TCREUR_Public/050602.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, June 2, 2005, Vol. 6, No. 108

                            Headlines

C Z E C H   R E P U B L I C

UNIVERSAL BANKA: Prosecutor Receives Death Threats


F R A N C E

ALSTOM SA: Halves Losses to EUR860 Million
EUROTUNNEL SA: Appoints Robert Rochefort Independent Director


G E R M A N Y

AGFAPHOTO GMBH: Insolvency Isolated in Germany
ANDREAS KARL: Court to Verify Claims August
ECS ENTERPRISE: Claims Deadline Expires July
EXPO ELEKTRO: Interim Administrator Takes over Operations
JACQUELINE WITT: Creditors Meeting Set July

JENOPTIK AG: Suffers One-notch Downgrade; Outlook Remains Stable
JENOPTIK AG: Invests EUR9 Million in Photonics Business
JOSEPH DRECHSLER: Creditors Meeting Set Later this Month
KOITKA GMBH: Applies for Bankruptcy Proceedings
MG TECHNOLOGIES: Lurgi Names Klaus Moll Chairman

MTU AERO: Ratings Under Review for Possible Upgrade
NOWA SMI: Pforzheim Court Appoints Interim Administrator
PECE SPIELE: Under Bankruptcy Administration
RAINBOW IT: Court Appoints Wolfgang Lorisch Administrator
ROTHE & RUDOLF: Interim Administrator Takes over Helm

SE DRUCKWERK: Gives Creditors Until June 22 to File Claims
SGL CARBON: Hikes Prices of Graphite Electrode
VOLKSWAGEN AG: Marks up Production in China


H U N G A R Y

MALEV HUNGARIAN: Another Operating Loss in the Offing


I R E L A N D

ELAN CORPORATION: Names Five New Directors


I T A L Y

CIRIO FINANZIARIA: Investigators Pursue Leads in Switzerland
TISCALI SPA: Wraps up Transfer of Liberty Surf Shares


R U S S I A

AGRO-VICTORY: Declared Insolvent
ARMAS: Tatarstan Court Appoints Insolvency Manager
ASTOR-I: Creditors Have Until June to File Claims
CALYPSO: Bankruptcy Hearing Set October
DAL-ELECTRON-PROM: Deadline for Proofs of Claim June 23

LOSEVSKOYE: Undergoes Bankruptcy Supervision Procedure
MECHANIZED WORKS #7: Declared Insolvent
NIZHNE-AMUR-STROY: Names A. Kurdyukov Insolvency Manager
RUDNOGORSKIY: Succumbs to Bankruptcy
TOGUCHIN - MILK: Falls into Bankruptcy

YUKOS OIL: Seeks Damages for Yuganskneftegaz Sale
YUKOS OIL: Khodorkovsky Gets 9-year Jail Term
YUKOS OIL: Unit Halts Oil Exploration


T U R K E Y

AKBANK T.A.S.: Short-term Currency Ratings Affirmed at 'B'
PETROL OFISI: Outlook Now Positive as Business Climate Improves


U K R A I N E

LVIVSKE MORE: Creditors' Claims Due Next Week
PROMSPETSEXPORT: Declared Insolvent
ROS: Names Sergij Nazarenko Liquidator
ROSAVA: Cherkassy Court Opens Bankruptcy Proceedings
SUDBUDIZOLYATSIYA: Proofs of Claim Deadline Next Week

TV SLAVUTICH: Insolvency Manager Takes over Helm
TYAZHPROMKOMPLEKT: Claims Filing Period Expires Next Week
VESELIVSKE KOMBIKORMOVO-PRODOVOLCHE: Succumbs to Bankruptcy
VIKTORIYA: Under Bankruptcy Supervision
VINNITSYA' TIN: Bankruptcy Supervision Starts


U N I T E D   K I N G D O M

ADVANCED DATA: Member Pass Winding-up Resolution
A K GREEN: Names Liquidator from Campbell Crossley & Davis
ALCESTER COMPUTERS: Members Call in Moore Stephens Liquidator
ALICO KNITWEAR: Liquidator from Springfiels Moves in
ARDEN FLEETS: Hires Deloitte & Touche Liquidator

B & B STRUCTURES: Creditors Meeting Set Next Friday
BEACON INDUSTRIAL: Appoints Knights & Co. Liquidator
BRANSTON & GOTHARD: Creditors to Meet Later This Month
BRIGHT IDEAS: Members Decide to Wind up Company
CABLE & WIRELESS: Returns to Black with Profit of GBP377 Mln

CAMPUS VENTURES: Members Call Liquidator from Begbies Traynor
DERBY NEW: Appoints Campbell Crossley & Davies Liquidator
DUPONT-KANSAI AUTOMOTIVE: Hires Deloitte & Touche Liquidator
EWEN BARNETT: Final Creditors Meeting Set Later This Month
FEDERAL-MOGUL: Insurers Object to MagneTek's Claim

GALLAHER GROUP: Issues New Ordinary Shares
HI-TECH BUILDERS: Liquidator to Present Final Report
HOOVE SALMON: To Increase Returns by Growing 500,000 Salmon
HUMPHRIES HOMESTYLE: Creditors Meeting Set Next Week
ICE PAPER: Creditors to Meet Tuesday

JARVIS PLC: To Decide on Disposals at Next Week's EGM
JARVIS PLC: Board Wants Borrowing Powers Increased
KAPAK LIMITED: Appoints Unity Corporate Recovery Administrator
LOVE THIS: To Hold Creditors Meeting Next Month
MARKS & SPENCER: Smaller Chains Gaining Bigger Market Slices

MARTLET BUSINESS: Names Chamberlain & Co Liquidator
MG ROVER: DTI Orders Further Investigation
MOTOREASY PLC: Hires Administrator from Fisher Partner
MYTRAVEL GROUP: To Release Six-month Results June
MYTRAVEL GROUP: Extends Exchange Offer Deadline to Next Month

PORTMAN ASSOCIATES: Liquidator from Higgs & Sons Moves in
PREMIER PALLETISE: Meeting of Creditors Set in Two Weeks
PTI ASSOCIATES: Names Baker Tilly Administrator
RIGGS & COMPANY: Calls in Liquidator from PricewaterhouseCoopers
R I ROSE: Members Pass Winding-up Resolutions

SLICK SYSTEMS: Winding-up Report Out Mid-Month
SOLECT TECHNOLOGY: Members Decide to Wind up Firm
SPENCER DAVIES: In Administrative Receivership
TELEWEST COMMUNICATIONS: NTL Merger Takes Step Forward
UNIQUE COMMERCE: Meeting of Creditors Set Next Week

V ASQUITH: Administrator from CRG Insolvency Moves in
WH SMITH: Court Approves Shares Cancellation
WM MORRISON: Eager to Appoint Lloyds TSB's Finance Chief


                            *********


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


UNIVERSAL BANKA: Prosecutor Receives Death Threats
--------------------------------------------------
The state attorney handling the case filed against local
businessmen in relation to the bankruptcy of Universal banka has
received death threats, according to Czech Happenings.

Eva Sixtova, who is now under heavy protection, received a bullet
several days ago along with a note mentioning a bankruptcy case.
It did not single out the Universal case, but the respondents
charged by Ms. Sixtova have complained about her.

The state attorney's office in North Bohemia is not
underestimating the threat, although most of its lawyers
invariably receive threats on their lives.  Ms. Sixtova refused
to comment, according to the paper.

CONTACT:  UNIVERSAL BANKA
          Parizska 20
          Phone: 475 237 291
          Fax: 475 237 190
          Web site: http://www.univ.cz


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


ALSTOM SA: Halves Losses to EUR860 Million
------------------------------------------
Fiscal year 2004/2005 results:

(a) orders received: EUR15.8 billion, up 15% on a comparable
    basis from FY03/04;

(b) operating income at EUR550 million, multiplied by three on a
    comparable basis versus EUR168 million in the previous
    fiscal year; operating margin up from 1.2% in FY03/04 to
    4.0% in FY04/05;

(c) net losses cut in half to EUR0.86 billion from EUR1.84
    billion in FY03/04 in spite of significant non-recurring
    charges;

(d) net debt strongly reduced during the fiscal year, down to
    EUR1.4 billion from EUR3.7 billion;

(e) free cash flow showing strong improvement at -EUR170 million
    versus -EUR1,007 million in the last fiscal year;

(f) liquidity reinforced due to the financial consolidation
    undertaken during the fiscal year 2005/2006 objectives
    confirmed;

(g) 6% operating margin leading to a return to profitability;
    and

(h) Positive Free Cash Flow with continuing debt reduction.

The Board, in its meeting held on 30 May 2005, approved the
accounts for the fiscal year 2004/05.

Patrick Kron, Chairman & Chief Executive Officer, said: "The
results we are presenting today [May 30] clearly demonstrate the
ongoing recovery of Alstom.  All key indicators are in line with,
or better than the guidance previously given.  These results
enable us to confirm the FY 2005/06 targets announced in March
2003 when we launched our recovery plan: an operating margin of
6% leading to a return to profitability and a positive Free Cash
Flow.  Customers' renewed confidence in Alstom is clearly
evidenced by EUR15.8 billion of orders, up 15% on a comparable
basis from FY03/04.  This positive trend is not only quantitative
but also qualitative.  Margins on orders booked continue to
improve; those in our current order book, which represents two
years of sales, are in line with the profitability targets
announced for the Group and its operational Sectors.  On a
geographical basis, the commercial success achieved in markets
with strong growth potential is encouraging.  Chinese orders
reached EUR1.6 billion, more than twice the level of the previous
year, and orders from India were close to EUR0.5 billion.

"Our operational performance is greatly enhanced: the GT24/GT26
heavy-duty gas turbine issue is now resolved, with the remaining
disbursements fully reserved.  Agreements with our customers have
been reached on 74 out of the 76 turbines sold.  New orders --
for a total of seven machines -- have been secured in Spain and
in Thailand, and new tenders are under review in several
countries.

"We have actively pursued our cost-cutting program; a set of
restructuring measures, aimed at adapting our industrial and
engineering capacity and improving our overall efficiency has led
to a reduction of the workforce by 11,500 (8,000 departures to
date), which should bring an annual reduction in costs of EUR500
million.

"We have focused on the improvement of contract execution,
adapting our manpower, organization and internal controls.  These
actions have allowed us, in spite of the low level of sales
resulting from low order intake 12 to 18 months ago, to
significantly increase our operational income, with the operating
margin, on a comparable basis, rising from 1.2% to 4%.  Our Free
Cash Flow is also considerably better with net cash outflow
reduced from EUR1,007 million last financial year to EUR170
million in 2004/05 -- out of which EUR366 million were spent as
part of the settlement of the GT24/26 problem.

"Thanks to our ongoing disposal program and to the capital
increases which took place in July 2004, our net debt has been
significantly reduced, from EUR3.7 billion to EUR1.4 billion in
March 2005.  The successful refinancing undertaken in February
2005 and our current headroom (our cash at holding company level
and the available undrawn credit lines at 31 March 2005 stood at
EUR2 billion) give us a considerable buffer to cover our future
liquidity needs.  The progress achieved makes us confident for
the future.  The ambitious objectives we have set for March 2006
are thus confirmed: an operating margin of 6% allowing for the
return to profitability and a positive Free Cash Flow.

"Obviously we intend to further improve our performance beyond
our current financial year: operating margin at the end March
2008 should be up by one or two%, reaching 7 to 8%, and Free Cash
Flow, thanks to a strict management of working capital, should
also continue to show strong growth.  Thus, from a significantly
stronger base, Alstom will pursue an ambitious and profitable
development strategy in its growing markets."

A copy of these results is available free of charge at
http://bankrupt.com/misc/AlstomSA(2005).pdf

CONTACT:  ALSTOM S.A.
          3 Avenue Andre Malraux
          92300 Levallois
          France
          Phone: 33 (0) 1 41 49 27 13
          Fax: 33 (0) 1 41 49 79 32 1
          Web site: http://www.alstom.com

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

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


EUROTUNNEL SA: Appoints Robert Rochefort Independent Director
-------------------------------------------------------------
In the lead up to the Annual General Meeting of Shareholders,
Eurotunnel S.A./plc strengthens its rules on corporate
governance.

At the Board Meeting on 30 May 2005, a number of key decisions
relating to corporate governance were made:

(a) the adoption of a Directors code;

(b) the establishment of a Strategy Committee;

(c) the nomination of Robert Rochefort as Senior Independent
    Director; and

(d) the establishment of procedures to call on independent
    advisors to ensure proper transparency in the selection of
    future members of the Joint Board.

The financial negotiations essential to the future of the group
have begun and the Board is working to integrate Eurotunnel as a
vital element in the trans-European transport infrastructure.
The Group is now putting in place the mechanisms to ensure the
highest standards for corporate governance.

CONTACT:  EUROTUNNEL S.A.
          Cheriton Park
          Cheriton High Street
          Folkestone
          Kent CT19 4QS
          United Kingdom
          Phone: +44-1303-288-750
          Fax: +44-1303-850-360
          Web site: http://www.eurotunnel.co.uk

          Media Inquiries
          Eurotunnel Press Office
          Phone: + 44 (0) 1303 288728
                 + 44 (0) 1303 288737

          Investor Inquiries
          Xavier Clement
          Phone: + 33 1 55 27 36 27


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


AGFAPHOTO GMBH: Insolvency Isolated in Germany
----------------------------------------------
The insolvency of AgfaPhoto will not affect the operations of its
32 subsidiaries worldwide, Expansion says.

The company recently filed for insolvency at the district court
of Cologne, apparently hurt by the growing popularity of digital
photography.  In Spain, however, the group has seen a 7% rise in
turnover in the first five months of the year.  The local
subsidiary does not plan to reduce commercial and production
activities in light of its parent's difficulties.

The group's collapse surprised former parent Agfa-Gevaert.  The
Belgian photography and imaging group claims AgfaPhoto had a high
equity ratio of 40% and owed no creditors when it sold the group
in 2004.  The Cologne court has appointed Andreas Ringstmeier
insolvency administrator.

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


ANDREAS KARL: Court to Verify Claims August
-------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Andreas Karl BLK-Dachbau GmbH on May 2.
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 Stephan Poppe.

Creditors and other interested parties are encouraged to attend
the meeting on August 1, 2005, 10:15 a.m. at the district court
of Halle-Saalkreis, Justizzentrum, Thueringer Str. 16, 06112
Halle, 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 at the same venue.

CONTACT:  ANDREAS KARL BLK-DACHBAU GMBH
          Muehlenstr. 1, 06647 Bad Bibra
          Contact:
          Andreas Karl, Manager
          Schachtstr. 3, 06647 Billrode

          Stephan Poppe, Administrator
          Universitatsring 6, 06108 Halle
          Phone: 0345/530490
          Fax: 0345/5304926


ECS ENTERPRISE: Claims Deadline Expires July
--------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against ECS Enterprise Consulting Solution Muenchen GmbH on May
11.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until July 1,
2005 to register their claims with court-appointed provisional
administrator Hinnerk-J. Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on August 2, 2005, 10:20 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:  ECS ENTERPRISE CONSULTING SOLUTION MUENCHEN GMBH
          Ridlerstrasse 37, 80399 Muenchen
          Contact:
          Bernhard Bellmann, Manager

          Hinnerk-J. Mueller, Administrator
          Speersort 4/6, 20095 Hamburg
          Phone: 30 30 10


EXPO ELEKTRO: Interim Administrator Takes over Operations
---------------------------------------------------------
The district court of Nuernberg opened bankruptcy proceedings
against EXPO Elektro GmbH on May 4.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors had until May 31, 2005 to register their claims with
court-appointed provisional administrator Michael Farnbacher.

