TCREUR_Public/050526.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, May 26, 2005, Vol. 6, No. 103

                            Headlines

C Z E C H   R E P U B L I C

CK FISCHER: Founder Makes Mandatory Offer of Shares


F I N L A N D

BENEFON OYJ: 2004 Financial Statements Now Available
BENEFON OYJ: Board Rewards CEO with 1.5 Million Options


F R A N C E

ALSTOM SA: Sells Flowsystems Business for Undisclosed Sum


G E R M A N Y

AUTENTICO DESIGNER: Creditors Meeting Set June
DACHDECKERBETRIEB BREUER: Under Bankruptcy Administration
DAIMLERCHRYSLER AG: Plans to Assemble Mercedes Cars in Russia
ERHARDT FAHRZEUGWERK: Creditors Meeting Set Next Month
FEURO BRANDSCHUTZ: Creditors Claim Due August

HEIDELBERGCEMENT AG: Outlook Changed to Positive
HEINKEL AKTIENGESELLSCHAFT: Declared Insolvent
IBMS BAU: Charlottenburg Court Appoints Administrator
KARSTADTQUELLE AG: Chief Rejects Breakup Rumors
MTU AERO: Kept on CreditWatch Positive After IPO Announcement

NIBEC, MASCHINENBAU: Court Confirms Bankruptcy
OELKUCH GMBH: Hechingen Court Appoints Administrator
OHL BAUMASCHINEN: Proofs of Claim Due Next Month
OMNIBUSVERKEHR ANTONIE: Under Bankruptcy Administration
WINA HAUSBAU: Creditors Claim Due July


I T A L Y

CIRIO FINANZIARIA: Asked to Keep Del Monte Pacific Stake


N E T H E R L A N D S

KONINKLIJKE AHOLD: Finance Officer to Leave for Stora Enso
VERSATEL N.V.: Dutch Tax Law Change Prohibits Offsetting Losses


N O R W A Y

FINDEXA LIMITED: Has Encouraging Start to the Year
PETROLEUM GEO-SERVICES: First-quarter Results Return to Black


R U S S I A

AEROFLOT: High Fuel Costs Erase RUB11 Billion Q1 Revenues
BANK OF MOSCOW: Eurobond Assigned 'BB+' Long-term Rating
BUILDING METAL: Files for Bankruptcy
INTER-OIL: Deadline for Proofs of Claim June 23
INVESTICO-KUNGUR-SHOES: Hires M. Trushnikov Insolvency Manager

KUGARCHINSKOYE ELECTRO-SET: Declared Insolvent
MOTORIST: Undergoes Bankruptcy Supervision Procedure
MOVABLE MECHANIZED: Proofs of Claim Deadline Expires June
POLIVANSKIY WOOD-PROM-KHOZ: Succumbs to Bankruptcy
RAY-SEL-KHOZ-KHIMIYA BAYMAKSKAYA: Declared Insolvent
SEVTEKHOL: Gives Creditors Until Next Month to File Claims
VOLGO-MOL-TRANS: Volgograd Court Appoints Insolvency Manager


S P A I N

AVANZIT SA: First-quarter Results Back in Red
IZAR: Govt Prefers Shipbuilding Expert to Buy Civilian Arm


S W E D E N

CONCORDIA BUS: Creditors Willing to Extend EUR40 Mln Financing
CONCORDIA BUS: S&P Cuts Rating Further to 'SD' from 'CC'
SKANDIA INSURANCE: Mulls Three-way Sale of Business


U K R A I N E

AWTOZAZ: Shift in Local Tax System Pushes firm on the Brink
BILOPILLYA' AGROHIM: Sumi Court Appoints Liquidator
D. A. M.: Succumbs to Insolvency
GRANIT: Insolvency Manager to Temporarily Oversee Business
HOTIMLYANSKE: Bankruptcy Proceedings Begin

SALTIVSKE: Harkiv Court Opens Bankruptcy Proceedings
SEMIGORI: Kyiv Court Appoints Liquidator
UKRAINIAN CONSULTING: Declared Insolvent
VOVCHANSKIJ BUILDING: Collapses into Bankruptcy


U N I T E D   K I N G D O M

3 TECH: Names Springfields Liquidator
ACORDIS UK: Fiber Maker Hires Deloitte & Touche Administrator
A K WASTE: Appoints P&A Partnership Administrator
BEDALE GRANGE: Decides to Wind up Operations
BOROUGH MOTOR: Passes Winding-up Resolution

BROOKMIST LIMITED: Members Call in Liquidator
CAMPAIGN CONNECTIONS: Liquidator from Singla & Co. Moves in
CLAYTON FACILITIES: Appoints Poppleton & Appleby Liquidator
DRAX GROUP: Names Adviser for Planned Refinancing
E-COMPOSITE LIMITED: Hires Liquidator from Unique Business

EMESS GROUP: Members Opt for Liquidation
FEDERAL-MOGUL: Receiver Wants Cross-border Protocol Cancelled
FENCOURT PRINTERS: Publisher Names PwC Administrator
FISHER HOLDINGS: Appoints Valentine & Co. Liquidator
FUS LIMITED: Liquidator from Valentine & Co. Moves in

GIBBS PLUMBING: Hires Piper Thompson as Liquidator
GLENTYAN CONSTRUCTION: Creditors Meeting Set June 16
INNOVATION EVENT: Winding-up Report Out Mid-June
INTASUN LTD.: Sets Annual Creditors Meeting June
INVENSYS PLC: 2004 Loss Widens to GBP473 Million

LAMINATE KING: Liquidator Takes over Operations
MCCORQUODALE CONFIDENTIAL: Sold to Print Factory
MCLELLAN ANIMAL: Liquidator to Present Report Mid-June
N.M.S. ELECTRICAL: Members Call in Liquidator from Smith Cooper
PEMBROKE HOUSE: Liquidator from Elliot Woolfe & Rose Moves in

PEOPLE RESOURCES: Recruitment Company Falls into Administration
REGAL PETROLEUM: Exploration Chief Quits After a week on the Job
S & B CEILINGS: Hires Liquidator from D. Wald & Co.
SCOTTISH POWER: Takes GBP927 Mln Charge for PacifiCorp Sale
SPANISH PROPERTY: Appoints Moore Stephens Liquidator

SPORT AIR: Members Decide to Wind up Firm
THUS GROUP: Annual Loss Balloons to GBP42.2 Million
TMA GLOBAL: Members Pass Winding-up Resolution
TT PLUMBING: Hires Liquidators from J W Lewis & Co.
WALTON PATTINSON: Sets Creditors Meeting Next Month
WEST END: Names Begbies Traynor Liquidator
YAHTOF SERVICES: Calls in Liquidators from Tenon Recovery


                            *********


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


CK FISCHER: Founder Makes Mandatory Offer of Shares
---------------------------------------------------
Entrepreneur Vaclav Fischer has offered to sell the remaining
0.07% it owns in the travel agency that is now controlled by his
former partner Karel Komarek.  The move has the consent of the
receivers of Mr. Fischer's assets in Germany, and the Czech
Republic, according to Czech Happenings.

Mr. Komarek acquired 75% of CK Fischer when he bailed out Mr.
Fischer in 2003.  After the firm raised additional capital, Mr.
Fischer was left with less than 3% of the firm.  In December,
the travel agency merged with Top Car, raising its capital
further to CZK361.8 million.  The deal further reduced Mr.
Fischer's stake to a mere 0.07%.

The offer expired Tuesday midnight, but none of the eligible
persons took advantage of the offer by afternoon of that day,
according to Komarek group spokeswoman Marie Schorchtova.

Mr. Fischer is expected to get hundreds of thousands of crowns
for the stake, according to the report.  The price was set with
the help of Azet Konzult.  Experts believe a CZK1 per share bid,
which is equal to the share's nominal value, is a fair offer.

CONTACT:  CESTOVNI KANCELAR FISCHER a.s.
          Milesovska 5, 130 00 Praha 3
          Phone: 221 636 363
          E-mail: info@fischer.cz
          Web site: http://www.fischer.cz


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


BENEFON OYJ: 2004 Financial Statements Now Available
----------------------------------------------------
The financial statements of Benefon Oyj for fiscal year 2004
together with the Board proposals to the Annual General Meeting
convening on May 26, 2005, and the auditor's report about them,
are available for viewing at the Company's head office in
Meriniitynkatu 11, 24100 Salo, Finland.

Benefon Oyj
Tomi Raita
CEO

                            *   *   *

The net sales of the company in July to September 2004 were
EUR1,790,000 when they were EUR1,706,000 in the preceding
quarter April to June 2004.  The net sales in the same quarter
July to September 2003 a year before were EUR1,722,000.

The operating result in period July to September 2004 before
one-off items was -EUR590,000.  The comparable figure in the
previous quarter April to June 2004 was -EUR865,000 and the same
in the same quarter July to September 2003 a year before was
-EUR1,016,000.  The net result in period July to September 2004
was -EUR1,700,000.

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


BENEFON OYJ: Board Rewards CEO with 1.5 Million Options
-------------------------------------------------------
The Board of Benefon Oyj has in its meeting decided to
conditionally increase the share capital of the Company with a
maximum of EUR15,000 by directing to the CEO of the Company a
conditional option package of a total of 1,500,000 options and
divided into three categories.

The decision of the Board was made by virtue of the
authorization granted to the Board by the Annual General Meeting
of the Company held on May 28, 2004, and in deviation from the
first right of shareholders.  The package is a part of the
Company's incentive system for key personnel, with the purpose
of promoting the business development of the Company.
Therefore, there is a weighty financial reason for deviation
from the shareholders' first right.

The package consists of three lots of 500,000 options each, the
offering of any of which to the CEO for subscription without
charge being on the condition that the agreed precondition for
that lot, based on business development, is fulfilled by July 1,
2007.  The said preconditions, regarding the first lot, concern
the growth of net sales and, regarding the second lot,
development of product portfolio and, regarding the third lot,
development of the market capitalization of the Company.  Should
the set precondition of any of the lots not be fulfilled by July
1, 2007, the said lot of options will not be offered for
subscription and the option package decided now will be rendered
null and void regarding that lot.

One option in the said conditionally offered option package will
entitle to subscribe for one S-share of Benefon Oyj with a book
parity value of EUR0.01 (BNFSV), at a subscription price of
EUR0.10.  The subscribed options will be launched in the
electronic trading system of Helsinki Exchanges.  The share
subscription period with all of the said options will be from
Aug. 15, 2008 until Oct. 15, 2008.  There will be a transfer
restriction for the options that will be removed in the
beginning of the share subscription period.

Benefon Oyj
Tomi Raita
CEO

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


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


ALSTOM SA: Sells Flowsystems Business for Undisclosed Sum
---------------------------------------------------------
Alstom S.A. and Logstor Ror Holding A/S have signed an agreement
regarding the sale of Alstom's Flowsystems business to Logstor.

Alstom's Flowsystems Business is headquartered in Fredericia
(Denmark) and has units in Sweden, Poland, Finland, Lithuania,
Germany, Austria, France, Italy and Holland.  FlowSystems is
currently part of Alstom's Power Service Sector.

This operation is subject to its approval by the relevant
competition authorities and therefore closing could be
anticipated before the end of June.

Flowsystems manufactures and sells insulated pipe systems for
district heating to approximately 40 countries and recorded
sales of EUR150 million in 2004/05, mainly in Northern and
Central Europe.  It employs approximately 600 persons.

Logstor manufactures and sells similar products and is
headquartered in Logstor (Denmark).

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

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

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


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


AUTENTICO DESIGNER: Creditors Meeting Set June
----------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against autentico designer outlet GmbH on April 21.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors had until May 20, 2005 to
register their claims with court-appointed provisional
administrator Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 11:40 a.m. at the district court
of Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142 at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  AUTENTICO DESIGNER OUTLET GMBH
          Am alten Pastorat 27 a, 51465 Bergisch Gladbach

          Karl-Dieter Sommerfeld, Administrator
          Hammerweg 3, 51766 Engelskirchen
          Phone: 02263/9039-0
          Fax: +492263903910


DACHDECKERBETRIEB BREUER: Under Bankruptcy Administration
---------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Dachdeckerbetrieb Breuer GmbH on May 9.  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 Siegfried
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on August 5, 2005, 9:00 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 2.
Stock, Saal S 2.22, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  DACHDECKERBETRIEB BREUER GMBH
          Dorfstrasse 5, 53894 Mechernich
          Contact:
          Astrid Breuer, Manager

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


DAIMLERCHRYSLER AG: Plans to Assemble Mercedes Cars in Russia
-------------------------------------------------------------
DaimlerChrysler AG is reportedly considering setting up a
Mercedes Benz assembly plant in St. Petersburg this year.

Chief Executive Juergen Schrempp had reportedly relayed the plan
to President Vladimir Putin, after a meeting with German
Chancellor Gerhard Schroeder.

The plan comes just as investors' confidence in Russia appears
to be wavering in light of the Yukos affair.  Many believe
Kremlin was behind the series of lawsuits and back-tax claims,
which ultimately led to Yukos' demise.

A DaimlerChrysler spokesman in Stuttgart confirmed the plan to
assemble cars in Russia, but gave no financial details or
timetable.  Gerhard Hilgert, head of DaimlerChrysler Russia, was
also quoted by Interfax news agency as saying that various
options are being considered, including construction of a plant
or partnership with a local firm.

Russia's car market has suddenly become attractive as foreign
car sales in 2004 soared 80%.  Sales are expected to grow by 50%
this year as per capita income in the country grows further.
Japan's Toyota was the first major carmaker to be lured by
Russia's auto industry.  Last month it announced plans to invest
JPY15 billion (US$139 million) in a plant near St. Petersburg to
initially produce 20,000 Camry sedans a year.

Aside from Toyota, U.S. auto giant Ford Motor and France's
Renault also run plants in Russia.  Nissan, another Japanese
carmaker, is expected to enter the market after Russia recently
decided to eliminate 12 percent import duties on car components.

DaimlerChrysler reported first quarter earnings of EUR288
million, a 30% drop from last year.  It blamed the slide to the
Mercedes division, which booked EUR945 million in operating
losses.

CONTACT:  DAIMLERCHRYSLER AG
          70546 Stuttgart, Germany
          Tel: +49 711 17 0
          Fax: +49 711 17 22244
          Web site: http://www.daimlerchrysler.com


ERHARDT FAHRZEUGWERK: Creditors Meeting Set Next Month
------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Erhardt Fahrzeugwerk Dresden GmbH on May 2.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors had until May 23 to
register their claims with court-appointed provisional
administrator Albert Wolff.

Creditors and other interested parties are encouraged to attend
the meeting on June 6, 2005, 9:00 a.m. at the district court of
Dresden, Saal D132, Olbrichtplatz 1, 01099 Dresden, 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:  ERHARDT FAHRZEUGWERK DRESDEN GMBH
          Meschwitzstrasse 21 in 01099 Dresden

          Albert Wolff, Administrator
          Weisseritzstrasse 3, 01067 Dresden
          Web site: http://www.WORAKO.de


FEURO BRANDSCHUTZ: Creditors Claim Due August
---------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Feuro Brandschutz GmbH on May 6.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 5, 2005
to register their claims with court-appointed provisional
administrator Dr. Bjorn Gehde.

Creditors and other interested parties are encouraged to attend
the meeting on June 14, 2005, 9:25 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on Oct. 4, 2005,
9:25 a.m.

