TCREUR_Public/050606.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

              Monday, June 6, 2005, Vol. 6, No. 110

                            Headlines

C Z E C H   R E P U B L I C

TELESYSTEM INTERNATIONAL: Company Profile
TELESYSTEM INTERNATIONAL: Q1 Net Income Surges to US$34.4 Mln


F I N L A N D

BENEFON OYJ: Projects Threefold Revenue Increase this Year
BENEFON OYJ: Shareholders Authorize Board to Hike Capital
BENEFON OYJ: CEO Wants to Wrap up Restructuring this Month
BENEFON OYJ: Magi.tel Revives Intellectual Property Rights Claim


F R A N C E

ALSTOM SA: Sells Transport Arm to United Group for AU$268 Mln


G E R M A N Y

AGFAPHOTO GMBH: Former Belgian Parent to the Rescue
AUTOHAUS FREIIMFELDE: Creditors Claims Due Next Month
DELTION PROJEKT: Sets Creditors Meeting August
DRESDNER BANK: EUR1.4 bln Loan Portfolio Sold to Consortium
ELEKTRODYNAMIK ELEKTROINSTALLATION: Declared Insolvent

FB FRUCHTHANDEL: Court to Verify Claims October
FLECKEN HEMBACH: Proofs of Claim Deadline July 11
GERLING-KONZERN: S&P Rates Proposed Notes 'BB+'
GOGELEIN INTERNATIONAL: Under Bankruptcy Administration
H. NIEHOFF: Muenster Court Confirms Bankruptcy

METALLBAU JENNER: Proofs of Claim Due Tomorrow
MOTOMAXX ZWEIRADFACHMARKT: Koln Court Appoints Administrator
REIMANN & SCHULZ: Creditors' Claims Due in Two Weeks
SDS SPEZIALABBRUCH: Applies for Bankruptcy Proceedings


I T A L Y

ALITALIA SPA: E.U. Decision on Restructuring Plan Due Tuesday
PARMALAT FINANZIARA: Irons out Feud with Former U.S. Units
SEAT PAGINE: To Refinance EUR2,620 Million Senior Bank Debt


L A T V I A

PAREX BANKA: Fitch Rates Upcoming Eurobond 'BB+'


N E T H E R L A N D S

ROYAL SHELL: Partners with Nuon in Offshore Wind Farm Project


P O L A N D

POLISH SHIPYARDS: E.U. Commission Opens Probe on Rehab Plan


R U S S I A

AGRO-SERVICE: Bankruptcy Hearing Set Later This Month
AUTO-COLUMN 1123: Declared Insolvent
BUILDING-ASSEMBLY ENTERPRISE: Succumbs to Bankruptcy
KILMEZSKOYE ENTERPRISE: Under Bankruptcy Supervision
PENSKIYE REFINERIES: Proofs of Claims Deadline Tomorrow

PO CHELYABINSKIY: Creditors Have Until Tomorrow to File Claims
REINFORCED CONCRETE: Undergoes Bankruptcy Supervision Procedure
SAMARA OBLAST: Standard & Poor's Affirms Low-B Rating
STROM-MASHINA: Bankruptcy Hearing Resumes July
THERMAL NET: Gives Creditors Until Tomorrow to File Claims
TYUMEN-ELECTRO-MONTAZHNIK: Succumbs to Bankruptcy


S P A I N

* E.U. Okays Restructuring of Spanish Public Military Shipyards


S W I T Z E R L A N D

SWISS INTERNATIONAL: Joins Star Alliance


U K R A I N E

ANOMALY FILM: Declared Insolvent
BONDARIVSKE: Insolvency Manager Takes over Operations
IKAR: Ivano-Frankivsk Court Freezes Debt Payment
LEKONA: Harkiv Court Opens Bankruptcy Proceedings
ROMANIV' GLASS: Proofs of Claim Deadline Expires Today

SPETSAGROSERVICE: Harkiv Court Appoints Liquidator
SUDAK' AUTO-TRANSPORT 14337: Creditors' Claims Due Today
SVITANOK: Vinnitsya Court Orders Debt Moratorium
ULADIVKA' ALCOHOL: Bankruptcy Supervision Starts
ZAPORIZHYA' BUILDING: Succumbs to Insolvency


U N I T E D   K I N G D O M

ADH SERVICES: Names Bishop Fleming Liquidator
AG & SK: Deadline for Debt Claims Expires July
A.I.P.S.-CLEANBRITE LIMITED: Hires Baker Tilly as Administrator
AIWA (UK): Chooses to Wind up Business
ALISE SERVICES: Liquidator Known this Week

A & P ELECTRICAL: Liquidators from Buchanans Move in
ARENA (BROMLEY): Files for Liquidation
BASINGSTOKE PRECISION: In Administrative Receivership
B & HD LIMITED: Signs up Joint Liquidators from Citroen Wells
BIGBEN INTERACTIVE: Creditors Meeting Set Next Week

BMK LIMITED: Calls Meeting to Install Creditors' Committee
BRUNDRETT LIMITED: Creditors Meeting Set Next Week
CLASHTOWN LIMITED: Hires Liquidator from Ian Franses Associates
CNS RENEWABLES: KPMG Administrators Take over Helm
DIAMOND EXPRESS: Freight Handling Company Calls in Administrator

DISCPHARM DISTRIBUTIONS: Appoints Administrators from PKF
DORMCO (SE): Appoints Rothman Pantall Administrator
EAST LEEDS: Hires Liquidator from Butcher Woods
ELEPHANT LIMITED: Furniture Factory Hires PwC Administrators
G.J. PEARCE: Appoints Joint Administrators from Berley

HARTHILL ESTATES: Names Barber Harrison & Platt Liquidator
INDUSTRIAL SERVICES: Calls in Price & Co. Administrator
INMARSAT HOLDINGS: Ratings Under Review for Upgrade
MCNULTY OFFSHORE: Creditors Meeting Set Next Week
PARKLAND LODGE: HSBC Appoints Begbies Traynor Receiver

STODDARD GROUP: Joint Receivers to Present Report Mid-June
STONEHILL TAVERNS: Sets Creditors Meeting Next Week
THORNS GROUP: Creditors Meeting Set Thursday
TREE REALISATIONS: Appoints Liquidators from Ernst & Young
VEDANTA RESOURCES: Names New Deputy Executive Chairman

VEDANTA RESOURCES: Operating Profit Swells 40% to US$332 Mln
VIBRO (UK): Brings in Administrators from Kroll
WINSOR ENVIRONMENTAL: Hires Administrator from Singla & Co.


                            *********


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C Z E C H   R E P U B L I C
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TELESYSTEM INTERNATIONAL: Company Profile
-----------------------------------------
NAME: Telesystem International Wireless Inc.

ADDRESS: 1250 Rene Levesque West, 38th floor
         Montreal (Quebec)
         H3B 4W8

         In Romania
         MobiFon S.A
         3-5 Avrig St.
         Bucharest 021571, Romania
         Phone: 401.302.1000
         Fax: 402.302.1001
         Web site: http://www.connex.ro

         In Czech Republic
         Oskar Mobil A.S.
         In Czech Republic
         Vinice
         Vinohradska 167
         100 00 Praha
         Czech Republic
         Phone: 420.2.7117.1111
         Fax: 420.2.7117.1933
         Web site: http://www.oskarmobil.cz

PHONE: (514) 673-8497

FAX: (514) 673-8470

WEB SITE: http://www.tiw.ca/

TYPE OF BUSINESS: Telesystem International is a cellular
                  operator in Central and Eastern Europe with
                  more than 6.9 million subscribers as of March
                  31, 2005.  It is a market leader in Romania
                  with 47% market share and 5.02 million
                  subscribers as of March 31, 2005 through its
                  controlled subsidiary MobiFon S.A.

                  In Czech Republic, TIW holds, through its
                  controlled subsidiary Oskar Mobil a.s., a
                  license to provide GSM-based cellular services
                  throughout the country.

                  The Company's common shares are listed on both
                  the Toronto Stock Exchange under the symbol
                  "TIW" and the Nasdaq National Market under the
                  symbol "TIWI".

EXECUTIVES:

(a) Senior Management

    Bruno Ducharme, Chairman and Chief Executive Officer

    Alexander Tolstoy, President and Chief Operating Officer

    Andre Gauthier, Executive Vice-President and Chief Financial
                    Officer

    Margriet Zwarts, General Counsel and Secretary


(b) Board of Directors

    Bruno Ducharme, Chairman of the Board and Chief Executive
                    Officer - TIW Inc.

    Thierry Baudon, Chief Executive Officer and Managing
                    Director - Emerging Markets Partnership C.V.

    Jonathan Charles, Carter-Meggs
    Partner - J.P. Morgan Partners, LLC

    Jacques A. Drouin, Managing Director, Lazard Brothers & Co.
                       Ltd. and Canada Country Head, based in
                       London, England

    Michael R. Hannon, Partner - J.P. Morgan Partners, LLC

    C. Kent Jespersen, Lead Board Director - TIW Inc.
                       Chairman of the Board - La Jolla
                       Resources International Ltd.

    FranĜois Laurin, Vice-President Investments, Communications
                     - Capital d'Amerique CDPQ Inc.

INVESTOR RELATIONS: Jacques Lacroix
                     E-mail: jlacroix@tiw.ca
                     Phone: (514) 673-8466

NUMBER OF EMPLOYEES: MobiFon - 2,000 (as of December 31, 2004)
                     Oskar - 1,650 (as of December 31, 2004)

ORGANIZATIONAL STRUCTURE:

                   Telesystem International Wireless Inc.
                                    |
                                    |
                       ----------------------------
                     100%                       100%
              MobiFon Holdings B.V.     Oskar Holdings N.V.
                       |                          |
                       |                          |
                    79.0%                        99.87%
                 MobiFon S.A.               Oskar Mobil a.s.
           (Vodafone Europe B.V. - 20.1%;    (IPB - 0.13%)
            Others - 0.9%)

SHAREHOLDERS: J.P. Morgan Partners, LLC - 20.0%
              Hutchison Whampoa Ltd.    - 5.8%
              CDPQ                      - 5.0%
              EMP Europe                - 8.7%
              Others                   - 60.6%


TELESYSTEM INTERNATIONAL: Q1 Net Income Surges to US$34.4 Mln
-------------------------------------------------------------
Telesystem International Wireless Inc.'s service revenues for
the first quarter of 2005 reached US$354.7 million compared to
US$264.2 million for the first quarter of 2004.  Consolidated
operating income before depreciation and amortization (OIBDA)
increased to US$146.5 million compared to US$107.5 million for
the first quarter of 2004.  Operating income for the quarter
reached US$83.9 million compared to $50.2 million for the first
quarter of 2004.  The growth in OIBDA and operating income
reflects the rapid expansion of our subscriber base in Romania
over the last twelve months and significant subscriber growth
and margin expansion in the Czech Republic.  Net income for the
quarter was US$34.4 million, or US$0.16 per share on a basic and
fully diluted basis, compared to a net income of US$15.7
million, or US$0.13 per share on a basic and fully diluted
basis, for the first quarter 2004.

               Management Discussion and Analysis

For the quarter ended March 31, 2005

The management's discussion and analysis, dated May 3, 2005,
should be read in conjunction with the accompanying unaudited
consolidated financial statements of TIW for the three months
ended March 31, 2005 and should also be read in conjunction with
the audited consolidated financial statements and Operating and
Financial Review and Prospects contained in TIW's Annual Report
for the year ended December 31, 2004.  Additional information
relating to TIW, including the Company's annual report on Form
20-F and continuous disclosure documents, is available on SEDAR
at http://www.sedar.comunder Telesystem International Wireless
Inc.  The financial information presented herein has been
prepared on the basis of Canadian GAAP.  Please refer to Note 17
to our audited consolidated financial statements for the year
ended December 31, 2004 for a summary of the differences between
Canadian GAAP and United States (U.S.) GAAP.

Results of Operations

We recorded net subscriber additions for the first quarter of
173,752 compared to 282,316 in the same period last year.  As of
March 31, 2005, the total number of subscribers reached
6,915,180, up 30.8% compared to 5,286,109 at the end of the
first quarter of 2004.  Consolidated service revenues increased
34.3% to US$354.7 million compared to US$264.2 million for the
first quarter of 2004.

Cost of service revenues increased to US$105.3 million for the
three months ended March 31, 2005 from US$81.6 million for the
three months ended March 31, 2004 but, as a percentage of
service revenues, decreased to 29.7% compared to 30.9% for the
prior year comparative period.

Equipment revenues rose to US$19.5 million for the three months
ended March 31, 2005 compared to US$14.2 million for the same
period in 2004.  Cost of equipment correspondingly rose to $31.2
million from US$22.3 million for the three months ended March
31, 2005 and March 31, 2004 respectively.  Included in the cost
of equipment are costs of handsets and accessories sold,
including subsidized handsets, as well as the costs of SIM
cards, the majority of which are provided to new subscribers as
part of the cost of acquiring such new subscribers.

Selling, general and administrative expenses were US$91.2
million, 25.7% of service revenue, in the first quarter of 2005
as compared to US$67.0 million, 25.4% of service revenue, in
2004.  Included in the expenses for the first quarter of 2005 is
a non-cash stock based compensation expense of US$4.3 million as
compared to US$1.5 million in the corresponding period of 2004.

As a result of the aforementioned, we recorded OIBDA for the
first quarter of 2005 of US$146.5 million compared to OIBDA of
US$107.5 million for the same period last year.  OIBDA as a
percentage of service revenue for the three month period was
41.3% compared to 40.7% in the same period of 2004.

Depreciation and amortization increased to US$62.6 million for
the three months ended March 31, 2005, from US$57.3 million for
the same period in 2004, due primarily to a higher tangible
asset base partly offset by write-offs in the amounts of US$3.5
million last year versus nil this year.  The revenue growth and
lower depreciation costs as a percentage of service revenue
resulted in an operating income of US$83.9 million compared to
US$50.2 million for the same period last year, an increase of
67.2%.

Interest expense, net of interest income, for the three months
ended March 31, 2005 was US$22.8 million compared to US$21.3
million for the same quarter of 2004, primarily due to the
higher effective cost of debt at Oskar Mobil, partly offset by
the repayment of long-term debt at MobiFon S.A. and an increase
in financial income from US$1.0 million in the first quarter of
2004 to US$1.6 million in the first quarter of this year.  We
recorded a foreign exchange gain of US$0.03 million for the
three months ended March 31, 2005 compared to a loss of US$2.0
million for the same period in 2004.  The first quarter 2004
results also included a gain of US$11.7 million on disposal of
our shares in Hexacom, our former Indian affiliate.

Income tax expense for the quarter was US$14.1 million as
compared to US$12.8 million for the same quarter in 2004.
Income tax expense consists primarily of Romanian income taxes
of US$12.4 million.  The Romanian government further reduced the
corporate income tax rate from the 19% previously announced to
16% effective January 1, 2005.  The Romanian statutory income
tax rate was 25% for 2004.  The fair value of Oskar Mobil's tax
loss carryforward benefits was not recognized in the purchase
price allocation of acquisitions, due to Oskar Mobil's limited
history of operating profits.  However, an income tax expense
has been recognized during the current period of US$1.7 million
relating to the benefit of such recognized loss tax
carryforwards that were utilized in the current quarter and a
corresponding amount has been credited to goodwill.

