TCREUR_Public/050527.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, May 27, 2005, Vol. 6, No. 104

                            Headlines

C Z E C H   R E P U B L I C

AKTIVA A.S.: Gives Buyers Until Today to Submit Offers


F I N L A N D

FINNAIR OYJ: Reaches New Deal with Pilots
SANITEC INTERNATIONAL: Moody's Affirms Lower-B Ratings


G E R M A N Y

ALFRED SPEISER: Mannheim Court Appoints Administrator
ALPHA - TEC: Gives Creditors Until June to File Claims
ASROTEC GMBH: Court to Verify Claims July
ELAN MARKETING: Creditors' Claims Due Next Month
EM.TV AG: Better-than-expected Sales Propel Firm to Best 1st-qtr

F & H TRANSPORT: Interim Administrator Takes over Operations
FRIEDRICH GANG: Under Bankruptcy Administration
HERZBERGER BAUUNTERNEHMUNG: Applies for Bankruptcy Proceedings
IPM INDUSTRIAL: Court Appoints Dr. Bahr Administrator
KABEL DEUTSCHLAND: Full-year Net Loss Swells to EUR270 Million

MG TECHNOLOGIES: To Take up GEA's Name Following Merger
OFFICE BUEROMOBELMONTAGEN: Falls into Bankruptcy
SANIFIX GMBH: Claims Deadline July 29
WYHRATHALER ENTWICKLUNGSGESELLSCHAFT: Declared Insolvent


I T A L Y

ALITALIA SPA: Suffers Another Setback
PARMALAT FINANZIARIA: Bondi Mounts Final Attack on Banks


N E T H E R L A N D S

NUMICO N.V.: Sells Dairy Plant in China for US$7.3 Million


N O R W A Y

NORTHERN OFFSHORE: Bondholders Okay Debt-for-Equity Swap


R O M A N I A

ROMPETROL GROUP: Senior Unsecured Rating Affirmed at 'B-'


R U S S I A

AGRO-PROM-STROY: Krasnodar Court Appoints Insolvency Manager
AQUA-VITO: Deadline for Proofs of Claim June 16
ARMAVIRSKIY: Ceramic Factory Falls into Bankruptcy
BUTTER-CHEESE MAKER: Appoints S. Ogorodnikov Insolvency Manager
GLASS-WORKS: Undergoes Bankruptcy Supervision Procedure

MAYKOPSKAYA: Succumbs to Bankruptcy
SHADRINSKIY: Declared Insolvent
SYLVENSKAYA: Creditors Have Until June to File Claims
TAVDINSKIY KHIM-LES-HOZ: Succumbs to Bankruptcy
YUKOS OIL: Breaks up Moscow Office to Streamline Operations
ZARINSKAYA: Declared Insolvent


S P A I N

AUNA OPERADORES: Gives Bidders 30 Days to Submit Firm Offer


S W E D E N

CONCORDIA BUS: Full-year EBIT Sinks Deeper into the Red
SAS AB: Moody's Cut Subordinated Debt Rating to Caa1


U K R A I N E

BILOVODSKA MACHINE: Declared Insolvent
BUSINESS COMMUNICATIONS: Bankruptcy Supervision Starts
INDUSTRIAL PIK: Succumbs to Insolvency
SALIUS: Proofs of Claim Deadline Expires Weekend
SD: Dnipropetrovsk Court Freezes Debt Payments
SILGOSPTEHNIKA: Under Court Supervision
SLOVYANSKIJCOMBINE PROPERTY: Proofs of Claim Deadline May 28


U N I T E D   K I N G D O M

ABBEY NATIONAL: Allots GBP154 Mln for Mis-selling Claims
A & E BUILDING: Winding-up Report Out July
ALTARED IMAGES: Appoints Buchanans Administrator
ARMS MULTIPLE: Calls General Creditors Meeting
BEAVER DOMESTIC: Creditors Meeting Set June

BOWDEN CONSTRUCTION: Decides to Wind up Business
BRITAINS LIMITED: Hires Deloitte & Touche to Liquidate Assets
CALLUNA PLC: Liquidator's Final Report Out Next Month
CLOSESEAL LIMITED: Members Final Meeting Set Last Week of June
COUNTERLINE LIMITED: Falls into Administration

DIG LTD.: Liquidator to Give Final Update in Two Weeks
EQUIPMENT (MINING AND INDUSTRIAL): Calls in Liquidators
EURODIS ELECTRON: Loss of Philips Franchise Slashes Sales
EXPOSURE MARKETING: Creditors to Meet Late June
GENERAL MOTORS: Ratings Downgraded; Outlook Remains Negative

GMIT SUBSIDIARY: Final Meeting of Members Set Next Month
KEN DYSON: HSBC Appoints Begbies Traynor Receiver
KINGSWINFORD INDUSTRIAL: Liquidators from Robson Rhodes Move in
KITS COMMERCIAL: Hires RSM Robson Rhodes Liquidator
LUMINAR PLC: Undertaking Major Renovations this Year

MARKS & SPENCER: Ventures into Fresh Foods Market
MARKS & SPENCER: Profit Down GBP23 Million Under IFRS
MAUNSELL PARSONS: Hires Liquidators from KPMG
MCCORQUODALE CONFIDENTIAL: Calls in Administrator
NTL INC.: Extends Senior Notes Exchange Offering

OUR LADY: Members Decide to Wind up Firm
PALLET LOGISTICS: In Administrative Receivership
PORTSWOOD COLOUR: Hires Joint Administrators from Tenon Recovery
PREMIER FOODS: To Produce Instant Drinks for Cadbury
PURE CONTROLLER: Real Estate Developer Falls into Administration

ROONEY CONSTRUCTION: Names PricewaterhouseCoopers Administrator
RSVP DIALOGUE: Names Milner Boardman & Partners Administrator
SE REALISATIONS: Sets Creditors Meeting Next Month
SHEWARD BROTHERS: Names Kay Johnson Gee Administrator
STATUS FOR MOBILITY: Appoints Begbies Traynor Administrator

SVT VIDEO: Members Pass Winding-up Resolutions
TRAVELON INTERNATIONAL: Names Leonard Curtis & Co. Administrator
VEOS LIMITED: Meeting of Creditors Next Week
WATERFORD WEDGWOOD: Sells Land for EUR32.9 Million


                            *********


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


AKTIVA A.S.: Gives Buyers Until Today to Submit Offers
------------------------------------------------------
Biochemical firm Aktiva a.s. is again being offered for sale,
according to Lidove noviny.

Ten parties had previously showed interest in Aktiva, but the
first tender failed to attract formal offers.  The minimum bid
was set at CZK70 million then.  This time around there is no
minimum price and the tender deadline is May 27.

Aktiva succumbed to bankruptcy in autumn of 2004, but continues
to operate despite significantly reduced workforce of 90.  In
2001, when Aktiva was the No.5 producer of citric acid in
Europe, it employed close to 400 workers.  Established in 1833
in Kaznejov, the company's debt is over CZK500 million.

CONTACT:  AKTIVA A.S.
          331 51 Kaznejov
          Phone: +420 378 772 311
          Fax: +420 378 772 375
          E-mail: aktiva@aktiva.cz
          Web site: http://www.aktiva.cz/


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


FINNAIR OYJ: Reaches New Deal with Pilots
-----------------------------------------
The Finnish Airline Pilots' Association and the Support Service
Industries finally agreed on a new employment contract for
Finnair Oyj pilots.

After six months of negotiations, the parties on Wednesday
agreed on a contract that will govern the 650 pilots until April
2008.  The deal received preliminary approval at the end of
April, but pilots stalled, demanding the settlement of the labor
dispute at Finnair's Estonian daughter, Aero.

In April, Finnair's passenger load factors were negatively
affected by the threat of cabin crew strike.  In spite of this,
Finnair scheduled traffic increased by 8.2% year-on-year.
Passenger load factor was 64.8%, down 2 percentage points.
Number of passengers carried was 635,100, up 4.7%.

The company expects to return to profit at the operating level
this year.  Earlier, it reported an operating profit of EUR18.7
million on turnover of EUR449.4 million for the quarter January-
March 2005.

CONTACT:  FINNAIR OYJ
          Mr. Lasse Heinonen, SVP& CFO
          Phone: +358 9 818 4950
          Mr. Christer Haglund, SVP Corporate Communications
          Phone: +358 9 818 4007

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

          Mr. Petteri Kostermaa, VP Traffic Planning
          Phone: +358 9 818 8504
          Mr. Timo Riihimaki, Assistant Vice President
          Phone: +358 9 818 5487


SANITEC INTERNATIONAL: Moody's Affirms Lower-B Ratings
------------------------------------------------------
Moody's Investors Service confirmed and will subsequently
withdraw all ratings of Sanitec International S.A. following the
redemption in full of the company's EUR260.0 million 9% senior
notes due 2012 and the refinancing of its senior secured credit
facilities.  This concludes the review initiated on 7 February
2005.

Affected ratings are:

(a) Senior implied rating at B1,

(b) Senior unsecured issuer rating at B3,

(c) EUR260.0 million 9% senior notes due 2012 at B3,

(d) EUR555.0 million senior secured credit facilities at B1

On 11 April 2005, the company completed the disposal of its
operating activities to private equity funds advised by EQT.  In
the meantime, the company repurchased EUR251.2 million of its
EUR260.0 million senior notes due 2012 through a successful
tender offer and Sanitec Corporation refinanced its existing
senior secured credit facilities.  The residual EUR8.8 million
senior notes were also called and fully repaid at the first call
date on 15 May 2005.  Therefore, after acknowledgment that the
company has not any public debt outstanding, Moody's has decided
to withdraw all public ratings on the company and its
subsidiaries.  Please refer to Moody's Withdrawal Policy on
Moodys.com.

Before completing the disposal of its operating activities,
Sanitec International S.A. was the holding company of Sanitec
group, a leading European manufacturer and supplier of sanitary
ceramics and bath and shower products.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          Francesco Sebastiani
          Analyst
          Corporate Finance Group

          David G. Staples
          Managing Director
          Corporate Finance Group

          For Journalists
          Phone: 44 20 7772 5456


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


ALFRED SPEISER: Mannheim Court Appoints Administrator
-----------------------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against Alfred Speiser Kinobetriebe Gesellschaft mit
beschrankter Haftung on May 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 13, 2005 to register their claims with
court-appointed provisional administrator Karl-Heinrich Lorenz.

Creditors and other interested parties are encouraged to attend
the meeting on July 25, 2005, 9:00 a.m. at the district court of
Mannheim, 68149 Mannheim, Schloss, Westfluegel, 2. Stockwerk,
Raum 232 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:  ALFRED SPEISER KINOBETRIEBE GESELLSCHAFT MIT
          BESCHRANKTER HAFTUNG
          Contact:
          Alfred Speiser, Manager
          Haupstr. 61, 69469 Weinheim

          Karl-Heinrich Lorenz, Administrator
          Theodor-Heuss-Anlage 12, 68165 Mannheim
          Phone: 0621/422900


ALPHA - TEC: Gives Creditors Until June to File Claims
------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
ALPHA - TEC Bautenschutz GmbH on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 10, 2005 to register their
claims with court-appointed provisional administrator Klaus W.
Gerling.

Creditors and other interested parties are encouraged to attend
the meeting on July 12, 2005, 10:55 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142 at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ALPHA - TEC BAUTENSCHUTZ GMBH
          Spuerckstr. 9, 50321 Bruehl
          Contact:
          Wolfgang Blau, Manager
          Brueder-Grimm-Str. 34, 50997 Koln
          Dirk Paul Bogaerts, Manager
          Frankfurter Strasse 2 a, 53773 Hennef

          Klaus W. Gerling, Administrator
          Im Mediapark 6 B, 50670 Koln
          Phone: 57 43 - 71 42
          Fax: +4922157437149


ASROTEC GMBH: Court to Verify Claims July
-----------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against AsRoTEC GmbH on May 6.  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 Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting on July 29, 2005, 11:00 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  ASROTEC GMBH
          Winterhuder Weg 82, 22085 Hamburg
          Contact:
          Manfred Rowedder, Manager

          Stephan Neubauer, Administrator
          Spitalerstrasse 4, 20095 Hamburg
          Phone: 334010
          Fax: 33401521


ELAN MARKETING: Creditors' Claims Due Next Month
------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Elan Marketing GmbH on May 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 20, 2005 to register their
claims with court-appointed provisional administrator Rolf Otto
Neukirchen.

Creditors and other interested parties are encouraged to attend
the meeting on July 11, 2005, 9:10 a.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber
Bereich, Saal 293, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ELAN MARKETING GMBH
          Middelicher Strasse 305, 45892 Gelsenkirchen
          Contact:
          Hamiyet Karaoglu, Manager
          Reginaweg 2, 45892 Gelsenkirchen

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


EM.TV AG: Better-than-expected Sales Propel Firm to Best 1st-qtr
----------------------------------------------------------------
The EM.TV Group recorded a positive development of its business
in the first three months of 2005 with results exceeding
expectations.  The media company increased its consolidated
sales and closed with positive quarterly results after tax, to
which both the Sports Segment and also the Entertainment Segment
(children and youth programs) contributed.

Group development Consolidated sales reached EUR51.0 million in
the first quarter and were 7.1% above the equivalent amount in
the previous year (EUR47.6 million).  The growth in sales was
mainly attributable to the positive development of the
Entertainment Segment and from the marketing of merchandising
rights for the 2006 FIFA World Cup.  The Sports Segment
generated 87% of Group sales.

The sales growth and a general development of costs below budget
resulted in earnings before interest, taxes, depreciation and
amortization (EBITDA) of EUR7.8 million, which was well above
the equivalent amount in the first quarter of 2004 (EUR2.8
million) and was also above budget.  After taking account of
depreciation and amortization, the EM.TV Group showed earnings
before interest and taxes (EBIT) of EUR4.1 million (2004: EUR-
0.3 million).

Unlike the prior year period when EM.TV made a substantial one-
off gain of EUR94.4 million from the restructuring of the
convertible bond 2000/2005, there were no one-off incomes or
expenditures in the reporting period, which have to be shown
separately.  The positive minority interests amounted to EUR0.5
million (2004: negative minority interests of EUR0.2 million)
and were mainly attributable to DSF and Sport 1.  Despite of the
fact that EM.TV acquired the shares of the co-shareholders
KarstadtQuelle and Dr. h.c. Hans-Dieter Cleven in the first
quarter, thereby increasing its holdings in the TV station and
in the online sports platform to an indirect 100% in both cases.
At March 31, 2005, the approvals of the supervisory authorities
were still outstanding and minority documentation was still
necessary therefore.

Including the shares of minority interests, the EM.TV Group
shows consolidated net earnings of EUR2.3 million (Q1 2004:
consolidated loss of EUR0.9 million after adjusting for the one-
off gain).  This is equivalent to (undiluted) earnings per share
of EUR0.05.

