113 228 0000
          Fax: 0113 228 4242
          E-mail: ian.schofield@uk.pkf.com

          PKF
          Knowle House
          4 Norfolk Park Road
          Sheffield
          South Yorkshire S2 3QE
          Phone: 0114 276 7991
          Fax: 0114 275 3538


REEF RECRUITMENT: Sets Creditors Meeting Next Week
--------------------------------------------------
The creditors of Reef Recruitment Limited will meet on May 24,
2005 at 10:30 a.m.  It will be held at the offices of Robson
Laidler LLP, Fernwood House, Fernwood Road, Jesmond, Newcastle
upon Tyne NE2 1TJ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Robson Laidler LLP, Fernwood House, Fernwood
Road, Jesmond, Newcastle upon Tyne NE2 1TJ not later than 12:00
noon, May 23, 2005.

CONTACT:  ROBSON LAIDLER LLP
          Fernwood House,
          Fernwood Road, Jesmond,
          Newscastle upon Tyne
          Liquidator:
          W Paxton
          Phone: 0191 281 8191
          Fax:   0191 281 6279
          Web site: http://www.robson-laidler.co.uk


REX REGAL: Lloyds TSB Appoints Receiver
---------------------------------------
Lloyds TSB Commercial Finance appoints N. A. Bennett and S. D.
Swaden (Office Holder Nos 9083, 2719) joint administrative
receivers for Rex Regal Limited (Reg No 04625030).  The
application was filed May 10, 2005.  The factory manufactures
textile and clothing.

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


RUSTLINGS LTD.: Calls Creditors Meeting
---------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Rustlings Ltd.

A Meeting of Creditors of Rustlings Ltd. has been summoned by
the Liquidator, pursuant to section 146 of the Insolvency Act
1986, for the purpose of having laid before them a summary of
his Final Receipts and Payments Account and also to consider
whether he should have his release as Liquidator pursuant to
section 174 of the Insolvency Act 1986.

The Meeting will be held at the offices of Begbies Traynor
(Incorporating Taylor Gotham & Fry), The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, on June 24,
2005, at 10:00 a.m.  A proxy form must be lodged with me not
later than 12:00 noon on June 23, 2005 to entitle you to vote by
proxy at the Meeting.

D. P. Hudson, Liquidator
May 5, 2005

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


TRIMAC TECHNOLOGY: In Administrative Receivership
-------------------------------------------------
Lloyds TSB Bank plc appoints Philip Andrew Revill and Allan
Cooper joint administrative receivers for Trimac Technology
Limited (Reg No 02339359).  The application was filed May 6,
2005.

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


YELL GROUP: To Acquire TransWestern for US$1,575 Million
--------------------------------------------------------
Yell Group plc's U.S. business, Yellow Book USA, Inc., has
entered into a definitive agreement to buy TransWestern
Holdings, L.P. from Thomas H. Lee Partners, CIVC Partners, LLC
and TransWestern's management for US$1,575 million (GBP829
million) in cash.

TransWestern is a leading independent directory publisher in the
U.S.  Its extensive footprint in 25 states, including core
positions in California and Texas, is strongly complementary to
Yellow Book's operations.  TransWestern publishes 332
directories and also offers online yellow pages advertising
services through WorldPages.com.

John Condron, Chief Executive Officer of Yell Group, said: "We
are delighted to have come to agreement with TransWestern, which
we have long identified as a unique acquisition opportunity
among US independent directory publishers.  This acquisition
establishes Yell as the third largest directory publisher
globally.  TransWestern significantly expands and enhances our
U.S. platform for future organic growth, brings the potential
for material synergies and strengthens our Yellow Book brand,
the only national yellow pages brand in the U.S.  It is value
creating in its own right and it enables us to continue to drive
up Yell Group's overall earnings growth."

John Davis, Chief Financial Officer of Yell Group, said:
"TransWestern strengthens Yellow Book's ability to take
advantage of the continuing share-shift in the U.S. from
incumbent to independent directory publishers and combines this
with strong acquisition synergies.  The acquisition will be
earnings enhancing in the first full financial year post
completion.  The financing structure ensures an efficient
balance sheet, and we are confident of the strength of the free
cash flows the enlarged group will deliver."