As a result of the foregoing, net income for the first quarter
of 2005 amounted to US$34.4 million or US$0.16 per share on a
basic and fully diluted basis compared to a net income of
US$15.7 million or US$0.13 per share on a basic and fully
diluted basis for the first quarter of 2004.

MobiFon S.A. - Romania

MobiFon S.A. (MobiFon or its trade mark, Connex), added 112,590
net subscribers for the first quarter for a total of 5,022,902,
compared to net additions of 215,096 in the first quarter of
2004 and total subscribers of 3,672,138 at the end of the same
2004 period.  This represents an increase of 36.8% in total
number of subscribers over the last 12 months.  As of March 31,
2005, we estimate that MobiFon had a 47% share of the cellular
market in Romania.  Connex's net postpaid subscriber additions
during the period represented 56.2% of its overall subscriber
additions compared to 22.5% for the same quarter of 2004,
reflecting MobiFon's value-driven acquisition strategy.  As of
March 31, 2005 , postpaid subscribers accounted for 34.8% of
MobiFon's total subscriber base as compared to 34.3% at the end
of 2004.

The net market growth slowed down in the first quarter of 2005,
a normal seasonal trend after the record growth of the last
quarter of 2004.  During the past 12 months, we estimate
cellular telephony market penetration in Romania increased to
49% from 35% at the end of the first quarter of 2004.

Service revenues reached US$197.8 million compared to $147.6
million for the first quarter of 2004.  This US$50.2 million
increase in service revenues translated into a 34.0% year over
year growth rate.  This growth was largely attributable to a
39.2% increase in average number of subscribers partly offset by
a decline in average revenue per user.

The monthly average revenue per user (ARPU) 1 for the first
quarter was US$12.29 compared to US$12.76 for the same period of
last year, with the decrease being primarily the result of the
addition of more than 1.3 million subscribers during the last 12
months, of which 70.0% were prepaid users.

Equipment revenues rose to US$11.5 million for the three months
ended March 31, 2005 compared to US$8.9 million for the same
period in 2004 as a result of higher postpaid gross additions.
Cost of equipment correspondingly rose to US$17.2 million from
US$14.7 million for the three months ended March 31, 2005 and
March 31, 2004 respectively.  As a result, the gross negative
margin on equipment slightly improved at US$5.6 million compared
to US$5.8 million for the same period.

Cost of services as a percent of service revenue increased to
22.8% from 21.7% in the first quarter of 2004.  This increase is
a result of higher interconnection costs associated with a
higher proportion of traffic terminating on other operators'
networks.  Selling, general and administrative expenses
increased from 22.0% of service revenues for the three months
ended March 31, 2004 to 22.9% for the latest three month period
primarily due to higher selling and marketing expenses as a
percentage of service revenue.  This increase was triggered by
greater advertising and commissioning expenses during the
quarter as we acquired more postpaid subscriber compared to the
same period last year.

OIBDA increased 31.8% to US$101.9 million compared to US$77.3
million for the same period last year.  OIBDA as a percentage of
service revenue decreased to 51.5% compared to 52.4% for the
same period last year.  Operating income for the quarter rose
49.4% to US$71.9 million compared to US$48.1 million for the
first quarter of 2004.

Oskar Mobil a.s. (formerly known as Cesky Mobil a.s.)- Czech
Republic

Oskar Mobil a.s. (Oskar Mobil or its trade mark Oskar) added
61,162 subscribers in the first quarter to reach 1,892,278, an
increase of 17.2% in total number of subscribers compared to
1,613,971 subscribers at the end of the first quarter of 2004.
In the Czech Republic, our focus on postpaid growth continued to
be successful with postpaid subscribers representing 84.3% of
net additions during the quarter.

Although total net subscriber additions in the first quarter of
2005 were 9.0% lower than in the same period of 2004, net
additions of postpaid subscribers slightly increased from 51,078
to 51,583 and our postpaid/prepaid mix as of March 31, 2005 was
49.0/51.0 compared to 43.9/56.1 at of March 31, 2004.  We
estimate we held a 17.3% share of the national cellular
subscriber market as of March 31, 2005, compared to a 16.3%
share at the same time last year.

Also according to our estimate, we had a 21% share of the
national cellular service revenue during the first quarter of
2005 compared to 19.5% for the same period in 2004.  During the
past 12 months, we estimate cellular penetration in the Czech
Republic increased to 107% from 97% at the end of March 2004.

Service revenues increased 34.6% to US$156.9 million compared to
US$116.6 million for the first quarter of 2004 due to a 17.9%
increase in average subscribers and a 14.7% increase in the ARPU
as expressed in U.S. Dollar.  The local currency service revenue
for the first quarter reached Czech Koruna 3,592 million, a
17.2% increase versus Czech Koruna 3,064 million for the same
period last year.  The ARPU was stable at Czech Koruna 623
(US$27.22) compared to Czech Koruna 624 ($23.72) for the same
period last year.  The average exchange rate between the U.S.
Dollar and the Czech Koruna during the first quarter of 2004 was
14.7% higher than for the same period in 2004.

Equipment revenues rose 49.7%, 30.6% when considered in local
currency, to US$8.0 million for the three months ended March 31,
2005 compared to US$5.3 million for the same period in 2004 as a
result of a higher number of handsets sold to existing postpaid
subscribers.  Subsidies associated with such increased sales, as
part of our retention program, as well as higher average cost
per handset sold to new subscribers, caused the US$6.4 million
year over year increase in cost of equipment which resulted in
the gross negative margin on equipment deteriorating to US$6.0
million in the three months ended March 31, 2005 from US$2.3
million in the comparable 2004 period.

Cost of services as a percent of service revenue decreased to
38.4% from 42.6% in the first quarter of 2004.  This decrease
results from lower average interconnection rates amongst mobile
operators, from greater on-net and incoming traffic as a
percentage of total traffic and from lower site costs as a
percentage of service revenue.  Selling, general and
administrative expenses decreased to 25.5% of service revenues
compared to 26.0% for the same period last year mainly as a
result of the growth in revenue more than offsetting incremental
costs to expand the sales network and to support business
initiatives.

We recorded OIBDA in the Czech Republic of US$50.5 million for
the quarter compared to OIBDA of US$34.4 million for the same
period last year, representing a 47.1% increase.  When excluding
the positive impact of the appreciation of the Czech Koruna
against the U.S. Dollar the OIBDA improvement would be of 27.9%.
OIBDA as a percentage of service revenue for the quarter reached
32.2% compared to 29.5% in the first quarter of 2004.  This
improvement reflects the revenue impact of solid subscriber
growth, our focus on postpaid growth and economies of scale
realized as fixed costs are spread over a larger subscriber
base.  We achieved an operating income of US$17.9 million in the
Czech Republic for the first quarter of 2005, compared to an
operating income of US$6.2 million for the first quarter of
2004.

Corporate and Other

Unallocated expenses for corporate and other activities were
US$5.9 million for the first quarter of 2005 compared to US$4.2
million for the same period last year.  Consolidated selling,
general and administrative expenses for the first quarter 2005
include stock based compensation cost of US$4.3 million of which
US$2.9 million is included within corporate and other
activities, while the corresponding period of 2004 had stock
based compensation costs amounting to US$1.5 million of which
US$0.9 million is included within corporate and other
activities.  On May 4, 2004, TIW's shareholders approved a
Restricted Share Unit (RSU) plan.  During the first quarter of
2005 1,056,401 RSUs and 2,043,000 performance based RSUs were
granted and the fair value of the RSUs and the expected fair
value of the performance RSUs that will vest were included in
the determination of stock based compensation.

Liquidity and Capital Resources

Operating activities provided cash of US$80.7 million for the
three-month period ended March 31, 2005 compared to US$41.4
million for the corresponding 2004 period.  The primary factor
contributing to the higher operating cash flow was the increase
in OIBDA.

Investing activities used cash of US$72.3 million for the
quarter ended March 31, 2005 compared to a use of cash of
US$63.2 million during the same period in 2004. Our investing
activities include the acquisition of property, plant, equipment
and licenses of US$63.4 million for three-month period ended
March 31, 2005 compared to US$50.8 million for the same period
of 2004, consisting mostly of expenditures required to increase
the capacity of our networks as well as a US$10.5 million
payment for our UMTS license in Romania.

Investing activities for the first quarter of 2005 also included
the use of US$6.5 million in connection with the acquisition of
the 72.9% of Oskar Holdings N.V. we did not already own and
US$2.5 million in connection with the acquisition during the
third quarter of 2004 of a 15.46% non controlling interest in
MobiFon.  During the corresponding 2004 period, investing
activities included the net proceeds from the sale of our direct
investment in Hexacom which amounted to US$21.8 million offset
by the use of US$5.3 million in connection with the acquisition
of a 3.62% non controlling interests in Oskar Mobil and the use
of US$32.1 million in connection with the acquisition of a 13%
non controlling interest in ClearWave.

Financing activities used cash of US$35.3 million for the first
quarter of 2005 compared to providing cash of US$59.9 million
for the first quarter of 2004.  The uses of cash for financing
activities in the three-month period ended March 31, 2005 were
US$11.3 million of scheduled repayments of MobiFon's senior
credit facility, US$20.7 million of repayments of Oskar Mobil's
new senior credit facility and US$3.2 million distributed to
minority shareholders of MobiFon.  The source of cash provided
by financing activities in the corresponding quarter of 2004 was
US$67.4 million of proceeds from issuances of our common shares
partially offset by US$7.5 million representing the first
scheduled repayment of MobiFon's senior credit facility.

Cash, cash equivalents and restricted short-term investments
totaled US$243.8 million as of March 31, 2005, including
US$111.2 million at the corporate level, which included US$27.8
million in restricted short term investments.

As of March 31, 2005, total consolidated indebtedness was US$1.2
billion, of which US$224.4 million was at the corporate level,
US$279.1 million at MobiFon and US$695.0 million at Oskar Mobil.
As of March 31, 2005 corporate net debt, defined as debt at the
corporate level minus cash and short-term investments, at the
corporate level was US$113.2 million compared to US$100.2
million at December 31, 2004.

In November 2004, we entered into an agreement in principle to
acquire from non-controlling shareholders 72.9% of Oskar
Holdings in exchange for the issuance of 46.0 million common
shares of our treasury stock.  We incurred US$6.7 million of
transaction expenses, of which US$6.0 million was paid to,
Lazard Freres & Co. LLC, bringing the aggregate value of the
transaction to US$521.9 million.  One of our board members is
managing director of an affiliate of Lazard Freres & Co. LLC.

Closing occurred on January 12, 2005 and we increased our
indirect equity interest in Oskar Holdings and Oskar Mobil to
100.0%. Affiliates of J.P. Morgan Partners, LLC, and AIG
Emerging Europe Infrastructure Fund L.P., two of our significant
shareholders, were shareholders of Oskar Holdings and received
17.4 million and 7.0 million common shares, respectively.  Our
existing interest in Oskar Holdings, prior to this acquisition
was reflected in our consolidated financial statements on a
consolidated basis.  The aggregate US$521.9 million purchase for
the above transaction exceeded the carrying value of the net
assets acquired by US$432.6 million.  This excess was
preliminarily allocated to goodwill in the amount of US$475.8
million and US$43.2 million to other fair value net decrements.

On March 2005, the shareholders of MobiFon approved dividends
amounting to Lei 6.1 trillion (US$214.9 million).  The dividends
do not become payable to shareholders until conditions for
shareholder distributions are met under MobiFon's senior loan
agreements.  As at March 31, 2005, the maximum payable to
shareholders based on the conditions of such loan agreements was
US$66.3 million and accordingly, an amount of US$13.9 million is
reported as amounts payable to non-controlling interests of
which US$12.0 million was paid on April 19, 2005.

In March 2005, MobiFon received one of two UMTS licenses awarded
by the Romanian Government.  For such license, MobiFon is
required to pay a total of US$35.0 million to the Romanian
Government, of which US$10.5 million was paid on March 23, 2005
and the remainder will be paid in five annual installments of
US$4.9 million, commencing in 2006.  MobiFon is also required to
honour certain license conditions, including coverage
requirements.  The license has an initial term of 15 years with
the option to renew for an additional 10 years.  We recognized
an intangible asset of US$30.8 million representing the US$10.5
million payment made on March 23, 2005 and the discounted value
of the future payments.  The associated liability has been
reported as long-term debt, a portion of which is current.

On February 23, 2005, the Czech Telecommunications Offices
awarded a UMTS license to Oskar Mobil.  The UMTS license was
awarded for a term of 20 years and requires Oskar to honor
certain license conditions, including minimum coverage
requirements.  The CZK2 billion (US$86.6 million) price for the
license is payable in annual installments from December 2005
through December 2009.  We recognized an intangible asset of
US$78.8 million representing the discounted value of future
payments and other acquisition costs.  The associated liability
has been reported as long-term debt, a portion of which is
current.

We expect to have future capital requirements, particularly in
relation to the expansion and the addition of capacity to our
cellular networks for the payment of our Romanian and Czech
Republic UMTS licenses, the buildout of related UMTS networks
and for the servicing of our debt.  We intend to finance such
future capital requirements mainly from cash and cash
equivalents on hand, short-term investments, drawings on Oskar
Mobil's New Senior Credit Facility, cash flows from operating
activities and through externally generated funds such as the
sale of debt and equity securities.

Selected Consolidated Financial Data

On June 23, 2003, we amended our share capital to implement a
one for five (1:5) consolidation of our common shares.
Following the consolidation, the number of issued and
outstanding common shares was reduced from 467,171,850 to
93,432,101 while the number of issued and outstanding preferred
shares remained unchanged at 35,000,000 but their conversion
ratio was changed from 1 common share for each preferred share
to 1 common share for 5 preferred shares.  On March 25, 2004,
the 35,000,000 issued and outstanding preferred shares were
converted into 7,000,000 common shares.  All share and per share
amounts included in the selected consolidated data shown below
have been adjusted to reflect the share consolidation.

The following represents all equity shares, granted stock
options and restricted share units outstanding and the number of
common shares which the Company's equity subordinated debentures
are convertible into as at May 2, 2005 and include 935,277
common shares issuable pursuant to 544 options, 875,571
performance based RSUs and US$1.0 million of ESDs which have
exercise prices, conditional vesting or conversion prices based
on a share price in excess of US$16.00:

                                                Common Shares

Common Voting Shares outstanding                 215,231,826

Convertible instruments and other:

Outstanding granted employees and director's stock
options                                            4,782,264

Outstanding granted employees and director's restricted
share units                                        3,958,738

Convertible equity subordinated debentures            59,162

                                                 224,031,990

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

CONTACT:  TELESYSTEM INTERNATIONAL WIRELESS INC.
          For Investors
          Jacques Lacroix
          Phone: (514) 673-8466
          E-mail: jlacroix@tiw.ca


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


BENEFON OYJ: Projects Threefold Revenue Increase this Year
----------------------------------------------------------
Benefon Oyj expects to generate EUR19.7 million in product
revenue, with a net profit of EUR342,000 for the year 2005.

