TCREUR_Public/050616.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, June 16, 2005, Vol. 6, No. 118

                            Headlines

C Z E C H   R E P U B L I C

AMERICAS INTERNATIONAL: Securities Commission Goes After Honchos


F R A N C E

BULL SA: Hires Veteran PR Consultant


G E R M A N Y

AGFAPHOTO GMBH: Finance Chief Quits
AGFAPHOTO GMBH: Administrator Points to Management as Culprit
ALTRON SERVICE: Creditors Meeting Set August
BAE BERLINER: Century-old Battery Maker Falls into Insolvency
CCL CONCEPT: Creditors' Claims Due August

HEIDELBERGCEMENT AG: S&P Wary of Spohn Takeover; Hints Downgrade
HERBERT SCHINDLER: Printing Machine Maker Goes Bust
METALLBAUWERK TEGTMEIER: Falls into Bankruptcy
V+R BUS: Court Appoints Rolf Nacke Administrator
ZEHETER E-DISTRIBUTION: Electronics Firm Declares Bankruptcy


H U N G A R Y

GYULAI HUSKOMBINAT: Butchers Pig Slaughterhouse


I R E L A N D

ELAN CORPORATION: Ex-CEO Agrees to Settle Lawsuit


I T A L Y

APRILIA SPA: Net Sales Up 5.5% in First Quarter
PIAGGIO & C. SPA: Reports EUR16.7 Million Q1 Net Loss


L I T H U A N I A

UKIO BANKAS: Deposit Ratings Set at B1/NP; Outlook Stable


N E T H E R L A N D S

KONINKLIJKE AHOLD: First-quarter Net Income Down More than 50%
ROYAL SHELL: Forges Strategic Alliance with UAE's Mubadala
UNITEDGLOBALCOM INC.: Merger with Liberty Gets Shareholders' Nod


R U S S I A

ALATYRSKIY WOOD-COMBINE: Under Bankruptcy Supervision
BLAGODATENSKIY FACTORY: Kursk Court Appoints Insolvency Manager
BOGORODSK-AGRO-PROM-TEKHNIKA: Succumbs to Bankruptcy
BUDENNOVSKIY EXPERIMENTAL: Bankruptcy Hearing Resumes August
KUZNETSOVSKIY PORCELAIN: Bankruptcy Hearing Set June 30

MOSKALENSK-AGRO-KHIM: Omsk Court Appoints Insolvency Manager
ORENBURGSKIY BREAD: Deadline for Proofs of Claim Next Week
ORLOVSKOYE: Declared Insolvent
TANTAL-PLASTIC: Creditors Have Until Next Week to File Claims
YUGORSKAYA AIR: Last Day for Filing Claims June 21
YUKOS OIL: Lukoil Eyes Stake in Geoilbent

* Russia's Rising Capital Flight Shows Hostile Business Climate


S P A I N

CODERE SA: S&P Rates Proposed Notes 'B'; Outlook Stable


S W I T Z E R L A N D

LEICA GEOSYSTEMS: 'BB+' Long-term Rating Affirmed


U K R A I N E

AGRICULTURAL ZORYA: Succumbs to Bankruptcy
CHEKSIL REMEKS: Temporary Insolvency Manager Moves in
PLESO: Lviv Court Opens Bankruptcy Proceedings
RAJAGROPROMBUD: Collapses into Bankruptcy
RAJMIZHKOLGOSPSHLYAHBUD: Under Bankruptcy Supervision

SALVE: Deadline for Proofs of Claim Expires this Week
VANDOR LTD.: Creditors' Claims Due this Week
WEST-UKRAINIAN FUEL: Declared Insolvent
ZORYA: Donetsk Court Orders Debt Moratorium


U N I T E D   K I N G D O M

A H ISLINGTON: Creditors Meeting Set Last Week of June
BAXI HOLDINGS: S&P Affirms Low-B Rating, Stable Outlook
CHILTERN PRESS: Administrators from Ernst & Young Move in
COMPASS FINANCE: Interim Half-year Results Out Next Week
CORUS GROUP: Signs US$550 Million Deal with Airbus

COUNTYROUTE (A130): Secured Mezzanine Loan Affirmed at 'BB'
DIRECT ACCESS: Hires Administrators from KPMG
FKI PLC: Completes Sale of Certex Units to ABT Allsafe
GRAYS PERSONNEL: Up for Sale as Going Concern
HEATING FINANCE: Senior Implied Rating Confirmed at Ba3

NEW GENERATION: Names Haines Watts Administrator
NORMAN OFFER: Joint Administrators from Bridgestones Move in
PATIENTLINE U.K.: Ofcom's Review Has Minimal Effect on Finances
RAVENSCROFT PLASTICS: In Administrative Receivership
RDS INTERNATIONAL: Appoints Till Morris Administrator

ST JAMES: Opts for Liquidation
TRADITIONAL SEAFOODS: Meeting of Creditors Set Next Week
TURNER NEWALL: Talks on Fate of Pension Fund Continue
WEBBER-C.P.J. LIMITED: Members Decide to Wind up Firm


                            *********


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


AMERICAS INTERNATIONAL: Securities Commission Goes After Honchos
----------------------------------------------------------------
The Securities Commission KCP suspects some board members and
employees of Americas International Brokers a.s. have engaged in
criminal activities.

