TCREUR_Public/050520.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, May 20, 2005, Vol. 6, No. 99

                            Headlines

C Y P R U S


CYPRUS AIRWAYS: Absorbs Unit's Loss


F I N L A N D


FINNAIR OYJ: Q1 Profit Increases to EUR18.7 Million


G E R M A N Y


AGIV BETEILIGUNGS: Creditors Meeting Set July
APRICUM SOLARTECHNIK: Creditors Claims Due Next Month
BSTV, BAD: Creditors Have Until Early Next Month to File Claims
F. & H. ELFLEIN: Hagen Court Calls In Administrator
FUNKE LOGISTIC: Leipzig Court Appoints Administrator

JOSEF UND HANS: Court Appoints Carsten Lange Administrator
KUAG OBERBRUCH: Under Bankruptcy Administration
MACHAT & VON: Proofs of Claim Due Next Month
MANUTECH GMBH: Kleve Court Appoints Administrator
M-M MEDIENDRUCK: Administrator Takes over Operations

NORDEX AG: Reducing Debt With Non-cash Capital Increase
UBM MARKETING: Creditors Claim Due Next Month


G R E E C E


OLYMPIC AIRLINES: Told to Return Almost EUR200 Mln in Aid


I T A L Y


FIAT AUTO: Shuts Down Production at Melfi, Suzzara Plants
FIAT SPA: Winds down Powertrain Joint Venture with GM
IMPREGILO SPA: Secures EUR680 Million Bridging Loan
SEAT PAGINE: PagineGialle Launches New Advertising Strategy
PARMALAT FINANZIARIA: Relisting Approval Looks Promising


N E T H E R L A N D S


KONINKLIJKE AHOLD: Appoints Four New Members to Board
KONINKLIJKE AHOLD: Signs EUR2 Billion Credit Facility
ROYAL SHELL: Reveals Final Merger Proposals


R U S S I A


AGRO-LEAGUE: Declared Insolvent
FURNITURE-REM-STROY-BYT: Under Bankruptcy Supervision
LES-PROM-KHOZ: Deadline for Proofs of Claim Set Next Month
MAGNITOGOSKIY: Undergoes Bankruptcy Supervision Procedure
OAO GAZPROM: S&P Affirms Rating After Gov't Calls off Merger

OAO ROSNEFT: Moody's Upgrades Issuer Rating to Baa3
OAO ROSNEFT: S&P Cuts Rating After Gazprom Merger Cancellation
RUSKEALSKIY MARBLE: Appoints N. Mikhaylov Insolvency Manager
SAKHALIN: Bankruptcy Proceedings Begin
SARAKTASHSKIY DAIRY: Declared Insolvent

TAMBOVSKIY: Tambov Court Names Insolvency Manager
TOMSK-OIL-GAS-GEOLOGY VNK: Under Bankruptcy Supervision
TRANSDOR-HOLDING: Succumbs to Bankruptcy


U K R A I N E


ARTANIYA: Under Bankruptcy Supervision
BLOK: Temporary Insolvency Manager Takes over Helm
INDUSTRIALBANK: 'CCC'/'C' Ratings on Watch Evolving
IZMAILSKIJ HOLODILNIK: Bankruptcy Supervision Begins
KIRNASIVSKA MACHINE: Declared Insolvent

KOLOMIYA' WOOD: Court Appoints Liquidator
NADIYA: Urges Creditors to File Claims
ROSAVA: To Hold Sale of Assets Next Week
SOCIAL GOVERNING: Names Oleksandr Demchuk Insolvency Manager
TALAN-AGRO: Names Temporary Insolvency Manager

TULCHINPRODUCT: Vinnitsya Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M


ALICO KNITWEAR: Creditors Meeting Set Next Week
AQUAJET SYSTEMS: Liquidator to Deliver Report This Month
BAKER AVIATION: Creditors Meeting Set May
BOHLIN (CIRENCESTER): General Meeting Set June
BOOTS GROUP: Chief Financial Officer Steps Down

BRITISH AIRWAYS: Ratings Affirmed; Outlook Changed to Positive
CHERISH LIMITED: Appoints Poppleon & Appleby Liquidator
CHINA DIRECT: Names Liquidator from Ideal Corporate Solutions
COLD JET: Appoints Liquidator from Baker Tilly
COMPASS FINANCE: To Release Interim Results June

COMPASS GROUP: Six-month Results Disappoint
COPYSTOP (UK): Hires Liquidator from Singla & Co.
CULT CLOTHING: Liquidator from Begbies Traynor Moves in
DIRECT VEHICLE: Creditors to Convene Next Week
DOCKWELL DEVELOPMENTS: Members Final Meeting Set Next Month

DREAM LIFESTYLE: General Members Meeting Set June
EIDOS PLC: New Board Takes over
EMB 2005: Calls Creditors Meeting
EQUITABLE LIFE: Remains Cautious Despite Progress
EUROPEAN PLANT: Names Liquidators from Mazars

F & H: Members Pass Winding up Resolutions
GOODWOOD TRAVEL: Final Members Meeting Set June
HENDON PIZZERIA: Names Liquidators from Wilder Coe
INVENSYS PLC: Ulf Henriksson Become Chief Executive
JBAM PUBLISHING: Members Decide to Wind up Firm

JOHN MILLAR: Pricing Squeeze Drives Firm into Receivership
JULIUS INVESTMENTS: Final Meeting Set Last Week of June
KATIE'S CATERING: Members Pass Winding up Resolution
KAYMET COMPANY: Appoints Berley Liquidator
LANDAU & COHEN: Joint Liquidators from Valentine & Co. Move in

MANHATTAN COMPUTER: Hires Liquidator from Begbies Traynor
MARCONI CORPORATION: CEO to Receive Hefty Bonus
MARCONI CORPORATION: Reaffirms Laurel Networks Supply Deal
MG ROVER: Luffield Cars Attract Interest
MILL PACKAGING: Names Liquidators from Cooper Parry

NORTH EASTERN: Calls in Liquidator from Tomlinsons
PERAGAM (UK): Members Decide to Wind up Firm
PROPERTY PROTECTION: Members Pass Winding up Resolution
QUDOS COMMUNICATIONS: Liquidators from Numerica Move in
ROYAL MAIL: Posts Record Profit For 2004

SSNT SECURITIES: June Final General Meeting Scheduled
WH SMITH: Ratings Affirmed at 'BB-'/'B'; Outlook Stable
ZIACOM LIMITED: Liquidator Takes over Helm

     ********

===========
C Y P R U S
===========


CYPRUS AIRWAYS: Absorbs Unit's Loss
-----------------------------------
Troubled carrier Cyprus Airways (CAIR) saw its net loss swell by
close to CYP6 million after absorbing the losses of its Greek
subsidiary Hellas Jet.

CAIR's unaudited 2004 results show the carrier nursing a CYP33.5
million deficit, Reuters says.  This figure, surged to CYP39.4
million immediately after the firm assumed full control of
Hellas Jet, whose losses amount to around CYP1 million a month.
CAIR previously sought for an interested buyer for Hellas Jet,
but the sole bidder failed to satisfy the carrier's provisions.
The carrier now mulls closing the unit.

CAIR itself is trying to make a turnaround, especially after the
European Commission approved a CYP30 million government-backed
loan.  The carrier attributed its current financial fix to the
liberalization of air transport, high fuel prices and costly
fleet renewal.

CAIR created Hellas Jet in 2003 in anticipation of the heavy
passenger traffic to be brought by the 2004 Olympics.

CONTACT:  CYPRUS AIRWAYS LIMITED
          21 Alkeou Str.
          2404 Engomi
          P.O. Box 21903
          1514 Nicosia, Nicosia
          Phone: 22663054
          Fax: 22663167
          E-mail: webcentre@cyprusair.com.cy
          Web site: http://www.cyprusairways.com


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


FINNAIR OYJ: Q1 Profit Increases to EUR18.7 Million
---------------------------------------------------
Finnair's operating profit for the first three months of the
year reached EUR18.7 million compared to last year's EUR2.4
million-loss.  Turnover rose by 8.8% to EUR449.4 million.  The
year-end result is expected to be much better than last year.

"We are back on track towards healthy growth and we can be
pleased with that.  Our first quarter result clearly indicates
that profitability has taken a turn for the better.  Our demand
remains strong and our costs are in check," says Finnair
President and CEO Keijo Suila.

Traffic of Finnair Group airlines increased by 7.4% in the first
quarter and the passenger load factor grew by two percentage
points to 73.4.  Scheduled Passenger Traffic rose by 10.6% and
the load factor improved by 5.1 percentage points.  The growth
came from Asian traffic and from Swedish subsidiary flynordic's
increased traffic.  Every fourth euro of Finnair's Scheduled
Passenger Traffic revenues comes from Asian traffic.

The Group result after taxes was EUR11.5 million and the
earnings per share EUR0.14.  Operating costs rose by 3.7%, but
unit costs dropped by 3.8% despite the 25% increase in fuel
prices.  Unit revenues remained at last year's level, with a
rise of 0.4%.

"We have managed to lower our unit costs despite expensive fuel
prices.  In addition, the long plummet of ticket prices has
ended as we predicted.  In some areas average prices have even
risen despite increased competition.  The high price of fuel
continues to burden the industry, which will reflect on price
development," Mr. Suila states.

The number of personnel decreased in January-March by 1.9% to
under 9400 persons.  Personnel costs increased by 1.5%.

Finnair Leisure Flights renewed four of its Boeing B757 lease
agreements at clearly more affordable conditions.  Collective
labor agreements for Finnair Leisure Flights also strengthen its
competitiveness and preparations for its incorporation have
begun.

Finnair Plc
Communications

CONTACT:  FINNAIR OYJ
          Mr. Lasse Heinonen, SVP & Chief Financial Officer
          Phone: +358 9 818 4950

          Mr. Christer Haglund, SVP Communications
          Phone: +358 9 818 4007

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


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


AGIV BETEILIGUNGS: Creditors Meeting Set July
---------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against AGIV Beteiligungs-GmbH on April 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 15, 2005 to register their
claims with court-appointed provisional administrator Karsten
Totter.

Creditors and other interested parties are encouraged to attend
the meeting on July 15, 2005, 11:30 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  AGIV BETEILIGUNGS-GMBH
          Holzdamm 28-32, 20099 Hamburg
          Contact:
          Christian O. Bock, Manager
          Axel Harloff, Manager

          Karsten Totter, Administrator
          Speersort 4/6, 20095 Hamburg
          Phone: 303010
          Fax: 30301246


APRICUM SOLARTECHNIK: Creditors Claims Due Next Month
-----------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Apricum Solartechnik GmbH on April 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until June 20, 2005 to
register their claims with court-appointed provisional
administrator Rainer U. Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on July 11, 2005, 10:20 a.m. at the district court
of Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass
1, 86150 Augsburg, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  APRICUM SOLARTECHNIK GMBH
          Dasinger Str. 2, 86165 Augsburg
          HRB 19990 Augsburg
          Contact:
          Gerald Kastorff, Manager
          Muschaweck Stefan, Manager

          Rainer U. Mueller, Administrator
          Schiessstattenstr. 15, 86159 Augsburg


BSTV, BAD: Creditors Have Until Early Next Month to File Claims
---------------------------------------------------------------
The district court of Karlsruhe opened bankruptcy proceedings
against BSTV, Bad Schonborner Treuhand und Vermogensverwaltungs
GmbH on April 21.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until June 7, 2005 to register their claims with court-appointed
provisional administrator Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting on July 6, 2005, 11:00 a.m. at the district court of
Karlsruhe, Schlossplatz 23, 76131 Karlsruhe, Saal IV/1.OG 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:  BSTV, BAD SCHONBORNER TREUHAND UND
          VERMOGENSVERWALTUNGS GMBH
          Contact:
          Gertrud Holscher, Manager
          Pfeifenstr. 10, 76706 Dettenheim

          Peter Depre, Administrator
          O 4, 13-16, 68161 Mannheim
          Phone: 0621/120780


F. & H. ELFLEIN: Hagen Court Calls In Administrator
---------------------------------------------------
The district court of Hagen opened bankruptcy proceedings
against F. & H. Elflein GmbH on May 3.  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 Andreas
Grund.

Creditors and other interested parties are encouraged to attend
the meeting on June 30, 2005, 9:30 a.m. at the district court of
Hagen, Haupthaus (Neubau), Heinitzstrasse 42, 58097 Hagen, Etage
2, Raum 283, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  F. & H. ELFLEIN GMBH
          Elisabethstr. 9-15, 58095 Hagen
          Contact:
          Ursula Richter, Manager

          Andreas Grund, Administrator
          Grabenstr. 28, 58095 Hagen
          Phone: 02331-397656
          Fax: +4921169076970


FUNKE LOGISTIC: Leipzig Court Appoints Administrator
----------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Funke Logistic GmbH on May 2.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 17, 2005 to register their claims with
court-appointed provisional administrator Wolfgang Kortes.

Creditors and other interested parties are encouraged to attend
the meeting on July 19, 2005, 2:15 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:  FUNKE LOGISTIC GMBH
          Am Fuchsloch 2, 04720 Mochau
          Contact:
          Holger Funke, Manager

          Wolfgang Kortes, Administrator
          Rudolph-Sack-Strasse 9, 04229 Leipzig


JOSEF UND HANS: Court Appoints Carsten Lange Administrator
----------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Josef und Hans Getz GmbH on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 17, 2005 to register their
claims with court-appointed provisional administrator Carsten
Lange.

Creditors and other interested parties are encouraged to attend
the meeting on July 11, 2005, 12:15 p.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, I. Etage, Saal 14, at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  JOSEF UND HANS GETZ GMBH
          Auf der Huels 197, 52068 Aachen
          Contact:
          Heinz Odinius, Manager
          Max-Planck-Str. 1, 52134 Herzogenrath

          Carsten Lange, Administrator
          Wilhelmstrasse 25, 52070 Aachen
          Phone: 0241/946210
          Fax: 02419462111


KUAG OBERBRUCH: Under Bankruptcy Administration
-----------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Kuag Oberbruch GmbH on May 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 27, 2005 to register their claims with
court-appointed provisional administrator Jorg Zumbaum.

Creditors and other interested parties are encouraged to attend
the meeting on July 11, 2005, 9:44 a.m. at the district court of
Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070
Aachen, I. Etage, Saal 14, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will verify the claims set out in the administrator's
report on August 22, 2005, 10:00 a.m. at the same venue.