Benefon's earnings forecasts are highly dependent upon its
upcoming product development plans and the securing of
additional financing in the range of EUR25 million by the end of
July 2005.  Such additional financing is subject to a further
decision by an extraordinary meeting of shareholders, and may
further be contingent on the early termination of the Company's
reorganization program by 30 June according to the petition
filed in the Turku District Court.

The proceeds of this offering are necessary to complete product
development as per the projected timeline and the related
marketing and branding efforts along with supply chain
requirements.  The Company expects that its partnership with
China Putian will generate significant manufacturing savings
from its new products along with sales opportunities commencing
in the fourth quarter of 2005 and beyond.

These revenue projections for 2005 represent a nearly three-fold
increase in revenues from 2004.  The Company believes this level
of revenue growth is reasonable due its Putian partnership and
the anticipated revenues from its new personal navigation
product introductions.  Fourth-quarter revenues will account for
approximately two-thirds of 2005 annual revenue.  The Company
anticipates that it can continue to grow 2006 revenues at a 150%
rate over annualized fourth quarter 2005 sales, due to the
expected sales ramp from its product introductions.  It
anticipates maintaining a 50% annual growth rate in revenues for
at least the following two fiscal years.

The Company expects to generate a gross profit margin of 36.4%
in 2005.  The Company anticipates maintaining this gross profit
level within 2-3 percentage points in the next 2 to 3 fiscal
years.  Gross margin will be variable based upon factors
relating to production and raw materials costs, price erosion on
existing product lines, and the timing of new product
introductions, some of which are beyond our control.

The Company expects to reach profitability by the end of fourth
quarter of 2005, generating net profit for the full year 2005,
and maintain profitability on an annual basis thereafter.  While
operating profit margin will be minimal in 2005, the Company
expects its operating profit margin to levels in the high teens
over the next three years.

These estimates are based on facts and assumptions the Company
believes to be accurate; however, there is a high degree of
uncertainty in these assumptions.  Specifically, the Company's
ability to achieve its financial forecasts is highly dependent
on its ability to complete funding as described above, its
ability to meet product development timelines, the success of
its partnership with China Putian, its ability to hire and
retain qualified employees, its ability to manage its growth,
changes and trends in the mobile communications industry in
general, and its successful exit from reorganization, currently
expected to occur on or about June 30, 2005 (assuming that the
petition filed with the Turku District Court is approved).

(EUR000)               Year Ended December 31, 2005
Total Sales                      19.677
Cost of Sales                    12.508
Gross Profit                      7.169
Gross Margin                     36.4%
Total Operating Expenses          6.638
Operating Profit                 531
Net Profit                       342

The Company will in its interim reports and from time to time,
as needed, provide update information about the proceeding of
the financing project and the development of the sales and the
result.

BENEFON OYJ
Board of Directors

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


BENEFON OYJ: Shareholders Authorize Board to Hike Capital
---------------------------------------------------------
The Annual General Meeting of Benefon Oyj adopted the income
statement and the balance sheet of the Company from the
financial period Jan. 1 - Dec. 31, and resolved that no
dividends are paid from the financial period.  The members of
the Board and the CEO's were discharged from liability.  The
prior Board of Directors and auditors were elected to continue
in their duties.

In addition, the Annual General Meeting resolved, according to
the Board proposals, to expand the target group of option
rights, to use the share premium account for partially covering
the accrued losses of prior fiscal years and to replace the
prior Board authority to increase share capital with a new one.

(a) Adoption of the financial statements and decision about
    handling the loss for the period according to the confirmed
    balance sheet

The Annual General Meeting of Benefon Oyj adopted the income
statement and the balance sheet of the Company from the
financial period Jan. 1. - Dec. 31, 2004.  The General Meeting
resolved that the profit from the period, amounting to
EUR8,563,678.26, shall be booked on the profit account of prior
fiscal periods and that no dividend is paid;

(b) Discharge of liability to the members of the Boards and to
    the CEO's: The Annual General Meeting resolved to discharge
    from liability the members of the Board and the CEO's;

(c) Election of the Board members and the auditors

The Annual General Meeting resolved that the number of the Board
members stays at four and re-elected Mr. Brian Katzen, Mr.
Jeffrey Crevoiserat and Mr. Juha Kiikeri who have served in the
Board from May 28, 2004 onwards, and Mr. Phil Parker who had
been elected as the member of the Board in the extraordinary
general meeting of Nov. 25, 2004.

The General Meeting resolved to keep the number of ordinary
auditors at one and re-elected Ernst & Young Oy, Certified
Public Accountants, with Mr. Tapio Ali-Tolppa, CPA, as
responsible accountant, to this duty.  Mr. Veikko Soinio, CPA,
was re-elected as the deputy auditor;

(d) Expansion of the target group of option rights

According to the Board proposal, the Annual General Meeting
resolved to expand the target group for the option rights,
granted by the EGM of Feb. 26, 2004, to cover also selected
business partners and other parties providing services to the
Company, in addition to the originally decided key personnel;


(e) Using the share premium account for partially covering the
    accrued losses of prior fiscal years

    According to the Board proposal the Annual General Meeting
    resolved to use the share premium account for partially
    covering the accrued losses of prior fiscal years; and

(f) Canceling the Board authority and authorizing the Board

According to the Board proposal, the Annual General Meeting
resolved to cancel the authorization given to the Board in may
28, 2004 and authorized the Board of Directors, within the time
limit of one year from the shareholders' meeting granting the
authorization, to decide on the increase of share capital by
rights issue, by issue of options or by issue of convertible
bonds in one or more installments so that in the rights issue or
in the issue of convertible bonds or options, in total a maximum
of 25.630.809 new S-shares with a book parity value of EUR0.01
per share, shall be entitled to be subscribed for.  Therefore,
the share capital may, based on the authorization, be increased
by a maximum of EUR256.308,09.

The authorization includes the right to deviate from the pre-
emptive right of the shareholders, referred to in Chapter 4,
Section 2 of the Companies Act, to subscribe for new shares,
convertible bonds or options and the right to decide on prices
of the subscriptions, those entitled to subscription, the terms
and conditions of the subscription and the terms and conditions
of the convertible bonds and options.  The authorizations may be
used in deviation from the shareholders' pre-emptive right
provided that there is a weighty financial reason from the
company's point of view, such as financing of corporate
acquisitions or other arrangements relating to the development
of the company's business operations or strengthening the
company's balance sheet, to do so.  When the share capital is
increased by a rights issue on other basis than convertible
bonds or options, the Board of Directors is authorized to decide
that the shares can be subscribed for in kind, using the right
of set-off or on other specific terms.

The cancellation of the existing authorization and the new
authorization shall become in force with the registration of the
new authorization in the Trade Register.

BENEFON OYJ
Tomi Raita
CEO

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


BENEFON OYJ: CEO Wants to Wrap up Restructuring this Month
----------------------------------------------------------
Benefon Oyj CEO Tomi Raita is very positive about the future
outlook of the firm after publishing financial statement as
approved by auditors.

"This is great news for Benefon.  A so called 'clean' auditor's
report for the approval of the board at the AGM is a further
sign that our company is moving a step closer in building a new
Benefon," says Mr. Raita.

"Benefon has also applied with main debtors and the supervisor
of the reorganization program to amend the reorganization
program so, that it would finish by the end of June 2005.
Benefon is now awaiting the decision of the Turku District Court
on this matter.

"I am convinced that this financial statement as presented to
the AGM together with a possible early ending of the
reorganization program will greatly improve the credibility of
Benefon in the investment community and will be a further
showing to all that we are a company that is making strong
progress," Mr. Raita said.

"Our Philosophy has always been to ensure that what we promise
to our Shareholders gets delivered, and we are proud to say that
we continue to meet these goals," added company Chairman Brian
Katzen.

The financial statement, the auditor's report and the board's
proposals to the AGM can be viewed at the headquarters of
Benefon in Salo (Meriniitynkatu 11).

CONTACT:  BENEFON OYJ
          Tomi Raita, CEO
          Phone: 040-593361


BENEFON OYJ: Magi.tel Revives Intellectual Property Rights Claim
----------------------------------------------------------------
In 2001 Benefon Oyj was summoned to legal proceedings in Italy
by a company named Magi.tel, alleging that the Twin DS product
of the Company would have infringed a utility model registered
by Magi.tel in Italy and claiming damages in an amount of
approximately EUR15 million.

The Company carefully investigated the matter through its patent
attorneys and the results of this investigation, delivered to
the court, pointed out that the said Italian utility model had
been awarded without any merit because of the presented multiple
prior patent applications and published articles preventing the
innovativeness and the inventive step needed for a valid patent
or a utility model.  Furthermore, in the Company's view the
claim for damages was totally groundless.  After this, in
December 2002, the Company was informed that the judge had
issued an interim decision confirming that it was not likely
that the utility model granted to Magi.tel was valid.

The said case has now re-surfaced, as in accordance with the
information received by the Company, the plaintiff had delivered
new arguments for the validity of the utility model which will
be the subject of a technical hearing in Rome in the second week
of June 2005.  However, the new review of the case by Benefon
has confirmed that nothing has changed and the Company continues
to maintain that such claim by Magi.tel is utterly groundless
both as to any alleged infringement as well as any liability for
damages.  The Company intends to vigorously defend its position
in against Magi.tel's claim, which the Company views as
groundless.

Benefon Oyj

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


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


ALSTOM SA: Sells Transport Arm to United Group for AU$268 Mln
-------------------------------------------------------------
Alstom S.A. and United Group Ltd. signed on Thursday a binding
agreement for the sale of Alstom's transport operations in
Australia and New Zealand.

The agreement is subject to a limited number of conditions
precedent, and it is envisaged that financial close will occur
in July 2005.  Alstom is to receive as consideration on
completion a base purchase price of AUS$267.5 million (app.
EUR165 million) and could receive up to an additional AUS$30
million (app. EUR18 million) based on future financial
performance.

Alstom's transport operations in Australia and New Zealand
include engineering and maintenance support, road and rail
infrastructure projects, and the provision of professional
services and systems to the transport industry throughout
Australia and New Zealand.  This business employs approximately
2,000 staff and operates from both countries.  Key customers
include major road and rail operators and Australian
construction companies.

United Group is a diversified services company specializing in
maintenance, facilities management, manufacturing, fabrication,
engineering, construction and business outsourcing.  The Group
has over 7,000 employees, delivering services throughout
Australia, New Zealand, U.K., Singapore and Hong Kong.

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


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


AGFAPHOTO GMBH: Former Belgian Parent to the Rescue
---------------------------------------------------
AgfaPhoto GmbH has resumed operations a week after filing for
insolvency, Handelsblatt says.

AgfaPhoto received Thursday around EUR17 million in partial
payment for the mini-laboratories it operates through Agfa
Gevaert, its former parent.  The Belgian company paid the amount
in advance, part of a EUR50 million deal, to allow AgfaPhoto to
resume trading.  Transport companies have refused to deliver its
goods since declaring insolvency on May 27.

Meanwhile, provisional insolvency administrator Andreas
Ringstmeier was able to secure the salaries of 1,800 employees
until July.  He warned, however, about the possibility that the
company may not be able to restructure and, hence, secure their
employment beyond next month.  He also did not discount the
possibility that the company's troubles will spill over to other
Agfa companies.

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


AUTOHAUS FREIIMFELDE: Creditors Claims Due Next Month
-----------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Autohaus Freiimfelde GmbH on May 12.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 12, 2005
to register their claims with court-appointed provisional
administrator Ruediger Weiss.

Creditors and other interested parties are encouraged to attend
the meeting on August 9, 2005, 11:45 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.

CONTACT:  AUTOHAUS FREIIMFELDE GMBH
          Verlangerte Freiimfelder Strasse 4 a, 06112 Halle
          Contact:
          Siegfried Ahrens, Manager
          Immenweg 22, 06126 Halle

          Ruediger Weiss, Administrator
          Delitzscher Str. 70, 06112 Halle
          Phone: 0345/614080
          Fax: 0345/6140810


DELTION PROJEKT: Sets Creditors Meeting August
----------------------------------------------
The district court of Dessau opened bankruptcy proceedings
against DELTION Projekt & Bautrager GmbH on May 17.
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 Henning Schorisch.

Creditors and other interested parties are encouraged to attend
the meeting on August 1, 2005, 10:15 a.m. at the district court
of Dessau, Willy-Lohmann-Str. 33, Saal 123, 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:  DELTION PROJEKT & BAUTRAGER GMBH
          Johannisstr. 5, 06844 Dessau
          Contact:
          Hans W. Brohl, Manager
          Bahnhofstr. 124, 13127 Berlin

          Henning Schorisch, Administrator
          Leipziger Strasse 70, 06108 Halle
          Phone: 0345/678780
          Fax: 0345/6787810


DRESDNER BANK: EUR1.4 bln Loan Portfolio Sold to Consortium
-----------------------------------------------------------
A group of companies including Merrill Lynch and Lone Star have
purchased Dresdner Bank AG's EUR1.4 billion loan portfolio, said
AFX news Thursday.

Dresdner, owned by Allianz AG and is Germany's third largest
bank, did not disclose how much it gained from the transaction,
which will be concluded in the third quarter.

Jan Kvarnstroem, member of Dresdner Bank's management board,
however, said: "We have been able to achieve a full and fair
market price in the negotiations with the winning consortium."

The sale of the portfolio, consisting of loans granted to German
companies and real estate firms, will reportedly have no bearing
on Dresdner's second quarter results.

Mr. Kvarnstroem also leads the company's Institutional
Restructuring Unit, which was founded in 2003 to reduce
Dresdner's portfolio of non-strategic assets and loan exposures.

By the end of 2005 first quarter, the company's portfolio and
loan exposures were trimmed down to EUR8.6 billion from EUR35.5
billion, and EUR1 billion to EUR9.2 billion, respectively.  The
bank also registered EUR208 million in operating profit, its
best first quarter results in four years.

Herbert Walter, Chairman of the Board of Managing Directors,
said: "This shows that we are doing the right thing.  The tough
decisions we took are now paying off."

Mr. Walter cited the "New Dresdner" program, which he expects to
sustain the company's progress in the succeeding quarters.  He
also underlined the company's aims at sustainable profitability
and the systematic handling of capital, costs and risks.  The
Bank's private and business banking activities generated an
operating result of EUR182 million, while business with
corporate customers and institutions contributed EUR157 million.

CONTACT:  DRESDNER BANK AG
          Juergen-Ponto-Platz 1
          60301 Frankfurt, Germany
          Phone: +49-692--630
          Fax: +49-692-63-4831
          Web site: http://www.dresdner-bank.de


ELEKTRODYNAMIK ELEKTROINSTALLATION: Declared Insolvent
------------------------------------------------------
The district court of Sulzbach opened bankruptcy proceedings
against Elektrodynamik Elektroinstallation und Hausservice GmbH
on May 13.  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 Peter Theiss.

