TCREUR_Public/050610.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, June 10, 2005, Vol. 6, No. 114

                            Headlines

F R A N C E

EUROPLASMA SA: Posts Second Straight Annual Loss
EUROTUNNEL SA: Redundancy Scheme Could Affect 10% of Workforce
REMY COINTREAU: Income Down Nearly 70% to EUR24.2 Million
REMY COINTREAU: Secures EUR500 Million Credit Facility


G E R M A N Y

AVCRAFT AEROSPACE: Court Opens Bankruptcy Proceedings
BERENTZEN AG: To Allow Non-family Member to Handle Reins
BERGWERK BIKES: Creditors' Claims Due Later this Month
DAIMLERCHRYSLER AG: GM Deal Attracts Other Carmakers
FJH AG: Board Approves Increase in Capital

GLAUER UND KUSCHE: Engineering Firm Files for Bankruptcy
HARMS HANDELSGESELLSCHAFT: Under Bankruptcy Administration
HELLAS LIVE: Court to Verify Claims Next Month
HUK BAUTRAGER: Real Estate Firm Declared Insolvent
JOSEF LINDER: Proofs of Claim Due Next Month

J.S. INTERNATIONAL: Files for Bankruptcy
KARSTADTQUELLE AG: Middelhoff to Axe More Executives
MSP WOHNIDEEN: Court Appoints Dr. Trutnau Administrator
SCHMITZ LASERTECHNIK: Neuruppin Court Appoints Administrator
SIMON GLASTECHNIK: Creditors' Claims Due August
THE ROAST-COFFEE: Creditors Meeting Set Next Month
THOMAS COOK: Narrows First-half Loss


I T A L Y

FIAT AUTO: Punto Production Hits Six Million
MG ROVER ITALIA: Sets Another Creditors Meeting
PARMALAT FINANZIARIA: Milan Case Indictments Known June 25


K A Z A K H S T A N

ALLIANCE BANK: Eurobond Rated 'B+'


N E T H E R L A N D S

HAGEMEYER N.V.: Clinches New EUR615 Million Credit Facility


N O R W A Y

PAN FISH: To Remain a Public Company


R U S S I A

ARZAMAS-AGRO-PROM-ENERGO: Hires A. Kirichek Insolvency Manager
AVTO-DOR-SERVICE: Creditors Have Until Next Week to File Claims
CHUVASH-HOP-AGRO-PROM: Bankruptcy Hearing Set August
CREDIT BANK: Fitch Affirms Long-term Rating at 'B-'
CRYSTAL-ATOM-STROY-HOLDING: Under Bankruptcy Supervision

DON-AVIA-CENTRE: Declared Insolvent
EFREMOV-SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Set July
KANSKIY COMBINE: Assets for Public Auction in Two Weeks
KULEBAKSKAYA: Garment Factory Under Bankruptcy Supervision
MILLER: Assets for Public Auction Next Week

ROSBANK: Financial Strength Rating Raised to D-
TOGULSKOYE: Bankruptcy Proceedings Begin
YUKOS OIL: Board Approves Candidates to Board
YUKOS OIL: Posts RUB4.864 Billion Loss for Q1


S W E D E N

CONCORDIA BUS: Company Profile


S W I T Z E R L A N D

STMICROELECTRONICS N.V.: Job cuts in Europe Could Reach 2000


U K R A I N E

BLAGO-LVIV: Under Bankruptcy Supervision
DOBROPILSKE AUTO 11436: Succumbs to Insolvency
DONETSK' RECLAMATION: Creditors' Claims Due Weekend
ENERGOVTORRESURS: Declared Insolvent
INTAL: Lugansk Court Opens Bankruptcy Proceedings

MAMAYIVSKA: Gives Creditors Until Next Week to File Claims
MRIYA: Names Yuliya Marchenko to Liquidate Company
ROSA: Sumi Court Appoints Insolvency Manager
STUDIO LEVA-AT: Sets Proofs of Claim Deadline
TEPLOBUD: Temporary Insolvency Manager Takes over Helm
UKRSOTSBANK: Fitch Assigns Eurobond Final Rating of 'B-'


U N I T E D   K I N G D O M

ACORN OIL: In Administrative Receivership
ALFA CONSTRUCTION: Names Bottomley & Co. Liquidator
AUTOCUE LIMITED: National Westminster Appoints Receiver
BASEBUY LTD.: Meeting of Creditors Set June 20
BCEE ADVISORS: Liquidators from Smith & Williamson Move in

CORUS GROUP: To Lose Blue Chip Status on Falling Metal Demand
CPM FM: Hires Liquidator from Grant Thornton
C.S. SHOPFITTINGS: Members Decide to Wind up Firm
DAVID MORGAN: Hires Deloitte & Touche as Liquidator
DEBENHAMS FINANCE: S&P Withdraws Rating at Company's Request

EVANS AND PRICE: Business for Sale
MORRIS PACKAGING: Hires Citroen Wells as Liquidator
SAINSBURYS OF BOURNEMOUTH: Calls in Administrators


                            *********


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


EUROPLASMA SA: Posts Second Straight Annual Loss
------------------------------------------------
Toxic waste specialist Europlasma booked another dismal
performance in 2004, posting EUR2.24 million in losses, Les
Echos says.

Europlasma, which also booked EUR9.21 million in turnover,
blamed its dreary results to absence of new contracts in 2003
for the waste residue processing market.  The group's debt-to-
equity ratio has also increased, forcing its shareholder to
approve a EUR20 million capital increase, which would come in
several strings.  Europlasma posted EUR2.13 million in losses in
2003.

The group's principal activity is to use plasma torch technology
to process waste and toxic residues, such as asbestos, into re-
usable vitrified byproducts.  The group, which employs around 67
people locally, developed the technology issued from the
aerospace industry and has one plant operating in France and
three in Japan.

CONTACT:  EUROPLASMA S.A.
          16 rue de la Moulinatte
          33130 Begles
          Phone: +33 5 56 49 70 00
          Web site: http://www.europlasma.com


EUROTUNNEL SA: Redundancy Scheme Could Affect 10% of Workforce
--------------------------------------------------------------
Eurotunnel S.A.'s voluntary redundancy program could leave about
350 workers in the U.K. and France jobless, said The Scotsman
Thursday.

This follows reports that the company, which employs about 3,200
staff, have already wrapped up discussions with labor unions
regarding the scheme.  Eurotunnel, however, is silent as to the
number of employees who will be affected by the job cuts,
according to a spokesman.

Eurotunnel recently cut prices on its cross-Channel routes to
arrest falling revenues and passenger traffic.  In May, Fitch
Ratings says Eurotunnel's opening debt restructuring stance, to
write-off GBP3.4 billion to GBP3.9 billion (EUR4.8 billion to
EUR5.5 billion) of 'debt' out of its current total outstandings
of GBP6.3 billion (EUR8.8 billion), is unlikely to be completed
by year's end.

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


REMY COINTREAU: Income Down Nearly 70% to EUR24.2 Million
---------------------------------------------------------
Winemaker Remy Cointreau S.A. on Wednesday revealed a 68% drop
in annual profit due to a charge for the fall in value of some
brands, reports say.

It reported net income of EUR24.2 million (US$29.8 million) in
2004/2005 due to a EUR52.3 million charge for the depreciation
of unidentified brands.  Remy had a EUR76.3 million profit a
year earlier.

Operating profit was more than market estimates of EUR166
million; but was down 3.3% to EUR167.7 million.  Remy remains
confident of reporting double-digit increase in operating profit
in 2005-06 on a like-for-like basis.

Remy is trying to expand in keeping with larger competitors such
as Pernod.  It has a market value of EUR1.51 billion, about a
sixth of Pernod's.  Its net debt at year-end was EUR839.7
million, down EUR60.7 million from a year earlier.  It plans to
pay a dividend of EUR1.00, unchanged from a year ago.

CONTACT:  REMY COINTREAU GROUP
          152, avenue des Champs-Elysees
          75008 Paris, France
          Phone: +33-1-44-13-44-13
          Fax: +33-1-45-62-82-52
          Web site: http://www.remy-cointreau.com


REMY COINTREAU: Secures EUR500 Million Credit Facility
------------------------------------------------------
Remy Cointreau said on Tuesday it signed a five-year revolving
credit facility for around EUR500 million with a group of banks.
The credit line, which has two one-year extension options, will
be used to refinance an existing outstanding EUR500 million
facility, which was signed June 2003.  It will pay an initial
margin of Euribor plus 67.5 basis points a year.

The lead managers in the deal are Banc of America Securities,
BNP Paribas, Caylon, Commerzbank, Rabobank, Credit Mutuel-CIC,
Fortis Bank, Natexis Banques Populaires, WestLB and SG Corporate
& Investment Banking.

In December, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
Remy to 'BB-' from 'BB'.  The outlook is stable.

CONTACT:  REMY COINTREAU
          152, av. des Champs-Elysees
          75008 Paris, France
          Phone: 01 44 13 44 13
          Web site: http://www.remycointreau.com

          Headquarters:
          Rue Joseph Patta
          16100 Cognac, France

          Financial Information:
          Phone (direct): 01 44 13 45 15
          E-mail: info@remy-cointreau.com


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


AVCRAFT AEROSPACE: Court Opens Bankruptcy Proceedings
-----------------------------------------------------
Collapsed aircraft manufacturer Avcraft Aerospace formally
entered insolvency proceedings on June 1, 2005, Financial Times
Deutschland says.

Martin Prager, Avcraft's provisional insolvency administrator,
had aimed to sell the group before insolvency proceedings
started, but failed to do so.  Mr. Prager, however, is
continuing talks with interested investors.  Avcraft previously
employed around 340 people, but had to lay off around 150
workers to adjust to the order intake.

Avcraft filed for insolvency after Chinese carrier Hainan
Airlines opted to delay its order for five aircraft.  The group
took over the Dornier 328 program following the collapse of
Dornier Fairchild, which initial manufactured the aircraft.

CONTACT:  AVCRAFT AEROSPACE GMBH
          P.O. Box 1103
          D-82230 Wessling
          Phone: 08153/305071
          Web site: http://www.avcraft.de


BERENTZEN AG: To Allow Non-family Member to Handle Reins
--------------------------------------------------------
Troubled winemaker Berentzen will soon see a non-family member
take over the group's operations, Suddeutsche Zeitung says.