CONTACT:   KUAG OBERBRUCH GMBH
           Boos-Fremery-Strasse 62, 52525 Heinsberg
           Contact:
           Albert Giesen, Manager
           Dr. Michael Fraass, Manager

           Jorg Zumbaum, Administrator
           Zuelpicher Strasse 117, 52349 Dueren
           Phone: 02421/20854-0
           Fax: 02421/20854-26


MACHAT & VON: Proofs of Claim Due Next Month
--------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Machat & von Heel GmbH on May 1.  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 Volker
Quinkert.

Creditors and other interested parties are encouraged to attend
the meeting on June 21, 2005, 10:20 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21, 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 2, 2005, 9:20 a.m. at the same
venue.

CONTACT:  MACHAT & VON HEEL GMBH
          Am Bahnhof 9a, 52538 Gangelt - 5
          Contact:
          Margret von Heel, Manager
          Willi Ewald Machal, Manager

          Volker Quinkert, Administrator
          Brucknerallee 6, 41236 Monchengladbach
          Phone: (02166) 6189898
          Fax (02166) 6189888 oder 89


MANUTECH GMBH: Kleve Court Appoints Administrator
-------------------------------------------------
The district court of Kleve opened bankruptcy proceedings
against manuTECH GmbH on May 1, 2005.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 7, 2005 to register their claims with
court-appointed provisional administrator Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting on June 28, 2005, 10:15 a.m. at the district court
of Kleve, Hauptstelle, Schlossberg 1, 47533 Kleve, Erdgeschoss,
C 58 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  MANUTECH GMBH
          Hoogeweg 134 a, 47623 Kevelaer
          Contact:
          Georg Paul Bercker, Manager
          Rilke Strasse 19, 47623 Kevelaer

          Wilhelm Klaas, Administrator
          Eichendorffstrasse 25, 47800 Krefeld
          Phone: 02151/80580
          Fax: 02151/805858


M-M MEDIENDRUCK: Administrator Takes over Operations
----------------------------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against M-M Mediendruck Monchengladbach 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. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on July 4, 2005, 7:45 a.m. at the district court of
Amtsgerichts Monchengladbach, Hohenzollernstr. 157, 41061
M”nchengladbach, Erdgeschoss, Sitzungssaal A 58 at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  M-M MEDIENDRUCK MONCHENGLADBACH GMBH
          Friedensstrasse 135 - 137, 41238
          Monchengladbach
          Contact:
          Rolf Brandt, Manager
          41363 Juchen

          Dr. Onno Klopp, Administrator
          Sternstrasse 58, 40479 Duesseldorf


NORDEX AG: Reducing Debt With Non-cash Capital Increase
-------------------------------------------------------
With the approval of the Supervisory Board, the Management Board
of Nordex AG on May 13 passed a resolution to increase the
Company's share capital by EUR11,973,818 from a current
EUR46,845,000 to EUR58,818,818 by means of a non-cash capital
contribution subject to the exclusion of shareholder
subscription rights.

The subscribers to the new issue are Dresdner Bank AG, Morgan
Stanley Bank International Ltd., HSH Nordbank AG and Bayerische
Hypo- und Vereinsbank AG, which are assigning the loan
receivables due from the Company valued at a total of
EUR27,899,000 as non-cash capital contributions.  The conversion
of the bank liabilities into equity will reduce Nordex AG's net
debt significantly.  The underlying issue amount has been fixed
on the basis of the average price of EUR1.68 per share for the
past five stock market trading days.

The shareholders had already consented to the non-cash capital
increase as part of the recapitalization measures approved at
the annual general meeting on February 21, 2005.  Of the capital
of EUR17,500,000 authorized for this purpose, the Management
Board of the company has now utilized just on EUR11.9 million.

The non-cash capital increase will take effect upon being
entered in the companies register, which is expected to be
effected prior to the Company's next ordinary shareholder
meeting convened for June 10, 2005.  Thereafter, the new shares
should be admitted to trading by the end of June 2005.  The non-
cash capital increase marks the final step in Nordex's
recapitalization program, which also included a prior capital
reduction and a cash capital increase.

CONTACT:  NORDEX AG
          Felix Losada
          Phone: +49 40 500 -100
          Fax: +49 40 500 - 333


UBM MARKETING: Creditors Claim Due Next Month
---------------------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against UBM Marketing GmbH on May 3.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until June 15, 2005 to
register their claims with court-appointed provisional
administrator Emil Rinckens.

Creditors and other interested parties are encouraged to attend
the meeting on July 6, 2005, 9:30 a.m. at the district court of
Monchengladbach, Hohenzollernstr. 157, 41061 Monchengladbach,
Erdgeschoss, Sitzungssaal A 14 at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  UBM MARKETING GMBH
          Dahlener Strasse 562, 41239 Monchengladbach

          Emil Rinckens, Administrator
          Rheinort 1, 40213 Dusseldorf


===========
G R E E C E
===========


OLYMPIC AIRLINES: Told to Return Almost EUR200 Mln in Aid
---------------------------------------------------------
Olympic Airlines' survival is in precarious situation after the
European Court ordered Greece to recover EUR194 million
(USD$249.2 million) in illegal aid from the carrier.

"As a result of the court ruling, the Greek state is obliged to
ask Olympic Airways to return the subsidies, a move which will
put the company in a difficult position in view of its negative
financial situation," a Greek Transport Ministry source said,
according to Airwise.  The source added that the government will
try to protect the planned sale of the airline while complying
with the order.

According to the report, it is not clear how the government will
extract the amount from debt-laden Olympic Airlines, formerly
Olympic Airways.

The E.U. Commission failed the case against the state after the
latter failed by February to recover the subsidies.  The grant
includes a EUR41 million (US$52.1 million) restructuring aid
from the Commission and a EUR153 million (USD$194.4 million)
dole out from the government.  The E.U. grant was provided in
2002, but the court said the planned restructuring plan was
never implemented.

In December 2003, the government merged Olympic Airways and its
subsidiaries -- Olympic Aviation and Macedonia Airlines -- into
a single company, Olympic Airlines.  In the process, the debt
was left with the old business.  The court said this prevented
the recovery of the aid, and undermined efforts to restore fair
competition between national airlines.

Olympic Airways had debt of EUR120 million in 2001.  It reported
losses of EUR23 million for 2003.  Last month, Athens received
binding offers for the airline from five interested parties.
The government expects to complete the sale by early June.

CONTACT:  OLYMPIC AIRLINES S.A.
          Web site: http://www.olympicairlines.com


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


FIAT AUTO: Shuts Down Production at Melfi, Suzzara Plants
---------------------------------------------------------
The car-carrier transportation of new vehicles, which has been
interrupted since April 26, is resulting in an increasingly
serious congestion at the storage lots of Fiat Auto and Iveco.

The labor unrest in the two-tier car carrier sector, caused by a
dispute between the leading carriers and their subcontractors,
has almost totally blocked road transport from the factory lots
to Italian dealerships.

In particular, stock levels of new vehicles, which have been
produced and stored, have in the meantime exceeded their
physiological limit.

The SATA plant at Melfi was forced to suspend production from
10:00 p.m. on May 13 until May 18.

Iveco also said it is reducing manufacturing activities at its
Suzzara plant from two shifts to one shift, starting May 16.
Further consequences at other facilities are presently being
evaluated.

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


FIAT SPA: Winds down Powertrain Joint Venture with GM
-----------------------------------------------------
Fiat S.p.A. (NYSE: FIA) and General Motors Corporation on March
13 signed in Amsterdam a separation agreement which dissolves
the purchasing and powertrain joint venture companies formed in
2000.

The formal unwinding of Fiat-GM Powertrain and GM-Fiat Worldwide
Purchasing was executed as scheduled by Fiat and GM in an
earlier agreement.

According to the Termination Agreement, signed in New York City
on February 13, 2005, GM has completed the payment to Fiat as
provided in the earlier agreement.

Fiat and GM regain ownership of all assets they respectively
contributed to the powertrain joint venture when it was formed.
Fiat and GM have also signed cross-supply agreements for engines
and transmissions both in Europe and Latin America.  The
companies also agreed to establish procedures aimed at enhancing
the savings on jointly developed architectures.

Other ancillary agreements address the joint ownership of
intellectual property, for example, the joint ownership of the
1.9-liter diesel engine technology.

Fiat and GM each maintain a 50% interest in the powertrain
manufacturing plant in Bielsko-Biala, Poland, which currently
produces the 1.3 diesel engine and under a new joint venture
agreement the companies will continue operate the facility as a
50/50 joint venture.

Statement by Sergio Marchionne, CEO of FIAT S.p.A. and FIAT AUTO
S.p.A.: "We are delighted to have been able to execute the
liquidation process of the joint venture companies set up with
GM.  The agreement signed, with mutual satisfaction, bears
witness of the extremely good relationship between Fiat and GM,
and I am more than confident that it represents a strong base on
which to build a mutually beneficial rapport in the future.

This agreement, together with the recent decision by the lending
banks to convert the mandatory convertible facility in September
2005, allows us to fully focus our efforts on the operational
objectives of developing our businesses."

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


IMPREGILO SPA: Secures EUR680 Million Bridging Loan
---------------------------------------------------
Referring to the statement issued on May 11, Impregilo S.p.A.
said that Gemina S.p.A., IGLI S.p.A. and the banks that are
forming the underwriting syndicate for the Impregilo share
capital increase had agreed that the increase would take the
form of a splittable operation.  They also decided that the
underwriting contract would not contain clauses relating to
material adverse changes.

Subsequently, the banks had sent Impregilo an irrevocable offer
setting out the guarantees they would assume when the rights are
offered on the market, with particular reference to the
agreements described above.

Accordingly, Impregilo S.p.A. had signed a bridging loan
contract with Banca Intesa, Unicredit and SanPaolo IMI for a
total of EUR680 million.  This will be used to cover the
company's short-term requirement, mainly bonds that are due to
mature in the next few weeks.

The contract provides for the bridging loan to be disbursed as:

(a) EUR109 million to cover Impregilo's "general" treasury
    requirements, to be disbursed beginning in the next few
    days;

(b) EUR204 million to cover repayment of the bond plus
    interest due to mature on May 31, to be disbursed in the
    five days preceding maturity; and

(c) EUR367 million to cover repayment of the bond plus interest
    due to mature on June 24, to be disbursed in the five days
    preceding maturity.

The contract also provides a facility whereby Impregilo may
convert up to EUR500 million of the bridging loan into a seven-
year financing, repayable in six-monthly installments after a
pre-amortization period of 18 months; the facility is subject to
the approval by the Financing Banks of the new business plan
currently being drawn up by the Group and to completion of the
share capital increase.

Apart from the elements that cannot be finalized until the
business plan is ready, in particular the financial covenants,
the draft seven-year loan contract is to be considered as agreed
by the parties, and is included as an attachment to the bridging
loan agreement.

As reported in the statement issued on May 8, the medium/long-
term loan contract will be signed by June 7, 2005.

Impregilo also said that the bridging loan agreement contains
clauses and conditions that are standard market practice for
operations of this type, and that it plans to convert an amount
of EUR500 million into medium/long-term financing as specified
above.  The remaining EUR180 million will be repaid using a
portion of the proceeds raised by the share capital increase.

Sesto San Giovanni,
May 17, 2005

CONTACT:  IMPREGILO S.p.A.
          Viale Italia 1,
          Sesto S. Giovanni
          20099 Milan
          Phone: +39-02-244-22111
          Fax: +39-02-244-22293
          Web site: http://www.impregilo.it

          Federico Manzella
          Phone: +39 02 44422993
          E-mail: federico.manzella@impregilo.it

          GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A.
          Via Turati n. 16/18
          Milan
          Phone: +39-02-444-23121
          Fax: +39-02-444-23120
          E-mail: investor.relator@gemina.it
          Web site: http://www.gemina.it

          BANCA INTESA S.p.A.
          Piazza Paolo Ferrari, 10
          20121 Milan
          Phone: +39-02-879-11
          Fax: +39-02-879-42587
          Web site: http://www.bancaintesa.it

          SANPAOLO IMI S.p.A.
          Piazza San Carlo 156
          10121 Turin
          Phone: +39-011-5551
          Fax: +39-011-555-2989
          Web site: http://www.sanpaolo.it

          UNICREDIT S.p.A.
          Via Dante, 1
          16121 Genoa
          Phone: +39-02-8862-1
          Fax: +39-02-8862-8503
          Web site: http://www.credit.it


SEAT PAGINE: PagineGialle Launches New Advertising Strategy
-----------------------------------------------------------
"PagineGialle. Chi sceglie sei tu" (The choice is up to you):
this is the claim of the new PagineGialle product campaign aimed
at repositioning the most widely-known and used business
directory in Italy from a simple tool for finding solutions to a
real partner that helps end customers in their everyday
decisions, big and small.

The campaign -- designed by Burnett BGS, with one 40-second
spot, two 30-second spots, and two of 15 seconds -- will hit the
airwaves starting on May 8, broadcast by the major Italian
television networks (RAI, Mediaset, and SKY) and will be shown
in 782 first-view movie theatres throughout the country.
The 1230 television spots scheduled throughout 2005 -- all prime
time -- will be divided into two installments: 53% from May to
June and the remaining 47% from October to November.

These short spots have been taken in a complex sequence plan,
with the camera moving through the eyes of the main characters,
"feeling" the desires of the people and discovering each time
the big or small personal decisions.

Nine adult actors and two children, 300 walk-ons, 123 ciaks, 26
rolls of film extending almost 32 kilometers: these are only
some of the numbers that describe this mega-production.

"PagineGialle is an institution for every Italian household and
business," stated Chief Executive Officer Luca Majocchi.
"Leveraging our brand awareness and market penetration, we have
decided to invest a large sum to make the public aware of the
new potential of a tool that for many of us is a daily partner
in life."

Seat PG Group Communications Director Roberto Veronesi says,
"After the corporate campaign that re-launched the PagineGialle
brand, communicating the new brand and its "multiplatform"
(print, telephone, online), here is a product campaign that is
just as innovative, where the sheer print product plays the
dominating role, with 25 million copies distributed virtually
everywhere throughout Italy and around 21 million users, i.e.
48% of the Italian population between the ages of 14 and 74,
rising to 57% in the large metropolitan areas with more than
500,000 inhabitants (source: Eurisko/Sinottica).