Police are now looking into the matter after being alerted by
the commission, Czech Happenings learned from KCP spokeswoman
Ivana Sedlackova.

The broker was placed under administration by KCP late in May
due to serious shortcomings in its operation.  The commission
had found the securities dealer violating several rules in
dealing with clients, failing to meet the capital adequacy
requirement, improperly registering clients' assets, and lacking
an effective internal control system.

AIB had around 550 clients at the end of 2004, and managed
assets worth CZK188 million (US$7.567 million).  It got its
broker's license on December 12, 2000 and had a registered
capital of CZK35 million (US$1.409 million).  It traded
securities worth several billion of crowns quarterly.

CONTACT:  AMERICAS INTERNATIONAL BROKERS, a. s.
          Vaclavske namisti 62
          Praha 1
          110 00 Prague 1
          Phone: +420 222 210 000
          Fax: +420 222 210 022
          E-mail: info@aib.cz
          Web site: http://www.aib.cz/


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


BULL SA: Hires Veteran PR Consultant
------------------------------------
Bull S.A. appointed Matthew Foxton, 37, Communications Director
recently.  A communications consultant for many years in France,
he served Astrium (ex Matra Marconi Space) between 1995 and 1998
as internal communications chief, leading a communications
strategy policy in line with the commercial development of the
group.

In 1998, he joined Sema Group as internal communications
Director to set up a communications programme reflecting both
the international dimension and fast multi-sector growth of the
company.

Matthew Foxton was previously Vice-President, Communications for
Novell Europe, Middle East and Africa where he helped develop
the international positioning of the company and also held
marketing responsibilities.

Didier Lamouche, President of Bull, said: "It is my pleasure to
welcome Matthew Foxton.  His international experience and his
in-depth knowledge of the information technology market will be
key assets to help restore Bull's image, so as to reflect the
Company's real technological and human potential."

CONTACT:  BULL S.A.
          Anne-Marie Jourdain
          rue Jean Jaures - 78340
          Les Clayes sous Bois - France
          Phone: +33(0)1 30 80 32 52
          E-mail: anne-marie.jourdain@bull.net
          Web site: http://www.bull.com/fr/


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


AGFAPHOTO GMBH: Finance Chief Quits
-----------------------------------
The finance director of insolvent AgfaPhoto GmbH, Marc M.
Bamberger, has resigned, Borsen Zeitung says.

Mr. Bamberger's resignation came amidst a probe launched by
Cologne prosecutors to determine whether AgfaPhoto executives
are culpable of fraud or embezzlement.  AgfaPhoto has named
Hans-Gerd Jauch to replace Mr. Bamgerger, who had been holding
the post since November 2004.

The company filed for insolvency at the district court of
Cologne late May, apparently hurt by the growing popularity of
digital photography.  The court appointed Andreas Ringstmeier
insolvency administrator, who did not discount the possibility
that the company's troubles will spill over to other
Agfa companies.

AgfaPhoto recently received around EUR17 million in partial
payment for the mini-laboratories it operates through Agfa
Gevaert, its former parent.  The Belgian company paid the amount
in advance, part of a EUR50 million deal, to allow AgfaPhoto to
resume trading.

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

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

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


AGFAPHOTO GMBH: Administrator Points to Management as Culprit
-------------------------------------------------------------
Andreas Ringstmeier, insolvency administrator of AgfaPhoto,
declared recently that bank debt did not cause the group's
collapse, Financial Times Deutschland says.

Mr. Ringstmeier said AgfaPhoto's management was to blame for the
debacle and hinted that executives may have engaged in financial
fraud.  Seven months ago, he said, the company only had EUR22
million in cash, but management reported EUR72 million.

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

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

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


ALTRON SERVICE: Creditors Meeting Set August
--------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against ALTRON Service Center GmbH on May 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 6, 2005 to register their
claims with court-appointed provisional administrator Nermin
Sahin.

Creditors and other interested parties are encouraged to attend
the meeting on August 9, 2005, 11:00 a.m. at the district court
of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger
Allee 26, 30161 Hannover, 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.

ALTRON Service Center provides engineering products and
services.

CONTACT:  ALTRON SERVICE CENTER GMBH
          Petermax-Mueller-Str. 3, 30880 Laatzen
          Phone: +49(0)5102 9343-0
          Fax: +49(0)5102 9343-19
          E-mail: info@altron-group.com
          Web site: http://altron-service-center.com/
          Contact:
          Kianosh Ranjbar Moshtaghin, Manager

          Nermin Sahin, Administrator
          Theaterstr. 6, 30159 Hannover
          Phone: 0511/35771030
          Fax: 0511/35771059


BAE BERLINER: Century-old Battery Maker Falls into Insolvency
-------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against BAE Berliner Batterie GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 1,
2005 to register their claims with court-appointed provisional
administrator Christoph Rosenmueller.