Creditors and other interested parties are encouraged to attend
the meeting on July 5, 2005, 9:10 a.m. at the district court of
Nuernberg, Flaschenhofstr. 35, Sitzungssaal 152/I 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:  EXPO ELEKTRO GMBH
          Contact:
          Thomas Bernecker, Manager
          Schlossacker 2, 92283 Lauterhofen

          Michael Farnbacher, Administrator
          Nuernberger Str. 25, 91207 Lauf
          Phone: 09123/9720-0
          Fax: 09123/9720-20


JACQUELINE WITT: Creditors Meeting Set July
-------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Jacqueline Witt GmbH i.L. on May 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 28, 2005 to register their
claims with court-appointed provisional administrator Sylvia
Fiebig.

Creditors and other interested parties are encouraged to attend
the meeting on July 28, 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:  JACQUELINE WITT GMBH I.L.
          c/o Hoft und Partner
          Kleine Johannisstrasse 4, 20457 Hamburg

          Sylvia Fiebig, Administrator
          Jungfernstieg 51, 20354 Hamburg
          Phone: 040/808136-400
          Fax: 040/808136-250


JENOPTIK AG: Suffers One-notch Downgrade; Outlook Remains Stable
----------------------------------------------------------------
Fitch Ratings downgraded Germany-based Jenoptik AG's Senior
Unsecured rating and EUR150 million senior notes to 'B' from
'B+'.  The Short-term rating is affirmed at 'B'.  The Senior
Unsecured rating Outlook remains Stable.

The downgrade is based on Fitch's concerns over Jenoptik's
corporate governance practices.  In October 2004, Fitch put
Jenoptik on Rating Watch Negative, following the announcement to
integrate caatoosee ag, an IT company with a poor operating track
record and significant liquidity problems in the past. After
discussions with Jenoptik's management, the Rating Watch was
removed and the ratings affirmed, since it was deemed unlikely
that the transaction would progress (see announcement dated 10
December 2004 on http://www.fitchratings.com).

Fitch noted that it did not see any business logic for this
transaction, outlining that it was likely to have a negative
credit effect if it went ahead.  Jenoptik has recently confirmed
that its subsidiary M+W Zander Facility Engineering GmbH will
hold 51.6% of caatoosee ag.  The lack of economic rationale for
this transaction is exacerbated by the (historically) significant
overlap between the boards (management and supervisory) of
Jenoptik and caatoosee ag and the shareholdings (or at least
historically) by members of Jenoptik's supervisory and management
board in caatoosee ag.

The ratings further reflect Jenoptik's strong market share in its
clean systems business (soon to be floated in part, as announced
by Jenoptik in April) and its proven track record of achieving
its target margin band in photonics (9% to 10% at EBIT).  Fitch
has also taken into account the restored profitability in FY04
with an EBITDA of EUR100.4 million after the poor performance in
FY03 of EUR30.2 million (IFRS/Fitch- adjusted).  Although it has
decelerated, the positive business momentum for Jenoptik's core
markets is expected to continue in 2005 and the group's first
quarter 2005 results support this.  The separation of the
low-margin heating, ventilation and airconditioning (HVAC)
business and the planned flotation of the facilities engineering
business in Singapore are steps geared to reduce the group's
business risk.

Nevertheless, there is considerable uncertainty in the group's
risk profile due to it being in the transformation mode,
particularly as a result of the acquisitive growth strategy for
the photonics business.  On its own, however, this would not have
led to a downward adjustment of the rating.

An updated research report will be available at
http://www.fitchratings.comshortly.  Fitch's rating definitions
are available free of charge at http://www.fitchratings.com.
Published ratings, criteria and methodologies and relevant
policies and procedures are also available from this site, at all
times.  This document will remain on the free site for seven
days.

CONTACT:  FITCH RATINGS
          Karsten Frankfurth, Frankfurt
          Phone: +49-69-7680-76170

          Raymond Hill, London
          Phone: +44-207-417-4314

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


JENOPTIK AG: Invests EUR9 Million in Photonics Business
-------------------------------------------------------
Wahl optoparts GmbH is constructing a new company building at the
Triptis location (Thuringia).  The Jenoptik subsidiary, which
specializes in polymer optics and optoelectronic systems, is
equipping itself for future growth and at the same time giving a
clear commitment to the Triptis location.

Today [May 30] the first turn of the spade was celebrated for the
new building, involving investment of around EUR9 million
(excluding fitting out).  Jenoptik acquired Wahl optoparts at the
end of 2003 and in so doing expanded its product portfolio in the
optics sector of the Photonics business division.

"This enabled us to move into a market of the future which will
show strong growth over the years ahead," said Alexander von
Witzleben, Chairman of the Executive Board of JENOPTIK AG, on the
occasion of the first turn of the spade.

Space Planned for Future Growth

In the new building, with a production area of around 8,000
square meters, 1,400 square meters of which will be clean room
facilities, plus 1,800 square meters of space for administration,
the company will be able to manufacture polymer optics and
systems more efficiently than in the past from January 2006.
Optics design, injection molding machines, state-of-the-art
coating systems as well as the integration of the optics into
components -- in other words the entire manufacturing process
chain -- will then be housed under one roof.  The new production
building will also provide space for future growth by Wahl
optoparts GmbH.  The building is being constructed by Vollack
GmbH & Co. KG, Eisenach, which is acting as the general
contractor.

Wahl optoparts, based at the Triptis site since 1991, currently
manufactures its products in four buildings in the industrial
park of the Thurigian city.  As a result of the company's rapid
growth over the last four years it has been necessary to
continually and rapidly expand capacities.  With the new building
three of the four sites within the Industrial Park will be merged
under one roof.

Increasing Demand for Polymer Optics

Polymer optics are used primarily in medical devices,
automobiles, modern multimedia devices (webcams, camera mobiles)
as well as in industrial measurement technology and mechanical
engineering.  Over recent years demand has grown strongly across
all areas.  In the medical technology area it is primarily the
so-called one-off diagnostic kits, including for home use, which
is driving demand for low cost alternatives to glass optics.

Wahl optoparts: modern production conditions along the entire
process chain.

Wahl optoparts is one of Europe's leading suppliers of polymer
optical components specially manufactured to customer
specifications, as well as optomechanic and optoelectronic
systems.  The company covers the entire process chain for these
optics and systems in-house -- from optics design, injection
molding, coating, through to their integration.  Last year Wahl
optoparts invested around EUR1 million in new coating systems,
creating a self-contained process chain for the manufacture of
polymer optics.

"Our aim is to continue expanding this process chain in future,
for example by moving into composite and bonding technologies so
that we can offer even more sophisticated systems for example for
medical technology and automotive sensors," said Gabriele
Wahl-Multerer, Managing Director of Wahl optoparts.  To this end
the company plans to invest a further EUR1 million in
state-of-the-art systems and machines.

Considering the future, beyond the purely economic horizon.  The
aim is to design the new building in such a way as to give the
employees a sense of well-being.  As such, the intention is to
use a lot of light and various colors.  There are also plans for
a fitness room for employees and guest apartments for clients.

"The success of a company depends essentially upon the sense of
well-being amongst the employees," says Gabriele Wahl-Multerer.
Over the years ahead the Triptis-based company plans to increase
the size of the workforce from the current 200 to 240.

Wahl optoparts GmbH

Wahl Optoparts GmbH develops, manufactures and markets polymer
optical components and optoelectronic assemblies to client
specifications.  Based near Kassel, the family-owned company was
founded in 1956 by Friedrich A. Wahl as a factory manufacturing
polymer optics.  Since 1988 the company has been run by Gabriele
Wahl-Multerer.  In 1991 it was merged with the polymer optics
business of the former "Carl Zeiss Jena" Group in
Neustadt/Orla -- which prompted the company to relocate its head
office from Munich to Triptis, not far from Neustadt/Orla.  Since
December 2003 Wahl optoparts GmbH has been a 100% owned
subsidiary of Jenoptik in the Photonics business division.  Wahl
Optoparts currently employs 200 personnel and has been operating
profitably for a number of years.

CONTACT:  JENOPTIK AG
          Carl-Zeiss-Strasse 1
          07739 Jena, Germany
          Phone: +49-3641-65-0
          Fax: +49-3641-42-4514
          Web site: http://www.jenoptik.com

          WAHL OPTOPARTS GMBH
          Web site: http://www.wahl-optoparts.de/


JOSEPH DRECHSLER: Creditors Meeting Set Later this Month
--------------------------------------------------------
The district court of Nuernberg opened bankruptcy proceedings
against Joseph Drechsler GmbH on May 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors had until May 25, 2005 to register their
claims with court-appointed provisional administrator Carin
Hosel-Eichinger.

Creditors and other interested parties are encouraged to attend
the meeting on June 28, 2005, 9:15 a.m. at the district court of
Nuernberg, Flaschenhofstr. 35, Sitzungssaal 152/I 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:  JOSEPH DRECHSLER GMBH
          Contact:
          Rudolf Drechsler, Manager
          Platz der Opfer des Faschismus 6, 90461 Nuernberg

          Carin Hosel-Eichinger, Administrator
          Aussere Sulzbacher Strasse 155, 90491 Nuernberg
          Phone: 0911/586178-0
          Fax: 0911/586178-20


KOITKA GMBH: Applies for Bankruptcy Proceedings
-----------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Koitka GmbH & Co. KG on May 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 25, 2005 to register their
claims with court-appointed provisional administrator Dr. Biner
Bahr.

Creditors and other interested parties are encouraged to attend
the meeting on July 14, 2005, 9:15 a.m. at the district court of
Dusseldorf, Hauptstelle, Muehlenstrasse 34, 40213 Dusseldorf, 3.
OG Altbau, A 341, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on August
25, 2005, 9:00 a.m. at the same venue.

CONTACT:  KOITKA GMBH & CO. KG
          Am Okotop 74, 40549 Dusseldorf
          Contact
          Peter Koitka, Manager
          Hermann-Brangs-Strasse 48, 47877 Willich

          Dr. Biner Bahr, Administrator
          Jagerhofstrasse 29, 40479 Dusseldorf


MG TECHNOLOGIES: Lurgi Names Klaus Moll Chairman
------------------------------------------------
The Supervisory Board of mg technologies AG's Frankfurt-based
subsidiary Lurgi AG appointed on Tuesday Klaus Moll as chairman
of the company's Executive Board with effect from June 1.

He will carry out this role alongside his existing duties as a
member of the Group Executive Board of mg technologies AG with
responsibility for the Plant Engineering segment.  His position
on Lurgi's Supervisory Board is suspended.  Mr. Moll will succeed
Michael Stratling, who has been chairman of Lurgi's Executive
Board since November 2003 and who successfully completed the
process of restructuring and optimizing the portfolio of the
plant engineering company at the beginning of 2005.

Mr. Stratling will step down from the Executive Board on account
of his age on May 31, 2005 and will take up a seat on Lurgi's
Supervisory Board with effect from June 1, 2005.

Klaus Moll has an outstanding track record in the fields of plant
engineering and mechanical engineering.  As a member of mg's
Executive Board, he has been responsible for the
Plant Engineering segment since December 2003.  Under his
leadership, cost structures have been substantially improved at
the two mg subsidiaries Lurgi and Lurgi Lentjes and both
companies' portfolios have been consolidated around profitable
proprietary technologies in fast-growing markets.

Lurgi focuses on processes used in the manufacture of
petrochemical products such as methanol, plastics and synthetic
fuels from natural gas, and is the global market leader in this
area.  Lurgi's second core area covers technologies used in the
production of fuels such as bio-diesel and bio-ethanol from
renewable resources.

Mr. Moll, who hails from the Black Forest region of Germany,
already had previous experience of mg's plant engineering
business from an earlier stage of his career with the company.
Between 1997 and 1999, he was a member of the Executive Board of
Lurgi AG and also Chairman of the Executive Board of
Duesseldorf-based Lentjes AG, and from 1999 to 2002 he chaired
the Executive Board of Barmag AG in Remscheid.  Mr. Moll had
previously gained in-depth knowledge of the plant engineering
business with ABB Industrietechnik AG, Mannheim, who he joined as
an electrical engineering graduate and for whom he worked over a
period of around 20 years in a variety of positions.

Mg technologies ag is an international technology group that
focuses on specialty mechanical engineering -- especially process
engineering and components -- and plant engineering.  Mg
generated sales of EUR4.1 billion in fiscal 2004.  At December
31, 2004, it employed around 17,000 people and is one of the
world's market and technology leaders in 90 percent 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


MTU AERO: Ratings Under Review for Possible Upgrade
---------------------------------------------------
Moody's Investors Service placed the debt ratings of MTU Aero
Engines Investment GmbH on review for possible upgrade.

This rating action has been prompted by the company's improved
operating performance and strong operating cash flow resulting in
meaningful senior debt amortization since completion of the
initial LBO in March 2004 as well as the expected changes in the
company's capital structure in anticipation of the IPO that MTU
has announced it intends to complete in early June.

These ratings have been placed on review for possible upgrade:

(a) Senior implied rating at MTU Aero Engines Investment GmbH at
    Ba3;

(b) EUR275 million of senior notes due 2014 at MTU Aero Engines
    Investment GmbH at B2; and

(c) Unsecured issuer rating at MTU Aero Engines Investment GmbH
    at B3.

EUR620 million of senior secured credit facilities at MTU Aero
Engines GmbH at Ba3 has been withdrawn.

The facilities have been replaced by a new EUR250 million senior
revolving credit facility, which has been put in place, with
EUR57 million drawn as at 31 March 2005.  Moody's does not rate
this facility.  Moody's review of MTU's ratings will focus on
anticipated trends with respect to performance and the impact on
the company's credit profile from the expected changes in the
capital structure resulting from the planned IPO.

Headquartered in Munich, Germany, MTU is a world-leading
manufacturer of aircraft engines, sub-systems and components and
a provider of maintenance, repair and overhaul services for
commercial and military jet engines.  For the financial year
ended December 2004, MTU reported revenues of EUR1.918 billion
and Pro Forma Adjusted EBITDA of EUR247 million.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          David G. Staples
          Managing Director
          Corporate Finance Group

          London
          Amanda Neff
          VP - Senior Credit Officer
          Corporate Finance Group

          For Journalists
          Phone: 44 20 7772 5456


NOWA SMI: Pforzheim Court Appoints Interim Administrator
--------------------------------------------------------
The district court of Pforzheim opened bankruptcy proceedings
against Nowa SMI GmbH on May 2.  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 Holger Blumle.

Creditors and other interested parties are encouraged to attend
the meeting on July 22, 2005, 10:00 a.m. at the district court of
Mannheimer Str. 17, 75179 Pforzheim, 3. Stockwerk/Raum 310 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:  NOWA SMI GMBH
          Contact:
          Vilijam Zufic, Manager
          Luigstrasse 8, 75428 Illingen

          Holger Bluemle, Administrator
          Kriegsstr. 113, 76135 Karlsruhe


PECE SPIELE: Under Bankruptcy Administration
--------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against PeCe Spiele und Freizeit GmbH on May 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until July 8, 2005 to
register their claims with court-appointed provisional
administrator Joachim Buettner.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 4, 2005, 9:55 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:  PECE SPIELE UND FREIZEIT GMBH
          Dehnhaide 85, 22081 Hamburg
          Contact:
          Sven Wendland, Manager
          Bergstedter Chaussee 16, 22395 Hamburg

          Joachim Buettner, Administrator
          Osdorfer Landstrasse 230, 22549 Hamburg
          Phone: 8 07 88 10


RAINBOW IT: Court Appoints Wolfgang Lorisch Administrator
---------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Rainbow IT GmbH on May 12.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 30, 2005 to register their claims with
court-appointed provisional administrator Wolfgang Lorisch.

