TCREUR_Public/050601.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, June 1, 2005, Vol. 6, No. 107

                            Headlines

F R A N C E

LBC HOLDINGS: S&P Sees Liquidity Squeeze Ahead


G E R M A N Y

AF GMBH: Court Appoints Thomas Schmitz Administrator
AGFAPHOTO GMBH: Files for Insolvency
AUGUSTA TECHNOLOGIE: First-quarter Results Return to Black
BORUSSIA DORTMUND: Marks up Loss Estimate
DAIMLERCHRYSLER AG: Smart forTwo Models Defective

HUK WOHNBAU: Creditors Meeting Set Next Month
JUBEKA PARKETT: Interim Administrator Takes over Operations
KAMPS AG: Working Back into Black
KARADAL INDUSTRIEBAU: Creditors Meeting Set August
MG TECHNOLOGIES: Strengthens Presence in Indian Growth Market

NATURHEILKUNDE IN OBERFRANKEN: Declared Insolvent
ORIENTTEPPICHHAUS CLEMENS: Under Bankruptcy Administration
PETER KEPPLER: Applies for Bankruptcy Proceedings
SKG KUEHLERFABRIK: Creditors Claim Due Next Week
TAXXUS REAL: Court to Verify Claims July 15

UC MANAGEMENT: Proofs of Claim Due Next Month
VEREINIGTE OFEN: Court Confirms Bankruptcy
VOLKSWAGEN AG: Seeks Credit line to Back Paper Program


I T A L Y

ALITALIA SPA: Staff Shortage, Walkout Mark Nightmarish Weekend
IMPREGILO SPA: Approves Share Capital Increase
IMPREGILO SPA: Signs Put Option on Aeroporti di Roma Interest


N E T H E R L A N D S

LAURUS N.V.: Axing 59 Beilen Center Employees
ROYAL SHELL: Signs 20-year Contract with Hiroshima Gas
ROYAL SHELL: Shell Deutschland Buys 'Extra' Shares


N O R W A Y

PAN FISH: Concludes Two-year Restructuring


R O M A N I A

COSMOROM SA: Cosmote Acquires Majority Stake


R U S S I A

APSALYAMOVSKIY: Undergoes Bankruptcy Supervision Procedure
ATOM-STROY-SERVICE: Smolensk Court Appoints Insolvency Manager
BUZDYAKSKIY: Succumbs to Bankruptcy
DOR-STROY-KOMPLEKT: Declared Insolvent
FENIK-TS: Gives Creditors Until June 23 to File Claims

GASOVIK: Bankruptcy Hearing Resumes July
INTERNATIONAL MOSCOW: Long-term Rating Upgraded to 'BB'
NORD-OIL: Under Bankruptcy Supervision
RAY-PISHE-COMBINE GIAGINSKIY: Declared Insolvent
SPETS-STROY: Proofs of Claim Deadline Expires June 23
YUKOS OIL: Khodorkovsky Acquitted of Forgery
ZLATOPOLINSKOYE: Appoints A. Generalov Insolvency Manager


U K R A I N E

ART-CAPITAL: Bankruptcy Supervision Starts
ARTOR: Lviv Court Opens Bankruptcy Proceedings
GELIOS-TRADE: Declared Insolvent
GOLDEX: Insolvency Manager Takes over Operations
GRAFIT: Court Names O. Klimenko Insolvency Manager

INTERCINEMA: Succumbs to Insolvency
INTERTECHBUD: Hires F. Kachurov as Insolvency Manager
KIVERTSIVSKIJ WOOD: Liquidator Takes over Operations
MARIUPOL' FISH-TIN: Donetsk Court Declares Firm Insolvent
MAXIMUM: Harkiv Court Opens Bankruptcy Proceedings

PIVDENNO-ZAHIDNE AUTO: Insolvency Manager Enters Firm
PLEMZAVOD KOLOS: Under Bankruptcy Supervision
TV-RADIO OBRIJ: Court Suspends Debt Payments
UKRZAHIDINVEST: Declared Insolvent


U N I T E D   K I N G D O M

ALLIED DOMECQ: DkW Points out Pitfalls in Constellation Offer
CNS SUBSEA: Names KPMG Administrators
CREWE BUILDING: Winding-up Report Out Next Month
DAWSON INTERNATIONAL: Chairman Receives Bonus Despite Crisis
EMI GROUP: Pre-tax Profit Lower, but in Line with Forecast

EXPRESS FREIGHT: Calls in Liquidator from Sanderlings
EZEE TOOL: Names Parkin S. Booth & Co. Liquidator
FOCUS ON FOOD: Deadline for Debt Claims July
FOUR DOWN: Calls in Liquidators
GCC INTERNATIONAL: Members Pass Winding-up Resolution

G & G PUGH: Appoints Barringtons Liquidator
HERITAGE FINANCIAL: Appoints Tomlinson Liquidator
JOHN RICH: Hires Liquidator from Critchleys
J P BIRMINGHAM: Appoints Butcher Woods Liquidator
J S MOULDINGS: Calls in Liquidator

JUBILEE COURT: Gives Creditors Until July to File Claims
KELITH LIMITED: Creditors Meeting Tomorrow
MESH BROADBAND: Members Hire Liquidator from B & C Associates
MG ROVER: PwC Bares Commercial Secrets to Prospective Bidders
MTM PRINT: Members Decide to Call in Liquidators

MYTRAVEL GROUP: Hires Ambergreen to Market Online Brands
NETWORX CORPORATE: Shareholders Approve Winding-up Resolutions
OCTEL CORP.: Reviews Biz Amidst Uncertainty in TEL Market
OPENALPHA LTD.: Liquidator from Roger Evans Moves in
PANTHER MOTOR: Appoints Sanderlings Liquidator

POCKETWATCH SYSTEMS: Liquidator's Report Out Later this Month
QXL RICARDO: Appoints Two New Non-executive Directors
RAVELIKE LTD.: Holds Final Creditors Meeting
RIVERDEEP GROUP: Hires Valentine & Co. as Liquidator
ROYAL MAIL: Rural Network to Collapse Without State Subsidy

R S PRECISION: Appoints Moore Stephens Liquidator
STARK ENGINEERING: Decides to Liquidate Assets
TECHTONIK LTD.: Members Call in Liquidator from RMT
TENTAZIONE LIMITED: Appoints Liquidators from Gerald Edelman
TRANSCOAST LONDON: Liquidator from Robert Day & Company Moves in

TRUC VERT: Names Ian Franses Associates Liquidator
W D STONE: Appoints Roger Evans Liquidator
WEST CITY: Members Decide to Wind up Company


                            *********


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


LBC HOLDINGS: S&P Sees Liquidity Squeeze Ahead
----------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
France-based liquid chemical products storage company LBC
Holdings LLC to negative from stable, reflecting the company's
potentially tighter liquidity situation in the medium term if it
is unable to increase its cash flow enough in 2005 and 2006,
compared with 2004, or ceases to have access to credit lines
when needed.  At the same time, the 'B' long-term corporate
credit rating on the company was affirmed.

The rating continues to primarily reflect the company's very
aggressive financial profile, associated with contract
concentration; narrow leeway to reduce substantial fixed costs
amid weaker-than-expected demand; limited visibility on EBITDA
and cash flows; capital intensity; and delayed, uncertain
returns.  These factors are only somewhat offset by the
industry's high barriers to entry and the group's EBITDA margin,
historically wider than 35%.  Emphasizing these challenges,
LBC's 2004 EBITDA margin contracted to 33.5%, falling far short
of expectations.

"The negative outlook reflects our concerns regarding LBC's
potentially weaker liquidity position, notably in light of LBC's
obligation to seek a waiver under one of its bank covenants,
raising doubts about the real availability of its revolving
credit facility," said Standard & Poor's credit analyst Khaled
Zitouni.  "We will monitor EBITDA, free cash flow generation,
compliance with covenants, and availability of undrawn,
committed lines."  Downward pressure on the rating could
heighten if any of these key factors deteriorate.

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

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


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


AF GMBH: Court Appoints Thomas Schmitz Administrator
----------------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against AF GmbH Abbruch und Fachbetrieb des Fliesenhandwerks on
May 12.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
July 14, 2005 to register theirr claims with court-appointed
provisional administrator Thomas Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting on August 19, 2005, 9:00 a.m. at the district court
of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, II. Etage, Zimmer 207, 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:  AF GMBH ABBRUCH UND FACHBETRIEB DES FLIESENHANDWERKS
          Theodor-Heuss-Str. 93, 47167 Duisburg
          Contact:
          Michael Weinreich, Manager
          Helmstr. 26, 45359 Essen

          Thomas Schmitz, Administrator
          Am Flohbusch 1, 47802 Krefeld


AGFAPHOTO GMBH: Files for Insolvency
------------------------------------
Agfa-Gevaert said on May 27 it was informed of the insolvency
filing by AgfaPhoto GmbH.  Agfa-Gevaert is fully prepared to co-
operate with the insolvency receiver once appointed and all
parties concerned.

Effective November 2, 2004, Agfa-Gevaert sold its consumer
imaging business to a group of investors in a management buy
out/in.  Since then the consumer imaging business has been
operated through a group of companies under the name of
AgfaPhoto.  The AgfaPhoto group is a private group of companies
owned by management, NannO Beteiligungsholding and a small
number of financial investors.

Agfa-Gevaert provides AgfaPhoto group companies with
distribution, order fulfillment, after sales and other services
until the end of 2005.

In addition, at the time of the management buy out/in on
November 2, 2004, Agfa-Gevaert granted a secured vendor loan for
the full purchase price.  Based on Agfa Gevaert's audited
financial statement, the purchase price was set at EUR112
million, which is still subject to an audit of the closing
financials by the purchaser.  The vendor loan is fully secured
by a lease portfolio held by AgfaPhoto Holding GmbH, the parent
company of the AgfaPhoto group.  AgfaPhoto Holding GmbH is not
implicated in the insolvency filing of AgfaPhoto GmbH.  Agfa-
Gevaert therefore does not expect the insolvency filing by
AgfaPhoto to have a material effect on Agfa-Gevaert.

Agfa-Gevaert regrets this development for AgfaPhoto GmbH but is
hopeful, that in the interest of preserving the employment and
the business operations of AgfaPhoto group, the current
difficulties can be overcome and that AgfaPhoto GmbH recovers
quickly.

CONTACT:  AGFAPHOTO GERMANY GMBH
          Im Mediapark 5
          D-50670 Cologne
          Phone: +49 221 98544-3723
          Fax: +49 221 98544-3805
          Web site: http://www.agfaphoto.com

          AGFA-GEVAERT N.V.
          Septestraat 27
          B-2640 Mortsel
          Belgium
          Phone: +32 3 444 2111
          Fax: +32 3 444 7094
          Web site: http://www.agfa.com

          Nancy Glynn
          Vice-President Communication
          Phone: +32 (0)3 444 80 00
          Fax: +32 (0)3 444 74 85


AUGUSTA TECHNOLOGIE: First-quarter Results Return to Black
----------------------------------------------------------
Business development at Prime Standard member AUGUSTA
Technologie AG was with line in expectations in the first
quarter of 2005.  At EUR48.0 million, consolidated sales
revenues slightly exceeded the most recent forecast of around
EUR44 million.  This is somewhat better overall than the
comparable prior-year period adjusted for the deconsolidated
Data Display Group (Q1 2004 adjusted: EUR44.2 million; Q1 2004:
EUR57.2 million).

AUGUSTA experienced significant increases in sales revenues in
the Sensor Systems division (Q1 2005: EUR19.4 million; Q1 2004:
EUR16.0 million), whereas the IT Systems division trailed the
comparable prior-year period due to the inclusion in the latter
of the Data Display Group (Q1 2005: EUR9.2 million; Q1 2004:
EUR21.9 million).  The Communication Systems division continued
to feel the impact of the disappointing business developments in
the previous year to a certain extent in terms of earnings
development, but nonetheless generated sales revenues of EUR19.5
million in Q1 2005 (Q1 2004: EUR19.3 million).

On the whole, the AUGUSTA Group generated a positive segment
result of EUR2.1 million (Q1: 2004: -EUR0.6 million).
Restructuring expenses of EUR0.6 million arose in the Group in
Q1 2005; the majority of these related to the restructuring of
liabilities at AUGUSTA Technologie AG.

Incoming orders in the AUGUSTA Group amounted to EUR43.7 million
as of March 31, 2005 (Q1 2004: EUR61.4 million).  Booked
business amounted to EUR77.6 million as of March 31, 2005 (March
31, 2004: EUR112.3 million).

EBITDA in Q1 2005 amounted to EUR3.6 million (Q1 2004: EUR0.1
million).

EBIT totaled EUR2.2 million (Q1 2004: -EUR1.2 million).
Overall, AUGUSTA recorded a profit for the period of EUR 0.3
million in Q1 2005 (loss for Q1 2004: EUR1.6 million) and a
profit per share of EUR0.03 (loss per share in Q1 2004:
EUR0.13).

The entry of the resolutions by the Extraordinary General
Meeting in the commercial register for the Company on April 29,
2005, paved the way after Q1 2005 for AUGUSTA to successfully
conclude its restructuring.

The Management Board

CONTACT:  AUGUSTA TECHNOLOGIE AG
          Wilhelm-Leuschner-Strasse 9-11
          60329 Frankfurt am Main Deutschland
          Web site: http://www.augusta-ag.de

          Lena Trautmann, Investor Relations
          Phone: +49-(0)69-242669-19
          Fax: +49-(0)69-242669-40
          E-mail: trautmann@augusta-ag.de


BORUSSIA DORTMUND: Marks up Loss Estimate
-----------------------------------------
Football club Borussia Dortmund (BVB) expects a higher net loss
this year, Suddeutsche Zeitung says.