"In 2005, the SEAT Pagine Gialle S.p.A. budget allocates major
resources to advertising, rising to EUR24 million, while
investment in the PagineGialle directory alone reaches EUR8
million."

The spot director is Bruce Paynter, known for his technical
ability and for having the necessary sensitivity to give life to
subjects that are simple on paper, but complex when it comes to
actually filming.  Vicent McGahon is the author of the
extraordinary steadycam shots; he is one of the top
international specialists and has just finished working on Tim
Burton's new film.

Burnett BGS Executive Creative Director Roberto Vacca explains:
"We wanted to tell the story of everyday life, and we wanted to
do it simply but at the same time with emotion, and for this
reason we decided on the sequence plan.  The challenge was to
"squeeze" into 30 seconds a narration which usually needs more
time to be appreciated."

The choice of location fell on Barcelona and casting involved
Barcelona, Madrid, and London.  The particularly careful
selection was aimed at making common, authentic people the main
characters, far from any advertising stereotype.

A no less important factor in the new PagineGialle campaign is
the soundtrack.  To better support the spot's images, we have
chosen "Misread", a hypnotic passage from Kings of Convenience,
the Nordic duo that recently climbed the international hit
charts with acoustic resonances that blend in well with the
emotional tone of the campaign.

The Seat Pagine Gialle Group is the European leader and one of
the main operators at world level in the sector of multimedia
telephone directories, offering "print-voice-online"
directories, as well as complementary services such as one-to-
one marketing.

SEAT Pagine Gialle has been engaged in information services, and
search and communications tools for 80 years.  It is a success
story based on a brand that is familiar to everyone, a sales
network employing 2,000 persons, a technology that is constantly
evolving and a database that includes 20 million households and
3 million professional operators, and a wide range of products
guaranteeing a real integrated system of communications to about
700,000 customers.  58 million volumes distributed to the homes
and offices of Italian subscribers (2004 figures), 17 million
enquiries through the number 89.24.24 (2004 figures) and 218
million hits on online directories (2004 figures) connect people
and businesses, bringing together needs and solutions and
promoting economic exchanges.

CONTACT:  BARABINO & PARTNERS
          Linda Battini
          Phone: +39/02.72.02.35.35
          E-mail: l.battini@barabino.it

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


PARMALAT FINANZIARIA: Relisting Approval Looks Promising
--------------------------------------------------------
Stock market regulator Consob might clear the relisting
prospectus of collapsed dairy giant Parmalat Finanziaria before
the month ends, says Il Sole 24 Ore citing financial sources.

Consob recently held talks with Parmalat Administrator Enrico
Bondi and Borsa Italiana Chief Executive Massimo Capuano,
raising speculations that a clearance will soon be released.  A
Parma court is expected to approve a vote on the debt-for-equity
swap once Consob gives its approval.  Sources revealed at least
50% of present voters are needed to sanction the swap, and votes
not cast will be considered yes.  They expect to complete the
process two months after Consob's ruling.

The group will use a new name -- Parmalat S.p.A. -- instead of
the holding company Parmalat Finanziaria S.p.A.  The holding
firm will cease to exist through the group's restructuring once
shareholders approved the debt-for-equity swap.

The dairy group was expelled from the exchange on Dec. 29, 2003
when it collapsed under the weight of a EUR14 billion debt.

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

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


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


KONINKLIJKE AHOLD: Appoints Four New Members to Board
-----------------------------------------------------
Koninklijke Ahold N.V. welcomed on Wednesday 372 stockholders
representing approximately 895 million shares to its Annual
General Meeting in The Hague.

Shareholders adopted Ahold's 2004 financial statements and all
other proposals on the agenda, including the appointment to the
Supervisory Board of Derk Doijer, Professor Myra Hart, Benno
Hoogendoorn and Stephanie Shern.

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


KONINKLIJKE AHOLD: Signs EUR2 Billion Credit Facility
-----------------------------------------------------
Koninklijke Ahold N.V. signed Wednesday a new credit facility
with a syndicate of fifteen banks.

The five-year EUR2 billion unsecured syndicated multi-currency
facility will be used for general corporate purposes and for the
issuance of letters of credit.

The margin is 75 bps, which is subject to a pricing grid based
on Ahold's credit rating.  The facility is subject to a leverage
covenant, which falls away when the corporate rating is BBB/Baa2
or better.

Commenting on the new credit facility, Ahold Chief Financial
Officer Hannu Ryopponen said, "This is an important day for
Ahold and our Road to Recovery program.  This new facility is
another achievement in our return to strong financial health and
shows the financial community is increasingly regarding Ahold as
a credit-worthy company."

Ahold announced on February 15, 2005, that it had terminated the
three-year revolving December 2003 credit facility and was in
discussions with financial institutions to establish a new
credit facility at more favorable terms and conditions.

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: Reveals Final Merger Proposals
-------------------------------------------
Summary:

(a) The Royal Dutch Boards, the Shell Transport Board and the
    board of Royal Dutch/Shell Group announced Thursday final
    proposals for the recommended unification of Royal Dutch and
    Shell Transport under a single parent company, Royal Dutch
    Shell, which was initially announced on 28 October 2004;

(b) Implementation of the Transaction will be subject to
    approval by the shareholders of Royal Dutch and Shell
    Transport as well as other conditions set out in Appendix 1
    to this announcement.  The approval of Royal Dutch
    Shareholders will be sought at the Royal Dutch annual
    general meeting on 28 June 2005 while the approval of Shell
    Transport Shareholders will be sought at meetings following
    the Shell Transport annual general meeting, also on 28 June
    2005; and

(c) It is expected that Completion will take place, and that
    trading in Royal Dutch Shell Shares will commence, on 20
    July 2005.

Background to and reasons for the transaction:

(a) On 28 October 2004, the Royal Dutch Boards and the Shell
    Transport Board announced that they had unanimously agreed
    to propose to their shareholders the unification of Royal
    Dutch and Shell Transport under a single parent company,
    Royal Dutch Shell;

(b) The Transaction will result in one parent company, with one
    board, one Chairman and one Chief Executive; and

(c) The Boards of Royal Dutch and Shell Transport believe that
    implementation of the Transaction together with the
    governance proposals announced on 28 October 2004 will
    deliver significant benefits, including: increased clarity
    and simplicity of governance; increased management
    efficiency; increased accountability; and flexibility in
    issuing equity and debt.

The Transaction

(a) The Transaction will be effected:

    (i) by way of an exchange offer by Royal Dutch Shell for the
        Royal Dutch Shares; and

   (ii) by way of a scheme of arrangement of Shell Transport
        under section 425 of the Companies Act;

(b) The terms of the Transaction reflect the current "60:40"
    ownership of the Royal Dutch/Shell Group by Royal Dutch and
    Shell Transport.  The terms seek to ensure that investors in
    Royal Dutch and Shell Transport are offered Royal Dutch
    Shell Shares or Royal Dutch Shell ADRs representing the
    equivalent economic interest in the RDS Group on
    implementation of the Transaction as their existing shares
    or ADRs represent in the Royal Dutch/Shell Group;

(c) To facilitate the preservation of the current tax treatment
    of dividends for shareholders, Royal Dutch Shell will have
    two classes of ordinary shares, "A" Shares and "B" Shares;

(d) Royal Dutch Shareholders are being offered "A" Shares under
    the Royal Dutch Offer, with the exception of holders of
    Royal Dutch New York Registered Shares who are being offered
    "A" ADRs.  Shell Transport Ordinary Shareholders are being
    offered "B" Shares under the Scheme and holders of Shell
    Transport ADRs are being offered "B" ADRs;

(e) Under the terms of the Transaction, shareholders will
    receive respectively:

    (i) for each Royal Dutch Bearer Share or Royal Dutch Hague
        Registered Share tendered: 2 "A" Shares;

   (ii) for each Royal Dutch New York Registered Share tendered:
   1 "A" ADR;

  (iii) for each Shell Transport Ordinary Share: 0.287333066 "B"
        Shares; and

   (iv) for each Shell Transport ADR: 0.861999198 "B" ADR;

(f) Royal Dutch Shell has applied for its shares to be listed
    and admitted to trading in London and Amsterdam.  Royal
    Dutch Shell ADRs will be listed on the New York Stock
    Exchange.

Dividends

(a) The "A" Shares and the "B" Shares will have identical rights
    except for the Dividend Access Mechanism by which dividends
    having a U.K. source are intended to be paid to holders of
    "B" Shares;

(b) In setting the level of the dividend, the Royal Dutch Shell
    Board will seek to increase dividends at least in line with
    inflation over time.  The base for the 2005 financial year
    will be the dividends paid by Royal Dutch in respect of the
    financial year ended 31 December 2004;

(c) Royal Dutch Shell will pay dividends on a quarterly basis
    and declare its dividends in euro.  Dividends declared on
    the "A" Shares will be paid in euro, although holders of "A"
    Shares will be able to elect to receive dividends in Pounds
    Sterling.  Dividends declared on the "B" Shares will be paid
    in Pounds Sterling, although holders of "B" Shares will be
    able to elect to receive dividends in euro. Holders of "A"
    ADRs and "B" ADRs will receive dividend payments in U.S.
    Dollars; and

(d) The Pounds Sterling and U.S. Dollar amounts that will be
    paid to investors in Royal Dutch Shell who receive dividends
    in those currencies will be announced at the same time as
    the declaration of the dividend in euro.

Buy Backs

(a) Royal Dutch Shell intends to continue the US$3 billion to
    US$5 billion share buy back program for 2005 announced by
    Royal Dutch and Shell Transport on 3 February 2005; and

(b) Royal Dutch Shell expects to buy back "A" Shares in
    preference to "B" Shares considering, amongst other factors,
    the prevailing market prices and relative tax treatment of
    buy backs of "A" Shares and "B" Shares.

Jeroen van der Veer, Chief Executive, said: "We have been
encouraged by the widespread support of shareholders since the
unification proposals were initially announced in October last
year.  We look forward to our shareholders formally voting on
the final proposals on 28 June 2005 in The Hague and London.  In
publishing the full documentation [Thurs]day, we remain firmly
on track for the completion of the Transaction in July."

                            *   *   *

The Royal Dutch Offer and the Scheme are not being made and will
not be made, directly or indirectly, in or into or by the use of
the mails or any other means or instrumentality (including,
without limitation, facsimile transmission, telex, telephone or
internet) of interstate or foreign commerce of, or any such
facilities of a national securities exchange of, Japan, and are
not being and will not be capable of acceptance by any such use,
means, instrumentality or facilities from or within Japan.  The
Royal Dutch Offer and the Scheme are not being made to residents
of Japan or in Japan.

This announcement and other documents related to the Transaction
must not be electronically provided to, nor accessed by,
residents of Japan or persons who are in Japan.  Copies of this
announcement and any other documents related to the Transaction
are not being, and must not be, mailed or otherwise distributed
or sent to any person or company in or from Japan.  Persons
receiving this announcement (including custodians, nominees and
trustees) or other documents related to the Transaction must not
distribute or send them to any person or company in or from
Japan.

The Royal Dutch Offer and the Scheme have not been and will not
be notified to the Commissione Nazionale per le Societa e la
Borsa pursuant to applicable Italian securities laws and
implementing regulations.  Absent such notification, no public
offer can be carried out in the Republic of Italy.  This
announcement and other documents relating to the Transaction
have not been, and cannot be, disclosed to any Italian residents
or person or entity in the Republic of Italy and no other form
of solicitation has been, will be or can be, carried out in the
Republic of Italy.  This announcement and any document relating
to the Transaction may not be mailed, distributed, disseminated
or otherwise disclosed to any Italian residents or person or
entities in the Republic of Italy.

The distribution of this announcement in jurisdictions other
than The Netherlands, England or the U.S. may be affected by the
laws of the relevant jurisdiction.  Interested persons should
inform themselves about and observe all applicable requirements.

This announcement does not constitute an offer to purchase nor
the solicitation of an offer to sell any securities of Royal
Dutch or Shell Transport.  The Shell Transport shareholders are
urged to read the scheme document and listing particulars and
the Royal Dutch shareholders are urged to read the offer
document and the prospectus because they contain important
information that shareholders should consider before making any
decision regarding the Transaction.  The scheme document, the
offer document and the listing particulars/prospectus are
expected to be available from the date of this announcement.

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-LEAGUE: Declared Insolvent
-------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Agro-League after finding the open joint
stock company insolvent.  The case is docketed as A08-13601/04-
3B.  Mr. V. Bushuev has been appointed insolvency manager.
Creditors have until June 16, 2005 to submit their proofs of
claim to Russia, Belgorod region, Starooskolskiy region, Prom
area Silikatabnaya #2.

CONTACT:  AGRO-LEAGUE
          Russia, Belgorod region,
          Starooskolskiy region, Gorodishe

          Mr. V. Bushuev
          Insolvency Manager
          Russia, Belgorod region, Starooskolskiy region,
          Prom.area Silikatabnaya #2


FURNITURE-REM-STROY-BYT: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision procedure on open joint stock company Furniture-Rem-
Stroy-Byt.  The case is docketed as A 48-256/05-20b.  Mr. A.
Volobuev has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 302000, Russia,
Orel, Komsomolskaya Str. 272, Apartment 59.

CONTACT:  FURNITURE-REM-STROY-BYT
          302012, Russia, Orel region,
          Moldavskaya Str. 25

          Mr. A. Volobuev
          Temporary Insolvency Manager
          302000, Russia, Orel region,
          Komsomolskaya Str. 272, Apartment 59


LES-PROM-KHOZ: Deadline for Proofs of Claim Set Next Month
----------------------------------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against Les-Prom-Khoz after finding the velskiy
complex insolvent.  The case is docketed as A05-827/03-12/15.
Mr. V. Prudiev has been appointed insolvency manager.  Creditors
have until June 16, 2005 to submit their proofs of claim to
163045, Russia, Arkhangelsk, Karelskaya Str. 37, Office 22.

CONTACT:  LES-PROM-KHOZ
          165150, Russia, Arkhangelsk region,
          Velsk, Krasnaya Str. 27

          Mr. V. Prudiev
          Insolvency Manager
          163045, Russia, Arkhangelsk,
          Karelskaya Str. 37, Office 22
          Phone/Fax: 27-69-59


MAGNITOGOSKIY: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on close joint stock company
Magnitogoskiy.  The case is docketed as A76-3816/05-55-4.  Mr.
S. Butyanov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 456200, Russia,
Chelyabinsk region, Zlatoust, Kovshova Str. 23-29.