Creditors and other interested parties are encouraged to attend
the meeting on August 2, 2005, 9:30 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
November 1, 2005, 9:30 a.m. at the same venue.

BAE is an independent producer of Industrial Batteries with:

(a) 100 years tradition in making lead-acid batteries;

(b) superior products and machinery;

(c) presence on international markets;

(d) total orientation to quality; and

(e) flexibility towards customer's requirements.

It is also oriented towards environmental protection and careful
resource treatment.  Among its clients are all major producers
of forklift trucks and electric vehicles.

Applications for BAE batteries include power systems for
telecommunications, electric utilities, railroads, photovoltaic
and UPS equipment.

CONTACT:  BAE BERLINER BATTERIE GMBH
          Wilhelminenhofstrasse 69 / 70
          D-12459 Berlin
          P.O. Box 9 - D-12442 Berlin
          Phone: +49 30 / 5 30 01 - 0
          Fax: +49 30 / 5 35 49 49
          E-mail: info@bae-berlin.de
          Web site: http://www.bae-berlin.de

          Christoph Rosenmueller, Administrator
          Berliner Str. 117, 10713 Berlin


CCL CONCEPT: Creditors' Claims Due August
-----------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against CCL Concept Consulting Logistics & IT-
Services GmbH on May 27, 2005.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 25, 2005 to register their claims
with court-appointed provisional administrator Stephan
Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting on July 28, 2005, 9:15 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
September 29, 2005, 9:05 a.m. at the same venue.

CONTACT:  CCL CONCEPT CONSULTING LOGISTICS & IT-SERVICES GMBH
          Rudower Chaussee 29,12489 Berlin
          Phone: 030/6392-6705
          Fax: 030 / 6392-6703
          E-mail: post@concept-consulting-gmbh.de
          Web site: http://www.concept-consulting-gmbh.de

          Stephan Mitlehner, Administrator
          Walter-Benjamin-Platz 6, 10629 Berlin


HEIDELBERGCEMENT AG: S&P Wary of Spohn Takeover; Hints Downgrade
----------------------------------------------------------------
Standard & Poor's Ratings Services placed all its ratings on
Germany-based HeidelbergCement AG and related entities,
including its 'BB+' long-term corporate credit rating, on
CreditWatch with negative implications following the
announcement by Spohn Cement GmbH that it will submit a takeover
bid to HeidelbergCement's shareholders.  The 'B' short-term
rating was affirmed.  HeidelbergCement had unadjusted net
financial debt of EUR3.7 billion at year-end 2004.

HeidelbergCement is the fourth-largest cement producer in the
world and had sales of EUR6.9 billion (US$9.3 billion) in 2004.

The CreditWatch placement reflects Standard & Poor's concerns
that the combined group's financial profile might not be
adequate for the 'BB+' rating following a successful acquisition
by unrated Spohn, a company belonging to the Merckle family.
"In particular, there are uncertainties regarding Spohn's
financial structure, creditworthiness, and linkage to the whole
Merckle group," said Standard & Poor's credit analyst Eve Greb.

"We currently lack information about the financial structure,
the business profile, and strategy of the combined group."

The offer, which is expected to be valued at up to EUR6.5
billion, is subject to approval by the German Federal Office for
the Supervision of Financial Services.

"We will attempt to meet with management in the coming weeks to
resolve the CreditWatch action," S&P said.

Complete ratings information is available to subscribers of
RatingsDirect at http://www.ratingsdirect.com. All ratings
affected by this rating action can be found at
http://www.standardandpoors.com.

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


HERBERT SCHINDLER: Printing Machine Maker Goes Bust
---------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Herbert Schindler GmbH Spezialmaschinen fuer Druck- und
Papiertechnik on June 2.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until July 4, 2005 to register their claims with court-
appointed provisional administrator Dr. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on July 25, 2005, 9:15 a.m. at the district court of
Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213 Duesseldorf,
3.OG Altbau, A 388, 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.

Herbert Schindler has been in the paper technology and paper-
related machinery and tools business for 40 years.  Its
comprehensive supply and manufacturing program includes:
Flexographic Printing Machinery, Flexographic Coating and
Varnishing Units, Ink transfer systems (Chamber Type Doctor
Blade systems), Laminating Units, Flexo Cassettes for Offset
Units, Hot Melt Carbon Units, Mini Tinter, Sheeter Machines,
Pile and Bundle Delivery Units, Unwind and Rewind Stands, Rotary
Punching Machines, Cardboard and Paper Sheet Inserting Machines,
Custom Made Special Machines, Service and Spare Parts for PAVEMA
Machines, and Repair and Overhaul of Graphic Machinery.

CONTACT:  HERBERT SCHINDLER GMBH SPEZIALMASCHINEN
          fuer Druck und Papiertechnik
          Osterather Str. 15, 41460 Neuss
          Phone: 0049 (0) 211 - 15 76 390
          Fax: 0049 (0) 211 - 93 37 108
          E-mail: schindler73@t-online.de
          Web site: http://www.schindlerspezialmaschinen.de
          Contact:
          Herbert Schindler, Manager
          Bachstrasse 46, 40217 Duesseldorf

          Dr. Onno Klopp, Administrator
          Sternstrasse 58, 40479 Duesseldorf


METALLBAUWERK TEGTMEIER: Falls into Bankruptcy
----------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Metallbauwerk Tegtmeier GmbH & Co Kommanditgesellschaft
on June 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
August 3, 2005 to register their claims with court-appointed
provisional administrator Dr. Hartmut Stange.