Creditors and other interested parties are encouraged to attend
the meeting on June 24, 2005, 9:40 a.m. at the district court of
Saarbruecken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280
Sulzbach, 2. Etage, Saal 24 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 July 29, 2005, 9:10 a.m. at the same venue.

CONTACT:  ELEKTRODYNAMIK ELEKTROINSTALLATION UND HAUSSERVICE
          GMBH
          Am Torhaus 55, 66113 Saarbruecken
          Contact:
          Hartmut Dirk Breiter, Manager

          Peter Theiss, Administrator
          Bahnhofstr. 77, 66111 Saarbruecken
          Phone: 0681 3090421
          Fax: 0681 3090456


FB FRUCHTHANDEL: Court to Verify Claims October
-----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against FB Fruchthandel on May 18.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until August 18, 2005 to
register their claims with court-appointed provisional
administrator Dr. Bjorn Gehde.

Creditors and other interested parties are encouraged to attend
the meeting on June 28, 2005, 9:15 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
October 18, 2005, 9:25 a.m.

CONTACT:  FB FRUCHTHANDEL BOHMEL BERLIN GMBH
          Beusselstr. 44 n - q, 10553 Berlin

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


FLECKEN HEMBACH: Proofs of Claim Deadline July 11
-------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Flecken Hembach Verwaltungsgesellschaft mbH on May 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 11, 2005
to register their claims with court-appointed provisional
administrator Carsten Lange.

Creditors and other interested parties are encouraged to attend
the meeting on August 23, 2005, 9:40 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will 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:  FLECKEN HEMBACH VERWALTUNGSGESELLSCHAFT MBH
          Am Rosstor 14-16, 41849 Wassenberg
          Contact:
          Viktor Hembach, Manager

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


GERLING-KONZERN: S&P Rates Proposed Notes 'BB+'
-----------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
subordinated debt rating to the perpetual unsecured subordinated
fixed-to-floating-rate bearer notes to be issued by Germany-
based insurer Gerling-Konzern Lebensversicherungs-AG (GKL;
BBB/Stable/--).  The amount of the issue is still to be
determined.  The rating is subject to final documentation.

"The standard two-notch differential between the counterparty
credit rating on GKL and the subordinated debt rating assigned
to the perpetual notes reflects their subordinated nature and
the interest deferral features," said Standard & Poor's credit
analyst Karin Clemens.

The issue will be treated as hybrid equity in Standard & Poor's
analysis of GKL's capital adequacy up to the normal tolerance of
15% of total adjusted capital, based on its long-term nature,
and the ability of GKL to defer interest without causing an
event of default.  Specifically, the notes constitute direct,
subordinated, and unsecured obligations of the issuer and are
undated, although with an issuer call after a pre-specified
period of time and an interest margin step-up.  The deferral
feature gives management the discretion to defer payment (on a
cumulative basis) if GKL declares no dividend and if the
unconsolidated financial statements of the issuer according to
German GAAP have not shown an annual profit.

The proceeds will be used to increase the level of admissible
assets ahead of regulatory changes becoming effective in 2008.
In addition, the issue will enhance GKL's capitalization and
support future growth.

The financial strength ratings on GKL are based on further
reduced downside risk due to GKL's bond-hedging strategy,
improved capitalization, resilient competitive position, and
stabilizing operating performance.  These strengths are partly
offset by the constrained financial flexibility (defined as the
ability to source capital relative to capital requirements) of
GKL's ultimate parent, Gerling-Konzern Versicherungs-
Beteiligungs-AG.

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

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


GOGELEIN INTERNATIONAL: Under Bankruptcy Administration
-------------------------------------------------------
The district court of Fuerth opened bankruptcy proceedings
against Gogelein International Aktiengesellschaft on May 9.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 4, 2005 to
register their claims with court-appointed provisional
administrator Dr. Carlos Mack.

Creditors and other interested parties are encouraged to attend
the meeting on August 4, 2005, 2:30 p.m. at the district court
of Fuerth, Zi. 216/II, Dienstgebaude, Baumenstrasse 28, 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:  GOGELEIN INTERNATIONAL AKTIENGESELLSCHAFT
          Industriestr. 2 in 90765 Fuerth

          Dr. Carlos Mack, Administrator
          Gibitzenshofstr. 86, 90443 Nuernberg
          Phone: 0911/2369398


H. NIEHOFF: Muenster Court Confirms Bankruptcy
----------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against H. Niehoff Bau GmbH & Co. Hochbau KG on May 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 22, 2005
to register their claims with court-appointed provisional
administrator Ralph Schmid.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 12, 2005 at the district court of Muenster,
Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149 Muenster,
I., Saal 101 B at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  H. NIEHOFF BAU GMBH & CO. HOCHBAU KG
          Eggeroder Strasse 5, 48624 Schoppingen
          Contact:
          Heinrich Niehoff, Manager
          Eggeroder Strasse 5, 48624 Schoppingen

          Ralph Schmid, Administrator
          Duelmener Str. 92, 48653 Coesfeld
          Phone: 02541/915-03
          Fax: +492541915100


METALLBAU JENNER: Proofs of Claim Due Tomorrow
----------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against Metallbau Jenner GmbH on May 6, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 7, 2005 to register their
claims with court-appointed provisional administrator Gerhard
Fichter.

Creditors and other interested parties are encouraged to attend
the meeting on July 7, 2005, 8:30 a.m. at the district court of
Heilbronn, 74072 Heilbronn, Rollwagstr. 10a, Saal 4, EG 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:  METALLBAU JENNER GMBH
          Contact:
          Peter Kozo, Manager
          Backnanger Str. 4, 71672 Marbach

          Gerhard Fichter, Administrator
          Gymnasiumstr. 33, 74072 Heilbronn
          Phone: 07131/888666


MOTOMAXX ZWEIRADFACHMARKT: Koln Court Appoints Administrator
------------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Motomaxx Zweiradfachmarkt GmbH on May 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 16, 2005 to register their
claims with court-appointed provisional administrator Dirk-
Henning Tonnesmann.

Creditors and other interested parties are encouraged to attend
the meeting on July 7, 2005, 12:00 noon at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  MOTOMAXX ZWEIRADFACHMARKT GMBH
          Sandstr. 13, 50556 Frechen
          Contact:
          Karl Michael Teichert, Manager
          Sandstr. 13, 50226 Frechen

          Dirk-Henning Tonnesmann, Administration
          Josef-Ruhr-Str. 30, 53879 Euskirchen
          Phone: 02251/65081-22
          Fax: +4922516508125


REIMANN & SCHULZ: Creditors' Claims Due in Two Weeks
----------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against Reimann & Schulz Bau GmbH on May 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 13, 2005 to register their
claims with court-appointed provisional administrator Axel Raap.

Creditors and other interested parties are encouraged to attend
the meeting on July 27, 2005, 11:00 a.m. at the district court
of Rostock, Zochstrasse, 18057 Rostock, Saal 330 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:  REIMANN & SCHULZ BAU GMBH
          Contact:
          Peter Schulz, Manager
          Rostocker Strasse 27a, 18236 Kropelin

          Axel Raap, Administrator
          Strandstrasse 92, 18055 Rostock


SDS SPEZIALABBRUCH: Applies for Bankruptcy Proceedings
------------------------------------------------------
The district court of Halle opened bankruptcy proceedings
against SDS Spezialabbruch, Demontage und Sanierungsgesellschaft
mbH on May 9.  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 Herbert Feigl.

Creditors and other interested parties are encouraged to attend
the meeting on July 28, 2005, 10:00 a.m. at the district court
of Halle, Saal 1.044, 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:  SDS SPEZIALABBRUCH, DEMONTAGE
          UND SANIERUNGSGESELLSCHAFT MBH
          Kasseler Strasse 46, 06295 Eisleben
          Contact:
          Manfred Zeddel, Manager

          Herbert Feigl, Administrator
          Hansering 1, D-06108 Halle
          Phone: 0345/212220
          Fax: 0345/2122222


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


ALITALIA SPA: E.U. Decision on Restructuring Plan Due Tuesday
-------------------------------------------------------------
The European Commission will approve this week Alitalia's
restructuring plan, paving the way for the troubled carrier's
recovery, says Reuters citing a source close to the matter.

According to the source, the regulator was likely to conclude
that the restructuring plan contains no traces of illegal state
aid.  The approval, however, will be coupled with strict
conditions, including a tighter commitment for Deutsche Bank's
participation in the carrier's planned EUR1.2 billion share
issue.  The source said, "At some point there has to be a formal
letter that Deutsche Bank -- without any reservations --
guarantees the success of the operations."

The source further revealed that both state and private
investors should receive the same conditions and pricing in the
capital increase.  The recapitalization must also receive enough
interest from private investor to ensure that Alitalia's
restructuring does not contain any trace of state aid.  The
regulator would also restrain the government from backing up
banks if the carrier receives insufficient private interests.
The EC would also keep track of the entire restructuring process
to kick out any attempts to bring in state aid.

"There are commitments that the Italians take upon themselves,
and [the Commission will] want to monitor that they fulfill
these commitments," the source said.

Once the regulator signs the green light, Alitalia would then
proceed with a capital increase, which it would use to finance
its restructuring plan.  Under the plan, the carrier would split
itself into AZ Fly and AZ Servizi, which would take charge of
Alitalia's flight and ground activities respectively.

The carrier intends to retain AZ Fly, while state-owned holding
company Fintecna is set to acquire a stake in AZ Servizi.
According to the source, if Fintecna decides to let go of its
stake in the future, the holding group must first "get a
designated amount of added value from the sale before any
proceeds were pumped back into AZ Fly."  The regulator will
tackle this case tomorrow, a spokesman for the EC said.

The EC started its in-depth probe of Alitalia's restructuring
plan in January following suspicions of illegal state aid.  The
imminent approval is likely to receive strong opposition from
Alitalia's European rivals, which have been asking the regulator
to reject the plan since it violates the European Union's "one
time, last time" rule.  The rule states that E.U. member
countries could only bail out their national carriers only once.
Alitalia previously received state aid in 1997.

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


PARMALAT FINANZIARA: Irons out Feud with Former U.S. Units
----------------------------------------------------------
Parmalat Finanziaria's former U.S. dairy subsidiaries and their
creditors have agreed to withdraw their claims in the company's
bankruptcy proceedings, said Reuters last week.

The dairy group has reportedly ironed out its dispute with
Parmalat USA Corp., Farmland Dairies LLC and Farmland Stremicks,
but the agreement excluded the former units' claims of US$70
million, which was approved by an Italian court.

For its part, Parmalat would have to cancel its claims for
US$704 million against the companies, which have ceased being
part of the Parmalat group, except for the US$6 million already
allowed by one of the units.  The feud came after Parmalat's
multibillion-dollar insolvency.

Under the agreement, Farmland is also authorized to bear some
trademarks and use the facility for long-life milk of the
Italian dairy group.

Meanwhile, Parmalat Finanziaria has reportedly failed to have a
counterclaim on its fraud suit against Citibank and parent,
Citigroup, Inc. dismissed in the U.S.  According to Reuters, New
Jersey judge Jonathan Harris of Bergen County Superior Court
said last week the plaintiff failed to demonstrate "each of the
elements necessary to enjoy claim preclusion against Citibank."

A case filed by Parmalat's administrator, Enrico Bondi, alleges
Citigroup is partly to blame in the group's collapse by
providing financing that helped hide losses and debt.  Citigroup
in turn alleged it is also a victim of fraud and is thus seeking
to have the lawsuit dismissed.

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

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

          PARMALAT USA INC.
          Phone: (973)777-2500
          Fax: (973)777-7648
          E-mail: mflood@parmalat-usa.net
          Web site: http://www.parmalatusa.com

          FARMLAND DAIRIES LLC
          Consumer Affairs
          520 Main Avenue
          Wallington, NJ 07057
          Phone: 1-888-727-6252
          Web site: http://www.farmlanddairies.com


SEAT PAGINE: To Refinance EUR2,620 Million Senior Bank Debt
-----------------------------------------------------------
On May 23, the Board of Directors of SEAT Pagine Gialle S.p.A.
resolved upon adopting the proposal for the refinancing of the
Company's senior bank debt presented by BNP Paribas, which had
been appointed Mandated Lead Arranger and Bookrunner on 8 April
2005, delegating the Chief Executive Officer to conclude the
transaction.

Contracts are expected to be signed in the next few days.

The new loan will replace existing senior debt on a 1:1 basis,
net of EUR86 million early repayments planned to be made by
June.  It allows for a significant improvement in terms and
greater operating flexibility for the Company as a result of its
strong operating performance and high cash flow generation in
2004.

The main terms of the proposal approved by the Board of
Directors are outlined below.

Loan Contract Terms

The plan envisages that the Company will have access to the
following long-term lines of credit:

(a) EUR1,930.1 million, deriving from Term Loan A of the new
    loan, with semi-annual amortization starting from June 2006
    until June 2012 and an initial spread of 1.91% over Euribor;

(b) EUR600 million deriving from Term Loan B of the new loan,
    with a lump-sum repayment in June 2013 and an initial spread
    of 2.41%; and

(c) up to EUR90 million, deriving from a revolving line,
    allocated to financing working capital requirements, to be
    repaid by June 2012 and with an initial spread of 1.91%.

The new contract envisages a noticeable simplification of the
loan terms compared to the previous one in that Term Loan C,
carrying a 3.415% spread, has been eliminated, replaced by an
increase in Term Loan A carrying a much lower spread, 1.91%, to
be paid by Seat.  Furthermore, the final maturity date for the
new Term Loan A has been extended by about 24 months and the new
Term Loan B by around 12 months.

The subordinated loan arranged by Lighthouse S.A. through the
issue of the high yield bond maturing in 2014 and paying a fixed
rate of 8% remains unchanged.

Cost of Debt

The loan proposal affords a significant reduction of the cost of
senior debt, by approximately 82 basis points for the first two
years and further reductions for the following years, thanks to:

(a) the reduction in spreads originally charged on Term Loan A
    and B, by around 50.5 basis points;

(b) the elimination of Term Loan C, which carried a higher
    spread, 3.415%; and

(c) the application of a more favourable and faster mechanism
    for the progressive reduction of credit spreads linked to
    improvements in the net financial debt/EBITDA ratio.

As a result of these improvements, the total cost of debt for
2005, including the impact of the subordinate high yield bond
and related taxes, as well as outstanding hedging transactions
(which remain unchanged), would decrease from 6.76% to 6.53%,
taking into account the higher cost of the previous loan for the
first five months of the year.

In 2006, the total cost of debt is expected to decrease by
further 54 basis points, from 6.94% to 6.40%.