Creditors and other interested parties are encouraged to attend
the meeting on August 2, 2005, 9:30 a.m. at the district court of
Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  RAINBOW IT GMBH
          Westfalenring 5, 45739 Oer-Erkenschwick
          Contact:
          Jorg Stenzel, Manager
          von Galen Str. 20, 45768 Marl

          Mark Harsy, Manager
          Isoldestr. 1, 45711 Datteln

          Oliver Schmidt, Manager
          Hindemithweg 9, 45687 Recklinghausen

          Maurice Heuse, Manager
          Isoldestr. 3, 45711 Datteln

          Wolfgang Lorisch, Administrator
          Kurt-Schumacher-Strasse 48, 45699 Herten
          Phone: 02366 /10820
          Fax: 02366 108282


ROTHE & RUDOLF: Interim Administrator Takes over Helm
-----------------------------------------------------
The district court of Stralsund opened bankruptcy proceedings
against Rothe & Rudolf Innenausbau GmbH on May 4.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until June 8, 2005 to
register their claims with court-appointed provisional
administrator Volker Werthschulte.

Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 9:40 a.m. at the district court of
Stralsund, Frankendamm 17, Haus A, 4. OG, Saal A4 21 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:  ROTHE & RUDOLF INNENAUSBAU GMBH
          Contact:
          Roland Rudolf, Manager
          Gewerbegebiet 13, 19519 Miltzow

          Volker Werthschulte, Administrator
          Heilgeiststr. 85, 18439 Stralsund


SE DRUCKWERK: Gives Creditors Until June 22 to File Claims
----------------------------------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against SE Druckwerk Beteiligungs GmbH on May 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 22, 2005 to
register their claims with court-appointed provisional
administrator Friedrich Wilhelm Metzeler.

Creditors and other interested parties are encouraged to attend
the meeting on July 6, 2005, 9:00 a.m. at the district court of
Monchengladbach, Hohenzollernstr. 157, 41061 Monchengladbach,
Erdgeschoss, Sitzungssaal A 14 at which time the administrator
will present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  SE DRUCKWERK BETEILIGUNGS GMBH
          Hofstrasse 130, 41065 Monchengladbach
          Contact:
          Helmut Schagen, Manager
          Heideweg 7, 41063 Monchengladbach

          Friedrich Wilhelm Metzeler, Administrator
          Rheinort 1, 40213 Dusseldorf


SGL CARBON: Hikes Prices of Graphite Electrode
----------------------------------------------
SGL Carbon sets new prices for its Graphite Electrodes effective
June 4, 2005.  The increases are applicable for all new
businesses in:

Americas, Asia (excluding China*), Near Middle East and Africa:

(a) For regular-sized Graphite Electrodes: US$1.86$/lb
    (US$4,100/mt),

(b) For extra-sized Graphite Electrodes: US$2.02/lb
    (US$4,450/mt)

Europe:

(a) For regular-sized Graphite Electrodes: EUR3000/MT,

(b) For extra-sized Graphite Electrodes: EUR3270/MT

Regular-sized is defined as: Diameter 14 inches (350 mm) - 24
inches (600 mm).  Extra-sized is defined as: Diameter 26 inches
(650 mm) - 30 inches (750 mm).

These prices will be applicable for all orders received between
June 4, 2005 until October 31, 2005 and for shipments effected
prior to December 31, 2006.

The demand for graphite electrodes remains at very high levels.
The ongoing high global production level for EAF steel is
maintaining a tight supply/demand balance for graphite
electrodes.  It is anticipated that this situation will not
change in the near future.  SGL Carbon's 2005 order book for
graphite electrodes is full, requiring our plants to run at
capacity.

For 2006, SGL plans to run at a production level that will
support the announced price increases.  The price increases for
graphite electrodes are required due to continued pressure on our
manufacturing facilities caused by the high utilization rate,
increased cost for all raw materials and energy, as well as
higher operating expenses, higher logistic costs and the impact
of the volatile exchange rates.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Pricing in China is the sole responsibility of the joint
venture between SGL Carbon and Tokai in Shanghai (STS).

                            *   *   *

Moody's Investors Service in April upgraded the senior implied
rating of SGL Carbon AG to B1 from B2 and the senior notes rating
to B3 from Caa1.  The rating outlook is stable.

The rating agency said the action reflects, among others, SGL's
strong operating and financial performance over the twelve
months, and its sound business outlook for the carbon and
graphite business division (60% of group turnover) supported by
the strong, albeit softening, steel market.

CONTACT:  SGL CARBON AG
          Rheingaustrasse 182
          D-65203 Wiesbaden, Germany
          Phone: +49-611-6029-100
          Fax: +49-611-6029-101
          Web site: http://www.sglcarbon.com


VOLKSWAGEN AG: Marks up Production in China
-------------------------------------------
Volkswagen AG is planning to increase annual production capacity
in China to 900,000 units from 648,490 last year, AFX says.

The expansion is in keeping with the goal of CEO Bern
Pischetrieder to top last year's EUR2.015 billion full-year
operating profit.  It also rides on the growing Chinese car
market, one of the few that have remained attractive.

Volkswagen's automotive business recently posted a EUR107
million net loss, blamed on the delay in the launch of the
new Golf, Jetta and Passat models.  It also faulted the
strong euro and the ongoing price reduction in the U.S. and
Europe to boost sales.

Despite a poor start, the company remains optimistic sales in the
United States will improve in the second half, partly as the
result of model offensives under the VW and Audi brands.

On Monday, Spanish news Agency Europa Press revealed the company
is holding talks with several banks for a EUR12.5 billion
syndicated credit facility to support its short-term commercial
paper program.

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


=============
H U N G A R Y
=============


MALEV HUNGARIAN: Another Operating Loss in the Offing
-----------------------------------------------------
Malev Hungarian Airlines expects another operating loss for 2005,
Reuters says.

The carrier sees a HUF1.8 billion deficit at the operating level
and HUG4.95 billion overall.  In 2004, the
always-auctioned-but-never-sold airline booked an operating loss
of HUF4.4 billion (US$$21.9 million) on revenues of HUF123.8
billion.  It expects to break even next year, partly as a result
of its membership to the oneworld alliance.

Malev signed a memorandum of understanding with oneworld last
week, which sets its full membership by the summer of 2006.  This
alliance, Malev claims, will increase its revenues by as much as
HUF8 billion a year and net profit by HUF4 billion.

Since the fall of Communism in the country, the government has
tried to sell Malev four times, with the last two attempted over
the past year.  It is currently holding another talks with
potential investors to takeover its 99.9% stake in the airline.

Malev has struggled to increase revenues due to the proliferation
of budget airlines at its Budapest hub that has pushed prices
down and cut into its market share, Reuters says.

CONTACT:  MALEV HUNGARIAN AIRLINES
          Hotline: 06-40-212121
          Web site: http://www.malev.hu

          ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.)
          H-1133 Budapest, Pozsonyi ut 56
          H-1399 Budapest, P.O. Box 708
          Phone:(36 1) 237 4400
          Fax:(36 1) 237 4100
          E-mail: apvrt@apvrt.hu
          Web site: http://www.apvrt.hu/english/m3.html


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


ELAN CORPORATION: Names Five New Directors
------------------------------------------
Elan Corporation plc has appointed five new members to the
company's Board of Directors.  The three new non-executive board
members are Goran Ando MD, Gary Kennedy and Nancy Lurker, and the
two new executive board members are Shane Cooke and Lars Ekman
MD, PhD.

Elan's Chairman of the Board Kyran McLaughlin said: "The Board is
extremely pleased to have appointed these highly talented and
experienced individuals.  Their collective expertise in the
pharmaceutical, technology and financial industries is
extraordinary and we are confident that they will make valuable
contributions to Elan's future success."

Kelly Martin, Elan's CEO, said: "These new Board Directors will
increase the Board's breadth and depth of experience.  Elan's
shareholders will be well served by these appointments."

Dr. Goran Ando, 56, is an experienced executive whose career in
the pharmaceutical industry spans almost three decades,
highlighted by eight years of senior leadership at Pharmacia,
most recently as Executive Vice President and President, Research
& Development, with additional responsibilities for
manufacturing, IT, business development, and mergers and
acquisitions.  He is a director of a number of public and private
companies, including the Danish company Novo Nordisk; the French
companies Novexel S.A. and NiCox S.A.; the German company Trigen
Ltd. and the U.S. company Enzon Limited.  Dr. Ando is a
Specialist in General Medicine and a Founding Fellow of the
American College of Rheumatology.

Gary Kennedy, 47, is Group Director, Finance & Enterprise
Technology, Allied Irish Banks plc (AIB), an Irish registered
company and Ireland's largest bank; he has been with AIB since
1997.  Previously Mr. Kennedy held a number of management
positions with Nortel Networks Europe, most recently as Group
Vice President, with responsibility for US$1 billion
multinational telecommunications group.  Previously he was with
Deloitte & Touche, where he began his management career.  Mr.
Kennedy is a member of the main Board of AIB Group and is also on
the Board of M and T, AIB's associate in the U.S.  He is also a
member of the Board of the Industrial Development Authority and
the NUI Galway Development Board.  He is a graduate of the
University of Lancaster and a Fellow of the Institute of
Chartered Accountants in Ireland and the Institute of Bankers in
Ireland.

Nancy Lurker, 47, has been CEO and President of ImpactRX since
2003 and is responsible for driving and managing the company's
growth and profits.  A 20-year veteran of the pharmaceutical
industry, Ms. Lurker was most recently Group Vice President,
Global Prescription Business, at Pharmacia, where she was
responsible for global launch, marketing and P&L results for the
company's major primary care products in urology, respirator,
cardiovascular, CNS and women's health, and where she was also a
member of the Pharmacia Operating Committee.  Previously she held
a number of leadership positions in global commercial management,
marketing and strategic development with Bristol-Myers Squibb and
National Physicians Corporation (Formerly Medco Associates).

Executive Vice President Shane Cooke, 43, has been the Chief
Financial Officer for Elan since July 2001.  Prior to joining
Elan, Mr. Cooke was Chief Executive of Pembroke Capital Limited,
an aviation leasing company, and prior to that held a number of
senior positions in finance in the banking and aviation
industries.  Mr. Cooke is a Fellow of the Institute of Chartered
Accountants in Ireland.

Executive Vice President Dr Lars Ekman, 55, is President,
Research and Development and head of the Neurodegeneration
business at Elan.  Prior to joining Elan in 2001, Dr. Ekman held
many positions, which included serving as the head of Research
and Development with Schwarz Pharma AG and various senior
scientific and clinical roles at Pharmacia.  Dr. Ekman is a board
certified surgeon with a PhD in experimental biology.

Mr. McLaughlin said: "We would also like to acknowledge the
insight and contributions of Mr. Brendan Boushel, Mr. John Groom
and Governor Richard Thornburgh who retired as Board members at
the AGM held last week."

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


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


CIRIO FINANZIARIA: Investigators Pursue Leads in Switzerland
------------------------------------------------------------
District attorneys from Rome are in Switzerland to verify certain
accounts that may shed light on the collapse of Cirio
Finanziaria, Agenzia Giornalistica Italia says.

Brazilian group Bombril S.A. is seeking damages from Cirio's
former president Sergio Cragnotti, Luxembourgian Bombril and
other personalities for creating and using accounts under
Bombril's name to transfer payments for dubious transactions.

District attorneys Tiziana Cugini, Gustavo De Marinis and Rodolfo
Sabelli are scheduled to visit Credit Agricole Indosuez of Geneva
and Paribas to verify whether the accounts indeed exist.  The
district attorneys will also examine some acquisitions in which
the banks were involved.  In addition, they will also interview
the administrator of Prora, which previously operated as
Cragnotti and Partners Consulting, to verify when the alleged
transactions occurred.

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

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

          CREDIT AGRICOLE (SUISSE) S.A.
          Via F. Pelli
          6901 Lugano
          Phone: +41 58 321 30 00
          Fax: +41 58 321 31 00
          Web site: http://www.ca-suisse.com

          BNP PARIBAS (SUISSE) S.A.
          Place de Hollande 2
          Case postale
          CH-1211 Geneve 11
          Phone: +41 22 787 71 11
          Fax: +41 22 787 80 00
          Web site: http://bnpparibas.ch


TISCALI SPA: Wraps up Transfer of Liberty Surf Shares
-----------------------------------------------------
Telecom Italia S.p.A. and Tiscali S.p.A., after having received
the authorization by the competent French Authorities, have
concluded the transaction related to the transfer of 89,322,244
shares representing 94.89% of the share capital of Liberty Surf
S.A., a French company whose shares are admitted to trading on
compartment B of the Eurolist market of Euronext Paris.

The price agreed upon by the Parties for the stake held by
Tiscali is approximately EUR249 million (i.e., approximately
EUR2.787 per Liberty Surf share).  This amount takes into account
a Net Cash Position on a consolidated basis close to EUR10
million.

Pursuant to the agreement executed by the Parties, the final
price will be determined by mid-July 2005, taking into account
the Net Cash Position on a consolidated basis of Liberty Surf
S.A. as of May 31, 2005.

Telecom Italia S.p.A., as already communicated to the market at
the signing of the agreement on April 5, 2005 and pursuant to the
French Stock Exchange regulations, will, once the price has been
finally determined, launch a Public Tender Offer on the Liberty
Surf shares that it does not hold, at the same price offered to
Tiscali S.p.A.

As a result of this transaction, Telecom Italia S.p.A. also
acquired, indirectly, 88.63% of the share capital of Intercall
S.A. held by Liberty Surf.  Intercall S.A. is a French company
whose shares are admitted to trading on compartment special of
the Eurolist market of Euronext Paris.  In accordance with the
French Stock Exchange regulations and since Liberty Surf's
interest in Intercall S.A. does not constitute an essential part
of its assets, Telecom Italia S.p.A. will not launch any Public
Tender Offer on Intercall shares.

Trading in Liberty Surf shares and in Intercall shares, which was
suspended upon Liberty Surf's request resumed yesterday [June 1,
2005].

                            *   *   *

Tiscali S.p.A. chairman Vittorio Serafino revealed Sunday the
sale of its Spanish subsidiary could fetch at least EUR8
million.

Earlier, the company sold its Excite Italia Web portal to U.S.
Internet group Ask Jeeves Inc. for EUR6.1 million as part of its
ongoing sale of non-core assets.

Tiscali recently posted a pre-tax loss of EUR17.9 million for
the first quarter, an improvement from -EUR52.1 million for the
same period in 2004.  It credited gains from the sale of
subsidiaries in South Africa and Denmark for the result.
The company is also reportedly considering either selling its
Czech operations or increasing investments.  A decision is
expected by the end of June.

CONTACT:  TISCALI S.p.A.
          Sa Illetta
          09122 Cagliari
          Phone: +39 02 309011
          E-mail: ir@tiscali.com
          Web site: http://www.tiscali.com


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


AGRO-VICTORY: Declared Insolvent
--------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Agro-Victory after finding the open joint
stock company insolvent.  The case is docketed as A08-14250/04-2
"B".  Mr. Y. Berestov has been appointed insolvency manager.
Creditors have until June 23, 2005 to submit their proofs of
claim to 308000, Russia, Belgorod, Post User Box 118.

CONTACT:  AGRO-VICTORY
          Russia, Belgorod region,
          Volokonovskiy region, Pokrovka

          Mr. Y. Berestov
          Insolvency Manager
          308000, Russia, Belgorod region,
          Post User Box 118


ARMAS: Tatarstan Court Appoints Insolvency Manager
--------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Armas after finding the open joint stock
company insolvent.  The case is docketed as
A65-20625/2004-SG4-21.  Mr. A. Mikhaylov has been appointed
insolvency manager.   Creditors have until June 23, 2005 to
submit their proofs of claim to 420029, Russia, Tatarstan
republic, Kazan, Post User Box 265.