Creditors and other interested parties are encouraged to attend
the meeting on August 24, 2005, 10:30 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.

CONTACT:  METALLBAUWERK TEGTMEIER GMBH
          & CO KOMMANDITGESELLSCHAFT
          Oeynhausener Str. 40, 32584 Lohne
          c/o Metallbauwerk Tegtmeier GmbH
          Contact:
          Axel Bergmann, Manager
          Dietrich Tegtmeier, Manager

          Dr. Hartmut Stange, Administrator
          Adenauerplatz 4, 33602 Bielefeld


V+R BUS: Court Appoints Rolf Nacke Administrator
------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against V + R Bus Touristik GmbH Berlin on June 3.
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 Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on August 10, 2005, 9:35 a.m. at the district court
of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt
(Oder), Saal 401, 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:  V + R BUS TOURISTIK GMBH BERLIN
          Carenaallee 5, 15366 Dahlwitz-Hoppegarten
          Phone: 03342/35 44 55
          E-mail: paul.guellmeister@freenet.de
          Web site: http://www.vr-bustouristik.de

          Rolf Nacke, Administrator
          Gross-Berliner Damm 73 c, 12487 Berlin


ZEHETER E-DISTRIBUTION: Electronics Firm Declares Bankruptcy
------------------------------------------------------------
The district court of Landshut opened bankruptcy proceedings
against electronic company Zeheter E-Distribution GmbH on May
24, 2005.  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. Josef Hingerl.

Creditors and other interested parties are encouraged to attend
the meeting on July 22, 2005, 8:00 a.m. at Sitzungssaal 9/I at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  ZEHETER E-DISTRIBUTION GMBH
          Grottenau 1 in 84424 Isen
          Phone: 08083/9083-0
          Fax: 08083/9083-22
          Web site: http://www.zeheter.de
          E-mail: info@zeheter.de

          Dr. Josef Hingerl, Administrator
          Gute Anger 1, 85356 Freising
          Phone: 08161/9915-0
          Fax: 08161/9915-24


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


GYULAI HUSKOMBINAT: Butchers Pig Slaughterhouse
-----------------------------------------------
Meat processor Gyulai Huskombinat Rt is closing its
slaughterhouse after posting its third consecutive annual loss,
Budapest Business Journal says.

The closure will affect around 350 of 1,000 Gyulai employees.
Chief executive Geza Martos attributed the losses to rising
prices of hogs.  While prices for hogs have reached Western
European levels, prices for local meat products remained at 50%
to 67% of the regional levels, he said.  Prior to the closure,
Gyulai shut down its cattle slaughterhouse in 2004.

Mr. Martos expects the group to continue posting losses in the
coming years.  Founded in 1868, Gyulai is one of the country's
largest meat processor.  The company processes around 20,000
tons of meat products for domestic and foreign markets.

CONTACT:  GYULAI HUSKOMBINAT RT
          Ketegyhazu ut 3 (5701 Pf.22)
          H-5700 Gyula
          Phone: (36-66) 463 663
          Fax: (36-66) 463 154
          Web site: http://www.gyulahus.hu

          Geza Martos, CEO
          Phone: 36-66/463-070
          Fax: 36-66/463-216
          E-mail: martos@gyulahus.hu


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


ELAN CORPORATION: Ex-CEO Agrees to Settle Lawsuit
-------------------------------------------------
Elan Corporation, plc on Monday settled the action brought by
former Chief Executive Donal Geaney before the commercial
division of the Irish High Court.

The action relates to Mr. Geaney's right to exercise his share
options, which was granted to him during his employment at Elan.
Without admitting liability, Elan agreed to pay Mr. Geaney
EUR3.5 million plus an agreed sum of legal costs.

Elan Corporation (NYSE: ELN), plc is a neuroscience-based
biotechnology company.  Its shares trade on the New York, London
and Dublin Stock Exchanges.

CONTACT:  ELAN CORPORATION, PLC
          Investors:
          Emer Reynolds
          Phone: 353-1-709-4000 or 800-252-3526

          Media:
          Jim Milton
          Phone: 353-1-498-0300

          Brian McGlynn
          Phone: 212-407-5740


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


APRILIA SPA: Net Sales Up 5.5% in First Quarter
-----------------------------------------------
Aprilia S.p.A.'s net sales increased 5.5% to EUR84.9 million in
the first quarter of 2005 from EUR80.5 at the same period last
year, its owner's results show.  Including the figures, Piaggio
& C. S.p.A.'s consolidated net sales grew EUR312.3 million, up
1.7% on the first quarter 2004 pro-forma result.

Aprilia, headquartered in Noale near Venice is Europe's second
largest producer of motorcycles and scooters and the only non-
Japanese manufacturer with a complete range of two-wheeled
vehicles.  According to a previous TCR-Europe report, it has
been in trouble since posting a net loss of EUR43.1 million in
2003.