CONTACT:  FEURO BRANDSCHUTZ GMBH
          Hansastr. 216, 13051 Berlin

          Dr. Bjorn Gehde, Administrator
          Goethestr. 85, 10623 Berlin


HEIDELBERGCEMENT AG: Outlook Changed to Positive
------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based cement producer HeidelbergCement AG to positive
from stable, reflecting improvements in the group's credit
position to date and further expected improvements over the next
18 months.  At the same time, the 'BB+' long-term and 'B' short-
term corporate credit ratings, and the ratings on all
outstanding debt of HeidelbergCement and its related entities
were affirmed.

"The outlook revision reflects our expectation that, despite
continued weak volumes in the German cement market,
HeidelbergCement will further strengthen its credit protection
measures, owing to improving pricing conditions and continued
growth in Eastern Europe," said Standard & Poor's credit analyst
Eve Greb.  "Management's focus on implementing efficiency
improvements and cost cutting is also expected to further
strengthen the group's performance."

The ratings on HeidelbergCement AG reflect the group's
moderately aggressive financial structure and the cement
industry's cyclicality and heavy capital intensiveness.  These
factors are offset by HeidelbergCement's large size, broad
geographical diversity, strong market positions, and sustained
ability to generate healthy funds from operations (FFO).  With
sales of EUR6.9 billion (US$9.3 billion) in 2004,
HeidelbergCement is the fourth-largest cement producer
worldwide.

"The ratings on HeidelbergCement would likely be raised should
the company continue strengthening its financial profile and
improve its FFO-to-net debt ratio (adjusted for operating leases
and after-tax unfunded pension liabilities) to a sustained 25%,"
said Ms. Greb.

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

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


HEINKEL AKTIENGESELLSCHAFT: Declared Insolvent
----------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against HEINKEL Aktiengesellschaft on April 28.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until June 6, 2005 to
register their claims with court-appointed provisional
administrator Dr. Tibor Braun.

Creditors and other interested parties are encouraged to attend
the meeting on July 18, 2005, 10:30 a.m. at the district court
of Heilbronn, 74072 Heilbronn, Rollwagstr. 10 A, Erdgeschoss,
Saal 4 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  HEINKEL AKTIENGESELLSCHAFT
          Gottlob-Grotz-Str. 1, 74321 Bietigheim-Bissingen

          Dr. Tibor Braun, Administrator
          Kriegerstr. 3, 70191 Stuttgart


IBMS BAU: Charlottenburg Court Appoints Administrator
-----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against IBMS Bau GmbH on May 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 1, 2005 to register their
claims with court-appointed provisional administrator Joachim
Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 10:35 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on August 31, 2005,
10:50 a.m.

CONTACT:  IBMS BAU GMBH
          Graefestr. 33,10967 Berlin

          Joachim Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berlin


KARSTADTQUELLE AG: Chief Rejects Breakup Rumors
-----------------------------------------------
KarstadtQuelle AG chief executive Thomas Middelhoff has
dismissed rumors of a spin-off after the daughter of one of the
firm's founders acquired more than 50% of the retailer.

Madeleine Schickedanz, whose parent previously owned Quelle
prior to its merger with Karstadt in 1999, now owns 50.001% of
the company, Mr. Middelhoff admitted.  But he told shareholders
in Dusseldorf on Tuesday the investment is a sign of trust in
the company and not a presage of a break off.

He said the stake buying "is proof of their confidence in the
undertaking, its staff, the management and KarstadtQuelle's
excellent new future prospects."

According to him, the business is now in better shape after the
crisis of last year.  Mr. Middelhoff, who was appointed only
this month, is the third KarstadtQuelle chief executive in the
past year.

KarstadtQuelle has suffered significant fall in revenue as a
result of sluggish consumer spending in Germany.  Its revenue
fell to EUR2.97 billion (US$3.83 billion) in the January-March
period from 3.35 billion a year ago.  First-quarter loss was
EUR111.3 million (US$143.38 million).

Management plans to continue the firm's restructuring, which
includes cutting 5,700 jobs through 2005 and 2006 to save up to
EUR760 million (US$985.8 million) by 2007.  It is to reorganize
its mail-order unit within 100 days.

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


MTU AERO: Kept on CreditWatch Positive After IPO Announcement
-------------------------------------------------------------
Standard & Poor's Ratings Services said its 'BB-' long-term
corporate credit rating and 'B' subordinated debt rating on
Germany-based aircraft engine manufacturer MTU Aero Engines GmbH
remain on CreditWatch with positive implications, where they
were placed on March 31, 2005, following improved operating
performance and debt reductions.  The CreditWatch update follows
MTU's announcement of an IPO.

"Standard & Poor's does not expect the planned IPO to alter its
view that the group is likely to benefit from an upgrade of up
to two notches following the resolution of the CreditWatch
placement," said Standard & Poor's credit analyst Leigh Bailey.

On May 24, 2005, MTU announced a planned IPO and listing on the
Frankfurt Stock Exchange scheduled for June 6, 2005.  Based on
the mid-point of the price range set for shares, MTU will
increase its capital base by approximately EUR307.5 million,
representing the gross proceeds received through the issue of 15
million new shares.  The group is expected to use these proceeds
primarily to reduce acquisition-related indebtedness, which
includes a vendor loan note of EUR175 million due to
DaimlerChrysler AG (BBB/Stable/A-2), a shareholder loan of EUR72
million due to an affiliate of private equity group Kohlberg
Kravis Roberts, and a EUR275 million high-yield bond due 2013.
MTU has disclosed in its offering prospectus that the vendor and
shareholder loans will be repaid from the offering.

Although Standard & Poor's gives full equity credit to both the
vendor loan and shareholder loan within the current capital
structure, repayment of these financial instruments from
offering proceeds is likely to be mildly positive to the
financial profile.

"Standard & Poor's will resolve the CreditWatch once the IPO
process has been completed and the future financial structure of
the group is confirmed," added Mr. Bailey.

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

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


NIBEC, MASCHINENBAU: Court Confirms Bankruptcy
----------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against Nibec, Maschinenbau- und Edelstahlverarbeitung GmbH on
May 3.  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 Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting on July 18, 2005, 9:00 a.m. at the district court of
Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster, I., Saal 101 B at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  NIBEC, MASCHINENBAU- UND EDELSTAHLVERARBEITUNG GMBH
          Kattenvenner Strasse 108, 49536 Lienen
          Contact:
          Olaf Niemeyer, Manager
          Moorstr. 34, 49549 Ladbergen und Joachim Becker
          Bergstr. 9, 49536 Lienen

          Stefan Meyer, Administrator
          Ostertorstr. 7, 32312 Luebbecke
          Phone: 05741-337300
          Fax: +495741337437


OELKUCH GMBH: Hechingen Court Appoints Administrator
----------------------------------------------------
The district court of Hechingen opened bankruptcy proceedings
against Oelkuch GmbH & Co. KG on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 24, 2005 to register their
claims with court-appointed provisional administrator Alexander
Kastle.

Creditors and other interested parties are encouraged to attend
the meeting on July 7, 2005, 3:30 p.m. at the district court of
Hechingen, Heiligkreuzstrasse 9, Zimmer 054 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:  OELKUCH GMBH & CO. KG
          Trikotwarenfabrik, Brunnenstr. 31, 72505
          Krauchenwies-Ablach

          Alexander Kastle, Administrator
          Berner Feld 74, 78628 Rottweil
          Fax: 0741/1754020


OHL BAUMASCHINEN: Proofs of Claim Due Next Month
------------------------------------------------
The district court of Gifhorn opened bankruptcy proceedings
against Ohl Baumaschinen GmbH on May 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 8, 2005 to register their
claims with court-appointed provisional administrator Henning
Bosse.

Creditors and other interested parties are encouraged to attend
the meeting on July 6, 2005, 11:15 a.m. at the district court of
Gifhorn, Saal 118, Am Schlossgarten 4, 38518 Gifhorn, 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:  OHL BAUMASCHINEN GMBH
          Lehmkuhlenweg 27, 31224 Peine
          Contact:
          Bernd Ohl, Manager

          Henning Bosse, Administrator
          Alter Markt 1, 31134 Hildesheim
          Phone: 05121/91710
          Fax: 05121/917171


OMNIBUSVERKEHR ANTONIE: Under Bankruptcy Administration
-------------------------------------------------------
The district court of Hildesheim opened bankruptcy proceedings
against Omnibusverkehr Antonie Wicke oHG on May 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 29, 2005
to register their claims with court-appointed provisional
administrator Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting on July 18, 2005, 9:30 a.m. at Saal 124,
Hauptgebaude, Kaiserstrasse 60, 31134 Hildesheim 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:  OMNIBUSVERKEHR ANTONIE WICKE OHG
          Heerstr. 5, 31174 Schellerten OT Farmsen
          Contact:
          Michael Seegers, Manager
          Heerstr. 31, 31174 Schellerten

          Andreas Seegers, Manager
          Heerstr. 5, 31174 Schellerten

          Dr. Steffen Koch, Administrator
          Konigstr. 26, 30175 Hannover
          Phone: 0511/5248523
          Fax: 0511/5422944


WINA HAUSBAU: Creditors Claim Due July
--------------------------------------
The district court of Hannover opened bankruptcy proceedings
against WINA Hausbau & Immobilien GmbH on May 3.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until July 1, 2005 to
register their claims with court-appointed provisional
administrator Peter Baumgarte.

Creditors and other interested parties are encouraged to attend
the meeting on July 27, 2005, 2:00 p.m. at the district court of
Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude, Hamburger
Allee 26, 30161 Hannover, 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:  WINA HAUSBAU & IMMOBILIEN GMBH
          Hipslohwiesen 7a, 30900 Wedemark
          Contact:
          Natascha Wiggers, Manager

          Peter Baumgarte, Administrator
          Lange-Hop-Strasse 158, 30539 Hannover
          Phone: 0511/954750
          Fax: 0511/9547599


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


CIRIO FINANZIARIA: Asked to Keep Del Monte Pacific Stake
--------------------------------------------------------
The Lorenzo family wants bankrupt food group Cirio Finanziaria
to retain its stake in Del Monte Pacific Ltd., BusinessWorld
reports.

Martin Lorenzo, the family's representative in the board and Del
Monte Philippines vice-chairman, said they are trying to
persuade Cirio to keep the stake.

"Our goal is to create value together," said Mr. Lorenzo, adding
Cirio's continued presence will help Del Monte Pacific penetrate
the European market.

If Cirio insists on selling its 39.9% stake, his family will
exercise its right of first refusal, Mr. Lorenzo said.  The
money, he added, will come from banks in Singapore and
Australia.

One possibility also being considered by the family is to
partner with the buyer of the stake.  Earlier, a US$180 million
deal between Cirio and Basic Holdings, owned by Filipino
businessman Lucio Tan, fizzled out because the latter had wanted
to buy the stake gradually.  Mr. Tan, accordingly, did not want
to be forced to buy out all the minority shareholders at once as
a consequence of taking over Cirio's entire stake.

Another buyer, which had dropped out from the race but is now
back in contention, is San Miguel Corporation.  The food and
beverage giant had backed off from talks due to Cirio's asking
price, which was reportedly inside the range of US$150-250
million.  Recent reports have indicated that Del Monte Pacific
has again asked San Miguel to participate in the sale.

Del Monte Pacific is the world's largest pineapple producer.
Its integrated pineapple growing and processing facility has an
estimated market capitalization of about US$425 million.  It is
10% owned by the Singapore government; the remaining 30% share
by the public.  Listed in Singapore, the company owns the Del
Monte trademark in the Philippines and the brand rights for the
India subcontinent territories.

Cirio collapsed in 2002 after defaulting on EUR1.1 billion
bonds.  Things turned for the worse when shareholders refused to
carry out a proposed restructuring plan, prompting liquidators
to come in.  Liquidators are now selling assets to pay
creditors.

CONTACT:  CIRIO DEL MONTE ITALIA S.P.A.
          Legal Address:
          Via Augusto Valenziani
          10 - 00187 Rome
          Phone: 06 421761
          Fax: 06 42176230

          Administrative Address:
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Web site: http://www.cirio.it

          SAN MIGUEL CORPORATION
          40 San Miguel Ave.
          Mandaluyong, Metro Manila 1550
          Philippines
          Phone: +63-2-632-3000
          Fax: +63-2-632-3099
          Web site: http://www.sanmiguel.com.ph


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


KONINKLIJKE AHOLD: Finance Officer to Leave for Stora Enso
----------------------------------------------------------
Koninklijke Ahold said on Tuesday that CFO Hannu Ryopponen has
decided to accept a new position outside the company.  He will
remain Ahold CFO until August 31, 2005, and will become CFO and
deputy to the CEO of Stora Enso as of September 1, 2005.

Stora Enso, a Finnish-Swedish publicly listed company, is an
integrated paper, packaging and forest products group.  Mr.
Ryopponen will work from their International Office in London.

Ahold President and CEO Anders Moberg, commenting on the
departure of his CFO, said: "I regret Hannu is leaving the
company.  His achievements during the Road to Recovery have been
instrumental in getting the company back on track.  However, I
quite understand that this is an interesting opportunity for
Hannu, and London will be his homebase again.  I would like to
thank Hannu for his considerable contribution to our company in
difficult times, and wish him all the best in this new
challenge."

Hannu Ryopponen joined Ahold on July 1, 2003, at a time when our
recovery strategy was still being developed.  He has played a
significant role in restoring the financial health of the
company.  Under his leadership, we completed our successful
rights issue at the end of 2003 and were able to carry out our
ambitious divestment program at high pace.  As a consequence,
the company's net debt position improved substantially and we
were able to establish a new unsecured credit facility with much
better terms and conditions.

The search for Hannu Ryopponen's successor will start
immediately.

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


VERSATEL N.V.: Dutch Tax Law Change Prohibits Offsetting Losses
---------------------------------------------------------------
Versatel Telecom International N.V. said it learned on Tuesday
that the Second Chamber has passed bill number 29 686, regarding
the abolishment of Article 12 of the Dutch Corporate Income Tax
Act 1969 (Vpb).

Versatel is very disappointed that no majority could be found
for the Crone Amendment that argued in favor of complete
retroactive effect of the abolishment of this article.  Since
the Government has done some concessions, and since Versatel has
been conservative in its accounting approach, the company
expects a positive net effect on its balance sheet from the bill
passed.

The government announced already in 2002 that Article 12 Vpb,
which was only introduced in 2001, should be amended or
abolished as soon as possible because of its unintended effect
on debt restructuring processes of companies in financial
difficulties.  This article treated the amount of distressed
debt that has been swapped into equity during a financial
restructuring, as a taxable profit.

Now that the article has not been abolished with retroactive
effect, Versatel, which restructured in 2002, will not be
allowed to offset the losses prior to 2003 against future
taxable profits.  This is in contrast to the existing tax
principle that losses (especially start-up losses) can be offset
against future profits which is an important principle for
companies that invest in The Netherlands.

Member of Parliament Mr. F. Crone of the Social Democratic Party
(PvdA) has submitted an amendment for full retroactive
abolishment of Article 12.  His position was similar to the
position of the Confederation of Netherlands Industry and
Employers (VNO) but did not get a majority in the second chamber
parliament.