CONTACT:  MAGNITOGOSKIY
          455001, Russia, Chelyabinsk region,
          Magnitogorsk, Vokzalnaya Str. 17

          Mr. S. Butyanov
          Temporary Insolvency Manager
          456200, Russia, Chelyabinsk region,
          Zlatoust, Kovshova Str. 23-29


OAO GAZPROM: S&P Affirms Rating After Gov't Calls off Merger
------------------------------------------------------------
Standard & Poor's Ratings Services removed its 'BB-' long-term
corporate credit and senior unsecured debt ratings on Russian
gas giant OAO Gazprom from CreditWatch with developing
implications and affirmed them, following a statement by the
Russian government that the planned merger with OJSC Oil Company
Rosneft (B-/Watch Neg/--) will not proceed.  The outlook is
stable.

For details of the effect of the merger cancellation on Rosneft
please see the article titled "Research Update: Rosneft Ratings
Cut To 'B-' On Merger Cancellation And Aggressive Policies; On
CreditWatch Neg", published on May 18, 2005, on RatingsDirect,
Standard & Poor's Web-based credit analysis system at
http://www.ratingsdirect.com.

At the same time, Standard & Poor's assigned its 'BB-' rating to
the proposed senior unsecured loan participation notes issued by
finance vehicle Gaz Capital S.A.  The amount of the issue will
be determined during the placement, but Gazprom's management
expects this to be about EUR1 billion.  The maturity of the
notes will also be determined during the placement.  The notes
are issued within the framework of a $5 billion MTN program.
The proceeds are to be used for general corporate purposes.

The rating on the notes mirrors the corporate credit rating on
Gazprom because the noteholders will rely solely on the
company's credit quality for servicing the notes.  Standard &
Poor's does not apply notching in Russia.

"The rating affirmation reflects Standard & Poor's view that the
cancellation of the merger significantly reduces Gazprom's
exposure to the risks related to Rosneft's very high leverage
and weak liquidity," said Standard & Poor's credit analyst Elena
Anankina.

The government now plans to achieve direct majority control over
Gazprom through a complex transaction.  The government will
contribute Rosneft's shares to a newly created 100%-owned entity
Rosneftegas, which will raise debt to buy out 10.7% of Gazprom's
treasury stock and might subsequently sell part of its stake in
Rosneft to repay debt.  Details of this new transaction are not
clear at this stage.

Standard & Poor's expects that Gazprom's resilience to a lower
export gas price scenario will depend on the evolution of
domestic gas prices and on the company's ability and willingness
to adjust its capital expenditure program.

The ratings on Gazprom are based on the company's stand-alone
credit quality.  Irrespective of the size of the government's
stake in Gazprom, Standard & Poor's believes that the degree of
government support will largely be determined by incentives and
economic policy and will not automatically follow from direct
control.

Standard & Poor's notes that Gazprom would benefit from cash
contributions from the state, which would improve the company's
liquidity and might be regarded as a sign of stronger government
support.  We realize, however, that corporate procedures will
likely take time, while the terms and availability of debt
financing for the state's plan for achieving a majority stake in
Gazprom are unclear.  Standard & Poor's will continue to closely
monitor the dynamics of the government's steps to achieve direct
control over Gazprom, in addition to any pressure from the state
to undertake large and risky capital expenditures or to provide
financial support to related state entities like Rosneft.  We
will also monitor Gazprom's strategy in areas like debt, capital
expenditures, noncore investments, and dividends.

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 on:
media_europe@standardandpoors.com.

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


OAO ROSNEFT: Moody's Upgrades Issuer Rating to Baa3
---------------------------------------------------
Moody's Investors Service affirmed the Baa3 senior unsecured
rating on the US$150 million Eurobond issued by OJSC Rosneft Oil
Company.  At the same time, Moody's upgraded Rosneft's issuer
rating from Ba3 to Baa3.  Both ratings have a positive outlook.

Moody's rating action follows the announcement that the proposed
merger with Gazprom has been cancelled.  The state was now
likely to increase its stake in Gazprom to above 50% by
purchasing shares in the market.  At the same time, it is
reported that the state may -- at some later stage -- reduce its
share in Rosneft by selling a minority stake to private
investors, albeit maintaining a majority in Rosneft.  Rosneft's
issuer rating had reflected uncertainty regarding Rosneft's
legal position in any new corporate structure, which has now
subsided.  The group's bond rating had already reflected that of
the Russian sovereign.

Both Rosneft's ratings incorporate significant uplift for
implied state support from its stand-alone credit quality, which
has been impaired by significant debt raised to acquire
Yuganskneftegaz from Yukos in December last year.  Moody's
ratings therefore assume that Rosneft will be able to address
its currently weak liquidity by extending its debt maturity
profile with the support of the domestic banking system.

While Moody's recognises that Rosneft's fundamental credit
quality remained subject to short-term uncertainty, the rating
agency also added that the acquisition of Yuganskneftegaz has
transformed Rosneft into a significantly enlarged group with
growing strategic importance to the Russian state.  Rosneft
today is the second-largest integrated oil company in Russia by
production and reserves.  Rosneft's ability to attract rapid
funding of the Yuganskneftegaz transaction through a network of
domestic banks has also endorsed Moody's view that Rosneft is
ultimately benefiting from state ownership and should continue
to access domestic funds for short and medium term liquidity.

Moody's also added that the government's apparent decision to
possibly sell a minority stake in Rosneft added some uncertainty
to the longer term sustainability of the state uplift included
in Rosneft's ratings.  Moody's stressed that ratings
incorporated the assumption that Rosneft would remain a majority
state-owned and controlled entity.  Measures taken, which would
see the state's ownership in Rosneft falling to below 50%, could
lead to Moody's re-evaluating the degree of uplift given to
Rosneft's ratings for implied state support.

Moody's anticipates that Rosneft's credit ratings will be
reassessed prior to the end of June 2005, in line with the
announcement regarding application of Joint Default Analysis to
this sector as announced on April 27, 2005.

OJSC Oil Company Rosneft, headquartered in Moscow, is a major
integrated Russian oil and gas company.  It is 100% state-owned.
In 2003 Rosneft produced 19.6 million tons of oil and 7.0
billion cubic meters of gas.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Philipp L. Lotter, Vice President - Senior Analyst
          Corporate Finance
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Stuart Lawton, Managing Director
          Corporate Finance
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


OAO ROSNEFT: S&P Cuts Rating After Gazprom Merger Cancellation
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Russia-based state-owned
oil company OJSC Oil Company Rosneft to 'B-' from 'B', following
the cancellation of the company's merger with Russian gas
company OAO Gazprom (BB-/Stable/--) and reflecting Rosneft's
tight liquidity and aggressive strategic and financial policies.

In addition, the ratings remain on CreditWatch but the
implications have been revised to negative from developing,
reflecting Rosneft's ongoing negotiations with creditors over
covenant waivers and new financing, and the elimination of the
prospect of a merger with a higher rated entity.  For details of
the effect of the merger cancellation on Gazprom please see the
article titled "Research Update: Gazprom 'BB-' Rating Off Watch
Dev And Affirmed On Rosneft Merger Cancellation; Outlook
Stable", published on May 18, 2005, on RatingsDirect, Standard &
Poor's Web-based credit analysis system at
http://www.ratingsdirect.com.

"The downgrade reflects Standard & Poor's view that Rosneft's
financial profile has deteriorated due to the company's high
debt levels (particularly short-term and secured debt) following
the $9.3 billion acquisition of Yugansk, tight liquidity, and
very aggressive financial strategy," said Standard & Poor's
credit analyst Tatiana Kordyukova.  "The current ratings on
Rosneft still assume a generally supportive attitude from
government-related financial institutions, although there could
be some reduction of support because of the merger
cancellation."

At the same time, the CreditWatch status of Rosneft reflects
Standard & Poor's ongoing concerns about the company's
liquidity, which remains the key risk for Rosneft because its
very significant short-term maturities are not covered by its
confirmed available resources.  The company continues to
negotiate waivers with holders of $1.9 billion of its long-term
loans, on which Rosneft breached covenants.  It is also seeking
long-term financing to refinance its existing short-term debt,
the availability of which is likely to depend on Rosneft's
success in obtaining waivers.  In addition, Yugansk is subject
to large tax claims and litigation risks, and is in default on
the guarantee it provided on $1.3 billion of debt for its
previous owner, the Russian oil company OAO NK Yukos (D/--/--).
Rosneft's financial policy and corporate governance also remain
of concern, as these could have a direct effect on the company's
future litigation risks and liabilities.

"The resolution of the CreditWatch on Rosneft will depend on the
company's liquidity situation," said Ms. Kordyukova.  "If
Rosneft fails to renegotiate waivers and obtain sufficient
financing to cover its upcoming maturities, the ratings might be
lowered further."

On May 17, 2005, the Russian government officially cancelled the
merger of Gazprom and Rosneft and proposed a new plan for
gaining a majority stake in Gazprom.  Under the latest plan, the
Russian government will retain the majority share in Rosneft,
but an undisclosed minority share will be sold publicly, and
proceeds will be eventually transferred to Gazprom in exchange
for its treasury stock.  Standard & Poor's does not expect any
increased support from the government as a result of these
proposed changes in Rosneft's shareholding structure.

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 on:
media_europe@standardandpoors.com.

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


RUSKEALSKIY MARBLE: Appoints N. Mikhaylov Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy supervision procedure on open joint stock company
Ruskealskiy Marble.  The case is docketed as A26-1172/2005-182.
Mr. N. Mikhaylov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to:

(a) RUSKEALSKIY MARBLE
    186750, Russia, Kareliya republic,
    Sortavala, Ruskeala, Zavodskaya Str. 3

(b) Temporary Insolvency Manager
    185005, Russia, Kareliya republic, Petrozavodsk,
    Lunacharskogo Str. Post Office 5, Post User Box 52

    Or

    NP SRO AU North Capital
    185035, Russia, Petrozavodsk,
    Antikaynena Str. 10


SAKHALIN: Bankruptcy Proceedings Begin
--------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Sakhalin after finding the coal corporation
insolvent.  The case is docketed as A59-2901/04-S12.  Mr. V.
Glik has been appointed insolvency manager.  Creditors have
until June 16, 2005 to submit their proofs of claim to 693008,
Russia, Yuzhn-Sakhalinsk, Pobedy Pr. 65, Room 24.

CONTACT:  SAKHALIN
          693000, Russia,
          Yuzhno-Sakhalinsk, Mira Pr. 420

          Mr. V. Glik
          Insolvency Manager
          693008 Russia, Yuzhn-Sakhalinsk,
          Pobedy Pr. 65, Room 24


SARAKTASHSKIY DAIRY: Declared Insolvent
---------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Saraktashskiy Dairy after finding the open
joint stock company insolvent.  The case is docketed as A47-
14254/2004-14GK.  Mr. V. Ivanov has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 460000,
Russia, Orenburg region, Gaya Str. 23A.

CONTACT:  SARAKTASHSKIY DAIRY
          462120, Russia, Orenburg region,
          Saraktash, Mira Str. 202

          Mr. V. Ivanov
          Insolvency Manager
          460000, Russia, Orenburg region,
          Gaya Str. 23A
          Phone/Fax: (3532) 78-38-45


TAMBOVSKIY: Tambov Court Names Insolvency Manager
-------------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
supervision procedure on open joint stock company Tambovskiy.
The case is docketed as A64-685/05-18.  Ms. N. Kalita has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 167000, Russia,
Syktyvkar, Pervomayskaya Str. 31.  A hearing will take place on
July 28, 2005.

CONTACT:  TAMBOVSKIY
          392526, Russia, Tambov region,
          Stroitel, DSU-2

          Ms. N. Kalita
          Temporary Insolvency Manager
          167000, Russia, Syktyvkar,
          Pervomayskaya Str. 31


TOMSK-OIL-GAS-GEOLOGY VNK: Under Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
supervision procedure on open joint stock company Tomsk-Oil-Gas-
Geology Vnk.  The case is docketed as A67-3215/05.  Mr. A.
Krasnozhenov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 634034, Russia,
Tomsk, Kuleva Str. 33.  A hearing will take place on Sept. 15,
2005.

CONTACT:  TOMSK-OIL-GAS-GEOLOGY VNK
          634009, Russia, Tomsk region,
          Lenina Pr. 147

          Mr. A. Krasnozhenov
          Temporary Insolvency Manager
          634034, Russia, Tomsk region,
          Kuleva Str. 33


TRANSDOR-HOLDING: Succumbs to Bankruptcy
----------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Transdor-Holding after finding the
corporation insolvent.  The case is docketed as A-57 15B/03-31.
Mr. A. Lyubimenko has been appointed insolvency manager.
Creditors may submit their proofs of claim to 410086, Russia,
Saratov, Post User Box 3465.

CONTACT:  Mr. A. Lyubimenko
          Insolvency Manager
          410086, Russia, Saratov region,
          Post User Box 3465


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


ARTANIYA: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Volinska region commenced bankruptcy
supervision procedure on OJSC Building Department Artaniya (code
EDRPOU 05514732) on March 24, 2005.  The case is docketed as
8/22 B.  Mr. Ivan Kostukevich (License Number AA 140412) has
been appointed temporary insolvency manager.  The company holds
account number 260043005785 at CB Zahidinkombank, MFO 303440.

Creditors may submit their proofs of claim to:

(a) ARTANIYA
    45630, Ukraine, Volinska region,
    Lutsk region, Zmiyinets,
    Lutska Str. 52a

(b) Mr. Ivan Kostukevich
    Temporary Insolvency Manager
    43000, Ukraine, Volinska region,
    Lutsk, Grushevskij Str. 30/22

(c) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, Volinska region,
    Lutsk, Voli Avenue, 54-a


BLOK: Temporary Insolvency Manager Takes over Helm
--------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on Blok (code EDRPOU 13564738) on February
18, 2005.  The case is docketed as 1/22 B.  Mr. Leonid Shishkin
(License Number AA 947704) has been appointed temporary
insolvency manager.  The company holds account number 260062878
at JSPPB Aval, Zhitomir regional branch, MFO 311528.