Jan Berentzen, spokesman for the management board, announced the
group is looking for someone outside the family to carry the
group's management load.  He also announced he would shift to
the supervisory board in 2007.  The group recently appointed
Andreas Rost, former chief of brewer Holsten-Brauerei, member of
the management.  At his own request, executive board member
Norbert Richter will vacate his post in short notice.  Berentzen
is currently looking for a sales and marketing expert to reverse
falling sales.

Founded in 1758, Berentzen remained a family-run company.  The
group booked EUR13.8 million in net loss and suffered a 6.9%
drop in turnover to EUR180.1 million in 2004.  The group
attributed the loss restructuring costs and the consumers'
waning preference for strong spirits.  The group's sales have
been dropping for years.  In December, the company told
shareholders it was expecting losses of more than EUR10 million
and a further drop in 2005.  Berentzen plans to trim down its
workforce as part of its cost-cutting measures.

CONTACT:  BERENTZEN-GRUPPE AG
          Ritterstrasse 7
          49740 Haseluenne
          Phone: +49 5961 502-0
                 +49 5961 502-268
          Web site: http://www.berentzen-gruppe.com


BERGWERK BIKES: Creditors' Claims Due Later this Month
------------------------------------------------------
The district court of Pforzheim opened bankruptcy proceedings
against Bergwerk Bikes GmbH on May 17.  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 Holger
Blumle.

Creditors and other interested parties are encouraged to attend
the meeting on July 20, 2005, 11:00 a.m. at the district court
of Pforzheim, 75179 Pforzheim, Mannheimer Str. 17, 3.
Stockwerk/Raum 310 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  BERGWERK BIKES GMBH
          Im Altgefall 21, 75181 Pforzheim
          Contact:
          Suekrue Guerses

          Holger Bluemle, Administrator
          Kriegsstrasse 113, 76135 Karlsruhe


DAIMLERCHRYSLER AG: GM Deal Attracts Other Carmakers
----------------------------------------------------
DaimlerChrysler AG's talks with carmakers interested to join its
joint venture with General Motors Corp. have reportedly reached
a "very promising" stage.

While Chrysler president Dieter Zetsche refused to name these
car manufacturers, AFX News has quoted other sources claiming
they are all German companies.

According to the report, the deal involves developing and
producing two-mode hybrid transmission systems, which will be
first used in electric SUVs and Dodge Durango units in 2007 or
2008.  Mr. Zetsche said the project also targets installing the
system in the front-wheel drive of any vehicle.

Earlier this month, the European Commission cleared under the
E.U. Merger Regulation a joint venture between DaimlerChrysler
and MB-Automobilvertriebsgesellschaft (MAV) of Austria for the
distribution of cars and spare parts on the Hungarian market.

The Commission said the joint venture DaimlerChrysler Automotive
Hungaria Kereskedelmi Kft. will not significantly impede
effective competition in the Eastern Europe Area or any
substantial part of it.

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

          GENERAL MOTORS CORPORATION
          300 Renaissance Center
          Detroit, MI 48265-3000
          Phone: 313-556-5000
          Fax: 248-696-7300
          Web site: http://www.gm.com


FJH AG: Board Approves Increase in Capital
------------------------------------------
The Supervisory Board of FJH AG, the specialist insurance
consultancy and software house listed in the German Prime
Standard, has authorized the issue of convertible bonds, which
had been announced on 7 June 2005, as well as an increase in
capital.

In a first step convertible bonds worth EUR7.86 million which
are guaranteed by an investor will be issued later this month.
The interest rate was fixed at 10% p. a. and the bonds can be
converted into up to 3,930,000 shares of FJH AG within five
years.  The price was fixed at EUR2 per share.  In a second step
the capital is increased via a rights issue worth EUR6-7
million.  This as well is guaranteed by the investor.  Both
measures had been authorized by the annual general meeting on 24
June 2004.

With these capital measures FJH strengthens its capital basis
for the restructuring of the company and at the same time
improves its capital funds.

By the end of next week last year's results shall be presented
and invitations to the annual press conference shall be sent
out.

                            *   *   *

In November, TCR-Europe reported that FJH was subjected to a
persistent reluctance of the German insurance sector to invest
in the first nine months of the financial year.  Results were
clearly marked by the reorganization measures implemented in the
third quarter as well as by the related application of the
future IFRS regulations similar to U.S.-GAAP.

IFRS revenues amounted to EUR50.9 million (2003: EUR95.2
million), 9-Month-Result after tax was -EUR73.5 million (2003:
EUR12.8 million) and EBIT -EUR80.0 million (2003: EUR21.5
million).  EBITDA in the third quarter adjusted by one off and
ultimate effects amounted to -EUR4.5 million compared to -EUR5.6
million in the previous quarter.

CONTACT:  FJH AG
          Leonhard-Moll-Bogen 10
          81373 Munich
          Germany
          Phone: +49 (0) 89 769 01 - 144
          Fax: + 49 (0) 89 743 717 31
          E-mail: thomas.meindl@fjh.com
          Web site: http://www.fjh.com


GLAUER UND KUSCHE: Engineering Firm Files for Bankruptcy
--------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Glauer und Kusche GmbH on May 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors had until May 30 to register their claims
with court-appointed provisional administrator Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting on August 1, 2005, 9:50 a.m. at the district court
of Dusseldorf, Hauptstelle, Muehlenstrasse 34, 40213 Dusseldorf,
4. OG. Altbau, A 409, 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.

Glauer und Kusche GmbH handles engineering and architectural
projects.

CONTACT:  GLAUER UND KUSCHE GMBH
          Goldregenweg 4, 41564 Kaarst
          Phone: 02131/96740
          Fax: 02131/967420
          Contact:
          Wolfgang Horst Willi Glauer-Kusche, Manager

          Horst Piepenburg, Administrator
          Heinrich-Heine-Allee 20, 40213 Dusseldorf


HARMS HANDELSGESELLSCHAFT: Under Bankruptcy Administration
----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Harms Handelsgesellschaft mbH on May 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until July 27, 2005 to
register their claims with court-appointed provisional
administrator Hinnerk-J. Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on August 17, 2005, 10:05 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

Harms Handelsgesellschaft mbH is an import company.

CONTACT:  HARMS HANDELSGESELLSCHAFT MBH
          Eilenau 21, 22087 Hamburg
          Phone: 2503530
          Mobile: 01732050715
          Fax: 25178067
          Contact:
          Claus-Dieter Harms, Manager
          Frustbergstrasse 27, 22453 Hamburg

          Hinnerk-J. Mueller, Administrator
          Speersort 4/6, 20095 Hamburg
          Phone: 303010


HELLAS LIVE: Court to Verify Claims Next Month
----------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against HELLAS LIVE Betriebs und Vermarktungsgesellschaft mbH
i.L. on May 30.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until June 24, 2005 to register their claims with court-
appointed provisional administrator Dr. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on July 15, 2005, 9:10 a.m. at the district court of
Dusseldorf, Hauptstelle, Muehlenstrasse 34, 40213 Dusseldorf, 4.
OG. Altbau, A 409, 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.

HELLAS LIVE vacation radio has satellite stations in Greece,
Austria and Switzerland.

CONTACT:  HELLAS LIVE BETRIEBS
          UND VERMARKTUNGSGESELLSCHAFT MBH I.L.
          Moerser Strasse 14a, 40667 Meerbusch
          Phone: +49 (0)2132 13 75 90
          Fax: +49 (0)2132 13 75 91
          E-mail: marketing@hellaslive.com
                  info@hellaslive.com
                  vertrieb@hellaslive.com
          Web site: http://www.hellaslive.com

          Dr. Onno Klopp, Administrator
          Sternstrasse 58, 40479 Dusseldorf


HUK BAUTRAGER: Real Estate Firm Declared Insolvent
--------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against HuK Bautrager und Immobilien GmbH Leipzig on May 19.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 28, 2005
to register their claims with court-appointed provisional
administrator Dr. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 16, 2005, 1:00 p.m. at Saal 056, Amtsgericht
Leipzig at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  HUK BAUTRAGER UND IMMOBILIEN GMBH
          Leipzig, Zimmerstr. 3, 04109 Leipzig
          Contact:
          Thomas Hafermann, Manager

          Dr. Rainer Eckert, Administrator
          Kathe-Kollwitz-Strasse 9, 04109 Leipzig


JOSEF LINDER: Proofs of Claim Due Next Month
--------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Josef Linder Beteiligungs-GmbH on May 30.  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 Markus
Lehmkuehler.

Creditors and other interested parties are encouraged to attend
the meeting on August 24, 2005, 9:00 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, Zimmer
W 1.24 C, 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.

Josef Linder manufactures electrical supplies.

CONTACT:  JOSEF LINDER BETEILIGUNGS-GMBH
          Unterstr. 109, 53859 Niederkassel-Rheidt
          Contact:
          Markus and Josef Linder, Managers

          Markus Lehmkuehler, Administrator
          Wilhelmstr. 40, 53111 Bonn
          Phone: 0228/92 66 60
          Fax: 92 66 699


J.S. INTERNATIONAL: Files for Bankruptcy
----------------------------------------
The district court of Osnabrueck opened bankruptcy proceedings
against J.S. International Betriebs GmbH on May 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 1, 2005 to
register their claims with court-appointed provisional
administrator Dr. Frank Krueger.

Creditors and other interested parties are encouraged to attend
the meeting on July 28, 2005, 9:40 a.m. at Nebenstelle,
Kollegienwall 10, 49074 Osnabrueck 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:  J.S. INTERNATIONAL BETRIEBS GMBH
          Franz-Lenz-Strasse 6, 49084 Osnabrueck
          Contact:
          Juergen Scherf

          Dr. Frank Krueger, Administrator
          Sutthauser Str. 394, 49080 Osnabrueck
          Phone: 0541/990330
          Fax: 0541/9903310


KARSTADTQUELLE AG: Middelhoff to Axe More Executives
----------------------------------------------------
A head will roll at the department store unit of troubled retail
giant KarstadtQuelle AG, Die Welt says.

Chief executive Thomas Middelhoff plans to axe Benedikt Best,
deputy head of the group's department store division Karstadt-
Warenhaus.   The CEO reportedly expressed dissatisfaction with
Mr. Best's performance.  Mr. Middelholf, however, does not
intend to appoint anyone to the position.  Mr. Best reported to
Helmut Merkel, Karstadt-Warenhaus' chief.