BVB recently adjusted its loss forecast by 9.4% to EUR78.2
million due to higher cost in organizing matches.  The original
estimate was only EUR68.8 million.  The club clarified it still
has enough liquid assets.

BVB averted bankruptcy in March by buying back a stake held by
Molsiris, a division of Commerzbank that bought the club's 95%
stake in its Westfallen stadium.  In exchange, Molsiris returned
EUR52 million to Borussia and reduced its annual rent and
deferred the EUR15 million rent for 2005 and 2006.

The only publicly listed football club in Germany, Borussia
booked a EUR27 million operating loss for the second half of
2004.  Including last year's loss of EUR73.3 million, Borussia's
total deficit now stands at EUR142.1 million.

CONTACT:  BORUSSIA DORTMUND GMBH & CO. KGAA
          Rheinlanddamm 207-209
          44137 Dortmund
          Phone: +49 (2 31) 9 02 00
          Web site: http://www.borussia-dortmund.de


DAIMLERCHRYSLER AG: Smart forTwo Models Defective
-------------------------------------------------
Carmaker Smart AG, part of DaimlerChrysler AG, which is still
recovering from losses at its Mercedes Car Group, is recalling
58,000 of its forTwo models in Germany.

The Boeblingen-based company wants buyers to have their minicars
inspected for possible defect in the front axle joint so the
part could be replaced, according to Associated Press.  The firm
learned of the flaw after receiving reports from customers who
had gotten into accidents because of it, according to spokesman
Hubert Kogel.  No related death has been reported.

The recall is aimed at German owners, though it is thought cars
in other countries could be affected since more than 202,000
vehicles were sold when the two-seater cars were built between
1998 and 2000.  The cars were also sold in Italy, Switzerland,
Japan, Austria, France, and Spain.

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

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


HUK WOHNBAU: Creditors Meeting Set Next Month
---------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against HuK Wohnbau und Immobilien GmbH on May 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors had until May 30, 2005 to
register their claims with court-appointed provisional
administrator Dr. Jurgen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting on June 16, 2005, 10:30 a.m. at Saal 145,
Amtsgericht Leipzig of 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:  HUK WOHNBAU UND IMMOBILIEN GMBH
          Zimmerstr. 3, 04109 Leipzig
          Contact:
          Thomas Hafermann, Manager

          Dr. Juergen Wallner, Administrator
          Karl-Heine-Strasse 25 b, 04229 Leipzig


JUBEKA PARKETT: Interim Administrator Takes over Operations
-----------------------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Jubeka Parkett Region Munchen GmbH on May 1.
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 Klaus E. Breithaupt.

Creditors and other interested parties are encouraged to attend
the meeting on July 19, 2005, 9:20 a.m. at Infanteriestr. 5,
Sitzungssaal 102 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:  JUBEKA PARKETT REGION MUENCHEN GMBH
          Brunhamstr. 21 in 81249 Muenchen

          Klaus E. Breithaupt, Administrator
          Baierbrunner Str. 25, 81379 Muenchen
          Phone: 089/452277-0
          Fax: 089/452277-29


KAMPS AG: Working Back into Black
---------------------------------
In the first quarter of 2005, Kamps AG has achieved expected
savings due to the cost cutting program that was started in
2004.  The European manufacturer of bakery produce is striving
to return into the black by 2007.

Besides three closures -- a further company will probably be
shut down in October -- more favorable terms for the purchase of
raw materials that have been agreed and the restructuring of the
retail business in the Netherlands contributed to lower costs.
Altogether Kamps has reached the planned EUR8 million of the
total assessed savings of EUR37 million in the first quarter of
2005.

The group's net turnover in the first three months, the season
with the lowest volume of business in the bakery business, was
about EUR325.3 million (in 2004: EUR349.7 million).  The sales
trend was influenced by the sale of business operations.
According to plan the operating profit EBITDA reached EUR24.7
million (2004: EUR27.4 million).  For the current year, Kamps
has agreed additional business with present customers from the
food retailing, among others in the area bake-off.  The turnover
of Kamps bakery shops has slightly increased on a comparable
basis for the first time in three years.

For the whole year, Kamps expects a turnover of EUR1.4 billion
and a operating profit EBITDA of EUR127 million.

CONTACT:  KAMPS AG
          Prinzenallee 11
          40549 Dusseldorf, Germany
          Phone: +49-211-53-06-34-0
          Fax: +49-211-53-06-34-34
          Web site: http://www.kamps.de

          Press Office
          Christina Stylianou
          Phone: +49-211-530634-435
          Fax: +49-211-520276-435
          E-mail: pressestelle@kamps.de


KARADAL INDUSTRIEBAU: Creditors Meeting Set August
--------------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against Karadal Industriebau GmbH on May 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 15, 2005 to register their
claims with court-appointed provisional administrator V.
Reinhardt.

Creditors and other interested parties are encouraged to attend
the meeting on August 9, 2005, 2:00 p.m. at the district court
of Erfurt, Justizzentrum, Rudolfstr. 46, 99092 Erfurt, 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:  KARADAL INDUSTRIEBAU GMBH
          Bodelschwinghstr. 49, 99425 Weimar

          V. Reinhardt, Administrator
          Windthorststr. 17, 99096 Erfurt


MG TECHNOLOGIES: Strengthens Presence in Indian Growth Market
-------------------------------------------------------------
Niro A/S, a Danish subsidiary of mg technologies AG, acquired
the remaining 50% of L&T-Niro Ltd. in India and the Food
Division of its long-term Indian joint venture partner Larsen &
Toubro Ltd.

Niro A/S, a company of mg's Process Engineering Segment, is now
the sole shareholder of the former L&T-Niro Ltd. joint venture
in Gujarat, India.  At the same time, L&T-Niro Ltd. took over
Larsen & Toubro's Food Division, which develops and supplies
manufacturing facilities for the food and dairy industries.  The
effective date of both transactions is 1 April 2005.

Following the takeover, L&T-Niro Ltd. employs a total of 75
persons and generates annual revenues of over EUR20 million.
The acquisition has widened the GEA mechanical engineering
activities of mg technologies ag and strengthened mg's presence
on the important Indian market.  India is already the world's
largest milk producer with an annual production of some 87
million tons and could, according to market researchers, become
a major dairy product exporter to serve rapidly growing demand
in Asia.

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


NATURHEILKUNDE IN OBERFRANKEN: Declared Insolvent
-------------------------------------------------
The district court of Hof opened bankruptcy proceedings against
Naturheilkunde in Oberfranken e.V. on May 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 3, 2005 to register their
claims with court-appointed provisional administrator Dr. Martin
Prager.

Creditors and other interested parties are encouraged to attend
the meeting on July 20, 2005, 1:05 p.m. at Sitzungssaal 012, --
Erdgeschoss --, Amtsgericht Hof, Berliner Platz 1, 95030 Hof 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:  NATURHEILKUNDE IN OBERFRANKEN E.V.
          Hauptstrasse 14 in 95182 Tauperlitz

          Dr. Martin Prager, Administrator
          An der Feuerwache 5, 95445 Bayreuth
          Phone: 0921/7877806
          Fax: 0921/78778077


ORIENTTEPPICHHAUS CLEMENS: Under Bankruptcy Administration
----------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Orientteppichhaus Clemens August GmbH on May 12.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until July 7, 2005 to
register their claims with court-appointed provisional
administrator Michael Wilbert.

Creditors and other interested parties are encouraged to attend
the meeting on August 11, 2005, 10:00 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1.
Stock, Saal W126, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
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:  ORIENTTEPPICHHAUS CLEMENS AUGUST GMBH
          Clemens-August-Strasse 55, 53115 Bonn
          Contact:
          Hamid Abasabad, Manager

          Michael Wilbert, Administrator
          Simrockstrasse 7, 53113 Bonn
          Phone: 0228-336255-5
          Fax: 0228-336255-6


PETER KEPPLER: Applies for Bankruptcy Proceedings
-------------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Peter Keppler GmbH on May 1.  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 Ulrich Bastian.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 9, 2005, 9:00 a.m. at Infanteriestr. 5,
Sitzungssaal 102 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:  PETER KEPPLER GMBH
          Triftstr. 10 in 80538 Muenchen

          Ulrich Bastian, Manager
          Sendlinger Str. 46, 80331 Muenchen
          Phone: 089/2603966
          Fax: 089/2609204


SKG KUEHLERFABRIK: Creditors Claim Due Next Week
------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against SKG Kuehlerfabrik GmbH on May 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 9, 2005 to register their
claims with court-appointed provisional administrator Dr. Peter
Naarmann.

Creditors and other interested parties are encouraged to attend
the meeting on August 4, 2005, 10:45 a.m. at the district court
of Chemnitz, Saal 28, im Gerichtsgebaude Fuerstenstrasse 21 in
Chemnitz, 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:  SKG KUEHLERFABRIK GMBH
          Am Zellwald, 09603 Grossschirma
          Contact:
          Rolf Grunewald, Manager

          Dr. Peter Naarmann, Administrator
          Dresdner Str. 86, 09130 Chemnitz


TAXXUS REAL: Court to Verify Claims July 15
-------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against TAXXUS Real Estate Beteiligungen GmbH on May 10.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 15, 2005
to register their claims with court-appointed provisional
administrator Klaus Kragel.

Creditors and other interested parties are encouraged to attend
the meeting on July 15, 2005, 12:00 noon 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:  TAXXUS REAL ESTATE BETEILIGUNGEN GMBH
          Holzdamm 28-32, 20099 Hamburg
          Contact:
          Klaus Kragel, Manager
          Christian Bock, Manager
          Franz Ditterich, Manager

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


UC MANAGEMENT: Proofs of Claim Due Next Month
---------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against UC Management GmbH on May 9.  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 Joachim Buettner.

Creditors and other interested parties are encouraged to attend
the meeting on August 4, 2005, 9:40 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:  UC MANAGEMENT GMBH
          c/o UNICOM GmbH Commercial Flexible Packaging,
          Marketing, Outsourcing & Allianzen
          Beim Schlump 26, 20144 Hamburg
          Contact:
          Herbert Petersen, Manager
          Heinrich-Schuldt-Strasse 1a, 24939 Flensburg

          Joachim Buettner, Administrator
          Osdorfer Landstrasse 230, 22549 Hamburg
          Phone: 8078810


VEREINIGTE OFEN: Court Confirms Bankruptcy
------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Vereinigte Ofen- und Kaminwerkstatten Bayern AG on May
1.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until June 24,
2005 to register their claims with court-appointed provisional
administrator Dr. Hans von Gleichenstein.

Creditors and other interested parties are encouraged to attend
the meeting on July 21, 2005, 9:45 a.m. at Infanteriestr. 5,
Sitzungssaal 102 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:  VEREINIGTE OFEN- UND KAMINWERKSTATTEN BAYERN AG
          Hans-Pinsel-Str. 1 in 85540 Haar

          Dr. Hans von Gleichenstein, Administrator
          Rottmannstr. 11a, 80333 Muenchen
          Phone: 089/5427300


VOLKSWAGEN AG: Seeks Credit line to Back Paper Program
------------------------------------------------------
Volkswagen AG is currently in talks with several banks for a
EUR12.5 billion syndicated credit facility, said Spanish news
agency Europa Press.

A spokeswoman reportedly noted the credit line, which would be
renewed on a revolving basis, would support the company's short-
term commercial paper program.

She said: "We want to wrap up this refinancing by mid-June."

Last month, Volkswagen revealed plans to cut cost of materials
by EUR1 billion next year, as part of a new program aimed at
bringing overall cost by 20%.

The existing ForMotion program, according to the company,
remains on track and will deliver EUR3.1 billion in savings this
year.

Volkswagen's automotive business recently suffered a EUR107
million net loss, allegedly caused by the delay in launching the
new Golf, Jetta and Passat models.  The company also blamed the
strong euro and the ongoing price reduction in the U.S. and
Europe to increase sales.  The German carmaker expects Passat to
post an operating margin of 4 percent.

CONTACT:  VOLKSWAGEN AG
          Brieffach 1848-2
          38436 Wolfsburg, Germany
          Tel: +49 53 61 90
          Fax: +49 53 61 92 82 82
          Web site: http://www.volkswagen.de


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


ALITALIA SPA: Staff Shortage, Walkout Mark Nightmarish Weekend
--------------------------------------------------------------
Several cabin crew of Alitalia S.p.A. failed to report to work
Sunday, forcing the carrier to cancel 10 international and two
domestic flights, the Associated Press says.

This came a day after Alitalia canceled 196 flights due to a
four-hour walkout by air traffic controllers.  The staff
shortage caused flight delays and left travelers stranded at the
Leonardo Da Vinci airport.

Paolo Maras, representing transport labor union SULT, faults
Alitalia's failure to hire enough additional workforce for the
peak season, prompting cabin crew staff to carry more than their
usual load.