The company avoided bankruptcy in May after it secured a credit
line to pay interest on a EUR100 million bond.  In July, Ducati
and Aprilia entered into a two-week exclusive negotiation, which
failed.  It then held talks with Piaggio, which resulted to a
takeover at the end of December.

In April, the Piaggio Group launched its first bond issue to
raise funds to repay Aprilia bond for EUR100 million, which
expired on 2 May 2005.

Piaggio said in the report that one of its priorities is: "the
recovery of the Aprilia Group and its integration with the rest
of the Group, in part to achieve the related synergies."  The
Piaggio Group closed the first quarter of 2005 with a net loss
of EUR16.8 million, against a net loss of EUR25.2 million in the
year-earlier period including Aprilia.

A report by TCR-Europe in November says Aprilia's total debt is
around EUR350 million, EUR220 million of which are owed to the
banks.

With the acquisition by Piaggio, the newly nominated President
of Aprilia is Roberto Colaninno (President of Piaggio & C.), and
the Managing Director is Rocco Sabelli.  The founder, Ivano
Beggio, is the Honorary President.

CONTACT:  APRILIA S.p.A.
          Web site: http://www.aprilia.com/

          PIAGGIO S.p.A.
          23, Viale Rinaldo Piaggio
          56025 Pontedera, Pisa, Italy
          Phone: +39-587-27-21-11
          Fax: +39-587-27-22-74
          Web site: http://www.piaggio.com


PIAGGIO & C. SPA: Reports EUR16.7 Million Q1 Net Loss
-----------------------------------------------------
Highlights of First-quarter 2005 Results

(a) Growth of consolidated net sales of EUR312.3 million, up
    1.7% on the first quarter 2004 pro-forma result including
    the Aprilia Group;

(b) The Piaggio Group (excluding the Aprilia Group) increased
    net sales from EUR231.4 million to EUR239.9 million (+3.7%),
    including revenues of EUR12.5 million on engine sales to
    Aprilia; Aprilia boosted net sales from EUR80.5 in the
    first quarter of 2004 to EUR84.9 million in the first
    quarter of 2005 (+5.5%);

(c) Consolidated EBITDA improved to EUR25.9 million, or 8.3% of
    Net Sales, from EUR13.5 million (4.4% of Net Sales) in the
    year-earlier first quarter (an increase of EUR12.7 million;

(d) The Piaggio Group (excluding Aprilia) strengthened EBITDA on
    Net Sales from 9.5% to 10% at March 31, 2005;

(e) The Aprilia Group improved from -10.1% in the first quarter
    of 2004 to 2.9% at March 31, 2005;

(f) EBIT was EUR3.5 million, compared with -EUR8.1 million in
    2004;

(g) The first-quarter net loss decreased, from -EUR25.1 million
    in 2004 to -EUR16.7 million; and

(h) The consolidated Net Financial Position changed from
    -EUR456.8 million at Dec. 31, 2004 to -EUR517.2 million at
    March 31, 2005, reflecting the seasonal nature of the
    Group's business.

Events After 31 March 2005

On 27 April 2005 the Piaggio Group issued notes for EUR150
million maturing in 2012, for institutional investors
specialized in subscription of high-yield bonds.  This is the
Group's first bond issue.  It was assigned a (P) B2 rating by
Moody's and a B rating by Standard & Poor.  The bond proceeds
have been used to repay the Aprilia bond for EUR100 million
expired on 2 May 2005, plus coupon, and to consolidate and
improve the composition and duration of current sources of
funds.

Full-year Business Outlook

In 2005 the Piaggio Group intends to consolidate its leadership
on the two-wheeler market, where demand in Europe during the
first quarter fell 10.1% year-on-year, although signs of a
recovery emerged towards the end of March.

One of Piaggio's priorities is the recovery of the Aprilia Group
and its integration with the rest of the Group, in part to
achieve the related synergies.

The new joint venture set up in China in 2004 is expected to
bring out its first products during the summer.

The focus in the Light Transportation Vehicles Division is on
enhancing the production capacity of the Indian subsidiary.

Piaggio Group Business & Financial Review

The Piaggio Group closed the first quarter of 2005 with a net
loss of EUR16.8 million, against a net loss of EUR25.2 million
in the year-earlier period including the Aprilia Group.  Owing
to the seasonal nature of the Two-Wheeler Business, the first
quarter is the period in which sales volumes are lowest and
financial exposure is greatest.

Financial Performance

Capital expenditure in the first quarter of 2005 totaled EUR19.5
million:

EUR million               31 March 2005
Intangible assets             10.0
Piaggio                        7.0
Aprilia                        3.0
Tangible assets                9.5
Piaggio                        8.0
Aprilia                        1.5
TOTAL                         19.5

Expenditure on intangible assets consisted of investments in R&D
projects and other intangible assets; expenditure on tangible
assets related to industrial and commercial equipment and assets
under construction.

The net financial position was EUR517.2 million at 31 March
2005, an increase of EUR60.4 million from 31 December 2004
(EUR456.8 million.  This was largely due to the use of resources
(an increase of EUR51.3 million in working capital) associated
with the seasonal nature of the Group's business.