Mr. Middelhoff recently dismissed Arwed Fischer, a management
board member of the group's mail-order division, and Michael
Zupancic, the company's finance chief.

KarstadtQuelle has suffered significant fall in revenue due
sluggish consumer spending in Germany.  Its revenue fell to
EUR2.97 billion in the January-March period from 3.35 billion a
year ago.  The group recently posted a first-quarter loss of
EUR111.3 million.  The group's management plans to continue the
firm's restructuring, which includes cutting 5,700 jobs through
2005 and 2006 to save up to EUR760 million by 2007.

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


MSP WOHNIDEEN: Court Appoints Dr. Trutnau Administrator
-------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against MSP Wohnideen GmbH on May 13.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until July 13, 2005 to
register their claims with court-appointed provisional
administrator Dr. Guenter Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting on August 10, 2005, 9:45 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:  MSP WOHNIDEEN GMBH
          Liebknechtstrasse 26/27, 06712 Zeitz
          Contact:
          Peter and Ruth Plotz, Managers
          August-Bebel-Strasse 50, 06712 Zeitz

          Dr. Guenter Trutnau, Administrator
          Paulinerweg 27, D-04299 Leipzig
          Phone: 0341/868370
          Fax: 0341/8683737


SCHMITZ LASERTECHNIK: Neuruppin Court Appoints Administrator
------------------------------------------------------------
The district court of Neuruppin opened bankruptcy proceedings
against Schmitz Lasertechnik, Edelstahl- und Blechverarbeitungs
GmbH on May 1.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until June 19, 2005 to register their claims with court-
appointed provisional administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on July 29, 2005, 11:00 a.m. at Karl-Marx-Strasse
18a, 16816 Neuruppin, Saal 325 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:  SCHMITZ LASERTECHNIK, EDELSTAHL- UND
          BLECHVERARBEITUNGS GMBH
          Zum Gewerbepark 8, 19348 Perleberg
          Web site: http://www.schmitz-lasertechnik.de/
          Contact:
          Martina Schmitz
          Peter Schmitz

          Dr. Wolfgang Schroder, Administrator
          Genthiner Strasse 48, 10785 Berlin


SIMON GLASTECHNIK: Creditors' Claims Due August
-----------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Simon Glastechnik GmbH on May 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 2, 2005 to register their
claims with court-appointed provisional administrator Jochen
Schnake.

Creditors and other interested parties are encouraged to attend
the meeting on August 23, 2005, 10:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, 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.

Simon Glastechnik manufactures mirrors and glassware.

CONTACT:  SIMON GLASTECHNIK GMBH
          Neue Reihe 1 - 3, 33699 Bielefeld
          Phone: 0521/92474-0
          Contact:
          Burkhart Simon, Manager
          Am Siebrassenhof 68 a, 33605 Bielefeld

          Jochen Schnake, Administrator
          Ravensberger Str. 12, 33824 Werther


THE ROAST-COFFEE: Creditors Meeting Set Next Month
--------------------------------------------------
The district court of Muehlhausen opened bankruptcy proceedings
against The Roast-coffee basics GmbH on May 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until June 24, 2005 to
register their claims with court-appointed provisional
administrator Frank Kreuznacht.

Creditors and other interested parties are encouraged to attend
the meeting on July 18, 2005, 11:00 a.m. at the district court
of Muehlhausen, Untermarkt 17, Raum 35 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:  THE ROAST-COFFEE BASICS GMBH
          St. Freund u. R. Scharf
          Hinterdorfstrasse 23, 37327 Breitenbach
          Web site: http://www.the-roast.com/

          Frank Kreuznacht, Administrator
          Untermarkt 23, 99974 Muehlhausen


THOMAS COOK: Narrows First-half Loss
------------------------------------
Troubled tour operator Thomas Cook has trimmed it first-half
loss from EUR301.4 million in 2004 to EUR217 million this year,
AFX News says.

Thomas Cook also posted a 0.7% hike in first-half sales, from
EUR2.387 billion a year ago to EUR2.404 billion.  The group's
pretax loss also shrank from EUR385.1 million to EUR244.2
million.  The tour operator expects to book both pre- and post-
tax profit for 2005, its first since 2001.  The group also
revealed it posted more customer numbers at the beginning of
June, up 5.2% from the same period in 2004.  Thomas Cook's
improved figures is partly due to its restructuring, which
included lower-fare tickets at its Condor airline unit.

Troubled retail giant KarstadtQuelle AG owns a 50% stake in
Thomas Cook, while Deutsche Lufthansa AG, Europe's second
largest carrier, holds the rest.

CONTACT:  THOMAS COOK AG
          Zimmersmuehlenweg 55
          61440 Oberursel
          Phone: +49-6171-6500
          Fax: +49-6171-652-125
          Web site: http://www.thomascook.de


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


FIAT AUTO: Punto Production Hits Six Million
--------------------------------------------
Fiat Auto has produced its six millionth Punto.  This
achievement was made possible by the work of the three Fiat
plants where the model is built: the SATA facility in Melfi near
Potenza, Turin's Mirafiori complex, and the Termini Imerese
factory in the province of Palermo.

The event was celebrated at Melfi, one of Europe's most modern
factories, which not only produced the six millionth Fiat Punto,
but also made a decisive contribution to the accomplishment by
turning out half of the total number of cars.  The Fiat Punto is
still the most popular model in Italy, and has topped the sales
charts for over ten years.

The first Punto rolled off the assembly line at Mirafiori in
July 1993.  Production got under way at Melfi in September of
the same year, and Termini Imerese in December.

In 1999, all three plants began to build the new version of the
Punto.

The Melfi plant currently produces both the Fiat Punto and the
Lancia Ypsilon, and employs around five thousand people.  In
addition, the SATA facility has been tapped to become the only
site that will construct the future successor to the Punto,
which will continue to be produced at Mirafiori until the end of
2006.

The Fiat Punto was designed to satisfy every need.

The lineup, in fact, offers 40 different choices: three- and
five-door versions, eight engine options (1.2-liter 8-valve,
1.2-liter 16-valve, 1.4-liter 16-valve, 1.8-liter 16-valve, 1.3
Multijet, 1.9 Multijet, 1.9 JTD, 1.2-liter 8-valve gasoline and
diesel units); two manual transmissions with either five or six
speeds, the Speedgear automatic/sequential manual transmission,
the Dualogic transmission that combines automatic and sequential
shifting, and can also be operated as a full automatic in
"Economy" mode; eight trim levels (Actual, Active, Sound,
Dynamic, Class, Emotion, Sporting, and HGT); and 13 body colors,
each available with two different interior outfits.

In addition to this wide range, the Punto is also available in a
van version with three different powerplants (1.2-liter 8-valve,
1.3-liter Multijet and 1.9-liter JTD) and three- or five-door
body styles.

The new owner of the six millionth Punto is Francesco D'Ariano,
resident in Canosa di Puglia near Bari and an employee at the
Melfi plant, who chose a steel gray Dynamic version with five
doors and gasoline engine.

The keys to the car that marked this historic accomplishment
were handed over by Massimo Risi, head of the SATA plant.

Turin, June 1, 2005

CONTACT:  FIAT S.p.A.
          250 Via Nizza
          10126 Turin
          Phone: +39-011-006-1111
          Fax: +39-011-006-3798
          Web site: http://www.fiatgroup.com


MG ROVER ITALIA: Sets Another Creditors Meeting
-----------------------------------------------
In accordance to paragraph 51 of Schedule B1 to the Insolvency
Act 1986, MG Rover Italia S.p.A. will hold an initial meeting of
creditors on June 23, 2005, 12:00 noon at Hilton Rome Airport,
Via Arturo Ferrarin, Fiumicino, Rome, Italy 00050.

Any creditor unable to attend should complete a proxy form on or
before June 13, 2005 if they wish to be represented.  To be
entitled to voter at the meeting, creditors must provide details
in writing of their claims to the address below not later than
12:00 noon of the day prior to the meeting.

Any member of the company who requires a copy of the proposals
should send a written request to the address below, and a copy
will be sent free of charge.

Anthony Victor Lomas,
Steven Anthony Pearson, and
Robert Jonathan Hunt
Joint Administrators

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


PARMALAT FINANZIARIA: Milan Case Indictments Known June 25
----------------------------------------------------------
The Milan bankruptcy court will rule on June 25, 2005, whether
19 persons being connected with the collapse of dairy giant
Parmalat Finanziaria should be tried, Il Sole 24 Ore says.

Milan prosecutors have accused the personalities, which include
Parmalat founder chief executive Calisto Tanzani and former
board member Franco Gorreri, of market rigging and releasing
false information prior to the food group's collapse.  The court
wrapped up preliminary hearing Tuesday, when it heard the final
arguments of the respondents' lawyers.

Three days after on June 28, the court will also rule on the
plea bargains of the accused.  Prosecutors are reportedly bent
on giving Mr. Tanzi a minimum of three years in jail.

Parmalat collapsed in December 2003 after revealing EUR14
billion in net debt, eight times than what the group had
reported.  This financial fraud is considered one of the largest
in Europe.

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


===================
K A Z A K H S T A N
===================


ALLIANCE BANK: Eurobond Rated 'B+'
----------------------------------
Fitch Ratings assigned the upcoming issue of notes of Alliance
Bank of Kazakhstan (Alliance) an expected Long-term 'B+' rating.
The assignment of the final rating is contingent on receipt of
final documentation conforming materially to information already
received.  Alliance is rated Long-term 'B+' with a Stable
Outlook, Short-term 'B', Individual 'D' and Support '4'.

The terms and conditions of the notes specify that they will
rank at least pari passu with the claims of other unsecured
creditors, save those preferred by relevant (bankruptcy,
liquidation etc.) laws.  Under Kazakh law, the claims of retail
depositors rank above those of other senior unsecured creditors.
At end-2004, retail deposits accounted for 21% of Alliance's
total liabilities, according to the bank's International
Financial Reporting Standards accounts.

Covenants limit dividend payments to 50% of net income in any
particular year, and also specify that the terms of all
transactions of more then US$2 million must be concluded on a
market basis.  Alliance also commits to maintaining a total BIS
capital adequacy ratio of 10%, and a cross default clause
becomes applicable in case of overdue indebtedness in excess of
US$10 million.