The successive flight cancellations capped a week that ushered
in more troubling news for the struggling airline.  La Stampa
had reported early in the week that beginning next year German,
British and French airports will implement new noise and air
pollution rules, 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, whose average age is
20.  The company is already arranging the distribution of its
Airbus 319, 320 and 321 jets to 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


IMPREGILO SPA: Approves Share Capital Increase
----------------------------------------------
Impregilo S.p.A. said that its May 20 shareholders' meeting
chaired by Cesare Romiti carried these resolutions during an
extraordinary session:

(a) a reverse split of outstanding ordinary and savings shares
    at a rate of one new ordinary or savings share for every ten
    outstanding ordinary or savings shares, and related
    amendments to arts. 6, 8 and 32 of the By-laws; this will
    also ensure that the extent and characteristics of the
    privileges on savings shares remain unchanged;

(b) the abrogation of the powers granted by the Shareholders'
    Meeting of 12 October 2004, pursuant to articles 2443 and
    2420-ter of the Italian Civil Code, authorizing the Board of
    Directors to raise share capital and issue convertible
    bonds;

(c) a splittable increase in share capital for an amount of
    EUR650,000,000.00 (six hundred and fifty million point
    zero), through the issue of ordinary share rights; the issue
    price of the new shares will be equivalent to the
    theoretical ex right price of the Impregilo ordinary share,
    determined with standard methods and on the basis of the
    mean official per-share price over a period of at least
    three trading days before determination of the issue price,
    less a minimum 25%, on condition that the new share issue
    price shall not be more than EUR0.20, or, after the reverse
    share split as per point (a), not more than EUR2;

    the Board of Directors was granted full powers to execute
    the above resolutions, including but not limited to the
    power to determine the issue price as illustrated above and
    the power to establish:

    the amount of the discount on the theoretical ex right price
    of the Impregilo ordinary share at a minimum of 25%, taking
    account, among other things, of conditions on the financial
    markets at the time of the offer, of the Impregilo ordinary
    share price trend, and of standard market practice for
    operations of this type and in agreement with the joint lead
    managers of the underwriting syndicate (as reported in the
    press release issued on 17 May 2005), with the stipulation
    that in no case may the new share issue price be more than
    EUR0.20 or, after the reverse share split as per point (a),
    more than EUR2; and the portion of the new share issue price
    thus determined that may be allocated as a share premium,
    with the stipulation that in any case any share premium
    shall not be more than 50% of the issue price, and
    consequently, to determine the number of new shares to be
    issued;

    the Board of Directors shall decide when to execute the
    resolution for the share capital increase, within a final
    deadline of 31 December 2005; and

(d) the amendment to art. 20 of the By-laws so that the Board of
    Directors may consist of a minimum of seven and a maximum of
    fifteen members.

During the ordinary session, the Shareholders also carried these
resolutions:

(a) to set the number of members of the Board of Directors at
    fifteen; and

(b) to appoint Alfredo Cavanenghi, Gianni Maria Chiarva, Andrea
    Novarese and Alberto Sacchi to the Board of Directors of
    Impregilo S.p.A., taking office as from the date of
    registration on the Companies Register of the resolution
    carried at the extraordinary Shareholders' Meeting, and to
    remain in office, together with the Directors named by the
    Impregilo S.p.A. Shareholders' Meeting of 2 May 2005 until
    the Shareholders' Meeting held to approve the financial
    statements at 31 December 2007.

The Board of Directors of Impregilo S.p.A. also held a meeting
on May 20, at which it created an Executive Committee, whose
members are: Cesare Romiti, Committee Chairman; Alberto Lina,
Chief Executive Officer; Enrico Bonatti, Beniamino Gavio and
Pier Giorgio Romiti.

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


IMPREGILO SPA: Signs Put Option on Aeroporti di Roma Interest
-------------------------------------------------------------
Impregilo S.p.A. and Gemina S.p.A. have signed put and call
options regarding the former's equity investment in Aeroporti di
Roma S.p.A.  The deal gives Impregilo the right to sell and
Gemina, a 24.859% shareholder, the right to buy the Aeroporti
interest after the expiry of the lock-up period in a
privatization contract with IRI.

Specifically, the Gemina call option and the Impregilo put
option refer to:

(a) the 11% stake in the share capital of Leonardo S.r.l. (Leo)
    held by Impregilo;

(b) the shares representing the 11% of the share capital of
    Leonardo Holding S.A. (Leo H) also held by Impregilo
   (together, the "Equity Investments"); and

(c) the bonds issued by Leo H to be repaid to Impregilo on 31
    December 2004 (Loan Notes), assuming that such loan notes
    are still outstanding after 31 July 2005, the final date for
    their repayment.

Subject to fulfillment of the condition precedent set out in the
contract -- i.e., the existence of the conditions for the
transfer of the Loan Notes, such conditions being the agreement
of 75% of the owners of the Loan Notes -- Gemina will have the
right to purchase the Equity Investments and, eventually, the
Loan Notes from Impregilo, between 1 August 2005 and 1 August
2007.  Should Gemina not exercise its call option, Impregilo,
subject to fulfillment of the above condition precedent, will
have the right to sell the Equity Investments and, eventually,
the Loan Notes to Gemina, between 1 August 2007 and the 45th day
after that date.

The purchase price for the Equity Investments and the Loan Notes
-- applicable to both the call and the sell options -- will be
EUR63,666,269.  Subject to legal requirements, payment shall be
on a compensation basis, in the form of an equivalent portion of
the loans granted by Gemina to Impregilo on 27 July 2004 and 23
March 2005.  The above amount shall be increased: (i) for
interest, at a rate to be determined in relation to the rates
applied to the loans; and decreased (ii) for income medio
tempore collected by Impregilo on the Equity Investments and the
Loan Notes (reimbursement of risk capital, reimbursement of the
bond principal, payment of dividends and interest, and payment
of sale price in the event of the sale of Leo shares to the
other shareholders).

The put and call transaction is part of the disposals program
organized as part of the Impregilo financial restructuring and
has been presented to the financing banks, which have expressed
a favorable opinion.  In order to guarantee the financial
neutrality of the deferral of the transaction, it has been
agreed with the banks that the contract should also provide for
a two-year rescheduling (i.e., to 1 August 2007) of Impregilo
debt to Gemina in respect of the loans referred to above; this
latter circumstance is expressly envisaged as a condition for
the disbursement by the financing banks of the main tranches of
the 680 million euro bridging loan in the loan term sheet, which
is an attachment to the private agreement signed by Gemina and
IGLI S.p.A. on 14 April 2005.

In short, in order to prevent the economic effects of the
transaction from being influenced by the deferral of transfer to
Gemina of Impregilo's indirect holding in Aeroporti di Roma to
the date on which one of the parties decides to exercise its
option, the contract provides that accrual of interest on the
price be aligned with accrual of interest on the loans, and also
that income collected by Impregilo on the Equity Investments and
Loan Notes be subtracted from the price, since it is to be used
to repay a corresponding portion of the loan provided by Gemina
on 23 March 2005.

The transaction meets Gemina's declared interest in raising its
own indirect holding in Aeroporti di Roma.  It is also in the
interest of Impregilo, which, in connection with its financial
restructuring, is in favor of the possibility of disposing of a
non-strategic equity investment at a price corresponding to the
carrying amount and in line with the price at which far larger
interests in the capital of Aeroporti di Roma were recently sold
to Macquarie.

No adjustments are to be made to the remuneration of the
Directors of Gemina and Impregilo and of their subsidiary
companies as a consequence of the transaction.

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


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


LAURUS N.V.: Axing 59 Beilen Center Employees
---------------------------------------------
Laurus N.V. is planning to reduce the permanent workforce of 460
FTEs (Full Time Equivalent) at its Beilen distribution center by
a total of 59 FTEs between 1 October 2005 and the end of
September 2006.

The workload on the Beilen distribution center, which has
already lessened as a result of the optimization of the
logistics network and the closure of unprofitable stores, will
decrease still further with the completion of the new West
distribution center in mid-2006 and internal process
improvements.  The measures now being taken are intended to
bring current and future staffing levels into line with
workload.

The trade union organizations will be consulted on the
application of the Laurus Total Social Plan and the central
workers council has been asked to give its advice.

                            *   *   *

Laurus suffered a net loss of EUR128 million in 2004, a sharp
reversal compared with 2003, when the positive net result of
EUR9 million marked an -- albeit modest -- return to
profitability for the first time in several years.  In fighting
the price war, which broke out in October 2003 and continued
unabated in 2004, Laurus implemented substantial price cuts
within all three retail formats, which, combined with the
reduced sales volume, had a major negative impact on the result.

CONTACT:  LAURUS N.V.
          Parallelweg 64
          5201 AD's-Hertogenbosch, The Netherlands
          Phone: +31-73-622-3622
          Fax: +31-73-622-3636
          Web site: http://www.laurus.nl


ROYAL SHELL: Signs 20-year Contract with Hiroshima Gas
------------------------------------------------------
Royal Dutch/Shell Group's Shell Gas & Power revealed Monday that
its joint venture Sakhalin II project has signed a Heads of
Agreement for the long-term sales and purchase of up to 0.21
million tons per annum (mtpa) of LNG to Hiroshima Gas Co Ltd.

The agreement, for 20 years, is the fifth to be signed with a
Japanese company and the first with Hiroshima Gas.

Sakhalin Energy and Hiroshima Gas will now continue to finalize
the Sales and Purchase Agreement (SPA) with deliveries expected
to commence in 2008.

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


ROYAL SHELL: Shell Deutschland Buys 'Extra' Shares
--------------------------------------------------
Shell Deutschland Oil GmbH has purchased 25,000 Royal Dutch
ordinary shares at a price of EUR47.38 per share to be used to
satisfy requirements under employee share plans.  Such purchases
were effected outside the United States.

Royal Dutch and its affiliates have been granted exemptive
relief by the Securities and Exchange Commission to make
purchases of RD Shares outside the offer that Royal Dutch Shell
plc has made for all the outstanding RD Shares in connection
with the proposed unification of RD, The "Shell" Transport and
Trading Company, p.l.c. and the Royal Dutch/Shell Group of
Companies under Royal Dutch Shell plc.  Any such purchases of RD
Shares will be made outside the United States.  Further, any
such purchases will comply with applicable Dutch law and the
rules of Euronext Amsterdam and will be subject to price
limitations based on the market price of RD Shares on Euronext
Amsterdam.

The number of RD Shares in issue will not be affected by these
purchases.

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


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


PAN FISH: Concludes Two-year Restructuring
------------------------------------------
Pan Fish A.S.A. finalized its public share issue Friday with
significant interest from both existing and new shareholders.
The public share issue was subscribed approximately 4 times the
offered amount of NOK200 million.  The share issue marks the end
of the strategic, operational and financial restructuring of the
group, which has been in progress over the last two years.  The
company has now established a financial platform, which
constitutes a solid fundament to re-establish Pan Fish as a
leading global fish farming company based on lowest cost
production of high quality salmon.

As a result of the share issue being fully subscribed DnB NOR
and Nordea will as previously communicated convert NOK500
million of the company's debt to equity through a private
placing.  The debt will be converted at NOK1.00 per share equal
to the share price in the public offering.  Subsequent to this
the equity share will be above 35%.  The balance sheet is
cleared for goodwill and immaterial assets and the licenses have
been valued at a low NOK4.5 million each.

Chief Executive Atle Eide said: "We are very satisfied with the
response from our shareholders.  This is an important milestone
and a vote of confidence to our focused strategy and not least
the fantastic job which has been done by our employees through
this difficult period of restructuring.

"Pan Fish is through this positioned to carry through the
planned increase in production, and to realize the vision of
supplying the global market with quality salmon at the lowest
cost in the industry.  The key to achieve this lie in the strong
competence we have in our organization.  2005 will, as
communicated in the presentations made through the subscription
period, be an intermediate year where the biomass will be
increased.  Harvesting will be limited as we approach 2006 and
2007 when the company will fully capture the effects of low debt
and strongly declining depreciations simultaneously as the
lowest cost targets are realized.

"The company receives a gross amount of NOK200 million through
the public share issue.  Allocation of shares will be sent to
the subscribers May 30.  Settlement for the subscribed shares is
expected to take place June 1.  Shares issued in the public
share issue is expected to be available for trading at Oslo
Stock Exchange on June 6.  DnB NOR Markets and First Securities
have handled the share issue."

CONTACT:  PAN FISH A.S.A.
          Maskinveien 32,
          P.O. Box 342 Forus
          N-4067 STAVANGER
          Phone: +47 70 11 61 00
          Fax: +47 70 11 61 34
          E-mail: post@panfish.no
          Web site: http://www.panfish.com/

          CEO Atle Eide
          Phone: +47 911 52 977


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


COSMOROM SA: Cosmote Acquires Majority Stake
--------------------------------------------
Greece's Cosmote is buying 70% of mobile arm Cosmorom S.A. from
Romanian fixed-line carrier Romtelecom for EUR120 million
(US$150.8 million), according to reports.

Cosmote, a subsidiary of Hellenic Telecommunications
Organization (OTE), will be financing the re-launch of Cosmorom
after the acquisition.  Analysts say the revival will cost some
EUR500 million (US$633 million).

Cosmote plans to either capitalize or write off some of
Cosmorom's debt.  Excluded will be the EUR16 million (US$20
million) it owes to OTE's unit, OTE International, and up to
EUR2 million (US$2.5 million) in third-party liabilities.

The deal still needs approval from Cosmote's shareholders.  An
extraordinary meeting is scheduled for June 27, 2005

OTE, which also owns 54% of Romtelecom, raised the prospect of
selling Cosmorom in 2003, a previous report from TCR-Europe
revealed.  Cosmorom was then operating at a loss, with debt
estimated at EUR172 million.

Analysts attribute the negative outlook at Cosmorom to
insufficient investments in the company, which entered the
market too late.

Moreover, the company was not benefiting from national coverage
of its services, making it unable to compete with Orange and
MobiFon.

Cosmorom posted net losses at EUR41.9 million and operational
income at EUR12.2 million in the first nine months of 2002, as
well as an EBITDA loss of EUR21.9 million.  Subscribers of
Cosmorom were pegged at only around 45,000, and users of prepaid
services at 50,000 in September, compared to an estimated 2.5
million customers for each of the company's competitors.