Operating Restrictions

In addition to the better loan terms illustrated above, the new
contract structure envisages some favorable changes to the
limits and restrictions currently in place on the Company, all
aimed at achieving more flexibility in ordinary and
extraordinary operations. In detail:

(a) the limit on dividend pay-outs has been raised to 3% of the
    Company's stock market capitalization;

(b) the operating investment limit has been increased to an
    average of 20%;

(c) temporary excess liquidity may be invested, up to EUR100
    million, in the high yield bond.

It is also envisaged that, where possible, the operating
restrictions will be put on a par with the more liberal ones
contained in the high yield bond contract.

Luca Majocchi, Chief Executive Officer of Seat Pagine Gialle,
comments: "We are very satisfied with this transaction, which
represents a solid vote of confidence from the financial
community that recognizes the soundness of the strategic
decisions Seat has made; the transaction will allow the Company
to further strengthen its action to improve the quality and
enhance appreciation of its services, and develop the Italian
SMEs' advertising market.  We are also satisfied with the
success of the refinancing transaction, which sees the
participation of the major Italian and international credit
institutions, far exceeding the refinanced amount of EUR2.6
billion."

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

          Investor Relations
          Phone: +39.011.435.2600
          E-mail: Investor.relations@seat.it

          Legal and Corporate Affairs
          E-mail: ufficio.societario@seat.it

          BARABINO & PARTNERS
          Phone: +39 02 72 02 35 35
          Fax: +39 02 89 00 519
          Federico Steiner
          E-mail: f.steiner@barabino.it
          Niccolo Moschini
          E-mail: n.moschini@barabino.it


===========
L A T V I A
===========


PAREX BANKA: Fitch Rates Upcoming Eurobond 'BB+'
------------------------------------------------
Fitch Ratings assigned Latvia-based Parex banka's forthcoming
eurobond issue an expected 'BB+' rating.  Parex banka is rated
Long-term 'BB+' with a Stable Outlook, Short-term 'B',
Individual 'C/D' and Support '3'.

The assignment of the final rating is contingent upon receipt of
final documentation conforming materially to information already
received, and the final rating will be confirmed at that time.

The notes are to rank pari passu among themselves and at least
pari passu with all other present and future unsecured
obligations of Parex banka, save for such obligations as may be
preferred by law.  The issue is expected to be for EUR100
million.

Parex banka is the largest bank in Latvia by total assets, and
the fourth largest in the Baltics.  It is privately owned, with
two individuals collectively owning over 85% of the bank.

CONTACT:  FITCH RATING
          Tim Beck, London
          Phone: +44 20 7417 3460

          Claudia Nelson
          Phone: +44 20 7417 4269

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


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


ROYAL SHELL: Partners with Nuon in Offshore Wind Farm Project
-------------------------------------------------------------
Royal Dutch/Shell Group of Companies and Dutch energy company
Nuon have signed the final contracts for their joint realization
of the first Dutch offshore wind farm, located at Egmond aan
Zee, 10 miles outside the Dutch coast.

The wind farm will be constructed in 2006.  NoordzeeWind (a
50/50 joint venture between Shell and Nuon) awarded Monday the
construction contract to Bouwcombinatie Egmond, a joint venture
between Dutch offshore contractor Ballast Nedam and Danish wind-
turbine manufacturer Vestas.

Thirty-six wind turbines with an overall capacity of 108
Megawatts will be constructed 10 kilometers off the coast of
Egmond aan Zee (the Netherlands).  On a yearly basis, the wind
turbines will generate enough electricity to meet the needs of
more than 100,000 Dutch households.  From the end of 2006, the
wind farm will start generating sustainable energy, which Nuon
will supply to the Dutch market.  The project involves an
investment in excess of EUR200 million.

The project is accompanied by a comprehensive research program
designed to increase knowledge about offshore wind energy.  This
will study the effects on both nature and the environment, as
well as the technical aspects, such as turbine behavior and
integration into the electricity grid.  This will help to
increase expertise for the construction of larger wind farms
further out to sea.

The Dutch government is supporting the project financially under
the Electricity Production (Environmental Quality) Act (MEP)
along with a subsidy under the Ministry of Economic Affairs' CO2
Reduction Plan.  Finally, the Energy Investment Incentive
facility (EIA) (a tax allowance) also applies.

Rein Willems, President of Shell Nederland, said: "The
development of offshore wind farms in Europe is in line with our
strategy to continue to develop likely sources of sustainable
energy.

"As a learning project this wind farm is important for the
Netherlands and the whole offshore industry.  While Government
subsidies remain critical for any industry in the early stages,
the investment will bring economic competitiveness that much
closer.  And so the knowledge and experience we accumulate in
this project will play a key role in making the ever increasing
demand for energy even more sustainable."

Ludo van Halderen, Chief Executive Officer of Nuon, said: "The
construction of the wind farm is fully in line with Nuon's
policy to make the energy supply more sustainable and to expand
energy production in its core countries of the Netherlands,
Belgium and Germany.  The wind farm off the coast of Egmond aan
Zee offers a new opportunity for Dutch customers to access
sustainable energy harnessed here in the Netherlands."
The initial construction work is planned at the end of 2005 with
the installation of power cables between the grid connection
point at Velsen and the wind farm's own transformer substation
located on a site near the shore owned by Corus.  The foundation
piles of the wind turbines will be driven into the seabed during
the spring of 2006, after which the wind turbines will be
installed.  Specialized ships will be used for this work.

Preparations and Measurement Program

Preparations for this program spanned several years.  After the
Dutch government selected NoordzeeWind as a partner in July
2002, intervening years have seen geological surveys, wind
measurements and the compilation of an environmental effects
report.  Several projects were also developed to provide greater
support for nature conservation.

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


===========
P O L A N D
===========


POLISH SHIPYARDS: E.U. Commission Opens Probe on Rehab Plan
-----------------------------------------------------------
The European Commission has decided to open formal inquiries
into public support for three shipyards in Gdynia, Gdansk and
Szczecin.  The restructuring aid granted to these yards will be
scrutinized in the light of E.C. Treaty rules on state aid, and
in particular the rules on state aid to companies in
difficulties, in so far as it has been granted after the
accession of Poland to the European Union on May 1, 2004.  The
Commission will not examine several measures granted by the
Polish authorities before accession.

"The type of aid proposed by the Polish authorities is only
compatible with E.U. rules if accompanied by a detailed
restructuring plan involving durable industrial restructuring
and not limited to servicing debt and improving liquidity.  We
need to see a plan which is likely to result in viable companies
capable of facing up to competitive pressures within the E.U.,"
the Competition Commissioner Neelie Kroes commented.

The formal state aid investigation concerns financial support
given by various Polish authorities both at the central and
local level to the restructuring of the three largest Polish
shipyards in Gdynia, Gdansk and Szczecin.  Stocznia Szczecinska
Nowa Sp.z o.o. (New Szczecin Shipyard) as well as Stocznia
Gdynia S.A. (Gdynia Shipyard Group) (and its subsidiary Stocznia
Gdanska -- Grupa Stoczni Gdynia S.A. (Gdansk Shipyard) started
their restructuring process already in 2002.  New Szczecin
Shipyard is owned by the public Agencja Rozwoju Przemyslu S.A.
(Industrial Development Agency, ARP), Gdynia Shipyard Group is
majority owned by the State Treasury.

In all three cases, some aid was granted before accession, and
some after accession.  The Commission has no competence to
assess the compatibility of aid granted before accession.
However, the Commission is competent to act with regard to state
aid granted after accession even if the state support falls in
the context of restructuring launched before accession.

The Commission has doubts whether the aid granted is capable of
restoring the long-term viability of the yards.  It also has
doubts whether the companies undertook adequate capacity
reductions to compensate for the distortion of competition and
whether the beneficiaries' own contributions are sufficient to
demonstrate their commitment to restructuring.  The Commission
has therefore opened formal investigation procedures to allow
Poland and third parties to submit comments in order to verify
these points.

CONTACT:  EUROPEAN COMMISSION
          Web site: http://europa.eu.int/


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


AGRO-SERVICE: Bankruptcy Hearing Set Later This Month
-----------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on limited liability company
Agro-Service.  The case is docketed as A63-271/04-S5.  Mr. N.
Zhuravlev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 355000, Russia,
Stavropol, Lermontova Str. 343, Office 4.  A hearing will take
place on June 23, 2005, 10:00 a.m.

CONTACT:  AGRO-SERVICE
          Russia, Kurskiy region, Russkoye

          Mr. N. Zhuravlev
          Temporary Insolvency Manager
          355000, Russia, Stavropol region,
          Lermontova Str. 343, Office 4
          Phone: 37-16-93


AUTO-COLUMN 1123: Declared Insolvent
------------------------------------
The Arbitration Court of Kareliya republic commenced bankruptcy
proceedings against Auto-Column 1123 after finding the open
joint stock company insolvent.  The case is docketed as A26-
1174/2005-18.  Mr. I. Monakov has been appointed insolvency
manager.  Creditors have until June 7, 2005 to submit their
proofs of claim to 185035, Russia, Kareliya republic,
Petrozavodsk, Gogolya Str. 56, Room 6.

CONTACT:  AUTO-COLUMN 1123
          185035, Russia, Kareliya republic,
          Petrozavodsk, Gogolya Str. 56, Room 6

          Mr. I. Monakov
          Insolvency Manager
          185035, Russia, Kareliya republic,
          Petrozavodsk, Gogolya Str. 56, Room 6


BUILDING-ASSEMBLY ENTERPRISE: Succumbs to Bankruptcy
----------------------------------------------------
The Arbitration Court of Khanty-Masiyskiy autonomous region
commenced bankruptcy proceedings against Building-Assembly
Enterprise #5 after finding the open joint stock company
insolvent.  The case is docketed as A75-1532/2005.  Ms. T.
Gokhgut has been appointed insolvency manager.  Creditors have
until July 7, 2005 to submit their proofs of claim to 628611,
Russia, Nizhnevartovsk, Post User Box 965.

CONTACT:  BUILDING-ASSEMBLY ENTERPRISE #5
          628600, Russia, Khanty-Masiyskiy autonomous region -
          Yugra, Tyumen region, Nizhnevartovsk,
          Komsomolskiy Avenue, 5

          Ms. T. Gokhgut
          Insolvency Manager
          628611, Russia, Nizhnevartovsk,
          Post User Box 965
          Phone: (3466) 24-23-90


KILMEZSKOYE ENTERPRISE: Under Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
supervision procedure on open joint stock company Kilmezskoye
Enterprise.  The case is docketed as A28-32/05-64/24.  Mr. G.
Storozhuk has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 610000, Russia,
Kirov, Stepana Khalturina Str. 2, Office 10.  A hearing will
take place on Aug. 8, 2005, 11:00 a.m. at the Arbitration Court
of Kirov region located at Russia, Kirov region, Gostinyj Per.
5/1, Room 303.

CONTACT:  KILMEZSKOYE ENTERPRISE
          613570, Russia, Kirov region,
          Kilmez, Zavodskaya Str. 1

          Mr. G. Storozhuk
          Temporary Insolvency Manager
          610000, Russia, Kirov region,
          Stepana Khalturina Str. 2, Office 10

          The Arbitration Court of Kirov region
          610017, Russia, Kirov region,
          K. Libknekhta Str. 102


PENSKIYE REFINERIES: Proofs of Claims Deadline Tomorrow
-------------------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on limited liability company Penskiye
Refineries.  The case is docketed as A35-1279/05 g.  Mr. I.
Shakhov has been appointed temporary insolvency manager.

Creditors have until June 7, 2005 to submit their proofs of
claim to 305000, Russia, Kursk, Radisheva Str. 6A.  A hearing
will take place on Sept. 7, 2005.

CONTACT:  PENSKIYE REFINERIES
          Russia, Kursk region, Kurchatovskiy region,
          K. Libknekhta, Lenina Str. 29

          Mr. I. Shakhov
          Temporary Insolvency Manager
          305000, Russia, Kursk region,
          Radisheva Str. 6A


PO CHELYABINSKIY: Creditors Have Until Tomorrow to File Claims
--------------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on close joint stock company Po
Chelyabinskiy.  The case is docketed as A76-512/05-601.  Ms. T.
Romanova has been appointed temporary insolvency manager.

Creditors have until June 7, 2005 to submit their proofs of
claim to 460021, Russia, Orenburg, 60 Let Oktyabrya Str. 1/1.  A
hearing will take place on Aug. 4, 2005, 10:30 a.m.

CONTACT:  PO CHELYABINSKIY
          Russia, Chelyabinsk region,
          Sverdlovskiy Trakt, 28

          Ms. T. Romanova
          Temporary Insolvency Manager
          460021, Russia, Orenburg,
          60 Let Oktyabrya Str. 1/1


REINFORCED CONCRETE: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Vladimir region has commenced
bankruptcy supervision procedure on close joint stock company
Reinforced Concrete.  The case is docketed as A11-1459/2005-K1-
28B.  Mr. A. Vaskov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 600009, Russia,
Vladimir, Elektrozavodskaya Str. 7, Room 207.  A hearing will
take place on Sept. 6, 2005, 11:00 a.m.

CONTACT:  REINFORCED CONCRETE
          Russia, Vladimir region, Sudogda

          Mr. A. Vaskov
          Temporary Insolvency Manager
          600009, Russia, Vladimir region,
          Elktrozavodskaya Str. 7, Room 207


SAMARA OBLAST: Standard & Poor's Affirms Low-B Rating
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its foreign currency
'BB-' issuer credit rating on Samara Oblast, which is located in
the south of the Russian Federation.  The outlook is stable.  At
the same time, Standard & Poor's affirmed its 'ruAA-' Russia
national scale rating on the Oblast.

The ratings reflect the region's continued economic expansion,
sound financial performance, low debt, and sound liquidity.
Continued high dependence on its largest taxpayers, the car
producer AvtoVAZ and OAO NK Yukos (D/--/--) subsidiary
SamaraNefteGaz, which may result in significant volatility of
revenues, constrains the rating.  Other constraining factors
include federal control over revenues and disputes regarding
guarantees.

Avtovaz, SamaraNeftegaz, and their subsidiaries remain the
Oblast's largest taxpayers, contributing up to 20%-25% of tax
revenues each, which makes the Oblast vulnerable to their
performance.  Both companies are experiencing difficulties,
which may negatively affect revenues and the Oblast's financial
performance.

In 2004, the Oblast recorded a 18% operating surplus and a
surplus after capital expenditure, but a relatively large
deficit of 7.6% after capital expenditure is conservatively
budgeted for 2005.  This deterioration is expected to be
temporary, however, and will be partially offset by economic
growth in other industrial sectors and the Oblast's liquidity.

The 8.1% increase in the Oblast's gross regional product in 2004
supported budget revenue growth and is expected to continue at
relatively high rates in 2005-2007.  Existing liquidity, which
exceeds 10% of operating expenditure, should also help the
region withstand the pressures.

Federal legislation sets tax rates, types, and shares.  The
Oblast, like other Russian regions, is exposed to possible
changes in federal tax and budget legislation.