At EUR320.3 million, the consolidated balance sheet total of the
EM.TV Group at March 31, 2005 was EUR106.3 million lower than
the equivalent amount at the end of 2004 (EUR426.6 million)
therefore.  The substantial reduction is attributable to the
execution of the sale of the 45% holding in Tele Muenchen Gruppe
(TMG), which was already agreed in December 2004.  The
corresponding receivable was no longer included on the assets
side of the balance sheet therefore and the zero-coupon note,
which was issued in 2004 and repaid from the sale proceeds, was
no longer included in the liabilities side of the balance sheet.

The consolidated shareholders' equity amounted to EUR156.5
million at the end of March 2005 (December 31, 2004: EUR153.1
million).  The equity ratio increased to 48.9% (December 31,
2004: 35.9%) as a result of the reduction in the balance sheet
total.

At March 31, 2005 liquid funds of EUR110.1 million, (cash on
hand, credit balances at banks and short-term interest-bearing
securities) were higher than at the end of 2004 (EUR106.0
million).

The positive operating cash-flow of the Group amounted to EUR0.5
million in the first three months of 2005 compared with a
negative cash-flow of EUR4.1 million in the corresponding period
of the previous year.  The cash flow in the reporting period
amounted to EUR3.8 million compared with EUR58.8 million in the
first quarter of 2004, whereby the figure for the previous year
was marked by the effect of the deconsolidation amounting to
EUR67.2 million, mainly relating to the TMG shares.

Development of the Business Segments

The Sports Segment generated sales of EUR44.2 million in the
first three months with this therefore being on the same level
as in the previous year period (EUR44.1 million).

In the case of DSF, the unchanged difficult market environment
for classical TV advertising had a dampening effect on the
development of sales.  This effect has been more than
compensated by increased T-commerce sales and cost savings.

With a market share of 1.9% in the core target group men 14 to
49 as well as 1.1% with viewers overall, DSF achieved exactly
the identical values in the period under review as in the fourth
quarter last year.  At the same time DSF confirmed the market
shares of the entire year 2004 in the first quarter of 2005.
As anticipated, the production company PLAZAMEDIA nonetheless
showed a total output, which was below the corresponding level
of the previous year, with this being mainly attributable to the
lack of the production of the base signals for the German
Premiere and Second Soccer League with effect from the 2004/2005
season.

The recovery in the production market already envisaged in 2004
has continued to date in 2005.  PLAZAMEDIA countered the still
predominant price pressure with innovative production
approaches, an improved market appearance as well as intensified
acquisition activities, which led to new contracts in the period
under review.

In a consistently weak advertising market, Germany's largest
sports portal, Sport1, noted a total output in the first three
months of 2005 which was below the previous year level but
nonetheless above expectations.  Earnings were increased as a
result of a significantly optimized cost structure and a
positive earnings contribution was generated for the EM.TV
Group.

Sales from the marketing of merchandising rights for the 2006
FIFA World Cup developed well above expectations in the first
quarter.  Just as in the fourth quarter of 2004, EM.TV also
acquired a large number of licensees for the 2006 FIFA World Cup
Germany in the period under review and increased its licensee
portfolio by the end of March 2005 to 31 companies.

Earnings achieved by the Sports Segment amounted to EUR5.5
million, i.e. an increase of 25.0% in comparison with the first
quarter of 2004 (EUR4.4 million).

The Entertainment Segment generated sales of EUR6.8 million in
the first three months, thereby doubling the sales achieved in
the corresponding quarter of the previous year (EUR3.4 million).
This reflects the increased selling efforts and the slowly
increasing willingness of international TV stations to invest
once again as particularly established in the major markets for
EM.TV, namely Germany, Austria, Switzerland, France and Spain.
The positive segment results amounted to EUR0.7 million compared
with a negative earnings contribution of EUR2.2 million in the
first quarter of 2004.  For the first time the segment results
do not include the costs of EM.TV AG as the holding company of
the Group, which are shown under a separate segment "Others",
inter-alia.

Outlook for 2005

The development of business in the first three months was above
expectations.  As far as the whole year is concerned, it should,
however, be taken into account that the TV advertising market is
still showing no significant upward turn in its general
development.

In view of this counter-development, the Management Board
confirms its previous statements with regard to the whole year:
The Management Board will strive to achieve a growth of group
sales expressed at least as a single-figure percentage and to
show positive group earnings before taxes.  This statement is
subject to start-up costs and investments which the company may
have to bear in connection with sports betting and gaming in
which EM.TV envisages major sales and earnings potentials in the
medium to long-term and on the scope of which decisions still
have to be made.

Werner E. Klatten, Chairman of the Management Board of EM.TV AG,
said: "EM.TV has made a good start in the new financial year.
What has to be stressed is that both operating segments have
been profitable which underlines the success of the
reorientation and operational focusing of our Group.  Based on
our sound financial foundation, we will continue to look for
market opportunities in both segments in order to generate
internal and external growth."

        EM.TV Group: Major Key Figures at a Glance

(Based on IFRS)
in Euro million                    Q1 2005         Q1 2004

Sales                                 51.0            47.6

Other operating income                 4.3             6.0

Cost of materials                     25.3            30.6

Personnel expenses                    13.0            11.7

EBITDA                                 7.8             2.8

Depreciation and amortization          3.7             3.1

EBIT                                   4.1            -0.3

Financial expenses (net)              -0.7             0.4

Restructuring gain                       0            94.4

Earnings from ordinary
   trading activities (EBT)            3.3            94.4

Taxation                              -0.5            -1.1

minority interests                    -0.5             0.2

Earnings after taxation and
   minority interests                  2.3            93.5

Earnings after taxation and
   minority interests (adjusted)[1]                   -0.9

Earnings per share (undiluted)[2]      0.05

                                 31/03/2005     31/12/2004

Balance sheet total                   320.3          426.6

Liquid funds                          110.1          106.0

Shareholders' equity                  156.5          153.1

Long-term financial liabilities        69.2          181.9

Short-term financial liabilities          0              0

                                    Q1 2005        Q1 2004

Cash flow from operational
   Activities                           0.5           -4.1

Cash flow for the report period         3.8           58.8

EM.TV AG (German Commercial Code (HGB))

                                 31/03/2005

Shareholders' equity
   (Euro million)                     164.7

Equity ratio (%)                       55.7

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Without restructuring profit in the first quarter of 2004

[2] Consolidated earnings per share on a diluted and undiluted
basis cannot be determined within the scope of the complex
restructuring of EM.TV AG in the 1st quarter of 2004 in view of
the fact that all the shares in the company were held within the
Group itself.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

CONTACT:  EM.TV AG
          Betastrasse 11
          D-85774 Unterfohring, Germany
          Phone: +49-89-995-00-0
          Fax: +49-89-995-00-111
          Web site: http://www.em-ag.de


F & H TRANSPORT: Interim Administrator Takes over Operations
------------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
F & H Transport GmbH on April 28.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 7, 2005 to register their claims with
court-appointed provisional administrator Ulrich Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting on July 7, 2005, 10:00 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 12.
Etage, Raum 1240 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  F & H TRANSPORT GMBH
          Contact:
          Nicole Huse, Manager
          Antweilerstrasse 8, 53881 Euskirchen
          David Fritsch, Manager
          Dreikonigenstrasse 40, 50678 Koln

          Ulrich Kuehn, Administrator
          Riehler Str. 26, 50668 Koln
          Phone: 9726157
          Fax: +492219726227


FRIEDRICH GANG: Under Bankruptcy Administration
-----------------------------------------------
The district court of Heidelberg opened bankruptcy proceedings
against Friedrich Gang, Garten- und Landschaftsbau GmbH on May
1.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until June 10,
2005 to register their claims with court-appointed provisional
administrator Christopher Seagon.

Creditors and other interested parties are encouraged to attend
the meeting on July 1, 2005, 10:00 a.m. at the district court of
Heidelberg, 69115 Heidelberg, Kurfuerstenanlage 21, EG, Saal 12
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:  FRIEDRICH GANG, GARTEN- UND LANDSCHAFTSBAU GMBH
          Heidenackerstr. 7, 69207 Sandhausen
          Contact:
          Friedrich Gang, Manager
          Christian Gang, Manager

          Christopher Seagon, Administrator
          Blumenstr. 17, 69115 Heidelberg
          Phone: 06221/91180
          Fax: 06221/23128


HERZBERGER BAUUNTERNEHMUNG: Applies for Bankruptcy Proceedings
--------------------------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against Herzberger Bauunternehmung GmbH on May 11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 6, 2005 to
register their claims with court-appointed provisional
administrator Dr. Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting on August 11, 2005, 10:00 a.m. at the district court
of Cottbus, Gerichtsplatz 2, 03046 Cottbus, Saal 313, 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:  HERZBERGER BAUUNTERNEHMUNG GMBH
          Contact:
          Dr. Manfred Thomas, Manager
          Frankfurter Strasse 18, 04916 Herzberg

          Dr. Christoph Junker, Administrator
          Karcherallee 25 a, 01277 Dresden


IPM INDUSTRIAL: Court Appoints Dr. Bahr Administrator
-----------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against IPM Industrial Project Management GmbH on May 11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 23, 2005
to register their claims with court-appointed provisional
administrator Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting on July 14, 2005, 8:50 a.m. at the district court of
Dusseldorf, Hauptstelle, Muehlenstrasse 34, 40213 Dusseldorf, 3.
OG Altbau, A 341, 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:  IPM INDUSTRIAL PROJECT MANAGEMENT GMBH
          Hansemannstr. 9, 41468 Neuss
          Contact:
          Jochen Ondra, Manager

          Dr. Biner Bahr, Administrator
          Jagerhofstrasse 29, 40479 Dusseldorf


KABEL DEUTSCHLAND: Full-year Net Loss Swells to EUR270 Million
--------------------------------------------------------------
Cable network operator Kabel Deutschland posted another dismal
performance after doubling its net loss for fiscal year 2004-05,
Borsen Zeitung says.

For the year ended March 31, the group posted EUR270 million in
net loss, up from EUR120 million the previous year.  It
attributed the deficit to the EUR156 million bonus dividends it
handed out and the failed takeover of three of its rivals.
Despite a 5.9% rise in turnover from operations to EUR1.04
billion, Kabel's EBITDA remained at EUR400 million.

Private equity firms Providence, Apax and Goldman Sachs Capital
Partners, which took over Kabel for EUR1.7 billion, are its main
shareholders.

CONTACT:  KABEL DEUTSCHLAND GMBH
          Betastr. 6-8
          85774 Unterfoehring
          Phone: +49 (0)89 / 96 010 - 156
          Fax: +49 (0)89 / 96 010 - 888
          Web site: http://www.kabeldeutschland.de


MG TECHNOLOGIES: To Take up GEA's Name Following Merger
-------------------------------------------------------
With effect from May 18, 2005, GEA AG has been merged with its
parent company mg technologies AG.  This marks the successful
conclusion of the streamlining of the mg Group's holding company
structures.  On June 7, the Annual Shareholders' Meeting of mg
technologies AG will decide whether to approve the proposal to
change the company's name to "GEA Group Aktiengesellschaft" and
to move its registered office to Bochum.

The merger had been preceded by a "squeeze-out" under which
shares held by minority shareholders of the Bochum-based GEA AG
had been transferred to the company's main shareholder, mg
technologies AG, based in Frankfurt am Main.  In return for
their stock, GEA's minority shareholders received a cash payment
of EUR48.15 per common share and EUR43.33 for each preferred
share.  GEA's Annual Shareholders' Meeting on August 13, 2004
had approved the squeeze-out.

Mg technologies AG is an international technology group that
focuses on specialty mechanical engineering -- especially
process engineering and components - and plant engineering.  The
company generated sales of roughly EUR4.1 billion -- excluding
Dynamit Nobel and other discontinued operations -- in 2004.  At
December 31, 2004, it employed around 17,000 people and is one
of the world's market and technology leaders in 90% of its
businesses.

CONTACT:  MG TECHNOLOGIES AG
          Communications
          Phone: +49 (0)234 980 1081
          Fax: +49 (0)234 980 1087
          Web site: http://www.mg-technologies.com


OFFICE BUEROMOBELMONTAGEN: Falls into Bankruptcy
------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Office Bueromobelmontagen GmbH on May 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until July 4, 2005 to
register their claims with court-appointed provisional
administrator Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting on August 8, 2005, 9:00 a.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
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:  OFFICE BUEROMOBELMONTAGEN GMBH
          Barenkamp 9, 44329 Dortmund
          Contact:
          Christoph Matysiak, Manager

          Achim Thomas Thiele, Administrator
          Bronnerstrasse 7, 44141 Dortmund
          Phone: 54110
          Fax: 5411266


SANIFIX GMBH: Claims Deadline July 29
-------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against SANIFIX GmbH Gas Wasser Heizung Sanitar on
May 6.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
July 29, 2005 to register their claims with court-appointed
provisional administrator Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 9:30 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on Sept. 28, 2005,
9:30 a.m.

CONTACT:  SANIFIX GMBH GAS WASSER HEIZUNG SANITAR
          Fanninger Str. 12,10365 Berlin

          Dr. Christoph Schulte-Kaubruegger, Administrator
          Genthiner Str. 48, 10785 Berlin


WYHRATHALER ENTWICKLUNGSGESELLSCHAFT: Declared Insolvent
--------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Wyhrathaler Entwicklungsgesellschaft mbH on May 4.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 3, 2005 to
register their claims with court-appointed provisional
administrator Stephan Poppe.

Creditors and other interested parties are encouraged to attend
the meeting on July 25, 2005, 11:30 a.m. at Saal 145,
Amtsgericht Leipzig at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  WYHRATHALER ENTWICKLUNGSGESELLSCHAFT MBH
          Alte Brikettfabrik 3, 04552 Neukirchen
          Contact:
          Dieter Werner Neubaur, Manager

          Stephan Poppe, Administrator
          Kathe-Kollwitz-Strasse 9, 04109 Leipzig


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


ALITALIA SPA: Suffers Another Setback
-------------------------------------
Embattled national carrier Alitalia faces another obstacle to
its turnaround, as new rules on noise and air pollution threaten
to ground 70 of its planes, La Stampa says.

German, British and French airports are set to implement the
rules next year, which could force Alitalia to decommission its
entire MD80 fleet.  Although the engines of MD80 planes can be
replaced with quieter ones, this option will cost Alitalia as
much as EUR3 million per plane or EUR210 million for all 70
planes.  That's a lot of money for a fleet whose average age is
20, according to La Stampa.

The paper said Alitalia is now drafting a plan to redistribute
its fleet of Airbus 319, 320 and 321 jets to the airports
adopting the new rules.

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


PARMALAT FINANZIARIA: Bondi Mounts Final Attack on Banks
--------------------------------------------------------
Parmalat administrator Enrico Bondi has filed another lawsuit
against former advisers and creditor banks, which set up
derivative operations that contributed to the group's failure.