CONTACT:  COSMOROM S.A.
          Cosmorom Headquarters
          61 Nicolae Caramfil Str
          Sector 1, Bucharest ROMANIA
          Phone: (021) 404 1234
          E-mail: info@cosmorom.com
          Web site: http://www.cosmorom.com/


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


APSALYAMOVSKIY: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Apsalyamovskiy Combine Of Building Constructions And Materials
(TIN 1642000020).  The case is docketed as A65-5679/2005-SG4-16.
Mr. A. Minaev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 420126, Russia,
Tatarstan republic, Kazan, Post User Box 188.  A hearing will
take place on Sept. 20, 2005.

CONTACT:  APSALYAMOVSKIY COMBINE OF
          BUILDING CONSTRUCTIONS AND MATERIALS
          Russia, Tatarstan republic,
          Yutazinskiy region, Apsalyamovo

          Mr. A. Minaev
          Temporary Insolvency Manager
          420126, Russia, Tatarstan republic,
          Kazan, Post User Box 188

          The Arbitration Court of Tatarstan republic
          420014, Russia, Kazan, Kremlin


ATOM-STROY-SERVICE: Smolensk Court Appoints Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Smolensk region commenced bankruptcy
proceedings against Atom-Stroy-Service (TIN 6724006784) after
finding the limited liability company insolvent and bankruptcy
proceedings were introduced at the company.  The case is
docketed as A62-616-N/04.  Mr. S. Prudnikov has been appointed
insolvency manager.  Creditors have until June 23, 2005 to
submit their proofs of claim to 216400, Russia, Smolensk region,
Desnogorsk, Post User Box 14/3.

CONTACT:  ATOM-STROY-SERVICE
          216400, Russia, Smolensk region,
          Desnogorsk, 1st Location, 16, office 151

          Mr. S. Prudnikov
          Insolvency Manager
          216400, Russia, Smolensk region,
          Desnogorsk, Post User Box 14/3


BUZDYAKSKIY: Succumbs to Bankruptcy
-----------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Buzdyakskiy (TIN 0216002628)
after finding the tinned food factory insolvent.  The case is
docketed as A07-3063/05-G-HkRM.  Mr. V. Perepelkin has been
appointed insolvency manager.  Creditors have until June 23,
2005 to submit their proofs of claim to 452711, Russia,
Bashkortostan republic, Buzdyakskiy region, Buzdyak,
Gagarina Str. 45.

CONTACT:  BUZDYAKSKIY
          Russia, Bashkortostan republic,
          Buzdyakskiy region, Buzdyak, Gagarina Str. 45

          Mr. V. Perepelkin
          Insolvency Manager
          452711, Russia, Bashkortostan republic,
          Buzdyakskiy region, Buzdyak, Gagarina Str. 45


DOR-STROY-KOMPLEKT: Declared Insolvent
--------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Dor-Stroy-Komplekt after finding the close
joint stock company insolvent.  The case is docketed as A50-
3970/2005-B.  Mr. A. Nagovitsyn has been appointed insolvency
manager.

Creditors may submit their proofs of claim to:

(a) DOR-STROY-KOMPLEKT
    Russia, Perm region, Kungurskiy region,
    Sylvensk, Sovetskaya Str. 1B

(b) Insolvency Manager
    614064, Russia, Perm region,
    Usolskaya Str. 15, 3rd floor

(c) The Arbitration Court Of Perm region
    614990, Russia, Perm region,
    Lunacharskogo Str. 3


FENIK-TS: Gives Creditors Until June 23 to File Claims
------------------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Fenik-TS after finding the close joint stock
company insolvent.  The case is docketed as A-70-9821/3-2004.
Mr. P. Stolbov has been appointed insolvency manager.  Creditors
have until June 23, 2005 to submit their proofs of claim to
625026, Russia, Tyumen region, Respubliki Str. 143a.

CONTACT:  FENIK-TS
          625026, Russia, Tyumen region,
          Respubliki Str. 143a

          Mr. P. Stolbov
          Insolvency Manager
          625026, Russia, Tyumen region,
          Respubliki Str. 143a


GASOVIK: Bankruptcy Hearing Resumes July
----------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Gasovik.  The case is docketed as A14-3034-2005 19/20b.  Mr. A.
Gladkov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 397702, Russia,
Voronezh region, Bobrov, Kotovskogo Str. 2.  A hearing will take
place on July 28, 2005.

CONTACT:  GASOVIK
          Russia, Voronezh region, Bobrov

          Mr. A. Gladkov
          Temporary Insolvency Manager
          397702, Russia, Voronezh region,
          Bobrov, Kotovskogo Str. 2


INTERNATIONAL MOSCOW: Long-term Rating Upgraded to 'BB'
-------------------------------------------------------
Fitch Ratings upgraded International Moscow Bank's Long-term
rating to 'BB' from 'BB-' and resolved the Positive Rating Watch
that has been in place since September 2004.  The Support rating
has been changed to '3' from '4'.  IMB's Short-term rating is
affirmed at 'B'.  The Outlook for the Long-term rating is
Stable.  Separately, Fitch expects to complete a review of IMB's
Individual 'C/D' rating in the coming weeks.

The Long-term rating was placed on Positive Rating Watch in
September 2004 in anticipation of Bayerische Hypo- und
Vereinsbank Bank (HVB) and Nordea Bank Finland PLC (Nordea)
increasing their stakes in IMB to a majority stake and a
blocking (more than 25%) stake, respectively.  At that time,
Fitch stated that if these changes in the shareholder structure
went ahead, they would likely benefit IMB's Long-term rating.
As a result of their participation in the recent US$100 million
share issue carried out by IMB, HVB and Nordea's stakes in the
bank's common stock have risen to 53.3% (from 43%), and to 26%
(from 22%), respectively.

The change in IMB's Support, and therefore Long-term, ratings
reflects Fitch's view of the increased likelihood of support for
IMB, in particular from HVB, which is now the bank's controlling
shareholder.  Fitch notes that by increasing their stakes in
IMB, both HVB and Nordea have demonstrated an increased
commitment to the bank.

However, Fitch comments that the upgrade of IMB's Long-term
rating to 'BB', and not 'BB+' as was originally anticipated when
the Positive Watch was assigned in September 2004, reflects the
agency's view of HVB's weakened creditworthiness on a standalone
basis, as reflected in its Individual rating.  HVB's Individual
rating was downgraded to 'D' from 'C/D' and its Long-term rating
to 'A-' from 'A', in January 2005.

IMB was established in October 1989 as Russia's first joint
venture bank with foreign participation.  IMB's core business is
servicing large and medium-sized domestic corporates.  The bank
has also begun actively lending to smaller companies and
developing retail banking operations, and trades securities and
foreign exchange.  IMB's other two shareholders, in addition to
HVB and Nordea, are BCEN-Eurobank (the Paris-based subsidiary of
the Russian Central Bank) and the European Bank for
Reconstruction and Development, which, after the recent share
issue, hold stakes of approximately 15.9% and 4.8%, respectively
in the bank's common stock.  IMB ranks among the top 10 Russian
banks by total assets.

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

          James Watson, Moscow
          Phone: +7 095 956 6657

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


NORD-OIL: Under Bankruptcy Supervision
--------------------------------------
The Arbitration Court of Sakha republic (Yakutiya) has commenced
bankruptcy supervision procedure on limited liability company
Nord-Oil.  The case is docketed as A58-1089/2005.  Mr. V.
Danilov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 677007, Russia,
Sakha republic (Yakutiya), Yakutsk, Lenina Pr. 41, Room 113

CONTACT:  NORD-OIL
          677000, Russia, Sakha republic (Yakutiya),
          Yakutsk, Lenina Pr. 41, Room 113

          Mr. V. Danilov
          Temporary Insolvency Manager
          677007, Russia, Sakha republic (Yakutiya),
          Yakutsk, Lenina Pr. 41, Room 113


RAY-PISHE-COMBINE GIAGINSKIY: Declared Insolvent
------------------------------------------------
The Arbitration Court of Adygeya republic commenced bankruptcy
proceedings against Ray-Pishe-Combine Giaginskiy after finding
the close joint stock company insolvent.  The case is docketed
as A-01-B-450-2003-11.  Mr. R. Mirzov has been appointed
insolvency manager.  Creditors have until June 23, 2005 to
submit their proofs of claim to 385600, Russia, Adygeya
republic, Giaginskaya St. Eskadronnaya Str. 95.

CONTACT:  RAY-PISHE-COMBINE GIAGINSKIY
          385600, Russia, Adygeya republic,
          Giaginskaya St., Eskadronnaya Str. 95

          Mr. R. Mirzov
          Insolvency Manager
          385600, Russia, Adygeya republic,
          Giaginskaya St. Eskadronnaya Str. 95


SPETS-STROY: Proofs of Claim Deadline Expires June 23
-----------------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Spets-Stroy (TIN 55060347885) after finding
the specialized building corporation #1 insolvent.  The case is
docketed as K/E-49/04.  Mr. O. Krat'ko has been appointed
insolvency manager.  Creditors have until June 23, 2005 to
submit their proofs of claim to 644093, Russia, Omsk region,
Post User Box.

CONTACT:  SPETS-STROY
          644027, Russia, Omsk region,
          Industrialnaya Str. 56

          Mr. O. Krat'ko
          Insolvency Manager
          644093, Russia, Omsk region,
          Post User Box


YUKOS OIL: Khodorkovsky Acquitted of Forgery
--------------------------------------------
Meshchansky court judges on Wednesday acquitted Mikhail
Khodorkovsky of forgery, one of the criminal charges filed
against the Yukos founder.

According to Associated Press, defense lawyer downplayed his
acquittal on the minor charge, which is related to a separate
charge of tax evasion.  Observers believe Mr. Khodorkovsky will
be found guilty on charges that include fraud.

According to the report, the evidence and testimony against him
centers on his and business partner Platon Lebedev's alleged
failure to obey a court decision in connection with
privatization of major fertilizer component maker.

Robert Amsterdam, defense lawyer for Mr. Khodorkovsky, called
the process purely arbitrary.  According to him, Meshchansky's
justice system works in a way that the laws are constantly
changed to serve the whim of the controlling power.

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

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

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


ZLATOPOLINSKOYE: Appoints A. Generalov Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on open joint stock company
Zlatopolinskoye.  The case is docketed as A03-1835/05-B.  Mr. A.
Generalov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 656015, Russia,
Altay region, Barnaul, Post User Box 3923.

CONTACT:  ZLATOPOLINSKOYE
          Russia, Altay region,
          Kulundinskiy region, Zlatopol

          Mr. A. Generalov
          Temporary Insolvency Manager
          656015, Russia, Altay region,
          Barnaul, Post User Box 3923


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


ART-CAPITAL: Bankruptcy Supervision Starts
------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC Art-Capital (code EDRPOU 30784585).
The case is docketed as 19/50 b.  Mr. Tetyana Paterkina (License
Number AA 3487835) has been appointed temporary insolvency
manager.  The company holds account number 26505301763 at
OJSC Oshadbank, MFO 300465.

CONTACT:  Mr. Tetyana Paterkina
          Temporary Insolvency Manager
          Ukraine, Lugansk region,
          Geologichna Str. 14/45

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


ARTOR: Lviv Court Opens Bankruptcy Proceedings
----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Artor (code EDRPOU 14354428) on April 1,
2005 after finding the limited liability company insolvent.  The
case is docketed as 2/1884-21/479.  Mr. Igor Bolyak (License
Number AA 249553 has been appointed liquidator/insolvency
manager.

CONTACT:  Mr. Igor Bolyak
          Liquidator/Insolvency Manager
          Ukraine, Lviv region,
          Strimka Str. 4/8

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


GELIOS-TRADE: Declared Insolvent
--------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Gelios-Trade (code EDRPOU 32786119) on April
14, 2005 after finding the limited liability company insolvent.
The case is docketed as 62/14 b-05.  Mr. K. Ivanov has been
appointed liquidator/insolvency manager.

CONTACT:  GELIOS-TRADE
          Ukraine, Kyiv region,
          Vishgorodskij district,
          Stari Petrivtsi, 1

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


GOLDEX: Insolvency Manager Takes over Operations
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Goldex (code EDRPOU 32773659) on April 11,
2005 after finding the limited liability company insolvent.  The
case is docketed as 24/175-b.  Mr. F. Kachurov (License Number
AB 116187) has been appointed liquidator/insolvency manager.

CONTACT:  GOLDEX
          Ukraine, Kyiv region,
          Yaroslavska Str. 58

          Mr. F. Kachurov
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Melnikov Str. 83-d

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


GRAFIT: Court Names O. Klimenko Insolvency Manager
--------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Grafit (code EDRPOU 25220866) on March 28,
2005 after finding the limited liability company insolvent.  The
case is docketed as 2/1884-21/479.  Mr. O. Klimenko (License
Number AA 783152) has been appointed liquidator/insolvency
manager.

CONTACT:  GRAFIT
          69035, Ukraine, Zaporizhya region,
          Stalevariv Str. 15

          Mr. O. Klimenko
          Liquidator/Insolvency Manager
          69002, Ukraine, Zaporizhya region,
          Lenin Avenue, 77, Office 95

          ECONOMIC COURT OF ZAPORIZHYA REGION
          69001, Ukraine, Zaporizhya region,
          Shaumyana Str. 4


INTERCINEMA: Succumbs to Insolvency
-----------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against InterCinema (code EDRPOU 32209500) on April
12, 2005 after finding the limited liability company insolvent.
The case is docketed as 24/885-b.  Mr. V. Pisarenko (License
Number AA 485239) has been appointed liquidator/insolvency
manager.