The only compensation given by the bill is that, to the extent
that "Article 12 profit" exceeded the tax losses, a retroactive
exemption can be granted upon request, but under strict
conditions.  As a result of an amendment of Member of Parliament
Mr. F. de Neree tot Babberich of the Christian Democratic Party
(CDA) the restrictions have slightly moderated.  The changes and
amendments made during the parliamentary process will therefore,
and as a result of Versatel's conservative accounting approach,
have a positive net effect on its balance sheet.

Versatel is currently studying the exact financial and economic
consequences and will later decide on a future course of action.

Raj Raithatha, Chief Executive, said: "We are very disappointed
in the outcome of the vote and the lack of support from the
Dutch Ministry of Finance and State Secretary for Finance.  As
we are now no longer fiscally tied to The Netherlands, we have
to decide whether planned investments should be done in the
Dutch market.  The treatment of this law proposal does not
conform to the official policy to improve the investment climate
for innovative and technology driven companies, since all
government parties voted against a rightful redress of poor
legislation from the past.  It is thereby clear that this has
not been done on the basis of principles but for uncertain and
unjustifiable tax revenues."

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


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


FINDEXA LIMITED: Has Encouraging Start to the Year
--------------------------------------------------
With a substantially strengthened position in the online market,
Norwegian media house Findexa reported a solid start to 2005.
Reporting in the new International Financial Reporting
Standards, revenue and profit figures for the first quarter are
difficult to compare with previous quarters, but show that the
company is making progress.

Findexa had an EBITDA of NOK164 million in the first quarter,
and achieved total revenues of NOK392 million, in line with
prior year.  Costs were level with the prior period.  Run-rate
revenue and EBITDA, adjusting for timing differences, were
NOK413 million and NOK183 million respectively.

Under IFRS, recognition of revenues starts when distribution of
the related directories have been completed and continues pro
rata over the term of the contract as opposed to full
recognition on commencement of distribution as previously
reported under NGAAP.  This new revenue recognition principle
has significant impact on Findexa's income statement on a
quarter-by-quarter basis.  For instance, under IFRS, Q1 2004
benefited from an overlap of the 2003 and 2004 Gule Sider
directories whilst Q1 2005 includes a period of no directory
revenue from either the 2004 or 2005 Gule Sider publications.
To facilitate like-for-like comparison of quarterly results
going forward, therefore, the financial discussions related to
the income statement exclude the impact of timing differences.
In addition, management will present a run-rate statement, which
more accurately reflects the current state of the business.

A highlight of the quarter was the performance of gulesider.no,
which is Norway's largest commercial search site and which
maintained its lead over its main competitors.

"We have made progress on a number of fronts," explains CEO
Cornel Riklin.  "The most gratifying aspect is a 36.6% revenue
rise in the online market.  The growth in our online usage,
together with the planned launch of new products, offers very
exciting opportunities.  In addition, the acquisition of
RosaIndex announced [Tues]day will increase the proportion of
online revenue and create a stronger platform for our B2B
business going forward."

"We have announced the launch of a new C2C portal which will
include free classified advertisements -- including real estate
-- on gulesider.no.  This represents an attractive and expanding
market, where we can effectively leverage a number of synergies,
further strengthening our competitiveness," says Mr. Riklin.

Findexa is maintaining its quarterly dividend payments to
shareholders.  The payout for the first quarter of 2005 will be
NOK0.72, at level with previous quarters.  This represents an
annualized dividend yield of 11.6%.

About Findexa
Findexa is the largest publisher of directory products in
Norway, and one of the leading media companies in the country.
In 2004, Findexa published 115 directories with a combined
circulation of 9 million copies.  Findexa's main brands are Gule
Sider(R), Telefonkatalogen(tm), Ditt Distrikt(R) and BizKit(R).
The products are distributed through printed directories, via
SMS, on the Internet, CD-ROM, and the directory assistance
service Telefonkatalogen(tm) 1880.

In 2004, Findexa's operating revenues were NOK1,727 million and
EBITDA was NOK776 million.  Findexa has been traded on the Oslo
Stock Exchange since May 25, 2004.  For more information, visit
http://www.findexa.no.

A copy of these results is available free of charge at
http://bankrupt.com/misc/FindexaLimited(Q12005).pdf

CONTACT:  FINDEXA LIMITED
          Erik Dahl, Chief Financial Officer
          Mobile: +47 970 06 560
          E-mail: Erik.dahl@findexa.no

          COLLEGE HILL
          Mark Garraway
          Mobile: +44 7771 860 938
          E-mail: mark.garraway@collegehill.com


PETROLEUM GEO-SERVICES: First-quarter Results Return to Black
-------------------------------------------------------------
Petroleum Geo-Services A.S.A. (OSE and NYSE: PGS) unveiled on
Tuesday its unaudited first-quarter 2005 results under U.S.
GAAP.

Operating profit substantially strengthened: Excluding Pertra
and the Pertra sales gain, operating profit is US$40.8 million,
up US$16.4 million (67%).

Enhanced financial structure and flexibility: Net interest
bearing debt was reduced by US$203 million in Q1 providing a
stronger financial platform for future growth.  PGS was also
assigned a Ba3 credit rating by Moody's and a B+ from Standard
and Poor's.

Improved contract margins and multi-client late sales: Order
backlog and current bidding levels form basis for expectations
of improved contract performance throughout the year and a
continued strong market into 2006 Strong Q1 sales of data
offshore West Africa and in the North Sea and Gulf of Mexico.

FPSO performance impacted by short-term factors: Riser problem
on Varg field eliminated.  Production disturbances caused by
water separation issues on Petrojarl Foinaven/Foinaven field,
which will continue into Q2 and Q3.

Pertra sold for US$150.3 million gain: Due to a recent U.S.
accounting interpretation Pertra is not classified as
discontinued operations but is included in reported numbers
through February 2005.

Key figures as reported

                          Quarter ended          Year ended
                            March 31,           December 31,

(In millions of dollars) 2005       2004           2004
                        Unaudited  Unaudited       Audited

Revenues                 $285.0      $247.7       $1,129.5
Operating profit (loss)   189.6        35.5           35.7
Net income (loss)         155.4       (12.0)        (134.7)
Earnings (loss) per share
($ per share)               7.77      (0.60)        (6.74)
Adjusted EBITDA
(as defined)               91.6        99.1          412.2
Net cash provided
by operating activities    73.6        50.7          282.4
Cash investment
in multi-client            (9.9)      (15.2)         (41.1)
Capital expenditures      (15.2)      (23.6)        (148.4)
Total assets
(period end)            1,918.6     1,997.7        1,852.2
Cash and cash
equivalents (period end)  332.1       113.1          132.9
Net interest bearing debt
(period end)            $791.9     $1,064.1        $995.3

Svein Rennemo, PGS Chief Executive Officer, commented: "Our
first-quarter results reflect the early positive effects of a
strong improvement in the geophysical markets.  At the end of
first quarter 2005 our order backlog is substantially improving
both in volume and associated expected margins.  Current levels
of market activity indicate that this will continue into 2006.

"With what we believe is the most effective seismic fleet in the
industry we are well positioned to benefit from this buoyant
market and the more favorable returns in the geophysical
industry.  Currently we see towed streamer contract margins this
year improved 15 to 25 percentage points compared to average for
2004 with less variation in rates between regions.

After the installation of the new Varg riser, the Petrojarl Varg
FPSO is now producing as expected.  We see an increased demand
for FPSO solutions worldwide and are actively working to expand
this business profitably both within and outside the North Sea.

"We have achieved a sound financial platform having
significantly reduced our debt following the sale of Pertra.
With this platform and improved earnings and cash-flow
generation we are well positioned to realize our ambition to
further grow and develop our two core businesses.  We aim to do
this through pursuing both organic growth and strategic
opportunities within prudent financial management centered
around improving ROCE and cash flow."

                         Q1 Highlights

PGS Group

(a) Revenues of US$285.0 million, up US$37.3 million (15%) from
    Q1 2004, driven by strong contract revenues and multi-client
    late sales in Marine Geophysical;

(b) Excluding Pertra and the Pertra sales gain, operating profit
    of US$40.8 million, up US$16.4 million (67%).  Operating
    profit, as reported, of US$189.6 million;

(c) Net income of US$155.4 million compared to net loss of
    US$12.0 million in Q1 2004;

(d) Cash flow from operations, US$73.6 million, up US$22.9
    million from Q1 2004;

(e) Net interest-bearing debt reduced by US$203 million to
    US$792 million compared to US$995 million at December 31,
    2004; and

(f) US$175 million of the US$250 million 8% Senior Notes called
    for repayment in April 2005 at 102% of par.

Marine Geophysical

(a) Strong multi-client late sales totaling US$42.2 million, up
    US$13.5 million (47%) from Q1 2004.  Sales were stronger
    than we anticipated at the beginning of the year, driven by
    West Africa and North Sea sales;

(b) Contract acquisition revenues totaling US$91.6 million, up
    US$20.2 million (28%) from Q1 2004;

(c) Margins improved in contract acquisition despite incurring a
    loss in our seafloor 4C operations and Ramform Valiant
    operating disturbances;

(d) Operating profit of US$22.6 million, up US$18.7 million from
    Q1 2004; and

(e) Strong order backlog with March 31 contract backlog of
    US$188 million compared to US$170 million at the end of
    2004.

Onshore

(a) Performance as expected with operating profit of US$1.9
    million, up US$0.2 million from Q1 2004;

(b) Awarded large transition zone project in Nigeria; and

(c) Order backlog at March 31 of US$108 million compared to
    US$66 million at the end of 2004.

Production

(a) Operating profit of US$15.5 million, down US$6.1 million
    from Q1 2004 mainly due to effect of the now resolved damage
    to Varg riser and lower Petrojarl Foinaven volumes:

    (i) New main riser successfully installed on the Varg field
        March 9, bringing Petrojarl Varg production back to
        normal after production being constrained to
        approximately 15,000 barrels per day since early
        November 2004,

   (ii) Revenues on Petrojarl Foinaven reduced by water/oil
        separation issues and related maintenance slowdown in
        March and natural field decline;

(b) Lower production on Petrojarl I due to natural field
    production decline; and

(c) Revenues on Ramform Banff recognized based on minimum day
    rate provision.

                      Outlook Full Year 2005

Marine Geophysical

(a) As a result of the marine 3D industry seismic fleet being
    near full capacity utilization streamer contract
    profitability is expected to further improve in Q2 and
    second half;

(b) The seafloor 4C crew is expected to incur a loss in Q2 but
    to improve in second half;

(c) North Sea season is expected to be strong and five PGS
    streamer acquisition vessels will operate in the region in
    Q2 and Q3;

(d) Due to exceptionally high sales in Q4 2004, and despite Q1
    2005 sales exceeding Q1 2004 levels, full year 2005 multi-
    client late sales are still expected to be lower than 2004
    levels; and

(e) Cost levels impacted by increased fuel prices and
    depreciation of USD currency compared to 2004.

Onshore

(a) Full year revenues and operating profit expected above 2004
    levels; and

(b) Start up of transition zone project in Nigeria rescheduled
    to Q3, due to customer preferences, resulting in a weak Q2.

Production

(a) Total oil production from the four FPSOs for the full year
    is expected to be in line with or slightly lower than 2004;

(b) Foinaven oil/water separation issues will continue to affect
    volumes in Q2 and will lower production in Q3 due to planned
    three-week slowdown starting end July and two week shut down
    in September for installation of a system to re-inject
    produced water; and

(c) Increased full year operating cost compared to 2004 due to
    increased maintenance costs on the FPSOs as the time since
    deployment on their respective fields is increasing and due
    to the depreciation of the U.S. dollar compared to 2004.

Sale of Pertra to Talisman Completed

On March 1, 2005, PGS sold its wholly owned oil subsidiary,
Pertra A.S., to Talisman for a sales price of approximately
US$155 million.  The Company recognized a US$150.3 million gain
from the sale, including the US$2.5 million received to grant an
option to make certain amendments to the charter and operating
agreement for the Petrojarl Varg as described below.

Pertra is consolidated in the Q1 2005 financial statements
through February 2005 and the Pertra operations contributed
revenues of US$27.6 million (after adjusting for elimination of
Petrojarl Varg compensation) and an operating loss of US$1.5
million.  Pertra has not been classified as discontinued
operations in the Company's historical financial statements
reflecting a recent Emerging Issues Task Force interpretation
relating to reporting of discontinued operations under U.S.
GAAP.

As part of the transaction, Talisman has agreed to share with
PGS, on a 50/50 basis (post petroleum tax) for each of 2005 and
2006, their revenues from production of the Varg Field in excess
of US$240 million.  These possible additional proceeds from the
sale of Pertra have not been recognized in the consolidated
financial statements since such proceeds are not certain.

In connection with the sale, PGS entered into an agreement with
Talisman under which the PL038 license holders have an option,
at their discretion, to extend the term of the charter and
operating agreement for the Petrojarl Varg until 2010.  The
option is exercisable until February 1, 2006, and if exercised
the license owners will be obligated to pay a one time fee of
US$22.5 million and to guarantee a minimum of US$190,000 per day
in compensation for the use of Petrojarl Varg.  PGS received
US$2.5 million at closing of the Pertra sale for granting this
option.  Under our existing contract with the PL038 license
holders relating to the Petrojarl Varg, compensation consists of
a fixed base day rate of US$90,000 and a tariff of US$6.30 per
barrel produced.  Subject to the option, PGS currently has the
right to terminate the agreement if production from the Varg
field falls below 15,700 barrels of oil per day.

A copy of these results is available free of charge at
http://bankrupt.com/misc/petroleumgeoservices(Q12005).pdf

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

          US Investor Services:
          Renee Sixkiller
          Phone: +1 281 509 8548


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


AEROFLOT: High Fuel Costs Erase RUB11 Billion Q1 Revenues
---------------------------------------------------------
Rising fuel cost is eating into Aeroflot's revenues, doubling
the national carrier's first-quarter net loss, Reuters reported
recently.

Despite posting revenues of RUB11.085 billion, up from RUB9.986
billion last year, the company ended up losing RUB875 million
during the period, doubling last year's net loss of RUB422
million.

According General Director Valery Okulov, Aeroflot was doing
well during the first three quarters of 2004.  "A slowdown in
our growth rate began in the fourth quarter . . . when fuel
prices started to rise."

"It will be difficult to compensate [for the] first quarter
losses," he told Russia's Prime-Tass news agency.

For the first three months of 2005, passenger traffic grew by
3.2% to 1.377 million people.  The carrier aims to surpass last
year's total traffic of 6.862 million people by 14% this year.

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


BANK OF MOSCOW: Eurobond Assigned 'BB+' Long-term Rating
--------------------------------------------------------
Fitch Ratings assigned Kuznetski Capital S.A.'s US$300 million
7.375% issue of limited recourse loan participation notes due
November 2010 a final Long-term 'BB+' rating.  The notes are to
be used solely for financing a loan to Russia's Bank of Moscow
(BOM, rated Long-term foreign currency 'BB+', Short-term 'B',
Support '3', Individual 'D').  Further details on the structure
of the issue can be found in Fitch's announcement on 10 May 2005
(see http://www.fitchratings.com).

BOM was founded in 1994 and is one of Russia's 10 largest banks,
with consolidated assets of approximately US$5.7 billion at end-
2004.  Since 1995 BOM has been majority-owned by the government
of the City of Moscow (rated 'BBB-') and its Long-term rating is
driven by potential support from the government.