The terms and conditions of the notes contain a negative pledge
clause, which allows for a degree of securitization by Alliance.
In the event of such a securitization, Fitch notes that the
nature and extent of any over-collateralization would be
assessed by the agency for any potential impact on unsecured
creditors.

Noteholders will benefit from a put option should one of the
bank's credit ratings be downgraded as a result of an asset sale
by, or a merger of, Alliance.

At end-2004, Alliance was the sixth largest bank in Kazakhstan
with a market share of approximately 4.5% of total sector
assets.

CONTACT:  FITCH RATINGS
          James Watson
          Alexei Kechko, Moscow
          Phone: +7 095 956 9901

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


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


HAGEMEYER N.V.: Clinches New EUR615 Million Credit Facility
-----------------------------------------------------------
Hagemeyer N.V. said yesterday it reached agreement in principle
with a bank consortium of ABN AMRO Bank, ING Bank, Rabobank and
NIB Capital Bank to refinance and improve its existing senior
secured credit facility.

These banks will jointly increase their share in the credit
facility to Hagemeyer with approximately EUR240 million, which
allows Hagemeyer to pay down all other 26 lenders in its current
senior credit facility.

The new senior secured credit facility of EUR615 million
consists of a EUR500 million multi-currency senior working
capital facility and a EUR115 million letter of credit facility
and will mature on February 5, 2008, one year later than the
existing credit facility of currently EUR630 million.

The interest rate for the new credit facility is based on an
interest spread over the applicable Interbank Offered rate.  The
interest spread will decrease progressively below 300 basis
points as and when the "Net Senior Debt"/ "EBITDA before
exceptional items" ratio reaches levels below 5, which Hagemeyer
expects to be the case when the new facility becomes effective.

Under the new credit facility Hagemeyer will have to comply with
certain revised financial covenants based on IFRS accounting.  A
summary of these covenants is included in the Annex.  Hagemeyer
expects to meet these revised financial covenants in 2005.  The
other terms and conditions of the new credit facility, will
remain substantially the same as in the existing credit
facility.

Completion of the refinancing is expected by the beginning of
July 2005.

Commenting on the new credit facility CFO Tjalling Tiemstra
said: "This more favorable credit facility has been made
possible by the significant reduction of our net senior debt
since February last year, mainly as a result of the proceeds
from disposals as well as from the recent placement of EUR135
million subordinated convertible bonds.  It is a sign of
confidence from the banks involved and will help us to further
reduce our financing costs as we continue to improve our
covenant ratios."

Naarden, 9 June 2005
HAGEMEYER N.V.
Board of Management

       Summary and Definitions of Financial Covenants

Under the new credit facility Hagemeyer will have to comply with
these revised financial covenants:

                                                New     Existing
                                              Facility  Facility
Summary of Financial Covenants  Period    IFRS    Dutch  Dutch
                                Ending (As Agreed) GAAP  GAAP
                                               Equivalent
                                               (Estimate)
"Net Senior Debt"/        Dec. 31, 2005    2.70   3.25    5.50
"EBITDA before exceptional Dec. 31, 2006    2.10    n.a.   3.50
items"                     Dec. 31, 2007    2.10    n.a.   3.00

"Interest Cover"           Dec. 31, 2005    1.70    1.40   1.50
                           Dec. 31, 2006    3.30     n.a.  2.00
                           Dec. 31, 2007    4.20     n.a.  2.90

The financial covenant levels might be slightly adjusted to fine
tune the impact of IFRS accounting on Hagemeyer's consolidated
financial statements once this impact will have been
definitively determined.

Under the new senior facility the financial covenants and their
components are defined as:

"Net Senior Debt": Cash amounts drawn under group and/or local
senior facilities, minus freely available cash investments and
cash balances.

"EBITDA before exceptional items": 12 months rolling Operating
Profit before depreciation and amortization, calculated under
IFRS rules, but before exceptional items calculated under Dutch
GAAP as applied in the Hagemeyer 2004 annual accounts.

"Interest Cover": The ratio of "EBITDA before exceptional items"
to "Net Interest Expense."

In this Interest Cover definition "Net Cash Exceptionals" are no
longer deducted from EBITDA (as was the case under the existing
facility).

"Net Interest Expense": 12 months rolling interest expense from
cash amounts drawn under group and/or local senior facilities
plus annual coupon payments on convertible bonds minus interest
earned on cash investments and cash balances.

CONTACT:  HAGEMEYER N.V.
          Rijksweg 69, P.O. Box 5111, 1410 AC Naarden
          The Netherlands
          Phone: + 31 (0)35 6957676
          Fax: + 31 (0)35 6944396
          Contact:
          Emilie de Wolf
          Web site: http://www.hagemeyer.com


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


PAN FISH: To Remain a Public Company
------------------------------------
Two companies affiliated with Greenwich Holdings Limited, a
Cyprus based investment company indirectly controlled by John
Fredriksen, have purchased in total 587,695,078 shares in Pan
Fish at NOK1.35.

The shares have been purchased from Nordea Bank Norge A.S.A.,
and constitute the bank's entire shareholding in Pan Fish A.S.A.
Included are 20,403,869 shares to be converted by Nordea in
accordance with the convertible loan issued to Nordea, as
described in chapter 4.1.6 in the Pan Fish Prospectus dated May
12, 2005.

After this conversion, the total number of shares issued in Pan
Fish is 1,222,704,087 shares.  The two Companies combined
holding will then be 48.07%.  The agreement between the Buyer
and the Seller includes a price compensation clause should the
Buyer within three months put forward a Mandatory or Voluntary
offer for all outstanding shares in Pan Fish at a higher price
than NOK1.35 per share.

John Fredriksen said: "Our investment in Pan Fish has been made
in the firm belief that the salmon farming industry is entering
into a long-term phase of prosperous and interesting
development.  The recent refinancing of the Company has created
a solid basis for future growth.  We look forward to working
with the Pan Fish team towards realizing the company's goal of
becoming the most cost-efficient and profitable salmon producer.

"The positive supply/demand balance for the next two years, the
possibilities for industry consolidation and the strong growth
trend for seafood has created an interesting window for
investment.  We see a lot of hard work and a huge potential for
our investment."

The new major shareholders intend to keep Pan Fish as a public
company.  They will however call for an extra ordinary general
meeting in order to elect a new Board, which will reflect the
changed ownership.

The two Companies will comply with the mandatory bidding
requirements at Oslo Stock Exchange, which requires that a
mandatory offer is made within four weeks, or that the acquirers
reduces their combined shareholding to below 40%.  If during
this four week-period their combined holding is reduced to less
than 40% through divestment of shares or structural transactions
with other companies, such a bidding obligation will not apply
and accordingly no mandatory offer will then be made.

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

          CEO Atle Eide
          Phone: +47 911 52 977


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


ARZAMAS-AGRO-PROM-ENERGO: Hires A. Kirichek Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on close joint stock company
Arzamas-Agro-Prom-Energo.  The case is docketed as A43-5962/05-
24-16b.  Mr. A. Kirichek has been appointed temporary insolvency
manager.

Creditors may send their proofs of claim to 117049, Russia,
Moscow, Shabolovka Str. 26, Building 4.  A hearing will take
place on Sept. 6, 2005, 9:30 a.m. at the Arbitration Court of
Nizhniy Novgorod region.

CONTACT:  ARZAMAS-AGRO-PROM-ENERGO
          607247, Russia, Nizhniy Novgorod region,
          Arzamaskiy region, Selkhoztekhnika

          Mr. A. Kirichek
          Temporary Insolvency Manager
          117049, Russia, Moscow,
          Shabolovka Str. 26, Building 4
          Phone: 785-69-65


AVTO-DOR-SERVICE: Creditors Have Until Next Week to File Claims
---------------------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
proceedings against Avto-Dor-Service (TIN 6101029737) after
finding the company insolvent.  The case is docketed as A53-
4761/05-S2-7.  Mr. N. Lyadnov has been appointed insolvency
manager.

Creditors have until June 14, 2005 to submit their proofs of
claim to the Arbitration Court of Rostov region.  A hearing will
take place on Aug. 22, 2005, 2:30 p.m.

CONTACT:  AVTO-DOR-SERVICE
          346752, Russia, Rostov region, Azovskiy region,
          Elbuzd, Stepnaya Str. 1.

          Mr. N. Lyadnov
          Insolvency Manager
          346752, Russia, Rostov region, Azovskiy region,
          Elbuzd, Stepnaya Str. 1


CHUVASH-HOP-AGRO-PROM: Bankruptcy Hearing Set August
----------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on close joint stock company
Chuvash-Hop-Agro-Prom.  The case is docketed as A 79-2604/2005.
Ms. T. Karandaeva has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 429956, Russia,
Chuvashiya republic, Novocheboksarsk, Post Office 6.  A hearing
will take place on Aug. 4, 2005, 1:15 p.m.

CONTACT:  CHUVASH-HOP-AGRO-PROM
          429000, Russia, Chuvashiya republic,
          Mariinskiy Posad, Nikolaevka Str. 47

          Ms. T. Karandaeva
          Temporary Insolvency Manager
          429956, Russia, Chuvashiya republic,
          Novocheboksarsk, Post Office 6


CREDIT BANK: Fitch Affirms Long-term Rating at 'B-'
---------------------------------------------------
Fitch Ratings affirmed Credit Bank of Moscow's (CBM) ratings at
Long-term 'B-', Short-term 'B', Individual 'D' and Support '5'.
The Outlook on the Long-term rating remains Stable.  CBM is
rated National Long-term 'BB+(rus)' with a Stable Outlook.

The Long-term, Short-term and Individual ratings reflect CBM's
small size by international standards, potentially vulnerable,
albeit improved, liquidity, and modest profitability.  They also
take into account certain weaknesses in the Russian operating
environment.  However, CBM's capitalization is currently good,
comparing favorably with that of many Fitch-rated banks in
Russia, and customer concentration levels in the loan book have
fallen.  The bank has also made some progress in diversifying
and lengthening the tenor of its funding base through bond
issuance, syndicated lending and credit lines.