CONTACT:  ARMAS
          422010, Russia, Tatarstan republic,
          Arskiy region, Arsk, Pochtovaya Str, 7

          Mr. A. Mikhaylov
          Insolvency Manager
          420029, Russia, Tatarstan republic,
          Kazan, Post User Box 265


ASTOR-I: Creditors Have Until June to File Claims
-------------------------------------------------
The Arbitration Court of Udmurtiya republic commenced bankruptcy
proceedings against Astor-I after finding the close joint stock
company insolvent.  The case is docketed as A71-174/2004-G2.  Ms.
E. Markova has been appointed insolvency manager.

Creditors have until June 23, 2005 to submit their proofs of
claim to:

(a) ASTOR-I
    426011, Russia, Udmurtiya republic,
    Izhevsk, Pushkinskaya Str. 268

(b) Insolvency Manager
    426008, Russia, Izhevsk,
    Post User Box 3051

(c) The Arbitration Court Of Udmurtiya Republic
    426057, Russia, Izhevsk,
    Svobody Str. 139


CALYPSO: Bankruptcy Hearing Set October
---------------------------------------
The Arbitration Court of Primorye region has commenced bankruptcy
supervision procedure on close joint stock company Calypso.  The
case is docketed as A51-2564/2005 15-47B.  Mr. D. Burtylev has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 690105, Russia,
Vladivostok-105, Post User Box 45.  A hearing will take place on
Oct. 12, 2005, 10:00 a.m. the Arbitration Court of Primorye
region located at Russia, Vladivostok, Svetlanovskaya Str. 54.

CONTACT:  CALYPSO
          690078, Russia, Primorye region,
          Vladivostok, Pushkinskaya Str. 85

          Mr. D. Burtylev
          Temporary Insolvency Manager
          690105, Russia, Vladivostok-105,
          Post User Box 45


DAL-ELECTRON-PROM: Deadline for Proofs of Claim June 23
-------------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Dal-Electron-Prom after finding the open
joint stock company insolvent.  The case is docketed as
A73-6120/2004-37.  Mr. V. Shvedko has been appointed insolvency
manager.  Creditors have until June 23, 2005 to submit their
proofs of claim to 680028, Russia, Khabarovsk, Frunze Str. 126,
Office 106.

CONTACT:  DAL-ELECTRON-PROM
          680033, Russia, Khabarovsk region,
          Tikhookeanskaya Str. 204

          Mr. V. Shvedko
          Insolvency Manager
          680028, Russia, Khabarovsk region,
          Frunze Str. 126, Office 106


LOSEVSKOYE: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Losevskoye.  The case is docketed as A-23-7118/2005-37/60-B.

Creditors may submit their proofs of claim to 630011, Russia,
Novosibirsk, Post User Box 10.  A hearing will take place on Aug.
22, 2005, 9:30 a.m. at the Arbitration Court of Krasnodar region
located at Russia, Krasnodar, Krasnaya Str. 6.

CONTACT:  LOSEVSKOYE
          Russia, Krasnodar region, Kavkazskiy region,
          Losevo, Revolyutsionnaya Str. 34

          Temporary Insolvency Manager
          630011, Russia, Novosibirsk,
          Post User Box 10
          Phone: (383-2) 100-530


MECHANIZED WORKS #7: Declared Insolvent
---------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Corporation Of Mechanized Works #7 (TIN
3817001705) after finding the open joint stock company insolvent.
The case is docketed as A19-3902/05-37.  Mr. A. Shabalin has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 680022, Russia, Khabarovsk-22,
Post User Box 21-20.

CONTACT:  CORPORATION OF MECHANIZED WORKS #7
          Russia, Irkutsk region, Ust-Ulimsk, Prom.Area LPK
          666680, Russia, Irkutsk region,
          Ust-Ulimsk-10, Post User Box 313

          Mr. A. Shabalin
          Insolvency Manager
          680022, Russia, Khabarovsk-22,
          Post User Box 21-20


NIZHNE-AMUR-STROY: Names A. Kurdyukov Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Nizhne-Amur-Stroy after finding the open
joint stock company insolvent.  The case is docketed as
A73-1794/2005-36.  Mr. A. Kurdyukov has been appointed insolvency
manager.

Creditors may submit their proofs of claim to:

(a) NIZHNE-AMUR-STORY
    682462, Russia, Nikolaevsk-na-Amure,
    Zavodskoy Per. 4

(b) Insolvency Manager
    680000, Russia, Khabarovsk,
    M. Amurskogo Str. 3


RUDNOGORSKIY: Succumbs to Bankruptcy
------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Rudnogorskiy after finding the open joint
stock company insolvent.  The case is docketed as
A19-10793/02-11-49.  Mr. A. Vasilyev has been appointed
insolvency manager.
Creditors have until June 23, 2005 to submit their proofs of
claim to 665697, Russia, Irkutsk region, Nizhneilimskiy region,
Novoilimsk, Zvereva Str. 1

CONTACT:  RUDNOGORSKIY
          Russia, Irkutsk region, Nizhneilimskiy region,
          Novoilimsk, Zvereva Str. 1

          Mr. A. Vasilyev
          Insolvency Manager
          665697, Russia, Irkutsk region, Nizhneilimskiy region,
          Novoilimsk, Zvereva Str. 1


TOGUCHIN - MILK: Falls into Bankruptcy
--------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy external management procedure on open joint stock
company Toguchin - Milk.  The case is docketed as
A45-21413/04-SB/172.  Mr. V. Makarov has been appointed external
insolvency manager.  Creditors have until April 6, 2006 to submit
their proofs of claim to 630501, Russia, Novosibirsk region,
Krasnoobsk-1, Post User Box 325.

CONTACT:  Mr. V. Makarov
          External Insolvency Manager
          630501, Russia, Novosibirsk region,
          Krasnoobsk-1, Post User Box 325
          Phone: (3832) 485-306


YUKOS OIL: Seeks Damages for Yuganskneftegaz Sale
-------------------------------------------------
Yukos Oil Company filed a motion in the Moscow Arbitration Court
to annul the auction where 43 shares (76.79% of Authorized
Capital) of Yuganskneftegaz were sold, and the deed of sale of
the shares in its former core production subsidiary, as well as
for reimbursement of damages suffered as a result of the auction
in the amount in excess of RUR324 billion.

The case is filed against the Russian Federal Property Fund
(RFFI), OOO Baikal Finance Group, OAO Rosneft, OOO Gaspromoneft,
OAO Gazprom, and the Finance Ministry of Russian Federation.
Respondent's interveners in the case are the Main Directorate of
the Justice Ministry of Russian Federation for the city of
Moscow, Federal Anti-Monopoly Service and OAO Yuganskneftegas.
Yukos has also filed for the court to seize the Yuganskneftegas
shares in question under the legal process.

"The lawsuit very clearly outlines the numerous breaches of
Russian law that occurred up to, during and subsequent to the
forced expropriation of our core asset, Yuganskneftegas," said
Steven Theede, Chief Executive Officer.  "We are resolved to use
every appropriate court to fight our case to ensure that those
who performed this act of corporate theft are made to account for
their actions. We can only hope that the court appreciates the
merits of the case, which when detailed as they are in the
submission are very clear, and accepts our assertion that the
company is entitled to full and fair compensation for loss and
damages."

Yukos Oil Company contests the results of the auction and the
deed of sale of Yuganskneftegas shares by pointing out numerous
violations of Russian legal norms, as well as violation of
principles and norms of international law including the European
Convention on Human Rights and Fundamental Freedoms.  Yukos
contests that its core asset was expropriated to satisfy the
demands of tax authorities while the lawsuits addressing the
legitimacy of those tax claims, against which Yukos is presently
appealing, are still being heard by various court s in Russia.
Furthermore the Company is still engaged in the appeal process to
the Supreme Arbitration Court on previous verdicts handed out by
the Russian courts, which found against the Company.  The claim
states that even before Yukos had exhausted all means of
defending its rights provided by law and at a time when all of
the Company's offers of repaying the debt with other assets were
ignored, the asset was expropriated through an illegal and
unlawful process.

The Company's claim demands that the auction be ruled invalid.
Yukos contests that due to unjustified undercutting of the
selling price of Yuganskneftegas' shares and grave violations of
law in announcing and holding the auction, the auction process
itself was illegal.  The claim cites specific violations
including the fact that RFFI unlawfully set its own terms for the
sale of Yukos Oil Company's property resulting in Yuganskneftegas
shares being sold below the market value or the value determined
by the Russian Federation's own evaluation company, Dresdner
Kleinwort Wasserstein.  Breaches of Russian law during
preparation and holding of the auction included: failure to
comply with the legal requirement to announcing the timing of the
auction and thus ruling out some potential buyers; neglecting to
follow the very clear and defined procedure for conducting such
an auction and the direct and unwarranted interference of
government bodies in the auction process.  Yukos Oil Company
contests in its claim that the auction was a sham and a 'front'
for the expropriation of property in favor of a named state-owned
company -- OAO Rosneft.

Finally, the claim filed by Yukos Oil Company points out numerous
infractions by the Russian government and its authorities of the
European Convention on Protection of Human Rights and Basic
Freedoms.  The Company expresses its hope that its rights will be
restored through full satisfaction of its legal case and
reimbursement for its losses.

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

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

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


YUKOS OIL: Khodorkovsky Gets 9-year Jail Term
---------------------------------------------
Yukos Oil founder Mikhail Khodorkovsky and business associate
Platon Lebedev was sentenced on Wednesday to nine years
imprisonment for charges including tax evasion and fraud.

He was found guilty by a three-judge panel of massive fraud, tax
evasion and embezzlement in relation to his business activities
in the 1990s.  Authorities had accused him of buying Yukos cheap
at a time when privatization in Russia was yet unregulated.

He denied all charges and his lawyers vowed to appeal, a process
that Russian legal experts said could take several months.  Both
he and Mr. Lebedev are expected to remain in detention in Moscow
pending the appeals.

After the reading of the verdict, one of his lawyers read a
statement outside the courthouse condemning the administration of
Pres. Vladimir Putin for allegedly plotting his downfall.
Russian officials denied assertions his arrest and conviction are
politically motivated.

Mr. Khodorkovsky potentially faces new charges from the
prosecutor general's office, which is reportedly planning to sue
him and Mr. Lebedev in connection with a separate
money-laundering probe.  An unnamed spokesman said the case is
worth "several billion rubles."

Mr. Khodorkovsky was believed to be Russia's richest man with
wealth of US$15 billion dollars, according to Fortune Magazine,
at the time of his arrest in 2003.

                            *   *   *

A statement from Yukos reads:

The employees of Yukos Oil Company are deeply disappointed at the
verdict announced by the Moscow Meschanskiy Court relating to
their visionary mentor, Company founder and former CEO Mikhail
Khodorkovsky.

Those who worked with him over the years to build Russian's most
esteemed and internationally recognized company remain proud of
his and their achievements.  Together they brought to Russia
progressive business, social and corporate cultures that made
working within Yukos and for Mr. Khodorkovsky very special.

For the vast majority this verdict is a tragic example of the
authorities turning a law-enforcement and judicial system against
an individual for political ends.  We regret that the true value
of his achievements have been sullied by those who refuse to
appreciate the good he brought Russia.

Yukos employees view the verdict as a gross travesty of justice
produced by judicial system that has not only been content to be
maneuvered to destroy Mikhail Khodorkovsky, but also apparently
is intent on bringing down YUKOS.

CONTACT:  YUKOS OIL COMPANY
          Press Department
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

          London
          Claire Davidson
          Phone: +44.7767.351.433
          E-mail: cdavidson@policypartnership.com


YUKOS OIL: Unit Halts Oil Exploration
-------------------------------------
A Yukos Oil subsidiary, which is developing the
Yurubcheno-Tokhomskoye oil and gas deposit, has suspended work on
the project for unclear reasons.

RIA Novosti recalls the governor of Evenk Autonomous Area Boris
Zolotarev saying more than a month ago that East-Siberian Oil and
Gas Company, in which Yukos owns more than 70%, had been put up
for sale.

The governor of Evenkia highlighted importance of the
Yurubchenko-Tokhomskoye deposit.  He said: "If we do not receive
oil from there for the heating season we will have to spend two
or three times more money on bringing it from the continent."

According to him, more than 400 jobs have been affected.  He said
he has already referred the possibility of rehabilitating project
to the Minister of Natural Resources.

The governor of the Krasnoyarsk Territory Alexander Khloponin,
meanwhile, said officials are interested in inviting Gazprom on
the job.  "[T]he respective talks with Gazprom head Miller are
being held.  But no decision on this deposit has been taken yet,"
he said.

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


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


AKBANK T.A.S.: Short-term Currency Ratings Affirmed at 'B'
----------------------------------------------------------
Fitch Ratings affirmed Akbank T.A.S. ratings at Long-term foreign
currency 'BB-', Long-term local currency 'BB+', Short-term
(foreign and local currency) at 'B', Individual at 'C', Support
at '4' and National Long-term at 'AA-'.  The Outlook on all
Long-term ratings is Stable.

The Long-term local currency rating of Akbank T.A.S. at 'BB+'
above the sovereign, reflects the bank's sound financial
condition, its systemic importance within the Turkish banking
system, strong franchise and brand name, as well as its stable
funding and strong capital base.  The Long-term foreign currency,
National Long-term, Short-term and Individual ratings of the bank
reflect its sound asset quality, high level of efficiency and
solid profitability as well as strong capitalization.  They also
consider its significant exposure to government securities and
the potentially volatile operating environment.  The ratings also
consider its continuing significant exposure to government
securities in a potentially volatile operating environment.

Akbank recorded net income of US$765 million in 2004 compared to
US$1,283 million in 2003.  Fitch comments that although Akbank's
profitability declined in 2004, it remained solid.  The decline
was due mainly to lower net interest income from narrowed
margins, significantly lower government securities income and
higher net monetary losses from larger free capital.  In Q105,
non-inflation adjusted bank-only net income increased to
US$261million.  Efficiency remained high compared to the
country's sector.  As noted above, the bank's asset quality stood
well compared to its peers whereas government securities still
equated to a high 41% of assets at end-1Q05.  Fitch has some
concerns about the level of government securities, mainly because
of the interest rate risk of the fixed-rate portion of the
securities; this is mitigated to some extent by the positive
contribution of high free capital on profitability.

Akbank's well diversified core customer deposit base remains its
main funding source while the bank was also able to diversify its
funding sources and lengthen maturities via international
securitizations and syndicated loans.  The bank remains one of
the best capitalized in the Turkish banking sector, with high
level of free capital of 15% of end-2004 assets, after deducting
limited fixed assets and unconsolidated equity participations,
and consolidated regulatory capital adequacy ratio of 36.25%.

Akbank is Turkey's second-largest private commercial bank and
provides retail, corporate, international and private banking
services through its wide network of branches.  It was
incorporated in 1948 and is majority-owned (66.35%) by the
Sabanci Group, one of Turkey's largest and most diverse
industrial-financial conglomerates.  The remaining shares are
quoted on the Istanbul Stock Exchange, including 4.03% offered to
international investors in 1998 in the form of ordinary shares
and American depositary receipts (ADRs) traded internationally.