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

          James Watson
          Phone: +7 095 956 9901

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


BUILDING METAL: Files for Bankruptcy
------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Building Metal Constructions after finding
the open joint stock company insolvent.  The case is docketed as
A14-11769/2004/76/7b.  Mr. A. Butenko has been appointed
insolvency manager.  Creditors have until June 16, 2005 to
submit their proofs of claim to 394029, Russia, Voronezh,
Merkulova Str. 7a, Office 301.

CONTACT:  BUILDING METAL CONSTRUCTIONS
          394028, Russia, Voronezh region,
          Bazovaya Str. 13

          Mr. A. Butenko
          Insolvency Manager
          394029, Russia, Voronezh region,
          Merkulova Str. 7a, Office 301


INTER-OIL: Deadline for Proofs of Claim June 23
-----------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Inter-Oil after finding the limited
liability company insolvent.  The case is docketed as A12-
20347/04-s24.  Ms. O. Chirkova has been appointed insolvency
manager.  Creditors have until June 23, 2005 to submit their
proofs of claim to 400005, Russia, Volgograd, Lenina Pr., 102-
106.

CONTACT:  INTER-OIL
          400131, Russia, Volgograd region,
          Lenina Pr. 70A-13

          Ms. O. Chirkova
          Insolvency Manager
          400005, Russia, Volgograd region,
          Lenina Pr. 102-106


INVESTICO-KUNGUR-SHOES: Hires M. Trushnikov Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Investico-Kungur-Shoes after finding the
limited liability company insolvent.  The case is docketed as
A50-3208/2004-B.  Mr. M. Trushnikov has been appointed
insolvency manager.  Creditors have until June 16, 2005 to
submit their proofs of claim to 614990, Russia, Perm, G. Khasana
Str. 7a-306.

CONTACT:  INVESTICO-KUNGUR-SHOES
          617400, Russia, Perm region,
          Kungur, Prosvesheniya Str. 1

          Mr. M. Trushnikov
          Insolvency Manager
          614990, Russia, Perm region,
          G. Khasana Str. 7a-306


KUGARCHINSKOYE ELECTRO-SET: Declared Insolvent
----------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Kugarchinskoye Electro-Set after
finding the municipal unitary enterprise insolvent.  The case is
docketed as A07-43261/04-MOG.  Mr. R. Idrisov has been appointed
insolvency manager.  Creditors have until June 16, 2005 to
submit their proofs of claim to 453850, Russia, Bashkortostan
republic, Meleuz.

CONTACT:  KUGARCHINSKOYE ELECTRO-SET
          Russia, Bashkortostan republic, Kugarchinskiy region,
          Mrakovo, Lenina Str. 73

          Mr. R. Idrisov
          Insolvency Manager
          453850, Russia, Bashkortostan republic, Meleuz
          Phone: 8(34764) 4-12-54, 5-17-52


MOTORIST: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Motorist.  The case is docketed as A-32-5379/2005-2/44-B.  Ms.
O. Kotova has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 350063, Russia,
Krasnodar, Komsomolskaya Str. 72.

CONTACT:  MOTORIST
          352223, Russia, Krasnodar region,
          Uspenskiy region, Konovo, Prom. Zone

          Ms. O. Kotova
          Temporary Insolvency Manager
          350063, Russia, Krasnodar region,
          Komsomolskaya Str. 72


MOVABLE MECHANIZED: Proofs of Claim Deadline Expires June
---------------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Movable Mechanized Column-10 (TIN
3101000570) after finding the close joint stock company
insolvent.  The case is docketed as A08-9265/04-11.  Mr. S.
Vereshyagin has been appointed insolvency manager.  Creditors
have until June 16, 2005 to submit their proofs of claim to
308001, Russia, Belgorod-1, Post User Box 822.

CONTACT:  MOVABLE MECHANIZED COLUMN-10
          309850, Russia, Belgorod region,
          Alekseevka, Kirova Str. 6

          Mr. S. Vereshyagin
          Insolvency Manager
          308001, Russia, Belgorod-1,
          Post User Box 822


POLIVANSKIY WOOD-PROM-KHOZ: Succumbs to Bankruptcy
--------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
proceedings against Polivanskiy Wood-Prom-Khoz after finding the
state unitary enterprise insolvent.  The case is docketed as
A72-7389/02-K423-B.  Mr. A. Kolotilin has been appointed
insolvency manager.  Creditors have until June 16, 2005 to
submit their proofs of claim to 432063, Russia, Ulyanovsk, 12th
September Str. 101.

CONTACT:  POLIVANSKIY WOOD-PROM-KHOZ
          433740, Russia, Ulyanovsk region,
          Baryshskiy region, Polivanovo

          Mr. A. Kolotilin
          Insolvency Manager
          432063, Russia, Ulyanovsk region,
          12th September Str. 101
          Phone: (8422) 42-04-08


RAY-SEL-KHOZ-KHIMIYA BAYMAKSKAYA: Declared Insolvent
----------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Ray-Sel-Khoz-Khimiya Baymakskaya
after finding the municipal unitary enterprise insolvent.  The
case is docketed as A-07-8908/02-IUS/MOG.  Mr. R. Abdullin has
been appointed insolvency manager.  Creditors may submit their
proofs of claim to 453630, Russia, Bashkortostan republic,
Baymak, Yubileynaya Str. 2, Apartment 4.

CONTACT:  Mr. R. Abdullin
          Insolvency Manager
          453630, Russia, Bashkortostan republic,
          Baymak, Yubileynaya Str. 2, Apartment 4
          Phone: (34751) 3-16-23


SEVTEKHOL: Gives Creditors Until Next Month to File Claims
----------------------------------------------------------
The Arbitration Court of Murmansk region commenced bankruptcy
proceedings against Sevtekhol after finding the open joint stock
company insolvent.  The case is docketed as A42-4977/02-7.  Mr.
A. Starichkov has been appointed insolvency manager.  Creditors
have until June 16, 2005 to submit their proofs of claim to
183038, Russia, Murmansk, Post User Box 391.

CONTACT:  SEVTEKHOL
          184040, Russia, Murmansk region,
          Kandalaksha, Zavodskaya Str. 1

          Mr. A. Starichkov
          Insolvency Manager
          183038, Russia, Murmansk region,
          Post User Box 391


VOLGO-MOL-TRANS: Volgograd Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Volgo-Mol-Trans (TIN 3445038942) after
finding the open joint stock company insolvent.  The case is
docketed as A12-20809/04-s57.  Mr. V. Pimenov has been appointed
insolvency manager.  Creditors have until June 23, 2005 to
submit their proofs of claim to 400120, Russia, Volgograd, Post
User Box 2831.

CONTACT:  VOLGO-MOL-TRANS
          400120, Russia, Volgograd region,
          Avtotransportnaya Str. 33

          Mr. V. Pimenov
          Insolvency Manager
          400120, Russia, Volgograd region,
          Post User Box 2831


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


AVANZIT SA: First-quarter Results Back in Red
---------------------------------------------
Telecom engineering and media group Avanzit swung back to a
first-quarter, according to AFX.

The company ended the period with a EUR774,000 net loss, down
sharply from last year's EUR114 million profit, which was
boosted by a one-time gain.  Overseas units helped push sales up
to EUR38.9 million, 17.5% higher year-on-year.  EBITDA also rose
to EUR943,000 from EUR506,000, said the company, which prepared
the results under Spanish GAAP.

CONTACT:  AVANZIT S.A.
          C/Alcala 518
          28027 Madrid
          Phone: +34 91 754 67 00
          Fax: +34 91 754 67 24
          E-mail: info.avanzit@avanzit.com
                  rrhh@avanzit.com
          Web site: http://www.avanzit.com


IZAR: Govt Prefers Shipbuilding Expert to Buy Civilian Arm
----------------------------------------------------------
Spanish finance minister Pedro Solbes favors the takeover of
Izar by a specialist from the sector rather than by financial
group, according to Expansion.  This despite his opinion earlier
that Spanish savings bank may invest in civil shipyards.

The ministry placed the civilian shipbuilding arm into
liquidation in April and formed Navantia to takeover the
military shipyards, including the profitable turbine division.

Navatia is to participate in the government's plan to modernize
Spanish armed forces through new projects in 2005.  The program
calls for investments of some EUR2.5 billion.

In a separate report, Navatia is said to have signed a deal with
Spanish wind energy company Cesa for the order of 150 wind
turbines.  The deal is estimated to be worth EUR140 million,
making Cesa its largest single customer.

Izar had liabilities of more than EUR2.242 billion and assets of
EUR537 million last year.  Izar collapsed after the European
Commission last year ordered it to return to state industrial
holding SEPI EUR1.2 billion in illegal state aid.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


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


CONCORDIA BUS: Creditors Willing to Extend EUR40 Mln Financing
--------------------------------------------------------------
Concordia Bus Nordic AB (publ) on Monday disclosed further
details of the financing proposal (the Financing Indicative
Terms) received last week from certain members of the Ad Hoc
Committee of the 11% Senior Subordinated Notes due 2010 issued
by Nordic's ultimate parent, Concordia Bus AB.

Under the plan, the Financing Parties would lend EUR40,000,000
to Bus.  The funds, less certain amounts retained by Bus to meet
the costs associated with its proposed restructuring as outlined
in the indicative terms publicly announced on 16 March 2005,
would be contributed to Concordia Bus' wholly owned subsidiary,
Concordia Bus Nordic Holding AB (Nordic Holding), in return for
preferred shares.

The Financing Indicative Terms propose that Nordic Holding in
turn contribute an equal amount to Nordic in return for common
shares.  The Financing Indicative Terms are subject to a number
of conditions, including the closing of the proposed Bus
restructuring, and are subject to further negotiation.

A meeting was held this week in London between the advisers of
Nordic, the Ad Hoc Committee and certain holders of its 9.125%
Senior Secured Notes due 2009 to discuss the Financing
Indicative Terms and in particular the contribution of funds to
Nordic.

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

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

Under the extended deadline, all holders of Secured Notes who
submit valid and unrevoked consents prior to 5:00 P.M. London
time on Friday, 27 May 2005, will receive the consent fee of
EUR5 per EUR1,000 of the principal amount of Secured Notes for
which they deliver valid and effective consents, subject to the
terms and conditions of the Solicitation.

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

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

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

The Tabulation Agent has advised Nordic that as of 20 May 2005
consents for 10.69% aggregate principal amount of the Secured
Notes had been validly submitted and unrevoked.

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

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

          GAVIN ANDERSON & COMPANY
          Richard Constant/Candace Carpenter
          Phone: +44(0)207 554 1400


CONCORDIA BUS: S&P Cuts Rating Further to 'SD' from 'CC'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Sweden-based bus-services provider
Concordia Bus AB (Concordia) to 'SD' from 'CC', reflecting the
group's failure to pay the interest coupon on its EUR160 million
($202 million) subordinated notes and the continued absence of
remediation concerning the missed payment.  The rating was
removed from CreditWatch with negative implications, where it
was originally placed on Dec. 17, 2004, reflecting concern that
the company would not be able to pay its upcoming interest
payments.

At the same time, Standard & Poor's lowered its rating on the
EUR160 million notes to 'D' from 'C' and removed the rating from
CreditWatch.  The 'C' rating on the secured EUR130 million notes
issued by operating subsidiary Concordia Bus Nordic AB remains
on CreditWatch with negative implications.  Concordia provides a
guarantee in favor of the notes.

Concordia is currently in negotiations with its stakeholders and
is seeking approval for a debt-for-equity restructuring plan,
which envisages the transfer of 96% of its share capital to the
holders of its EUR160 million subordinated notes.  The plan,
which includes several covenant changes, will require the
consent of senior bondholders.  The deadline for senior
bondholder consent has been extended on several occasions but
has not yet been agreed.  Standard & Poor's is uncertain as to
when negotiations will be completed.

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

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


SKANDIA INSURANCE: Mulls Three-way Sale of Business
---------------------------------------------------
Skandia Insurance Co. is reportedly pursuing three fronts in
selling its business, Interactive Investor reported Wednesday.

The strategy is accordingly the brainchild of Morgan Stanley,
which is advising Skandia on the sale.  The U.S. investment bank
is understood to be preparing sales memoranda for each of the
insurer's three main businesses, according a separate report by
The Financial Times.

There are three major bidders interested in different parts of
the business.  Nordea AB is closely examining Skandia's Nordic
operations while Friends Provident PLC is believed to be looking
at the U.K. business.  A third bidder, Old Mutual PLC of South
Africa, wants to takeover the entire business, but its major
institutional shareholders are reportedly opposed to the idea.

A Skandia-Old Mutual merger would create an GBP8 billion cross-
border financial services group, one of the largest in the
business.

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


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


AWTOZAZ: Shift in Local Tax System Pushes firm on the Brink
-----------------------------------------------------------
AwtoZAZ, which is trying to take over Polish carmaker FSO, is on
the brink of bankruptcy, according to a special commission
organized by Ukraine's prime minister.

The commission, which includes representatives of AwtoZAZ, said
changes in the tax systems have increased car prices and
consequently cut sales by 30%.  Polish treasury representatives,
who are facilitating the sale of FSO, were dismayed by the news,
which came just as AwtoZAZ was wrapping up the deal.

"Such information cannot be ignored.  We will definitely closely
examine the situation of the investor before signing the final
contract," Janusz Kwiatkowski, State Treasury spokesperson,
said.

Meanwhile, Minister of Economy and Labour Jacek Piechota said
the difficult situation in Ukraine should even more convince the
company to move its operations to such a stable country as
Poland.  According to Warsaw Business Journal, industry experts
think the story may just be AwtoZAZ's ploy to deter Ukraine from
introducing further tax reduction restrictions and complex
regulations that could kill businesses.


BILOPILLYA' AGROHIM: Sumi Court Appoints Liquidator
---------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Bilopillya' Agrohim (code EDRPOU 05490635)
on April 14, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 12/136-04.  Mr. Yevgen
Chuprun (License Number AA 779228) has been appointed
liquidator/insolvency manager.

CONTACT:  BILOPILLYA' AGROHIM
          41800, Ukraine, Sumi region,
          Bilopillya

          Mr. Yevgen Chuprun
          Liquidator/Insolvency Manager
          Ukraine, Sumi region,
          Petropavlovska Str. 74, Room 49 A

          ECONOMIC COURT OF SUMI REGION
          40030, Ukraine, Sumi region,
          Shevchenko Avenue, 18/1


D. A. M.: Succumbs to Insolvency
--------------------------------
The Economic Court of Chernigiv region declared D. A. M. (code
EDRPOU 31691514) insolvent on April 8, 2005.  The case is
docketed as 9/144-b.  Mr. O. Barbarov has been appointed
liquidator/insolvency manager.  The company holds account number
2600314001251 at JSC Praveksbank, Chernigiv branch.

CONTACT:  D. A. M.
          Ukraine, Chernigiv region,
          50 Rokiv SRSR Str. 5/33

          Mr. O. Barbarov
          Liquidator/Insolvency Manager
          14000, Ukraine, Chernigiv region,
          Polubotok Str. 18

          ECONOMIC COURT OF CHERNIGIV REGION
          14000, Ukraine, Chernigiv region,
          Miru Avenue, 20


GRANIT: Insolvency Manager to Temporarily Oversee Business
----------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against LLC GRANIT (code EDRPOU 32722557) on April
15, 2005 after finding the limited liability company insolvent.
The case is docketed as B-19/42-05.  Ms. Olena Bilousova
(License Number AA 669640) has been appointed
liquidator/insolvency manager.