CONTACT:  INTERCINEMA
          01011, Ukraine, Kyiv region,
          Pecherska Square, 1

          Mr. V. Pisarenko
          Liquidator/Insolvency Manager
          01033, Ukraine, Kyiv region,
          Zhilyanska Str. 30/32

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


INTERTECHBUD: Hires F. Kachurov as Insolvency Manager
-----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Intertechbud (code EDRPOU 32454578) on April
11, 2005 after finding the limited liability company insolvent.
The case is docketed as 24/167-b.  Mr. F. Kachurov (License
Number AB 116187) has been appointed liquidator/insolvency
manager.

CONTACT:  INTERTECHBUD
          Ukraine, Kyiv region,
          Borichiv Tik Str. 35

          Mr. F. Kachurov
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Melnikov Str. 83-d

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


KIVERTSIVSKIJ WOOD: Liquidator Takes over Operations
----------------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Kivertsivskij Wood Processing Combine after
finding the limited liability company insolvent.  The case is
docketed as 1/147-B.  Mr. A. Lipich (License Number AA 719766)
has been appointed liquidator/insolvency manager.

CONTACT:  Mr. A. Lipich
          Liquidator/Insolvency Manager
          43018, Ukraine, Volinska region,
          Lutsk, a/b 7

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


MARIUPOL' FISH-TIN: Donetsk Court Declares Firm Insolvent
---------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Mariupol' Fish-Tin Combine (code EDRPOU
05783774) on April 11, 2005 after finding the open joint stock
company insolvent.  The case is docketed as 42/205 B.  Mr. S.
Brustinov (License Number AA 485232) has been appointed
liquidator/insolvency manager.  The company holds account number
2600498044 at Ukrsocbank, Mariupol branch, MFO 334185.

CONTACT:  MARIUPOL' FISH-TIN COMBINE
          87500, Ukraine, Donetsk region,
          Mariupol, Konservna Str. 1

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


MAXIMUM: Harkiv Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Maximum (code EDRPOU 32471842) on April 18,
2005 after finding the limited liability company insolvent.  The
case is docketed as B-48/50-05.  Mr. D. Chizh (License Number AB
116046) has been appointed liquidator/insolvency manager.  The
company holds account number 265073014740 at JSCB Zoloti Vorota,
Harkiv branch, MFO 351931.

CONTACT:  MAXIMUM
          Ukraine, Harkiv region,
          Manchenki

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


PIVDENNO-ZAHIDNE AUTO: Insolvency Manager Enters Firm
-----------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Pivdenno-Zahidne Auto Transport Enterprise
(code EDRPOU 24850163) on February 15, 2005 after finding the
limited liability company insolvent.  The case is docketed as
20/36 b.  Mr. Oleksandr Pavlenko (License Number AA 250356) has
been appointed liquidator/insolvency manager.

CONTACT:  PIVDENNO-ZAHIDNE AUTO TRANSPORT ENTERPRISE
          94500, Ukraine, Lugansk region,
          Krasnij Luch, Hrustalne Shose Str.

          Mr. Oleksandr Pavlenko
          Liquidator/Insolvency Manager
          91000, Ukraine, Lugansk region,
          Artema Str. 447/9

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


PLEMZAVOD KOLOS: Under Bankruptcy Supervision
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on OJSC Plemzavod Kolos (code EDRPOU
00846369).  The case is docketed as 17/2 b-2004.  Mr. Yurij
Krizhanivskij (License Number AB 116196) has been appointed
temporary insolvency manager.  The company holds account number
26001947 at JSPPB Aval, Borispil branch, MFO 321789.

CONTACT:  PLEMZAVOD KOLOS
          Ukraine, Kyiv region,
          Pereyaslav-Hmelnitskij district,
          Ulyanivka, Radyanska Str. 27

          Mr. Yurij Krizhanivskij
          Temporary Insolvency Manager
          08132, Ukraine, Kyiv region,
          Vishneve, Svyatoshinske, 46

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


TV-RADIO OBRIJ: Court Suspends Debt Payments
--------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against TV-Radio Company Obrij (code EDRPOU
32773643) on April 11, 2005 after finding the limited liability
company insolvent and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 24/168-b.  Mr. F.
Kachurov (License Number AB 116187) has been appointed
liquidator/insolvency manager.

CONTACT:  TV-RADIO COMPANY OBRIJ
          Ukraine, Kyiv region,
          Yaroslavska Str. 58

          Mr. F. Kachurov
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Melnikov Str. 83-d

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


UKRZAHIDINVEST: Declared Insolvent
----------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Ukrzahidinvest (code EDRPOU 31674178) on
March 14, 2005 after finding the limited liability company
insolvent.  The case is docketed as 6/40-29/28.  Mr. Mihajluk
Rostislav (License Number AA 783035) has been appointed
liquidator/insolvency manager.  The company holds account
numbers 26000000391001 at OJSC CB Nadra, Lviv branch, MFO
325978; 26009016189980 at Finances and Credit, Lviv regional
branch, MFO 325923; and 260057412 at JSPPB Aval, Lviv regional
branch, MFO 325570.

CONTACT:  UKRZAHIDINVEST
          79053, Ukraine, Lviv region,
          Volodimir Velikij Str. 16

          Mr. Mihajluk Rostislav,
          Liquidator/Insolvency Manager
          79014, Ukraine, Lviv region,
          Kozlanyuk Str. 2/7

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


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


ALLIED DOMECQ: DkW Points out Pitfalls in Constellation Offer
-------------------------------------------------------------
A bid by U.S. winemaker Constellation Brands Inc. for Allied
Domecq might fail due to weakness in the market for "junk debt,"
analysts at Dresdner Kleinwort Wasserstein say.

Matthew Jordan thinks the approach "is extremely sensitive to
the terms on which they can gain debt financing" after the
downgrade of General Motors, according to The Telegraph.  He
said would-be buyers might be able to haggle good terms
depending on the strength of demand.  But he warned of the
impact of the interest rate they'll be paying on the amount of
debt they could take.

He also warned of difficulties in negotiating with Allied
Domecq's pension trustees, who had been promised a GBP108
million injection under Pernod Ricard's agreed offer.  The
scheme has a GBP437 million deficit.

DkW said in a research note the trustees might decide to
transfer fund out of equities into bonds, increasing the deficit
due to a lower return in such form.

Pernod's 670p agreed offer, which translates to GBP7.4 billion,
is partly in shares.  Constellation's indicative offer is about
700p a share.  It is backed by private equity firms Lion Capital
and Blackstone.

Allied Domecq's sale has prompted Fitch Ratings to downgrade its
senior unsecured and short-term ratings to 'BB+' and 'B' from
'BBB' and 'F2'respectively.  Fitch said: "[The] non-investment
grade rating assumes that Allied's bondholders totaling EUR2.5
billion have been subordinated by Pernod Ricard's new EUR9
billion bank acquisition facility, which will have taken
security over the group's brands."

The ratings are on Watch Negative pending successful completion
of the deal.

CONTACT:  ALLIED DOMECQ PLC
          The Pavilions
          Bridgwater Road
          Bedminster Down
          BRISTOL BS13 8AR
          United Kingdom
          Phone: +44 (0)117 978 5000
          Fax: +44 (0)117 978 5291
          Web site: http://www.allieddomecq.com


CNS SUBSEA: Names KPMG Administrators
-------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF CNS Subsea Limited

Notice is hereby given that on May 11, 2005, we, Blair C. Nimmo
and Neil A. Armour, KPMG, 37 Albyn Place, Aberdeen AB10 1JB were
appointed liquidator of CNS Subsea Limited by notice of
appointment lodged in the Court of Session, Edinburgh, pursuant
to section 109 of the Insolvency Act 1986.

Blair C. Nimmo and Neil A. Armour, Administrators

CONTACT:  KPMG LLP
          37 Albyn Place
          Aberdeen AB10 1JB
          Phone: (01224) 591000
          Fax: (01224) 590909
          Web site: http://www.kpmg.co.uk


CREWE BUILDING: Winding-up Report Out Next Month
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Crewe Building Services Limited
                         (In Liquidation)

Notice is hereby given, pursuant to section 106 of the
Insolvency Act 1986, that the Final Meeting of Members and
Creditors of Crewe Building Services Limited will held on July
5, 2005, 10:00 a.m. within the offices of Cowan & Partners, 60
Constitution Street, Leith, Edinburgh EH6 6RR, for the purpose
of receiving the Liquidator's final report showing how the
winding-up has been conducted and of hearing any explanations
that may be given by the Liquidator.

All Creditors are entitled to attend in person or by proxy, and
a Resolution will be passed when the majority of those voting
have voted in favor of it.  Creditors may vote where claims and
proxies have been submitted and accepted at the Meeting or
lodged beforehand at the office below.

David Forbes Rutherford, Liquidator

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

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


DAWSON INTERNATIONAL: Chairman Receives Bonus Despite Crisis
------------------------------------------------------------
Dawson International executive chairman Mike Hartley received
performance related bonus of GBP200,000 last year despite it not
being a favorable time for the cashmere firm.

Mr. Hartley, who was appointed August 2003, received a total of
GBP450,000, including a basic salary of GBP250,000 for the year
ended January 1, the company's annual report showed.

The report also revealed finance director David Copper receiving
remuneration of GBP147,000, up from last year's GBP102,000.  The
amount included a bonus of GBP45,000.

For the period, Dawson had loss of GBP2 million, down from
GBP19.1 million the previous year.  Turnover increased from
GBP68.3 million to GBP70.2 million.

Dawson's pension deficit potentially could blow up to GBP29.3
million under the new FRS 17 reporting standards.  The gap
increased slightly during the year due to falling bond rates on
the measurement of liabilities.  Dawson plans to ask
shareholders next month to amend board's borrowing powers to
deal with the pension deficit.

Mr. Hartley was unavailable for comment, according to the
report.

Dawson moved to London's main market to AIM after the sale of
its flagship Ballantyne knitwear business and the Joseph Dawson
fibers operation.  In a new twist to its strategy, it acquired
in January bed linen company Dorma to expand its business while
paying off a GBP10 million debt burden.  Dorma lost GBP3.6
million last year, but Mr. Hartley is confident the firm will
return to profit next year.  Its recent GBP70 million annual
revenue is hoped to help Dawson trim down liabilities.

CONTACT:  DAWSON INTERNATIONAL PLC
          Lochleven Mills
          Kinross
          KY13 8GL, United Kingdom
          Phone: +44-1577-867000
          Fax: +44-1577-867010
          Web site: http://www.dawson-international.co.uk


EMI GROUP: Pre-tax Profit Lower, but in Line with Forecast
----------------------------------------------------------
Highlights:

(a) EMI Group turnover declined by 5.1% at constant currency,
    with EMI Music Publishing turnover increasing by 4.9% and
    EMI Music turnover declining by 7.4%;

(b) EMI Group's digital sales more than tripled to GBP49.7
    million, representing 2.5% of total Group turnover for the
    year and 3.5% in the final quarter;

(c) group operating margin increased to 12.0% from 11.8%;

(d) EMI Music's previously announced restructuring initiatives
    delivered cost savings of GBP35 million in the year, GBP10
    million ahead of plan, with a further GBP15 million of
    savings expected in the current year;

(e) Group Profit before tax, amortization and exceptional items
    (Adjusted PBT) was GBP141.9 million, in line with the 15
    April trading update, and compares to GBP163.3 million in
    the prior year;

(f) adjusted diluted EPS of 13.0p compared to 15.5p in the prior
    year;

(g) full-year dividend maintained at 8.0p per share; and

(h) EMI maintains its positive outlook on the global recorded
    music market as declines in physical music sales continued
    to moderate during the year and digital music sales grew at
    a very rapid pace.

Eric Nicoli, Chairman of EMI Group, said: "In a still
challenging trading environment we have seen some encouraging
market trends and have made strategic progress in the past year.
EMI Music Publishing achieved strong growth in both sales and
profits.  EMI Music's sales fell short of our original
expectations due, in part, to lower than anticipated reorders in
the fourth quarter and the rescheduling of two major album
releases.  The impact on the overall results for the Group was
partially mitigated by the successful implementation of our
restructuring program at EMI Music, which delivered cost savings
ahead of plan.  We remain positive on the outlook for the music
industry and expect to deliver an improved performance in the
year ahead.

                 EMI Group Operating Overview

Industry

"Global music market conditions continued to improve during the
year.  A key driver has been the very rapid growth in legitimate
digital music.  For the year, digital music represented more
than two percent of the global music market as compared to last
year when sales had just started to take off.  We remain
confident that digital music will drive the industry forward at
attractive growth rates in the coming years and that it will
become a significantly larger proportion of our business.

"We are also encouraged by trends in global physical music
sales, where declines continued to moderate.  During the year we
saw a considerable improvement in Continental Europe, one of the
most challenging regions in recent years.  While we still saw a
decline in value year-on-year, the magnitude of decline has
significantly reduced, particularly in the key German and French
markets.  We also saw a notable improvement in the Japanese and
Latin American markets.  The North American market softened
during the year, particularly during our second half.

EMI Music

"EMI Music's performance for the financial year was impacted by
lower than anticipated reorders in the fourth quarter and the
rescheduling of two major albums into the current financial
year.

"During the year, we successfully completed our announced
restructuring initiatives at EMI Music, including the
outsourcing of manufacturing in the  United States and Europe
and the restructuring of some of our labels in particular in
Continental Europe.  These initiatives delivered combined costs
savings of GBP35 million in the year, GBP10 million ahead of
plan.  The remaining GBP15 million of annualized savings are
expected to be realized in the current financial year, bringing
the total annualized cost savings to GBP50 million.  We continue
to be focused on improving our overall efficiency through
efforts targeted at procurement and marketing effectiveness
together with our IT change program.