Fitch notes that any upward movement in CBM's ratings would
likely depend, among other things, on a significant improvement
in the Russian operating environment, as well as further
expansion of CBM's franchise and customer base.  In addition,
further strengthening of the bank's liquidity position and an
improvement in its currently modest performance could contribute
to a positive rating action.

On the other hand, Fitch notes that a marked weakening of CBM's
liquidity position would be a negative rating factor,
particularly in light of the liquidity problems CBM experienced
during the mini-crisis in the Russian banking sector in mid-
2004, as would deterioration in asset quality.  The agency
comments that it will be monitoring CBM's asset quality closely
as the bank expands into sectors in which it has more limited
experience (e.g. small-business lending).

CBM was established in 1992.  Since 1995 it has formed part of a
group owned by Rossium Concern, which also includes investment,
industrial, agricultural, trade and construction companies.  The
group is ultimately owned by one individual, prompting some
corporate governance concerns.  At end-2004, CBM was ranked
among the top 75 Russian banks by total assets.  CBM's core
business lies in providing banking services to medium-sized
companies and retail customers (mainly deposit taking and car
financing)

CONTACT:  FITCH RATINGS
          Lindsey Liddell, London
          Phone: +44 (0) 20 7417 3495

          Alexei Kechko, Moscow
          Phone: +7 095 956 9931

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


CRYSTAL-ATOM-STROY-HOLDING: Under Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Smolensk region has commenced
bankruptcy supervision procedure on close joint stock company
Crystal-Atom-Stroy-Holding.  The case is docketed as A62-
788/2005 (625-N/05).  Mr. G. Kutikov has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 214036, Russia, Smolensk, Post User Box 212.

CONTACT:  CRYSTAL-ATOM-STROY-HOLDING:
          214031, Russia, Smolensk region,
          25th September Str. 64

          Mr. G. Kutikov
          Temporary Insolvency Manager
          214036, Russia, Smolensk region,
          Post User Box 212


DON-AVIA-CENTRE: Declared Insolvent
-----------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Don-Avia-Centre after finding the air
company insolvent.  The case is docketed as A14-16924-
2004/84/20b.  Mr. L. Yashkin has been appointed insolvency
manager.  Creditors have until July 14, 2005 to submit their
proofs of claim to 394068, Russia, Voronezh, Kholzunova Str. 10,
Apartment 76.

CONTACT:  DON-AVIA-CENTRE
          394025, Russia,
          Voronezh region, Airport

          Mr. L. Yashkin
          Insolvency Manager
          394025, Russia, Voronezh region, Airport
          or
          394068, Russia, Voronezh region,
          Kholzunova Str. 10, Apartment 76


EFREMOV-SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Set July
-----------------------------------------------------
The Arbitration Court of Tula region has commenced bankruptcy
supervision procedure on open joint stock company Efremov-Sel-
Khoz-Khimiya.  The case is docketed as A68-20/B-05.  Mr. N.
Shirokov has been appointed temporary insolvency manager.

Creditors may send their proofs of claim to 302004, Russia,
Tula, 3rd Kurskaya Str. 15, 4th floor.  A hearing will take
place on July 4, 2005, 10:00 a.m. at the Arbitration Court of
Tula region located at Russia, Tula, Sovetskaya Str. 112, Hall
31.

CONTACT:  EFREMOV-SEL-KHOZ-KHIMIYA
          301844, Russia, Tula region,
          Efremovskiy region, Chernyatino

          Mr. N. Shirokov
          Temporary Insolvency Manager
          302004, Russia, Tula region,
          3rd Kurskaya Str. 15, 4th floor


KANSKIY COMBINE: Assets for Public Auction in Two Weeks
-------------------------------------------------------
The bidding organizer of open joint stock company Kanskiy
Combine Of Grain Products will sell its property on June 24,
2005, 12:00 noon. (local time).  The public auction will take
place at Russia, Krasnoyarsk region, Kansk,
Fabrichnaya Str. 12.

The assets for sale are:

(a) Lot 1: Diesel locomotives.  Starting price: RUB1,627,400;

(b) Lot2: Different equipment.  Start price: RUB1,062,100.

Preliminary examination and reception of bids are done daily
until June 19, 2005.  The list of documentary requirements is
available at Russia, Krasnoyarsk region, Kansk, Fabrichnaya Str.
12.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the settlement account
40702810700000000307, correspondent account
30101810600000000720, BIC 040452720 until June 19, 2005.

CONTACT:  KANSKIY COMBINE OF GRAIN PRODUCTS
          Russia, Krasnoyarsk region,
          Kansk, Fabrichnaya Str. 12

          Mr. V. Stankevich
          Insolvency Manager/Bidding Organizer
          Russia, Krasnoyarsk region,
          Kansk, Fabrichnaya Str. 12
          Phone: (39161) 2-29-70


KULEBAKSKAYA: Garment Factory Under Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on close joint stock company
Kulebakskaya Garment Factory.  The case is docketed as A43-
4990/05 18-172.  Mr. A. Fomin has been appointed temporary
insolvency manager.

Creditors may send their proofs of claim to 117049, Russia,
Moscow, Shabolovka Str. 26, Building 4.  A hearing will take
place on Aug. 30, 2005, 3:00 p.m. at the Arbitration Court of
Nizhniy Novgorod region.

CONTACT:  KULEBAKSKAYA GARMENT FACTORY
          Russia, Nizhniy Novgorod region,
          Kulibaki, Kolkhoznaya Str. 2A

          Mr. A. Fomin
          Temporary Insolvency Manager
          117049, Russia, Moscow,
          Shabolovka Str. 26, Building 4
          Phone: 785-69-65


MILLER: Assets for Public Auction Next Week
-------------------------------------------
The bidding organizer of open joint stock company Miller will
sell its property on June 15, 2005, 11:00 a.m.  The public
auction will take place at Russia, Moscow region, Oleninskiy
region, Mirnyj, Lenina Str. 14.  Up for sale is a property
complex.  Starting price: RUB10,100,000 inclusive of VAT.

Preliminary examination and reception of bids are done only
today from 11:00 a.m. to 1:00 p.m.  The list of documentary
requirements is available at 117997, Russia, Moscow,
Ostrovityanova Str. 1, Building 4.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price to the settlement account
4070281020170100248 in Vladimirskoye OSB #8611, Vladimir,
correspondent account 30101810000000000602, BIC 041708602 only
today.

CONTACT:  MILLER
          Russia, Vladimir region, Murom,
          Kuybysheva Proezd, 6.

          LLC COMPANY A.V.
          Bidding Organizer
          117997, Russia, Moscow Region,
          Ostrovityanova Str. 1, Building 4
          Phone: (095) 434-71-74, 434-66-98


ROSBANK: Financial Strength Rating Raised to D-
-----------------------------------------------
Moody's Investors Service has upgraded to D- from E+ the
Financial Strength Rating (FSR) of Russia's Rosbank, and has
raised the bank's long-term foreign currency deposit rating to
Ba3 from B1.  The bank's short-term deposit rating remains
unchanged at Not-Prime.  The outlook for the ratings is stable.

According to Moody's, this upgrade reflects (i) the bank's
strengthening retail franchise as a result of integration with
the OVK Group banks, reflected in a greater proportion of retail
business on the bank's balance sheet; (ii) an improving
financial performance, evidenced by stronger bottom-line
profitability and a greater share of core revenues; and (iii) a
continuing downward trend in related-party exposure.

OVK Group was acquired by Rosbank's shareholders in 2003 with a
view to its ultimate amalgamation with Rosbank, aimed at
boosting the bank's positions in retail banking.  The OVK Group
banks, which primarily focused on retail, are being integrated
via transfer of their business to Rosbank, accompanied by the
harmonization of systems and processes, rather than through a
legal merger.  This stage of the integration process is expected
to be completed by the end of summer 2005.

Moody's notes that Rosbank's balance sheet still displays a
high, though declining, degree of borrower and deposit
concentrations.  Although these levels are still compatible with
the current Ba3/NP/D- ratings, further diversification would be
essential to achieve higher ratings.  The bank's future ratings
direction will also depend on (i) successful assimilation of
OVK's businesses and personnel; (ii) the ability to generate
high and recurring earnings; and (iii) continued capital support
from the bank's shareholders to fuel its rapid growth,
particularly given that the transfer of OVKs business has
leveraged Rosbank's capital.

Rosbank is headquartered in Moscow, Russian Federation, and
reported total assets of US$4.1 billion under IFRS as of 31
December 2004.

CONTACT:  MOODY'S INVESTORS SERVICE CYPRUS LIMITED
          Limassol
          Adel Satel
          Managing Director
          Financial Institutions Group
          For Journalists
          Phone: 44 20 7772 5456

          MOODY'S INVESTORS SERVICE
          New York
          Dmitry Polyakov
          Asst Vice President - Analyst
          Financial Institutions Group
          For Journalists
          Phone: 212-553-0376


TOGULSKOYE: Bankruptcy Proceedings Begin
----------------------------------------
The Arbitration Court of Altay region commenced bankruptcy
proceedings against Togulskoye after finding the close joint
stock company insolvent.  The case is docketed as A03-7213/04-B.
Mr. L. Prikhodko has been appointed insolvency manager.

Creditors have until July 14, 2005 to submit their proofs of
claim to 656015, Russia, Barnaul, Post User Box 3077.  A hearing
will take place on July 20, 2005.

CONTACT:  TOGULSKOYE
          Russia, Altay region, Zarinsk

          Mr. L. Prikhodko
          Insolvency Manager
          656015, Russia, Barnaul,
          Post User Box 3077


YUKOS OIL: Board Approves Candidates to Board
---------------------------------------------
The Board of Directors of YUKOS Oil Company has made a decision
to make a recommendation to the Annual General Meeting of
shareholders set for June 23, 2005 not to pay out dividend for
2004.  The Board has also approved a list of candidates to be
nominated to the new Board of Directors to be elected at the
AGM.

"In the absence of candidate nominations from the shareholders
the Board has exercised its right to nominate them
independently, said Victor Geraschenko, Chairman of YUKOS Board
of Directors.  We have been successful in forming a team of
highly professional candidates capable of fully protecting the
interests of creditors and minority shareholders.  Inclusion of
representatives of YUKOS' senior management in the list of
candidates is driven by the desire for even closer coordination
between the Board and executive bodies at a difficult time for
the Company."