Strategic rationale

(a) This Acquisition continues Yell's strategy of developing a
    substantial presence in the fast-growing U.S. market and
    expanding Yell's platform for future organic growth.  As
    with its previous acquisitions, the TransWestern platform
    should enable Yellow Book to further enhance future organic
    growth through a combination of same market growth and new
    launches;

(b) The Acquisition establishes Yellow Book as the fifth largest
    directory publisher in the U.S., based on combined revenues
    in the region of US$1.5 billion for the 2004/05 financial
    year, and further strengthens its position as a leading
    independent directory publisher in the U.S.;

(c) TransWestern complements Yellow Book's footprint by adding
    established positions in the Northwest, West and Southwest
    regions, and is particularly complementary in California,
    Texas and Florida; and

(d) Yell expects that combining Yellow Book and TransWestern's
    operations will create significant value through operational
    synergies, increased opportunity for cost-effective launches
    and revenue enhancement.

Financial Impact

(a) For the financial year ended 31 December 2004, TransWestern
    reported, under U.S. GAAP, revenue of US$358 million and
    EBITDA of US$99.3 million;

(b) Yell expects the Acquisition to deliver annualized synergies
    of approximately US$69 million in the third full year of
    ownership.  In the intervening period July 2006 and August
    2007, annualized synergies will be approximately US$36
    million and US$53 million, respectively.  These synergies
    are expected to result from sales, procurement and
    production efficiencies and more cost-effective overhead and
    back office functions;

(c) In order to drive revenue growth, Yell plans annual
    investments in marketing support and additional distribution
    of approximately US$13 million in the June 2005 financial
    year, rising to approximately US$20 million in the 2006/07
    financial year, and maintained at that level thereafter.
    Additionally, Yell will harmonize Yellow Book and
    TransWestern's customer payment terms.  This will be
    achieved through working capital investments in the June
    2005 and July 2006 financial years;

(d) Yell expects the Acquisition to be broadly earnings neutral
    for the remainder of the 2005/06 financial year and earnings
    enhancing in the first full financial year following
    completion;

(e) On a combined basis, the enlarged Yell Group would have
    generated approximately 55% of its revenue and 48% of its
    EBITDA from U.S. operations in the 2004/05 financial year,
    compared to approximately 48% of revenue and 40% of EBITDA
    on a standalone basis in the same year.  The increased
    proportion of revenue from the higher growth U.S. operations
    will drive the Group's earnings growth at a higher rate over
    the next few years;

(f) The return from the Acquisition is expected to be in excess
    of Yell's cost of capital of 8.5% and therefore will be
    value enhancing.

Financing

(a) Yell has agreed a new GBP2 billion credit facility, fully
    underwritten by ABN AMRO, BNP Paribas, Citibank, HSBC and
    JPMorgan Chase.  This refinances all of Yell's existing bank
    debt, as well as funding the Acquisition; and

(b) Based on Yell and TransWestern's strong cash generation,
    Yell expects to reach a target leverage of 4.0x net
    debt/EBITDA by 31 March 2006, assuming a full twelve months
    contribution from TransWestern.

Integration

(a) Yellow Book and TransWestern's combined businesses publish
    897 directories in 45 states plus Washington DC, with a
    total circulation of approximately 100 million directories;

(b) The enlarged Yellow Book group will employ approximately
    6,000 sales executives;

(c) Yell's management has extensive experience of successful
    acquisition integration and will lead the integration of
    TransWestern's operations into Yellow Book's business;

(d) Yell has completed 26 U.S. acquisitions since 1999,
    including McLeod and National Directory Company in 2002 and
    more recently Feist in 2004.

Conditions to Closing

The Acquisition is conditional on approval by Yell shareholders
and is subject to Hart Scott Rodino notification.

Yell Financial Results for the Year Ended March 31, 2005

Yell is publishing its preliminary results for the year ended 31
March 2005 in a separate announcement.  Within these results,
Yellow Book delivered 22.3% revenue growth to $1,149m and
adjusted EBITDA growth of 38.9% to US$300 million in the 2004/05
financial year.

Background Information

(a) The U.S. yellow pages industry is estimated to have grown at
    a c. 5% CAGR in value over 1998-2004 to reach c. US$15
    billion in 2004[1].  Independent yellow pages publishers
    have grown at a c. 14% CAGR over the period and currently
    account for over 15% of the total market in value[1];

(b) Yell's strategy has been to complement its leading U.K.
    position by establishing a strong foothold in the U.S.,
    initially through the acquisition of Yellow Book USA in
    August 1999;

(c) Yell subsequently expanded its position as a leading
    independent directory publisher in the U.S. through the
    acquisition of, inter alia, McLeod in April 2002, National
    Directory Company in December 2002, and Feist in March
    2004;

(d) Yell's U.S. operations have achieved strong organic growth
    in the U.S. through a combination of same market growth and
    new launches; and

(e) Over the five years since it entered the U.S., Yell's U.S.
    operations have delivered a 37% compound annual growth rate
    (CAGR) in revenue and a 64% CAGR in adjusted EBITDA.
    During this period, the EBITDA margin has risen from 12.7%
    to 26.1%.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1]  Source: Veronis Suhler Stevenson's '2004 Communication
Industry Forecast & Report'
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Information on Yell

Yell is an international directories business operating in the
classified advertising market through printed, online and
telephone-based media.