"EMI Music has continued to invest in artist development, the
core of our business, and has a strong track record of
developing artists who have success on a multiple-album basis.
Top sellers in the year included albums from Robbie
Williams, Tina Turner, Norah Jones, Beastie Boys, Blue, Kylie
Minogue, Lenny Kravitz, Chingy and Moby.  During the year, EMI
Music continued to build upon the initial success of newer
superstars, Joss Stone, Keith Urban and Yellowcard.  We are
continually strengthening our active roster of global
superstars, which numbers nearly 50 artists.

"EMI Music is aggressively pursuing the digital market.  During
the year, we have worked hard to put in place the right digital
partnerships globally to ensure that, as an owner of digital
content, we maximize this opportunity.

Outlook

"EMI Group is a music-content company.  We are focused on
building shareholder value by developing the best musical
content at EMI Music and EMI Music Publishing and fully
exploiting this unique content on a global basis through all
viable and economically attractive channels.  New formats, uses,
outlets and channels for our music content, particularly those
related to digital music, are providing real growth to our
markets.  We continue to invest in a structured manner to yield
the greatest value from our music content and the new
opportunities brought about by digital.

"Looking to the year ahead, we remain positive on the outlook
for the music industry and expect to deliver an improved
performance.  EMI Music's portfolio of releases should drive
market share gain and increased profitability.  The positive
momentum at EMI Music Publishing should continue.  Both
businesses will benefit from improving long-term recorded music
market trends, driven by continued strong growth in digital
music.

                    Financial review

Turnover

"Reported Group turnover fell by 8.4% or GBP177.9 million to
GBP1,942.8 million.  The decline, excluding exchange movement,
was 5.1% or GBP107.1 million.  The adverse exchange movement was
largely driven by a decline in the weighted average rate of the
U.S. Dollar against Sterling from US$1.70 last year to US$1.85
in 2004/05.

"At constant currency, turnover in EMI Music fell by 7.4%,
declining in all regions apart from Latin America.  The
disappointing level of reorders for second-half releases and the
slippage of two major albums out of the financial year was
partially offset by stronger catalogue sales.

"At constant currency, turnover in EMI Music Publishing was up
on the prior year in all geographic regions and by 4.9% at a
divisional level.  The increase in turnover was driven by strong
growth in performance, synchronization and other revenues.
Mechanical revenues were below the prior year, driven by the
decline in the global recorded music market.

"Group digital sales increased to GBP49.7 million from GBP15.1
million in the prior year, an increase of 329% at constant
currency.  Digital sales represented 2.5% of total Group
turnover for the year, with the percentage increasing
sequentially during the year from 2.2% in the first quarter to
3.5% in the fourth quarter.

Costs

"During the course of the year, all costs were tightly
controlled.  Administration expenses were reduced by GBP31.6
million and gross margin, after distribution costs, improved
from 35.3% to 35.7%.

"Royalty and copyright costs, manufacturing and distribution
costs together with marketing and promotion costs are all
largely variable with turnover.  They have, therefore, declined
in absolute terms but, as a result of greater efficiencies,
there has been a relative improvement particularly in marketing
and promotion costs.  Group corporate costs were higher in the
year due to increased legal and regulatory costs.

"The cost structure was improved over the year by the
outsourcing of manufacturing in the United States and Europe and
the restructuring of some of our record labels, particularly in
Continental Europe.  These initiatives delivered savings of
GBP35 million in the year and are expected to deliver further
savings of GBP15 million in the current financial year, bringing
the total annualized cost savings to GBP50 million.

Operating Profit

"Group operating profit (EBITA) declined by GBP16.4 million or
6.6% from GBP249.3 million to GBP 232.9 million.  Excluding
exchange the decline in EBITA was GBP8.7 million or 3.5%.
"EMI Music reported EBITA of GBP132.7 million, a decline of
GBP11.8 million or 8.0% at constant currency on the prior year.
The EBITA contribution from the Continental Europe region
increased significantly in the year but this improvement was
more than offset by declines in North America and Asia.
Operating margin remained constant at 8.6%, further evidence of
the Group's determination not to chase unprofitable sales and
its ability to control costs.

"EMI Music Publishing reported EBITA of GBP100.2 million, a
growth of 3.0% at constant currency on the prior year.
Operating margin declined from 25.6% to 25.0%.  This decline in
margin was primarily attributable to an increase in allocated
corporate costs.

"Group operating margin increased again from 11.8% to 12.0%.

                 EMI Music Operating Review

Market Overview

"EMI Music continues to operate in a marketplace that is
undergoing significant change, primarily driven by the rapid
development of digital music.  Market trends during the
financial year lead us to remain positive on the outlook for the
global recorded music market and optimistic about the
opportunities digital will continue to bring.

"The global recorded music market, combining physical and
digital music sales, declined by only an estimated 1.0% during
the year, a significant improvement on the 5.6% decline reported
in the prior year.

"While market conditions remain mixed by region, we have seen
improving trends in physical music sales year-on-year in nearly
all regions.  Most encouraging has been the improvement seen in
Continental Europe, particularly in the second half of the
financial year.  This improvement has been driven by a
significant reduction in the rate of decline in the key German
and French markets.  We also saw a notable improvement in the
Japanese and Latin American markets.  The North American market
softened during the year, particularly during our second half.

"Music video continued to be a growing segment of the global
physical industry, up 6.3% on the prior year.  We see increasing
market opportunities for higher value-added physical music
product that delivers increased music content to consumers and
we are working on the development and introduction of new
formats and products, for example DualDisc.

"EMI Music delivered digital sales of GBP35.6 million for the
financial year, an increase of more than 300% on the prior year
with digital sales now representing 2.2% of total revenues.

Performance Review

"Despite this improved market backdrop, EMI Music had a
challenging year because of, in part, the changes to the release
schedule and the lower than anticipated re-orders in the fourth
quarter.  This resulted in a disappointing second half
performance, with the portfolio underperforming both our own
expectations and the global music market.  For the year, EMI
Music sales declined by 7.4% at constant currency and market
share fell to 12.9% from 13.5% in the prior year.  Prior year
global market share has been restated to reflect exchange rate
movements.

"In particular, the change of release dates of two major albums,
X&Y from Coldplay and Demon Days from Gorillaz, from the last
financial year to the current financial year, had a significant
impact on the results.  While we tightly manage the release
schedule, recording music is a creative process and there can be
instances where changes to the release schedule may adversely
affect results for a specific financial reporting period.  Both
albums will be released in the first quarter of the current
financial year and are expected to be major sellers.

"We also saw our major second-half releases underperforming,
with reorder levels being lower than anticipated in the fourth
quarter.  We are confident that this is not a reflection of the
broader portfolio and we have seen our more recent releases
performing well including albums from Moby, Chemical Brothers,
Faith Evans and Athlete.

"The year had some notable successes.  Robbie Williams' Greatest
Hits was the best-selling album during the financial year,
achieving sales of over 6 million units.  This album was hugely
successful on a global basis and was number one in 18 countries.
It was the industry's sixth best-selling album worldwide during
2004.  In February 2005, Robbie Williams received the British
music industry's award for the best song of the past quarter
century for Angels.  Robbie Williams is now recording his next
album, which is planned for release in the current financial
year.

"In 2004, Joss Stone developed into a global superstar.  Her
latest album, Mind, Body & Soul, has sold 2.8 million units
since its release in August and her first album, The Soul
Sessions, also continued to sell well throughout the year.  Joss
Stone's enormous talent was further recognized when she received
BRIT awards for British Female Solo Artist and British Urban
Act.

"Norah Jones's albums, Feels Like Home and Come Away with Me,
both released in prior financial years, together sold nearly 4
million units during the year.

"The Now compilations enjoyed success both in the U.S. (where
Now 17 sold 3.5 million units) and in the U.K. and Europe (where
three Now albums each sold more than 1 million units).

"As a music-content company, artist and repertoire (A&R) is core
to our business and is a key focus for us.  Our strategy has
been, and continues to be, the development of long-term career
artists who will enjoy success on a multiple-album basis.
During the year, we built upon the initial success of new
superstars, Joss Stone, Keith Urban and Yellowcard, all of whom
we believe will have long, productive and successful careers.
Through breaking new artists, we are continually strengthening
our active roster of global superstars, which now amounts to
nearly 50 artists including Robbie Williams, Coldplay, Norah
Jones, Kylie Minogue, Moby, Lenny Kravitz, Daft Punk, Gorillaz,
Beastie Boys, Paul McCartney, the Rolling Stones, Tina Turner
and Hikaru Utada.

"During the year, we continued to focus on superior catalogue
marketing, maximizing the revenues of our exceptional catalogue
of recordings.  Dino: The Essential Dean Martin, which sold 1
million units during the year, is a good example of our ability
to repackage prior recordings into new, compelling works.  Other
top-selling catalogue albums were The Beatles' 1 and The Beach
Boys' The Sounds of Summer."

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

CONTACT:  EMI GROUP PLC
          27 Wrights Ln.
          London W8 5SW,
          United Kingdom
          Phone: +44-20-7795-7000
          Fax: +44-20-7795-7296
          Web site: http://www.emigroup.com


EXPRESS FREIGHT: Calls in Liquidator from Sanderlings
-----------------------------------------------------
At the extraordinary general meeting of Express Freight
International Limited on May 12, 2005 held at Holiday Inn
Colchester, Abbotts Lane, Eight Ash Green, Colchester CO6 3QL,
the extraordinary resolutions to wind up the company were
passed.  Andrew Fender of Sanderlings LLP, Sanderling House,
1071 Warwick Road, Acocks Green, Birmingham B27 6QT has been
nominated liquidator of the company.

CONTACT:  SANDERLINGS LLP
          Sanderling House,
          1071 Warwick Road,
          Acocks Green, Birmingham B27 6QT


EZEE TOOL: Names Parkin S. Booth & Co. Liquidator
-------------------------------------------------
At the extraordinary general meeting of Ezee Tool Hire Limited
on May 25, 2005 held at the offices of Parkin S. Booth & Co, 44
Old Hall Street, Liverpool L3 9EB, the extraordinary and
ordinary resolutions to wind up the company were passed.  Ian C.
Brown of Parkin S. Booth & Co, 44 Old Hall Street, Liverpool L3
9EB has been appointed liquidator of the company.

CONTACT:  PARKIN S. BOOTH & CO.
          44 Old Hall Street,
          Liverpool L3 9EB
          Phone: 0151 236 4331
          Fax:   0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk


FOCUS ON FOOD: Deadline for Debt Claims July
--------------------------------------------
At the extraordinary general meeting of the members of Focus On
Food Limited on May 17, 2005 held at New House Suite 24, 67-68
Hatton Garden, London EC1N 8JY, the extraordinary resolution to
wind up the company was passed.  William Antony Batty of Antony
Batty & Company, of New House, Suite 24, 67-68 Hatton Garden,
London EC1N 8JY has been appointed liquidator of the company.

Creditors are required to send in their full names and
addresses, full particulars of their debt or claims, and the
names and addresses of their Solicitors (if any), to William
Antony Batty of Antony Batty & Company, of New House, Suite 24,
67-68 Hatton Garden, London EC1N 8JY on or before July 31, 2005.

CONTACT:  ANTONY BATTY & COMPANY
          New House
          Suite 24
          67-68 Hatton Garden
          London EC1N 8JY
          Phone: 020 7831 1234
          Fax: 020 7430 2727
          E-mail: antonybatty@hotmail.com


FOUR DOWN: Calls in Liquidators
-------------------------------
At the extraordinary general meeting of the members of Four Down
Limited on May 19, 2005 held at the offices of Jacksons Jolliffe
Cork, Lowgate House, Lowgate, Hull HU1 1EL, the extraordinary
and ordinary resolutions to wind up the company were passed.
Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork, Lowgate House, Lowgate, Hull HU1 1EL have been
appointed joint liquidators of the company.

Creditors are required to send their names and addresses and
particulars of their claims to Matthew Colin Bowker and David
Antony Willis of Jacksons Jolliffe Cork, Lowgate House, Lowgate,
Hull HU1 1EL on or before June 19, 2005.

CONTACT:  JACKSON JOLLIFFE CORK
          Lowgate House,
          Lowgate, Hull HU1 1EL
          Web site: http://www.jjcork.co.uk


GCC INTERNATIONAL: Members Pass Winding-up Resolution
-----------------------------------------------------
At the extraordinary general meeting of the members of GCC
International Limited on May 9, 2005 held at Stanton House, 41
Blackfriars Road, Salford, Manchester M3 7DB, the extraordinary
resolution to wind up the company was passed.  Alex Kachani of
Crawfords, Station House, 41 Blackfriars Road, Salford,
Manchester M3 7DB has been nominated liquidator of the company.

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


G & G PUGH: Appoints Barringtons Liquidator
-------------------------------------------
At the extraordinary general meeting of G & G Pugh Limited on
May 19, 2005 held at Barringtons Limited, Richmond House, 570-
572 Etruria Road, Basford, Newcastle under Lyme, Staffordshire
ST5 0SU, the extraordinary and ordinary resolutions to wind up
the company were passed.  Philip Barrington Wood of Barringtons
Limited, Richmond House, 570-572 Etruria Road, Basford,
Newcastle Under Lyme, Staffordshire ST5 0SU has been appointed
liquidator of the company.

CONTACT:  BARRINGTONS
          Richmond House
          570-572 Etruria Road
          Basford
          Newcastle Under Lyme
          Staffordshire ST5 0SU
          Phone: 01782 713700
          Fax: 01782 713379
          E-mail: pbw@barraccount.co.uk


HERITAGE FINANCIAL: Appoints Tomlinson Liquidator
-------------------------------------------------
At the extraordinary general meeting of Heritage Financial
Services Limited on May 17, 2005 held at 1 Heritage Court, Lower
Bridge Street, Chester CH1 1RD, the resolutions to wind up the
company were passed.  Alan H. Tomlinson of Tomlinsons, St John's
Court, 72 Gartside Street, Manchester M3 3EL has been appointed
liquidator of the company.