The list of candidates to the new Board of Directors of YUKOS
Oil Company comprises:

(a) Yury Beilin - Deputy CEO, YUKOS Oil Company,

(b) Francois Buclez - Director, Cube Capital Ltd.,

(c) Victor Geraschenko - Chairman of the Board of Directors,
                         YUKOS Oil Company,

(d) Alexey Kontorovich - Director of the Institute of Oil and
                         Gas Geology, Siberian Branch of the

                         Russian Academy of Sciences,

(e) Bernard Loze - President, Loze & Associes,

(f) Yury Pokholkov - President, Tomsk Polytechnic University,

(g) Yevgeny Saburov - Director, Institute of the Problems of
                      Investing, Academic Advisor to Education
                      Development Institute, "Higher School of
                      Economics" University,

(h) Alexander Semikoz - Advisor to Executive Board,
                        Representative of Moscow Narodny Bank to
                        the Board of Directors of "Eurofinance
                        Mosnarbak", Moscow Narodny Bank, London,

(i) Ivan Silaev - President of the Russian Union of Mechanical
                  Engineers,

(j) Steven Theede - CEO, YUKOS Oil Company,

(k) Vladimir Forosenko - independent consultant

As reported earlier, besides election of a new Board of
Directors the AGM on June 23, 2005 will discuss the issues of
approving YUKOS Oil Company's statutory annual report for 2004,
its annual financial statements, distribution of profit and
losses of YUKOS Oil Company for the past period.

The agenda of the AGM will also include making amendments to the
Charter of YUKOS Oil Company, election of the Auditing
Commission, approval of Company's Auditors for 2005 fiscal year,
and approval of the total amount of remuneration and expenses
reimbursement for members of the Board of Directors for 2005-
2006.

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

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

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


YUKOS OIL: Posts RUB4.864 Billion Loss for Q1
---------------------------------------------
Yukos Oil reduced its quarterly net loss by 97.93% to RUB4.864
billion (US$170.98 million) in the first quarter, according to
Interfax.  The company made a RUB234.78 (US$8.25 billion) net
loss in the fourth quarter due to "reduced operational and non-
sales expenditure."  For the first quarter last year, Yukos made
a profit of RUB2.404 billion (US$84.5 million).

Yukos used to be one of Russia's publicly traded fully
integrated petroleum companies before the sale of its main
production unit, Yuganskneftegaz, in December.  As of Sept. 30,
2004, it had total assets of US$18,514 million, total
liabilities of US$8,030 million, and shareholders' equity of
US$10,134 million.

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

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

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


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


CONCORDIA BUS: Company Profile
------------------------------
NAME: Concordia Bus AB
      Solna Strandvag 78
      17154 Solna, Sweden

      Concordia Bus Management A.S.
      Lysaker Torg 12
      Lysaker, Oslo
      N1327 Norway
      Phone: +47 67832950
      Fax: +47 67832930
      E-mail: info@concordiabus.com

PHONE: +46-8546 300 00

FAX: +46 8 546 300 55

WEB SITE: http://www.concordiabus.com/

TYPE OF BUSINESS: Concordia Bus operates bus systems under
contracts with public transportation authorities in Sweden
(through Swebus), Norway (through SBC), and Finland (through
Concordia Finland).  An affiliate of Goldman Sachs controls 51%
of Concordia Bus, and Norwegian investment firm Schoyen Group
owns 47%.  Concordia Bus carries an estimated 280 million
passengers each year through our three-business lines: Public
Bus Transport, Express Coaches and Tour Coaches.

SIC: Transportation Services (Bus Services)

EXECUTIVES:

(a) Supervisory Board

    Frode Larsen, Executive Chairman (Schoyen Group)
    Richard Sharp (Goldman Sachs)
    Harald Aernkvaern (Schoyen Group)

(b) Executive Board

    Ragnar Norback, Chief Executive Officer

    Per Skargard, Chief Financial Officer

(c) Company Leadership:

    Jan Bosaeus, Managing Director, Swebus AB

    Sjur Brenden, Managing Director, SBC Norway

    Tom Ward, Managing Director, Concordia Bus Finland

    Stefan Carlen, Managing Director, Swebus Express, Sweden

    Per Erik Ericson, Managing Director, Interbus AB, Sweden

NUMBER OF EMPLOYEES: 9,000

ANNUAL REVENUE: SEK4,813 million (preliminary report for the
                full year ending Feb. 28, 2005)

EBIT: -SEK162 million (reported)

SHAREHOLDERS EQUITY: -SEK731 million

TOTAL NET ASSETS: SEK2,852 million

To see preliminary results for year ending 28 February 2005:
http://bankrupt.com/misc/Concordia(Prelim05).pdf

DEBT:

(a) EUR160 million Senior Notes 2010 (traded in Luxembourg;
    issued by Concordia Bus AB),

(b) EUR130 million Senior Secured Notes 2009 (issued by
    Concordia Bus Nordic AB)

RATING: Concordia Bus AB rated 'SD' by S&P
        EUR160 million Senior Notes rated 'D' by S&P
        EUR130 million Senior Secured Notes rated 'C' by S&P

COMPANY STRUCTURE:

Concordia Bus B.V.
- Concordia Bus Holdings AB
- Concordia Bus AB
- Concordia Bus Nordic AB
   - Swebus AB (Sweden Public Transport)
   - Interbus AB (Sweden Coach Hire)
   - Swebus Express AB (Sweden - Intercity Express)
   - Concordia Bus Finland AB (Finland Public Transport)
   - Ingenior M Schoyen Bilcentraler AS (Norway -
     Public Transport)

THE TROUBLE: Concordia Bus AB failed to pay the interest coupon
on its EUR160 million ($202 million) subordinated notes.  It is
currently in negotiations with stakeholders and is seeking
approval for a debt-for-equity restructuring plan, which
envisages the transfer of 96% of its share capital to the
holders of its EUR160 million subordinated notes.  The plan,
which includes several covenant changes, will require the
consent of senior bondholders.

A copy of the restructuring plan is available free of charge at
http://bankrupt.com/misc/Concordia_Restructuring.pdf

SHAREHOLDERS:  Concordia Bus B.V. is owned by:
               Goldman Sachs         - 51.00%
               Schoyen Group         - 47.15%
               Management and Others - 1.85%

LEGAL ADVISOR: CLIFFORD CHANCE, London
               Web site: http://www.cliffordchance.com
               Phone: + 44 (0) 20 7600 1000

               LINDAHL, Stockholm
               Phone: http://www.lindahl.se
               Phone: + 46 (08) 670 5800

CORPORATE FINANCIAL ADVISOR: GOLDMAN SACHS, London
                             Web site: http://www.gs.com
                             Phone: +44 (0) 20 7774 1000

AUDITOR: DELOITTE TOUCHE
         Web site: http://www.deloitte.se
         Phone: +46 (08) 506 71000

FINANCIAL ADVISERS TO CONCORDIA BUS NORDIC AB:

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

FINANCIAL ADVISOR TO AD HOC GROUP OF SENIOR NOTEHOLDERS:

          CLOSE BROTHERS GROUP PLC
          10 Crown Pl.
          London
          EC2A 4FT, United Kingdom
          Phone: +44-20-7426-4000
          Fax: +44-20-7426-4044
          Web site: http://www.closebrothers.co.uk

LEGAL ADVISOR TO AD HOC GROUP OF SENIOR NOTEHOLDERS:

          BINGHAM MCCUTCHEN LLP
          150 Federal St.
          Boston, MA 02110
          Phone: 617-951-8000
          Fax: 617-951-8736
          Toll Free: 866-246-4426
          Web site: http://www.bingham.com

FINANCIAL ADVISOR TO AD HOC GROUP OF SENIOR NOTEHOLDERS ON
RESTRUCTURING:

          HOULIHAN LOKEY HOWARD & ZUKIN (EUROPE) LIMITED
          London, England
          83 Pall Mall
          London, SW1Y 5ES, England
          Phone: +44 (0)20.7839.3355
          Fax: +44 (0)20.7839.5566
          Web site: http://www.hlhz.com

LEGAL ADVISOR TO AD HOC GROUP OF SENIOR NOTEHOLDERS ON
RESTRUCTURING

          CADWALADER, WICKERSHAM & TAFT LLP
          1 World Financial Center
          New York, NY 10281
          Phone: 212-504-6000
          Fax: 212-504-6666
          Web site: http://www.cadwalader.com

          SETTERWALLS ADVOKATBYRA AB
          Arsenalsgatan 6, 111 47 Stockholm
          Web site: http://www.setterwalls.se/
          Phone: +46-8-598 890 00
          Fax: +46-8-598 890 90
          E-mail: stockholm@setterwalls.se
          Contact:
          Hakan Fohlin, Managing Partner


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


STMICROELECTRONICS N.V.: Job cuts in Europe Could Reach 2000
------------------------------------------------------------
STMicroelectronics N.V. will be dropping about 2,300 workers
from its European operations by mid-2006, said the Associated
Press Wednesday.

In May, the Swiss chipmaker revealed plans to cut 3,000 jobs
from non-Asian operations as part of its restructuring following
a first quarter loss of US$31 million (EUR25.4 million).

According to the report, the reorganization could cost
STMicroelectronics between US$100 - US$130 million (EUR81.75 -
EUR106.28 million), with annual savings of US$90 million
(EUR73.58 million).

The company said labor unions in affected countries will be
guided with the proposal, which includes the non-renewal of
certain temporary positions.

STMicroelectronics is a global independent semiconductor company
with net revenues of US$8,760 million (EUR7,163 million) and net
earnings of US$601 million (EUR492 million) in 2004.

The company currently offers over 3,000 main types of products
to more than 1,500 customers, including Alcatel, Bosch,
DaimlerChrysler, Ford, Hewlett-Packard, IBM, Motorola, Nokia,
Nortel Networks, Philips, Seagate Technology, Siemens, Sony,
Thomson and Western Digital.

It was formed in June 1987 as a result of the merger between SGS
Microelettronica of Italy and Thomson Semiconducteurs of France.
In May 1998, the company changed its name from SGS-THOMSON
Microelectronics to STMicroelectronics.

Since its formation, the Company has significantly broadened and
upgraded its range of products and technologies and has
strengthened its manufacturing and distribution capabilities in
Europe, North America, and the Asia Pacific region.