CONTACT:  GRANIT
          Ukraine, Harkiv region,
          Harkiv district, Visokij, Oshepkova Str. 52

          Ms. Olena Bilousova
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Shota Rustaveli Str. 42/14
          Mobile phone: (066) 724-50-25

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square, 5, Derzhprom,
          8th Entrance


HOTIMLYANSKE: Bankruptcy Proceedings Begin
------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Hotimlyanske (code EDRPOU 00850388) on March
14, 2005 after finding the limited liability company insolvent.
The case is docketed as B-39/10-05.  Mr. Y. Yampolskij (License
Number AA 419258) has been appointed liquidator/insolvency
manager.

CONTACT:  HOTIMLYANSKE
          Ukraine, Harkiv region,
          Vovchanskij district, Hotimlya,
          Lenin Str. 24

          Mr. Y. Yampolskij
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Shota Rustaveli Str. 240-V/118

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square, 5, Derzhprom, 8th entrance


SALTIVSKE: Harkiv Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Saltivske (code EDRPOU 00850425) on March 9,
2005 after finding the limited liability company insolvent.  The
case is docketed as B-48/29-05.  Mr. Y. Yampolskij (License
Number AA 419258) has been appointed liquidator/insolvency
manager.

CONTACT:  SALTIVSKE
          Ukraine, Harkiv region,
          Vovchanskij district, Petrovske,
          Petrovskij Str. 42

          Mr. Y. Yampolskij
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Shota Rustaveli Str. 240-V/118

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square, 5, Derzhprom, 8th entrance


SEMIGORI: Kyiv Court Appoints Liquidator
----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Semigori (code EDRPOU 24893563) on March 29,
2005 after finding the limited liability company insolvent.  The
case is docketed as 208/2 b-2004.

CONTACT:  SEMIGORI
          Ukraine, Kyiv region,
          Boguslavskij district, Semigori

          ECONOMIC COURT OF KYIV REGION
          01033, Ukraine, Kyiv region,
          Zhelyanska Str. 58 b


UKRAINIAN CONSULTING: Declared Insolvent
----------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Ukrainian Consulting Group (code EDRPOU
19171891) on February 24, 2005 after finding the limited
liability company insolvent.  The case is docketed as 6/31-8/19.
Mr. Y. Onushkanich (License Number AA 484203) has been appointed
liquidator/insolvency manager.

CONTACT:  UKRAINIAN CONSULTING GROUP
          Ukraine, Lviv region,
          Zelena Str. 53-a

          Mr. Y. Onushkanich
          Liquidator/Insolvency Manager
          79031, Ukraine, Lviv region,
          Strijska Str. 71 b/3

          ECONOMIC COURT OF LVIV REGION
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81


VOVCHANSKIJ BUILDING: Collapses into Bankruptcy
-----------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Vovchanskij Building Materials Plant (code
EDRPOU 21187994) on March 3, 2005 after finding the open joint
stock company insolvent.  The case is docketed as B-50/42-05.
Mr. Y. Yampolskij (License Number AA 419258) has been appointed
liquidator/insolvency manager.

CONTACT:  VOVCHANSKIJ BUILDING MATERIALS PLANT
          62531, Ukraine, Harkiv region,
          Vovchanskij district, Zhovtneve

          Mr. Y. Yampolskij
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Shota Rustaveli Str. 240-V/118

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square, 5, Derzhprom, 8th entrance


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


3 TECH: Names Springfields Liquidator
-------------------------------------
At the extraordinary general meeting of 3 Tech Networks Limited
on May 17, 2005 held at 80 Hinckley Road, Leicester LE3 0RD, the
subjoined extraordinary resolution to wind up the company was
passed.  Situl Devji Raithatha and John Patrick Thomas Redmond
of Springfields, 80 Hinckley Road, Leicester LE3 0RD have been
appointed joint liquidators of the company.

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


ACORDIS UK: Fiber Maker Hires Deloitte & Touche Administrator
-------------------------------------------------------------
Trevor Nigel Birch, Neville Barry Kahn and Ian Brown (IP Nos
001034, 008690, 007236) have been appointed joint administrators
for Acordis UK Limited.  The appointment was made May 13, 2005.

The factory manufactures man-made fibers.  Its registered office
is located at 1 City Square, Leeds LS1 2AL.

CONTACT:  DELOITTE & TOUCHE
          1 City Square
          Leeds
          West Yorkshire LS1 2AL
          Phone: 0113 292 1748
          Fax: 0113 244 8942


A K WASTE: Appoints P&A Partnership Administrator
-------------------------------------------------
John Russell and Allan Cooper (IP Nos 5544, 5546) have been
appointed joint administrators for A K Waste Management Limited.
The appointment was made May 13, 2005.

The company handles waste management.  Its registered office is
located at 93 Queen Street, Sheffield S1 1WF.

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


BEDALE GRANGE: Decides to Wind up Operations
--------------------------------------------
At the extraordinary general meeting of the members of Bedale
Grange Limited on May 18, 2005 held at Taylor Rowlands, 8 High
Street, Yarm, Stockton-on-Tees TS15 9AE, the special resolution
to wind up the company was passed.  John Harvey Madden of Taylor
Rowlands, 8 High Street, Yarm, Stockton-on-Tees TS15 9AE has
been appointed liquidator of the company.

CONTACT:  TAYLOR ROWLANDS
          8 High Street
          Yarm
          Cleveland TS15 9AE
          Phone: 01642 790790
          Fax: 01642 785588
          E-mail: harvey@taylorrowlands.co.uk


BOROUGH MOTOR: Passes Winding-up Resolution
-------------------------------------------
At the extraordinary general meeting of the members of Borough
Motor Services Limited on May 13, 2005 held at 20 Winmarleigh
Street, Warrington, Cheshire WA1 1JY, the extraordinary
resolution to wind up the company was passed.  Robert W. Keating
of R. W. Keating & Co., 20 Winmarleigh Street, Warrington,
Cheshire WA1 1JY has been nominated liquidator of the company.

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


BROOKMIST LIMITED: Members Call in Liquidator
---------------------------------------------
At the extraordinary general meeting of the members of Brookmist
Limited on May 12, 2005 held at The Exeter Inn, Tiverton Road,
Bampton, Devon EX16 9DY, the extraordinary and ordinary
resolutions to wind up the company were passed.  Andrew W.
Thompson and Dan P. Hennessy of The Thompson Partnership, 30
Derby Street, Ormskirk L39 2BY have been appointed joint
liquidators of the company.

CONTACT:  THE THOMPSON PARTNERSHIP
          30 Derby Street,
          Ormskirk L39 2BY


CAMPAIGN CONNECTIONS: Liquidator from Singla & Co. Moves in
-----------------------------------------------------------
At the extraordinary general meeting of Campaign Connections
2000 Limited on May 4, 2005 held at Node Court, Drivers End,
Codicot, Hertfordshire SG4 8TR, the special 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 Devereaux Court
          Strand
          London WC2R 3JL
          Phone: 020 7353 6922
          Fax: 020 7583 4126


CLAYTON FACILITIES: Appoints Poppleton & Appleby Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of Clayton Facilities
Management Ltd. on May 12, 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


DRAX GROUP: Names Adviser for Planned Refinancing
-------------------------------------------------
Drax Group Limited has appointed Deutsche Bank AG London as lead
adviser and sponsor for the proposed refinancing and listing of
Drax and the continued exploration of strategic opportunities.
The appointment has been made following a competitive selection
process involving a number of major investment banks, and is
effective immediately.

Dresdner Kleinwort Wasserstein Limited has been retained, on an
on-going basis, by Drax Group as financial adviser to the Board.


                            *   *   *

In November 2004, Dresdner Kleinwort Wasserstein Limited was
commissioned to review the capital structure of the Drax group
of companies and advise the Board of options for restructuring
and re-financing.  This review was delivered in March 2005 and
conclusions shared with investors at the annual investor meeting
on 22 March 2005.

In its 2004 results released this month Drax Group said:

The financial collapse of the U.K. operations of TXU in late
2002 meant the loss of a customer for some 60% of the plant's
output and precipitated our own financial problems, which were
addressed in the restructuring completed in 2003.  Following two
years of negotiations, in early December 2004 we advised our
stakeholders that we had secured an offer to agree our claim
against TXU at a figure of some GBP348 million and sought the
support of our B lenders to accept the settlement proposals put
forward by the administrators of TXU.  On the administrators'
realistic basis, Drax Power could eventually receive payment of
its principal claim broadly in full.  We received a substantial
first distribution of some GBP214 million at the end of March
2005, and it is envisaged that further distributions will be
received during 2005 and 2006.

The Group is obliged to apply all receipts, after VAT and a
payment of GBP2.5 million, towards the discharge of its B debt.
As a result, significant future interest savings will arise and
the balance sheet will be significantly degeared.  Your Board
believes this is an excellent result.  Furthermore, it is a key
step towards preparing the Company for a re-financing of some or
all of its current debt.

The current capital structure was developed during 2003 in
agreement with its then senior creditors as a secure basis for
the business to emerge from its then financial difficulties.  It
has served that purpose well.  Your Board believes, however,
that significant progress has now been made to establish Drax
Power as a well-managed and sound business that delivers value
to all stakeholders.  This will require us to consider
introducing a more appropriate capital structure.  Achieving
this improvement will necessitate a refinancing coupled with a
listing of the equity, and the Board is presently engaged in a
review of the Group's capital structure with advice from
Dresdner Kleinwort Wasserstein.  Proposals for this important
next step in the story of Drax Power will be put to stakeholders
in 2005.

We have sought throughout 2004 a policy of openness and
accessibility in our relationships with our shareholders.  We
intend to continue that policy during 2005, consistent at all
times with our responsibilities to the market, but, where
appropriate, maintaining commercial confidentiality.

CONTACT:  DRAX GROUP LIMITED
          Melanie Wedgbury
          Phone: 01757 618381
          Kelly-Ann French/Eric Burns

          BUCHANAN COMMUNICATIONS
          Phone: 01943 883990
          Charles Ryland/Ben Willey
          Phone: 020 7466 5000


E-COMPOSITE LIMITED: Hires Liquidator from Unique Business
----------------------------------------------------------
At the extraordinary general meeting of E-Composite Limited on
May 16, 2005 held at the Europa House, Barcroft Street,
Manchester BL9 5BT, the extraordinary resolution to wind up the
company was passed.  Mark Prideaux of Unique Business Finance
Ltd., 6 Lockside Office Park, Lockside Road, Preston PR2 2YS has
been appointed liquidator of the company.

CONTACT:  UNIQUE BUSINESS FINANCE LTD.
          Unit 6
          Lockside Office Park
          Lockside Road
          Preston
          Lancashire PR2 2YS
          Phone: 01772 731994


EMESS GROUP: Members Opt for Liquidation
----------------------------------------
At the extraordinary general meeting of the members of Emess
Group Trading Limited on May 9, 2005 held at Russell Square
House, 10-12 Russell Square, London WC1B 5LF, the extraordinary
and ordinary resolutions to wind up the company were passed.
Richard Howard Toone and Kevin Anthony Murphy of Chantrey
Vellacott DFK, Russell Square House, 10-12 Russell Square,
London WC1B 5LF have been appointed joint liquidators of the
company.

CONTACT:  CHANTREY VELLACOTT DFK
          Russell Square House,
          10-12 Russell Square,
          London WC1B 5LF
          Phone: 020 7509 9000
          Fax: 020 7436 8884
          Web site: http://www.cvdfk.com


FEDERAL-MOGUL: Receiver Wants Cross-border Protocol Cancelled
-------------------------------------------------------------
Simon Freakley, James Gleave and the other partners at Kroll
Limited Corporate Advisory and Restructuring Group, as Joint
Administrators of Federal-Mogul Corporation's U.K. Debtors,
advise Judge Lyons of the U.S. Bankruptcy Court for the District
of Delaware that the High Court of Justice in London will hear
their application to terminate the Cross-Border Insolvency
Protocol dated October 1, 2001, entered among the Debtors and
the Administrators.

In a letter sent to the Bankruptcy Court, the Administrators
tell Judge Lyons that the application to terminate is necessary
for them to "begin an orderly realization of the U.K. Debtors'
businesses and assets."  The termination, according to the
Administrators, will ensure that the U.K. Debtors' employees are
clear about who they are responsible to and prospective
purchasers are clear that the Administrators are -- under
English law -- in sole control of the process thereby
facilitating smooth and advantageous sales.

The Administrators are represented in the U.S. Debtors'
bankruptcy proceedings by James L. Garrity, Jr., Esq., at
Shearman & Sterling LLP, in New York.

According to Mr. Garrity, the Administrators and the Debtors
continue to explore the possibility of a consensual realization.

"After termination of the Protocol, the Administrators expect
that the U.K. Debtors' U.K. management will continue, for the
time being, to run the day-to-day operations as if the Protocol
had not been terminated subject, however, to the overall
supervision and control of the Administrators," Mr. Garrity
says.

"We have been advised that the Debtors and the other Plan
Proponents have not agreed to a realization and have stated that
a realization is inconsistent with the laws of the United States
(absent approval of the U.S. Court by agreement or otherwise),
on the basis that Chapter 11 cases are pending for each of the
U.K. Debtors," Mr. Garrity adds.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some $6 billion.  The Company filed for chapter 11 protection on
October 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and $8.86 billion in liabilities.  At
Dec. 31, 2004, Federal-Mogul's balance sheet showed a $1.925
billion stockholders' deficit.  At Mar. 31, 2005, Federal-
Mogul's balance sheet showed a $2.048 billion stockholders'
deficit, compared to a $1.926 billion deficit at Dec. 31, 2004.
(Federal-Mogul Bankruptcy News, Issue No. 79; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


FENCOURT PRINTERS: Publisher Names PwC Administrator
----------------------------------------------------
Michael John Andrew Jervis and David Christian Chubb (IP Nos
8689, 9357) have been appointed joint administrators for
Fencourt Printers Limited.  The appointment was made May 13,
2005.  Its registered office is located at Stratford Row,
Wolverton, Milton Keynes, Buckinghamshire MK12 5LX.

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


FISHER HOLDINGS: Appoints Valentine & Co. Liquidator
----------------------------------------------------
At the extraordinary general meeting of Fisher Holdings Limited
on May 13, 2005 held at 4 Dancastle Court, 14 Arcadia Avenue,
London N3 2HS, the subjoined special and ordinary resolutions to
wind up the company were passed.  Mark S. Reynolds and Robert
Valentine of 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


FUS LIMITED: Liquidator from Valentine & Co. Moves in
-----------------------------------------------------
At the extraordinary general meeting of Fus Limited on May 11,
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


GIBBS PLUMBING: Hires Piper Thompson as Liquidator
--------------------------------------------------
At the meeting of Gibbs Plumbing And Heating Contractors LLP on
May 16, 2005 held at Hilton Cobham, Seven Hills Road South,
Cobham, Surrey KT11 1EW, the resolution to wind up the company
was passed.  Tony James Thompson of Piper Thompson, Mulberry
House, 53 Church Street, Weybridge, Surrey KT13 8DJ has been
nominated liquidator of the company.