Operating cash flow (net profit + depreciation and amortization)
was EUR12.9 million.

The table illustrates the net financial position:

EUR million                     March 31, 2005  Dec. 31, 2004

Medium/long-term borrowings          292.6         282.2
Short-term borrowings                258.8         219.6
(Cash)                               (34.1)        (45.0)
Total                                517.3         456.8

Shareholders' equity amounted to EUR215.5 million (EUR232.1
million at 31 December 2004), consisting of Piaggio Group
shareholders for EUR215.1 million (EUR231.8 million at 31
December 2004) and Minority Equity Interest of EUR0.4 million
(EUR0.3 million at 31 December 2004).

The change arose from the first-quarter consolidated net loss.

A complete copy of the financial result is available free of
charge at http://bankrupt.com/misc/Piaggio(Q12005).pdf

                            *   *   *

Piaggio & C. S.p.A.'s corporate credit rating is rated 'B+' by
Standard & Poor's owing to its aggressive financial profile and
the below-average industry risk profile of the two-wheels
market.  The outlook is stable.

The proposed senior unsecured EUR150 million notes to be issued
by Piaggio Finance S.A., a Luxembourg-based finance vehicle
wholly owned by Piaggio has a debt rating of 'B'.  The notes,
which will be guaranteed by Piaggio & C. S.p.A. and by Aprilia
S.p.A., are rated one notch below the corporate credit rating,
owing to their structural and contractual subordination to
existing liabilities.

"The ratings are constrained by the risks related to turning
around the ailing motorcycle maker Aprilia S.p.A. that Piaggio
acquired at the end of December 2004, as well as the group's
aggressive financial profile and high leverage, and the
cyclical, seasonal, and competitive markets the group serves,"
said Standard & Poor's credit analyst Barbara Castellano.

Piaggio manufactures scooter, motorcycle, and light
transportation vehicles.

CONTACT:  PIAGGIO & C. S.P.A.:
          23, Viale Rinaldo Piaggio, 56025 Pontedera, Pisa,
          Italy
          Phone: +39-587-27-21-11
          Fax: +39-587-27-22-74
          Web site: http://www.piaggio.com/


=================
L I T H U A N I A
=================


UKIO BANKAS: Deposit Ratings Set at B1/NP; Outlook Stable
---------------------------------------------------------
Moody's assigned deposit ratings of B1/NP and a financial
strength rating of E+ to AB Ukio Bankas.  The ratings carry a
stable outlook.  AB Ukio Bankas is primarily focused on the
provision of banking services to its domestic corporate and
trade financing clients and to a lesser (but growing) extent to
its domestic retail client base.

According to Moody's, the ratings reflect the bank's growing
market share (currently amounting to ca. 5.8%) as well as the
competitive challenges it faces due to the concentrated nature
of the domestic banking system and the presence of larger
foreign-owned players in Lithuania.  Whilst the bank is focused
on developing its existing product range and investing further
in its technological capabilities, Moody's notes that AB Ukio
Bankas does not benefit from the support of a larger banking
group.  Consequently, the costs associated with product
development and business expansion must be borne by the bank
alone, with potentially negative repercussions in terms of
operating efficiencies.

The loan portfolio of AB Ukio Bankas is domestically oriented
and is fairly well diversified by sector and borrower.
Nevertheless, Moody's notes the presence of a number of large
individual exposures, the relatively thin loan loss coverage
levels (although strengthened since 2004) and the fact that
rapid growth in the bank's loan/leasing portfolios could lead to
a less seasoned book going forward.  The bank also has a
substantial real estate investment in Moscow, which represents a
significant asset quality risk due to the size of the exposure
relative to the equity base of the bank.  Furthermore, similar
to other banks operating in the Baltic region, the credit
standing of AB Ukio Bankas remains constrained by the less
mature operating environment in which it operates.  In the
context of these asset quality concerns we would therefore view
the bank's current capitalization levels as moderate.

The bank's retail and corporate deposit base (representing ca.
61% of funding requirements) is primarily short-term in nature
but has evidenced resilience over time.  Additionally, we note
that the bank is endeavoring to raise its deposit market share.
Nevertheless, AB Ukio Bankas faces a key challenge in terms of
growing its retail deposit funding base, particularly in view of
declining Euro interest rates, which dampen the prospect of
further significant increases in deposit-based funding.  Moody's
also notes the fact that further anticipated loan growth places
greater pressure on the bank to develop and attract alternative
funding sources.  Market risk is low, reflecting the fact that
trading activities are conducted on behalf of clients only
whilst derivatives are solely used for hedging purposes.

Headquartered in Kaunas, Lithuania, the bank has total assets in
the amount of Lt1.558 million (EUR0.451 million) as at year-end
2004.