This capacity expansion is an ongoing process with the upgrading
of existing facilities and the creation of new 8-inch, sub-
micron fabs around the world.  It currently has five 8-inch fabs
in operation in: Rousset (France); Agrate Brianza, R2 (Italy);
Crolles (France); Phoenix (Arizona); Catania (Italy); and
Singapore.

Furthermore, a new 12-inch manufacturing facility is currently
under construction in Catania; and the company is now ramping up
production from a 12-inch pilot line called Crolles2, in
partnership with Philips and Freescale Semiconductor.

The group employs 50,000 people, 16 advanced research and
development units, 39 design and application centers, 16 main
manufacturing sites and 88 sales offices in 31 countries.

Corporate Headquarters, as well as the headquarters for Europe
and for Emerging Markets, are in Geneva.  The Company's U.S.
Headquarters are in Carrollton (Dallas, Texas); those for
Asia/Pacific are based in Singapore; and Japanese operations are
headquartered in Tokyo.

CONTACT:  STMICROELECTRONICS N.V.
          39 Chemin du Champ des Filles
          Plan-Les-Ouates
          1228 Geneva, Switzerland
          Phone: +41-22-929-29-29
          Fax: +41-22-929-29-00
          Web site: http://www.st.com


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


BLAGO-LVIV: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Blago-Lviv (code EDRPOU 31527126)
on April 19, 2005.  The case is docketed as 6/68-8/48.  Mr.
Dmitrishin Taras (License Number AA 779111) has been appointed
temporary insolvency manager.

Creditors have until June 12, 2005 to submit their proofs of
claim to:

(a) BLAGO-LVIV
    79018, Ukraine, Lviv region,
    Storozhenko Str. 25-A

(b) Mr. Dmitrishin Taras
    Temporary Insolvency Manager
    79035, Ukraine, Lviv region,
    Zelena Str. 109, a/b 1701

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


DOBROPILSKE AUTO 11436: Succumbs to Insolvency
----------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Dobropilske Auto Transport Enterprise-11436
(code EDRPOU 20315289) on April 13, 2005 after finding the open
joint stock company insolvent.  The case is docketed as 3/159 B.
Mr. O. Samsonov (License Number AA 249558) has been appointed
liquidator/insolvency manager.

Creditors have until June 11, 2005 to submit their proofs of
claim to:

(a) DOBROPILSKE AUTO TRANSPORT ENTERPRISE-11436
    85043, Ukraine, Donetsk region,
    Biletske

(b) Mr. O. Samsonov
    Liquidator/Insolvency Manager
    85030, Ukraine, Donetsk region,
    Dobropilskij district,
    Krivorizhya, Komsomolska Str. 62
    Phone: (06277) 2-40-06

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


DONETSK' RECLAMATION: Creditors' Claims Due Weekend
---------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Donetsk' Fishing-Land Reclamation Factory
(code EDRPOU 05453628) on April 21, 2005 after finding the
collective agricultural enterprise insolvent.  The case is
docketed as 42/29 B.  Ms. Inesa Kiryachok (License Number AA
216816) has been appointed liquidator/insolvency manager.  The
company holds account number 26008250094250 at JSCB Ukrsocbank,
Krasnoarmijsk branch, MFO 05453628.

Creditors have until June 11, 2005 to submit their proofs of
claim to:

(a) DONETSK' FISHING-LAND RECLAMATION FACTORY
    85333, Ukraine, Donetsk region,
    Krasnoarmijsk district, Sergiyivka, Serednij Lane

(b) Ms. Inesa Kiryachok
    Liquidator/Insolvency Manager
    83086, Ukraine, Donetsk region,
    Pervomajska Str. 12, Office 501a
    Phone: (062) 304-12-81

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


ENERGOVTORRESURS: Declared Insolvent
------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Energovtorresurs (code EDRPOU 32197842) on
April 14, 2005 after finding the limited liability company
insolvent.  The case is docketed as 27/114 B.  Ms. M.
Kondratyeva (License Number AA 116160) has been appointed
liquidator/insolvency manager.

Creditors have until June 11, 2005 to submit their proofs of
claim to:

(a) ENERGOVTORRESURS
    Ukraine, Donetsk region,
    Antipov Str. 7a

(b) Ms. M. Kondratyeva
    Liquidator/Insolvency Manager
    Ukraine, Donetsk region, Gorkij Str. 34
    Phone: (062) 385-66-64

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


INTAL: Lugansk Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Intal (code EDRPOU 25360840) on April 15,
2005 after finding the limited liability company insolvent.  The
case is docketed as 19/49 b.  Mr. Sergij Zhezherya (License
Number AA 630099) has been appointed liquidator/insolvency
manager.  The company holds account number 260041676 at JSPPB
Aval, Lugansk regional branch, MFO 304007.

Creditors have until June 11, 2005 to submit their proofs of
claim to:

(a) INTAL
    91000, Ukraine, Lugansk region,
    Gostra Mogila Str. 147/59

(b) Mr. Sergij Zhezherya
    Liquidator/Insolvency Manager
    91493, Ukraine, Lugansk region,
    Yuvilejne, Shahtarskij Quarter, 5/58

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


MAMAYIVSKA: Gives Creditors Until Next Week to File Claims
----------------------------------------------------------
The Economic Court of Chernivtsi region commenced bankruptcy
supervision procedure on Mamayivska (code DRPOU 05477280) on
March 14, 2005.  The case is docketed as 10/51/B.  Mr. Valerij
Strelnikov (License Number AA 250380) has been appointed
temporary insolvency manager.  The company holds account number
26003876 at JSPPB Aval, Chernivtsi regional branch, MFO 356454.

Creditors have until June 12, 2005 to submit their proofs of
claim to:

(a) MAMAYIVSKA
    59300, Ukraine, Chernivtsi region,
    Kitsmanskij district, Mamayivtsi

(b) ECONOMIC COURT OF CHERNIVTSI REGION
    58000, Ukraine, Chernivtsi region,
    O. Kobilyanska Str. 14


MRIYA: Names Yuliya Marchenko to Liquidate Company
--------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Mriya (code EDRPOU 30905457) on April 11,
2005 after finding the limited liability company insolvent.  The
case is docketed as 5/126-B.  Ms. Yuliya Marchenko (License
Number AA 668266) has been appointed liquidator/insolvency
manager.  The company holds account number 26002474859001 at CB
Privatbank, Donetsk branch, MFO 335496.

Creditors have until June 11, 2005 to submit their proofs of
claim to:

(a) MRIYA
    87313, Ukraine, Donetsk region,
    Amvrosiyivskij district,
    Grigorivka, Centralna Str. 1

(b) Ms. Yuliya Marchenko
    Liquidator/Insolvency Manager
    83077, Ukraine, Donetsk region,
    Tamanyan Str. 21/3

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


ROSA: Sumi Court Appoints Insolvency Manager
--------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Rosa (code EDRPOU 31834364) on April 14,
2005 after finding the limited liability company insolvent.
The case is docketed as 12/16-04.  Mr. Vadim Zakorko (License
Number AA 719836) has been appointed liquidator/insolvency
manager.

Creditors have until June 11, 2005 to submit their proofs of
claim to:

(a) ROSA
    Ukraine, Sumi region,
    Romenskij district, Rogintsi

(b) Mr. Vadim Zakorko
    Liquidator/Insolvency Manager
    40030, Ukraine, Sumi region,
    Proletarska Str. 69, 2nd floor

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


STUDIO LEVA-AT: Sets Proofs of Claim Deadline
---------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on Studio Leva-At (code EDRPOU 31442011).
The case is docketed as 6/57-29/59.  Mr. R. Ulyanik (License
Number AA 669647) has been appointed temporary insolvency
manager.  The company holds account number 26001001980000 at
JSCIB UkrSibbank, Lviv branch, MFO 385327.

Creditors have until June 12, 2005 to submit their proofs of
claim to:

(a) STUDIO LEVA-AT
    79000, Ukraine, Lviv region,
    Kostyushko Str. 18

(b) Mr. R. Ulyanik
    Temporary Insolvency Manager
    79052, Ukraine, Lviv region,
    Shiroka Str. 90/16

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


TEPLOBUD: Temporary Insolvency Manager Takes over Helm
------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on Teplobud (code EDRPOU 01414620).  The
case is docketed as 15/36 B.  Ms. Kondratyeva Marina (License
Number AA 116160) has been appointed temporary insolvency
manager.  The company holds account number 26002301550080 at
Prominvestbank, Kostyantinivka branch, MFO 334550.

Creditors have until June 12, 2005 to submit their proofs of
claim to:

(a) TEPLOBUD
    85101, Ukraine, Donetsk region,
    Kostyantinivka, Pushkinska Str. 38

(b) Ms. Kondratyeva Marina
    Temporary Insolvency Manager
    83086, Ukraine, Donetsk region,
    Gorkij Str. 34

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


UKRSOTSBANK: Fitch Assigns Eurobond Final Rating of 'B-'
--------------------------------------------------------
Fitch Ratings assigned Ukrsots Finance B.V.'s issue of limited
recourse loan participation notes a final Long-term 'B-' rating.
The notes have been issued solely for financing a loan by Moscow
Narodny Bank Limited (MNB) to Ukraine's Ukrsotsbank ("Ukrsots"),
rated Long-term 'B-' with a Positive Outlook, Short-term 'B',
Individual 'D' and Support '5'.  Further details on the
structure of the issue can be found in Fitch's announcement on 6
May 2005 (see http://www.fitchratings.com).

Ukrsots is one of the top five banks in the Ukraine in most
major markets, with a 5.3% share of sector assets at end-2004.

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

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


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


ACORN OIL: In Administrative Receivership
-----------------------------------------
Acorn Oil and Gas Limited appoints Simon Jonathon Appell and
Alastair Paul Beveridge (Office Holder Nos 9305, 8991) joint
administrative receivers for Acorn North Sea Limited (Reg No
04257334, Trade Classification: 03).  The application was filed
June 2, 2005.

                            *   *   *


Acorn Oil and Gas Limited is the owner of Acorn North Sea
Limited, which was formed in 2001 to acquire and develop
neglected oil reserves in the U.K. Continental Shelf.

Acorn identified the potential for significant incremental value
in the Argyll field and participated in the first ever
redevelopment of a U.K. oil field, bringing Ardmore on stream in
September 2003, just 18 months after license award.