CONTACT:  PIPER THOMPSON
          Mulberry House,
          53 Church Street, Weybridge,
          Surrey KT13 8DJ
          Phone: 01932855515


GLENTYAN CONSTRUCTION: Creditors Meeting Set June 16
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Glentyan Construction Ltd.
                         (In Liquidation)

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Final Meeting of the Creditors of
Glentyan Construction Ltd. will be held at 1 Royal Terrace,
Edinburgh EH7 5AD, on June 16, 2005 at 10:00 a.m. for the
purposes of receiving the Liquidator's report on the winding-up
and to determine whether the Liquidator should be released.

K. R. Craig, Liquidator

CONTACT:  TENON RECOVERY
          One Royal Terrace
          Edinburgh EH7 5AD
          Phone: 0131 557 4455
          Fax: 0131 556 0662
          E-mail: edinburgh@tenongroup.com
          Web site: http://www.tenongroup.com


INNOVATION EVENT: Winding-up Report Out Mid-June
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Innovation Event Management Ltd.
                        (In Liquidation)

Notice is hereby given, pursuant to section 106 of the
Insolvency Act 1986, that Final Meetings of the Members and
Creditors of Innovation Event Management Ltd. will be held
within the offices of Moore Stephens Corporate Recovery, Allan
House, 25 Bothwell Street, Glasgow G2 6NL, on June 14, 2005, at
10:00 a.m. and 10:15 a.m. respectively, for the purposes of
receiving the Liquidator's report on the conduct of the winding-
up and to determine the manner in which the books, accounts and
documents of the Company should be disposed.

Douglas B. Jackson, Liquidator
May 10, 2005

CONTACT:  MOORE STEPHENS
          25 Bothwell Street
          Glasgow G2 6NL
          Phone: 0141 567 4500
          Fax: 0141 567 4535
          E-mail: info@scott-moncrieff.com
          Web site: http://www.moorestephens.co.uk


INTASUN LTD.: Sets Annual Creditors Meeting June
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Intasun Ltd.
                         (In Liquidation)

I, James Inglis Smith, Chartered Accountant, Suite 412, Baltic
Chambers, 50 Wellington Street, Glasgow G2 6HJ, pursuant to
section 105 of the Insolvency Act 1986 and Rule 4.13 of the
Insolvency (Scotland) Rules 1986 that an Annual Meeting of
Creditors of the above Company will be held in the offices of
Smith Inglis Ltd., Suite 412, Baltic Chambers, 50 Wellington
Street, Glasgow on June 7, 2005, at 12:00 noon for the purpose
of receiving the Liquidator's account of the winding-up during
the preceding year.

James Inglis Smith, Liquidator
May 3, 2005

CONTACT:  SMITH INGLIS & CO.
          Suite 412
          Baltic Chambers
          50 Wellington Street
          Glasgow G2 6HJ

          James Inglis Smith
          Phone: 0141 248 8339
          Fax: 0141 248 8339


INVENSYS PLC: 2004 Loss Widens to GBP473 Million
------------------------------------------------
Financial highlights:

(a) (full-year)sales for retained businesses at GBP2.5 billion
    (FY 03/04: GBP2.7 billion);

(b) operating profit of retained businesses at GBP169 million
    (FY 03/04: GBP193 million);

(c) operating margin of retained businesses 6.7% after corporate
    costs (FY 03/04: 7.1%);

(d) corporate costs reduced to GBP46 million (FY 03/04: GBP66
    million);

(e) free cash inflow (before legacy items) of GBP38 million (FY
    03/04: GBP40 million outflow);

(f) substantial progress in the reduction of legacy liabilities;

(g) (Q4) sales for retained businesses at GBP655 million (Q4
    03/04: GBP703 million);

(h) operating profit of retained businesses at GBP66 million (Q4
    03/04: GBP76 million);

(i) operating margin of retained businesses 10.1% after
    corporate costs (Q4 03/04: 10.8%); and

(j) retained profit for the period GBP28 million (Q4 03/04: loss
    of GBP139 million).

Chief Executive of Invensys, Rick Haythornthwaite, said: "For
the fourth consecutive quarter, we have achieved overall results
in line with market expectations.  Most importantly, this has
been a year when we have produced positive free cash flow before
legacy items.

"We are making good operational progress across the Group.  The
Controls business is a particular area of focus and a clear
action plan is in place to address the issues that have affected
its results."

Sales for the retained businesses in the quarter were GBP655
million (Q4 03/04: GBP703 million), down 5% at constant exchange
rates (CER).  Operating profit was GBP66 million (Q4 03/04:
GBP76 million) resulting in a Q4 operating margin of 10.1%.

Overall, Group sales for the quarter were GBP732 million, down
22% compared with Q4 last year.  This was mainly due to
disposals of businesses in Q1 of the current year.  Group
operating profit was GBP71 million, compared with GBP95 million
last year, reflecting business disposals and the challenges in
the Controls business.

Operating cash flow for the Group (before restructuring and
payment of legacy liabilities) was an inflow of GBP134 million.
Free cash flow before the payment of legacy liabilities was an
inflow of GBP56 million.  Legacy liability payments amounted to
GBP72 million.

Overall, gross debt fell by GBP99 million during Q4 driven by
positive free cash flow from operations.  However net debt
increased by GBP34 million to GBP792 million at 31 March 2005
due mainly to the use of cash in escrow to pay down part of our
legacy liabilities.

Full-year Results

Sales for the retained businesses were GBP2.5 billion (FY 03/04:
GBP2.7 billion), down 3% at CER.  Operating profit was GBP169
million (FY 03/04: GBP193 million), including a negative
currency translation adjustment of GBP14 million, resulting in
an operating margin of 6.7%.

Overall, Group sales for the year were GBP2.9 billion, down 25%
compared with last year.  Group operating profit was GBP175
million, compared with GBP217 million last year.

Sales and operating profit were adversely impacted both by
disposals of businesses and currency translation adjustments
stemming from weakness in the U.S. dollar and the euro.  At CER,
operating profit for continuing operations improved on prior
year by GBP8 million, with strong performances at Process
Systems and Businesses for sale together with a reduction in
corporate costs.  This was partially offset by weaker results at
Controls and APV.

Operating cash flow for the Group (before restructuring and
payment of legacy liabilities) was an inflow of GBP231 million.
Free cash flow before the payment of legacy liabilities was an
inflow of GBP38 million compared with an outflow of GBP40
million in the prior year.

Overall, net debt reduced by GBP194 million to GBP792 million at
31 March 2005 with a positive free cash flow and the receipt of
sale proceeds from business disposals, partially offset by
legacy liability payments of GBP181 million.  Gross debt fell by
GBP121 million during the year.

The Board is recommending that no dividend be paid for the year
(FY 03/04: nil).

The Board

Rick Haythornthwaite will be stepping down as Chief Executive on
22 July 2005.  He has signaled for some while that he would hand
over the reins at Invensys when the Group had turned the corner.
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 Board would like
to thank Rick for his leadership of the Group through difficult
and demanding times and wish him well with the next stage of his
career.

He will be succeeded as Chief Executive by Ulf Henriksson, who
joined the Group in May last year as Chief Operating Officer
having previously held senior roles at Eaton Corporation,
Honeywell/Allied Signal and Volvo.  During the past year,
Ulf has demonstrated to the Board that he has the skills, the
commitment and the tremendous enthusiasm needed to lead
Invensys.  The Board looks forward to working with him and his
executive team on the next stage of the Group's development.

Simon Robertson resigned from the Board on 19 January 2005
following his appointment as Chairman of Rolls Royce plc.  The
Board is extremely grateful to Simon whose financial and
business experience has underpinned his valuable advice and
contribution to the Invensys Board since 1999.

Bay Green joined the Board as a non-executive director on 1
January 2005.  He is a Vice Chairman of Dresdner Kleinwort
Wasserstein and also serves as a non-executive director of RPC
Group plc and Axis Shield plc.  He has become a member of the
Group's Audit and Nominating Committees and will also become the
Senior Independent Director at the close of the Annual General
Meeting on 21 July 2005.

Outlook

The outlook for the major economies in which the company
operates is unclear.  Assuming only modest growth in our
markets, the considerable work being undertaken within our
businesses to meet operational challenges should ensure that we
make overall progress in the current year.

Operational Review

The refinancing in March 2004 created the financial stability
that enabled Invensys to move forward with confidence and
following a further minor refinancing of our remaining shorter
term maturities during the year, the Group now has no
significant debt maturities until March 2009.  This stability in
our financial position has allowed us to make good progress
across a broad range of fronts.

Once the current disposal program is completed, Invensys will
comprise five businesses, each with opportunities to grow sales,
profits and cash generation.  Longer term, our aim remains to
create the opportunity whereby an improved financial position
would enable us to replace costly inflexible debt with cheaper
flexible debt.

During the past year, the focus of our activities has been on
addressing the operational performance of each of our businesses
and building a solid foundation for growth.

In particular, the businesses have been challenged to:


(a) convert a greater proportion of their operating profits into
    cash;

(b) achieve return on sales at least in line with their peer
    group; and

(c) invest in the capabilities required to grow market share.

Each business has clear, detailed plans in place and progress is
reviewed on a monthly basis with their management teams.  Steps
also continue to be taken to reduce the self-generated quarter
on quarter volatility in earnings and cash flow that has been a
feature of Invensys.

Financial Review

Corporate costs during the quarter were GBP10 million, down from
GBP14 million last year and consistent with the previous quarter
spend, and the gradual reduction expected for the year.  With
respect to the full year, corporate costs significantly reduced
from GBP66 million to GBP46 million in line with plans for the
year.

Discontinued operations, which principally comprise Powerware,
Hansen and Marcam, reported sales of GBP120 million (FY 03/04:
GBP891 million) and operating losses of GBP3 million (FY 03/04:
operating profits of GBP35 million).

Earnings

The Group's profit this quarter of GBP28 million compares with a
loss of GBP139 million in Q4 03/04, the improvement arising from
a significant reduction in operating and corporate exceptional
items, together with a tax credit of GBP36 million.  Basic
earnings per share for the quarter were 0.5p (Q4 03/04: loss
3.6p).  Earnings per share before exceptional items, goodwill
amortization and goodwill impairment were 0.4p (Q4 03/04: 0.6p).

The Group has recorded a loss for the year of GBP473 million
compared with a loss of GBP328 million last year, mostly due to
an increase in corporate exceptional charges.  Basic loss per
share was 8.3p (FY 03/04: loss 9.0p).  Earnings per share before
exceptional items, goodwill amortization and goodwill impairment
were 0.1p (FY 03/04: 1.2p).

Goodwill Impairment and Goodwill Amortization

In accordance with FRS 11, Impairment of Fixed Assets and
Goodwill, goodwill capitalized on the balance sheet has been
reviewed for impairment.  This review has led to a charge of
GBP27 million (FY 03/04: GBP25 million), relating to the
Meterpoint business within IMServ.  There was GBPnil charge for
the quarter (Q4 03/04: GBP25 million).

Goodwill amortization fell to GBP6 million for the quarter (Q4
03/04: GBP10 million).  The annual charge for goodwill
amortization fell from GBP53 million in 2004 to GBP28 million
following business disposals and the goodwill impairment.

Operating Exceptional Items

Operating exceptional items for the quarter totaled GBP19
million (Q4 03/04: GBP84 million).  Restructuring costs were
GBP17 million (Q4 03/04: GBP16 million) with most of the charge
arising from restructuring projects at Controls.  Transition
costs of GBP2 million (Q4 03/04: GBP24 million) relate to
personnel costs.  In addition, the Q4 03/04 comparative includes
GBP14 million of costs in connection with the refinancing and
GBP30 million of fixed asset impairment.

Operating exceptional items in the year totaled GBP168 million
(FY 03/04: GBP236 million).  Restructuring costs of GBP58
million (FY 03/04: GBP76 million) principally relate to employee
severance and represented 2% of sales (FY 03/04: 2%).
Transition costs of GBP17 million (FY 03/04: GBP98 million)
incurred in reshaping the Group comprise GBP12 million of
personnel costs and GBP5 million of costs for professional fees
and IT-related costs, with all costs remaining within earlier
estimates.  Fixed asset impairments of GBP63 million (FY 03/04:
GBP48 million) relate predominantly to the Controls business.
In addition, GBP30 million of product recall costs have been
provided in respect of two ranges of valve products within the
Controls business.  This was announced in the October trading
update.  The 2004 comparative also includes GBP14 million of
costs in connection with the refinancing.

Cash Flow

Free cash inflow in the fourth quarter was GBP56 million before
payment of legacy liabilities (Q4 03/04: GBP55 million).

Payments made in respect of legacy liabilities in the quarter of
GBP72 million, made from funds raised in the March 2004
refinancing, related to taxation settlements, pension
contributions and transition costs.

The year produced a total free cash outflow of GBP143 million
(FY 03/04: outflow of GBP482 million).  This comprised an
operating free cash inflow of GBP38 million and payments
totaling GBP181 million in respect of legacy liabilities.  Net
capital expenditure reduced to GBP58 million (FY 03/04: GBP115
million) mostly following the disposal of Hansen where there was
a significant investment in a factory in the prior year.  The
legacy payments included GBP83 million of pension payments,
GBP24 million of transition costs, GBP34 million of litigation
and environmental settlements and GBP40 million of legacy tax
settlements.

Net disposal proceeds for the year were GBP381 million.  This
included proceeds from the sale of Powerware (GBP307 million),
Hansen (GBP91 million) and Marcam (GBP11 million), offset by
cash costs of disposal.

A copy of these results is available free of charge at
http://bankrupt.com/misc/Invensysplc(Q12005).mht

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


LAMINATE KING: Liquidator Takes over Operations
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Laminate King Limited

Notice is hereby given that on May 4, 2005, I, Douglas B.
Jackson, Moore Stephens Corporate Recovery, Allan House, 25
Bothwell Street, Glasgow G2 6NL was appointed liquidator of
Laminate King Limited, which trades from Unit 4, 802 Old
Edinburgh Road, Bellshill ML4 3JG, by resolution of a meeting of
creditors and members, pursuant to section 109 of the Insolvency
Act 1986.

Douglas B. Jackson, Liquidator

CONTACT:  MOORE STEPHENS
          25 Bothwell Street
          Glasgow G2 6NL
          Phone: 0141 567 4500
          Fax: 0141 567 4535
          E-mail: info@scott-moncrieff.com
          Web site: http://www.moorestephens.co.uk


MCCORQUODALE CONFIDENTIAL: Sold to Print Factory
------------------------------------------------
Menzies Corporate Restructuring partners Paul Clark and Andrew
Duncan said on Tuesday they have sold McCorquodale Confidential
Print Limited, in Wolverton, Milton Keynes as a going concern to
The Print Factory Limited.

Paul Clark said: "McCorquodale was another example of a printing
business failing to achieve required turnover and seeing its
profit margins fall as a result of overcapacity in the industry.
However, I'm delighted that we've managed to achieve a sale of
the business as a going concern so quickly, as this ensures the
best return to all the company's stakeholders and for the
company's 100 or so staff."

McCorquodale supplied a large customer base, including the
Government, corporate and retail sectors, as well as the supply
of contact printing and direct mail services.  Recent annual
turnover for McCorquodale Confidential Print Limited was in the
region of GBP11 million.

MCR were appointed as Administrators to McCorquodale on 18 April
2005.