CONTACT:  MOODY'S INVESTORS SERVICE CYPRUS LIMITED
          Limassol
          Adel Satel, Managing Director
          Financial Institutions Group

          London
          Fidelma Mannion
          Analyst
          Financial Institutions Group

          For Journalists
          Phone: 44 20 7772 5456


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


KONINKLIJKE AHOLD: First-quarter Net Income Down More than 50%
--------------------------------------------------------------
Highlights

(a) Operating income Q1 2005 in line with Q1 2004;

(b) Net income Q1 2005 substantially lower than Q1 2004 mainly
    due to remeasurement of ICA put option in Q1 2004;

(c) Turnaround of U.S. Foodservice on track;

(d) Streamlining of operations continues;

(e) More divestments successfully completed this quarter;

(f) Net debt continues to fall;

(g) Quarterly reporting now under IFRS

Financial Highlights Q1 2005

(a) Net sales amounted to EUR13 billion, a decrease of 1%
    compared to Q1 2004.  Net sales increased by 2.6% excluding
    currency impact;

(b) Operating income in Q1 2005 came to EUR346 million (Q1 2004:
    EUR349 million);

(c) Net income in Q1 2005 amounted to EUR134 million (Q1 2004:
    EUR298 million);

(d) Net cash from operating activities in Q1 2005 amounted to
    EUR264 million (Q1 2004: EUR188 million);

(e) Net debt in Q1 2005 declined by EUR0.6 billion or 8.6%

Key Priorities for 2005

(a) Successful execution of our Road to Recovery strategy
    including completion of our divestment program;

(b) Implementation of our retail business model to drive sales
    volume throughout Ahold;

(c) Further improve operational performance of U.S. Foodservice;

(d) Formulation of our 2006+ strategy following the Road to
    Recovery

A copy of the first-quarter result is available free of charge
at http://bankrupt.com/misc/Ahold(Q12005).pdf

CONTACT:  KONINKLIJKE AHOLD N.V.
          Albert Heijnweg 1
          1507 EH Zaandam, The Netherlands
          Corporate Communications
          Phone: +31 (0)75 - 659 5720
          Fax: +31-75-659-8350
          Web site: http://www.ahold.com/


ROYAL SHELL: Forges Strategic Alliance with UAE's Mubadala
----------------------------------------------------------
Shell EP International Ltd. and Mubadala Development Company
signed on June 12 a Memorandum of Understanding (MOU) to form a
strategic alliance.

The MOU provides the general framework upon which Mubadala
Development and Shell will form the alliance, which is expected
initially to focus on the Middle East and North Africa, outside
Abu Dhabi.

Areas of cooperation are likely to include the economic
development of new and existing hydrocarbon resources, and the
research and development of economically viable and
environmentally acceptable energy solutions.

The agreement was signed by His Excellency Khaldoon Khalifa Al
Mubarak, chief executive officer of Mubadala Development; and
Malcolm Brinded, Executive Director of Shell Exploration &
Production.

"The signing of the Memorandum of Understanding with Shell is in
line with our objective to partner with the best in the business
and build a substantial oil and gas portfolio in the region and
internationally.  Mubadala looks forward to developing many
exciting business opportunities with Shell in the Middle East
and North Africa, and elsewhere," Mr. Al Mubarak said.

"We look forward to working closely with Mubadala," Mr. Brinded
said. "The Middle East and North Africa are important regions
for Shell and they are regions in which we are expanding.  With
Mubadala's strong regional relationships and our technical and
operational expertise, we will now have even more to offer
resource-holding countries."

Mubadala is a wholly owned investment and development vehicle of
the Government of the Emirate of Abu Dhabi.  Its portfolio of
international investments includes a stake in nine oil
exploration blocks in Libya and a 25% stake in the Dutch fleet
management giant LeasePlan Corporation.

Its local and regional investments include a 51% majority stake
in Dolphin Energy and shares in many other companies, such as
Aldar Properties, National Central Cooling Company, Abu Dhabi
Ship Building, Imperial College London Diabetes center in Abu
Dhabi, and Tanqia.  Mubadala is also involved in a Public-
Private Partnership to develop the UAE University's new campus
in Al Ain.

Shell's involvement in Abu Dhabi goes back to 1939 as a
shareholder in the Petroleum Development (Trucial Coast) Ltd.

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

          MUBADALA DEVELOPMENT COMPANY
          12th Floor, ADNIC Building
          Khalifa Street
          Abu Dhabi, UAE
          P.O. Box 45005
          Tel: +971 2 6160099
          Fax: +971 2 6160098
          Web site: http://www.mubadala.ae/


UNITEDGLOBALCOM INC.: Merger with Liberty Gets Shareholders' Nod
----------------------------------------------------------------
UnitedGlobalCom, Inc. (UGC) (UCOMA) stockholders approved at a
special meeting on Tuesday the proposed business combination
between UGC and Liberty Media International, Inc.

Completion of the business combination is also subject to the
vote of LMI's stockholders at LMI's annual meeting to be held on
June 15, 2005.

Holders of approximately 98% of the aggregate voting power of
the shares of UGC common stock present in person or by proxy
voted in favor of the proposed business combination.  In
addition, the merger agreement also required approval by the
affirmative vote of holders of at least a majority of the
aggregate voting power of the outstanding shares of UGC Class A
common stock, exclusive of shares held by LMI, Liberty Media
Corporation (Liberty), their respective subsidiaries, and
executive officers and directors of LMI, Liberty and UGC.