Samara's debt is low, with direct debt at less than 8% of
revenues.  Tax-supported debt is likely to remain below a
moderate 35% of revenues in medium term.  The number of "bona
fide" court disputes about guarantees, however, may result in
additional payments in the future and affect the reputation of
Samara Oblast as a diligent borrower.

"Continued economic expansion should help the region withstand
financial pressures stemming from growing public sector salaries
and infrastructure needs without accumulating debt beyond a
manageable 35% of revenues," said Standard & Poor's credit
analyst Boris Kopeykin.  "Growth should also help improve the
diversification of the regional economy and reduce the
volatility of the revenue base.  Our expectation that the Oblast
will be willing to meet all disputed guarantees in a timely
manner if they are legally recognized is also incorporated into
the rating."

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

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


STROM-MASHINA: Bankruptcy Hearing Resumes July
----------------------------------------------
The Arbitration Court of Kostroma region has commenced
bankruptcy supervision procedure on open joint stock company
Strom-Mashina.  The case is docketed as A31-1969/2005-18.  Mr.
S. Shulzhenko has been appointed temporary insolvency manager.

Creditors may send their proofs of claim to 127106, Russia,
Moscow, Post User Box 17.  A hearing will take place on July 21,
2005, 9:10 a.m.

CONTACT:  STROM-MASHINA
          156601, Russia, Kostroma region,
          Vokzalnaya Str. 54

          Mr. S. Shulzhenko
          Temporary Insolvency Manager
          127106, Russia, Moscow region,
          Post User Box 17


THERMAL NET: Gives Creditors Until Tomorrow to File Claims
----------------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
supervision procedure on municipal unitary enterprise Thermal
Net.  The case is docketed as A67-1164/05.  Ms. O. Tarima has
been appointed temporary insolvency manager.  Creditors have
until June 7, 2005 to send their proofs of claim to 634034,
Russia, Tomsk, Kuleva Str. 33.

CONTACT:  THERMAL NET
          Russia, Tomsk region,
          Asino, Lenina Str. 70

          Ms. O. Tarima
          Temporary Insolvency Manager
          634034, Russia, Tomsk region,
          Kuleva Str. 33


TYUMEN-ELECTRO-MONTAZHNIK: Succumbs to Bankruptcy
-------------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Tyumen-Electro-Montazhnik after finding the
open joint stock company insolvent.  The case is docketed as
A70-9192/3-04.  Mr. V. Nesterov has been appointed insolvency
manager.  Creditors have until June 7, 2005 to submit their
proofs of claim to 644122, Russia, Omsk region, 5th Armii Str.
4, Office 1.

CONTACT:   Mr. V. Nesterov
           Insolvency Manager
           644122, Russia, Omsk region,
           5th Armii Str. 4, Office 1


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


* E.U. Okays Restructuring of Spanish Public Military Shipyards
---------------------------------------------------------------
The European Commission has approved, under the terms of the
E.C. Treaty's rules allowing Member States to take measures to
protect essential security interests linked to defense
industries (Article 296 of the E.C. Treaty), a reorganization of
the Spanish public military shipyards.

These yards were formerly owned by IZAR but have recently been
taken over by a new company called Navantia.  The solution
allows Spain to protect its essential security interests by
rescuing its military shipyards, while ensuring that there will
be no undue distortion of competition in the market for civil
shipbuilding and ship repair.  The solution also takes account,
to the greatest possible extent, of the social and regional
problems involved in this case.

Competition Commissioner Neelie Kroes said: "This is an
important step in the reorganization of the public Spanish
shipbuilding sector.  Combined with the foreseen sale of IZAR's
civil shipyards and generous social measures, this
reorganization will safeguard Spain's military shipbuilding
needs, and eliminate distortions of competition in civil
shipbuilding."

IZAR was, until the end of 2004, the main shipbuilding company
in Spain.  Its activities were spread over 11 sites in Galicia,
Asturias, Basque Country, Valencia, Murcia, Andalucia and
Madrid.  It had around 10,700 employees.  Around half of the
sales concerned military production.

By two decisions in 2004 the Commission decided that EUR864
million of state aid to IZAR was not in line with E.C. State aid
rules and had to be recovered (see IP/04/633 and IP/04/1260).
Spain invoked Article 296 of the E.C. Treaty, which allows a
Member State to "take such measures as it considers necessary
for the protection of the essential interests of its security
which are connected with the production of or trade in arms,
munitions and war materials," with the objective of rescuing the
military shipbuilding activities from a foreseen bankruptcy of
IZAR.  This rescue would take place by transferring IZAR's
military shipyards to a new public company (Navantia).

Following discussions with the Commission, Spain has agreed to a
range of measures and commitments in accordance with Article 298
of the E.C. Treaty that are valid for ten years: Navantia's
civil sales will not exceed 20% of total sales, as a 3-year
moving average.

Navantia will act on the basis of market conditions as regards
its civil activities.  It will therefore keep separate internal
accounts for civil and military activities.  For each contract
for a new civil ship, a cost calculation will be provided to the
Commission.  For ship repair, information will be provided
annually Navantia's civil activities will not benefit from any
state aid, except export credits and development aid in line
with the shipbuilding state aid framework and OECD criteria.
The workforce of Navantia, will not exceed 5562 persons.

IZAR was put into liquidation on 1 April 2005.  The liquidators
plan to sell the remaining assets (shipyards in Gijon, Sestao
and Sevilla and a motor factory in Manises).  The sale of these
assets should take place under market conditions, on an open,
transparent and unconditional basis, as otherwise the buyers
might find themselves obliged to pay the outstanding amounts of
illegal state aid due to be recovered from IZAR.

CONTACT:  EUROPEAN COMMISSION
          Web site: http://europa.eu.int/


=====================
S W I T Z E R L A N D
=====================


SWISS INTERNATIONAL: Joins Star Alliance
----------------------------------------
At its bi-annual meeting held in Kyoto, Japan, the Chief
Executive Board of Star Alliance, the airline network for
Earth(TM), voted unanimously to accept the application for
membership of Swiss International Air Lines.

"Our strategy at Star Alliance has always been to provide more
choice, especially for the high-value international traveler.
In accepting SWISS' application for membership, we will in
future be able to offer more choice to our customers, especially
in Europe and on key international routes to North and South
America, Africa and Asia," said Mineo Yamamoto, President and
CEO of ANA.

"Joining Star Alliance represents a milestone for our company
and its customers," added Christoph Franz, President and Chief
Executive Officer of SWISS.  "As a quality airline with a
worldwide reputation, SWISS is the preferred carrier of a large
number of high-value international travelers.  And as a Star
Alliance member, we will be even better equipped to meet their
specific air travel needs."

Swiss, the national airline of Switzerland, carried 9.2 million
passengers last year to 74 destinations in Europe, North and
South America, Asia and Africa.  The company, which employs some
7,700 personnel and operates a fleet of 78 aircraft, announced
its planned acquisition by Lufthansa and its integration into
the Lufthansa Group in March 2005.

With the two confirmed new members South African Airways and
SWISS the Star Alliance network will in future cover some 846
destinations in 151 countries, with the 18 member carriers
operating nearly 16,000 flights per day.

About Star Alliance

Star Alliance was established in 1997 as the first truly global
airline alliance to offer customers global reach and a smooth
travel experience.  The members are Air Canada, Air New Zealand,
ANA, Asiana Airlines, Austrian, bmi, LOT Polish Airlines,
Lufthansa, Scandinavian Airlines, Singapore Airlines, Spanair,
TAP Portugal, Thai Airways International, United, U.S. Airways
and VARIG Brazilian Airlines.  South African Airways and SWISS
will be integrated during the course of the next 12 months.
Overall, the member carriers offer more than 15,000 daily
flights to 795 destinations in 139 countries.

CONTACT:  STAR ALLIANCE
          Press Office
          Phone: +49 69 96375 183
          Fax: +49 69 96375 683
          E-mail: mediarelations@staralliance.com

          SWISS INTERNATIONAL
          Corporate Communications
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com


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


ANOMALY FILM: Declared Insolvent
--------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Anomaly Film (code EDRPOU 32434588) on April
21, 2005 after finding the limited liability company insolvent.
The case is docketed as 27/52 B.  Mr. Milonov Rostislav (License
Number AA 668253) has been appointed liquidator/insolvency
manager.  The company holds account number 26000170202971 at
JSCB Ukrsocbank, Donetsk regional branch, MFO 334011.

Creditors have until today to submit their proofs of claim to:

(a) ANOMALY FILM
    Ukraine, Donetsk region,
    Maksim Kozir Str. 21/44

(b) Mr. Milonov Rostislav
    Liquidator/Insolvency Manager
    83048, Ukraine, Donetsk region,
    Artema Str. 159/26

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


BONDARIVSKE: Insolvency Manager Takes over Operations
-----------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Bondarivske (code EDRPOU 31910701) on April
7, 2005 after finding the company insolvent.  The case is
docketed as 11/80 b.  Mr. Oleksij Shvidkij (License Number AA
719866) has been appointed liquidator/insolvency manager.  The
company holds account number 260004590 at JSPPB Aval, Lviv
regional branch, MFO 304007.

Creditors have until today to submit their proofs of claim to:

(a) BONDARIVSKE
    Ukraine, Lugansk region,
    Markivskij district, Bondarivka,
    Centralnij Lane, 1 b

(b) Mr. Oleksij Shvidkij
    Liquidator/Insolvency Manager
    91054, Ukraine, Lugansk region, Norinskij quarter, 5/132

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


IKAR: Ivano-Frankivsk Court Freezes Debt Payment
------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on Production-Commercial Firm
Ikar (code EDRPOU 22181440) on March 11, 2005 and ordered a
moratorium on satisfaction of creditors' claims.  The case is
docketed as B-7/46.  Ms. Olena Goshoovska (License Number AA
779310) has been appointed temporary insolvency manager.  The
company holds account number 26002300111338 at JSCB Ukrsocbank,
Ivano-Frankivsk branch, MFO Kolomiya.

Creditors have until today to submit their proofs of claim to:

(a) IKAR
    Ukraine, Ivano-Frankivsk region,
    Kosivskij district, Smodne

(b) Ms. Olena Goshoovska
    Temporary Insolvency Manager
    Ukraine, Ivano-Frankivsk region,
    Strij, Sichovih Striltsiv Str. 10/82

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


LEKONA: Harkiv Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Lekona (code EDRPOU 31556314) on January 10,
2005 after finding the limited liability company insolvent.  The
case is docketed as B-24/114-04.  Mr. Dmitro Tsimberov (License
Number AA 779208) has been appointed liquidator/insolvency
manager.  The company holds account number 2600901254 at JSB
Factorialbank, MFO 351715.

Creditors have until today to submit their proofs of claim to:

(a) LEKONA
    Ukraine, Harkiv region,
    Korchagintsiv Str. 34/24

(b) Mr. Dmitro Tsimberov
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region,
    Bakulin Str. 9/13-52

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


ROMANIV' GLASS: Proofs of Claim Deadline Expires Today
------------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Romaniv' Glass (code EDRPOU 30077292) on
March 29, 2005 after finding the limited liability company
insolvent.  The case is docketed as 4/43.  Mr. Volodimir
Kravtsov (License Number AA 779160) has been appointed
liquidator/insolvency manager.  The company holds account number
26007301172953 at Prominvestbank, Zhitomir central branch, MFO
311056.

Creditors have until today to submit their proofs of claim to:

(a) ROMANIV' GLASS:
    Ukraine, Zhitomir region,
    Baranivskij district, Romaniv,
    Zhovtneva Str. 97

(b) Mr. Volodimir Kravtsov,
    Liquidator/Insolvency Manager
    10009, Ukraine, Zhitomir region,
    Polyova Square, 10, Room 7
    Phone: 8 (097) 264-54-50

(c) ECONOMIC COURT OF ZHITOMIR REGION
    10002, Ukraine, Zhitomir region,
    Putyatinski Square, 3/65


SPETSAGROSERVICE: Harkiv Court Appoints Liquidator
--------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against LLC SPETSAGROSERVICE (code EDRPOU 32367805)
on April 25, 2005 after finding the limited liability company
insolvent.  The case is docketed as B-19/47-05.  Ms. Irina
Stahova (License Number AA 779138) has been appointed
liquidator/insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) SPETSAGROSERVICE
    Ukraine, Harkiv region,
    Harkiv district, Visokij,
    Oshepkova Str. 52

(b) Ms. Irina Stahova
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region,
    Lenin Avenue, 5

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


SUDAK' AUTO-TRANSPORT 14337: Creditors' Claims Due Today
--------------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on OJSC Sudak' Auto-Transport Enterprise-
14337 (code EDRPOU 02139280) on April 14, 2005.  The case is
docketed as 2-5/6653-2005.  Mr. Sergij Kmitto (License Number AA
485233) has been appointed temporary insolvency manager.  The
company holds account number 26006040000001 at OJSC UKTB, Sudak
branch, MFO 384759 and account number 26004261811001 at CB
Privatbank, Simferopol branch, MFO 384436.

Creditors have until today to submit their proofs of claim to:

(a) SUDAK' AUTO-TRANSPORT ENTERPRISE-14337
    Ukraine, AR Krym region,
    Sudak, Vostochne Shose Str. 7

(b) Mr. Sergij Kmitto
    Temporary Insolvency Manager
    Ukraine, Donetsk region,
    Makiyivka, Malinovskij Str. 44/60

(c) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


SVITANOK: Vinnitsya Court Orders Debt Moratorium
------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on LLC Svitanok (code EDRPOU 23102306) on
April 8, 2005 and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 10/69-05.  Mr.
Vitalij Bolhovitin (License Number AA 630030) has been appointed
temporary insolvency manager.  The company holds account number
2600418000491 at Pravex-Bank, Vinnitsya branch, MFO 302742.

Creditors have until today to submit their proofs of claim to:

(a) SVITANOK
    21100, Ukraine, Vinnitsya region,
    Sverdlov Str. 24

(b) Mr. Vitalij Bolhovitin,
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Hmelnitske Shose, 2a, Room 602
    Phone: (0432) 52-03-41


ULADIVKA' ALCOHOL: Bankruptcy Supervision Starts
------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on Uladivka' Alcohol Plant (code EDRPOU
0549163).  The case is docketed as 5/435-04.  Mr. Volodimir
Zavalnyuk (License Number AA 668291) has been appointed
temporary insolvency manager.  The company holds account number
26001279616001 at CB Privatbank, Litin branch, MFO 302689.