Research for this entity is available on the agency's
subscription Web site: http://www.fitchresearch.com

CONTACT:  FITCH RATINGS
          Ed Thompson, New York
          Phone: +1 212 908 0364

          Gulcin Orgun,
          Turda Ozmen, Istanbul
          Phone: +90 212 279 1065

          Banu Cartmell, London
          Phone: +44 207 417 4373

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


PETROL OFISI: Outlook Now Positive as Business Climate Improves
---------------------------------------------------------------
Fitch Ratings changed Turkey-based Petrol Ofisi A.S.'s (POAS)
rating Outlook to Positive from Stable.  At the same time, its
Senior Unsecured local currency and foreign currency ratings are
affirmed at 'B+'.  Its 100%-owned and guaranteed subsidiary, PO
Oil Financing Ltd., and its US$175 million notes are also
affirmed at 'B+'.  Additionally, Fitch has assigned POAS National
rating of 'A-(tur)' with a Positive Outlook.

The Positive Outlook reflects improvements in the business
environment, as well as strong historical and expected
operational and financial performance of POAS, marked by
significant debt reduction and stronger profitability.

Full retail market liberalization in January 2005 resulted in a
steep increase in distribution margins (by an approximate 15% in
USD terms on average for Q105) to levels above the E.U. average.
While price wars in urban and industrial areas will be a
possibility, it is currently deemed remote by Fitch.  POAS is
likely to retain its good profitability, given its nationwide
network and strong leadership in the diesel (contributes 54% to
its gross profit) and aviation fuel segments, which are also the
fastest growing fuels.  Greater margin volatility will be a new
challenging feature on the liberalized market, although free
price-setting now allows players to better mitigate their FX
exposure.  A longer track record of higher margins and further
de-leveraging are likely to lead to a rating upgrade.

Key factors supporting the ratings are POAS's leading domestic
market position (especially diesel retail and wholesale overall),
sizeable network and storage capacity, plus its economies of
scale and competitive advantages on direct fuel imports.  The
ratings also incorporate POAS's capacity to generate free cash
flow and its flexible capital expenditure requirements.

On the other hand, POAS has become highly leveraged as a result
of privatization (specifically its merger with its parent company
Is Dogan), although it has since reduced its debt and is expected
to continue to do so.  It also remains inefficient on an
average-throughput-per station basis, versus domestically present
international brands and leaders in foreign retail markets.
POAS's domestic focus leaves it fully exposed to the relatively
unstable Turkish economy.

Unlike major industry peers operating outside Turkey, POAS does
not fully capture fuel margins and non-fuel sales as most of its
network comprises dealer-owned and -operated stations.  It keeps
45% of the fuel distribution margin and commission on only some
non-fuel sales (which limits its operating profit
diversification), but is, to a large extent, insulated from the
petrol stations' operating risks.  Dealer contracts are normally
exclusive, for a period of 15 years and contracts are renewed on
an ongoing basis with no significant maturity concentration,
reducing the risk of dealer migration.  TUPRAS (Senior Unsecured
local currency 'BB+', Stable Outlook), will continue to deliver
the bulk of POAS's fuels (62% of white products and 100% of black
products in 2004).

The merger with Is Dogan turned POAS from a cash positive to a
highly leveraged entity (gross debt at YE02 equivalent to
TRL3,236 trillion in purchasing power of FYE04).  However,
management has embarked on rapid de-leveraging.  Gross debt was
cut to YTL1,176 million at YE04, thanks to inherited cash
balances, strong free cash flow, increase of trade payables, no
cash dividends (since 2000), a tax shield and USD depreciation
(about 98% of debt is USD-denominated) in the last two years.
Gross debt-to-EBITDA fell to 2.7x at YE04 from 9.3x at YE02,
while gross interest cover improved to 3.8x from 1.1x.  However,
the debt level remains sizeable and its short-term maturity,
albeit extended dramatically in 2004, remains a constraining
factor for POAS.

POAS is the largest wholesale and retail fuel distributor in
Turkey, commanding 36% and 26% market shares in key segments of
diesel and gasoline sales respectively.  The company runs a
3,250-strong nationwide dealer network.

CONTACT:  FITCH RATINGS
          Josef Pospisil, London
          Phone: +44 20 7417 4266

          Kaan Kiziroglu, Istanbul
          Phone: +90 212 279 1065

          Andrew Steel
          Phone: +44 20 7417 4086

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


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


LVIVSKE MORE: Creditors' Claims Due Next Week
---------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Lvivske More (code EDRPOU 20808862).
The case is docketed as 6/386-29/314.  Mr. I. Shimchishin
(License Number AA 116089) has been appointed temporary
insolvency manager.  The company holds account number
2600011010601 at Brokbusinessbank, Lviv branch, MFO 325774 and
account number 26009155501 at JSCB Integralbank, MFO 320735.

Creditors have until June 5, 2005 to submit their proofs of claim
to:

(a) LVIVSKE MORE
    79017, Ukraine, Lviv region,
    George Washington, 5-b

(b) Mr. I. Shimchishin
    Temporary Insolvency Manager
    Ukraine, Lviv region,
    Shevchenko Str. 400/8

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


PROMSPETSEXPORT: Declared Insolvent
-----------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Promspetsexport (code EDRPOU 32314863) on
April 14, 2005 after finding the limited liability company
insolvent.  The case is docketed as 24/190/04.  Mr. Talan
Rostislav has been appointed liquidator/insolvency manager.

CONTACT:  PROMSPETSEXPORT
          49038, Ukraine, Dnipropetrovsk region,
          Uzviz Kalinina, 1

          Mr. Talan Rostislav
          Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region, a/b 158

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


ROS: Names Sergij Nazarenko Liquidator
--------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Ros (code EDRPOU 04934633) on April 12, 2005
after finding the limited liability company insolvent.  The case
is docketed as 14/3137.  Mr. Sergij Nazarenko has been appointed
liquidator/insolvency manager.

CONTACT:  ROS
          Ukraine, Cherkassy region,
          Kaniv district, Kononcha

          Mr. Sergij Nazarenko
          Liquidator/Insolvency Manager
          18000, Ukraine, Cherkassy region,
          Dobrovolskijj Str. 3/1-25

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


ROSAVA: Cherkassy Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against LLC ROSAVA (code EDRPOU 03567575) on April
12, 2005 after finding the limited liability company insolvent.
The case is docketed as 14/3535.  Mr. Sergij Nazarenko has been
appointed liquidator/insolvency manager.

CONTACT:  ROSAVA
          Ukraine, Cherkassy region,
          Kaniv district, Polstvin

          Mr. Sergij Nazarenko
          Liquidator/Insolvency Manager
          18000, Ukraine, Cherkassy region,
          Dobrovolskijj Str. 3/1-25

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


SUDBUDIZOLYATSIYA: Proofs of Claim Deadline Next Week
-----------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
supervision procedure on CJSC Sudbudizolyatsiya (code EDRPOU
01414376).  The case is docketed as 5/45.  Ms. M. Kostina
(License Number AA 783216) has been appointed temporary
insolvency manager.

Creditors have until June 5, 2005 to submit their proofs of claim
to:

(a) SUDBUDIZOLYATSIYA
    Ukraine, Mikolaiv region,
    Lenin Avenue, 84

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


TV SLAVUTICH: Insolvency Manager Takes over Helm
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against TV Plant Slavutich (code EDRPOU 24371637) on
April 22, 2005 after finding the limited liability company
insolvent.  The case is docketed as 24/539-b-43/226.  Mr. Matyash
Ivan (License Number AA 520101) has been appointed
liquidator/insolvency manager.

Creditors have until June 5, 2005 to submit their proofs of claim
to:

(a) TV PLANT SLAVUTICH
    Ukraine, Kyiv region,
    Borispilska Str. 9

(b) Mr. Matyash Ivan
    Liquidator/Insolvency Manager
    01054, Ukraine, Kyiv region, a/b 168

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


TYAZHPROMKOMPLEKT: Claims Filing Period Expires Next Week
---------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on CJSC Tyazhpromkomplekt (code EDRPOU
19376920) on April 14, 2005.  Ms. Geza Yanina (License Number AA
779261) has been appointed temporary insolvency manager.  The
company holds account number 2600901904966 at Ukreximbank,
Donetsk branch, MFO 334877.

Creditors have until June 5, 2005 to submit their proofs of claim
to:

(a) TYAZHPROMKOMPLEKT
    84301, Ukraine, Donetsk region,
    Kramatorsk, Socialistichna Str. 45

(b) Ms. Geza Yanina
    Temporary Insolvency Manager
    83000, Ukraine, Donetsk region, a/b 6

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


VESELIVSKE KOMBIKORMOVO-PRODOVOLCHE: Succumbs to Bankruptcy
-----------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on OJSC Veselivske Kombikormovo-Prodovolche
Enterprise (code EDRPOU 20490584).  The case is docketed as
25/75.  Mr. Vadim Pyantkovskij (License Number AA 779152) has
been appointed temporary insolvency manager.  The company holds
account number 260042963 at JSPPB Aval, Zaporizhya regional
branch, MFO 313827.

Creditors have until June 5, 2005 to submit their proofs of claim
to:

(a) VESELIVSKE KOMBIKORMOVO-PRODOVOLCHE ENTERPRISE
    72200, Ukraine, Zaporizhya region,
    Vesele, Chapayev Str. 1-a

(b) Mr. Vadim Pyantkovskij
    Temporary Insolvency Manager
    Ukraine, Zaporizhya region,
    Miru Str. 18/3

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


VIKTORIYA: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Odessa region commenced bankruptcy
supervision procedure on LLC Viktoriya (code EDRPOU 31584810) on
March 15, 2005.  The case is docketed as 7/30-05-1953.  Mr.
Sergij Ananyev (License Number AA 216761) has been appointed
temporary insolvency manager.

Creditors have until June 5, 2005 to submit their proofs of claim
to:

(a) VIKTORIYA
    66300, Ukraine, Odessa region,
    Kotovskij district, Golubochok

(b) Mr. Sergij Ananyev
    Temporary Insolvency Manager
    65012, Ukraine, Odessa region,
    Mala Arnautska Str. 45/13
    Phone: 8 (048) 224-31-06
           8 (097) 312-86-65

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


VINNITSYA' TIN: Bankruptcy Supervision Starts
---------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on Vinnitsya' Tin Plant (code EDRPOU
31255205).  The case is docketed as 10/52-05.  Mr. N.
Voznyakevich (License Number AB 216832) has been appointed
temporary insolvency manager.  The company holds account number
2600901300067 at Ukrprombank, MFO 302515.

Creditors have until June 5, 2005 to submit their proofs of claim
to:

(a) VINNITSYA' TIN PLANT
    21001, Ukraine, Vinnitsya region,
    Engels Str. 33

(b) Mr. N. Voznyakevich
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Hmelnitske Shose Str. 7/1303
    Phone: 52-01-53, 52-04-28

(c) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


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


ADVANCED DATA: Member Pass Winding-up Resolution
------------------------------------------------
At the extraordinary general meeting of the members of Advanced
Data Support Limited on May 23, 2005 held at 2nd Floor, 19 Castle
Street, Liverpool L2 4SX, the extraordinary resolution to wind up
the company was passed.  Gerard Keith Rooney of Rooney
Associates, 2nd Floor, 19 Castle Street, Liverpool L2 4SX has
been appointed liquidator of the company.

CONTACT:  ROONEY ASSOCIATES
          2nd Floor,
          19 Castle Street,
          Liverpool L2 4SX


A K GREEN: Names Liquidator from Campbell Crossley & Davis
----------------------------------------------------------
At the extraordinary general meeting of A K Green Limited on May
23, 2005 held at The Hilton Hotel, North Promenade, Blackpool,
Lancashire FY1 2JQ, the subjoined resolutions to wind up the
company were duly passed:  Richard Ian Williamson of Campbell
Crossley and Davis, 348-350 Lytham Road, Blackpool FY4 1DW has
been appointed liquidator of the company.

CONTACT:  CAMPBELL CROSSLEY & DAVIS
          348-350 Lytham Road
          Blackpool
          Lancashire FY4 1DW
          Phone: 01253 349331
          Fax: 01253 349435
          E-mail: ian.williamson@crossleyd.co.uk


ALCESTER COMPUTERS: Members Call in Moore Stephens Liquidator
-------------------------------------------------------------
At the extraordinary general meeting of the members of Alcester
Computers Limited (formerly Portcom Limited) on May 20, 2005 held
at Springfield Business Park, Arden Road, Alcester, Warwickshire
B49 6PU, the extraordinary resolution to wind up the company was
passed.  Steven Draine and David Rolph have been appointed joint
liquidators of the company.

CONTACT:  MOORE STEPHENS
          3/5 Rickmansworth Road
          Watford
          Hertfordshire WD18 0GX
          Phone: 01923 236622
          Fax: 01923 245660
          E-mail: steve.draine@moorestephens.com


ALICO KNITWEAR: Liquidator from Springfiels Moves in
----------------------------------------------------
At the extraordinary general meeting of Alico Knitwear Limited on
May 23, 2005 held at Holiday Inn Leicester-West, Braunstone Lane
East, Leicester LE3 2FW, the subjoined extraordinary resolution
to wind up the company was passed.  Situl Devji Raithatha of
Springfields, 80 Hinckley Road, Leicester LE3 0RD have been
appointed liquidator of the company.

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


ARDEN FLEETS: Hires Deloitte & Touche Liquidator
------------------------------------------------
Name of companies:
Arden Fleets Limited
Farberry Limited
Minningdale Limited
Mulgrave Farm
Warter Estate Farms

At the extraordinary general meeting of these companies on May
18, 2005 held at Iveagh House, 41 Harrington Gardens, London SW7
4JU, the special and ordinary resolutions to wind up the
companies were passed.  Adrian P. Berry and Andrew P. Peters of
Deloitte & Touche LLP, 1 City Square, Leeds, West Yorkshire LS1
2AL have been appointed joint liquidators of the companies.

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


B & B STRUCTURES: Creditors Meeting Set Next Friday
---------------------------------------------------
The creditors of B & B Structures Limited will meet on June 10,
2005 at 2:00 p.m.  It will be held at the offices of BDO Stoy
Hayward LLP, Commercial Buildings, 11-15 Cross Street, Manchester
M2 1BD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, Commercial Buildings, 11-15
Cross Street, Manchester M2 1BD not later than 12:00 noon, June
9, 2005.

CONTACT:  BDO STOY HAYWARD LLP
          Commercial Buildings,
          11-15 Cross Street, Manchester M2 1BD
          Phone: 0161 817 3700
          Fax: 0161 817 3711
          E-mail: manchester@bdo.co.uk
          Web site: http://www.bdo.co.uk


BEACON INDUSTRIAL: Appoints Knights & Co. Liquidator
----------------------------------------------------
At the extraordinary general meeting of the members of Beacon
Industrial Recruitment Limited on May 23, 2005 held at Start
Business Centre, 25 Barnes Wallis Road, Fareham, Hampshire PO15
5TT, the extraordinary and ordinary resolutions to wind up the
company were passed.  Barry P. Knights of Knights & Company,
Milford House, 43-55 Milford Street, Salisbury, Wiltshire SP1 2BP
has been appointed liquidator of the company.

CONTACT:  KNIGHTS & CO
          1st Floor
          Milford House
          43-45 Milford Street
          Salisbury
          Wiltshire SP1 2BP
          Phone: 01722 330688
          Fax: 01722 414546


BRANSTON & GOTHARD: Creditors to Meet Later This Month
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Branston & Gothard Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Final Meeting of the Creditors of Branston &
Gothard Limited will be held at PricewaterhouseCoopers LLP,
Lennox House, Beaufort Buildings, Spa Road, Gloucester GL1 1XD,
on June 30, 2005, at 10:00 a.m. for the purposes mentioned in
section 146 of the said Act, that is, receiving the Joint
Liquidators' report of the winding-up, and determining whether
the Joint Liquidators should have their release under section 174
of the said Act.