CONTACT:  MCCORQUODALE CONFIDENTIAL PRINT LTD.
          Stratford Road, Wolverton
          Milton Keynes MK12 5LX
          Phone: 01908 577377
          Fax: 01908 577353
          Web site: http://www.mccorquodale.co.uk/

          MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London
          W1W 6DW
          Phone: +44 (0)20 7291 9750
          Fax: +44 (0)20 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk/


MCLELLAN ANIMAL: Liquidator to Present Report Mid-June
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF McLellan Animal Health Ltd.
                        (In Liquidation)

Notice is hereby given pursuant to section 146 of the Insolvency
Act 1986 that a Final Meeting of the Creditors of McLellan
Animal Health Ltd. will be held at 1 Royal Terrace, Edinburgh
EH7 5AD, on June 16, 2005, at 10:30 a.m. for the purposes of
receiving the Liquidator's report on the winding-up and to
determine whether the Liquidator should be released.

K. R. Craig, Liquidator

CONTACT:  TENON RECOVERY
          One Royal Terrace
          Edinburgh EH7 5AD
          Phone: 0131 557 4455
          Fax: 0131 556 0662
          E-mail: edinburgh@tenongroup.com
          Web site: http://www.tenongroup.com


N.M.S. ELECTRICAL: Members Call in Liquidator from Smith Cooper
---------------------------------------------------------------
At the extraordinary meeting of the members of N.M.S. Electrical
Services Limited on May 13, 2005 held at Wilmot House, St James
Court, Friar Gate, Derby DE1 1BT, the extraordinary and ordinary
resolutions to wind up the company were passed.  Simon Gwinnutt
of Wilmot House, St James Court, Friar Gate, Derby DE1 1BT has
been appointed liquidator of the company.

CONTACT:  SMITH COOPER
          Wilmot House
          St James Court
          Friar Gate, Derby
          Derbyshire DE1 1BT
          Phone: 01332 332021
          Fax: 01332 290439
          E-mail: smg@smithcooper.co.uk


PEMBROKE HOUSE: Liquidator from Elliot Woolfe & Rose Moves in
-------------------------------------------------------------
At the extraordinary general meeting of Pembroke House Laundry
Ltd. on May 13, 2005 held at the offices of Elliot, Woolfe &
Rose, 1st Floor, Equity House, 128-136 High Street, Edgware,
Middlesex HA8 7TT, the subjoined extraordinary resolution to
wind up the company was passed.  Melvyn L. Rose of Elliot,
Woolfe & Rose, 1st Floor, Equity House, 128-136 High Street,
Edgware, Middlesex HA8 7TT has been appointed liquidator of the
company.

CONTACT:  ELLIOT WOOLFE & ROSE
          1st Floor
          Equity House
          128/136 High Street
          Edgware
          Middlesex HA8 7TT
          Phone: 020 8952 0707
          Fax: 020 8952 2332
          E-mail: mlr@ewr.co.uk


PEOPLE RESOURCES: Recruitment Company Falls into Administration
---------------------------------------------------------------
Name of companies:
People Resources (Fresh) Limited
People Resources (Grocery) Limited
People Resources Limited
People Resources (Non Food) Limited
People Resources (Northern) Limited

Diane Elizabeth Hill and Mark Terence Getliffe (IP Nos 008945,
008892) have been appointed joint administrators for these
companies.  The appointment was made May 12, 2005.

These companies are into labor recruitment.  Its registered
office is located at Century House, 11 St Peters Square,
Manchester M2 3DN.

CONTACT:  CLB
          Century House,
          11 St Peters Square,
          Manchester M2 3DN
          Phone: 0161-245-1000
          Fax: 0161-245-1001
          E-mail: manchester@clb.co.uk
          Web site: http://www.clb.co.uk


REGAL PETROLEUM: Exploration Chief Quits After a week on the Job
----------------------------------------------------------------
Regal Petroleum's exploration director, Christopher Green, has
resigned less than a week after his appointment at the crisis-
fraught energy firm.

Mr. Green said he is "unable to dedicate the time required of an
executive member of the board."  Mr. Green, who used to work at
Shell and the University of St. Andrews, was promoted to
executive director for exploration from non-executive director
only on Thursday.

According to Citywire, confidence in the firm was so low that
the news did not depress the value of its shares any longer.
Regal Petroleum's share has lost 83% of its value since March.
It traded at 85p on Wednesday.

The shares went down significantly at the end of April when
Regal raised GBP45 million at 390p a share following its
discovery of a gas prospect in Romania.  It sank further earlier
this month when a well at its prospect in Greece was found to be
not commercially viable for exploration.

Regal Petroleum is currently trying to limit any further damage
to the firm, according to Citywire.  Last week it announced a
thorough review of operations and assets in Ukraine, Greece and
Romania.

CONTACT:  REGAL PETROLEUM
          4th Floor
          11 Berkeley Street
          London, England W1J 8DS
          Phone: +44 20 7647 6622
          Fax: +44 20 7629 4297
          Web site: http://www.regalpetroleum.com


S & B CEILINGS: Hires Liquidator from D. Wald & Co.
---------------------------------------------------
At the extraordinary general meeting of the members of S & B
Ceilings Limited on May 17, 2005 held at 18 Sapcote Trading
Centre, Dudden Hill Lane, London NW10 2DH, the extraordinary and
ordinary resolutions to wind up the company were passed.  David
Wald of D. Wald & Co, 18 Sapcote Trading Centre, Dudden Hill
Lane, London NW10 2DH has been appointed liquidator of the
company.

CONTACT:  D. WALD & CO.
          18 Sapcote Trading Centre
          Dudden Hill Lane
          London NW10 2DH
          Phone: 020 8451 3939
          Fax: 020 8830 2929


SCOTTISH POWER: Takes GBP927 Mln Charge for PacifiCorp Sale
-----------------------------------------------------------
Ian Russell, ScottishPower Chief Executive, said: "Along with
our financial results, we are today [Tuesday] announcing our
decision to sell PacifiCorp and focus our management and capital
on the Infrastructure Division, U.K. Division and PPM Energy.

"Following our Interim results in November, we conducted a
strategic review of PacifiCorp including a review of its
prospects, capital requirements and profile of returns.  As a
result of this review, we are announcing today [Tuesday] the
sale of PacifiCorp to MidAmerican for US$9.4 billion.  We intend
to return approximately US$4.5 billion of the net proceeds to
shareholders following the completion of the sale, which subject
to regulatory and shareholder approval, is anticipated to take
12 to 18 months.  The sale and return of capital is expected to
enhance our return on capital and is expected to be earnings
accretive from completion.

"Our review examined PacifiCorp's future capital investment
requirements, the likely development of its regulatory regimes,
the scope for further operational efficiencies and improvements
and the scale and timing of further improvements in its achieved
rates of return.  We also considered the opportunities for
growth and returns that exist in our three other businesses.

"The Board concluded that, in the light of the scale and timing
of the capital investment required in PacifiCorp and the likely
profile of returns from that investment, shareholders' interests
were best served by a sale of PacifiCorp and return of capital
to shareholders.

"The sale of PacifiCorp enables us to focus our management and
capital on the continued development of the Infrastructure
Division, U.K. Division and PPM Energy.  These businesses have
driven our profit growth over the last two years and delivered
overall returns ahead of our cost of capital.  They have
substantial opportunities for continued growth through capital
investment and improved operational performance.

Financial Impact of the Sale and Return of Capital

"MidAmerican will be acquiring the equity of PacifiCorp for
US$5,109.5 million and will be assuming net debt at completion
expected to be approximately US$4.3 billion which gives a total
sale price for PacifiCorp of US$9.4 billion.  Allowing for that
net debt, with no material tax cost expected and after estimated
costs, net proceeds from the sale are expected to be
approximately US$5.0 billion.

"ScottishPower intends to return approximately US$4.5 billion of
the net proceeds from the sale to shareholders following the
completion of the sale.  The sale and return of capital is
expected to be earnings accretive for ScottishPower from
completion.

"An exceptional impairment charge of GBP927 million, under U.K.
GAAP, has been made in ScottishPower's results for the year
ended 31 March 2005.  This impairment provision has been made to
reduce the book value of PacifiCorp down to its expected net
realizable value.  Pending completion of the sale, PacifiCorp
will be treated as a discontinued operation in the financial
statements of ScottishPower.  The impairment amount excludes
foreign exchange gains of GBP485 million, achieved to date,
which will be reflected in ScottishPower's Income Statement
under IFRS on completion of the sale of PacifiCorp to
MidAmerican.

"Going forward, we expect to continue our current dividend
policy of growing dividends broadly in line with earnings.  Our
financial strategy will be to retain an A category credit rating
for the group and our principal operating subsidiaries.  To
achieve this rating, on completion of the sale, the group will
target credit ratios of adjusted FFO/Net Debt of greater than
25% and FFO/ Interest cover of more than five times.
ScottishPower will work closely with the rating agencies in
order to ensure its rating objectives are achieved.

"For the year ended 31 March 2005, PacifiCorp's U.K. GAAP profit
before tax, excluding goodwill amortization and the exceptional
item, was US$581 million and net assets were US$4.1 billion as
at 31 March 2005.  From the perspective of PacifiCorp, its
unaudited earnings under U.S. GAAP were US$250 million for the
same period.

Details of the PacifiCorp Sale

"The sale is subject to Securities and Exchange Commission,
Federal Energy Regulatory Commission, Federal Trade Commission
and Nuclear Regulatory Commission approvals at Federal level,
without conditions that would have a material adverse effect on
the PacifiCorp business.  In addition it is subject to approval
at State level in Oregon, Utah, Washington, Wyoming, California
and Idaho provided such state approvals are not subject to
conditions whose effect would be meaningfully adverse to the
business of PacifiCorp.  The Directors of ScottishPower
anticipate that such approvals should be forthcoming within 12
to 18 months.

The sale is subject to further conditions to completion, which
include the representations and warranties of the parties
remaining true and correct, the parties performing their
covenants and obligations under the agreement in all material
respects, and no material adverse effect in relation to
PacifiCorp having occurred.

The agreement may be terminated prior to completion by mutual
agreement of the parties or otherwise in certain circumstances
including material breach of the representations, warranties or
covenants of the parties, ScottishPower shareholders not
approving the sale or the sale not having been completed by 23
May 2006 or in certain circumstances by 17 February 2007 and (by
MidAmerican) where the Board of ScottishPower withdraws or
adversely modifies its recommendation of the sale.

ScottishPower has also agreed that it will not initiate, solicit
or engage in negotiations concerning any alternative proposals
relating to PacifiCorp other than in certain specified
circumstances.

"ScottishPower and MidAmerican have agreed certain break fee
arrangements.  In summary, ScottishPower has agreed to pay
MidAmerican a break fee of US$10 million if, prior to
ScottishPower shareholders approving the sale, an alternative
proposal relating to PacifiCorp or a proposal for the
acquisition of control of ScottishPower is made or announced, is
rejected by ScottishPower, and ScottishPower shareholders do not
subsequently approve the sale at the relevant shareholders'
meeting or in any event before 1 September 2005 and the
Agreement with MidAmerican is as a result terminated.

If the break fee would otherwise become payable then its amount
is increased to (a) US$100 million (in total) if the
ScottishPower Board instead of rejecting such proposal,
recommends it or withdraws or adversely modifies its
recommendation of the sale and (b) US$250 million (in total) if
within a year of the agreement with MidAmerican terminating,
ScottishPower enters into an agreement with respect to or
consummates an alternative proposal relating to PacifiCorp or a
proposal for the acquisition of control of ScottishPower.

The maximum break fee payable by ScottishPower is therefore
US$250 million.  A break fee of US$250 million is payable by
MidAmerican to ScottishPower if ScottishPower terminates the
Agreement as a result of MidAmerican agreeing to or announcing a
proposal to acquire certain competing utility and energy assets
if the same directly or indirectly results in the failure to
satisfy certain regulatory conditions to the sale and/or creates
or imposes additional conditionality or costs which result in
MidAmerican choosing not to complete or to terminate the
Agreement.

"Prior to sale it is envisaged that PacifiCorp will be managed
and developed as currently, with no material changes to its
operating plans, management structures, or boards.

"Between now and closing of the sale, ScottishPower has agreed
to invest additional equity in PacifiCorp to fund ongoing
capital expenditure in line with PacifiCorp's current plan.
Pursuant to these arrangements, ScottishPower will invest US$500
million during the financial year 2005/06.  In addition
ScottishPower has agreed to make further investments during the
financial year 2006/07 of up to US$525 million, contributed
monthly, although ScottishPower will be fully compensated for
any such payments made in respect of the financial year
2006/07.  Between now and the closing of the sale, ScottishPower
is entitled to dividends from PacifiCorp in line with
PacifiCorp's current plan.  Pursuant to these arrangements, it
is expected that, ScottishPower will receive US$215 million of
dividends during the financial year 2005/06, and US$242 million
of dividends during the financial year 2006/07, these amounts to
accrue monthly.

"Due to the size of the sale, the approval of ScottishPower's
shareholders is required.  Accordingly, a circular containing
details of the sale and a notice convening a general meeting
will be posted to shareholders in due course.  It is expected
that the details of the return of capital will be sent to
shareholders around the time of completion of the sale.  The
sale, which is conditional on shareholders' approval and on
regulatory clearance, is expected to complete in 12 to 18
months.

"PacifiCorp is one of the lowest-cost electricity producers in
the United States, providing more than 1.6 million customers
with reliable, efficient energy.  PacifiCorp works to meet
growing energy demand while protecting and enhancing the
environment.  PacifiCorp has interests in more than 8,300 MW of
generation capacity from coal, hydro, renewable wind power, gas-
fired combustion turbines and geothermal plants.  PacifiCorp
operates as Pacific Power in Oregon, Washington, Wyoming and
California; and as Utah Power in Utah and Idaho.  PacifiCorp
merged with ScottishPower in 1999.

Strategy for ScottishPower

"Following the sale, ScottishPower will continue to develop its
Infrastructure Division, U.K. Division and PPM Energy, where
ScottishPower has strong positions, combined with a market and
regulatory environment that it is anticipated will continue to
provide attractive opportunities for organic growth and
investment.

"These businesses have also driven ScottishPower's recent profit
growth and offer the most attractive returns.  In aggregate,
these three divisions have shown growth in operating profit of
38% over the last two years.

"The Infrastructure Division can benefit from increases in
allowed revenue as a result of the recently concluded
Distribution Price Control Review and Transmission Price Control
Extension.  The resulting price controls provide increased
revenue allowances for taxation and pension costs, reflect
higher capital investment levels and introduce new incentive
targets.  The Division has geared up across its activities to
achieve and, where possible, outperform those new targets and to
deliver the increased investment program.  We expect capital
expenditure in the Division to amount to approximately GBP1.7
billion to 2010, with 40% of that figure associated with growth
in the business.

"In our U.K. Division, over the medium-term, we aim to continue
to grow profitably our customer base and generation assets.  The
growth in customer numbers is expected to deliver increased
earnings via higher revenues and a reduction in our average cost
to serve.  We will support this growth in customer numbers with
further investment in generation and gas storage and aim to
invest approximately GBP1.4 billion of capital to 2010.  This
includes the continued expansion of our windfarm portfolio,
where we aim to invest GBP1 billion by 2010.  Some 75% of U.K.
Division's capital expenditure is expected to support growth,
with targeted returns immediately following completion of each
project for new investments of at least 300 basis points above
the Division's weighted average cost of capital.