The company has now added two more core areas to its portfolio,
centered around the abandoned Crawford and Maureen fields.  Both
fields are planned to be producing oil within the next two
years.

The Acorn approach begins with using an extensive knowledge of
the North Sea and a wide network of contacts to acquire assets,
which combine appraisal, development and exploration potential.
Once acquired, the very best sub-surface analysis and latest
geosciences techniques are applied to each asset to enhance and
realize value.

CONTACT:  ACORN OIL & GAS LTD.
          Ash House
          Fairfield Avenue
          Staines
          Middlesex TW18 4AB
          United Kingdom
          Phone: +44 (0) 1784 224218
          Fax: +44 (0) 1784 224327
          E-mail: info@acornoil.com
          Web site: http://www.acornoil.com/

          KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          E-mail: sappell@krollworldwide.com
          Web site: http://www.krollworldwide.com


ALFA CONSTRUCTION: Names Bottomley & Co. Liquidator
---------------------------------------------------
At the extraordinary general meeting of Alfa Construction
Services Limited on May 23, 2005 held at 3 Chapel Court, 42
Holly Walk, Leamington Spa, Warwickshire CV32 4YS, the
extraordinary and ordinary resolutions to wind up the company
were passed.  David Halstead Bottomley of Bottomley & Co, 3
Chapel Court, 42 Holly Walk, Leamington Spa, Warwickshire CV32
4YS has been appointed liquidator of the company.

                            *   *   *

Alfa Construction Services Limited fabricates metal.

CONTACT:  ALFA CONSTRUCTION SERVICES LIMITED
          19 Potters Lane, Polesworth,
          Tamworth, Staffordshire B78 1HF
          Phone: 01827-893329

          BOTTOMLEY & CO
          3 Chapel Court
          42 Holly Walk
          Leamington Spa
          Warwickshire CV32 4YS
          Phone: 08700 676767
          Fax: 08700 676768
          E-mail: david@3chapelcourt.com


AUTOCUE LIMITED: National Westminster Appoints Receiver
-------------------------------------------------------
National Westminster Bank Plc appoints Alan M Hudson and Michael
D Rollings (Office Holder Nos 9200, 8107) joint administrative
receivers for Autocue Limited (Reg No 01437875, Trade
Classification: 11).  The application was filed May 31, 2005.

                            *   *   *

Autocue was founded in 1955.  It produces the world's most
complete range of prompting products, to suit every requirement
and every budget.

In July 2000 the Autocue group of companies was bought by its
management in a US$25 million deal financed by the U.K.'s
leading venture capital firm 3i.

Screens are specially engineered to produce the brightest,
sharpest displays, using either the latest flat-screen
technology or conventional CRTs.

Autocue has sold prompting hardware in nearly every country in
the world, and boasts an estimated 75% of the market worldwide.
On the hire and service side, it handles thousands of
productions each year, and provides a 24/7 service to meet the
high standards demanded by the world's leading broadcasters,
production professionals, corporate communicators and
politicians.

Since 1986 it has extended and reached into all aspects of
television news production.  Starting with scripting and
newsroom systems, in 1997 we added transmission and master
control automation as a natural extension of our services.
These have grown into the suite of production and automation
systems we now call the QSeries.

CONTACT:  AUTOCUE HOUSE
          265 Merton Road
          London SW18 5JS
          United Kingdom
          Phone: +44 (0) 208 870 0104
          Fax: +44 (0) 208 874 3726
          E-mail: info@autocue.co.uk
          Web site: http://www.autocue.co.uk

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


BASEBUY LTD.: Meeting of Creditors Set June 20
----------------------------------------------
The creditors of Basebuy Ltd. will meet on June 20, 2005 at
11:00 a.m.  It will be held at The Renaissance Manchester Hotel,
Blackfriars Street, Manchester M3 2EQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, Commercial Buildings, 11-15
Cross Street, Manchester M2 1BD not later than 12:00 noon, June
17, 2005.

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


BCEE ADVISORS: Liquidators from Smith & Williamson Move in
----------------------------------------------------------
At the extraordinary general meeting of BCEE Advisors (UK)
Limited on June 1, 2005 held at No 1 Riding House Street, London
W1A 3AS, the subjoined special resolution to wind up the company
was passed.  Anthony Cliff Spicer and Henry Anthony Shinners of
Smith & Williamson Limited have been appointed joint liquidators
of the company.

CONTACT:  SMITH & WILLIAMSON
          No 1 Riding House Street
          London W1A 3AS
          Phone: 020 7637 5377
          Fax: 020 7631 0741
          E-mail: gdp@smith.williamson.co.uk
          Web site: http://www.smith.williamson.co.uk


CORUS GROUP: To Lose Blue Chip Status on Falling Metal Demand
-------------------------------------------------------------
Corus Group plc could be demoted to the FTSE 250 index after
declining demand for metals hit its share price in recent
months, says The Manufacturer.

The Anglo-Dutch steelmaker reportedly ranked 113th among the
FTSE list of the largest-listed companies by the close of trade
Tuesday.  Shares fell 1.75 pence to 43.25 pence.  The change
will take effect after the close of business on June 17.

Under FTSE regulation on indices, which are reviewed every three
months, a company listed in the top 100 is automatically
promoted to the blue chip index if it belongs to U.K.'s 90
largest-listed companies.  However, a significant decrease in
share price could place the company outside the top 110 stocks.

In May 18, Corus shares rose 1.75 pence to 43.5 pence, leading
FTSE 100's advance to a five-week closing high.  This came after
China reported factory output increased 16% in April.

Corus reportedly started the year poorly, with shares
underperforming the wider market by 17%, amid fears of high
inventory levels that translate to lower steel prices.

                            *   *   *

In March, Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Corus to 'BB-' from 'B+' and
affirmed its 'B' short-term corporate credit rating.  The
outlook was stable.

At the same time, Standard & Poor's raised its senior secured
bank loan ratings on Corus to 'BB' from 'BB-', and its senior
unsecured debt ratings on Corus and Corus Finance PLC to 'B+'
from 'B-'.

CONTACT:  CORUS GROUP PLC
          30 Millbank
          London SW1P 4WY
          United Kingdom
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com


CPM FM: Hires Liquidator from Grant Thornton
--------------------------------------------
At the meeting of CPM FM Group Limited on May 31, 2005, the
special resolution to wind up the company was passed.  Samantha
Keen of Grant Thornton UK LLP, 31 Carlton Crescent, Southampton
SO15 2EW has been appointed liquidator of the company.

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


C.S. SHOPFITTINGS: Members Decide to Wind up Firm
-------------------------------------------------
At the extraordinary general meeting of the members of C.S.
Shopfittings & Barfittings (M/CR) Limited on May 31, 2005 held
at Clive House, Clive Street, Bolton BL1 1ET, the extraordinary
and ordinary resolutions to wind up the company were passed.  M.
C. Bowker of Unity Corporate Recovery & Insolvency, Clive House,
Clive Street, Bolton BL1 1ET has been appointed liquidator of
the company.

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


DAVID MORGAN: Hires Deloitte & Touche as Liquidator
---------------------------------------------------
At the extraordinary general meeting of David Morgan Limited on
May 31, 2005 held at Blenheim House, Newport Road, Cardiff CF24
0TS, the special and ordinary resolutions to wind up the company
were passed.  Dominic L. Z. Wong and Andrew P. Peters of
Deloitte & Touche LLP, Blenheim House, Newport Road, Cardiff
CF24 0TS have been appointed joint liquidators of the company.

CONTACT:  DELOITTE & TOUCHE LLP
          Blenheim House, Newport Road,
          Cardiff CF24 0TS
          E-mail: andrew.peters@deloitte.co.uk


DEBENHAMS FINANCE: S&P Withdraws Rating at Company's Request
------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'BB-/Watch
Neg' long-term corporate credit and 'B/Watch Neg' subordinated
debt ratings on U.K.-based department store operator Debenhams
Finance Holdings PLC.

The withdrawal of all ratings is being made at the request of
the company, which has announced that it is to redeem its
subordinated senior notes and thus will no longer have any rated
debt outstanding.

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

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


EVANS AND PRICE: Business for Sale
----------------------------------
The joint administrators, Ian Best and David Duggins of Ernst &
Young LLP, offer for sale as a going concern the business and
assets of Evans and Price Limited.

Formed in 1976, Evans and Price manufactures, rebuilds and
services machine tools.  The group currently operates from a
22,000-square-foot custom-built factory in Tamworth,
Staffordshire using a state-of-the-art, multi-screen CAD system
for mechanical, hydro-pneumatic and electronic design.  The
group, which employs around 34 people, achieved GBP3 million in
turnover in 2004.  Assets for sale include a sundry plant,
machinery and tools.

CONTACT:  ERNST & YOUNG LLP
          No.1 Colmore Square
          Birmingham B4 6HQ
          Phone: +44 [0] 121 535 2000
          Fax:   +44 [0] 121 535 2001
          Web site: http://www.ey.com

          Jeremy Birch
          Phone: +44 [0] 121 535 2216
          E-mail: jbirch@uk.ey.com


MORRIS PACKAGING: Hires Citroen Wells as Liquidator
---------------------------------------------------
Nicholas John Miller and Ian Robert (IP Nos 007899, 008706) have
been appointed joint administrators for Morris Packaging
Limited.  The appointment was made May 27, 2005.  The company
manufactures packaging goods.

CONTACT:  MORRIS PACKAGING LIMITED
          3A Telford Road Ferndown Industrial Estate
          Wimborne, Dorset BH21 7QN
          Phone: 01202 892623
          Web site: http://www.packaging-uk.co.uk

          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


SAINSBURYS OF BOURNEMOUTH: Calls in Administrators
--------------------------------------------------
Michael Francis Stevenson and Julie Anne Palmer (IP Nos 8154,
8835) have been appointed administrator for Sainsburys of
Bournemouth Limited.  The appointment was made May 24, 2005.

The company restores antiques.  Its registered office is located
at 65 St Edmunds Church Street, Salisbury SP1 1EF.

CONTACT:  MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury, Wiltshire SP1 1EF
          Phone: 01722 435 192
          Fax: 01722 421102
          E-mail: julie@middletonpartnerssalisbury.co.uk
          Web site: http://www.middletonpartners.co.uk


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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