Creditors may submit their proofs of claim to:

(a) BLOK
    10029, Ukraine, Zhitomir region,
    Fastivska Str. 11a

(b) Mr. Leonid Shishkin
    Temporary Insolvency Manager
    10029, Ukraine, Zhitomir region,
    Chapayev Str. 7


INDUSTRIALBANK: 'CCC'/'C' Ratings on Watch Evolving
---------------------------------------------------
Fitch Ratings placed Industrialbank's (INB) Long-term 'CCC',
Short-term 'C' and Individual 'D/E' ratings on Rating Watch
Evolving.  INB's Support rating of '5' is affirmed.

The action follows the recent announcement that shareholders
meetings of INB and MT Bank have approved a merger between the
two banks.  The merger is subject to the approval of the
National Bank of Ukraine, which is expected within one month,
and should be completed by early 2006.  Fitch notes that once it
has received sufficient information on the merger, it expects to
resolve the Rating Watch Evolving.

Fitch notes that the merger of MT Bank and INB would create an
entity that would rank among the top 20 Ukrainian banks by total
assets.  It would also help diversify INB's business on both
sides of the balance sheet, by customer and geographically,
thereby reducing INB's currently high concentration levels.
However, Fitch highlights that given the deal has yet to be
finalized, the impact of the merger on INB's capitalization is
uncertain at this stage, and that operational risk could arise
as a result.  Furthermore, the combined bank would still be
small in absolute terms by international standards.

Fitch understands that INB has already been working more closely
with MT Bank for several months, particularly in risk
management.  Additionally, MT Bank has been submitting regular
financial and risk reports to INB.

MT Bank is located in central Ukraine, and at end-Q105 had
equity and total assets of UAH143 million and UAH797 million,
respectively, according to Ukrainian Accounting Standards.  The
bank's main business is corporate lending, and deposit taking
(including corporate and retail customers).  MT Bank has a
network of ten branches.

INB was established in 1990 as Bank Sodruzhestvo and re-
registered under its current name in 1996.  At end-Q105, it had
equity and assets of UAH168 million and UAH1.08 billion,
respectively (per Ukrainian Accounting Standards), ranking it
among the top 30 banks in Ukraine.

The bank is based and operates in Zaporizhzhia, south east
Ukraine, one of the country's key industrial regions and a focal
point of iron, steel and non-ferrous metals production.  INB's
largest shareholder is West Reserve Insurance Company (35%), a
Ukrainian company, which also has a significant shareholding in
the region's main iron and steel works, Zaporizhstal.  INB
conducts a significant proportion of its business with
Zaporizhstal.

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

          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

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


IZMAILSKIJ HOLODILNIK: Bankruptcy Supervision Begins
----------------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
supervision procedure on OJSC Izmailskij Holodilnik
Izmailprodcontract (code EDRPOU 01553758) on March 10, 2005.
The case is docketed as 2/45-05-1372.  Mr. Volodimir Shnyakin
(License Number AA 773105) has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to:

(a) IZMAILSKIJ HOLODILNIK IZMAILPRODCONTRACT
    65000, Ukraine, Odessa region,
    Izmail, Gagarin Str. 64

(b) Mr. Volodimir Shnyakin
    Temporary Insolvency Manager
    65013, Ukraine, Odessa region,
    Chornomorskogo Kozatstva Str. 80

(c) ECONOMIC COURT OF ODESSA REGION
    65032, Ukraine, Odessa region,
    Shevchenko Avenue, 4


KIRNASIVSKA MACHINE: Declared Insolvent
---------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Kirnasivska Machine-Technological Station
(code EDRPOU 25496670) on March 29, 2005 after finding the close
joint stock company insolvent.  The case is docketed as 5/61-05.
Pension Fund Department of Tulchinskij district has been
appointed liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) PENSION FUND DEPARTMENT OF TULCHINSKIJ DISTRICT
    Liquidator/Insolvency Manager
    23600, Ukraine, Vinnitsya region,
    Tulchin, Lenin Str. 51

(b) ECONOMIC COURT OF VINNITSYA REGION
    21100, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


KOLOMIYA' WOOD: Court Appoints Liquidator
-----------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against Kolomiya' Wood Combine (code
EDRPOU 00274298) after finding the open joint stock company
insolvent.  The case is docketed as B-12/110.  Mr. Vitalij
Gumenyuk (License Number AA 779337) has been appointed
liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) KOLOMIYA' WOOD COMBINE
    Ukraine, Ivano-Frankivsk region,
    Kolomiya, Ivasyuk Str. 26

(b) Mr. Vitalij Gumenyuk
    Liquidator/Insolvency Manager
    Ukraine, Ivano-Frankivsk region,
    Privokzalna Str. 9/81

(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76000, Ukraine, Ivano-Frankivsk region,
    Shevchenko Str. 16


NADIYA: Urges Creditors to File Claims
--------------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Nadiya (code EDRPOU 20145284) on April 6,
2005 after finding the company insolvent.  The case is docketed
as 1/47-B.  Kovelska State Tax Inspection has been appointed
liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) NADIYA
    44222, Ukraine, Volinska region,
    Manevitskij district, Troyanivka, Lugova Str.

(b) Kovelska State Tax Inspection
    Liquidator/Insolvency Manager
    45000, Ukraine, Volinska region,
    Kovel, Stepan Bandera Str. 5

(c) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, Volinska region,
    Lutsk, Voli Avenue, 54-a


ROSAVA: To Hold Sale of Assets Next Week
----------------------------------------
The Agency of Bankruptcy Questions will sell the properties of
OJSC Rosava on May 23, 2005, 11:00 a.m. at Ukraine, Kyiv region,
Bila Tserkva Str.

For sale is property complex at starting price of UAH1,576,477.3
(inclusive of VAT).

To participate, bidders must deposit an amount equivalent to 5%
of the starting price of and pay a registration fee of UAH17 on
or before May 20, 2005.  The amount must be deposited to The
company holds account number 2600310102828 at JSPPB Aval,
Mikolaiv regional branch, MFO 322904, EDRPOU 31815954.

Participants must submit competitive propositions on or before
May 20, 2005 to Ukraine, Kyiv region, Bila Tserkva Str.
Levanevskij Str. 91.

CONTACT:  AGENCY OF BANKRUPTCY QUESTIONS
          Ukraine, Kyiv region,
          P. Lubchenko Str. 15/424
          Phone: (044) 261-15-65


SOCIAL GOVERNING: Names Oleksandr Demchuk Insolvency Manager
------------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Institute of Social Governing and Law (code
EDRPOU 30343955) on April 6, 2005 after finding the limited
liability company insolvent.  The case is docketed as 01/3785.
Mr. Oleksandr Demchuk (License Number AA 047780) has been
appointed liquidator/insolvency manager.  The company holds
account number 260033021239 at Oshadbank, Sosnivske branch 220
of Cherkassy region, MFO 354745; account number 2600531276101 at
JSCB Intercntinentbank, Kyiv branch, MFO 300313; account number
26000010000001 at JSB Sintez, Cherkassy branch, MFO 353326;
account number 2600202292 at JSB Sintez, Cherkassy branch, MFO
322711; and account number 26006301786282 at Prominvestbank,
Central Cherkassy branch, MFO 354091.

Creditors may submit their proofs of claim to:

(a) INSTITUTE OF SOCIAL GOVERNING AND LAW
    18000, Ukraine, Cherkassy region,
    Kalinin Str. 103, 72

(b) ECONOMIC COURT OF CHERKASSY REGION
    18005, Ukraine, Cherkassy region,
    Shevchenko Avenue, 307


TALAN-AGRO: Names Temporary Insolvency Manager
----------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
supervision procedure on LLC Trade House Talan-Agro (code EDRPOU
30766372) on April 5, 2005.  The case is docketed as 10/39.  Mr.
V. Cherepenko (License Number AA 140411) has been appointed
temporary insolvency manager.  The company holds account number
26003446396001 at CJSC CB Privatbank, MFO 326610.

Creditors may submit their proofs of claim to:

(a) TALAN-AGRO
    Ukraine, Mikolaiv region,
    Zhovtnevij district, Shevchenkove,
    Urozhajna Str. 1

(b) Mr. V. Cherepenko
    Temporary Insolvency Manager
    54017, Ukraine, Mikolaiv region,
    Moskovska Str. 54a


(c) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


TULCHINPRODUCT: Vinnitsya Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Tulchinproduct (code EDRPOU 05519681) on
March 29, 2005 after finding the close joint stock company
insolvent.  The case is docketed as 5/61-05.  Pension Fund
Department of Tulchinskij district has been appointed
liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) Tulchinproduct
    23600: Ukraine, Vinnitsya region,
    Tulchin, Zheluka Str. 6

(b) PENSION FUND DEPARTMENT OF TULCHINSKIJ DISTRICT
    Liquidator/Insolvency Manager
    23600, Ukraine, Vinnitsya region,
    Tulchin, Lenin Str. 51

(c) ECONOMIC COURT OF VINNITSYA REGION
    21100, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


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


ALICO KNITWEAR: Creditors Meeting Set Next Week
-----------------------------------------------
The creditors of Alico Knitwear Limited will meet on May 23,
2005 at 3:00 p.m.  It will be held at Holiday Inn Leicester-
West, Braunstone Lane East, Leicester LE3 2FW.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Creditors who want to be represented
at the meeting may appoint proxies.

CONTACT:  SPRINGFIELDS
          80 Hinckley Road
          Leicester
          Leicestershire LE3 0RD
          Phone: 0116 299 4745
          Fax: 0116 299 4742
          E-mail: situl.r@springfields-uk.com


AQUAJET SYSTEMS: Liquidator to Deliver Report This Month
--------------------------------------------------------
The creditors of Aquajet Systems Limited will meet on May 26,
2005 at 12:00 noon.  It will be held at the offices of
Crawfords, Stanton House, 41 Blackfriars Road, Salford,
Manchester M3 7DB.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Creditors who want to be represented
at the meeting may appoint proxies.  Proxy forms must be lodged
with Crawfords, Stanton House, 41 Blackfriars Road, Salford,
Manchester M3 7DB not later than 12:00 noon, May 25, 2005.

CONTACT:  CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford
          Manchester
          Greater Manchester M3 7DB
          Phone: 0161 828 1000
          Fax: 0161 832 1829
          E-mail: akachani@aol.com


BAKER AVIATION: Creditors Meeting Set May
-----------------------------------------
The creditors of Baker Aviation Lubricants Limited will meet on
May 24, 2005 at 11:00 a.m.  It will be held at The City Gate
Hotel, Iron Bridge, North Street, Exeter EX4 3RB.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Creditors who want to be represented
at the meeting may appoint proxies.  Proxy forms must be lodged
with The Conifers, Filton Road, Hambrook, Bristol BS16 1QG from
10:00 a.m. to 4:00 p.m. on or before May 23, 2005.

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


BOHLIN (CIRENCESTER): General Meeting Set June
----------------------------------------------
The general meeting of the contributories of Bohlin
(Cirencester) Limited will be on June 16, 2005 at 10:30 a.m.  It
will be held at the offices of Tenon Recovery, Sherlock House,
73 Baker Street, London W1U 6RD.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Contributories who want to be
represented at the meeting may appoint proxies.

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


BOOTS GROUP: Chief Financial Officer Steps Down
-----------------------------------------------
Howard Dodd, Chief Financial Officer, has resigned from the
Board of Boots Group plc.  The Company announced Mr. Dodd's
intention to resign on March 13, 2005.

Richard Baker, Chief Executive, said: "I would like to thank
Howard for all his hard work and important contribution to the
Company over the past three years.  I have worked well with him
and respect his decision.  I wish him well for the future."

Jim Smart, Group Financial Controller, will act as Chief
Financial Officer, pending the appointment of a successor to Mr.
Dodd.  Mr. Smart will not join the Board of Boots.

                            *   *   *

According to analysts, Boots is expected to report pre-tax
profits lower than the GBP545 million it registered the year
earlier.

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

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

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

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


BRITISH AIRWAYS: Ratings Affirmed; Outlook Changed to Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based airline British Airways PLC to positive from stable.  At
the same time, Standard & Poor's affirmed its 'BB+' long-term
corporate credit and 'BB-' senior unsecured debt ratings on the
group.

BA has made progress in improving operating performance and
reducing net debt, which has contributed to a strengthening of
the group's credit profile.  Despite a challenging trading
environment, Standard & Poor's expects BA's structural cost
savings achieved and its ongoing initiatives to allow the group
to maintain profitability and continue to improve the credit
profile.

In 2005, BA's financial results improved in all regions,
reflecting the progress made in reducing its cost base and
raising productivity.  BA's cost reduction programs are ongoing
and should yield further benefits over the medium term.  At the
same time, the group has used its improving cash flow and
substantial disposal proceeds to reduce total balance sheet debt
over the past two years by GBP1.9 billion ($3.5 billion).
Standard & Poor's expects BA to continue to reduce debt from
excess cash flow.  At March 31, 2005, BA had total balance sheet
debt of GBP4.9 billion.

"BA's restructuring program has made good progress and the
business has better flexibility to adapt to a hostile price
environment.  High fuel prices do, however, remain a key
challenge to the company and further cost improvement
initiatives will be necessary," said Standard & Poor's credit
analyst Leigh Bailey.  "We expect management's commitment to
stronger credit-protection measures and debt reduction to
strengthen the company's balance sheet over the coming years."

In the medium term, a further reduction in pension-adjusted
leverage and continued improvement in the group's operating
margin are likely to result in a review that could result in the
rating being raised to investment grade.  Deterioration in
demand levels or a significant rise in oil prices that cannot be
satisfactorily offset could cause the outlook to be revised to
stable.

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 on:
media_europe@standardandpoors.com.

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


CHERISH LIMITED: Appoints Poppleon & Appleby Liquidator
-------------------------------------------------------
At the extraordinary general meeting of Cherish Limited on May
6, 2005 held at 35 Ludgate Hill, Birmingham B3 1EH, the
resolution to wind up the company was passed.  A. Turpin of
Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH has been
appointed liquidator of the company.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


CHINA DIRECT: Names Liquidator from Ideal Corporate Solutions
-------------------------------------------------------------
At the extraordinary general meeting of China Direct Marketing
Limited on May 9, 2005 held at Ideal Corporate Solutions
Limited, 10 Eagley House, Deakins Business Park, Bolton BL7 9RP,
the extraordinary resolution to wind up the company was passed.
Andrew Rosler of Ideal Corporate Solutions Limited, 10 Eagley
House, Deakins Business Park, Bolton BL7 9RP has been appointed
liquidator of the company.