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


JOHN RICH: Hires Liquidator from Critchleys
-------------------------------------------
At the extraordinary general meeting of John Rich Fabrications
Limited on May 19, 2005 held at Larkings Accountants, 31 St
Georges Place, Canterbury, Kent CT1 1XD, the extraordinary and
ordinary resolutions to wind up the company were passed.
Anthony John Harris of Critchleys, Greyfriars Court, Paradise
Square, Oxford OX1 1BE has been appointed liquidator of the
company.

CONTACT:  CRITCHLEYS
          Greyfriars Court,
          Paradise Square, Oxford OX1 1BE
          Phone: +44 (0) 1865 261100
          Fax:   +44 (0) 1865 261201
          E-mail: Oxford@critchleys.co.uk
          Web site: http://www.critchleys.co.uk


J P BIRMINGHAM: Appoints Butcher Woods Liquidator
-------------------------------------------------
At the extraordinary general meeting of J P Birmingham Limited
(t/a The James Brindley) on May 18, 2005 held at Butcher Woods,
79 Caroline Street, Birmingham B3 1UP, the extraordinary and
ordinary resolutions to wind up the company were passed.
Roderick Graham Butcher of Butcher Woods, 79 Caroline Street,
Birmingham B3 1UP has been appointed liquidator of the company.

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


J S MOULDINGS: Calls in Liquidator
----------------------------------
At the extraordinary general meeting of J S Mouldings
International Limited on May 19, 2005 held at Customs House, 9-
10 Hampshire Terrace, Portsmouth PO1 2QF, the extraordinary
resolution to wind up the company was passed.  Phillip Anthony
Roberts of 9-10 Hampshire Terrace, Portsmouth PO1 2QF has been
appointed liquidator of the company.

CONTACT:  Phillip Anthony Roberts
          9-10 Hampshire Terrace,
          Portsmouth PO1 2QF


JUBILEE COURT: Gives Creditors Until July to File Claims
--------------------------------------------------------
At the extraordinary general meeting of the members of Jubilee
Court Hotel Management Ltd. on May 20, 2005 held at 68 Lombard
Street, London EC3V 8LP, the extraordinary and ordinary
resolutions to wind up the company were passed.  Richard Andrew
Segal and Paul Michael Davis of Begbies Traynor (South) LLP, 32
Cornhill, London EC3V 3BT have been appointed joint liquidators
of the company.

Creditors are required to send their names and addresses and
particulars of their debt or claims and the names and addresses
of the Solicitors (if any), to Richard Andrew Segal and Paul
Michael Davis of Begbies Traynor, 32 Cornhill, London EC3V 3BT
on or before July 4, 2005.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


KELITH LIMITED: Creditors Meeting Tomorrow
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Kelith Limited

Notice is hereby given, pursuant to Section 98 of the Insolvency
Act 1986, that a Meeting of the Creditors of Kelith Limited will
be held within Cowan & Partners CA, 60 Constitution Street,
Leith on June 2, 2005 at 11:00 a.m. for the purposes mentioned
in Sections 99, 100 and 101 of the said Act.

A list of the names and addresses of the Company's Creditors may
be inspected, free of charge, at the offices of Cowan &
Partners, 60 Constitution Street, Leith, Edinburgh two days
prior
to the meeting.

By Order of the Board,
Iain Mathieson, Director
May 20, 2005

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


MESH BROADBAND: Members Hire Liquidator from B & C Associates
-------------------------------------------------------------
At the extraordinary general meeting of the members of Mesh
Broadband Limited on May 20, 2005 held at Trafalgar House,
Grenville Place, London NW7 3SA, the extraordinary resolution to
wind up the company was passed.  Jeffrey Mark Brenner of B & C
Associates, Trafalgar House, Grenville Place, Mill Hill, London
NW7 3SA has been appointed liquidator of the company.

CONTACT:  B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Phone: 0208 906 7730
          Fax: 0208 906 7731


MG ROVER: PwC Bares Commercial Secrets to Prospective Bidders
-------------------------------------------------------------
Potential buyers of MG Rover assets were reportedly given access
to previously confidential information about the carmaker, said
The Scotsman Sunday.

Among these commercial secrets held by administrators
PricewaterhouseCoopers were the comprehensive engineering and
production costs for MG and Rover cars.  Citing an MG insider,
Financial Sunday Express said prospective bidders were allowed
to view the data to prove the company's healthy business plan.

Last month, PwC asked potential buyers to provide proof of funds
for their bids.  Interest in the business has been narrowed down
to three potentially viable proposals, which are now being
explored in detail.

Meanwhile, sale talks over the rest of the business and assets
are ongoing with two interested parties.  Companies eyeing the
MG sports car business reportedly include engineering
consultancy Chapman Automotive and a consortium led
by Powertrain Limited's former boss.

The company collapsed on April 8 after a tie-up with the
Shanghai Automotive Industry Corporation (SAIC) failed to
materialize, leaving more than 5,000 workers jobless.  Last week
it rehired over 400 former workers, while 800 are under
training.  MG Rover has reportedly provided companies emergency
grants worth GBP2 million to temporarily retain more than 2,000
employees.

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


MTM PRINT: Members Decide to Call in Liquidators
------------------------------------------------
At the extraordinary general meeting of the members of MTM Print
Limited on May 19, 2005 held at New House, Suite 24, 67-68
Hatton Garden, London EC1N 8JY, the extraordinary resolution to
wind up the company was passed.  William Antony Batty of Antony
Batty & Company of New House, Suite 24, 67-68 Hatton Garden,
London EC1N 8JY has been appointed liquidator of the company.

Creditors are required to send in their full names and
addresses, full particulars of their debt or claims, and the
names and addresses of their Solicitors (if any) to William
Antony Batty of Antony Batty & Company of New House, Suite 24,
67-68 Hatton Garden, London EC1N 8JY on or before June 24, 2005.

CONTACT:  ANTONY BATTY & COMPANY
          New House
          Suite 24
          67-68 Hatton Garden
          London EC1N 8JY
          Phone: 020 7831 1234
          Fax: 020 7430 2727
          E-mail: antonybatty@hotmail.com


MYTRAVEL GROUP: Hires Ambergreen to Market Online Brands
--------------------------------------------------------
MyTravel Group plc has signed a 12-month contract with
Ambergreen Internet Marketing Ltd., as it targets a bigger slice
of the market for its 25 online brands.

Ambergreen is an Internet marketing consultancy based in
Edinburgh that specializes in increasing qualified traffic to
Web sites, and improving search engine rankings through
customized search engine optimization solutions.

According to The Scotsman Tuesday, the travel agency also aims
at responding to customers' increased preference towards online
booking for holiday travels.  The move follows similar
agreements with high-profile companies including Mercedes,
Hamleys and Boots.

Ambergreen founder and managing director Tino Nombre said: "Even
if you don't book your holiday online, it is likely that you
will research your holiday online.  This means there is a
massive market that a company like MyTravel can attract to its
various sites and then work to convert to customers."

With Ambergreen's aid, MyTravel's broad range of brands will be
more accessible to appropriate audience through search engines
like Google and Yahoo.  The agency will also be updated on its
promotional campaign's "return on investment" as payments per
click will be monitored and eventually, translated into sales.

CONTACT:  MYTRAVEL GROUP PLC
          Parkway One, Parkway Business Centre,
          300 Princess Rd.
          Manchester
          M14 7QU, United Kingdom
          Phone: +44-161-23-20-066
          Fax: +44-161-23-26-524
          Web site: http://www.mytravelgroup.com

          AMBERGREEN INTERNET MARKETING LTD.
          111 George Street
          Edinburgh
          EH2 4JN
          Scotland
          United Kingdom
          Phone: (+44) 0131 225 0720
          Fax: (+44) 0131 225 0730
          Web site: http://www.ambergreeninternetmarketing.com


NETWORX CORPORATE: Shareholders Approve Winding-up Resolutions
--------------------------------------------------------------
At the extraordinary general meeting of the members of Networx
Corporate Communications Limited (t/a Conference Team) on May
19, 2005 held at O'Hara & Co, Wesley House, Huddersfield Road,
Birstall, Batley WF17 9EJ, the extraordinary and ordinary
resolutions to wind up the company were passed.  Peter O'Hara
and Simon Weir of O'Hara & Co, Wesley House, Huddersfield Road,
Birstall, Batley WF17 9EJ have been appointed joint liquidators
of the company.

CONTACT:  O'HARA & CO.
          Wesley House
          Huddersfield Road
          Birstall
          Batley
          West Yorkshire WF17 9EJ
          Phone: 01924 477449
          Fax: 01924 475262
          E-mail: insol@ohara.co.uk


OCTEL CORP.: Reviews Biz Amidst Uncertainty in TEL Market
---------------------------------------------------------
As Octel Corp. has regularly stated, our business in the
tetraethyl lead (TEL) market is subject to various risks,
including the timing of orders received from customers, the gain
or loss of significant customers, the effects of changing
government regulations and economic and market conditions,
competition from other manufacturers and changes in the demand
for our products, including, as reported in our most recent
Annual Report on Form 10K and Annual Report to Shareholders, the
rate of continuing decline in demand for TEL.

Management monitors developments in the TEL market and such
risks closely.  In its Form 10-Q for the first quarter of 2005,
Octel announced that developments in one of its major markets
have indicated that there was a possibility that a customer may
exit the TEL market earlier than had been expected.  A senior
team has visited the country to better understand and discuss
the position.

This major customer has since cancelled purchase orders in
relation to its May shipments, which have consequently not been
delivered.  The company believes that this customer has
accelerated its phase out of the use of leaded gasoline for
motor vehicles, possibly to as early as this year.  The company
is, however, continuing to work with the customer and will
continue to monitor the situation.  If this customer takes no
further shipments, this will significantly impact the predicted
revenues for the company's TEL business.

In 2004 and 2003, the net sales to this customer were $63.6
million and $50.6 million respectively.  The net sales in the
first quarter 2005 were $6.6 million.  At this stage, however,
the company cannot predict the impact these events may have on
its financial performance for the year.

Against the background of a declining TEL market, the Board of
Directors had, at its May 2, 2005 meeting, already authorized a
review of corporate costs with the goal of aligning these costs
to the future needs of the business.  Management believes that
this review is likely to result in a significant reduction in
corporate costs.

These events will require the company to review the TEL goodwill
impairment charge, restructuring costs and its manufacturing
capacity plans, together with the terms of its senior credit
facility with its senior lenders, each of which could be
materially effected by such events.  The company has initiated
this process and will provide a further update in its
Quarter 2 Form 10-Q.

Paul Jennings, Acting Chief Executive Officer commented: "TEL
has always been a very difficult and uncertain market within
which to operate.  Octel has accepted that this is a feature of
this market and that countries may exit the market earlier or
later than expected."

"Octel is capable of positively responding to this latest
challenge.  This is amply demonstrated by the excellent results
achieved so far in managing the decline in the TEL business,
improving performance and growing the Petroleum Specialties and
Performance Chemicals businesses, together with the appropriate
alignment of corporate costs to the needs of the business."

Octel Corp., (NYSE: OTL) a Delaware corporation, is a global
chemical company specializing in high performance fuel additives
and special and effect chemicals.  The company's strategy is to
manage profitably and responsibly the decline in world demand
for its major product -- tetraethyl lead (TEL) in gasoline --
rough competitive differentiation and stringent product
stewardship, to expand its Petroleum Specialties and Performance
Chemicals businesses organically through product innovation and
focus on customer needs, and to seek synergistic growth
opportunities through joint venture, alliances, collaborative
arrangements and acquisitions.

                            *   *   *

Standard & Poor's Ratings Services revised earlier its outlook
on Octel Corp. to negative from stable, as a result of the
declining market of its main product tetraethyl lead (TEL), a
lead-based fuel additive, and the challenges faced by the
company in seeking replacement activities.  At the same time,
the 'BB' long-term corporate credit rating on the group was
affirmed.

CONTACT:  OCTEL CORPORATION
          Global House, Bailey Lane
          Manchester, EN M90 4
          Phone: +44 011-44-161-498-8889
          Web site: http://www.octel-corp.com/

          Andrew Hartley, Investor Relations
          Phone: +44-161-498-1858

          CITIGATE SARD VERBINNEN
          Victoria Hofstad
          Phone: +1-212-687-8080


OPENALPHA LTD.: Liquidator from Roger Evans Moves in
----------------------------------------------------
At the extraordinary general meeting of the members of Openalpha
Ltd. on May 18, 2005 held at Rogers Evans, 20Brunswick Place,
Southampton SO15 2AQ, the extraordinary and ordinary resolutions
to wind up the company were passed.  T. C. Evans has been
appointed liquidator of the company.

Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims, and the names and addresses of their
Solicitors (if any), to T. C. Evans, Rogers Evans, 20 Brunswick
Place, Southampton SO15 2AQ on or before June 22, 2005.

CONTACT:  ROGERS EVANS
          20 Brunswick Place
          Southampton
          Hampshire SO1 2AQ
          Phone: 023 8033 5888
          Fax: 023 8033 4400
          E-mail: tevans@rogersevans.co.uk


PANTHER MOTOR: Appoints Sanderlings Liquidator
----------------------------------------------
At the extraordinary general meeting of Panther Motor Sport
Limited on May 17, 2005 held at Church Steps House, Queensway,
Halesowen, West Midlands B63 4AB, the extraordinary resolutions
to wind up the company were passed.  Andrew Fender of
Sanderlings LLP, Sanderling House, 1071 Warwick Road, Acocks
Green, Birmingham B27 6QT has been nominated liquidator of the
company.