The lawsuit represents the final stage in a series of legal
offensives by Mr. Bondi.  These derivative operations, according
to the complaint obtained by Il Sole 24, were set up by the
banks to raise cash after Parmalat's credit lines had been
closed or used up.  These banks, the suit claims, profited from
the operation and covered their own risks with credit default
swaps on which they claimed EUR350 million when the group
declared insolvency.

The report did not identify the respondents in the latest case
or indicate whether they involve banks and advisers already sued
by Mr. Bondi.  The court-appointed administrator has a pending
lawsuit versus Citibank, Morgan Stanley, Merrill Lynch, JP
Morgan, Credit Suisse First Boston, UBS, Deutsche Bank, and
Banca Akros, in various court in Italy and the United States.

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

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

          CITIGROUP INC.
          399 Park Ave.
          New York, NY 10043
          Phone: 212-559-1000
          Fax: 212-793-3946
          Web site: http://www.citigroup.com

          MORGAN STANLEY
          1585 Broadway
          New York, NY 10036
          Phone: 212-761-4000
          Fax: 212-762-0575
          Web site: http://www.morganstanley.com

          MERRILL LYNCH & CO., INC.
          4 World Financial Center
          New York, NY 10080
          Phone: 212-449-1000
          Fax: 212-449-7357
          Toll Free: 800-637-7455
          Web site: http://www.merrilllynch.com

          CREDIT SUISSE FIRST BOSTON LLC
          11 Madison Ave.
          New York, NY 10010-3629
          Phone: 212-325-2000
          Fax: 212-325-6665
          Web site: http://www.csfb.com

          UBS AG
          Bahnhofstrasse 45
          CH-8098 Zurich
          Switzerland
          Phone: +41-44-234-4111
          Fax: +41-44-234-3415
          Web site: http://www.ubs.com

          DEUTSCHE BANK AG
          Taunusanlage 12
          60262 Frankfurt am Main
          Phone: +49-69-910-00
          Fax: +49-69-910-38591
          Web site: http://www.deutsche-bank.de

          BANCA AKROS S.p.A.
          Viale Eginardo 29
          20149 Milano
          Phone: 0039 02 43 4441
          Fax: 0039 02 434444300
          Web site: http://bancaakros.webank.it


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


NUMICO N.V.: Sells Dairy Plant in China for US$7.3 Million
----------------------------------------------------------
Royal Numico N.V. has agreed on the sale of its dairy
manufacturing plant in China to Heilongjiang Feihe Dairy
Industry Co., Ltd., a subsidiary of American Dairy Inc., for a
total consideration of US$7.3 million.

The divestment of this Chinese dairy manufacturing plant is in
line with Numico's strategic decision to fully focus its Chinese
Baby Food activities on its premium brand Cow & Gate in Shanghai
and the Guangdong province.  Numico has entered into an
exclusive marketing and distribution agreement with Hutchison to
specifically further develop the Guangdong province.

The transaction is expected to be completed by summer.  Post
completion, the transaction will substantially improve the
financial performance of the continued baby food operations in
China.

CONTACT:  ROYAL NUMICO N.V.
          P.O. Box 75538, 1118 ZN Schiphol Airport
          The Netherlands
          Phone: +31 20 456 9000
          Fax: +31 20 456 8000
          Corporate Communications
          Phone: +31 20 456 9077
          Investor Relations
          Phone: +31 20 456 9003


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


NORTHERN OFFSHORE: Bondholders Okay Debt-for-Equity Swap
--------------------------------------------------------
The joint provisional liquidators of Northern Offshore Limited
announces that at the meetings of Scheme Creditors which were
held on May 20, 2005 at the offices of KPMG Financial Advisory
Services Limited in Bermuda, the results of the voting on the
Scheme of Arrangement were:

(a) 100% of US$ Notes by value and in number, who voted,
    supported the Scheme; and

(b) 100% of NOK Bonds by value and in number supported the
    Scheme.  In excess of 95% of total note holders eligible to
    vote actually voted with unanimous support for the Scheme.

Accordingly, based on the above voting, the requisite voting
majorities in favor of the Scheme have been received.

Under the terms of the proposed Scheme, the bondholders of NOL
will receive a total of 98% of the equity of the Company in
exchange for the cancellation of the debt.  The balance of 2% of
the equity will remain with the existing shareholders.

There are certain steps, which need to be taken before the
Scheme becomes effective.  The JPLs anticipate that these steps
should be completed in the next 10 days at which time the JPLs
will be discharged and released and the winding-up petition will
be withdrawn.  From the effective date of the Scheme the Company
will operate under the control of its Board of Directors.

Mike Morrison of KPMG Financial Advisory Services Limited, one
of the JPLs commented: "The JPLs have worked closely with the
various stakeholders of the Company and in particular the Ad Hoc
Bondholders' Committee and their advisors, over the past 10
months and are delighted that such a significant proportion of
the bondholders have unanimously supported the Scheme.  The JPLs
will make a further announcement when the Scheme becomes
effective."

CONTACT:  KPMG
          Crown House
          4 Par la Ville
          Hamilton, HM 08
          Bermuda
          Phone: +1 (441) 295-5063
          Fax:   +1 (441) 295-9132
          E-mail: kpmg@kpmg.bm

          KPMG
          8 Salisbury Square
          London
          EC4Y 8BB
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


=============
R O M A N I A
=============


ROMPETROL GROUP: Senior Unsecured Rating Affirmed at 'B-'
---------------------------------------------------------
Fitch Ratings affirmed the rating of The Rompetrol Group N.V.,
the second largest oil company in Romania, at Senior Unsecured
'B-' with a Stable Outlook.

The rating is based on the strategic location, high conversion
ability and increasing utilization rates of TRG's Petromidia
refinery.  It also reflects the marked improvement in TRG's
EBITDA in 2004 and Q105 on the back of the refining sector's
upturn and the liberalization of the Romanian fuel market,
following privatization of Romania's market leader SNP Petrom
S.A. (rated 'BB'/'B', Outlook Positive).

The rating is constrained by the on-going investigation of
Romania's General Prosecutor against 11 employees of TRG group,
including the CEO and majority shareholder.  It is also
constrained by underlying concerns stemming from TRG's
aggressive financial profile, volatile cash flows, limited
financial flexibility, and high refinancing risk due to its
short-term profile of debt.  All bank debt remains secured by
inventories, receivables and mortgages on fixed assets.  The
rating for TRG, the holding company, is assigned on a
consolidated basis.  Any specific issue rating would be
dependent on given debt and guarantee structure.

The Stable Outlook reflects the favorable environment for
refiners to date in 2005 and TRG's expectations of further
improvement in EBITDA this year.  Effective liberalization of
the Romanian market since February 2005 is expected to improve
the profitability of TRG's retail segment, given that a
historically low fuel retail margin (US$35/m3 in 2002) has
gradually increased to US$100/m3 in 2005 (now in line with
Bulgaria).  On the other hand, the Outlook also reflects the
prospect of growing competition in the Romanian market.

TRG's improved profitability in 2004 (EBITDA increased to US$94
million from US$20 million in 2003) was mainly driven by strong
refining margins, a high Brent/Ural differential (which TRG
fully benefits from) and appreciation of the Romanian Leu
against the U.S. dollar.  Fitch notes that the rating, initially
assigned in June 2004, assumed that historically high leverage
ratios would fall significantly in the medium term.  Thanks to
higher EBITDA, the company met its forecast and improved net
debt/EBITDA ratio to 2.8x at YE04 from 11x at YE03.

Fitch understands from discussion with the company that the
ongoing investigation of the General Prosecutor regarding the
privatization of the Petromidia refinery in 2001 and its
subsequent operations have had no significant adverse impact on
TRG's group operations or liquidity so far.  An adverse outcome
could yet put pressure on TRG's rating.  After the buyback of a
25.1% stake in TRG from OMV, the company is now exclusively
owned by its two key managers, CEO and Deputy CEO.  This
concentrated private ownership, together with the complex group
structure, constrains the rating.

Fitch views the group's strategy as aggressive given TRG's
significant capital expenditure budget, which aims to strengthen
its market position in the Balkans possibly through
acquisitions, and contemplated entry to the upstream business in
Russia and Kazakhstan (TRG having a unproven track record in
upstream).

The company also contemplates restarting of the mothballed
petrochemicals facilities (LDPE and HDPE plants). Fitch notes
the above-average risk of entry into the upstream business in
the current high oil price environment and restart of
petrochemicals, although this may be somewhat mitigated should
the company share the risks with business partners.

In Fitch's view, TRG is unlikely to reduce its gross debt level
in the next two to three years given the aggressive investment
plans.  Most of the planned spending is discretionary and may be
postponed in case of weaker cash flow generation.  In coming
years, the company is likely to focus on its equity growth to
dilute government's stake prior to the conversion of its hybrid
bonds in 2010.

CONTACT:  FITCH RATINGS
          Arkadiusz Wicik, Warsaw
          Phone: +48 22 338 62 86

          Josef Pospisil, London
          Phone: +44 (0) 20 7417 4266

          Andrew Steel
          Phone: +44 (0) 20 7862 4086

          Media Relations:
          Julian Dennison, London
          Phone: +44 20 7862 4080


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


AGRO-PROM-STROY: Krasnodar Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Agro-Prom-Stroy after finding the limited
liability company insolvent.  The case is docketed as A-32-
16282/2001-38/539-B.  Mr. A. Zyurin has been appointed
insolvency manager.  Creditors have until June 16, 2005 to
submit their proofs of claim to 350058, Russia, Krasnodar, Post
User Box 4269.

CONTACT:  AGRO-PROM-STROY
          Russia, Krasnodar region,
          Anapskiy region, Voskresenskiy

          Mr. A. Zyurin
          Insolvency Manager
          350058, Russia, Krasnodar region,
          Post User Box 4269


AQUA-VITO: Deadline for Proofs of Claim June 16
-----------------------------------------------
The Arbitration Court of Altay region commenced bankruptcy
proceedings against Aqua-Vito after finding the close joint
stock company insolvent.  The case is docketed as A03-11016/04-
B.  Mr. Y. Rodionov has been appointed insolvency manager.
Creditors have until June 16, 2005 to submit their proofs of
claim to 656037, Russia, Barnaul, Post User Box 2153.

CONTACT:  AQUA-VITO
          659306, Russia, Altay region,
          Biysk, Smolnyj Per. 5

          Mr. Y. Rodionov
          Insolvency Manager
          656037, Russia, Barnaul,
          Post User Box 2153


ARMAVIRSKIY: Ceramic Factory Falls into Bankruptcy
--------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on limited liability company
Armavirskiy.  The case is docketed as A32-2850/2005-44/50B.  Ms.
K. Korneeva has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 352919, Russia,
Krasnoyarsk region, Armavir, Oktyabrskaya Str. 143.  A hearing
will take place on Sept. 5, 2005, 11:00 a.m.

CONTACT:  ARMAVIRSKIY
          Russia, Krasnoyarsk region,
          Armavir, Oktyabrskaya Str. 143

          Ms. K. Korneeva
          Temporary Insolvency Manager
          352919, Russia, Krasnoyarsk region,
          Armavir, Oktyabrskaya Str. 143


BUTTER-CHEESE MAKER: Appoints S. Ogorodnikov Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Altay region commenced bankruptcy
proceedings against Butter-Cheese Maker after finding the open
joint stock company insolvent.  The case is docketed as A03-
1622/04-B.  Mr. S. Ogorodnikov has been appointed insolvency
manager.  Creditors have until June 16, 2005 to submit their
proofs of claim to 656065, Russia, Altay region, Barnaul, Post
User Box 2724.

CONTACT:  BUTTER-CHEESE MAKER
          659430, Russia, Altay region,
          Tsel. Region, Tselinnoye

          Mr. S. Ogorodnikov
          Insolvency Manager
          656065, Russia, Altay region,
          Barnaul, Post User Box 2724


GLASS-WORKS: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Vladimir region has commenced
bankruptcy supervision procedure on open joint stock company
Glass-Works.  The case is docketed as A11-1694/2005-K1-35B.  Mr.
A. Alimov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 600017, Russia,
Vladimir, Post User Box 94.  A hearing will take place on August
30, 2005, 1:30 p.m. at the Arbitration Court of Vladimir region
located at Russia, Vladimir, Oktyabrskiy Pr. 57.

CONTACT:  GLASS-WORKS
          Russia, Vladimir region,
          Sudogodskiy region, im. Vorovskogo

          Mr. A. Alimov
          Temporary Insolvency Manager
          600017, Russia, Vladimir region,
          Post User Box 94


MAYKOPSKAYA: Succumbs to Bankruptcy
-----------------------------------
The Arbitration Court of Adygeya republic commenced bankruptcy
proceedings against Maykopskaya after finding the confectionery
shop insolvent.  The case is docketed as A 01-B-1277-2002-11.
Mr. Y. Orlov has been appointed insolvency manager.  Creditors
have until June 16, 2005 to submit their proofs of claim to
385007, Russia, Adygeya republic, Maykop, Proletarskaya Str. 2.

CONTACT:  MAYKOPSKAYA
          385007, Russia, Adygeya republic,
          Maykop, Proletarskaya Str. 2

          Mr. Y. Orlov
          Insolvency Manager
          385007, Russia, Adygeya republic,
          Maykop, Proletarskaya Str. 2

          The Arbitration Court of Adygeya republic
          385000, Russia, Maykop,
          Krasnooktyabrskaya Str. 15


SHADRINSKIY: Declared Insolvent
-------------------------------
The Arbitration Court of Kurgan region commenced bankruptcy
proceedings against Shadrinskiy after finding the liquor-vodka
distillery insolvent.  The case is docketed as A34-1543/04-s27.
Mr. E. Golubev has been appointed insolvency manager.  Creditors
have until June 16, 2005 to submit their proofs of claim to
640023, Russia, Kurgan-23, Post User Box 4305.

CONTACT:  Mr. E. Golubev
          Insolvency Manager
          640023, Russia, Kurgan-23,
          Post User Box 4305


SYLVENSKAYA: Creditors Have Until June to File Claims
-----------------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Sylvenskaya after finding the poultry farm
insolvent.  The case is docketed as A50-44826/2004-B.  Mr. P.
Plisetskiy has been appointed insolvency manager.  Creditors
have until June 16, 2005 to submit their proofs of claim to
614503, Russia, Perm region, Sylva.

CONTACT:  SYLVENSKAYA
          614503, Russia,
          Perm region, Sylva

          Mr. P. Plisetskiy
          Insolvency Manager
          614503, Russia,
          Perm region, Sylva


TAVDINSKIY KHIM-LES-HOZ: Succumbs to Bankruptcy
-----------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Tavdinskiy Khim-Les-Hoz after finding the
open joint insolvent and bankruptcy proceedings were introduced
at the company.  The case is docketed as A60-6688/05-S2.  Mr. E.
Chu has been appointed insolvency manager.  Creditors have until
June 16, 2005 to submit their proofs of claim to: 620086,
Russia, Ekaterinburg, Posadskaya Str. 21-105.