A. R. Stanway and D. J. Waterhouse, Joint Liquidators
May 19, 2005

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Lennox House
          Beaufort Buildings
          Spa Road
          Gloucester GL1 1XD
          Phone: [44] (1452) 332200
          Fax: [44] (1452) 874622
          Web site: http://www.pwcglobal.com


BRIGHT IDEAS: Members Decide to Wind up Company
-----------------------------------------------
At the extraordinary general meeting of the members of Bright
Ideas Design & Print Limited on May 20, 2005 held at The Grange,
100 High Street, London N14 6TG, the extraordinary and ordinary
resolutions to wind up the company were passed.  T. Papanicola
has been appointed liquidator of the company.

CONTACT:  BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: tp@bondpartners.co.uk


CABLE & WIRELESS: Returns to Black with Profit of GBP377 Mln
------------------------------------------------------------
Highlights:

(a) Continuing earnings per share before exceptional items and
    amortization: up 16 % against prior year;

(b) Total Group profit before tax and exceptional items GBP377
    million; up 36 % against prior year;

(c) Operating profit from continuing operations, before
    exceptional items GBP277 million: up 20% against prior year;

(d) On track to achieve:

     (i) GBP35 million of U.K., Corporate and Europe operating
         cost savings in 2005/2006, with annualized savings of
         GBP50 million by March 2006 in connection with Group
         reorganization announced in November 2004,

    (ii) GBP50 million of U.K. savings in out payments and
         network costs in 2005/2006 announced in April 2005,

   (iii) GBP22 million of net cost savings from Next Generation
         Network implementation in 2007/2008;

(e) Acquired Bulldog Communications and May 26, 2005 announced
    acceleration of rollout plan to 600 exchanges by March 2006
    and to 800 exchanges in H1 2006/2007

(f) Acquired controlling interest in Monaco Telecom for GBP108
    million, earning an annualized after tax earnings return on
    gross capital invested of 17% in 2004/2005;

(g) Announced investment of GBP190 million in Next Generation
    Network over next three years;

(h) Completed sale of Japanese domestic business for a
    consideration of GBP71.7 million(including assumption of
    GBP9.4 million of debt) and exited the U.S. domestic
    business for GBP220 million (GBP80 million lower than
    estimated cost);

(i) Group revenue from continuing businesses flat against prior
    year at constant currency;

(j) GBP1,342 million net cash at 31 March 2005, after completing
    30% of the GBP250 million share repurchase program; and

(k) Declared full year dividend of 3.80 pence; up 21 % against
    prior year full year dividend.


           Results for the Year Ended 31 March 2005

Total Group Result
(incl. continuing and discontinued operations and exceptional
items)

                                   2005         2004
                                   GBPm         GBPm
Group revenue                     3,222        3,671

Profit before tax
and exceptional items               377          278

Profit/(loss) after tax             377         (212)

Profit/(loss) for the
financial period                    302         (237)

Basic earnings per share           13.0p        (10.2)p

Diluted earnings per share         12.3p        (10.2)p

Dividend per share                  3.80p         3.15p

Net cash                          1,342        1,448

The full profit and loss account, cash flow statement and balance
sheet, drawn up in accordance with U.K. generally accepted
accounting principles (U.K. GAAP', from which this information is
extracted, are set out in the attachments.

Continuing Operations 2005
                                   2005         2004
                                   GBPm         GBPm

Group revenue                      3,023        3,130
change from prior
year at constant currency             -%

Operating profit before              277          231
exceptional items
- change from prior                  33%
year at constant currency

Profit before tax and
exceptional items                    361          319

Profit after tax
before exceptional items
and amortization                     293          259

Earnings per share
before exceptional items
and amortization                     9.3p         8.0p

Capital expenditure                  332          326

Announcing the full year results for Cable and Wireless plc for
the year ended 31 March 2005

Cable & Wireless Chairman, Richard Lapthorne said: "The 2004/2005
financial performance demonstrates our progress.  For the year to
31 March 2005, profit after tax and before exceptional and
amortization for the continuing business was GBP293 million
equivalent to 9.3 pence per share.  Revenue from continuing
operations was GBP3,023 million, a stable result at constant
currency.  The Board has recommended a full year dividend of 3.8
pence per share, after paying 1.16 pence per share at the interim
stage.  This represents a 21% increase in the total dividend,
indicating our confidence in the Group.

"The past 12 months have been a time of transition, as Cable &
Wireless entered a new phase in the three-year program to revive
the Company.  By the end of the year, the Chief Executive and his
new team were no longer preoccupied with the issues of the
Company's past, and had turned confidently to face the future.

"Over the past year, the management has delivered on the promises
it made in June 2003.  We completed our exit from the U.S. market
at substantially lower cost than originally expected.  This
allowed the Chief Executive to concentrate on restructuring our
U.K. business and stabilizing its performance.  Customer focus
has been central to our new structures.  An enormous amount of
work has gone into improving operations and tightening cost
controls in the legacy businesses.

"We are also seeing some excellent groundwork in network
development.  A prime example is our investment in Bulldog, the
U.K. broadband operator, we acquired last May.  Bulldog gives us
network access across the 'last mile' to the customer, enabling
us to offer an end-to-end service.  Building our customer base in
this way is an important goal as we embark upon investment of
GBP190 million over three years in our U.K. IP-based Next
Generation Network (NGN) and systems.  The new technology offers
network economies that will benefit our customers and improve our
margins.  In this context, we welcome Ofcom's vision of a U.K.
telecommunications market based on realistic and sustainable
competition among players willing to invest in future
technological strength.

"Our National Telco businesses have become more aggressive when
dealing with competition.  Cooperation and communication have
also improved, so that these businesses can benefit from each
other's experiences of the rapidly liberalizing telecom
landscape.  We are successfully capitalizing on our controlling
stake in Monaco Telecom and will take opportunities to expand our
footprint into new geographies as appropriate.

"The exit from the U.S. and disposal of our Japanese business
kept our cash intact which allowed us in November 2004 to launch
a GBP250 million share buyback.  As at March 2005, we had bought
back 60.5 million shares, at an average price of 124.4 pence.

"Our markets continue to suffer from excess capacity and severe
price competition.  Performance improvement will come from
efficiencies and cost cutting, and a shift in our sales mix
towards broadband, IP and mobile.  We are in a unique position to
help our customers embrace these new technologies and I look
forward with confidence to the year ahead."

Chief Executive, Francesco Caio, said: "Our results show we have
produced a solid set of numbers, in a challenging market.  This
year we have made solid progress in strengthening Cable &
Wireless' competitive position by focusing on markets where we
can be the number one or number two operator, further reducing
our cost base and accelerating our investment in growth services.
Specifically, we have:

(a) Completed the U.S. exit and sold our domestic business in
    Japan;

(b) Acquired Bulldog and completed the first phase of its
    development to gain 30% coverage of the U.K. broadband
    market;

(c) Committed to invest GBP190 million over three years to build
    a U.K. Next Generation Network;

(d) Reshaped our U.K. business around four key customer
    segments;

(e) Refocused Europe on Carrier Services, reducing headcount and
    exiting non-core businesses;

(f) Streamlined central functions, including relocating Group
    headquarters;

(g) Initiated a program to reduce headcount by more than 1,000
    in the U.K., corporate and Europe;

(h) Invested in mobile and broadband in National Telcos; and

(i) Established pan-regional initiatives including procurement
    and marketing plans for National Telcos.

"Our strategy is to establish a sustainable position as an
infrastructure-based competitor operating with its own access
network, building a strong customer franchise, both with
consumers and businesses, investing in IP, broadband and mobile
to pursue profitable growth in new services.

"Through our investments in U.K. Local Loop Unbundling (LLU) and
Next Generation Network we have a unique opportunity to lead the
telecom industry in its transition from traditional services to
IP and redefine the competitive scenario to our advantage.

A copy of these results is available free of charge at
http://bankrupt.com/misc/cable&wireless(2005).pdf

CONTACT:  CABLE AND WIRELESS PLC (London: CW)
          124 Theobalds Rd.
          London WC1X 8RX, United Kingdom
          Phone: +44-20-7315-4000
          Fax: +44-20-7315-5198
          Web site: http://www.cw.com/new/


CAMPUS VENTURES: Members Call Liquidator from Begbies Traynor
-------------------------------------------------------------
At the extraordinary general meeting of the members of Campus
Ventures Group Limited on May 24, 2005 held at Elliot House, 151
Deansgate, Manchester M3 3BP, the extraordinary and ordinary
resolutions to wind up the company were passed.  Paul Stanley of
Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP
has been appointed liquidator of the company.

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


DERBY NEW: Appoints Campbell Crossley & Davies Liquidator
---------------------------------------------------------
At the extraordinary general meeting of Derby New Wood Limited on
May 19, 2005 held at the offices of Campbell Crossley & Davis,
348-350 Lytham Road, Blackpool, Lancashire FY4 1DW, the subjoined
resolutions to wind up the company were passed.  Richard Ian
Williamson of Campbell Crossley and Davis, 348-350 Lytham Road,
Blackpool, Lancashire FY4 1DW has been appointed liquidator of
the company.

CONTACT:  CAMPBELL CROSSLEY & DAVIS
          348-350 Lytham Road
          Blackpool
          Lancashire FY4 1DW
          Phone: 01253 349331
          Fax: 01253 349435
          E-mail: ian.williamson@crossleyd.co.uk


DUPONT-KANSAI AUTOMOTIVE: Hires Deloitte & Touche Liquidator
------------------------------------------------------------
At the general meeting of the members of Dupont-Kansai Automotive
Coatings (UK) Limited, the special and extraordinary resolutions
to wind up the company were passed.  Charles MacMillan and
Geoffrey Stuart Kinlan of BDO Stoy Hayward LLP, 3rd Floor, 1 City
Square, Leeds LS1 2DP have been appointed joint liquidators of
the company.

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


EWEN BARNETT: Final Creditors Meeting Set Later This Month
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Ewen Barnett Limited
                        (In Liquidation)

Notice is hereby given pursuant to section 146 of the Insolvency
Act 1986 that a final meeting of the creditors of Ewen Barnett
Limited will be held at 2 Blythswood Square, Glasgow G2 4AD on
June 24, 2005 at 10:00 a.m. for the purposes of receiving the
Liquidator's report on the winding-up and to determine whether
the Liquidator should be released.

K. R. Craig, Liquidator

CONTACT:  TENON RECOVERY
          2-4 Blythswood Square
          Glasgow G2 4AD
          Phone: 0141 272 8000
          Fax: 0141 272 8001
          E-mail: glasgow@tenongroup.com
          Web site: http://www.tenongroup.com


FEDERAL-MOGUL: Insurers Object to MagneTek's Claim
--------------------------------------------------
MagneTek, Inc. previously asked the U.S. Bankruptcy Court for the
District of Delaware to extend the time for filing proofs of
claim in the Debtors' Chapter 11 cases and permit MagneTek to
file its late proof of claim.

As of March 2, 2005, MagneTek's claim against the Debtors is
US$2,455,856.83, which includes defense costs and indemnity
payments incurred in connection asbestos-related claims that fall
within the scope and terms of the March 10 Settlement Agreement
and the 1998 Agreement.

                          Insurers Object

Certain Underwriters at Lloyd's, London, and certain London
Market Insurance Companies object to the allowance of MagneTek
Inc.'s claim against the Debtors' estate.

Jonathan L. Parshall, Esq., at Murphy Spadaro & Landon, in
Wilmington, Delaware, explains that the underlying asbestos
claims have not and likely cannot meet all requisites for
payment.  "If the claim of MagneTek were to be 'allowed' by the
Bankruptcy Court, then [Federal-Mogul] will likely demand full
payment of the US$2.4 million from insurers," Mr. Parshall says.

Mr. Parshall tells the Court that it would appear in the Coverage
Action that the Insurers have grounds on which to contest the
claims, if and when they are tendered to the Insurers.  However,
"allowance" of MagneTek's claim in the bankruptcy may preclude
assertion of those defenses.

For these reasons, the Insurers assert that Magnetek's claim can
be filed but should not be allowed.

In the event that MagneTek's request to file a late proof of
claim is granted, the Insurers ask the Court to hold that:

   (1) The underlying asbestos claims, which form the basis for
       the indemnity MagneTek asserts, are not being allowed,
       determined or adjudicated by the Court;

   (2) The MagneTek claim will not be deemed allowed; and

   (3) Nothing in the order will have any preclusive effect on
       any party's rights to object to allowance of and
       distribution on account of the MagneTek claims.

                          *     *     *

Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones
& Weintraub P.C., advises the Court that the Debtors and MagneTek
discussed the matter and have agreed to a resolution in
principle.  The parties are in the process of documenting that
resolution.

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


GALLAHER GROUP: Issues New Ordinary Shares
------------------------------------------
On Tuesday, Gallaher Group Plc confirmed the allotment of 263,797
new 10p ordinary shares in the Company in respect of options that
have been exercised under the Company's Savings Related Share
Option Schemes and contingent awards that have been granted under
the Company's Long Term Incentive Plans.  The shares were
allotted at these prices: 950 shares at GBP3.67, and 262,847
shares at GBP8.43.

The total number of Gallaher Group Plc shares in issue now stands
at 655,408,909 shares.

                            *   *   *

In January, the Group revealed restructuring plans in its
European operations, after confirming that trading conditions in
Continental Europe have been difficult since 2004, and foreign
exchange movements have also been adverse.

Austria, France and Germany have experienced substantial market
declines caused by disruption from increased taxation and cross
border trade.  Market volumes in the first five months of 2004
fell 8% in Austria, 26% in France and over 13% in Germany.  In
these countries, May market volumes were worse than expected,
falling 13%, 31% and 20% respectively.

Gallaher also considered closing the Schwaz cigarette and
Furstenfeld cigar factories in Austria this year, along with
plans to restructure production at its cigarette and cigar
factories at Lisnafillan and Cardiff in the U.K.

In addition to this manufacturing restructuring, Gallaher plans
to reorganize some aspects of its distribution network.
Regrettably, as a consequence of these combined changes, around
250 operational jobs could be affected in Europe.

CONTACT:  GALLAHER GROUP PLC
          Claire Jenkins
          Director, Investor Relations
          Phone: 01932 832637

          CARDEWCHANCERY
          Anthony Cardew
          Tim Robertson
          Phone: 020 7930 0777


HI-TECH BUILDERS: Liquidator to Present Final Report
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Hi-Tech Builders Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Meeting of the Creditors of Hi-Tech Builders
Limited will be held at KPMG, Dukes Keep, Marsh Lane, Southampton
SO14 3EX, on June 24, 2005, at 11:30 a.m. for the
purpose of receiving the report of the Liquidator of the
winding-up and determining whether the Liquidator should have his
release under section 174 of the Insolvency Act 1986.

Proxy forms if applicable, must be lodged at KPMG Corporate
Recovery, Dukes Keep, Marsh Lane, Southampton SO14 3EX, or
through fax (+44 (0) 23 8020 2003), not later than 12:00 noon on
June 23, 2005.

S. Treharne, Liquidator
May 20, 2005

CONTACT:  KPMG LLP
          Dukes Keep
          Marsh Lane
          Southampton SO14 3EX
          Phone: (023) 8020 2000
          Fax: (023) 8020 2001
          Web site: http://www.kmpg.co.uk

          Stephen Treharne
          E-mail: steve.treharne@kpmg.co.uk
          Phone: 020 7311 1000
          Fax: 020 7311 3607


HOOVE SALMON: To Increase Returns by Growing 500,000 Salmon
-----------------------------------------------------------
Hoove Salmon Ltd. has reportedly called in administrators from
PricewaterhouseCoopers, amid unclear debt, particularly about
GBP1.3 million owed to two Shetland investment trusts.