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


COLD JET: Appoints Liquidator from Baker Tilly
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Cold Jet Europe Limited

Notice is hereby given that on May 6, 2005, I, Adrian David
Allen, Baker Tilly, Garrick House, 76-80 High Street, Old
Fletton, Peterborough PE2 8ST was appointed liquidator of Cold
Jet Europe Limited, by resolution of a meeting of members and
creditors, pursuant to section 109 of the Insolvency Act 1986.

Adrian David Allen, Liquidator

CONTACT:  BAKER TILLY
          Garrick House
          76-80 High Street
          Old Fletton
          Peterborough PE2 8ST
          Phone: 01733 342444
          Fax: 01733 554704
          Web site: http://www.bakertilly.co.uk


COMPASS FINANCE: To Release Interim Results June
------------------------------------------------
Compass Finance Group plc intends to announce its interim
results for the six months ended 31 March 2005 on 22 June 2005,
11:45 a.m. to 12:00 noon at 1 Cornhill, London EC3V 3ND.

On the day a presentation will be held for analysts.

Compass Finance Group plc is a finance broker and packager of
re-mortgages, secured loans and unsecured loans for clients
requiring debt consolidation and financial solutions.  It earns
its income from commissions and fees received primarily from
third party lenders.

                            *   *   *

At the Annual General Meeting in February, Compass Finance Group
plc reported that, despite a good start to the year with
turnover up over 30%, the underlying profitability of the Group
in the first four months of the year was lower than last year as
a result of investment in staff and premises.

The Board of the Company now estimates that turnover in the six
months ended 31 March 2005 will be approximately GBP7.0 million
compared to GBP5.6 million for Compass Finance Ltd. in 2004.

CONTACT:  COMPASS FINANCE GROUP PLC
          2nd Fl., Warwick House,
          Hollins Brook Way,
          Pilsworth Bury
          Greater Manchester BL9 8RR, United Kingdom
          Phone: +44-800-298-0547
          Web site: http://www.compass-finance.co.uk

          Mike Sutcliffe, Chief Executive
          Phone: 07766 220 172

          Beattie Financial
          Brian Coleman-Smith
          Jo Clewlow
          Phone: 020 7053 6400
                 07802 724 400


COMPASS GROUP: Six-month Results Disappoint
-------------------------------------------
Business summary of interim unaudited results for the six months
ended 31 March 2005:

(a) turnover of GBP6.2 billion, up 6% on a like for like
    basis;

(b) underlying operating profit on constant currency basis 2.9%
    lower;

(c) basic earnings per share on an underlying constant currency
    basis 3.5% lower;

(d) interim dividend of 3.3 pence per share, up 6.5%;

(e) on track to achieve full year cash flow of GBP350 million --
    GBP370 million at 2004 exchange rates;

(f) will achieve at least 6% like for like growth in the full
    year;

(g) agreed sale of 75% stake in Au Bon Pain for US$90 million;

(h) overhead savings over next 18 months of GBP50 million;

(i) objective for improvement in ROCE of 100 basis points over
    the period 2006-2008; and

(j) objective to generate GBP1 billion of free cash flow over
    the period 2006-2008.

Michael J. Bailey, Chief Executive of Compass Group plc, said:
"I am not happy with our recent performance.  We need to respond
more rapidly than we have to the changes taking place in our
market.

"The business review I have initiated has already identified an
initial set of actions in terms of operational efficiency, for
example on overheads.  The review is ongoing and we will
evaluate all opportunities to extract maximum value from Compass
Group.

"Our objectives over the medium-term (2006-2008) will be to
deliver an improvement of 100 basis points in return on capital
employed and to generate free cash flow of GBP1 billion.

"I am totally committed to implementing and driving forward the
operating, financial and cultural changes necessary to deliver
enhanced value for shareholders."

Appointment of New Chairman

As confirmed on 9 May 2005, Sir Francis Mackay will step down as
planned from the Board of Compass Group after 19 years, the last
6 years as Chairman, at the Group's Annual General Meeting in
February 2006.  The Nominations Committee has begun the search
to appoint a new Chairman from outside the Group.
Operating and Financial Review

Half year turnover was GBP6,191 million (2004: GBP5,844 million)
with like for like growth of 6%, in line with expectations.
Turnover continues to be driven by new business wins and high
levels of contract retention in the Group's primary contract
catering business.  This growth has been particularly strong in
North America, the U.K., Australasia and Latin America.
Performance in Continental Europe and elsewhere has been mixed
and in some areas remains very challenging.

New business was also driven by the continued trend towards
outsourcing particularly in Healthcare and Education and high
levels of activity in offshore and remote site locations.

Business Review

The Group has initiated a comprehensive operational and
financial review to identify and confirm the opportunities to
drive value creation and performance.

The initial conclusion of this ongoing review is that there are
significant opportunities across the Group.

Operational efficiency gains will come from purchasing, overhead
reduction and labor productivity including:

(a) the ongoing roll-out of our procurement model which will be
    a key driver of operational efficiency and the Group's
    purchasing teams have been tasked to ensure that growth in
    food cost across the business continues to be contained at
    well below market levels;

(b) a range of labor monitoring, scheduling and reporting tools
    are being introduced across the Group to drive improvements
    in labor productivity; and

(c) following a review of the Group's structure set against the
    backdrop of operating in over 90 countries and 'above unit
    overheads' of circa GBP1 billion, a program is now underway
    to deliver savings of GBP50 million over the next 18 months.
    This will be achieved through restructuring and streamlining
    the organization to deliver more effective day to day
    decision-making and control.  The opportunity for enhanced
    revenue generation lies in adopting a more retail focused
    approach in terms of product management and development,
    merchandising and, in particular, pricing.

Group Operating Profit

Total operating profit from continuing activities, including
associates but before goodwill amortization was GBP328 million
(2004: GBP346 million).

Interest

Net debt at 31 March 2005 was GBP2,494 million (30 September
2004: GBP2,373 million).  Net interest for the period was GBP68
million (2004: GBP65 million).

Profit Before Taxation

Profit before taxation and goodwill amortization decreased by 8%
from GBP283 million to GBP260 million.

Taxation

The overall Group tax charge was GBP65 million giving an overall
tax rate on ordinary activities of 25% of profit before tax and
goodwill amortization, which is below the U.K. corporate tax
rate of 30%.  The main reasons for the lower rate are the
recognition of relief associated with past acquisitions (2%),
losses brought forward (2%), the tax deductibility of part of
the Group's goodwill (2%), and the benefit of prior year items
(2%), offset by higher overseas tax rates (3%).

Under IFRS, the earnings benefit of the tax deduction for
goodwill in the U.S. will no longer be available, although there
is no cash tax impact.  Overall, the Group's tax rate under IFRS
is expected to be more volatile than under U.K. GAAP.  This,
combined with the 2005 Budget impact on cross border financing
structures, means it is now likely that the Group's tax charge
for 2006 onwards is expected to move to around 30% (previously
mid to high 20's) and that the cash tax rate is expected to move
to mid to high 20's (previously mid 20's).

Goodwill Amortization

The goodwill amortization charge for the period was GBP136
million (2004: GBP138 million).

Earnings Per Share

Basic and diluted earnings per share on a reported basis, after
goodwill amortization, were both 1.9 pence (2004: 2.5 pence and
2.4 pence on a basic and diluted basis respectively).  Basic
earnings per share before goodwill amortization for the period
was 8.2 pence (2004: 8.8 pence).

Underlying basic earnings per share before goodwill
amortization, adjusting for discontinued activities and currency
translation, is down by 3.5% period on period at 8.2 pence per
share.

Dividends

The recommended interim dividend is 3.3 pence per share (2004:
3.1 pence per share), an increase over the 2004 interim dividend
per share of 6.5%.

Disposals

The Group has agreed to sell the 75% stake in the North American
bakery cafe chain, Au Bon Pain, for a consideration of US$90
million.  Under the terms of the transaction the Group will
retain a 25% equity stake, Au Bon Pain's airport operations and
an exclusive franchise for core Compass business channels such
as vending, business and industry and education.  Au Bon Pain
has 224 outlets and, in the year ended 30 September 2004,
revenues relating to the parts of the business being sold were
circa GBP100 million and operating profit was circa GBP4
million.  Au Bon Pain was acquired by the Group in December
2000.

Profits on disposal of businesses and fixed assets were GBPnil
million (2004: GBP5 million).  For the full year, profits on
disposals are expected to total circa GBP10 million arising in
Continental Europe & rest of world and North America rather than
in the U.K. as previously anticipated.

Acquisitions

The Group's strategic focus continues to be on the organic
development of its existing core businesses.  During the period,
the Group purchased businesses for GBP30 million with GBP1
million of the aggregate purchase price being deferred
consideration payable in the future and including GBP3 million
of cash acquired.

The Group also purchased further shares in companies not wholly
owned, for GBP61 million.  The most significant of these was a
further 30% of the remaining share capital in Onama, the Group's
Italian contract catering business, for GBP41 million taking the
Group's total share holding to 90%.  The Group also paid GBP14
million of deferred consideration in the period in respect of
prior year acquisitions.

The Group does not anticipate any significant further spend on
new acquisitions in the remainder of the 2005 financial year.
Further deferred consideration payments of circa GBP20 million
are anticipated in respect of prior year acquisitions.

Cash Flow

Net cash flow from operations was in line with last year at
GBP373 million.  Free cash flow for the first half of 2005 was
GBP81 million (2004: GBP86 million).

Payments in respect of provisions for liabilities and charges
absorbed GBP14 million (2004: GBP24 million).  GBP10 million was
spent on reducing liabilities in respect of insurance, pensions
and other post-employment benefits, GBP3 million on settling
onerous contracts and GBP1 million in respect of legal and other
claims.

Interest payments absorbed a net GBP78 million (2004: GBP58
million).  Interest paid was higher principally because of the
effect of the swap monetization concluded in the second half of
2004.

The net tax paid in 2005 of GBP43 million (2004: GBP35 million)
represents 17% of profit before tax and goodwill amortization
and is significantly less than the total tax charge for the
period of GBP65 million.  The main reasons for this difference
are tax losses brought forward and utilized in the year, capital
allowances in excess of depreciation and the timing of tax
payments.  The Group's cash tax rate is likely to be in the
range of 18-20% for full year 2005.

Net capital expenditure absorbed GBP164 million (2004: GBP182
million).

The Group is in the process of finalizing discussions with the
trustees of the U.K. pension schemes.  Current estimates
indicate an increase in the Group's cash contributions to these
schemes from 2006 onwards in the range GBP10 million to GBP15
million per annum.

International Financial Reporting Standards

The Group is well advanced with preparation for the adoption of
International Financial Reporting Standards (IFRS) and, as
previously announced, the Group will adopt IFRS for the first
time in respect of its 2006 financial reporting.

The work completed indicates that the expected U.K. GAAP to IFRS
adjustments having the most significant impact on the Group's
projected 2005 earnings are:

(a) ceasing to amortize goodwill;

(b) accounting for the costs of share based payments; and

(c) the loss of the income statement benefit of tax deductions
    on overseas goodwill.

The combined impact of these adjustments would be an estimated
increase of GBP200 million to GBP220 million in the Group's
profit for the financial year under IFRS.  Before goodwill
amortization the Group's profit for the financial year under
IFRS is estimated to be in the range GBP55 million to GBP65
million lower than under U.K. GAAP.  This would equate to an
increase in earnings per ordinary share of 120% - 140% on a post
goodwill amortization basis or a reduction in earnings per
ordinary share of 13% - 15% on a pre goodwill amortization
basis.

The above estimate of the impact of adopting IFRS on 2005
earnings does not take into account a number of smaller
differences which in aggregate are not currently anticipated to
result in material adjustments between reported earnings under
U.K. GAAP and IFRS.  They also do not reflect the possible
effect on earnings of the IAS 39 requirements relating to
financial instruments, which cannot be quantified until the year
end value of these financial instruments is known.  IAS 39
hedging rules mean that hedge accounting treatment will not
apply to all the Group's net investment and interest rate hedges
and consequently will result in some income statement volatility
caused by changes to market interest and foreign exchange rates.

The expected U.K. GAAP to IFRS adjustments having the most
significant impact on the Group's opening IFRS balance sheet at
30 September 2004, are:

(a) the recognition of additional pension liabilities amounting
    to approximately GBP220 million - GBP240 million arising
    from the requirements of IAS 19 Employee Benefits;

(b) existing goodwill in the Group balance sheet being "frozen"
    at the 30 September 2004 level of circa GBP4.2 billion and
    no longer subject to amortization.  The balance will however
    be subject to annual impairment testing and movements in
    exchange rates;

(c) IAS10 Events after the Balance Sheet Date does not permit
    recognition of a proposed dividend as a liability;
    consequently, at 30 September 2004, the liability for the
    final dividend of GBP134 million will be added back the
    reserves; and

(d) IAS 32 and IAS 39 require the Group to recognize as a
    liability the discounted acquisition cost associated with
    the potential exercise of put options held by minority
    shareholders.  This will reduce net assets at 30
    September 2004 by an estimated GBP200 million.

The first financial information to be reported by the Group in
accordance with IFRS will be for the six months ending 31 March
2006 but the requirement to present comparative information
means that a balance sheet as at 30 September 2004 and primary
statements for the six months to 31 March 2005 and the year to
30 September 2005, prepared in accordance with IFRS, will also
be required.  The Group will continue to report its consolidated
financial statements in accordance with U.K. GAAP for the year
to 30 September 2005.

The above estimate of the adjustments required has been based on
the Group's current knowledge and understanding of the
requirements of IFRS, although IFRS standards, interpretation
and practice continue to evolve.

Outlook

The Group is encouraged by the first half cash position and
remains on track to deliver full year free cash flow in the
range of GBP350 million to GBP370 million at 2004 reported
exchange rates.

It expects turnover and margin to continue the trends seen in
the first half, helped in particular by continued good
performance in North America and a slight pick up in Continental
Europe & rest of world.