CONTACT:  TAVDINSKIY KHIM-LES-HOZ
          623950, Russia, Sverdlovsk region,
          Tavda, Kirova Str. 151

          Mr. E. Chu
          Insolvency Manager
          620086, Russia, Ekaterinburg,
          Posadskaya Str. 21-105


YUKOS OIL: Breaks up Moscow Office to Streamline Operations
-----------------------------------------------------------
Yukos Oil management on Tuesday unveiled a major organizational
and financial restructuring to maintain ongoing operations and
to meet commitments to employees, customers, creditors and
shareholders.

The Yukos Moscow management company will be disbanded with
remaining staff moving into one of the two new operating units.
Yukos which produces over 600, 000 barrels of crude oil every
day and provides oil products for one in five Russian drivers
will be reorganized into two operating divisions.  The first for
Exploration and Production to be headed by Viktor Grekhov as
acting President; the second for Refining and Marketing to be
led by Anatoliy Nazarov.  Yuri Beilin will continue as Deputy
Chief Executive Officer of Yukos Oil Company.  Refining and
Marketing and Exploration and Production will be directed by
fully functioning Boards of Directors.  It is expected that Yuri
Beilin will become Chairman of the Board of Yukos Exploration
and Production.  Yukos CEO Steven M. Theede will also become
Chairman of the Board of Yukos Refining and Marketing.

"Yukos senior management will continue to act responsibly,
though realistically, in operating the company.  While the
circumstances are unprecedented, my obligations are not.  I must
continue to do what I can to protect the interests of all
stakeholders including creditors, investors, employees and
customers," said Yukos Oil Company Chief Executive Officer,
Steven Theede.  "The company's structure and management must
change to reflect the fact that, at least for the moment, Yukos
is a smaller, though still significant, oil company."

The central management and corporate headquarters functions will
be streamlined, reflecting the company's reduced size after the
expropriation in 2004 of Yuganskneftegaz, its largest asset.

An Operations Coordination Committee will serve to advise the
CEO on operational and strategic matters and will provide advice
and counsel to the heads of the two operating units.  President
of Yukos Refining and Marketing Anatoliy Nazarov and acting
President of Yukos Viktor Grekhov will participate in this
committee as will other key individuals whose responsibilities
are critical to the ongoing business activities of the company.

An Executive Committee of the Yukos Board of Directors has been
established to oversee coordination between the Office of the
Chief Executive and the Yukos Oil Company Board of Directors
respectively.  Bernard Loze, the Board member, will become
Chairman of the Executive Committee.  The Executive Committee
will have direct responsibility for appointing the Board of
Directors of the Yukos operational companies.

CONTACT:  YUKOS OIL
          31A Dubininskaya St.
          115054 Moscow, Russia
          Phone: +7-95-232-3161
          Fax: +7-95-232-3160
          Web site: http://www.yukos.com/

          INTERNATIONAL INFORMATION DEPARTMENT
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

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

          INVESTOR RELATIONS CONTACT
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


ZARINSKAYA: Declared Insolvent
------------------------------
The Arbitration Court of Altay region commenced bankruptcy
proceedings against Zarinskaya after finding the incubatory-
poultry breeding station insolvent.  The case is docketed as
A03-12273/03-B.  Mr. V. Menyajlo has been appointed insolvency
manager.

Creditors have until June 16, 2005 to submit their proofs of
claim to 656049, Russia, Barnaul, Post User Box 3503.  A hearing
will take place on May 25, 2005, 2:30 p.m. at 656015, Russia,
Barnaul, Lenina Pr. 76.

CONTACT:  ZARINSKAYA
          659121, Russia,
          Zarinskiy region, Novomanoshkino

          Mr. V. Menyajlo
          Insolvency Manager
          656049, Russia, Barnaul,
          Post User Box 3503
          Phone: 8 (3852) 368251

          The Arbitration Court of Altay region
          656015, Russia,
          Barnaul, Lenina Pr. 76


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


AUNA OPERADORES: Gives Bidders 30 Days to Submit Firm Offer
-----------------------------------------------------------
Buyers interested in Auna Operadores de Telecomunicaciones S.A.
now have a month to complete their due diligence and put a firm
offer or withdraw from the bidding, El Pais said.

The deadline for all bids closed on Monday and private equity
groups, according to the paper, dominated the affair.  Touted as
the biggest purchase by private equity groups in Europe, the
bids placed met the minimum of EUR12.5 billion.

The affair attracted some of the biggest names in the business.
U.S. venture capital groups Kohlberg Kravis Roberts, Apax
Partners, and U.K.-based Cinven and CVC Capital Partners were
among those spotted by El Pais sources.

U.S. private equity groups Providence and Carlyle also came with
a EUR2.5 billion offer for Auna's fixed-line division, Auna TLC.
The two are backed by Spanish cable telecoms operator Ono.
Together with Blackstone and Permira, Providence and Carlyle
also submitted a EUR9 billion offer for Amena, Auna's mobile
division.

The sale is being managed by U.S. investment bank Merrill Lynch,
El Pais says.  Auna's main shareholders are power groups Endesa
and Union Fenosa, and bank Santander Central Hispano.  They
collectively control 83% of the shares.

CONTACT:  AUNA OPERADORES DE TELECOMUNICACIONES S.A.
          Paseo de la Castellana, 83-85
          28046 Madrid, Spain
          Phone: +34-91-202-41-00
          Fax: +34-91-202-51-71
          Web site: http://www.grupoauna.com


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


CONCORDIA BUS: Full-year EBIT Sinks Deeper into the Red
-------------------------------------------------------
Concordia Bus AB announced on May 25, 2005 its preliminary
financial results for the year ending February 28, 2005.   The
financial results are subject to the finalization of the audit
of the year-end P&L and Balance Sheet.  The Company expects to
have finalized the audit within the next two weeks and will
announce a date for the publication of its final financial
results for the year ending February 28, 2005 separately from
this announcement.

The Company does not intend to make any further comments on, or
respond to questions about, its preliminary results at this
point.  The Company will however be holding an investor call
after the final financial results have been published, details
of which will be announced in due course.

During on-going restructuring discussions with stakeholders
certain assumptions relating to key business drivers have been
provided by the Company and its subsidiary, Concordia Bus Nordic
AB (Nordic), and these assumptions are stated below.  This
forward-looking information is being provided in the special
context of the proposed restructuring.

The Company does not intend to announce this type of forward-
looking information on an ongoing basis and the Company does not
anticipate updating the forward-looking information provided in
this announcement.  The Company will not be making any further
comments on the assumptions.

Number of CPTA Contracts Year Ending February 2005

                                  FY ending        FY ending
                                Feb 28 2005      Feb 28 2004

CPTA Sweden                             113              123

CPTA Norway                              10               13

CPTA Finland                             37               33

Number of Buses Operated Year Ending February 2005

                                  FY ending        FY ending
                                Feb 28 2005      Feb 28 2004

Owned                                 2,260            2,591

Leased                                1,470            1,317

Total                                 3,730            3,908


Preliminary Full Year Group Profit and Loss Ending Feb 28 2005
(SEK million)

                                  FY ending        FY ending
                                Feb 28 2005      Feb 28 2004

Revenue:

   CPTA Sweden                        3,406            3,469

   CPTA Norway                          451              365

   CPTA Finland                         415              391

   Other (incl. Express
      and Interbus)                     541              536

   Total                              4,813            4,761

EBITDAR (reported)                      624              597

   Margin %                              13.0%            12.5%

Operating lease charges                (428)            (388)

Depreciations                          (358)            (364)

EBIT (reported)                        (162)            (155)

Margin %                                 (3.4%)           (3.3%)


Preliminary Full Year Group Balance Sheet ending Feb 28 2005

                                  FY ending        FY ending
                                Feb 28 2005      Feb 28 2004

Intangible Fixed Assets                 684              721

Tangible Fixed Assets                 1,281            1,527

Financial Investments and others        116              138

Cash Balance                            180              346

Other Current Assets                    591              678

Total Net Assets                      2,852            3,410

Current Liabilities                     835              905

Provisions                              112              146

Financial Lease obligations              12               16

High Yield Bonds                      2,624            2,673

Shareholders Equity                    (731)            (330)

Total Equity & Long-term Liabilities  2,852            3,410

Considerations under discussion

Bus and Nordic are currently considering setting up a reserve to
cover certain financial items resulting from a change in
accounting principles and relating to the potential Balance
Sheet restructuring envisaged by the Financing Indicative Terms.
The potential reserve would, if implemented, cover one off
adjustments of the P&L and Balance Sheet and expenses relating
to the Balance Sheet restructuring.  The one off adjustments of
the P&L and Balance Sheet will have no cash effect on the
preliminary P&L and Balance Sheet provided in this release.

Key Assumptions

During on going restructuring discussions with stakeholders
certain assumptions relating to key business drivers have been
provided by the Company and its subsidiary, Concordia Bus Nordic
AB.  These assumptions were:

(a) 418 of the buses operated by Nordic were up for tender in
    FY2005.  Nordic was successful in winning 221 buses in
    tendering during FY2005;

(b) The effect of these tender results will have a significant
    impact on revenues in 2006.   After 2006 the assumption is
    that future costs will grow by approximately 2.5% per
    annum for the next 5 years, subject to successful contract
    renewal, and revenues on existing contracts will grow by
    approximately 2.5% per annum for the next 5 years, and
    that any deviations in revenue development are assumed to be
    compensated by efficiency improvements.  An additional
    improvement in revenues is expected from improved
    indexation on new contracts;

(c) It is assumed that from 2007 the Group will maintain its
    market share and consequently will maintain an appropriate
    bus fleet;

(d) As a result of the adverse tender results in the years ended
    February 2004 and 2005, EBITDAR margins are not likely to
    improve in the year ended February 2006, however EBITDAR
    margins will improve thereafter by approximately 0.6-1.1%
    annually over the next five years as a result of entering
    into new contracts which have replaced older less profitable
    contracts; and

(e) Nordic anticipates that as the business situation stabilizes
    there will be an improvement in working capital equating to
    approximately 1 day's working capital unwind.

This release is not an offer to sell securities in the United
States.  Securities may not be offered or sold in the United
States other than pursuant to registration under the United
States Securities Act of 1933, as amended, or an exemption from
such registration.  No public offering of securities has been or
will be made in the United States and, accordingly, Bus will not
be registering any securities under the Securities Act of 1933.

CONTACT:  CONCORDIA BUS AB (PUBL)
          Solna Strandvag 78
          17154 Solna, Sweden
          Phone: +46-854630000
          Web site: http://www.concordiabus.com

          ALVAREZ & MARSAL (EUROPE) LIMITED
          5th Floor
          One Canada Square
          London E14 5AA
          Contacts:
          Tony Alvarez III
          Phone: +44 (0) 207 715 5200
          E-mail: TAlvarezIII@alvarezandmarsal.com


SAS AB: Moody's Cut Subordinated Debt Rating to Caa1
----------------------------------------------------
Moody's Investors Service downgraded the senior implied rating
of SAS AB to B2 from B1 and its senior unsecured issuer rating
to B3 from B2.  At the same time, Moody's has also downgraded
the senior unsecured debt ratings of Scandinavian Airlines
System Denmark-Norway-Sweden (SAS) to B3 from B2 and its
subordinated debt ratings to Caa1 from B3.  The outlook on all
ratings is negative.  This downgrade concludes the rating review
process initiated on 25 January 2005.

The rating downgrade reflects:

(a) SAS has faced continuing overcapacity in Scandinavia and
    fierce competition from low-cost airlines, most of which are
    currently losing money in the region.  This environment,
    coupled with exceptionally high fuel costs, has weighed on
    load factors and passenger revenues, and has led to
    materially increased costs.  As a result the group's credit
    metrics have weakened to a level, which, in Moody's view,
    are no longer commensurate with a B1 senior implied/B2
    senior unsecured rating.  At year-end 2004, the group's
    operating margin remained negative at -2.0% and the ratio of
    Adjusted RCF to Pension-Adjusted Net Debt was very low at
    2.9% compared to 3.0% at year-end 2003; and

(b) Moody's expectation that SAS will need to take additional
    measures in order to further reduce costs and improve its
    profitability.  Despite some yield stabilization over recent
    months and the successful implementation of the extensive
    cost-cutting program Turnaround 2005, which will further
    improve SAS cost base by another SEK 4 billion, Moody's
    believes the group will need to pursue further cost
    reductions, in light of the challenging market environment
    and high fuel prices.  Moody's notes management strong
    commitment to pursue additional cost cutting efforts as part
    of its strategy for the coming years.

The weak credit profile of SAS continues to mask some positive
attributes such as its strong position in Scandinavia, its
membership of the Star Alliance and management's track record to
reduce costs.  Moody's also notes that recent agreements
negotiated with the airline's personnel were reached without
major labor disruptions, and that the employee support was
reached for the execution of the cost-cutting program.

The negative rating outlook is based on (i) Moody's anticipation
that, despite overall yield stabilization in the first four
months of 2005, competition will remain fierce and yields under
pressure over the short term and (ii) concern that, with
challenging market conditions, SAS may find it more demanding to
further reduce costs.

SAS's strong liquidity position and its ability to realize cash
proceeds from asset sales, including sale and lease-back
transactions, have been important sources of funding for free
cash flow losses over the recent past.  Moody's notes that
failure to strengthen the operating profile and stem cash flow
losses will progressively reduce the group's remaining liquidity
cushion.  SAS still retains healthy cash balances, which
amounted to SEK8.6 billion at year-end 2004.  Moreover, Moody's
still expects the group to make some additional asset disposals
and the agency will monitor the evolution of the company's
liquidity, which remains critical to the rating level.

As SAS has sought to bolster its financing position, the
proportion of assets encumbered relative to unencumbered assets
has increased.  This has happened primarily as a result of the
sale or sale and lease-back of unencumbered assets.  Moody's
currently rates the senior unsecured one notch below the senior
implied and the subordinated two notches below the senior
implied, reflecting the severity of loss faced by those
creditors most junior in the capital structure.  Should the
proportion of encumbered assets rise, Moody's will likely widen
the current notching.

SAS is the designated Danish, Norwegian and Swedish national
airline.  It is a consortium, which is 28.6% owned by SAS
Danmark A/S, 28.6% by SAS Norge AS and 42.8% by SAS Sverige AB.
Each of these companies is 100% owned by SAS AB, which is a
publicly listed company, itself 50% owned by the three
Scandinavian Governments and 50% by private investors.  Although
Moody's expects the Governments to continue to support the group
in achieving commercial and competitive targets, Moody's has not
factored any direct support in its ratings for debt providers
from its shareholders.