Creditors have until today to submit their proofs of claim to:

(a) ULADIVKA' ALCOHOL PLANT
    22321, Ukraine, Vinnitsya region,
    Litin district, Uladivka

(b) Mr. Volodimir Zavalnyuk
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Pirogova Str. 157/117

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


ZAPORIZHYA' BUILDING: Succumbs to Insolvency
--------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on OJSC Zaporizhya' Building Materials
Plant (code EDRPOU 00290771) on April 18, 2005.  The case is
docketed as 19/72.  Mr. Yurij Arhipov (License Number AA 419211)
has been appointed temporary insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) ZAPORIZHYA' BUILDING MATERIALS PLANT
    69006, Ukraine, Zaporizhya region,
    Pivnichne Shose Str. 69

(b) Mr. Yurij Arhipov
    Temporary Insolvency Manager
    69013, Ukraine, Zaporizhya region,
    Radishev Str. 85
    Phone: (0612) 17-98-59

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


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


ADH SERVICES: Names Bishop Fleming Liquidator
---------------------------------------------
At the extraordinary general meeting of ADH Services Limited on
May 20, 2005 held at Bishop Fleming, 1 Barnfield Crescent,
Exeter EX1 1QY, the extraordinary and ordinary resolutions to
wind up the company were passed.  Jeremiah Anthony O'Sullivan
and Stephen Anthony John Ramsbottom of Bishop Fleming, 1
Barnfield Crescent, Exeter EX1 1QY have been appointed joint
liquidators of the company.

CONTACT:  BISHOP FLEMING
          1 Barnfield Crescent,
          Exeter, Devon EX1 1QY
          Phone: 01392 278436
          Fax: 01392 413617
          E-mail: exeter@bishopfleming.co.uk
          Web site: http://www.bishopfleming.co.uk


AG & SK: Deadline for Debt Claims Expires July
----------------------------------------------
At the meeting of AG & SK Bell Limited on May 25, 2005, the
special resolution to wind up the company was passed.  David
John Watchorn of Elwell Watchorn & Saxton, 109 Swan Street,
Sileby, Leicestershire LE12 7NN has been appointed liquidator of
the company.

Creditors are required to send their names and addresses and
particulars of their debt or claims and the names and addresses
of their Solicitors (if any) to David John Watchorn of Elwell
Watchorn & Saxton, 109 Swan Street, Sileby, Leicestershire LE12
7NN on or before July 6, 2005.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


A.I.P.S.-CLEANBRITE LIMITED: Hires Baker Tilly as Administrator
---------------------------------------------------------------
Graham Paul Bushby and Mandy Smart (IP Nos 8736, 1063) have been
appointed administrators for A.I.P.S.-Cleanbrite Limited.  The
appointment was made May 20, 2005.  The company offers cleaning
services.  Its registered office is located at 72 Commercial
Road, Paddock Wood, Tonbridge, Kent TN12 6DP.

CONTACT:  BAKER TILLY
          5th Floor, Exchange House,
          446 Midsummer Boulevard,
          Central Milton Keynes MK9 2EA
          Phone: 01908 687 800
          Fax:   01908 687 801
          Web site: http://www.bakertilly.co.uk


AIWA (UK): Chooses to Wind up Business
--------------------------------------
At the extraordinary general meeting of the members of Aiwa (UK)
Limited on May 20, 2005 held at The Heights, Brooklands,
Weybridge, Surrey KT13 0XU, the ordinary resolutions to wind up
the company were passed.  Keith Aleric Stevens has been
appointed liquidator of the company.

CONTACT:  WILKINS KENNEDY
          Gladstone House, 77-79 High Street,
          Egham, Surrey TW20 9HY
          Phone: +44 (0) 1784 435561
          Fax:   +44 (0) 1784 430584
          E-mail: egham@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


ALISE SERVICES: Liquidator Known this Week
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Alise Services Limited

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that Meetings of Members and Creditors of Alise
Services Limited will be held at Sherwood House, 7 Glasgow Road,
Paisley PA1 3QS, on June 8, 2005, at 2:00 p.m. and 2:15 p.m.
respectively, for the purposes mentioned in sections 99 to 101
of the said Act.

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

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

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

By Order of the Board,
Isobel Leggett, Director

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


A & P ELECTRICAL: Liquidators from Buchanans Move in
----------------------------------------------------
At the extraordinary general meeting of A & P Electrical
Projects Limited on May 25, 2005 held at the office of Buchanans
Plc, Latimer House, 5 Cumberland Place, Southampton SO15 2BH,
the extraordinary and ordinary resolutions to wind up the
company were passed.  Peter Whalley and Peter Hall of Buchanans
Plc have been appointed joint liquidators of the company.

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


ARENA (BROMLEY): Files for Liquidation
--------------------------------------
At the extraordinary general meeting of the members of Arena
(Bromley) Limited on May 24, 2005 held at Meridian House, 62
Station Road, North Chingford, London E4 7BA, the extraordinary
and ordinary resolutions to wind up the company were passed.  A.
J. Clark of Carter Clark, Meridian House, 62 Station Road, North
Chingford, London E4 7BA has been appointed liquidator of the
company.

CONTACT:  CARTER CLARK
          Meridian House
          62 Station Road
          North Chingford
          London E4 7BA
          Phone: 020 8524 1447
          Fax: 020 8524 1457
          E-mail: recovery@carterclark.co.uk


BASINGSTOKE PRECISION: In Administrative Receivership
-----------------------------------------------------
Bibby Factors Slough Limited appoints Paul John Clark and Andrew
John Duncan (Office Holder Nos 8570, 9319) joint administrative
receivers for engineering company Basingstoke Precision Products
Limited (Reg No 4689806).  The application was filed May 25,
2005.  Its registered office is located at 17-19 Foley Street,
London W1W 6DW.

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


B & HD LIMITED: Signs up Joint Liquidators from Citroen Wells
-------------------------------------------------------------
At the extraordinary general meeting of the members of B & HD
Limited on May 19, 2005, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Nicholas John
Miller and Ian Robert of Kingston Smith & Partners LLP,
Devonshire House, 60 Goswell Road, London EC1M 7AD has been
appointed joint liquidators of the company.

CONTACT:  CITROEN WELLS
          Devonshire House,
          1 Devonshire Street, London W1W 5DR
          Phone: +44 (0) 20 7304 2000
          Fax: +44 (0) 20 7304 2020
          Web site: http://www.citroenwells.co.uk


BIGBEN INTERACTIVE: Creditors Meeting Set Next Week
---------------------------------------------------
The creditors of Bigben Interactive UK Limited will meet on June
15, 2005 at 10:00 a.m.  It will be held at Premier Travel Inn,
Bishopsgate, 7-11 Lower Mosely Street, Manchester M2 3DW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Ernst & Young LLP, 100 Barbirolli Square,
Manchester M2 3EY not later than 12:00 noon, June 14, 2005.

CONTACT:  ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Phone: +44 [0] 161 333 3000
          Fax:   +44 [0] 161 333 3001
          Web site: http://www.ey.com


BMK LIMITED: Calls Meeting to Install Creditors' Committee
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF BMK Limited

Notice is hereby given, pursuant to section 67(2) of the
Insolvency Act 1986, that Meetings of the Creditors of BMK
Limited will be held in the offices of Ernst & Young, George
House, 50 George Square, Glasgow G2 1RR, on June 15, 2005, at
11:30 a.m. for the purpose of having laid before them the Joint
Receivers' Report.  Pursuant to section 68(1) of the said Act,
the Meetings may, if they think fit, establish Creditors'
Committees to exercise the functions conferred on Creditors'
committees by or under the Act.

Creditors are entitled to attend in person or alternatively by
proxy.  A Creditor may vote only if his claim has been submitted
to me and that claim has been accepted in whole or in part.  A
Resolution will be passed only if a majority of those voting in
person or by proxy vote in favor.  Proxies and claims must be
lodged with me at or before the meeting.

C. P. Dempster, Joint Receiver
May 24, 2005

CONTACT:  ERNST & YOUNG LLP
          George House
          50 George Square
          Glasgow G2 1RR
          Phone: +44 [0] 141 626 5000
          Fax: +44 [0] 141 626 5001
          Web site: http://www.ey.com

          C. P. Dempster
          E-mail: cdempster@uk.ey.com
          Phone: 020 7438 3000
          Fax: 020 7438 3771


BRUNDRETT LIMITED: Creditors Meeting Set Next Week
--------------------------------------------------
The creditors of Brundrett Limited will meet on June 13, 2005 at
10:00 a.m.  It will be held at the offices of Walletts
Insolvency Services, Adventure Place, Hanley, Stoke-on-Trent,
Staffordshire ST1 3AF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Walletts Insolvency Services, Adventure Place,
Hanley, Stoke-on-Trent, Staffordshire ST1 3AF not later than
12:00 noon, June 10, 2005.

CONTACT:  WALLETTS INSOLVENCY SERVICES
          Adventure Place, Hanley,
          Stoke on Trent, Staffordshire ST1 3AF
          Phone: (01782) 212326
          Fax: (01782) 212326


CLASHTOWN LIMITED: Hires Liquidator from Ian Franses Associates
---------------------------------------------------------------
At the extraordinary general meeting of Clashtown Limited on May
25, 2005 held at 24 Conduit Place, London W2 1EP, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Ian Franses of Ian Franses Associates, 24 Conduit
Place, London W2 1EP has been appointed liquidator of the
company.

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


CNS RENEWABLES: KPMG Administrators Take over Helm
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF CNS Renewables Limited

Notice is hereby given that on May 19, 2005, we, Blair C. Nimmo
and Neil A. Armour, KPMG LLP, 37 Albyn Place, Aberdeen AB10 1JB
were appointed joint administrators of CNS Renewables Limited by
notice of Appointment lodged in The Court of Session, Edinburgh,
pursuant to section 109 of the Insolvency Act 1986.

Blair C. Nimmo and
Neil A. Armour,
Joint Administrators

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


DIAMOND EXPRESS: Freight Handling Company Calls in Administrator
----------------------------------------------------------------
C. P. Holder (IP No 9093) and J. M. Wright (IP No 9152) have
been appointed administrators for Diamond Express Limited.  The
appointment was made May 25, 2005.  The company handles freight
transport by road.  Its registered office is located at Kroll,
Wellington Plaza, 31 Wellington Street, Leeds LS1 4DL

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

          KROLL BIRMINGHAM
          Aspect Court
          4 Temple Row
          Birmingham B2 5HG
          United Kingdom
          Phone: 44 (0) 121 212 4999
          Fax: 44 (0) 121 212 4944
          Web site: http://www.krollworldwide.com


DISCPHARM DISTRIBUTIONS: Appoints Administrators from PKF
---------------------------------------------------------
P. J. Long and S. P. Holgate (IP Nos 2086, 7991) have been
appointed administrators for Discpharm Distributions Limited.
The appointment was made May 20, 2005.  The company distributes
pharmaceutical products.  Its registered office is located at St
James's House, 8 Overcliffe, Gravesend, Kent DA11 0HJ.

CONTACT:  PKF
          Farringdon Place,
          20 Farringdon Road, London EC1M 3AP
          Phone: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk


DORMCO (SE): Appoints Rothman Pantall Administrator
---------------------------------------------------
Robert Derek Smailes and Stephen B. Ryman (IP Nos 8975, 4731)
have been appointed administrators for footwear company Dormco
(SE) Limited.  The appointment was made May 24, 2005.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


EAST LEEDS: Hires Liquidator from Butcher Woods
-----------------------------------------------
At the extraordinary general meeting of East Leeds Developments
(Whinmoor) Limited on May 25, 2005 held at Park House, Westland,
Leeds LS11 5UH, the special and ordinary resolutions to wind up
the company were passed.  Roderick Graham Butcher of Butcher
Woods, 79 Caroline Street, Birmingham B3 1UP has been appointed
liquidator of the company.

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


ELEPHANT LIMITED: Furniture Factory Hires PwC Administrators
------------------------------------------------------------
R. W. Birchall and D. A. Howell (IP Nos 6623, 6604) have been
appointed administrators for Elephant Limited.  The appointment
was made May 23, 2005.  The company manufactures and retails
furniture.  Its registered office is located at Unit 33, Acton
Park Estate, The Vale, Acton, London W3 7QE.

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


G.J. PEARCE: Appoints Joint Administrators from Berley
------------------------------------------------------
Jeremy Berman and Mark Levy (IP Nos 5303, 6329) have been
appointed joint administrators for G.J. Pearce Limited.  The
appointment was made May 19, 2005.  Its registered office is
located at 766 New Cavendish Street, London W1G 9TB.

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


HARTHILL ESTATES: Names Barber Harrison & Platt Liquidator
----------------------------------------------------------
At the extraordinary general meeting of Harthill Estates Limited
on May 13, 2005 held at Wigthorpe House, Wigthorpe, Worksop S81
8BT, the special resolution to wind up the company was passed.
Graham Leslie Stuart-Harris of Barber Harrison & Platt, 2
Rutland Park, Sheffield S10 2PD has been appointed liquidator of
the company.

CONTACT:  BARBER HARRISON & PLATT
          2 Rutland Park
          Sheffield
          South Yorkshire S10 2PD
          Phone: 0114 266 7171
          Fax: 0114 266 9846
          E-mail: philippab@bhp.co.uk


INDUSTRIAL SERVICES: Calls in Price & Co. Administrator
-------------------------------------------------------
Alan R. Price (IP No 6846) has been appointed administrator for
Industrial Services (Telford) Limited.  The appointment was made
May 25, 2005.  The company offers industrial cleaning services.
Its registered office is located at 3 Springfield Industrial
Estate, Newport, Shropshire TF10 7NB.

CONTACT:  PRICE AND CO
          65 Broad Green,
          Wellingborough
          Northamptonshire NN8 5ZD
          E-mail: arprice@rescueco.co.uk


INMARSAT HOLDINGS: Ratings Under Review for Upgrade
---------------------------------------------------
Moody's Investors Service placed the debt ratings of Inmarsat
Holdings Limited under review for possible upgrade.  The review
is based on the potential for debt reduction and improvements in
the company's capital structure in connection with its planned
initial public offering and flotation on the London Stock
Exchange and follows the company's recent announcement with
respect to the expected IPO.

Ratings place under review for possible upgrade are:

(a) The B1 senior implied rating of Inmarsat Holdings Limited;

(b) The Caa2 unsecured issuer rating of Inmarsat Holdings
    Limited;

(c) The Caa1 rating on the guaranteed senior discount notes due
    2012 at Inmarsat Finance II plc;

(d) The Ba3 rating on the senior secured bank credit facilities
    at Inmarsat Investments Limited;

(e) The B2 rating on the guaranteed senior notes due 2012 at
    Inmarsat Finance plc.

Moody's review of Inmarsat's ratings will focus on anticipated
trends with respect to operating performance and on the impact
from the expected changes in the capital structure resulting
from the planned IPO on Inmarsat's credit profile and its
financial and shareholder remuneration policies going forward.

Inmarsat expects to raise approximately US$665 million in net
primary proceeds from the IPO and US$250 from a new credit
facility, which the company intends to use primarily to repay
outstanding debt.  In particular, the company aims to prepay
approximately US$356 million principal and related accrued
interests of its subordinated preference certificates,
approximately US$728 million principal amount outstanding under
its senior bank facilities and redeem up to 35% (or
approximately US$180 million including early redemption penalty)
of the senior notes due 2012 at Inmarsat Finance plc.

Headquartered in London, Inmarsat is a leading provider of
global mobile satellite communication services.  For year ending
31 December 2004, the company reported revenues of approximately
US$480.7 million (2003: US$504.5 million).