CONTACT:  COMPASS GROUP PLC
          Compass House
          Guildford Street
          Chertsey
          Surrey
          United Kingdom
          KT16 9BQ
          Phone: +44 1932 573 000
          Fax: +44 1932 569 956
          Web site: http://www.compass-group.com


COPYSTOP (UK): Hires Liquidator from Singla & Co.
-------------------------------------------------
At the extraordinary general meeting of Copystop (UK) Limited on
May 5, 2005 held at the offices of Singla & Co., 12 Devereux
Court, Strand, London WC2R 3JL, the extraordinary resolution to
wind up the company was passed.  Surjit Kumar Singla of Singla &
Co., 12 Devereux Court, Strand, London WC2R 3JL has been
appointed liquidator of the company.

CONTACT:  SINGLA & CO.
          12 Devereax Court
          Strand
          London WC2R 3JL
          Phone: 020 7353 6922
          Fax: 020 7583 4126


CULT CLOTHING: Liquidator from Begbies Traynor Moves in
-------------------------------------------------------
At the extraordinary general meeting of Cult Clothing Limited
(t/a Sam Walker) on May 5, 2005 held at the offices of Taylor
Fry, 70 Conduit Street, London W15 6GF, the subjoined
extraordinary resolution to wind up the company was passed.
Louise Donna Baxter of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG has been
appointed liquidator of the company.

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


DIRECT VEHICLE: Creditors to Convene Next Week
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Direct Vehicle Logistics Limited

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of Creditors of the Direct Vehicle
Logistics Limited will be held at Sherwood House, 7 Glasgow
Road, Paisley PA1 3QS, on May 25, 2005, at 10:15 am, for the
purposes mentioned in sections 99 to 101 of the said Act.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims and proxies have been submitted and accepted at the
Meeting or lodged beforehand with Campbell Dallas.

A list of the names and addresses of the Company's Creditors may
be inspected, free of charge, at the offices of Campbell Dallas,
Sherwood House, 7 Glasgow Road, Paisley, between 10:00 a.m. and
4:00 p.m. two business days prior to the Meeting.

Resolutions to be taken at the Meeting may include a Resolution
specifying the terms on which the Liquidator is to be
remunerated, and the Meeting may receive information about, or
be called upon to approve, the costs of preparing the statement
of affairs and convening the Meeting.

By Order of the Board,
Gregory William Meechan, Director

CONTACT:  CAMPBELL DALLAS
          Sherwood House
          7 Glasgow Road
          Paisley PA1 3QS
          Phone: 0141 887 4141
          Fax: 0141 887 1103
          E-mail: psly@camdal.com
          Web site: http://www.camdal.com


DOCKWELL DEVELOPMENTS: Members Final Meeting Set Next Month
-----------------------------------------------------------
The final meeting of the members of Dockwell Developments
Limited will be on June 23, 2005 at 10:00 a.m.  It 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.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

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


DREAM LIFESTYLE: General Members Meeting Set June
-------------------------------------------------
The general meeting of the members of Dream Lifestyle Limited
will be on June 17, 2005 at 11:00 a.m.  It will be held at the
offices of Dodd & Co, Clint Mill, Cornmarket, Penrith, Cumbria
CA11 7HW.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Dodd & Co, Clint Mill, Cornmarket, Penrith, Cumbria CA11
7HW not later than 12:00 noon, June 16, 2005.

CONTACT:  DODD & CO
          Clint Mill
          Cornmarket
          Penrith
          Cumbria CA11 7HW
          Phone: 01768 864466
          Fax: 01768 865653
          E-mail: jeanette@doddaccountants.co.uk


EIDOS PLC: New Board Takes over
-------------------------------
Further to the announcement by SCi Entertainment Group PLC on 16
May 2005 that the Offer for Eidos plc had become wholly
unconditional in all respects, the entire Board of Eidos plc has
resigned from office with effect from 17 May 2005.

The directors are David Adams, Stuart Cruickshank, Jonathan
Kemp, John van Kuffeler, Ian Livingstone, Michael McGarvey,
Victor Steel, and Allen Thomas.

With effect from 17 May 2005, these individuals have been
appointed directors to the Board of Eidos plc in place of the
resigning directors: Jane Cavanagh, Bill Ennis, and Rob Murphy.

Jane Cavanagh, CEO of SCi, said: "On behalf of the SCi Board, I
would like to thank the Eidos Board for their contribution over
recent years and for their willingness to work with us to ensure
a successful transition of the business.  We wish them well for
the future."

                            *   *   *

Earlier, reports said Elevation Partners could revive its bid
for Eidos after SCi Entertainment's continued slump on the
market.

Last month, the U.S. venture capital firm withdrew its all-cash
bid for Eidos after the latter's board favored SCi's all-share
offer.

The drop in SCi's shares reportedly pulled down Eidos' worth to
47 pence, less than Elevation's offer of 50 pence per
share.  This has opened the opportunity for Elevation to
revive its offer, but it must get the backing of Schroders, a
key shareholder with a 20% stake.

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


EMB 2005: Calls Creditors Meeting
---------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF EMB (2005) Realisations Limited

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of Creditors of the EMB (2005)
Realisations Limited will be held on June 3, 2005, at 12:00
noon, within the offices of PKF, Accountants and business
advisors, 78 Carlton Place, Glasgow G5 9TH, for the purposes
mentioned in sections 99 to 101 of the said Act.

A list of the Company's Creditors will be available for
inspection within the offices of PKF, Accountants and business
advisors, 78 Carlton Place, Glasgow G5 9TH, two business days
prior to the Meeting.

By Order of the Board,
V. Moore, Director
May 11, 2005

CONTACT:  PKF
          78 Carlton Place
          Glasgow G5 9TH
          Phone: 0141 4295900
          Fax: 0141 4295901
          E-mail: info.glasgow@uk.pkf.com
          Web site: http://www.pkf.co.uk


EQUITABLE LIFE: Remains Cautious Despite Progress
-------------------------------------------------
Equitable Life Chairman Vanni Treves has disclosed the company
remains at risk despite the recent improvements in its
stability, said The Guardian Thursday.

This came amid the board's decision at its annual meeting to
consider the company's several options, particularly its sale.
The group, however, revealed they have not received any formal
proposal yet.

Mr. Treves said, "There are discussions [with potential buyers]
but they are highly theoretical.  People talk to us all the
time.  But . . . we are not yet in a fit condition for sale."

Meanwhile, the company's move to give Chief Executive Charles
Thomson about GBP1 million in salary and other benefits was
highly criticized by policyholders.

Policyholder Stewart Simpson described the payment as "obscene"
and claimed Mr. Thomson's credentials were "suspect," following
Mr. Thomson's admission in court that he had faked his character
reference.

However, Mr. Treves said the reference was just "an honest
misunderstanding," while remuneration committee Chair Jean Wood
stressed that Mr. Thomson deserved the fee.

The insurer is also mulling over a settlement on its GBP3.6
billion legal claim against 15 former directors and former
auditor, Ernst & Young, for negligence and breach of duty.

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


EUROPEAN PLANT: Names Liquidators from Mazars
---------------------------------------------
At the extraordinary general meeting of European Plant Dairy
Services Limited on May 3, 2005 held at Mazars, Mazars House,
Gelderd Road, Gildersome, Leeds LS27 7JN, the special and
ordinary resolutions to wind up the company were passed.  Paul
Charlton and Timothy Askham of Mazars, Mazars House, Gelderd
Road, Gildersome, Leeds LS27 7JN have been appointed joint
liquidators of the company.

CONTACT:  MAZARS LLP
          Mazars House
          Gelderd Road, Gildersome
          Leeds LS27 7JN
          Phone: 0113 204 9797
          Fax: 0113 387 8760
          Web site: http://www.mazars.co.uk


F & H: Members Pass Winding up Resolutions
------------------------------------------
At the extraordinary general meeting of the members of F & H
Limited on May 5, 2005 held at Maple House, High Street, Potters
Bar, Hertfordshire EN6 5BS, the extraordinary and ordinary
resolutions to wind up the company were passed.  M. Arkin of
Arkin & Co., Maple House, High Street, Potters Bar,
Hertfordshire EN6 5BS has been appointed liquidator of the
company.

CONTACT:  ARKIN & CO.
          Maple House
          High Street
          Potters Bar
          Hertfordshire EN6 5BS
          Phone: 01707 828 683
          Fax: 01707 828 022
          E-mail: mehmet.arkin@arkinco.co.uk


GOODWOOD TRAVEL: Final Members Meeting Set June
-----------------------------------------------
The final meeting of the members of Goodwood Travel (Transport)
Ltd. will be on June 14, 2005 at 10:30 a.m.  It will be held at
the offices of McCabe Ford Williams, 41-43 William Street, Herne
Bay, Kent CT6 5NT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

CONTACT:  MCCABE FORD WILLIAMS
          41-43 William Street,
          Herne Bay, Kent CT6 5NT
          Web site: http://www.mfw.co.uk


HENDON PIZZERIA: Names Liquidators from Wilder Coe
--------------------------------------------------
At the extraordinary general meeting of Hendon Pizzeria Limited
on May 5, 2005 held at 12th Floor, Southgate House, St George's
Way, Stevenage, Hertfordshire SG1 1HG, the extraordinary and
ordinary resolutions to wind up the company were passed.  Norman
Cowan and Mark Riley of Wilder Coe, 12th Floor, Southgate House,
St George's Way, Stevenage, Hertfordshire SG1 1HG have been
appointed joint liquidators of the company.

CONTACT:  WILDER COE
          12th Floor
          Southgate House
          St. George's Way
          Stevenage
          Hertfordshire SG1 1HG
          Phone: 01438 847 200
          Fax: 01438 847 150
          E-mail: insol@wildercoe.co.uk


INVENSYS PLC: Ulf Henriksson Become Chief Executive
---------------------------------------------------
Ulf Henriksson will succeed Rick Haythornthwaite as Chief
Executive of Invensys plc on 22 July 2005.

Rick Haythornthwaite was appointed Chief Executive in October
2001 and led the Group through a period of significant
restructuring, including the GBP2.7 billion refinancing in March
2004.  He will not be seeking re-election to the Board at the
AGM.

Ulf Henriksson was appointed Chief Operating Officer in May 2004
having previously held senior roles at Eaton Corporation,
Honeywell/Allied Signal and Volvo.

Commenting on his decision to step down, Rick Haythornthwaite
said: "I have signaled for some while that I would hand over the
reins at Invensys when the Group had turned the corner and we
had found a suitable successor.  Following the successful
completion of the refinancing last year and the progress we have
made since then with our business recovery programs, that time
has arrived.  The Group now requires the leadership of a manager
with sector specific experience who can take Invensys forward to
the next stage of its recovery.  I have enjoyed working with Ulf
during the past year and I know that he is the right person to
take over the leadership role at Invensys."

Ulf Henriksson said: "I am delighted to be given the opportunity
to lead Invensys in its next phase of development.  Although
many challenges lie ahead, the potential for operational
improvement is considerable.  Each of our businesses knows what
is expected of it and we have clear plans in place to improve
their performance."

Martin Jay, Chairman of Invensys, said: "The Board would like to
thank Rick for his leadership of the Group through difficult and
demanding times and in particular for his work on the
refinancing last year that brought us the financial stability
that we enjoy today.  We wish him well with the next stage of
his career.

"During the past year, Ulf has demonstrated to the Board that he
has the skills, the commitment and the tremendous enthusiasm to
lead Invensys.  The Board looks forward to working with him and
his executive team on the next stage of the Group's
development."

CONTACT:  INVENSYS PLC
          Invensys House, Carlisle Place
          London SW1P 1BX
          Phone: +44-20-7834-3848
          Fax: +44-20-7834-3879
          Web site: http://www.invensys.com

          Steve Devany
          Phone: +44 (0) 20 7821 3758

          Nina Delangle
          Phone: +44 (0) 20 7821 2121

          Emma Burdett
          Phone: +44 (0) 20 7379 5151


JBAM PUBLISHING: Members Decide to Wind up Firm
-----------------------------------------------
At the extraordinary general meeting of the members of JBAM
Publishing Limited (t/a Lifestyle West Magazine) on May 11, 2005
held at 17-23 High Street, Slough SL1 1DY, the extraordinary and
ordinary resolutions to wind up the company were passed.  P. R.
Boyle and J. C. Sallabank of Harrisons, 4 St Giles Court,
Southampton Street, Reading RG1 2QL have been appointed joint
liquidators of the company.

CONTACT:  HARRISONS
          4 St Giles Court, Southampton Street,
          Reading RG1 2QL
          Phone: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


JOHN MILLAR: Pricing Squeeze Drives Firm into Receivership
----------------------------------------------------------
Scotland based confectioner John Millar and Sons has called in
receivers from PricewaterhouseCoopers, according to Food & Drink
Europe.  The company partly blames aggressive pricing from
supermarkets for its trouble.

Margins failed to hold despite a restructuring.  Receiver Graham
Martin further mentioned high raw material costs, and heightened
competition from imports as debilitating factors.

John Millar failed to make enough money despite securing
distribution deals with major Scottish retailers, including
Woolworths.  It was also unable to extend outside Scotland
despite the popularity of its product.

The firm's difficulties are reflective of the plight of every
confectionery distributors in Britain.  This was partly due to
widespread campaign of the European Union to address obesity.

PwC is selling the business.  Mr. Martin said it already
received several indications of interest for the firm.  The
company employs around 100 people.

John Millar's products include mints, caramels and boiled
sweets.  Its Pan Drops brand, a peppermint flavored boiled
sweet, is said to be its most valuable asset.

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


JULIUS INVESTMENTS: Final Meeting Set Last Week of June
-------------------------------------------------------
The final meeting of the members of Julius Investments Limited
will be on June 28, 2005 at 10:00 a.m.  It will be held at the
offices of Richard Long & Co, Castlegate House, 36 Castle
Street, Hertford, Hertfordshire SG14 1HH.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Richard Long & Co, Castlegate House, 36 Castle Street,
Hertford, Hertfordshire SG14 1HH not later than 12:00 noon, June
27, 2005.