Ratings downgraded are:

(a) Senior Implied Rating of SAS AB to B2 from B1,

(b) Senior Unsecured Issuer Rating SAS AB to B3 from B2,

(c) Senior Unsecured EMTN program rating of Scandinavian
    Airlines System Denmark-Norway-Sweden to B3 from B2,

(d) Perpetual Subordinated Bonds of Scandinavian Airlines System
    Denmark-Norway-Sweden to Caa1 from B3

SAS AB, headquartered in Stockholm, Sweden, is the Nordic
region's largest listed airline and travel group and the fourth-
largest airline group in Europe, in terms of passengers, and had
revenues of SEK58 billion (EUR6.3 billion) in fiscal year 2004.

CONTACT:  MOODY'S DEUTSCHLAND GMBH
          Frankfurt
          Michael West
          Managing Director
          European Corporates Group
          For Journalists
          Phone: 44 20 7772 5456

          MOODY'S FRANCE S.A.
          Paris
          Myriam Durand
          Vice President - Senior Analyst
          European Corporates Group
          For Journalists
          Phone: 44 20 7772 5456


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


BILOVODSKA MACHINE: Declared Insolvent
--------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Bilovodska Machine-Technological Station
(code EDRPOU 24207668) on January 28, 2005 after finding the
limited liability company insolvent.  The case is docketed as
9/29 b.  Mr. Vadim Ostrovskij (License Number AB 116234) has
been appointed liquidator/insolvency manager.  The company holds
account number 2600631113 at Oshadbank, Troitske branch 2842,
MFO 364069.

CONTACT:  BILOVODSKA MACHINE-TECHNOLOGICAL STATION
          92800, Ukraine, Lugansk region,
          Bilovodsk, Gunyana Str. 51

          Mr. Vadim Ostrovskij,
          Liquidator/Insolvency Manager
          91016, Ukraine, Lugansk region,
          Geroiv VVV Square, 2/32

          ECONOMIC COURT OF LUGANSK REGION
          91000, Ukraine, Lugansk region,
          Geroiv VVV Square, 3a


BUSINESS COMMUNICATIONS: Bankruptcy Supervision Starts
------------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on Private Enterprise Business
Communications (code EDRPOU 32597660).  The case is docketed as
46/174-b.  Mr. Yevgen Solovyov (License Number AA 419482) has
been appointed temporary insolvency manager.

CONTACT:  BUSINESS COMMUNICATIONS
          04119, Ukraine, Kyiv region,
          Simyi Hohlovih Str. 8, Office 701

          Mr. Yevgen Solovyov
          Temporary Insolvency Manager
          01030, Ukraine, Kyiv region,
          Chapayev Str. 4, Office 7
          Phone/Fax: 494-19-19

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard, 44-B


INDUSTRIAL PIK: Succumbs to Insolvency
--------------------------------------
The Economic Court of Kyiv region declared CJSC Industrial-
Investment Consortium Pik (code EDRPOU 23155171) insolvent on
April 5, 2005.  The case is docketed as 15/639-B.  Mr. V.
Bakumenko (License Number AA 719796) has been appointed
liquidator/insolvency manager.

CONTACT:  INDUSTRIAL-INVESTMENT CONSORTIUM PIK:
          02205, Ukraine, Kyiv region,
          Obolonskij Avenue, 26

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard, 44-B


SALIUS: Proofs of Claim Deadline Expires Weekend
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Salius (code EDRPOU 31071050) after finding
the limited liability company insolvent.  The case is docketed
as 20/11 b-04.  Mr. V. Dranchenko (License Number AA 630098) has
been appointed liquidator/insolvency manager.

Creditors have until May 28, 2005 to submit their proofs of
claim to:

(a) SALIUS
    Ukraine, Kyiv region,
    Mironivka, Pirozhenko Str. 3

(b) Mr. V. Dranchenko
    Liquidator/Insolvency Manager
    04074, Ukraine, Kyiv region, a/b 73

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


SD: Dnipropetrovsk Court Freezes Debt Payments
----------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Private Multi-Profile Enterprise SD
(code EDRPOU 30392740) on March 31, 2005 and ordered a
moratorium on satisfaction of creditors' claims.  The case is
docketed as B 15/41/05.  Mr. Bespalov Volodimir (License Number
AA 140430) has been appointed temporary insolvency manager.  The
company holds account number 2600700200640 at LLC CB Zemelnij
Capital, MFO 305880.

CONTACT:  SD
          52800, Ukraine, Dnipropetrovsk region,
          Pershotrvensk, Tchaikovsky Str. 16-a/5

          Mr. Bespalov Volodimir
          Temporary Insolvency Manager
          49081, Ukraine, Dnipropetrovsk region,
          Vorontsov Avenue, 75/232

          ECONOMIC COURT OF DNIPROPETROVSK REGION
          49600, Ukraine, Dnipropetrovsk region,
          Kujbishev Str. 1a


SILGOSPTEHNIKA: Under Court Supervision
---------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on OJSC Silgosptehnika (code EDRPOU
03764293) on February 25, 2005.  The case is docketed as 2/70-B.
Mr. Volodimir Poberezhnij (License Number AA 668306) has been
appointed temporary insolvency manager.  The company holds
account number 260095159 at JSPPB Aval, Hmelnitskij regional
branch, MFO 315966.

CONTACT:  SILGOSPTEHNIKA
          Ukraine, Hmelnitskij region,
          Yarmolintsi, Pushkin Str. 36

          Mr. Volodimir Poberezhnij
          Temporary Insolvency Manager
          29000, Ukraine, Hmelnitskij region,
          Starokostyantinivske Shoes Str. 22/64

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard, 44-B


SLOVYANSKIJCOMBINE PROPERTY: Proofs of Claim Deadline May 28
------------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Slovyanskijcombine of Public Property (code
EDRPOU 25605678) on April 6, 2005 after finding the limited
liability company insolvent.  The case is docketed as 42/191 B.
Ms. Tetyana Pashkova (License Number AA 140427) has been
appointed liquidator/insolvency manager.  The company holds
account number 26000301661585 at Prominvestbank, MFO 334561.

Creditors have until May 28, 2005 to submit their proofs of
claim to:

(a) SLOVYANSKIJCOMBINE OF PUBLIC PROPERTY
    83122, Ukraine, Donetsk region,
    Slovyanskij district, Mirne,
    Yuvilejna Str. 29

(b) Ms. Tetyana Pashkova,
    Liquidator/Insolvency Manager
    Ukraine, Donetsk region,
    Kujbishev Str. 240/50

(c) ECONOMIC COURT OF DONETSK REGION
    83048, Ukraine, Donetsk region,
    Artema Str. 157


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


ABBEY NATIONAL: Allots GBP154 Mln for Mis-selling Claims
--------------------------------------------------------
A review of 50,000 mis-selling complaints against Abbey
National's mortgage endowment policies may cost the mortgage
lender more than GBP100 million, according to The Scotsman.

Abbey has agreed with the Financial Services Authority to
scrutinize transactions from January 2000 to present after it
was found guilty of mishandling 5,000 complaints between 2001
and 2003.  The figure represents 13% of all complaints handled
during the period.  The report said the process could require
160 full-time staff and Abbey's own call center.

Of the 5,000 complaints, 3,500 of them were found to have been
rejected unfairly, the FSA ruled.  It said policyholders could
have suffered losses of GBP19 million during the entire life of
their policies.  Abbey will only pay out for the period up until
the complaint was made.

An Abbey spokesman said it is too early to say how much it would
have to shell out to compensate policyholders, but the firm
already included GBP154 million in provision for potential
claims on its accounts.  Abbey's fine for the error was reduced
to GBP800,000 after it agreed to review the complaints.

Spanish firm Banco Santander took over Abbey last year with a
promise to cooperate with the regulator.

CONTACT:  ABBEY NATIONAL PLC
          Abbey National House,
          2 Triton Square, Regent's Place
          London NW1 3AN, United Kingdom
          Phone: +44-870 607 6000
          Web site: http://www.abbeynational.com


A & E BUILDING: Winding-up Report Out July
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF A & E Building Services Ltd.
                   (In Compulsory Liquidation)

Notice is hereby given, pursuant to Rule 4.31 of the Insolvency
(Scotland) Rules 1986, that the Final Meeting of Creditors of A
& E Building Services Ltd. will be held within the offices of
Campbell Dallas, Sherwood House, 7 Glasgow Road, Paisley PA1
3QS, on July 15, 2005, at 11:00 a.m. for the purposes of
receiving the Liquidator's account of the winding-up together
with any explanations that may be given.  The Liquidator will be
seeking his release at the meeting.  A resolution at the meeting
will be passed if a majority of those voting have voted in favor
of it.

A Creditor is entitled to attend and vote at the meeting only if
a claim has been lodged with me at or before the meeting and it
has been accepted for voting purposes in whole or in part.
Proxies may also be lodged with me at the meeting or before the
Meeting at my office.

David K. Hunter, Liquidator
May 3, 2005

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

          David Kelso Hunter
          E-mail: david@camdal.com


ALTARED IMAGES: Appoints Buchanans Administrator
------------------------------------------------
Peter Hall and Alan Peter Whalley (IP Nos 3966, 6588) have been
appointed joint administrators for Altared Images Limited.  The
appointment was made May 16, 2005.  The company sells clothing.
Its registered office is located at Latimer House, 5 Cumberland
Place, Southampton SO15 2BH.

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


ARMS MULTIPLE: Calls General Creditors Meeting
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

IN THE MATTER OF ARMS (Multiple Sclerosis Research) Limited

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a General Meeting of Creditors of ARMS
(Multiple Sclerosis Research) Limited will be held at the
offices of BDO Stoy Hayward LLP, Prospect Place, 85 Great North
Road, Hatfield, Hertfordshire AL9 5BS, on June 24, 2005, at
10:30 a.m. for the purpose of having an account laid before the
Meeting showing the manner in which the winding-up has been
conducted and the property of the Company disposed of, and of
hearing any explanation that may be given by the Liquidator.

P. G. Byatt, Liquidator
May 10, 2005

CONTACT:  BDO STOY HAYWARD
          Prospect Place,
          85 Great North Road
          Hatfield AL9 5BS
          Phone: 01707 255888
          Fax: 01707 255890
          E-mail: hatfield@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


BEAVER DOMESTIC: Creditors Meeting Set June
-------------------------------------------
Name of companies:
Beaver Domestic Services Limited
Beaver Electronics Limited
Beaver Holdings 2000 Limited
Beaver Refurbishment Limited

The unsecured creditors of these companies will meet on June 8,
2005 at 11:00 a.m.  It will be held at Quality Hotel Birmingham
North, Birmingham Road, Great Barr, Walsall WS5 3AB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to 4 St Giles Court, Southampton Street, Reading,
Berkshire RG1 2QL not later than 12:00 noon, June 7, 2005.

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


BOWDEN CONSTRUCTION: Decides to Wind up Business
------------------------------------------------
At the extraordinary general meeting of the members of Bowden
Construction U.K Limited on May 13, 2005 held at Gilray Road,
Vinces Industrial Estate, Diss, the special resolution to wind
up the company was passed.  Chris Williams of McTear Williams
and Wood has been appointed liquidator of the company.

CONTACT:  MCTEAR WILLIAMS & WOOD
          De Vere House
          90 St Faiths Lane
          Norwich
          Norfolk NR1 1NE
          Phone: 01603 877540
          Fax: 01603 877549
          E-mail: chriswilliams@mw-w.com


BRITAINS LIMITED: Hires Deloitte & Touche to Liquidate Assets
-------------------------------------------------------------
Name of companies:
Britains Limited
Dobson Park (No 1) Limited
Dobson Park (No 5) Limited
Dobson Park Industries Finance Limited
Dobson Park International Limited
Dobson Park Overseas Limited
Gullick Pitcraft Limited
Herald Miniatures Limited
Herbert Cotterill Limited
Joy MM Holdings (UK) Limited

At the extraordinary general meeting of these companies on May
11, 2005 held at Wigan Operations, Seaman Way, P.O. Box 12,
Ince, Wigan, Lancashire WN1 3DD, the special and ordinary
resolutions to wind up the companies were passed.  W. K. Dawson
and J. R. D. Smith of Deloitte & Touche LLP, 201 Deansgate,
Manchester M60 have been appointed joint liquidators of the
companies.

CONTACT:  DELOITTE & TOUCHE
          P.O. Box 500
          201 Deansgate
          Manchester
          Greater Manchester M60 2AT
          Phone: 0161 832 3555
          Fax: 0161 829 3806
          E-mail: bill.dawson@deloitte.co.uk


CALLUNA PLC: Liquidator's Final Report Out Next Month
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                   IN THE MATTER OF Calluna Plc
                         (In Liquidation)

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Final Meeting of the Creditors of
Calluna Plc will be held at 1 Royal Terrace, Edinburgh EH7 5AD,
on June 15, 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.

T. C. MacLennan, 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


CLOSESEAL LIMITED: Members Final Meeting Set Last Week of June
--------------------------------------------------------------
The final meeting of the members of Closeseal Limited will be on
June 28, 2005 at 10:00 a.m.  It will be held at The P&A
Partnership, 93 Queen Street, Sheffield S1 1WF.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with P&A Partnership, 93 Queen Street, Sheffield S1 1WF not
later than 12:00 noon, June 27, 2005.

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


COUNTERLINE LIMITED: Falls into Administration
----------------------------------------------
Nicholas Hugh O'Reilly and Simon Elliott Glyn (IP Nos 008309,
009159) have been appointed joint administrators for Counterline
Limited.  The appointment was made May 17, 2005.  The company
manufactures electrical equipment.

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


DIG LTD.: Liquidator to Give Final Update in Two Weeks
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                    IN THE MATTER OF Dig Ltd.
                         (In Liquidation)

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Final Meeting of the Creditors of
Dig Ltd. will be held at 1 Royal Terrace, Edinburgh EH7 5AD, on
June 8, 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.

T. C. MacLennan, 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


EQUIPMENT (MINING AND INDUSTRIAL): Calls in Liquidators
-------------------------------------------------------
Name of companies:
Equipment (Mining And Industrial) Finance Limited
Joy Manufacturing Holdings Limited
Longwall AFC Limited
Longwall MSC Limited
Meco Conveyors Limited
Meco Electronics Limited
Meco International Marketing Limited
Meco Mining Equipment Limited
Meco Mining Machinery Limited
Meco Roadheaders Limited

At the extraordinary general meeting of these companies on May
11, 2005 held at Wigan Operations, Seaman Way, P.O. Box 12,
Ince, Wigan, Lancashire WN1 3DD, the special and ordinary
resolutions to wind up said companies were passed.  W. K. Dawson
and J. R. D. Smith of Deloitte & Touche LLP, 201 Deansgate,
Manchester M60 have been appointed joint liquidators of the
companies.