CONTACT:  SANDERLINGS LLP
          Sanderling House,
          1071 Warwick Road,
          Acocks Green, Birmingham B27 6QT


POCKETWATCH SYSTEMS: Liquidator's Report Out Later this Month
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Pocketwatch Systems Limited
                        (In Liquidation)

Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a General Meeting of the Members of Pocketwatch
Systems Limited will be held at Bruntsfield House, 6 Bruntsfield
Terrace, Edinburgh EH10 4EX, on June 24, 2005, at 12:00 noon,
for the purpose of having an account laid before the Meeting
showing how the winding-up of the Company has been conducted and
the property of the Company has been disposed of, and of hearing
any explanations that may be given by the Liquidator.

K. V. Anderson, Liquidator
May 18, 2005

CONTACT:  SCOTT & PATERSON
          Bruntsfield House
          6 Bruntsfield Terrace
          Edinburgh EH10 4EX
          Phone: 0131 229 2392
          Fax: 0131 228 5587
          E-mail: mail@scottandpaterson.co.uk
          Web site: http://www.scottandpaterson.co.uk

          Keith Veitch Anderson
          E-mail: Keith.Anderson@scottandpaterson.co.uk
          Phone: 0131 248 2638
          Fax: 0131 248 2608


QXL RICARDO: Appoints Two New Non-executive Directors
-----------------------------------------------------
Dan Barnea has been appointed as independent non-executive
director of QXL Ricardo plc effective 27 May 2005.

Mr. Barnea, 60, is the Senior Vice President of Research and
Development at BMC Software, Inc., a provider of enterprise
management systems.  BMC Software is listed on the New York
Stock Exchange and had revenues of over US$1.4 billion in the
year to 31 March 2004.  Mr. Barnea has worked for BMC Software
since 1999, when BMC Software acquired the NASDAQ listed
company, New Dimension Software, Inc. for a cash consideration
of approximately US$675 million.

He was Chief Executive Officer of New Dimension Software and is
credited with the significant turnaround of that business and
establishing it as a leading player in the systems management
industry.  Mr. Barnea has held several other senior management
positions in technology companies including CEO of Laser
Industries, general manager for Indigo, and vice president of
research and development for Elscint.

Mr. Barnea is currently a non-executive director of Radcom
Limited, another NASDAQ listed company.  He holds a BSc degree
in Electrical Engineering and an MSc degree in Computer Science,
both from the Technion Israel Institute of Technology.

The Company believes that Mr. Barnea's technological and
management expertise will be of great benefit to the Company.
It is intended that Mr. Barnea will act as Chairman of the
Company's Audit Committee and that he will also serve on the
Company's Remuneration and Nomination Committees.

The Company has also named Abraham Neyman as a non-executive
director effective 27 June 2005.

Mr. Neyman, 56, has been a Professor of Mathematics at the
Hebrew University of Jerusalem since 1982 and is a world expert
in the mathematical analysis of conflict (game theory).  Over
the past three decades, he has held academic positions at
Cornell University, the University of California, Berkeley,
Stanford University and Harvard University.

In 1999, Mr. Neyman founded Bidorbuy.com, the first online
auction company to operate in India.  The Indian operation
subsequently merged with Bazee.com, which in turn was acquired
by eBay Inc. in 2004.  Bidorbuy continues to operate in South
Africa.

Mr. Neyman holds a Ph.D. (summa cum laude) in Mathematics from
the Hebrew University of Jerusalem.  He is currently a director
of Gilat Satellite Networks Limited, a NASDAQ listed company
with over 900 employees and annual revenues of over US$200
million.

Mr. Neyman will be appointed as a director as a nominee of a
group of shareholders, who together hold approximately 26.2% of
the Company's issued ordinary share capital.  The Izaki Group
has sought to requisition an extraordinary general meeting of
shareholders to consider the appointment of Mr. Neyman under
Section 368 of the Companies Act 1985.

However, the Board has agreed with the Izaki Group that it would
be more cost-effective for the Company and more convenient for
its shareholders if Mr. Neyman's appointment is considered by
shareholders at the forthcoming annual general meeting of the
Company.

The Izaki Group has indicated that they strongly support the
Board's existing strategy of focusing the Company's resources in
those countries in which the Company has leading market
positions and pursuing aggressively the Company's legal claims
in Poland.  The Board also believes that Mr. Neyman's academic
qualifications and business expertise in the area of online
auctions will be of significant benefit to the Company.

In accordance with the Company's Articles of Association, the
appointments of both Mr. Barnea and Mr. Neyman will expire at
the Company's forthcoming annual general meeting and both of
them will be subject to re-election by shareholders at that
meeting, to be held on 28 June 2005.  Formal notice of this
meeting will be sent to shareholders next week.

The Company will continue to review the composition of its Board
in the context of the Company's particular situation and ongoing
developments in corporate governance best practice.

                            *   *   *

Last week, QXL Ricardo revealed that its operating loss
(excluding exceptional items and goodwill) has decreased 90% to
GBP368,000, compared to GBP3.51 million for the year ended 31
March 2004.

It also registered a 79% drop on its loss on ordinary activities
before taxation, posting a loss of GBP1.35 million compared to
GBP6.47 million the year earlier.

CONTACT:  QXL RICARDO PLC
          The Matrix Complex
          91 Peterborough Road
          London SW6 3BU
          Contact:
          Mark Zaleski, Chief Executive Officer
          Robert Dighero, Chief Financial Officer
          Tom Parkinson, Company Secretary
          Phone: +44 (0)20 7384 6310

          Financial Dynamics
          James Melville-Ross
          Juliet Clarke
          Phone: +44 (0)20 7831 3113


RAVELIKE LTD.: Holds Final Creditors Meeting
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                  IN THE MATTER OF Ravelike Ltd.
                        (In Liquidation)

Notice is hereby given pursuant to section 146 of the Insolvency
Act 1986 that a final meeting of the creditors of Ravelike Ltd.
will be held at 44 Victoria Road, Kirkcaldy KY1 1DH on June 22,
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.

C. Convy, Liquidator

CONTACT:  TENON RECOVERY
          44 Victoria Road
          Kirkcaldy KY1 1DH
          Phone: 01592 263212
          Fax: 01592 641180
          E-mail: kirkcaldy@tenongroup.com
          Web site: http://www.tenongroup.com


RIVERDEEP GROUP: Hires Valentine & Co. as Liquidator
----------------------------------------------------
Name of companies:
Riverdeep Group Limited
Riverdeep Productions Limited

At the extraordinary general meeting of these companies on May
19, 2005 held at the offices of Valentine & Co., 4 Dancastle
Court, 14 Arcadia Avenue, London N3 2HS, the extraordinary and
ordinary resolutions to wind up the company were passed.  Robert
Valentine and Mark Reynolds, of Valentine & Co., 4 Dancastle
Court, 14 Arcadia Avenue, London N3 2HS have been appointed
joint liquidators of the company.

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


ROYAL MAIL: Rural Network to Collapse Without State Subsidy
-----------------------------------------------------------
State-owned Royal Mail is holding talks with the government on a
new scheme aimed at reducing cost without sacrificing service to
the rural areas, Europe Intelligence Wire says.

At present, the company operates 8,000 rural post offices that
are partly subsidized by the government via a GBP150 million-a-
year package.  Whitehall is now debating which between the
Department of Trade and Industry and the Department of
Environment Food and Rural Affairs should fund the subsidy when
it expires in 2008.  The DTI current subsidizes the rural post
network, which could be 80%-paralyzed if the government cancels
the funding.

CEO Adam Crozier is now studying the possibility of replacing
rural outlets with mobile post office run from the back of a van
to cut cost, which currently runs at GBP3 million a week.  A
Royal Mail spokesman confirmed this in an interview with Europe
Intelligence Wire.

"We are engaged in discussions with government and the relevant
politicians about rural post offices in Scotland and other areas
of the U.K. to see if Post Office Ltd. can provide services to
customers in a different way," he said. "Once we have decided on
the pilot areas, we will begin discussions with communities
involved to see how it will affect them."

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


R S PRECISION: Appoints Moore Stephens Liquidator
-------------------------------------------------
At the extraordinary general meeting of R S Precision
Engineering Limited on May 19, 2005 held at the offices of Moore
Stephens, Corporate Recovery, Victory House, Admiralty Place,
Chatham Maritime, Kent ME4 4QU, the subjoined extraordinary
resolution to wind up the company was passed.  David Ronald
Elliott of Moore Stephens, Corporate Recovery, Victory House,
Admiralty Place, Chatham Maritime, Kent ME4 4QU has been
appointed liquidator of the company.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Victory House
          Admiralty Place
          Chatham Maritime
          Kent ME4 4QU
          Phone: +44 (01634) 895100
          Fax: +44 (01634) 895101
          Web site: http://www.moorestephens.com


STARK ENGINEERING: Decides to Liquidate Assets
----------------------------------------------
At the extraordinary general meeting of the members of Stark
Engineering Ltd. on May 20, 2005 held at 3rd Floor, Regent
House, Bath Avenue, Wolverhampton WV1 4EG, the extraordinary
resolution to wind up the company was passed.  Mark Jonathan
Botwood of Muras Baker Jones, Regent House, Bath Avenue,
Wolverhampton WV1 4EG has been appointed liquidator of the
company.

CONTACT:  MURAS BAKER JONES & COMPANY
          Regent House
          3rd Floor
          Bath Avenue
          Wolverhampton
          West Midlands WV1 4EG
          Phone: 01902 393007
          Fax: 01902 393010
          E-mail: mjb@muras.co.uk


TECHTONIK LTD.: Members Call in Liquidator from RMT
---------------------------------------------------
At the extraordinary general meeting of the members of Techtonik
Ltd. on May 16, 2005 held at the offices of RMT, 3Portland
Terrace, Newcastle upon Tyne NE2 1QQ, the extraordinary
resolution to wind up the company was passed.  A. A. Josephs and
L. A. Farish of RMT, 3 Portland Terrace, Newcastle upon Tyne NE2
1QQ have been appointed liquidators of the company.

CONTACT:  RMT
          3 Portland Terrace
          Jesmond
          Newcastle Upon Tyne
          Tyne And Wear NE2 1QQ
          Phone: 0191 281 8816
          Fax: 0191 281 0530
          E-mail: linda.farish@r-m-t.co.uk


TENTAZIONE LIMITED: Appoints Liquidators from Gerald Edelman
------------------------------------------------------------
At the extraordinary general meeting of the members of
Tentazione Limited (t/a Tentazioni) on May 20, 2005 held at 25
Harley Street, London W1G 9BR, the extraordinary and ordinary
resolutions to wind up the company were passed.  Bernard Hoffman
and Ian Yerrill of 25 Harley Street, London W1G 9BR have been
appointed joint liquidators of the company.

CONTACT:  GERALD EDELMAN BUSINESS RECOVERY
          25 Harley Street
          London W1N 2BR
          Phone: 020 7299 1400
          Fax: 020 7637 1440
          E-mails: bhoffman@GeraldEdelman.com
                   insolvency@edelman.co.uk


TRANSCOAST LONDON: Liquidator from Robert Day & Company Moves in
----------------------------------------------------------------
At the extraordinary general meeting of the members of
Transcoast London Limited on May 20, 2005 held at Regus, 1000
Great West Road, Brentford, Middlesex TW8 9HH, the extraordinary
and ordinary resolutions to wind up the company were passed.
Robert Day of Robert Day and Company, Garfield, Church Lane,
Oving, Aylesbury, Buckinghamshire HP22 4HL has been appointed
liquidator if the company.

CONTACT:  ROBERT DAY & COMPANY
          Second Floor
          Exchange Building
          16 St Cuthbert's Street
          Bedford
          Bedfordshire MK40 3JG
          Phone: 0845 125 9458
          Fax: 0845 226 7332
          E-mail: enquiries@robertdayandcompany.com


TRUC VERT: Names Ian Franses Associates Liquidator
--------------------------------------------------
At the extraordinary general meeting of Truc Vert Limited on May
20, 2005 held at 24 Conduit Place, London W2 1EP, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Ian Franses of Ian Franses Associates, 24 Conduit
Place, London W2 1EP has been appointed liquidator of the
company.

CONTACT:  IAN FRANSES ASSOCIATES
          24 Conduit Place
          London W2 1EP
          Phone: 020 7262 1199
          Fax: 020 7262 2662
          E-mail: if@ianfranses.co.uk


W D STONE: Appoints Roger Evans Liquidator
------------------------------------------
At the extraordinary general meeting of the members of W D Stone
Associates Ltd. on May 18, 2005 held at Rogers Evans, 20
Brunswick Place, Southampton SO15 2AQ, the extraordinary and
ordinary resolutions to wind up the company were passed.  T. C.
Evans has been appointed liquidator of the company.

CONTACT:  ROGERS EVANS
          20 Brunswick Place
          Southampton
          Hampshire SO1 2AQ
          Phone: 023 8033 5888
          Fax: 023 8033 4400
          E-mail: tevans@rogersevans.co.uk


WEST CITY: Members Decide to Wind up Company
--------------------------------------------
At the extraordinary general meeting of the members of West City
Community Business Limited on May 17, 2005 held at Fernwood
House, Fernwood Road, Jesmond, Newcastle upon Tyne NE2 1TJ, the
extraordinary and ordinary resolutions to wind up the company
were passed.  William Paxton of Robson Laidler LLP, Fernwood
House, Fernwood Road, Jesmond, Newcastle upon Tyne NE2 1TJ has
been appointed liquidator of the company.

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


                            *********


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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