CONTACT:  RICHARD LONG & CO
          Castlegate House
          36 Castle Street
          Hertford
          Hertfordshire SG14 1HH
          Phone: 01992 503372
          Fax: 01992 503373
          E-mail: jbissett@richardlong.co.uk


KATIE'S CATERING: Members Pass Winding up Resolution
----------------------------------------------------
At the extraordinary general meeting of the members of Katie's
Catering Kitchen Limited on May 10, 2005 held at the offices of
Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF, the
extraordinary resolution to wind up the company was passed.
David Moore and Donald Bailey of Begbies Traynor, No 1 Old Hall
Street, Liverpool L3 9HF have been appointed joint liquidators
of the company.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


KAYMET COMPANY: Appoints Berley Liquidator
------------------------------------------
At the extraordinary general meeting of The Kaymet Company
(London) Limited on May 10, 2005 held at 76 New Cavendish
Street, London W1G 9TB, the subjoined extraordinary resolution
to wind up the company was passed.  Mark Levy of Berley, 76 New
Cavendish Street, London W1G 9TB has been appointed liquidator
of the company.

CONTACT:  BERLEY
          76 New Cavendish Street
          London W1M 7LB
          Phone: 020 7636 9094
          Fax: 020 7636 4115
          E-mail: mark.levy@berley.co.uk


LANDAU & COHEN: Joint Liquidators from Valentine & Co. Move in
--------------------------------------------------------------
At the extraordinary general meeting of Landau & Cohen
Solicitors Limited on May 4, 2005 held at the offices of
Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3
2HS, the extraordinary and ordinary resolutions to wind up the
company were passed.  Robert Valentine and Mark Reynolds of
Valentine & Co, 4 Dancastle Court, 14 Arcadia Avenue, London N3
2HS have been appointed joint liquidators of the company.

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


MANHATTAN COMPUTER: Hires Liquidator from Begbies Traynor
---------------------------------------------------------
At the extraordinary general meeting of Manhattan Computer
Supplies Limited on April 26, 2005 held at The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, the subjoined
extraordinary resolution to wind up the company was passed.
Mark Robert Fry of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG has been
appointed liquidator of the company.

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


MARCONI CORPORATION: CEO to Receive Hefty Bonus
-----------------------------------------------
Mike Parton, Marconi Corporation's chief executive, will receive
GBP1.9 million in bonus weeks before the group implements a
massive job cut, Personnel Today says.

Mr. Parton became eligible of the bonus after he increased the
company's value beyond GBP1 billion at the end of 2003 and has
kept the figure for more than 90 days.  The company, however, is
currently facing a crisis after it failed to become a supplier
for BT's GBP10 billion next-generation 21st Century Network
project.  The failure forced the group to lay off employees and
saw its value dive to GBP570 million.

A spokesman for manufacturing union Amicus commented, "This
would be a slap in the face for Marconi employees when 800 of
them face redundancy and the remainder an uncertain future."

He added the bonus "represents the unacceptable face of
corporate Britain, with wealth and opportunity for the few at
the expense of a skilled and committed workforce."

Mr. Parton declined to comment whether he would accept the
bonus.

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


MARCONI CORPORATION: Reaffirms Laurel Networks Supply Deal
----------------------------------------------------------
Marconi Corporation plc and Laurel Networks, Inc. will continue
to supply IP-based, multi-service edge routing technology
through their existing worldwide relationship.  Earlier this
week, Laurel announced its pending acquisition by ECI Telecom.

The partnership has been active and successful since early 2003.
The agreement includes joint sales, marketing and development
activities targeted primarily at customers requiring highly
reliable, scalable multi-service and broadband routing.  To
date, this has included multiple wins for Marconi with U.S.
Federal Government and EMEA customers.  The two companies will
continue to pursue opportunities in the U.S. Federal market,
enterprise customers worldwide, as well as service providers
where appropriate.

Doron Inbar, President and CEO of ECI Telecom, said, "We are
pleased with the agreement between Laurel and Marconi.  This
partnership is an extremely important part of our channel
strategy and we wish to continue this fruitful relationship.

"ECI delivers its solutions and products both directly and
through chosen channels and we are committed to further help
Laurel support Marconi and its other channel partners
worldwide."

Geoffrey Doy, CEO of Marconi North America, added, "We value the
relationship we have with Laurel.  Over the last two years, we
have developed close ties between our companies that have led to
a significant level of business.  I can confirm that we are both
committed to further developing this partnership for the benefit
of our customers and our companies."

About Laurel Networks

Laurel Networks delivers routing technology that helps service
providers transition from the standard Internet-only service
delivery model into full-fledged triple-play networks.  Designed
for enhanced network scalability, Laurel's ST-series(TM) routers
allow service providers to add advanced broadband applications,
like video on demand or voice over IP, without incremental cost
as the subscriber base grows.  Headquartered in Pittsburgh,
Pennsylvania, Laurel operates sales and support facilities
across the U.S., Europe and Asia.  Its routers are deployed by
some of the world's largest service providers including: Level 3
Communications, KT, Dacom, and Arsys.

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

          LAUREL NETWORKS, INC.
          Omega Corporate Center, 1300 Omega Dr.
          Pittsburgh, PA 15205
          Phone: 412-809-4200
          Fax: 412-809-4201
          Web site: http://www.laurelnetworks.com


MG ROVER: Luffield Cars Attract Interest
----------------------------------------
Two dealers are already eyeing the 0.95-acre Derby site that
former MG Rover dealer Luffield Cars shut down last week, said
the Derbyshire on Wednesday.

According to property agents Innes England, one dealer is
already familiar with the Mansfield Road site.  The firm,
however, did not identify the suitors, which reportedly declared
their interest within hours following the closure.

Luffield Cars closed the site, which features the five-year-old
8,558 sq. ft. showroom and workshops, in the wake of MG Rover's
administration in April.  It has been on the market for a
GBP75,000 yearly rent.

About a dozen workers were declared redundant when the company's
dealership ended on May 12.  Some employees were offered jobs at
its Loughborough office.

CONTACT:  LUFFIELD CARS
          Belton Road, Loughborough
          Leicestershire, LE11 1LR
          Phone: 01509 216100
          Fax: 01509 218806
          E-mail: info@luffield.com
          Web site: http://www.luffield.ac.psiweb.com

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


MILL PACKAGING: Names Liquidators from Cooper Parry
---------------------------------------------------
At the extraordinary general meeting of Mill Packaging Limited
on April 29, 2005 held at 14 Park Row, Nottingham NG1 6GR, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Tyrone Shaun Courtman and Shaun Neil Adams of
Cooper Parry LLP have been appointed joint liquidators of the
company.

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


NORTH EASTERN: Calls in Liquidator from Tomlinsons
--------------------------------------------------
At the extraordinary general meeting of North Eastern Mechanical
Limited on May 6, 2005 held at Tomlinsons, St John's Court, 72
Gartside Street, Manchester M3 3EL, the resolutions to wind up
the company were passed.  Alan H. Tomlinson of Tomlinsons, St
John's Court, 72 Gartside Street, Manchester M3 3EL has been
appointed liquidator of the company.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


PERAGAM (UK): Members Decide to Wind up Firm
--------------------------------------------
At the extraordinary general meeting of the members of Peragam
(UK) Limited (t/a The Shoulder of Mutton) on May 5, 2005 held at
the offices of David Horner & Co, 11 Clifton Moor Business
Village, James Nicolson Link, York YO30 4XG, the extraordinary
and ordinary resolutions to wind up the company were passed.
David Anthony Horner of David Horner & Co, 11 Clifton Moor
Business Village, James Nicolson Link, Clifton Moor, York YO30
4XG has been appointed liquidator of the company.

CONTACT:  DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk


PROPERTY PROTECTION: Members Pass Winding up Resolution
-------------------------------------------------------
At the extraordinary general meeting of the members of Property
Protection Security Specialists Limited on April 11, 2005 held
at Rimmer Higson, 22 Ribblesdale Place, Winckley Square, Preston
PR1 3NA, the extraordinary resolution to wind up the company was
passed.  Michael Rimmer of Rimmer Higson, 22 Ribblesdale Place,
Winckley Square, Preston PR1 3NA has been nominated liquidator
of the company.

CONTACT:  RIMMER HIGSON
          22 Ribblesdale Place
          Winckley Square
          Preston
          Lancashire PR1 3NA
          Phone: 01772 555174
          Fax: 01772 204755


QUDOS COMMUNICATIONS: Liquidators from Numerica Move in
-------------------------------------------------------
Name of companies:
Qudos Communications Limited
Qudos Global Travel Limited

At the extraordinary general meeting of these companies on May
4, 2005 held at Holiday Inn, Manor Lane, Maidenhead, Berkshire
SL6 2RA, the extraordinary and ordinary resolutions to wind up
the companies were passed.  Peter Hughes-Holland & Frank Wessely
of Numerica have been appointed joint liquidators of the
companies.

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


ROYAL MAIL: Posts Record Profit For 2004
----------------------------------------
Royal Mail is reaping the benefits of its renewal plan by
posting record profit in the year to March 2004.  Results for
the period increased 144% to GBP537 million from GBP220 million
last year.  The number of letters lost has fallen from 28
million to 16 million.

The rebound had convinced the firm to award generous payouts to
executive directors.  The firm's annual report showed Chief
executive Scot Adam Crozier receiving a package of GBP2.55
million since his joining in February 2003.

Finance director Marisa Cassoni, who joined in February 2001,
received GBP1.49 million, and David Mills, chief executive of
the Post Office, who joined in April 2002, got GBP1.33 million.

Chairman Allan Leighton defended the incentives saying they
deserved bonuses for turning around a business which has been
losing GBP1 million a day in the previous years.  Royal Mail is
now making a daily profit of GBP2 million after the launch of a
three-year renewal program in 2002.  He also said the payouts
were regularly disclosed.

Each of Royal Mail's 180,000 will also receive a GBP1,074 bonus,
which is equivalent to GBP218 million of profit.

Mr. Leighton promised to continue the rehabilitation of the
company.  According to the Guardian, he is aware there are still
pressing problems he need to address in the firm.

The Post Office is losing GBP100 million a year, and Royal
Mail's overall margins are too thin, with a return on sales of
just 4.1%.  It said that 90% of services by volume are losing
around GBP200 million.  It also faces challenge to keep business
when the U.K. postal market is opened up to full competition
next year.  These in addition to a GBP2.5 billion pension
deficit.

CONTACT:  ROYAL MAIL HOLDINGS PLC
          148 Old St.
          London EC1V 9HQ
          United Kingdom
          Phone: +44-20-7250-2888
          Fax: +44-20-7250-2244
          Web site: http://www.royalmailgroup.com


SSNT SECURITIES: June Final General Meeting Scheduled
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF SSNT Securities Limited
                         (In Liquidation)

Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Final General Meeting of the SSNT Securities
Company will be held at 1 More London Place, London SE1 2AF, on
June 21, 2005, at 11:00 a.m. for the purpose of having a final
account laid before it showing how the winding-up of the Company
has been conducted and the property of the Company disposed of,
and of hearing any explanations that may be given by the
Liquidators.

Members are entitled to attend in person or alternatively by
proxy.  A Member may vote according to the rights attaching to
his shares as set out in the Company's Articles of Association.
A Resolution will be passed only if a majority in value of those
voting in person or by proxy vote in favor.  Proxies must be
lodged with me at or before the Meeting.

P. J. Brazzill, Joint Liquidator
May 10, 2005

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax: +44 [0] 20 7951 1345
          Web site: http://www.ey.com


WH SMITH: Ratings Affirmed at 'BB-'/'B'; Outlook Stable
-------------------------------------------------------
Fitch Ratings affirmed WH Smith Plc's ratings at Senior
Unsecured 'BB-' and Short-term 'B'.  The Outlook remains Stable.

The ratings reflect WH Smith's relatively high leverage,
increasingly competitive markets in the core U.K. retail
business, the seasonality of this business, and the execution
risk involved in the turnaround strategy for its U.K. retail
business.  On the other hand, WH Smith's strong brand
recognition in the U.K. market, its location at prime retail
sites, its considerable market positions in book, newspaper,
magazine and stationery retail as well as its U.K. number one
market position in news distribution continue to support the
rating.

Although WH Smith remains a major player on the U.K. high
street, its core U.K. retail business is suffering from
significant competition.  U.K. Retail, which consists primarily
of high street and travel retail, is the most important part of
WH Smith.  Its operating margin has dropped sharply to 3.0% in
FY04 from 6.5% in FY02, due to both poor trading during
Christmas 2003 and particularly due to increased competition for
WH Smith's main high street product categories.  Market share
has been lost to specialist retailers, such as bookstores, which
benefit from a broader product range, and also to supermarkets,
who typically offer discounts on a limited range.  To focus on
its U.K. retail and the news distribution business, the company
decided in August 2004 to dispose of its publishing business,
Hodder Headline, and to return net cash proceeds from this sale
to shareholders.  This contributed to a decline in the company's
debt protection measures, which are in line with the 'BB-' (BB
minus) rating.

The company's strategy for improving the profitability of its
U.K. retail business is a medium-term one.  It includes cost
control measures and increasing stock availability while
improving the store offer as well as product range planning.
Although initial progress from the company's turnaround strategy
was evident in H105, Fitch anticipates that it will take some
time for WH Smith's measures to translate into a sustainable
improved credit profile.

The group's lease and pension adjusted net debt/EBITDAR ratio
(FY04: 4.6x) and EBITDAR/interest+rent (FY04: 1.6x) are likely
to deteriorate slightly in FY05, due to the disposal of Hodder
and potential further costs involved in the company's strategy
to improve its U.K. retail operations.

CONTACT:  FITCH RATINGS
          Britta Holt, London
          Phone: +44 (0) 20 7862 4022

          Jonathan Pitkanen
          Phone: +44 (0) 20 7417 4201

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


ZIACOM LIMITED: Liquidator Takes over Helm
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Ziacom Limited

Notice is hereby given that on May 11, 2005, I, David Forbes
Rutherford, Cowan & Partners CA, 60 Constitution Street, Leith,
Edinburgh EH6 6RR was appointed liquidator of Ziacom Limited,
which trades from Orchard Brae House, 30 Queensferry Road,
Edinburgh, by resolution of a meeting of creditors, pursuant to
section 109 of the Insolvency Act 1986.

David Forbes Rutherford, Liquidator

CONTACT:  COWAN & PARTNERS
          60 Constitution Street
          Edinburgh EH6 6RR
          Phone: 0131 554 0724
          Fax: 0131 553 2267
          E-mail: mail@cowanandpartners.co.uk

          David Forbes Rutherford
          E-mail: david.rutherford@cowanandpartners.co.uk



                            *********


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

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

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