CONTACT:  DELOITTE & TOUCHE
          P.O. Box 500
          201 Deansgate
          Manchester
          Greater Manchester M60 2AT
          Phone: 0161 832 3555
          Fax: 0161 829 3806
          E-mail: bill.dawson@deloitte.co.uk


EURODIS ELECTRON: Loss of Philips Franchise Slashes Sales
---------------------------------------------------------
Highlights

(a) results in line with expectations;

(b) pre-tax loss on ordinary activities reduced by 37% (pro-
    rata) to EUR12.0 million;

(c) continuing progress in operating cost reduction -- reduced
    by 20% to an annualized EUR60 million (2004: EUR75.3
    million);

(d) sales in ten months to 31 March 2005 were EUR244.1 million;
    10.7% down on the same period ended 31 March 2004; and

(e) net Debt EUR53.5 million (31 May 2004 EUR47.5 million, 30
    November EUR56.8 million).

Chairman Doug Rogers said: "The Group continues to make progress
and the level of trading losses is substantially reduced from
the prior year.  The management team has delivered the
restructuring benefits it set out to do in its turnaround
program and operating costs have been materially reduced.  Our
order book has remained flat but with a growing bias to the
second half of this year.  This has been reflected in
disappointing sales during April and May.

"The announcement we made that we were to lose the Philips
franchise from the start of 2006 was disappointing but reflected
their policy to focus only on global distributors.  Despite this
setback the management is determined to win replacement lines
and early signs are encouraging.

"The European Distribution market is changing: the franchise
base is looking for strong global or continental players, a move
away from those that only operate locally.  Further distributor
consolidation has begun and this creates opportunities for the
Group.  The Board continues to pursue all options to enhance
shareholder value.

"The progress of the Group over the past ten months to March
2005 has given customers more confidence, enabling us to compete
for business better than a year ago.

"Our focus on our Advanced Technology Centers in Wireless,
Displays/Embedded and Power Supplies allows us to gain new
business and the alliance with our business partners, Advanced
Technology Group (ATeG), has also begun well.

"The level of trading losses in the ten month period were
substantially reduced following our recent restructuring, where
we have taken our overheads to a much lower breakeven point.

Results and Dividends

"Sales for the ten months ended 31 March 2005 were EUR244.1
million (compared to EUR327.9 million for the twelve months to
31 May 2004).  Sales in Q1 2005 were 8.8% down on the same
period in 2004, reflecting the loss of franchises during 2004
following the refinancing during that period, combined with a
small fall in the overall European market.

"Gross profit margin during this period was in line with
expectations at 17.0% (twelve months to 31 May 2004: 15.9%) and
has remained stable at this level over the past four months
since the last Interim statement for the six months to November
2004.

"Operating expenses (before goodwill and non-recurring costs)
for the ten months ended 31 March 2005 totaled EUR53.5 million
(twelve months to 31 May 2004: EUR75.3 million), reflecting the
benefit of cost reduction actions taken in the period.
Exceptional and non-recurring costs arising in this period in
respect of these cost reductions totaled EUR3.8 million.
Following this work, our current annualized operating expense
run rate has fallen to EUR60 million (a 20% decrease on
2004) and EUR3 million lower than previously announced.  We
expect these to improve further over the next twelve months.

"Net finance costs for the ten months totaled EUR4.4 million
(twelve months to 31 May 2004 before exceptional items: EUR6.5
million).  The reduction of 19% pro-rata reflects the lower
level of debt during this period following the refinancing in
March 2004.

"The total loss on ordinary activities before taxation, non
recurring costs & exceptional items and goodwill amortization
was EUR16.4 million compared with a loss of EUR29.4 million in
the full twelve month period last year.  Non-recurring operating
costs of EUR1.0 million, exceptional charges of EUR2.8 million
and goodwill amortization of EUR0.3 million have also been
charged which were better than expectations.

"As a result of the resolution of some prior year tax issues the
corporation tax balances have been recalculated resulting in a
credit to the profit and loss account of EUR0.9 million in the
ten months to 31 March 2005.  Deferred tax balances have also
been restated and this has resulted in a credit to the profit
and loss account of EUR1.7 million.

"Net borrowings at 31 March 2005 were EUR53.5 million (31 May
2004: EUR 47.5 million, 30 Nov 2004: EUR56.8 million), the
increase being attributable to operating and interest outflows
in the period to 31 March 2005.

"The Directors are not recommending any dividend for the period
and do not anticipate paying any dividend on the Preference
Shares for the foreseeable future.  The dividends on the
Preference Shares accumulate and must be paid before any payment
of dividends to holders of Ordinary Shares.  The unpaid
Preference Share dividends are disclosed as non equity interests
in the Group's balance sheet within capital and reserves.

The Market, Customers and Collaborations

"The Board believes that the European market has seen a decline
in the first quarter of 2005 against the same period in 2004,
with poor order intake, as a result of the inventory correction
that we commented on in January 2005, and this has contributed
to the impact on our trading position.  Notwithstanding these
demanding market conditions we have been encouraged by the level
of new business opportunities that have been generated in the
form of new customers and our network share rose on some of our
larger lines.  Our order book has remained broadly flat during
this period although the longer-term element has risen strongly
suggesting an upturn in the second half of calendar year 2005.

"We remain committed to developing our Technology Centers, which
focus on the design led element of our business.  These help to
improve our product mix and are higher margin lines.  In January
we launched our third Center, for Power Supplies, adding to our
Wireless and Displays/Embedded Centers.  Our Power Supplies
Center has benefited from the recently announced pan-European
franchise agreement with Delta Energy Systems, the world's
largest manufacturer of Power Supplies, which complements key
suppliers including Astec, Vicor, Alcatel and Bourns.  These
centers provide closer ties with our customers and an added
value service.

"The co-operation with ATeG, announced in November, has now been
implemented and has effectively increased Eurodis' sales team by
approximately 20% without any material increase in fixed costs.
This will provide our customers with the benefit of being able
to fulfill more of their requirements through one sales contact
and is expected to lead to increased sales over the medium term.
Suppliers will also benefit from increased sales out of existing
franchised distribution channels.  Even while this venture is
still in its early days, we are already beginning to realize the
benefits of this increased scope of our business.

"The alliance with World Peace Group in Asia has been further
strengthened by establishing a Hong Kong based joint venture
company, Eurodis WPG Asia Limited.  This will provide a seamless
logistics service for production transfers from Europe to Asia
Pacific, enabling us to tap into the rapidly growing Chinese
market.  Their position has been further strengthened by the
recent merger with its main competitor, Silicon Applications
Corp., effectively doubling the size of their organization.

"Under its 'Safe Passage' program, Eurodis is now able to
provide customers with a service to assure continuity of supply
when transferring production to Eastern Europe or to Asia.  This
enables customers to reduce the risk of production transfers by
outsourcing their component supply arrangements throughout the
transfer period.

Franchises

"We provide a comprehensive distribution network throughout
Europe from our state-of-the-art advanced logistics center in
the Netherlands and are therefore, an attractive route to market
for component manufacturers.  Our distribution center, which won
the European Supply Chain Excellence Award in 2003, continues to
perform well and we are actively looking to provide third party
logistic solutions to our European partners.

"Prior to the end of March we were continuing to sign new
franchises and we made progress with extending geographically
our existing franchises.  However, as previously announced on 24
March 2005, the Company's franchise relationship with Philips
Semiconductors, representing approximately EUR44 million of the
Group's annual sales, will cease in January 2006.  This was
particularly disappointing given the progress we had made with
the line in the past six months.  In order to sustain the
current business model this franchise needs to be replaced.
Management is focused on this and are encouraged by the response
from some of the larger semiconductor manufacturers, who see
this as an opportunity for them and discussions continue.  Our
key objective is to build up the confidence of all our
stakeholders; we are working very hard to achieve this.

"The recent acquisition of Memec Group Holdings Ltd. by Avnet
Inc., both direct competitors of Eurodis, has reduced the number
of key players within the European market.  There are now only a
few true pan-European distributors and we have been encouraged
by discussions with replacement suppliers we have had as a
result of this announcement.

"Some of our main franchises have reorganized and moved their
focus onto distributors with strong global or continental
players, moving away from those that only operate locally.  This
should work in our favor.

Working Capital

"The Group's close attention to working capital management has
kept debtor days to 66 at 31 March 2005 (31 May 2004: 68 days,
30 Nov 2004: 65 days) while suppliers have continued to be paid
in line with agreed terms.  The further steps taken to optimize
inventory levels while maintaining good customer service levels
has reduced net inventory at 31 March 2005 to EUR49.4 million,
nearly EUR7 million lower than at 31 May 2004, with turns
increased from 4.5 to 4.9.  We see further scope to reduce
inventory levels to assist with the future funding of the Group.
Our banking facilities are predominantly secured on our debtor
book and inventory.  The decline in sales in this ten-month
period combined with lower inventory has had the effect of
reducing our overall available facilities.

Board Changes and Staff

"As previously announced, on 5 November 2004 Nick Jefferies,
Executive Director and Vice President, Sales, resigned from the
Board by mutual consent as part of a review of the Group
organization and cost structure.  Peter Grant, Group
Finance Director left the Company on 12 February 2005 due to
family health reasons.  Bill Alexander, formerly the Senior Non-
Executive Director of the Company, was appointed as Group
Finance Director on 7 February 2005.

"Our employees and agents have worked with great dedication in
challenging circumstances and the Board would like to thank them
for all their ongoing commitment and hard work.  As part of
recent reorganizations, we have had to make the difficult
decision to let some people go, and we would like to thank them
also.

Outlook

"In our first interim announcement on 27 January 2005, we
commented on the continuing short term global inventory
correction.  Lead times continue to be short, products are
relatively easily available and the environment remains
competitive.  This leads to continuing pricing pressure and
offsets to some extent our strategy to increase margins over
time through, among other things, better product mix.  Our order
book has remained flat but with a growing bias to the second
half of this year.  This has been reflected in disappointing
sales during April and May and cash is therefore tighter than
previously thought.

"There is likely to be a small impact following the termination
of the Philips franchise during the rest of this year to
September 2005 as we have retained the line until the end of
December 2005.  We expect to see a greater impact in the year to
September 2006 and we believe that we need to gain either
another large franchise or a number of smaller franchises to
compensate for this loss to ensure that we reach a level of
sales that will sustain our current business model.  To this end
we are exploring some large franchise opportunities as a result
of the Philips loss and the acquisition of Memec Group Holdings
Ltd. by Avnet Inc.

"The European Distribution market is changing: the franchise
base is looking for strong global or continental players, a move
away from those that only operate locally.  Further distributor
consolidation has begun and this creates opportunities for the
Group.  The Board continues to pursue all options to enhance
shareholder value."

A copy of this press release is available free of charge at
http://bankrupt.com/misc/EurodisElectron(Q12005).mht

CONTACT:  EURODIS ELECTRON PLC
          Electron House
          43 London Rd.
          Reigate
          Surrey RH2 9PW
          Phone: +44-1737-242-464
          Fax: +44-1737-229-600
          Web site: http://www.eurodis.com
          Contact:
          Doug Rogers, Chairman
          Phone: 01737242464

          Steven Swayne, Chief Executive
          Phone: 01737242464


EXPOSURE MARKETING: Creditors to Meet Late June
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Exposure Marketing Limited

A Meeting of Creditors of Exposure Marketing Limited has been
summoned under section 146 of the Insolvency Act 1986 for the
purpose of receiving the final Liquidator's report of the
winding-up, and determining whether the Liquidator should be
granted his release under section 174 of the Insolvency Act
1986. The Meeting will be held at 1 More London Place, London
SE1 2AF, on June 29, 2005, at 11:30 a.m.  A proxy form must be
lodged with me not later than 12:00 noon on June 28, 2005, to
entitle you to vote by proxy at the Meeting.

M. D. Rollings, Liquidator
May 16, 2005

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


GENERAL MOTORS: Ratings Downgraded; Outlook Remains Negative
------------------------------------------------------------
Fitch Ratings has downgraded the senior unsecured ratings of
General Motors, GMAC and the majority of affiliated entities to
'BB+' from 'BBB-'.  The Rating Outlook for GM remains Negative.

The action reflects the continuing decline in GM's North
American sales of key mid-size and large SUV products,
increasing product and price competition in the large pickup
market, and the corresponding impact of these two segments on
consolidated profitability.  Fitch believes that declining
volumes and profitability, coupled with lack of tangible
progress in attacking manufacturing and legacy costs will result
in negative cash flow through at least 2006.

In 2005, Fitch estimates that negative cash flow could be in the
range of US$6 billion, attributed primarily to operating losses,
the payment to Fiat, and working capital drains.  The current
trough in GM's product cycle, the potential for further
production cutbacks, supplier issues and required investments in
critical new products all point to a difficult transition period
through the remainder of 2005.  Event risk, (which could include
more fundamental restructuring actions or efforts to cut health
care costs), remains high and could entail increased labor
strife.  GM's current revenue and cost issues have occurred
despite healthy economic conditions and solid industry sales
volumes, increasing concern about GM's performance in a
potential economic downturn.  Liquidity remains healthy through
cash holdings at GM and GMAC, L/T VEBA holdings and monetizable
assets at GMAC.

GM's sales of mid-size and large SUVs have declined well in
excess of 20% YTD, demonstrating a clear trend away from GM's
most significant source of segment profitability.  GM is not
positioned well in the growing crossover segment, and new
product introductions in the car segment have been lower-impact
in terms of their impact on consolidated operating results.
Volumes and margin in these segments are not expected to offset
the large decline in profitability previously achieved on GM's
larger vehicles.

Recent operating results demonstrate the leverage to the mid-
size and large SUV market, emphasizing the significant operating
losses occurring over remaining portions of GM's product lineup.
With transplant volumes showing recent 20%-plus volume gains,
cost advantages and scale benefits at these manufacturers are
producing an ever-widening margin advantage.  GM's substantial
capacity and overlapping brands will continue to challenge GM:
i.e. the company's ability to produce aggressive styling and
distinct product niches while simultaneously producing the
substantial volumes necessary to absorb its fixed costs.
Without substantial cost structure improvements, GM will be
hard-pressed in the near term to cover its high and inflexible
cost structure.  Commodity costs, particularly in steel, are
likely to remain elevated through 2006.  Although spot prices
may alleviate in the short-term, extended contract terms may
push any meaningful pricing relief out until 2007.

Key new product introductions, namely the GMT-900 series of
products, will be rolled out beginning in late 2005/early 2006.
These products will replace the core products responsible for
GM's initial rise to prominence in the SUV market.  The success
of these products will be critical to supporting consolidated
operating cash flows through 2006 and into 2007, although the
consumer shift away from this segment of the market will dilute
the eventual impact of these products.