"At PPM Energy we expect to see continued strong growth in the
medium-term coming from our investments in windfarms and gas
storage.  Approximately GBP1.4 billion of capital is expected to
be invested to 2010, almost all for growth, including GBP950
million for new wind capacity, taking our total to at least some
2,300 MW and GBP460 million in the same period to increase our
gas storage capacity to 125 BCF.  Returns of at least 300 basis
points above PPM Energy's weighted average cost of capital are
expected immediately following completion of each project."

A copy of these results and sale of PacifiCorp is available free
of charge at http://bankrupt.com/misc/ScottishPowerplc.htm

CONTACT:  SCOTTISH POWER PLC
          1 Atlantic Quay
          Glasgow
          G2 8SP, United Kingdom
          Phone: +44-141-248-8200
          Fax: +44-141-248-8300
          Web site: http://www.scottishpower.plc.uk

          Jennifer Lawton, Head of Investor Relations
          Phone: 0141 636 4527

          David Ross, Investor Relations Manager
          Phone: 0141 566 4853

          Colin McSeveny, Group Media Relations Manager
          Phone: 0141 636 4515


SPANISH PROPERTY: Appoints Moore Stephens Liquidator
----------------------------------------------------
At the extraordinary general meeting of Spanish Property For
Sale Limited (t/a Sunscape Overseas Properties) on May 10, 2005
held at Moore Stephens Corporate Recovery, Beaufort House, 94-96
Newhall Street, Birmingham B3 1PB, on 10 May 2005, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Nigel Price of Moore Stephens Corporate Recovery,
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB has been
appointed liquidator of the company.

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


SPORT AIR: Members Decide to Wind up Firm
-----------------------------------------
At the extraordinary general meeting of the members of Sport Air
(UK) Maintenance Limited on May 17, 2005 held at Fergusson & Co
Ltd., Shackleton House, Falcon Court, Preston Farm Industrial
Estate, Stockton-on-Tees TS18 3TS, the extraordinary and
ordinary resolutions to wind up the company were passed.
Malcolm Edward Fergusson of Fergusson & Co Ltd., Shackleton
House, Falcon Court, Preston Farm Industrial Estate, Stockton-
on-Tees TS18 3TS has been appointed liquidator of the company.

CONTACT:  FERGUSSON & CO LIMITED
          Shackleton House
          Falcon Court
          Preston Farm
          Stockton On Tees
          North Yorkshire TS18 3TS
          Phone: 01642 669 155
          Fax: 01642 613 535


THUS GROUP: Annual Loss Balloons to GBP42.2 Million
---------------------------------------------------
Results Summary

(a) turnover from continuing operations up 14% to GBP340.6
    million; turnover up 8% to GBP360.0 million;

(b) new customers in the year include GWR Group, Chrysalis
    Radio, Johnston Press, Archant, Teletext, Glasgow City
    Council, South London and Maudsley NHS Trust, Scottish
    Prison Service and Hymans Robertson;

(c) 100% retention rate on major customer renewals.  Service
    provision expanded with Standard Life, London Metropolitan
    Network, ScottishPower, Stirling Council and Amserve; and

(d) Total Demon broadband customers up 56% to over 150,000, with
    U.K. customers up 59% to 92,000.  Ethernet circuits up 38%
    to 2,750.  Service range augmented to include new symmetric,
    private access and home office broadband options.

Chief Executive William Allan said: "Despite challenging market
conditions THUS has achieved strong turnover growth and
delivered its first full financial year of positive cash flow.
THUS has now been cash flow positive for the past eighteen
months.

"Our continuing operations performed well.  We faced eleven
scheduled top twenty customer renewals over the course of the
year, which was an unusually high number.  All customers were
successfully retained against some particularly aggressive price
competition, and sixteen top twenty customers increased their
level of business with us.  In addition, an increasing number of
major new customers, including Johnston Press, GWR Group and
Chrysalis Radio, are basing their services on next generation IP
technology.

"During the year, contact center and interactive services were
sold, and we impaired some transatlantic cable capacity, due to
the failure of one of our suppliers, which affected our
earnings.  Revenue substitution has seen the decline in
narrowband Internet access compensated by strong growth in
broadband services.  Traditional telecommunication services are
also increasingly being replaced by the newer generation of
Internet protocol enabled services.  Indeed, our strategy to
develop and implement next generation services from the time of
our flotation has been endorsed by recent market developments
and by greater adoption of new IP based services by our
customers.  We expect this trend to continue with a greater
proportion of our business arising from converged and managed
solutions services in the future.

"We remain cautious on the market structure for
telecommunication services in the U.K., and we expect the
aggressive pricing environment to continue throughout the year.
However, we have been encouraged by the strong growth in our
core activities and in our capability to win, implement and
manage complex integrated telecommunication contracts for our
customers.  Compared to the year just ended, there are few major
contract renewals scheduled, and these contracts are principally
focused in the provision of lower margin carrier pre-select
services.  Against this background, the Board remains confident
THUS will continue to grow and generate positive cash flows."

Turnover

Group turnover increased 8% to GBP360.0 million, with turnover
from continuing operations up 14% to GBP340.6 million.

All three continuing operations divisions of managed solutions,
data and telecoms and Internet showed strong year on year
growth.

The managed solutions division was formed during the year in
recognition of the Company's growing success in winning large,
multi-service, solution-based customer contracts.  Key customers
with complex, multi-service requirements, including
ScottishPower, Southern Water, Glasgow City Council, Amserve,
and GWR Group were transferred into the division and the results
for the remaining divisions of data and telecoms and Internet
were restated accordingly.

Managed solutions turnover increased by 17% to GBP69.8 million,
with second half turnover growing 17% to GBP37.6 million
compared to the first half.

The implementation of our six-year, GBP42 million contract with
Glasgow City Council, which will see the City's existing
communications infrastructure evolve to a fully converged
Internet Protocol network, was the largest contributor to
growth.  In addition, the division also benefited from the
addition of new customers taking Multi Protocol Label Switching
(MPLS) network services, including GWR Group(1), Chrysalis
Radio, regional publisher Johnston Press and South London and
Maudsley NHS Trust.

Turnover in data and telecoms increased 16% to GBP177.7 million.
Carrier pre-select voice services were the strongest component
of year on year growth, up 34% to GBP69.9 million, with Ethernet
and non-geographic services delivering good growth.

During the second half, overall turnover was flat compared to
the first half as the division absorbed the regulatory reduction
in fixed to mobile termination rates and a decline in lower
margin carrier pre-select traffic.

Good business wins during the year came from new customers
including Scottish Prison Service, Archant and Hymans Robertson
for MPLS network services.  THUS also expanded its business with
Stirling Council and won a new contract with Teletext to provide
non-geographic number response services.  While this new
business underpins the division's growth in the current
financial year, overall turnover growth going forward will be
determined by the outcome of renewal discussions on two of the
lower margin carrier pre-select contracts.

Internet turnover, under the Demon brand, grew 9% to GBP93.1
million for the full year, with second half turnover up 6% to
GBP48.0 million compared to the first half.

Within the total, U.K. broadband turnover increased strongly, up
48% to GBP30.2 million as the customer base climbed 59% to
92,000.  Notwithstanding, U.K. narrowband Internet access
customers decreased 24% to 79,000 and turnover decreased by 33%
to GBP19.2 million.  GBP8.3 million turnover was recorded in the
second half (H1 05 GBP10.9 million), reflecting faster than
planned migration of high usage narrowband customers to
broadband services.

While narrowband Internet turnover will continue to decline,
THUS has augmented its broadband service portfolio to offer new
and more flexible options to business customers.  In particular,
we have added private access broadband to provide a secure
alternative to leased line connection into corporate virtual
private networks; symmetric broadband services offering
equivalent bandwidth for information upload and download; and
simplified service options for small office and home based
workers.  The company expects these new products to contribute
to growth over the coming year while noting continued price
declines in the market.

Outside of the U.K., Demon Netherlands had another successful
year, growing turnover by 44% to GBP20.4 million.  Performance
was underpinned by strong growth in broadband sales, with
customers increasing from 38,000 to 60,000.

Contact center and interactive turnover was GBP19.4 million
compared to GBP34.7 million last year.  After a disappointing
start to the year, the contact center division was sold in
August 2004 and the interactive division in October 2004, and
both are shown as discontinued operations.  However, a number of
the existing contact center contracts did not transfer with the
sale of the division in August and THUS continued to fulfill its
obligations as principal using sub contract arrangements.  As a
result, GBP7.9 million contact center turnover continued to be
recorded in the second half and some turnover will be recorded
in the first half of the current financial year until these
contracts terminate.  This business has no material impact on
earnings.

Gross Profit

Despite the strong turnover growth, gross profit from continuing
operations, excluding depreciation and amortization, fell from
GBP106.5 million last year to GBP102.1 million.  The incremental
contribution from new turnover growth was masked by aggressive
pricing and by decline in narrowband Internet turnover.  The
migration of customers from traditional narrowband Internet
access to broadband DSL alternatives, although a short term
phenomenon, had a particularly acute impact, reducing gross
profit before depreciation by GBP8.2 million.

Total gross profit was GBP47.8 million (FY 04 GBP69.5 million),
with a pre-exceptional gross profit from continuing operations
of GBP53.1 million compared with GBP59.4 million last year.

EBITDA

As a result of the tight control in operating costs, EBITDA from
continuing operations was broadly stable at GBP39.9 million
compared with GBP40.5 million last year.  Second half EBITDA
from continuing operations was GBP21.1 million, an improvement
on the first half result of GBP18.8 million.  In line with the
practice in the industry, and in other capital intensive
industries, EBITDA continues to provide an important measure of
business performance.  EBITDA is also a key measure used by loan
providers.

Operating Loss, Loss Before Tax and Loss Per Share

The pre-exceptional loss from continuing operations was flat at
GBP24.2 million compared with GBP23.2 million last year, while
the total Group operating loss was GBP36.3 million (FY 04
GBP21.2 million).

A GBP0.3 million loss was recorded on the sale of discontinued
operations and the interest charge was GBP4.9 million, leading
to a Group loss before tax of GBP41.5 million.

After a GBP0.7 million tax charge relating to our operations in
the Netherlands, the loss for the financial year was GBP42.2
million and the loss per ordinary share was 3.17 pence.  This
compares with a GBP27.0 million loss and a 2.03 pence loss per
ordinary share respectively in the prior year.

Capital Expenditure

Capital expenditure for continuing operations was GBP35.4
million compared with GBP40.6 million last year, falling to 10%
of continuing operations turnover compared with 14% last year.
Approximately 80% of capital expenditure was tied to turnover
growth, supporting direct customer connections and network and
product enhancements to underpin future growth.

Continuing operations EBITDA less capital expenditure was GBP4.5
million and incremental sales to capital expenditure was 1.2
times up from 1.1 times last year.  Focus on these measures
demonstrates THUS' overriding commitment to cash flow and
intention to generate a return on capital employed from existing
network investment.

Cash flow

Cash inflow before disposals and financing was GBP3.7 million
compared with an outflow of GBP2.6 million last year.  This is
the first full financial year in which THUS has recorded
positive cash flow; a significant achievement in a challenging
year.  THUS has now reported positive cash flow for the past
eighteen months.

Net Debt and Cash Balance

At the end of the year, net debt stood at GBP31.0 million
compared with GBP35.4 million last year.  Gross gearing was 18%
and net gearing 9%.

The GBP57 million loan facility converted to an amortizing term
loan on 1 April 2004 and the first GBP1.4 million repayment was
made on 31 March 2005, bringing the outstanding loan balance
down to GBP55.6 million.

Cash balance increased to GBP28.5 million from GBP26.4 million.

Outlook

THUS remains cautious on the market structure for
telecommunication services in the U.K., and expects the
aggressive pricing environment to continue throughout the year.
However, it has been encouraged by the strong growth in its core
activities and in its capability to win, implement and manage
complex integrated telecommunication contracts for customers.

Compared to the year just ended, there are few major contract
renewals scheduled, and these contracts are principally focused
in the provision of lower margin carrier pre-select services.
Against this background, the Board remains confident THUS will
continue to grow and generate positive cash flows.

CONTACT:  THUS GROUP PLC
          Corporate communications and PR
          1/2 Berkeley Square
          99 Berkeley Street
          Glasgow
          G3 7HR
          Phone: 0141 567 1234
          Fax: 0141 566 3035
          E-mail: thus.enquiries@thus.net
          Web site: http://www.thus.net


TMA GLOBAL: Members Pass Winding-up Resolution
----------------------------------------------
At the extraordinary general meeting of the members of TMA
Global (UK) Ltd. on May 12, 2005 held at Royal Western Yacht
Club, Queen Anne's Battery, Plymouth PL4 0TW, the extraordinary
resolution to wind up the company was passed.  Stephen James
Hobson of Francis Clark, Southernhay House, 36 Southernhay East,
Exeter EX1 1NX has been appointed liquidator of the company.

CONTACT:  FRANCIS CLARK
          Southernhay House
          36 Southernhay East
          Exeter
          Devon EX1 1NX
          Phone: 01392 667000
          Fax: 01392 662751
          E-mail: SJH@francisclark.co.uk


TT PLUMBING: Hires Liquidators from J W Lewis & Co.
---------------------------------------------------
At the extraordinary general meeting of the members of TT
Plumbing Ltd. on May 12, 2005 held at Suite B1, White House
Business Centre, Forest Road, Kingswood, Bristol BS15 8NH, the
extraordinary and ordinary resolutions to wind up the company
were passed.  John W. Lewis and Terry C. Evans of J W Lewis
Insolvency Services Ltd. have been appointed joint liquidators
of the company.

CONTACT:  J W LEWIS & CO
          Suite B1
          White Business Centre
          Forest Road
          Kingswood
          Bristol
          Avon BS15 8NH
          Phone: 0117 947 5747
          Fax: 0117 947 5745


WALTON PATTINSON: Sets Creditors Meeting Next Month
---------------------------------------------------
The creditors of Walton Pattinson Limited will meet on June 13,
2005 at 10:00 a.m.  It will be held at PricewaterhouseCoopers
LLP, 89 Sandyford Road, Newcastle upon Tyne.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP not later than 12:00 noon, June
10, 2005.

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


WEST END: Names Begbies Traynor Liquidator
------------------------------------------
At the extraordinary general meeting of West End Millennium
Limited on May 13, 2005 held at the offices of Begbies Traynor,
Prospect House, Footscray High Street, Footscray, Kent DA14 5HN,
the subjoined extraordinary resolution to wind up the company
was passed.  David Paul Hudson of Begbies Traynor, The Old
Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG
and Nedim Patrick Ailyan of Begbies Traynor, Prospect House,
Footscray High Street, Footscray, Kent DA14 5HN have been
appointed joint liquidators 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

          BEGBIES TRAYNOR
          Prospect House
          Footscray High Street
          Sidcup
          Kent DA14 5NH
          Phone: 0208 300 5764
          Fax: 0208 300 5749
          E-mail: nedim.ailyan@begbies-traynor.com


YAHTOF SERVICES: Calls in Liquidators from Tenon Recovery
---------------------------------------------------------
At the extraordinary general meeting of the members of Yahtof
Services Limited on May 11, 2005 held at Highfield Court,
Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Carl Stuart Jackson and Nigel Ian Fox of Tenon
Recovery, Highfield Court, Tollgate, Chandlers Ford, Eastleigh,
Hampshire SO53 3TZ have been appointed joint liquidators of the
company.

CONTACT:  TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax: 023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


                            *********


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

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

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

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