In the year ended 31 March 2005, Yell published 111 directories
in the United Kingdom and 565 in the United States; in the
United Kingdom, where it is a leading player in the classified
advertising market, it served 501,000 unique advertisers.  In
the United States, where it is a leading independent directories
business, it served 455,000 unique advertisers.

Yell's brands in the United Kingdom are Yellow Pages, Business
Pages, Yell.com and Yellow Pages 118 24 7, and in the United
States are Yellow Book and Yellowbook.com, all of which are
trademarks.

Information on TransWestern

With headquarters in San Diego, California, TransWestern is a
leading independent yellow pages publisher in the United States,
with 332 directories distributed in 25 states.

For the financial year ended 31 December 2004, TransWestern
reported, under U.S. GAAP, revenue of US$358 million, EBITDA of
US$99.3 million, profit before tax of US$26.6 million and
negative net assets of US$492 million.

Total circulation of directories was 24.7 million books as at 31
December 2004.

TransWestern had 2,528 employees as at 31 December 2004.

Further financial information, including an accountants' report
on TransWestern, will be included in the Circular.

Additional information

Rothschild is acting as sole financial adviser to Yell in
relation to the Acquisition.

Merrill Lynch is broker to the transaction.

A circular giving further details of the Acquisition and
containing a notice of an extraordinary general meeting ('EGM')
of Yell to approve the Acquisition will be sent to shareholders
in the near future.

CONTACT:  YELL GROUP
          Jill Sherratt
          Phone: +44 (0) 118 950 6984
          Mobile: +44 (0) 7764 879808

          Jon Salmon
          Phone: +44 (0) 118 950 6656

          ROTHSCHILD
          Warner Mandel
          Phone: +44 (0) 20 7280 5000

          David B. Peterson
          Phone:  +1 (212) 403 3675

          MERRILL LYNCH
          Mark Astaire
          Phone: +44 (0) 20 7628 1000

          Tony White
          Phone: +44 (0) 20 7628 1000

          CITIGATE DEWE ROGERSON
          Anthony Carlisle
          Phone: +44 (0) 20 7638 9571

          Michael Berkeley
          Phone: +44 (0) 20 7638 9571


YELL GROUP: Rating Cut to 'BB' Over TransWestern Acquisition
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on classified directory publisher Yell
Group PLC to 'BB' from 'BB+'.  The outlook is stable.

At the same time, Standard & Poor's lowered its senior unsecured
debt ratings on the group and related entity Yell Finance B.V.
to 'B+' from 'BB-'.

"The downgrade follows Yell's announcement that it has entered a
definitive agreement to acquire TransWestern Holdings L.P. for
US$1.58 billion in cash, or 16x TransWestern's 2004 EBITDA,"
said Standard & Poor's credit analyst Anna Overton.

The acquisition is to be funded with a new GBP2 billion credit
facility, which will also refinance all of Yell's existing bank
debt.  As a result of the acquisition, Yell's total debt to
EBITDA is expected to be close to 5x, up from slightly more than
3x, and funds from operations to total debt is expected to be in
the low teens.

Yell's classified directories operations are expected to remain
cash generative.  The group has a track record of organic
revenue growth of 5% to 8% per year, and there is potential for
operating margin improvement within the U.S. business.  Yell's
capacity to reduce financial leverage is limited, however, by
its substantial equity dividend commitments.

"The group's stable operating performance should allow it to
achieve and sustain lease-adjusted total debt to EBITDA of about
4.5x, provided that further increases in shareholder
distributions match organic growth in earnings and debt
repayments," added Ms. Overton.

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

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

          YELL GROUP PLC
          Investors
          Jill Sherratt
          Phone: +44 (0) 118 950 6984
          Mobile: +44 (0) 7764 879808

          Media
          Jon Salmon
          Phone: +44 (0) 118 950 6656
          Mobile: +44 (0) 7801 977340

          CITIGATE DEWE ROGERSON
          Anthony Carlisle
          Phone: +44 (0) 20 7638 9571
          Mobile: +44 (0) 7973 611888


                            *********


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

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

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

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

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

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


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