Liquidity remains healthy at GM, with approximately US$19.8
billion in cash at GM at the end of the first quarter, another
US$18.5 billion at GMAC, and an additional US$16.6 billion in
L/T VEBA.  GM also retains meaningful asset support at GMAC
through non-automotive-related operations that could be
monetized.  Fitch expects that GM is likely to begin spending
its VEBA funds, limiting the decline in S/T cash holdings at the
GM level.  However, restructuring actions or labor difficulties
could accelerate the decline in liquidity.  Over the last
several years, GM has substantially increased its leverage, to
US$32.5 billion at year-end 2004 from US$16.3 billion at year-
end 2002, resulting from debt issuance associated with
substantial pension fund contributions.  Maturities remain
extended, with an average maturity of approximately 19 years.
Maturities in the 2005-2010 period are approximately US$3.5
billion.  GM retains access to US$8.3 billion in committed
credit lines (US$6.5 billion in committed facilities and US$1.8
billion in uncommitted facilities)

Legacy costs remain the primary competitive cost disadvantage,
particularly in the area of health care.  Projected health care
costs of more than US$5.5 billion in 2005, increasing at a rate
of US$400-600 million per year, are unsustainable over the long-
term.  Roughly two-thirds of this relates to retiree health care
costs, and it remains unlikely that GM will be in a position to
restore structural cost competitiveness or improve its credit
profile without addressing this portion of its fixed cost
structure.  In Fitch's view, GM will be required to address this
situation with the UAW prior to the contract re-opening in 2007,
raising the potential for labor strife.

GM currently remains adequately funded in its U.S. pension
plans, although heavy levels of benefit outflows, continued low
interest rates and marginal asset returns (as seen to date in
2005) could result in a relatively quick reversion to an
underfunded position if these conditions persist.  Of greater
concern in this area is the potential for pension reform that is
currently being discussed in Congress.  If enacted as proposed,
pension liabilities could be an increasing concern over the
medium term.

Fitch is also concerned about the rapid deterioration of the
automotive supplier base which has been adversely impacted by
pricing pressures, high structural and legacy costs and high
commodity prices.  Further deterioration and financial stress
could result in supply-chain disruptions, more costly
contingency planning on the part of OEMs, or problematic
investment in new model programs.  It will become increasingly
difficult to extract the incremental price concessions that have
been the norm historically.  There also exists the possibility
that financial support, through changes in payment terms or
capital expenditure funding, will occur to a greater degree.

Europe is expected to show continuing losses despite some recent
share gains.  Potentially lower economic growth could result in
an extension of persistent operating losses at GM in that
region.

GMAC:

Fitch has taken various actions on GMAC and related subsidiaries
and reflects various initiatives underway within the GMAC family
such as structural protections and potential partial
divestitures.  The long-term and short-term ratings of GMAC were
lowered in conjunction with the downgrade of GM and reflect the
strong linkages between the two entities.  Fitch does not
believe that GMAC meets criteria at this time to warrant a
rating above its parent company.  Fitch views GMAC's liquidity
as adequate over the near-term to address maturing debt
obligations, although the company will increasingly rely on
secured funding sources such as securitization or whole loan
sales to fund the automotive finance portfolio.  As such, Fitch
will focus on the quality and quantity of unencumbered assets
relative to unsecured debt to assess whether increased secured
financing may create meaningful structural subordination issues
in the future.

The Rating Watch Evolving on GMAC Bank reflects its position
within the newly created Residential Capital Corp. and GMAC's
intention to ring-fence its residential mortgage business in
order to achieve a higher rating.  The Rating Watch will be
resolved following the completion of this process.

The long-term, short-term, and support ratings of GMAC
Commercial Mortgage Bank were lowered to 'BB+', 'B' and '3',
respectively in conjunction with the downgrade of GM and GMAC.
GMAC Commercial Mortgage Bank's ratings, including the 'B/C'
individual rating have been placed on Rating Watch Evolving in
order to assess GMAC's intent to divest a partial stake in this
business.  The Rating Watch will be resolved following any
potential outside equity investment and its impact on GMAC
Commercial Mortgage Holdings Corp. and GMAC Commercial Mortgage
Bank.  Rating Watch Evolving indicates that ratings may be
raised, lowered, or affirmed at current levels.

Ratings lowered with a Negative Rating Outlook by Fitch include:

General Motors Corp.
--Senior debt to 'BB+' from 'BBB-';
--Short-term to 'B' from 'F3'.

General Motors of Canada Ltd.
--Senior debt to 'BB+' from 'BBB-';
--Short-term to 'B' from 'F3'.

General Motors Acceptance Corp.
--Senior debt to 'BB+' from 'BBB-';
--Short-term to 'B' from 'F3'.

General Motors Acceptance Corp. of Canada Ltd.
--Senior debt to 'BB+' from 'BBB-';
--Short-term to 'B' from 'F3'.

General Motors Acceptance Corporation, Australia
--Senior debt to 'BB+' from 'BBB-';
--Short-term to 'B' from 'F3'.

GMAC Australia (Finance) Ltd.
--Short-term to 'B' from 'F3'.

GMAC International Finance B.V.
--Senior debt to 'BB+' from 'BBB-';
--Short-term to 'B' from 'F3'.

General Motors Acceptance Corp. (U.K.) Plc.
--Short-term to 'B' from 'F3'.

GMAC Bank GmbH
--Senior debt to 'BB+' from 'BBB-';
--Short-term to 'B' from 'F3'.

General Motors Acceptance Corp. (N.Z.) Ltd.
--Senior debt to 'BB+' from 'BBB-';
--Short-term to 'B' from 'F3'.

Ratings lowered by Fitch and placed on Rating Watch Evolving
include:

GMAC Commercial Mortgage Bank
--Senior debt to 'BB+' from 'BBB-';
--Short-term to 'B' from 'F3';
--Support to '3' from '2'.

GMAC Commercial Mortgage Funding Plc.
--Senior debt to 'BB+' from 'BBB-'.

GMAC Commercial Mortgage Japan K.K.
--Senior debt to 'BB+' from 'BBB-';
--Short-term to 'B' from 'F3'.

Ratings placed on Rating Watch Evolving

GMAC Commercial Mortgage Bank Europe Plc.
--Short-term 'F3'.

GMAC Bank
--Senior debt 'BBB-';
--Short-term 'F3';
--Individual 'B/C'.

GMAC Commercial Mortgage Bank
--Individual 'B/C'.

CONTACT:  FITCH RATINGS
          Mark Oline (GM), Chicago
          Phone: +1-312-368-2073

          Christopher Wolfe
          Phone: +1-212-908-0771

          Philip S. Walker Jr. (GMAC), New York
          Phone: +1-212-908-0624


GMIT SUBSIDIARY: Final Meeting of Members Set Next Month
--------------------------------------------------------
Name of companies:
GMIT Subsidiary Limited
GSET Dealing Limited

The final meeting of the members of these companies will be on
June 30, 2005 at 10:00 a.m. and 10:15 a.m. respectively.  It
will be held at Ernst & Young LLP, 1 More London Place, London
SE1 2AF.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Ernst & Young LLP, 1 More London Place, London SE1 2AF not
later than 12:00 noon, June 29, 2005.

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


KEN DYSON: HSBC Appoints Begbies Traynor Receiver
-------------------------------------------------
HSBC Bank Plc appoints G. N. Lee and D. Bailey joint
administrative receivers for Ken Dyson Caravans Limited (Reg No
2903488, Trade Classification: 7487).  The application was filed
May 16, 2005.  The company retails distribution of caravans.

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


KINGSWINFORD INDUSTRIAL: Liquidators from Robson Rhodes Move in
---------------------------------------------------------------
At the extraordinary general meeting of Kingswinford Industrial
Training Services Limited on May 12, 2005 held at Stourbridge
College, Hagley Road, Stourbridge, West Midlands DY8 1QU, the
special, extraordinary and ordinary resolutions to wind up the
company were passed.  Gerald Clifford Smith and John Neville
Whitfield of RSM Robson Rhodes LLP, Centre City Tower, 7 Hill
Street, Birmingham B5 4UU have been appointed joint liquidators
of the company.

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


KITS COMMERCIAL: Hires RSM Robson Rhodes Liquidator
---------------------------------------------------
At the extraordinary general meeting of Kits Commercial Limited
on May 12, 2005 held at Stourbridge College, Hagley Road,
Stourbridge, West Midlands DY8 1QU, the special, extraordinary
and ordinary resolutions to wind up the company were passed.
Gerald Clifford Smith and John Neville Whitfield of RSM Robson
Rhodes LLP, Centre City Tower, 7 Hill Street, Birmingham B5 4UU
have been appointed joint liquidators of the company.

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


LUMINAR PLC: Undertaking Major Renovations this Year
----------------------------------------------------
Struggling nightclub specialist Luminar plc is remodeling itself
to hold on to its position as leading operator of late night
venues, according to Citywire.

Luminar plans to refurbish and emerge with a new image under the
brand name Red Carpet Moments to regain customers lost in the
last two years.  The firm has suffered from changes in customer
demand and what it termed as 'increased regulatory activity'
after 2003.

Chief executive Stephen Thomas said management intends to
develop "bigger, more versatile venues that can stage a series
of special events."  There would be live music, darts and
snooker tournaments.  They also plan to put up massive TV
screens for major international sporting events, and launch new
car, perfume, or mobile phone.

In addition, Luminar is looking at 15 different venues it may
acquire later this year.  This is in line with an idea to keep
the business open during the day on all days of the week.  It is
particularly interested in finding a location in Coventry and
Bradford.

The company is also preparing to open a casino in Leeds, and has
worked on obtaining permission for the project.  It may operate
the business as joint venture with a partner who has experience
in such area.

As to the sale of its entertainment division, Mr. Thomas said
they have a couple of potential offers.  The business largely
comprises 56 Chicago Rock Cafes, 16 Jumpin' Jaks and 20 bars.
The assets' book value is estimated at GBP100 million.

In the 52 weeks to Feb. 27, Luminar reported group sales of
GBP399.7 million, down from GBP375.1 million; and profit before
tax, goodwill amortization, and exceptional items of GBP54.2
million, down from GBP62 million last year.  Pre-tax loss was
GBP14 million from GBP11 million last year.

CONTACT:  LUMINAR PLC
          Registered Office
          41 King Street
          Luton
          Bedfordshire
          United Kingdom
          LU1 2DW
          Phone: +44 1582 589 400
          Fax: +44 1582 589 667
          Web site: http://www.luminar.co.uk


MARKS & SPENCER: Ventures into Fresh Foods Market
-------------------------------------------------
Marks & Spencer Group plc and BP plc have agreed to test eight
Marks & Spencer Simply Food concepts in BP Connect forecourt
sites, starting in autumn 2005.

The eight trial stores will provide customers with a selected
range of Marks & Spencer's high quality fresh food ranges,
including ready meals, fresh produce, sandwiches, wine, flowers
and basic groceries alongside BP's Wild Bean Cafe, multi-branded
impulse and Ultimate fuel offers.

Stuart Rose, Marks & Spencer's Chief Executive, said: "We open a
new Simply Food store on average every ten days in convenient
locations such as high streets and railway stations.  This trial
with BP is a great opportunity to investigate the potential for
further expansion of this popular format."

Graham Sims, Retail Director, BP U.K., said: "We are delighted
to be working together.  By combining the strengths of the
market-leading Marks & Spencer fresh foods with BP's award
winning Wild Bean Cafe, quality fuels and multi-branded impulse
offer, we are testing the creation of a unique customer
experience."

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

          Sue Sadler
          Phone: 020 8718 8642

          BP PLC
          1 St. James's Square
          London
          SW1Y 4PD, United Kingdom
          Phone: +44-20-7496-4000
          Fax: +44-20-7496-4630
          Web site: http://www.bp.com

          Sheila Williams
          Phone: 01908 853828


MARKS & SPENCER: Profit Down GBP23 Million Under IFRS
-----------------------------------------------------
The most significant elements contributing to the change between
U.K. GAAP and IFRS are:

(a) the inclusion of a fair value charge in respect of
    outstanding shares based awards for 35,000 employees which
    reduces operating profit and profit before tax by GBP23
    million in 2004/05; and

(b) the adoption of a valuation of freehold land and buildings
    as deemed cost, which increases net assets at 2 April 2005
    by GBP388 million net of tax.

Background to the Change

Marks and Spencer Group plc and its subsidiaries currently
prepares its consolidated financial statements under U.K.
Generally Accepted Accounting Practice (U.K. GAAP).  Under a
European Union Regulation issued in 2002 all E.U. listed
companies are required to report their consolidated financial
statements under International Financial Reporting Standards
(IFRS) from 2005 onwards.  IFRS will apply for the first time in
the Group's financial statements for the year beginning 3 April
2005.  The first results to be published under IFRS will be the
interim results for the six months to 1 October 2005.

This document explains the accounting policy changes arising
from the adoption of IFRS from those applied in the U.K. GAAP
financial statements for the year ended 2 April 2005.  The
information has been prepared on the basis of the Group's
current interpretation of how the IFRS in issue should be
applied.

The standards in issue are subject to ongoing review and
endorsement by the E.U., while the application of the standards
continues to be subject to interpretation by the International
Financial Reporting Interpretations Committee (IFRIC).  As a
consequence further adjustments may be required on the adoption
of IFRS and the Group's first IFRS financial statements may
therefore be prepared in accordance with different accounting
policies and treatments from those presented here.

Cash Flow

The IFRS cash flow statement will explain the change in cash and
cash equivalents rather than just cash as under U.K. GAAP.  Cash
and cash equivalents under IFRS comprise cash and certain short-
term highly liquid investments.  The format of the cash flow
statement will change with cash flows being categorized under
the headings of 'operating', 'investing' and 'funding'.

Property Revaluation

Property has previously been stated at historical cost, subject
to certain properties having been revalued as at 31 March 1988.
A property revaluation was prepared on an existing use basis by
external valuers DTZ Debenham Tie Leung as at 2 April 2004.  The
Group has elected under IFRS 1 to reflect this valuation, in so
far as it relates to freehold land and buildings, as deemed cost
on transition at 4 April 2004.

As a result, the cost of freehold land and buildings will be
restated to the revalued amount and depreciated, in accordance
with the Group's depreciation policy, over the remaining useful
life.  The Group will not revalue fixed assets for accounting
purposes in the future.

                      Intangible Assets

Software Capitalization

The cost of developing software is currently written off as
incurred.  Under IAS 38 Intangible Assets there is a requirement
to capitalize internally generated intangible assets provided
certain recognition criteria are met.  Results have been
adjusted to reflect the capitalization and subsequent
amortization of costs that meet the criteria.  As a result
expenses previously charged to the profit and loss account have
been brought onto the balance sheet as intangible software
assets and amortized over their estimated useful lives.

The exceptional profit on sale of M&S Money is restated under
IFRS to reflect the value of their capitalized software at the
point of disposal.