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

          London
          Christian Rauch
          Senior Vice President
          Corporate Finance

          For Journalists
          Phone: 44 20 7772 5456


MCNULTY OFFSHORE: Creditors Meeting Set Next Week
-------------------------------------------------
The creditors of McNulty Offshore Contractors Limited will meet
on June 13, 2005 at 11:00 a.m.  It will be held at KPMG LLP,
Quayside House, Newcastle upon Tyne NE1 3DX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, Quayside House, Newcastle upon Tyne NE1
3DX not later than 12:00 noon, June 10, 2005.

CONTACT:  KPMG LLP
          Quayside House
          110 Quayside
          Newcastle upon Tyne NE1 3DX
          Phone: (0191) 401 3700
          Fax: (0191) 401 3750
          Web site: http://www.kpmg.co.uk


PARKLAND LODGE: HSBC Appoints Begbies Traynor Receiver
------------------------------------------------------
HSBC Bank Plc appoints Michael E. G. Saville and Rob Sadler
(Office Holder Nos 7250, 9172) joint administrative receivers
for Parkland Lodge Limited (Reg No 02661054, Trade
Classification: 4522, 3614, 4531 and 5190).  The application was
filed May 24, 2005.

The company handles erection of roof coverings and installs
electrical wiring.  It also manufactures frames and furniture.

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


STODDARD GROUP: Joint Receivers to Present Report Mid-June
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Stoddard Group Limited


Notice is hereby given, pursuant to section 67(2) of the
Insolvency Act 1986, that Meetings of the Creditors of Stoddard
Group Limited will be held in the offices of Ernst & Young,
George House, 50 George Square, Glasgow G2 1RR, on June 15,
2005, at 12:00 noon for the purpose of having laid before them
the Joint Receivers' Report. Pursuant to section 68(1) of the
said Act, the Meetings may, if they think fit, establish
Creditors' Committees to exercise the functions conferred on
Creditors' committees by or under the Act.

Creditors are entitled to attend in person or alternatively by
proxy.  A Creditor may vote only if his claim has been submitted
to me and that claim has been accepted in whole or in part.  A
Resolution will be passed only if a majority of those voting in
person or by proxy vote in favor.  Proxies and claims must be
lodged with me at or before the meeting.

C. P. Dempster, Joint Receiver
May 24, 2005

CONTACT:  ERNST & YOUNG LLP
          George House
          50 George Square
          Glasgow G2 1RR
          Phone: +44 [0] 141 626 5000
          Fax: +44 [0] 141 626 5001
          Web site: http://www.ey.com

          C. P. Dempster
          E-mail: cdempster@uk.ey.com
          Phone: 020 7438 3000
          Fax: 020 7438 3771


STONEHILL TAVERNS: Sets Creditors Meeting Next Week
---------------------------------------------------
The creditors of Stonehill Taverns Plc will meet on June 20,
2005 at 11:00 a.m.  It will be held at Smith & Williamson
Limited, No 1 Riding House Street, London W1A 3AS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Smith & Williamson Limited, No 1 Riding House
Street, London W1A 3AS not later than 12:00 noon, June 17, 2005.

CONTACT:  SMITH & WILLIAMSON LTD.
          First Floor,
          Holbrook House, 72 Bank Street,
          Maidstone, Kent ME14 1SN
          Web site: http://www.smith.williamson.co.uk


THORNS GROUP: Creditors Meeting Set Thursday
--------------------------------------------
The creditors of Thorns Group Plc will meet on June 9, 2005 at
10:30 a.m.  It will be held at the offices of Baker Tilly, 5 Old
Bailey, London EC4M 7AF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Baker Tilly, 12 Gleneagles Court, Brighton Road,
Crawley, West Sussex RH10 6AD not later than 12:00 noon, June 8,
2005.

CONTACT:  BAKER TILLY
          12 Gleneagles Court
          Brighton Road
          Crawley
          Sussex RH19 6AD
          Phone: 01403 251666
          Fax: 01403 251466


TREE REALISATIONS: Appoints Liquidators from Ernst & Young
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Tree Realisations Limited

Notice is hereby given that on May 26, 2005, we, Thomas Merchant
Burton and Patrick Joseph Brazzill, Ernst & Young LLP, Ten
George Street, Edinburgh EH2 2DZ were appointed liquidators of
Tree Realisations Limited, which trades from 16 Charlotte
Square, Edinburgh EH2 4DF, by resolution of a meeting of
members, pursuant to section 109 of the Insolvency Act 1986.

Thomas Merchant Burton and
Patrick Joseph Brazzill, Liquidators

CONTACT:  ERNST & YOUNG LLP
          Ten George Street
          Edinburgh EH2 2DZ
          Phone: +44 [0] 131 777 2000
          Fax: +44 [0] 131 777 2001
          Web site: http://www.ey.com


VEDANTA RESOURCES: Names New Deputy Executive Chairman
------------------------------------------------------
Mr. Navin Agarwal, Executive Director of Vedanta Resources plc,
the London listed diversified metals and mining group, has been
appointed as Deputy Executive Chairman.

Mr. Agarwal has been instrumental in the growth of the Group's
operations from its initial stages.  In view of Mr. Agarwal's
long association and understanding of the Group's operations, he
will provide support to the Executive Chairman.

                            *   *   *

In January, Standard & Poor's Ratings Services raised its long-
term foreign-currency corporate credit and senior unsecured debt
ratings on Vedanta Resources to 'BB+' from 'BB', following the
upgrade of the sovereign credit rating on the Republic of India
(BB+/Stable/B), where the majority of Vedanta's operations are
based.  The outlook is stable.  The recent sovereign upgrade of
India reflected the republic's improved external position and
growth prospects.

CONTACT:  VEDANTA RESOURCES PLC
          44 Hill Street Mayfair
          London
          United Kingdom
          W1J 5NX
          Phone: +44 20 7629 6070
          Fax: +44 20 7629 7426
          Web site: http://www.vedantaresources.com

          Investor Relations
          John Smelt, Head
          Phone: +44 20 7499 5900
                 +44 787 964 2675

          James Murgatroyd
          Robin Walker
          Finsbury
          Phone: +44 20 7251 3801


VEDANTA RESOURCES: Operating Profit Swells 40% to US$332 Mln
------------------------------------------------------------
Highlights:

(a) delivery on growth projects: 2 out of 4 projects complete;

(b) Tuticorin copper smelter now fully operational;

(c) Chanderiya zinc smelter and Rampura Agucha mine expansions
    delivered on time and ahead of budget;

(d) Aluminium expansion project at Korba remains on target for
    March 2006 commissioning; and

(e) further progress with 1 mtpa alumina refinery at Orissa.

Financial results:

(a) Group Operating Profit up 40% to US$332 million and Group
    EBITDA up 41% to US$455 million driven by production
    growth and strong pricing;

(b) well-capitalized balance sheet with Group Gearing at 4%
    and gross cash of US$1.4 billion;

(c) strong ROCE at 32%;

(d) 5% final dividend increase reflects the confidence of the
    Board in continued successful delivery;

(e) increased share of earnings -- minorities reduced to 45% in
    the second half (from 63% at Listing);

(f) Economic Interest in Sterlite, the largest subsidiary,
    increased to 80% (from 69% at Listing);

(g) Attributable Profit up 66% to US$120 million, benefiting
    from reduction in minority interests; and

(h) successful investment in Konkola Copper Mines with
    opportunities to improve output, reduce costs and pursue
    future growth.

Vedanta's Chairman Anil Agarwal said: "Vedanta is a unique
growth story and our profile of organic growth is unrivalled in
the metals and mining industry.  This has been an exciting year
for Vedanta.  We have made strong progress and have delivered on
several of our development projects.  We continue to focus on
our growth strategy and have moved forward in all areas.  We
remain confident of continuing to deliver this growth in the
year ahead.

"At the time of our Listing we set out a four-part strategy.
The first pillar of our strategy is to optimize the performance
of our existing assets, which included the expansions in our
copper and zinc operations.  In April 2005 we started
commissioning our copper smelter at Tuticorin and the new
300,000 tpa facility is producing metal.  On 31 May 2005 we
announced the commissioning of the new facilities at Chanderiya,
supported by the expanded output at Rampura Agucha mine.  This
was completed around 15% below the forecast budget of US$425
million and well below the benchmark costs for comparable
international projects.  We will continue to look for
opportunities to optimize performance and lower costs in all
aspects of our operations.

"The second part of our strategy is to complete the two
greenfield projects; the 250,000 tpa aluminum complex, at BALCO,
and the new 1 million tpa alumina plant at Orissa.  The
facilities at BALCO are proceeding on schedule, we are carrying
out technology trials on some of the pots and are producing
metal.  The alumina refinery at Orissa is also on track and
budget.  As mentioned in our recent production report, public
interest submissions regarding environmental clearance are
currently being addressed within a timetable set by the Supreme
Court.

"The third pillar of our strategy is the consolidation of our
Group structure and further good progress has been made over the
year.  The most significant change came from the US$434 million
rights issue in Sterlite, which allowed us to increase our
Economic Interest in Sterlite to 80% and to inject funds into
Sterlite, for use in our expansion program.  The exercise of the
option in BALCO continues to proceed with independent valuers
having been appointed by the Government.  We will continue to
pursue opportunities to simplify the structure of the Group
where possible.

"In November 2004 we completed our acquisition of Konkola Copper
Mines, at a gross cost of US$49.2 million.  This formed the
fourth pillar of our strategy; leveraging our existing skills
through investment opportunities.  At current high copper prices
Konkola is profitable, but the aim is to place the operations in
a position where they are more profitable through the commodity
cycle and to give KCM a more solid long-term outlook.  Our
immediate focus is to improve processes and stabilize production
levels.  There are considerable opportunities for future
development at KCM, including the world class Konkola Ore Body
with resources of 210 million tonnes containing copper at 3.8%.

"During the year the Company received its first credit rating,
Baa3/BB, since upgraded to BB+.  This placed us at the Indian
sovereign limit, which given the dominance of Indian assets was
as high as could be expected.  We raised US$600 million in a
bond issue and the Board believes that we have a well balanced
mix of funding in place for our current expansion projects. Over
the year we have spent US$735 million on our US$2.2 billion
project pipeline.  This brings total spending to date to
US$1,029 million.  We remain confident of remaining within our
gearing target of under 45% of Capital Employed throughout our
current spending program.

"We believe that there are several opportunities that will allow
us to develop our growth strategy further and extend the
expansion pipeline.  This will take advantage of the strong cash
flow that will be produced as the current projects come into
production and reflects the many options that we have to
continue to achieve volume growth in the long term.

"We are reviewing further aluminium smelting capacity, to take
advantage of the production from VAL, with the possibility over
time of an additional 500,000 tonnes of finished aluminium per
annum.  We also signed a memorandum of understanding with the
State Government of Orissa regarding an iron ore project with
related steel facilities.  These are both at an early stage and
any projects will be pursued on the basis of maintaining
positive financial returns.  There are opportunities for
expansions elsewhere in our existing operations, and we are
evaluating projects at both zinc and copper.

"This has been an exceptional period for metal prices driven by
strong demand from China.  This has also had an impact on
several input prices, particularly energy related costs such as
oil and coal.  There has been much talk of a super cycle and the
potential for a prolonged period of above average commodity
prices.  Our policy is to remain focused on delivering our new
projects and lowering our costs, which will allow us to take
advantage of the significant growth opportunities offered within
India and to stay profitable regardless of the commodity market
cycles.

"A new Government, led by the Congress party, was elected in
India in May 2004.  The new Government has maintained a policy
of growth and liberalization.  Metal use in India continues to
grow above global levels and the long-term attractions of the
Indian economy remain considerable.  India has been much talked
about as an attractive investment destination, attracting
growing levels of foreign investment and the potential to become
a major regional manufacturing hub.  I believe we are well
placed both to take advantage of this growth and also to
contribute to the future development of India by providing vital
basic resources.

"In March 2005 I took over as Chairman of the Board and KK Kaura
became Chief Executive.  I would like to thank Michael Fowle, my
predecessor as Chairman, and Jean-Pierre Rodier for their
guidance and input during the past year.  Sir David Gore-Booth
sadly died during the year and his counsel will be greatly
missed.  I am pleased that we have appointed three new Non-
executive Directors with complementary experience and we intend
to appoint a further senior independent Non-executive Director
in due course.

"The Board is proposing a final dividend for the year of 11.55
U.S. cents per Ordinary Share, an increase of 5% on last year's
implied final dividend of 11.0 U.S. cents.  Last year we paid a
single dividend of 5.5 U.S. cents per Ordinary Share, for the
four months for which we were listed, equivalent to an annual
payment of 16.5 US cents per Ordinary Share.  The total dividend
for the year is 17.05 U.S. cents per Ordinary Share.  The
increase in dividend at this early stage reflects the Board's
confidence in continued successful delivery and we remain
committed to a progressive dividend policy.

"The delivery of our projects and the growth of our business
could not have been achieved without the efforts of the Board,
management and employees of Vedanta, who have shown great
commitment to building this success.

"The success in all areas of our strategy over the past year has
been encouraging and in the next twelve months we will see
progressive benefit from the recently commissioned facilities at
Chanderiya and Tuticorin and a full year's contribution from
KCM.  We remain focused on completing Korba and Orissa as well
as evaluating opportunities, to extend our unique growth
pipeline.  We are confident of showing good progress over the
next twelve months and delivering value to all stakeholders."

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

CONTACT:  VEDANTA RESOURCES PLC
          44 Hill Street Mayfair
          London
          United Kingdom
          W1J 5NX
          Phone: +44 20 7629 6070
          Fax: +44 20 7629 7426
          Web site: http://www.vedantaresources.com

          Investor Relations
          John Smelt, Head
          Phone: +44 20 7499 5900
                 +44 787 964 2675

          James Murgatroyd
          Robin Walker
          Finsbury
          Phone: +44 20 7251 3801


VIBRO (UK): Brings in Administrators from Kroll
-----------------------------------------------
David J. Whitehouse (IP No 8699) and Stuart C. E. Mackellar (IP
No 6883) have been appointed joint administrators for holding
company Vibro (UK) Limited.  The appointment was made May 24,
2005.  Its registered office is located at Red Scar Industrial
Estate, Longridge Road, Preston PR2 5NQ.

CONTACT:  KROLL MANCHESTER
          1 Oxford Court Bishopsgate Place
          Manchester M2 3WR
          United Kingdom
          Phone: 44 (0) 161 228 6622
          Fax: 44 (0) 161 228 1199
          Web site: http://www.krollworldwide.com

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


WINSOR ENVIRONMENTAL: Hires Administrator from Singla & Co.
-----------------------------------------------------------
Surjit Kumar Singla (IP No 2521) has been appointed
administrator for Winsor Environmental Services Ltd.  The
appointment was made May 18, 2005.

The company installs plumbing for other building.  Its
registered office is located at 12 Devereux Court, London WC2R
3JL.

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


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

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

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

This material is copyrighted and any commercial use, resale or
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