According to Fish Update, Hoove Salmon secured a GBP1.187 million
loan from Shetland Development Trust in 2002 to acquire Papil
Salmon.  SDT hopes to recover at least a portion of the figure,
while another secure creditor, Shetland Aquaculture Trust, is
claiming GBP105,000.

PwC partners Bruce Cartwright and Laurie Manson reportedly
revealed plans to increase returns by producing around 500,000
salmon and 50,000 cod.

Hoove Salmon, which is owned by brothers Angus, Callum and Gavin
Grains, has five employees.

The company is a member of the Shetland Salmon Group cooperative,
the trading company (SSG Seafoods) of which folded up in 2003,
owing local community investment funds about GBP7 million.

The collapse forced over 10 salmon farming industries in Shetland
to shut down, leaving 250 jobless.

CONTACT:  HOOVE SALMON LTD.
          Gronnack Hoove, Whiteness
          Shetland
          United Kingdom
          Contact:
          Angus Grains, Managing Director
          Phone: +44 1595 840570


HUMPHRIES HOMESTYLE: Creditors Meeting Set Next Week
----------------------------------------------------
The creditors of Humphries Homestyle Limited will meet on June 8,
2005 at 2:00 p.m.  It will be held at Milsted Langdon, Winchester
House, Deane Gate Avenue, Taunton, Somerset TA1 2UH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Milsted Langdon, Winchester House, Deane Gate
Avenue, Taunton, Somerset TA1 2UH not later than 12:00 noon, June
7, 2005.

CONTACT:  MILSTED LANGDON
          Winchester House
          Deane Gate Avenue
          Taunton
          Somerset TA1 2UH
          Phone: 01823 445566
          Fax: 01823 445555
          E-mail: risaacs@milsted-langdon.co.uk


ICE PAPER: Creditors to Meet Tuesday
------------------------------------
The creditors of Ice Paper Limited will meet on June 7, 2005 at
11:30 a.m.  It will be held at The Institute of Chartered
Accountants, Chartered Accountants Hall, Moorgate Place, London
EC2P 2BJ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Crawfords, Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB not later than 12:00 noon, June 6,
2005.

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


JARVIS PLC: To Decide on Disposals at Next Week's EGM
-----------------------------------------------------
On 27 May 2005, Jarvis plc published and posted a circular
regarding the proposed disposal of Prosign S.A. and Veluvine
B.V., announced on 22 December 2004, and a proposed amendment to
Article 104 (Borrowing Powers) of its Articles of Association to
increase the limit on its borrowing powers.  The circular also
contains a trading update and an update on the restructuring
announced on 23 May 2005.  Copies of this circular are available
for inspection at the U.K. Listing Authority's Document Viewing
Facility situated at the Financial Services Authority, 25 The
North Colonnade, Canary Wharf, London E14.

Approval for the proposed disposal and the proposed amendment to
the Articles of Association will be sought at Extraordinary
General Meetings of Jarvis to be held on 13 June 2005 and 20 June
2005 respectively.

CONTACT:  JARVIS PLC
          24 Britton St.
          London
          EC1M 5UA
          United Kingdom
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com

          Bridget Fury, Merlin
          Phone: 020 7653 6620


JARVIS PLC: Board Wants Borrowing Powers Increased
--------------------------------------------------
Highlights:

(a) new GBP22.7 million revolving credit facility and GBP8.7
    million standby term loan facility provided by Deutsche
    Bank;

(b) outline terms and commitment to implement debt-for-equity
    exchange in respect of GBP297 million of facilities and
    related obligations and certain contingent obligations
    agreed by all core lenders;

(c) following the debt-for-equity exchange, existing
    shareholders will (depending on the structure of the debt-
    for-equity exchange) retain 4.75% of the enlarged group
    equity and existing warrant holders 0.25%; and

(d) outline terms and commitment for GBP50 million placing and
    open offer to follow debt-for-equity exchange in order to
    recapitalize the Company.  The placing and open offer is
    underwritten by Deutsche Bank.

Alan Lovell, Chief Executive, said: "I am pleased to announce the
new Deutsche Bank facility and the important progress we have
made towards our goal of restructuring Jarvis's balance sheet and
substantially reducing its debt level.

"This will significantly improve our ability to develop the
Group's remaining core businesses."

Jarvis plc has entered into binding documentation with Deutsche
Bank AG London for the provision of a new GBP22.7 million
revolving credit facility and a further GBP8.7 million standby
term loan facility.  Both of the New Facilities are repayable on
31 August 2005.

The Company has also reached agreement with all of its core
lenders for the implementation of a debt-for-equity exchange in
respect of GBP297 million of its facilities and related
obligations and certain contingent obligations, followed by an
underwritten placing of GBP50 million of new ordinary shares,
which will be subject to an open offer to all the holders of the
Company's share capital as enlarged by the debt-for-equity
exchange.  If the debt-for-equity exchange is completed, existing
shareholders will receive 4.75% of the issued ordinary share
capital and a pro rata entitlement to participate in the placing
and open offer.

Alternative structures for effecting the debt-for-equity exchange
are being explored, including one that would provide no value for
shareholders in the event that shareholders rejected the
resolutions to implement the restructuring.  The precise form of
the debt-for-equity exchange and the placing and open offer are
therefore still subject to review and their implementation will
be subject to a number of conditions and approvals.  Accordingly
there can therefore be no certainty as to the final form in which
they will be implemented, or whether they will be implemented.

Group Restructuring

As announced on 6 May 2005, the Company has been in discussions
with its lenders regarding its short-term working capital
requirements and the longer term objective of restructuring its
funding and capital base.  The New Facilities will be used for
working capital purposes whilst the Company undertakes the
proposed debt-for-equity exchange and placing and open offer,
part of the proceeds of which will be used to repay the revolving
credit facility.  In conjunction with the proposed
debt-for-equity exchange and equity raising, the
Company proposes to obtain new working capital facilities to meet
its on-going working capital requirements.  The restructuring is
intended to provide a stable working capital base for the Group
going forward, and is planned to have been completed by the end
of August 2005.

Debt-for-equity Exchange

Under the terms of the debt-for-equity exchange, GBP297 million
of its financing facilities and related obligations and certain
contingent obligations will be exchanged into new ordinary shares
in the Company ranking pari passu with its existing ordinary
shares representing 95% of the enlarged ordinary share capital of
Jarvis plc.  4.75% of the enlarged ordinary share capital would
be retained by existing shareholders and 0.25% made available to
existing warrant holders.

The Company has also agreed to use all reasonable endeavors to
explore two alternative structures to implement the transaction
by way of a scheme of arrangement under section 425 of the
Companies Act 1985.  Under the first, certain businesses and
assets would be transferred to a new company together with the
Exchanged Debt, which would be exchanged for 95% of the share
capital of newco.  Existing shareholders and warrant holders
would receive the remaining 5% of newco's share capital and
retain all the existing share capital of Jarvis plc.

The second structure would only apply if existing shareholders
did not approve resolutions proposed in connection with the
implementation of the debt-for-equity exchange.  In that case,
certain or all of the business and assets of the Company would be
transferred to a newco wholly owned by the lenders of the
Exchanged Debt.  Either of the alternative structures may also
include a proposal to delist the ordinary shares of the
Company.

New Equity Raising

The proposed placing and open offer of GBP50 million to
shareholders is planned to be made on completion of the
debt-for-equity exchange, with part of the net proceeds being
used to repay the GBP22.7 million Deutsche Bank revolving credit
facility.  The open offer will be made to holders of the ordinary
share capital of the Company as enlarged by the debt-for-equity
exchange.  The subscribing participants will hold 95% of the
issued ordinary share capital of the Company as further enlarged
by the placing and open offer.

A cash out alternative will be made available by the underwriter
to those shareholders who do not wish to participate in the open
offer, under which they will receive 25p for each GBP1 of their
equity subscription entitlement under the open offer.

The Company has agreed extra costs and fees for implementation of
the restructuring, including a grant of warrants to Deutsche Bank
entitling them to subscribe for ordinary shares in the Company at
the placing and open offer strike price for three years from
issue, and which will represent 15% of the company's enlarged
issued ordinary share capital following the placing and open
offer.  Application will be made to list the warrants.  Deutsche
Bank will also be granted an eighteen month right of first
refusal to arrange any future debt or equity raising for the
Group.

Current Trading, Working Capital and Prospects

The interim results for the six months ended 30 September 2004
were announced on 29 December 2004.  Overall, trading in the core
Group for the second half of the financial year ended 31 March
2005 remained challenging.  Rail and plant business turnover
were, in aggregate, below the level achieved in the first half
due to lower volumes on major projects.  The net financial
outcome for the rail business for the year will also depend on
the settlement of certain contract balances currently being
negotiated.  The second half of the financial year, being the
winter period, is normally weaker for the roads business than the
first half.  Performance in the roads business was also impacted
by the loss of the Cheshire contract as previously announced.
The Board continues to explore options in relation to its
facilities management operations and to implement the exit from
legacy unfinished construction projects, both of which continue
to be loss making.

The financial performance in the second half of the financial
year included exceptional profits from the realization of the
Group's investments in the Tube Lines PPP project and the
disposal of the majority of its property interests and reflected
the initial benefits of its cost saving programs.  The continuing
restructuring of the Group's operations and funding structure
have resulted in further costs.

The Group's net debt has also increased significantly from the
interim position and the unaudited Group net debt as at 31 March
2005 was approximately GBP305 million.  The principal reasons for
this increase are the cash contributions made by the Group as
part of the funding of the completion of the 14 largest
construction contracts and the assumption by the Group of debt in
return for contributions made by other stakeholders, totaling
approximately GBP95 million; the fees associated with the
Group's restructuring program; the repayment of certain creditor
balances and accrued interest.

The Board has recently put together a new business plan for the
three financial years ending March 2008.  The new business plan
anticipates a further stabilization of the Group's core
businesses, the conclusion of arrangements to exit non-core
businesses and further overhead economies and efficiencies.  The
ability to develop the core businesses depends on the completion
of the restructuring of the Group's finances and balance sheet.

The difficult trading period, which the Group has been going
through, together with the other factors described above, has
increased the Group's requirements for working capital.  With the
benefit of the GBP31.4 million of New Facilities, provided the
Group trades and manages its working capital in line with the
forecasts which it has recently prepared, it will be able to
operate within its existing and new finance facilities until
mid-August 2005, by which time the Company is seeking to have
completed the debt-for-equity exchange and received the cash
subscription proceeds from an initial placing of shares with
those lenders who will have underwritten the placing and open
offer.  The Directors acknowledge that forecasting in the Group's
current position is inherently difficult, that financial headroom
is minimal and so there is very limited margin to accommodate any
adverse trading or other developments which might have an impact
on the Group.

Increase in Borrowing Powers

The circular to be posted to shareholders will also seek approval
to amend Article 104 (Borrowing Powers) of the Company's articles
of association.  The Article currently sets a limit of GBP350
million on the gross amount of moneys that may be borrowed by the
Group.  The definition of borrowings for the purposes of Article
104 is drafted sufficiently widely to include balances that are
not captured by accounting definitions of debt.  With the Group's
indebtedness having increased, and given the wide definition of
borrowings under Article 104, gross borrowings of the Group for
the purposes of Article 104 are now close to their limit.  The
Board therefore proposes to increase the limit to GBP390 million.
However, the Board intends to substantially reduce that limit at
the time of the restructuring.  Shareholder approval of the
increase in borrowing powers is a condition of the restructuring.

Appointment of New Auditors

As part of its on-going cost saving measures, the Board has
conducted a review of advisers' fees generally.  This included
the proposed fee for the 2005 year end audit.  Consequently, the
Board obtained alternative proposals from three mid-tier audit
firms whom it considered to be appropriate for the size of the
Continuing Group.  Following a review of these proposals, it was
agreed with Ernst & Young LLP, who were not prepared to reduce
their fee to a similar level, that the Company accept its
resignation and appoint RSM Robson Rhodes LLP as the Company's
auditors with effect from 26 May 2005.

As a former member of RSM Robson Rhodes LLP, Chris Rew declared
his interest in the appointment of the Company's new auditors and
did not participate in the decision to make that appointment.

CONTACT:  JARVIS PLC
          24 Britton St.
          London
          EC1M 5UA
          United Kingdom
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com

          Bridget Fury, Merlin
          Phone:    020 7653 6620


KAPAK LIMITED: Appoints Unity Corporate Recovery Administrator
--------------------------------------------------------------
Matthew Colin Bowker and Ian Nigel Millington (IP Nos 8106, 8270)
have been appointed joint administrators for packaging company
Kapak Limited.  The appointment was made May 23, 2005.  Its
registered office is located at Clive House, Clive Street, Bolton
BL1 1ET.

CONTACT:  UNITY CORPORATE RECOVERY AND INSOLVENCY
          Clive House
          Clive Street
          Bolton
          Lancashire BL1 1ET
          Phone: 01204 395000
          Fax: 01204 383999
          E-mail: matthewbowker@ubsg.co.uk


LOVE THIS: To Hold Creditors Meeting Next Month
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Love This Records Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a General Meeting of Creditors of Love This
Records Limited will be held at the offices of BDO Stoy Hayward
LLP, 8 Baker Street, London W1U 3LL, on July 1, 2005, at 11:00
a.m. for the purpose of having an account laid before the
Meeting, showing the manner in which the winding-up has been
conducted and the property of the Company disposed of, and of
hearing any explanation that may be given by the Liquidators.

A. P. Supperstone, Joint Liquidator
May 23, 2005

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


MARKS & SPENCER: Smaller Chains Gaining Bigger Market Slices
------------------------------------------------------------
Marks & Spencer's leadership in the womenswear market reportedly
faces a tough challenge by discount chains and smaller retailers.

Growing competition in the clothing market is also said to be
forcing companies to cut down both costs and prices, and sending
some to out-of-town sites.

According to a report by Verdict Research, the group's market
share dropped 2.4% to 12.6% by the end of 2004, with smaller
fashion chains Hobbs and Oasis increasingly eating up bigger
portions.  Discount retailers such as Primark and Matalan also
charms more customers with cheap prices.

Major rival Arcadia also plunged to 9%, while New Look and
Debenhams increased their share by 1% to 3.9%, and 0.1% to 3.1%,
respectively.  Next inched closer to leaders M&S and Arcadia,
gaining 2.5% to 7%.

Smaller fashion chains, with sales growth generally in the
double-digits last year, increased their slice of the market due
their design teams' efforts to make buyers stand out on the high
street, according to the report.

The data came after Chief Executive Stuart Rose revealed a
declining preference for its clothing brands, particularly its
lingerie line.  The company blames the decreased patronage to
having a confusing range of brands, and inconsistent pricing.

Earlier, M&S admitted its underlying full pretax profit dropped
by 19 percent as it warns outlook remains "challenging."

The research recognized the company's price reductions over the
past year, and updating of its line every week as well as its
"Good, Better, Best" approach.  However, Verdict advised M&S and
other major retailers to restructure their business model to
survive.

It said: "Because the value retailers provide a much more
sophisticated offer now . . . women regard mixing value fashion
with designer labels as being clever whether they are on a budget
or not."

Meanwhile, Maureen Hinton, author of the "Verdict on Womenswear
Retailers 2005" report, warned of the demise of more retailers
this year following the collapse of Allders and administration of
chains like Eisenegger.  She blames the consumer's spending
crisis.

She said: "Retailers must tackle the dilemma of how to increase
turnover without relying on space growth."