Goodwill and Brand

Currently goodwill is capitalized and amortized over its useful
economic life.  Under IAS 38 Intangible Assets there is a
requirement to separately identify brands and other intangibles
acquired rather than include these as part of goodwill.
Intangible assets, other than goodwill, are amortized over their
useful lives.  Goodwill, which is considered to have an
indefinite life, is subject to an annual impairment review.  As
a result the goodwill recognized under U.K. GAAP on the
acquisition of Per Una of GBP125.5 million has been split
between brand (GBP80 million) and goodwill (GBP45.5 million).
The goodwill amortization under U.K. GAAP has been reversed but
the brand has been amortized as required under IFRS.

Other Changes

The impact of other changes primarily relates to dividends.
Under U.K. GAAP dividends are recognized in the period to which
they relate.  IAS 10 Events after the Balance Sheet Date
requires that dividends declared after the balance sheet date
should not be recognized as a liability at that balance sheet
date as the liability does not represent a present obligation as
defined by IAS 37 Provisions, Contingent Liabilities, and
Contingent Assets.  Accordingly the final dividends for 2003/04
(GBP160.7 million) and 2004/05 (GBP124.2 million) are de-
recognized in the balance sheets for April 2004 and April 2005
respectively.
Taxation

All of the gross IFRS accounting adjustments have been tax
effected where appropriate and are included as such above.  The
main impact of switching to IAS 12 Income Taxes is that it is
necessary to provide deferred tax on property revaluation
surpluses and the amount re-categorized as brand.  These
deferred tax liabilities are not required under FRS 19.

IAS 12 also requires deferred tax to be provided in respect of
undistributed profits of overseas subsidiaries unless the parent
is able to control the timing of remittances and it is probable
that such remittances will not be made in the foreseeable
future.  As the Group is able to control the timing of
remittances from overseas subsidiaries and no such remittances
are anticipated in the foreseeable future no provision has been
made for any tax on undistributed profits of overseas
subsidiaries.

Non-retrospective Changes Arising from the Adoption of IFRS

The Group has taken the exemption not to restate comparatives
for both IAS 32 and IAS 39 Financial Instruments.  The impact of
these standards on 2005/06 is expected to be:

(a) interest rate swaps will be reflected on the balance sheet
    under IAS 39.  Under the current strategy there will be
    little perceived volatility in the profit and loss account
    as a result of fair valuing these instruments as the hedge
    effectiveness criteria are expected to be fully achieved and
    therefore hedge accounting will be applied;

(b) we will meet the hedge accounting criteria for the majority
    of our forward exchange contracts, enabling profit and loss
    volatility to be kept to a minimum; and

(c) non-equity B shares, currently with a value on the balance
    sheet of GBP65.7 million, will be treated as a liability
    rather than as equity under IAS 32.

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


MAUNSELL PARSONS: Hires Liquidators from KPMG
---------------------------------------------
At the general meeting of Maunsell Parsons Brinckerhoff Limited,
the special and ordinary resolutions to wind up the company were
passed.  John Paul Bateman and Mark Jeremy Orton of KPMG LLP, 2
Cornwall Street, Birmingham B3 2DL have been appointed joint
liquidators of the company.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham
          West Midlands B3 2DL
          Phone: 0121 232 3000
          Fax: 0121 232 3500


MCCORQUODALE CONFIDENTIAL: Calls in Administrator
-------------------------------------------------
Paul John Clark and Andrew John Duncan (IP Nos 8570, 9319) have
been appointed joint administrators for printing company
McCorquodale Confidential Print Limited.  The appointment was
made May 18, 2005.  Its registered office is located at 17-19
Foley Street, London W1W 6DW.

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


NTL INC.: Extends Senior Notes Exchange Offering
------------------------------------------------
NTL Incorporated set the final extension of its offer to
exchange the outstanding senior notes of NTL Cable PLC, its
indirect, wholly owned subsidiary, for notes, which have been
registered under the Securities Act of 1933, as amended.

The senior notes are comprised of a GBP375 million aggregate
principal amount tranche bearing interest at 9.75% due 2014, a
US$425 million aggregate principal amount tranche bearing
interest at 8.75% due 2014, a EUR225 million aggregate principal
amount tranche bearing interest at 8.75% due 2014, and a US$100
million aggregate principal amount floating rate tranche due
2012, bearing interest of 3-month LIBOR plus 5.00%.

The exchange offer was originally scheduled to expire at 5:00
p.m. New York City time on May 24, 2005.  As of 5:00 p.m. New
York City time on May 24, 2005, approximately GBP373 million
aggregate principal amount of the outstanding sterling tranche
bearing interest at 9.75% due 2014, approximately US$425 million
aggregate principal amount of the outstanding dollar tranche
bearing interest at 8.75% due 2014, approximately EUR208 million
aggregate principal amount of the outstanding euro tranche
bearing interest at 8.75% due 2014, and US$100 million aggregate
principal amount of the floating rate tranche due 2012 had been
tendered in the exchange offer.

The exchange offer will now expire at 5:00 p.m., New York City
time, on May 25, 2005.  The exchange offer will not be extended
beyond this time.

CONTACT:  NTL INCORPORATED
          Bartley Wood Business Park
          Bartley Way
          Hook
          Hampshire R627 9UP
          Phone: +44-1256-75-2000
          Fax: +44-1256-75-4100
          Web site: http://www.ntl.com

          Media
          Justine Smith
          Phone: 01256 752 669
                 07966 421 991

          Buchanan Communications
          Richard Oldworth
          Jeremy Garcia
          Mark Edwards
          Phone: 020 7466 5000

          Investor Relations
          Patti Leahy
          Phone: 610-667-5554


OUR LADY: Members Decide to Wind up Firm
----------------------------------------
At the extraordinary general meeting of the members of Our Lady
Of Victory Trust on April 28, 2005 held at St Therese,
Brownshill, Stroud, Gloucestershire GL6 8AS, the special
resolution to wind up the company was passed.  Simon Thornton
has been appointed liquidator of the company.

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


PALLET LOGISTICS: In Administrative Receivership
------------------------------------------------
Dynamic Commercial Finance Plc appoints Timothy Dolder and Paul
Davis (Office Holder Nos 9008, 7805) joint administrative
receivers for Pallet Logistics Xpress Limited (Reg No 04680191,
Trade Classification: 28-Road Transport).  The application was
filed May 17, 2005.  The company manages freight transport by
road.

CONTACT:  BEGBIES TRAYNOR SOUTH LLP
          4th Floor, Exchange House,
          494 Midsummer Boulevard,
          Milton Keynes MK9 2EA
          Phone: 01908 687 800
          Fax:   01908 687 801
          Web site: http://www.bakertilly.co.uk


PORTSWOOD COLOUR: Hires Joint Administrators from Tenon Recovery
----------------------------------------------------------------
Carl Stuart Jackson and Tina Yearsley (IP Nos 8860, 9298) have
been appointed joint administrators for Portswood Colour Press
Limited.  The appointment was made May 13, 2005.  Its registered
office is located at Highfield Court, Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ.

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


PREMIER FOODS: To Produce Instant Drinks for Cadbury
----------------------------------------------------
Premier Foods plc has signed a five-year agreement with Cadbury
Trebor Bassett, under which Premier will manufacture instant
cocoa-based hot beverages for Cadbury from May 2006.

This agreement will follow the expiry of the current cocoa-based
beverages manufacturing and distribution agreement in May 2006
as a result of which Cadbury will market and distribute its
total cocoa-based hot beverages portfolio from May 2006.  The
products covered by the new agreement will continue to be
manufactured at Premier's Knighton factory and the anticipated
financial impact of moving to the new agreement is in line with
our expectations.

Robert Schofield, Premier's Chief Executive said: "I am
delighted to have secured this agreement with Cadbury which
recognizes the manufacturing expertise of our Knighton factory."

                            *   *   *

In November, Standard & Poor's Ratings Services withdrew its
'BB' long-term corporate credit rating on Premier Foods
plc.  The ratings on related entity Premier Financing Ltd.
were also withdrawn.

The company, following the redemption of its subordinated notes
in September 2004, requested the withdrawal of all ratings.

CONTACT:  PREMIER FOODS PLC
          28 The Green, Kings Norton
          Birmingham
          B38 8SD, United Kingdom
          Phone: +44-1727-815-850
          Fax: +44-1727-815-982
          Web site: http://www.premierfoods.co.uk

          Robert Schofield, Chief Executive
          Paul Thomas, Finance Director
          Gwyn Tyley, Investor Relations Manager
          Phone: +44 (0) 20 7638 9571

          CITIGATE DEWE ROGERSON
          Michael Berkeley
          Sara Batchelor
          Anthony Kennaway
          Phone: +44 (0) 20 7638 9571


PURE CONTROLLER: Real Estate Developer Falls into Administration
----------------------------------------------------------------
C. P. Holder and S. C. E. Mackellar (IP Nos 9093, 6883) have
been appointed joint administrators for Pure Controller Limited.
The appointment was made May 18, 2005.

The company is engaged in real estate.  Its registered office is
located at Kroll, 3rd Floor, Wellington Plaza, 31 Wellington
Street, Leeds LS1 4DL.

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


ROONEY CONSTRUCTION: Names PricewaterhouseCoopers Administrator
---------------------------------------------------------------
Ian David Green and David Malcolm Walker (IP Nos 9045, 3606)
have been appointed joint administrators for Rooney Construction
Limited.  The appointment was made May 17, 2005.  Its registered
office is located at PricewaterhouseCoopers LLP, Hill House,
Richmond Hill, Bournemouth BH2 6HR.

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


RSVP DIALOGUE: Names Milner Boardman & Partners Administrator
-------------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed joint administrators for RSVP Dialogue Limited.  The
appointment was made May 18, 2005.

The company offers other computer related activities.  Its
registered office is located at The I Zone, Bolton Institute,
Deane Road, Bolton BL3 5AB.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


SE REALISATIONS: Sets Creditors Meeting Next Month
--------------------------------------------------
The creditors of SE Realisations Limited will meet on June 6,
2005 at 10:00 a.m.  It will be held at St Nicholas House, Park
Row, Nottingham NG1 6FQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, St Nicholas House, Park Row, Nottingham
NG1 6FQ not later than 12:00 noon, June 3, 2005.

CONTACT:  KPMG LLP
          St Nicholas House
          Park Row
          Nottingham
          Nottinghamshire NG1 6FQ
          Phone: 0115 935 3535
          Fax: 0115 935 3500


SHEWARD BROTHERS: Names Kay Johnson Gee Administrator
-----------------------------------------------------
Jonathan Elman Avery-Gee (IP No 001549) has been appointed
administrator for Sheward Brothers Limited.  The appointment was
made May 19, 2005.

The company is into waste management.  Its registered office is
located at Church Court, Stourbridge Road, Halesowen, West
Midlands B63 3TT.

CONTACT:  KAY JOHNSON GEE
          Griffin Court
          201 Chapel Street
          Salford, Manchester
          Greater Manchester M3 5EQ
          Phone: 0161 832 6221
          Fax: 0161 834 8479
          E-mail: traceyshanley@kayjohnsongee.com


STATUS FOR MOBILITY: Appoints Begbies Traynor Administrator
-----------------------------------------------------------
Andrew D. Dick and Michael E. G. Saville (IP Nos 8688, 7250)
have been appointed joint administrators for Status For Mobility
Limited.  The appointment was made May 18, 2005.  Its registered
office is located at Status House, 32-34 Rose Hill,
Chesterfield, Derbyshire S40 1LR.

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


SVT VIDEO: Members Pass Winding-up Resolutions
----------------------------------------------
At the extraordinary general meeting of the members of SVT Video
Systems Limited on May 18, 2005 held at Anchor Brewhouse, 50
Shad Thames, Tower Bridge City, London SE1 2YB, the special and
extraordinary resolutions to wind up the company were passed.
Robin H. Davis of Lane Heywood Davis, Anchor Brewhouse, 50 Shad
Thames, Tower Bridge City, London SE1 2YB has been appointed
liquidator of the company.

CONTACT:  LANE HEYWOOD DAVIS
          Anchor Brewhouse
          50 Shad Thames
          Tower Bridge City
          Tower Bridge
          London SE1 2YB
          Phone: 020 7403 4403
          Fax: 020 7357 6357
          E-mail: robin@laneheywooddavis.co.uk


TRAVELON INTERNATIONAL: Names Leonard Curtis & Co. Administrator
----------------------------------------------------------------
N. A. Bennett and S. D. Swaden (IP Nos 9083, 2719) have been
appointed joint administrators for Travelon International (UK)
Limited.  The appointment was made May 18, 2005.  The company
manufactures luggage and travel accessories.  Its registered
office is located at One Great Cumberland Place, Marble Arch,
London W1H 7LW.

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


VEOS LIMITED: Meeting of Creditors Next Week
--------------------------------------------
The creditors of Veos Limited will meet on June 3, 2005 at 11:30
a.m.  It will be held at the offices of Smith & Williamson
Limited, Prospect House, 2 Athenaeum Road, London N20 9YU.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Smith & Williamson Limited, Prospect House, 2
Athenaeum Road, London N20 9YU not later than 12:00 noon, June
2, 2005.

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


WATERFORD WEDGWOOD: Sells Land for EUR32.9 Million
--------------------------------------------------
Waterford Wedgwood plc agreed to dispose of a 22-acre property
in Waterford to a private developer for EUR32.9 million (subject
to a number of conditions).  The property is underutilized land
surrounding the Waterford Crystal Sports and Social Centre.  It
is intended that the proceeds of the sale will be used for
general corporate purposes particularly at Waterford
Crystal.

Waterford Wedgwood recently announced a plan to invest
approximately EUR100 million on restructuring its Irish and
international operations.  The plan is targeted to produce
savings of EUR90 million on an annualized basis.  As announced
on May 4, the plan will be funded by a proposed EUR100 million
rights issue.

The net book value of the land, as at 30 September, 2004, (the
date of the most recent published financial statements) is
EUR0.6 million.  The property has never been used for operating
purposes in the business and there are no existing profits
attributable to the land.

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This month, Fitch Ratings affirmed Waterford Wedgwood's EUR165
million 9.875% mezzanine notes due 2010 at 'CC'.

Fitch has also affirmed Waterford Wedgwood's Senior Unsecured
rating at 'CCC', Short-term rating at 'C', and its senior
secured debt at 'B-'.  The Outlook for the Senior Unsecured
rating is Negative.

The affirmation follows an announcement of a proposed EUR100
million rights issue, which has been fully underwritten by the
group's principal shareholders, Sir Anthony O'Reilly, Chairman
and Peter John Goulandris, Deputy Chairman.

CONTACT:  POWERSCOURT
          (U.K. and International)
          Phone: + 44 (0) 20 7236 5615
          Rory Godson/Victoria Brough

          DENNEHY ASSOCIATES (Ireland)
          Phone: + 353 (0)1 676 4733
          Michael Dennehy


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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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