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


MARTLET BUSINESS: Names Chamberlain & Co Liquidator
---------------------------------------------------
At the extraordinary general meeting of Martlet Business Services
Limited on May 20, 2005 held at the offices of Chamberlain & Co,
Aireside House, Aire Street, Leeds LS1 4HT, the subjoined special
resolution to wind up the company was passed.  Michael
Chamberlain of Chamberlain & Co, Aireside House, 24-26 Aire
Street, Leeds LS1 4HT has been appointed liquidator of the
company.

CONTACT:  CHAMBERLAIN & CO
          Aireside House
          24/26 Aire Street
          Leeds
          West Yorkshire LS1 4HT
          Phone: 0113 242 0808
          Fax: 0113 242 0866
          E-mail: mail@chamberlain-co.co.uk


MG ROVER: DTI Orders Further Investigation
------------------------------------------
Department of Trade and Industry secretary Alan Johnson announced
Tuesday a deeper inquiry into the collapse of MG Rover.

The statement came after it received an initial report into the
finances of MG Rover by the Financial Reporting and Review Panel
(FRRP), Part of accountancy watchdog, the Financial Reporting
Council.

The FRRP looked into whether the firm's accounts complied with
the law.  Mr. Johnson said the results of the initial inquiry
would be kept confidential for the meantime.  But it "raise[d] a
number of questions that need[ed] to be answered," requiring a
more thorough probe.

More than 5,000 people lost their jobs when MG Rover collapsed in
April, thus it is for the interest of the public to know the
circumstances involving its downfall.

The probe will examine affairs of MG Rover and Phoenix Venture
Holdings, parent company, and MGR Capital from 2003 until the
firm's fall into administration.  It will determine how the
group's profitable car-leasing and property divisions were
separated from loss-making car-making operations.

The MG Rover Group and its parent company's accounts involve more
than 150 sets of financial statements across a complex web of
inter-locking companies, according to The Independent.  MG Rover
has filed full accounts up to the end of 2003.

Its owners, The Phoenix Four, consisting of John Towers, Peter
Beale, Nick Stephenson and John Edwards, bought the firm from BMW
for GBP10 in 2000.  They received an interest-free loan of GBP427
million from the German car giant to keep the business going,
plus an inventory of GBP300 million worth of cars.  They had
taken GBP40 million from the firm before it went under with
liabilities of GBP800 million.

The investigation will be led by Guy Newey, a QC, and Gervase
MacGregor, a leading forensic accountant with BDO Stoy Hayward.
MG Rover's auditors, Deloitte & Touche, are likely to give
evidence.  Mr. Johnson said the DTI report will be made public.

In a statement, Phoenix Venture Holdings maintained innocence,
saying it is confident of being cleared.

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


MOTOREASY PLC: Hires Administrator from Fisher Partner
------------------------------------------------------
Stephen M. Katz (IP No 8681) has been appointed administrator for
Motoreasy Plc.  The appointment was made May 20, 2005.

The company handles provision of complete vehicle healthcare
package.  Its registered office is located at Acre House, 11-15
William Road, London NW1 3ER.

CONTACT:  FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


MYTRAVEL GROUP: To Release Six-month Results June
-------------------------------------------------
MyTravel Group plc will announce its interim results for the six
months ended 30 April 2005 on 23 June 2005.

                            *   *   *

At its annual general meeting in April, the company announced
that it has completed the financial restructuring on 31 December
2004, when trading began in the new shares issued following the
restructuring.  This has created a strong foundation and
momentum for the business.  The company rejoined the FTSE 250
index on 18 March 2005.

The company noted it has significant progress in restoring the
business, however, it admitted a lot remains to be accomplished
in the U.K.  The company continues to target an operating profit
for all three divisions in 2006 and an industry standard 3.5%
margin in the U.K. in 2007.

As part of this business plan, in the U.K. it has reduced
capacity for this year, begun to make improvements to its
product offering and continued to focus on cost control.

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


MYTRAVEL GROUP: Extends Exchange Offer Deadline to Next Month
-------------------------------------------------------------
MyTravel Group plc informed holders of its non-transferable
warrants that it has exercised discretion to extend the exchange
offer made to those holders of non-transferable warrants on 1
March 2005.  The exchange offer will now expire at 5 p.m. (London
time) on 29 July 2005.

The details of the exchange offer included in the document sent
to holders of the non-transferable warrants on 1 March 2005
should now be read as if the Expiration Date was stated to be 29
July 2005.  Notice has been given to the exchange agent, Lloyds
TSB Registrars.  The Company will send a letter to holders of the
non-transferable warrants notifying them of this change as soon
as is reasonably practicable.

                            *   *   *

Mytravel's restructuring includes:

(a) The conversion into MyTravel equity of approximately GBP800
    million of unsecured debt and facilities, including:

     (i) GBP250 million revolving credit facility,

    (ii) US$100 million U.S. private placement,

   (iii) GBP210 million minority interest preference shares,

    (iv) certain elements of aircraft lease financing
         arrangements,

     (v) GBP216 million of convertible bonds

(b) On completion of the restructuring:

     (i) Converting creditors (other than bondholders) would be
         issued new shares representing 88% of the company's
         enlarged share capital;

    (ii) Converting bondholders would be issued new shares
         representing 8% of the company's enlarged share
         capital.  This allocation has been made on a
         similar basis to the other converting creditors;

   (iii) Shareholders would retain 4% of the enlarged share
         capital.

(c) The provision at no material cost to the company of new 5-
    year committed facilities by the parties to the company's
    GBP400 million bonding facility and providers of bilateral
    guarantee and letters of credit facilities (amounting in
    aggregate to approximately GBP167 million).

(d) The company has proposed a timetable for the restructuring
    that would see it completed by the end of 2004.



(e) On completion of the restructuring, the company's debt will
    be approximately GBP140 million of aircraft finance leases.

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


PORTMAN ASSOCIATES: Liquidator from Higgs & Sons Moves in
---------------------------------------------------------
At the meeting of Portman Associates Limited on May 24, 2005, the
resolution to wind up the company was passed.  David John
Reynolds of Higgs & Sons, 134 High Street, Brierley Hill, West
Midlands DY5 3BG has been appointed liquidator of the company.

CONTACT:  HIGGS & SONS
          PO Box 15
          Blythe House
          134 High Street
          Brierley Hill
          West Midlands DY5 3BG
          Phone: 01384 342100
          Fax: 01384 342001


PREMIER PALLETISE: Meeting of Creditors Set in Two Weeks
--------------------------------------------------------
The creditors of Premier Palletise Limited will meet on June 13,
2005 at 2:00 p.m.  It will be held at Grant Thornton UK LLP,
Grant Thornton House, Melton Street, Euston Square, London NW1
2EP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Grant Thornton UK LLP, Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP not later than 12:00
noon, June 10, 2005.

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


PTI ASSOCIATES: Names Baker Tilly Administrator
-----------------------------------------------
Alec David Pillmoor (IP No 007243) has been appointed
administrator for PTI Associates Limited (t/a Premier Training).
The appointment was made May 19, 2005.  The company is engaged in
accountancy training and book publishing.

CONTACT:  BAKER TILLY
          Wilberforce Court
          Alfred Gelder Street
          Hull
          East Yorkshire HU1 1YH
          Phone: 01482 327406
          Fax: 01482 326957
          E-mail: alec.pillmoor@bakertilly.co.uk


RIGGS & COMPANY: Calls in Liquidator from PricewaterhouseCoopers
----------------------------------------------------------------
At the extraordinary general meeting of Riggs & Company
International Limited on May 16, 2005, the special and ordinary
resolutions to wind up the company were passed.  Richard Setchim
and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT have been appointed joint liquidators of
company.

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


R I ROSE: Members Pass Winding-up Resolutions
---------------------------------------------
At the extraordinary general meeting of the members of R I Rose
(Carterton) Limited on May 18, 2005 held at 18 Larksfield Close,
Carterton, Oxfordshire, the special and ordinary resolutions to
wind up the company were passed.  Susan Margaret Roscoe 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


SLICK SYSTEMS: Winding-up Report Out Mid-Month
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Slick Systems International Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a General Meeting of the Members of Slick Systems
International Limited will be held at Baker Tilly, Brazennose
House, Lincoln Square, Manchester M2 5BL, on June 13, 2005, at
10:00 a.m. to be followed at 10:30 a.m. by a Final Meeting of
Creditors, for the purpose of receiving an account, showing the
manner in which the winding-up has been conducted and the
property of the Company disposed of, and of hearing any
explanation that may be given by the Liquidator.

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

S. M. Quinn, Liquidator
May 9, 2005

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


SOLECT TECHNOLOGY: Members Decide to Wind up Firm
-------------------------------------------------
At the extraordinary meeting of the members of Solect Technology
(UK) Limited on May 16, 2005, the special and extraordinary
resolutions to wind up the company were passed.  Paul Appleton of
David Rubin & Partners, 1st Floor, 26-28 Bedford Row, London WC1R
4HE has been appointed liquidator of the company.

CONTACT:  DAVID RUBIN & PARTNERS
          26-28 Bedford Row, London WC1R 4HE
          E-mail: info@davidhornerandco.co.uk
          Web site: http://www.davidhornerandco.co.uk


SPENCER DAVIES: In Administrative Receivership
----------------------------------------------
HSBC Bank Plc appoints Richard Hawes and Nigel Morrison (IP Nos
8954, 8938) joint administrative receivers for Spencer Davies
Handling Limited (Reg No 04603751).  The appointment was made May
24, 2005.

The company manufactures lift and handling equipment.  Its
registered office is located at Spencer Davies Engineering
Limited, Burrows Terrace, Burry Port, Carmarthenshire SA16 0NH.

CONTACT:  GRANT THORNTON UK LLP
          11-13 Penhill Road
          Cardiff CF11 9UP
          Phone: 02920 235591
          Fax: 02920 383803
          E-mails: richard.m.hawes@gtuk.com
                   nigel.morrison@gtuk.com


TELEWEST COMMUNICATIONS: NTL Merger Takes Step Forward
------------------------------------------------------
The merger between troubled cable groups NTL Incorporated and
Telewest Communications took another turn after appointing
additional financial advisers,

Telewest recently hired Deutsche Bank as its main adviser and
might ask for an independent opinion from Rothschild.  Telewest
has reportedly interviewed a number of banks, including Lazard,
to act as adviser on the merger.  The group has been expected to
appoint Deutsche Bank since the bank has done financial work for
William Huff, a major shareholder for both Telewest and NTL and
the prime mover of the merger.  Deutsche is also expected to
facilitate a possible sale of Telewest's content division
Flextech.  Simon Duffy-led NTL, meanwhile, will stick with
long-time adviser Goldman Sachs.

"The merger of these two cable TV companies makes irrefutable
logic," commented London-based analyst Mike Cansfield.

Though both groups are saddled with heavy debt, their GBP5.5
billion merger are expected to challenge the market leader
positions of BT Group and Sky.  Telewest and NTL booked GBP1.3
billion and GBP2.1 billion in annual revenues respectively.
Both groups are listed in the U.S., but have customer

CONTACT:  TELEWEST COMMUNICATIONS PLC
          160 Great Portland Street
          London W1W 5QA
          Phone: 020 7299 5479
          Fax: 020 7299 5494
          Web site: http://www.telewest.co.uk

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

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

          ROTHSCHILD NORTH AMERICA INC.
          1251 Avenue of the Americas,
          51st Fl.
          New York, NY 10020
          Phone: 212-403-3500
          Fax: 212-403-3501
          Web site: http://www.us.rothschild.com

          LAZARD LLC
          Clarendon House,
          2 Church Street
          Hamilton, HM 11, Bermuda
          Phone: 441-295-1422
          Web site: http://www.lazard.com


UNIQUE COMMERCE: Meeting of Creditors Set Next Week
---------------------------------------------------
The creditors of Unique Commerce Limited (t/a Virginware) will
meet on June 8, 2005 at 11:00 a.m.  It will be held at George
House, 48 George Street, Manchester M1 4HF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to George House, 48 George Street, Manchester M1 4HF
not later than 12:00 noon, June 7, 2005.

CONTACT:  HODGSONS
          George House
          48 George Street
          Manchester
          Greater Manchester M1 4HF
          Phone: 0161 228 7444
          Fax: 0161 228 735
          E-mail: dmond@hodgsons.co.uk


V ASQUITH: Administrator from CRG Insolvency Moves in
-----------------------------------------------------
Charles Howard Ranby-Gorwood (IP No 9129) has been appointed
administrator for V Asquith Building & Construction Services
Limited.  The appointment was made May 20, 2005.

The company handles general construction and civil engineering.
Its registered office is located at Suite 4, Alexandra Dock
Business Centre, Fishermans Wharf, Grimsby, North East
Lincolnshire DN31 1UL.

CONTACT:  CRG INSOLVENCY & BUSINESS RECOVERY
          Suite 4
          Alexandra Dock Business Centre
          Fishermans Wharf
          Grimsby
          Lincolnshire DN31 1UL
          Phone: 01472 250001


WH SMITH: Court Approves Shares Cancellation
--------------------------------------------
WH Smith PLC has been granted an order of the High Court dated 18
May 2005 confirming the cancellation of the 169,072 5 3/4%
cumulative preference shares of the Company.

The Order was registered by the Registrar of Companies on 20 May
2005 and, accordingly, the Cancellation has now taken effect.

                            *   *   *

Fitch Ratings affirmed this month WH Smith Plc's ratings at
Senior Unsecured 'BB-' and Short-term 'B'.  The Outlook remains
Stable.

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

CONTACT:  WH SMITH PLC
          Nations House, 103 Wigmore St.
          London
          W1U 1WH, United Kingdom
          Phone: +44-20-7409-3222
          Fax: +44-20-7514-9633
          Web site: http://www.whsmithplc.com

          Louise Evans
          Media Relations
          Phone: 020 7514 9624
          Mark Boyle
          Investor Relations
          Phone: 020 7514 9630


WM MORRISON: Eager to Appoint Lloyds TSB's Finance Chief
--------------------------------------------------------
Wm Morrison Supermarkets plc is eyeing Lloyds TSB's finance
director Helen Weir to join its board, The Financial Times said
Tuesday.

Morrison reportedly aims to appoint this week Ms. Weir as one of
its four new non-executive directors, following her meeting with
Executive Chairman Sir Ken Morrison last week.  This came amid
pressure by investors for the company to speed up the hiring of
independent non-executive directors.

Ms. Weir, who is set to meet deputy chairman David Jones, served
as finance director of B&Q before she assumed the same post at
Kingfisher plc from 2000-2004.

On Friday, Mr. Morrison stepped down as head of the operations
board of WM Morrison, as he handed the decision-making task to
chief executive Bob Stott.  Mr. Stott has delayed his retirement
until spring of 2007.

Both were intent on seeing the supermarket chain integrate the
Safeway stores they have acquired for GBP3 billion last year.
The conversion is expected to be complete by the end of November.

WM Morrisson has issued four profits warnings since buying
Safeway, which costs the supermarket chain almost a quarter of
its market value.  The company reported improvement in trading in
recent weeks, but refused to give full-year profit figures.  It
has hired accountants KPMG to help it draw out financial
forecasts.

CONTACT:  WM MORRISON SUPERMARKETS PLC
          Hilmore House
          Thornton Road
          Bradford
          West Yorkshire
          England
          BD8 9AX
          Phone: +44 1274 494166
          Fax: +44 1274 494831
          Web site: http://www.morereasons.co.uk

          LLOYDS TSB GROUP PLC
          25 Gresham St.
          London
          EC2V 7HN, United Kingdom
          Phone: +44-20-7626-1500
          Fax: +44-20-7489-3484
          Web site: http://www.lloydstsbgroup.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
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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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