Of the approximately 364.3 million shares of Class A common
stock outstanding and entitled to vote after excluding the
specified shares for purposes of this "minority approval"
requirement (the Minority Shares), approximately 59% were voted
in favor of the proposed business combination.  Of the Minority
Shares that actually voted, approximately 77% voted in favor of
the proposed business combination.

About UnitedGlobalCom

UGC is a leading international provider of video, voice, and
broadband Internet access services with operations in 16
countries, including 13 countries in Europe.  Based on the
Company's operating statistics at March 31, 2005, UGC's networks
reached approximately 16.1 million homes passed and served
approximately 11.2 million revenue generating units, including
approximately 8.8 million video subscribers, 1.5 million
broadband Internet subscribers, and 847,500 telephone
subscribers.

Liberty Global, Inc. has filed a Registration Statement on Form
S-4 containing a definitive joint proxy statement/prospectus
related to the proposed business combination between LMI and
UGC.  UGC STOCKHOLDERS AND OTHER INVESTORS ARE URGED TO READ THE
DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS BECAUSE IT CONTAINS
IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION.  Investors
may obtain a copy of the definitive joint proxy
statement/prospectus and other documents related to the business
combination free of charge at (http://www.sec.gov). In
addition, copies of the definitive joint proxy
statement/prospectus and other related documents filed by the
parties to the merger may be obtained free of charge by
directing a request to UnitedGlobalCom, Inc., 4643 South Ulster
Street, Suite 1300, Denver, Colorado 80237, Attention: Investor
Relations Department, telephone: 303-770-4001.

Participants in Solicitation

The directors and executive officers of UGC and other persons
may be deemed to be participants in the solicitation of proxies
in respect of the proposed business combination.  Information
regarding UGC's directors and executive officers and other
participants in the proxy solicitation and a description of
their direct and indirect interests, by security holdings or
otherwise, is available in the definitive joint proxy
statement/prospectus contained in the above-referenced
Registration Statement.  Visit http://www.unitedglobal.com/for
further information.

CONTACT:  UNITEDGLOBALCOM, INC.
          Richard S.L. Abbott,
          Investor Relations
          Phone: +1-303-220-6682
          E-mail: ir@unitedglobal.com

          Chris Noyes
          Phone: +1-303-220-6693
          E-mail: ir@unitedglobal.com

          Investor Relations - Europe,
          Claire Appleby
          Phone: +44 20 7 838 2004
          E-mail: ir@ugceurope.com

          Corporate Communications - Europe
          Bert Holtkamp
          Phone: + 31 20 778 9447
          E-mail: communications@ugceurope.com


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


ALATYRSKIY WOOD-COMBINE: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Alatyrskiy Wood-Combine (TIN 2101002047).  The case is docketed
as A79-1602/2005.  Mr. M. Serzhantov has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 428010, Russia,
Chuvashiya republic, Cheboksary, S. Razina Str. 14.  A hearing
will take place on July 1, 2005, 11:00 a.m. at the Arbitration
Court of Chuvashiya republic located at Russia, Cheboksary,
Petrova Str. 6.

CONTACT:  ALATYRSKIY WOOD-COMBINE
          Russia, Chuvashiya republic, Alatyr,
          Pervomayskaya Str. 42

          Mr. M. Serzhantov
          Temporary Insolvency Manager
          428010, Russia, Chuvashiya republic,
          Cheboksary, S. Razina Str. 14


BLAGODATENSKIY FACTORY: Kursk Court Appoints Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on open joint stock company Blagodatenskiy
Factory Of Building Materials.  The case is docketed as A35-
930/05 "g".  Mr. P. Bondarev has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 305022, Russia, Kursk, 1st Shigrovskaya Str. 46 A2, Apartment
4.

CONTACT:  Mr. P. Bondarev
          Temporary Insolvency Manager
          305022, Russia, Kursk region,
          1st Shigrovskaya Str. 46 A2, Apartment 4


BOGORODSK-AGRO-PROM-TEKHNIKA: Succumbs to Bankruptcy
----------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
supervision procedure on open joint stock company Bogorodsk-
Agro-Prom-Tekhnika.  The case is docketed as A28-19/05-44/3.
Ms. O. Koroleva has been appointed temporary insolvency manager.

Creditors have until June 21, 2005 to submit their proofs of
claim to:

(a) BOGORODSK-AGRO-PROM-TEKHNIKA
    Russia, Kirov region,
    Bogorodskoye, Kirova Str. 10

(b) Temporary Insolvency Manager
    167000, Russia, Komi republic,
    Syktyvkar, Pervomayskaya Str. 149

A hearing will take place on Aug. 9, 2005.

CONTACT:  BOGORODSK-AGRO-PROM-TEKHNIKA
          Russia, Kirov region,
          Bogorodskoye, Kirova Str. 10

          Ms. O. Koroleva
          Temporary Insolvency Manager
          167000, Russia, Komi republic,
          Syktyvkar, Pervomayskaya Str. 149


BUDENNOVSKIY EXPERIMENTAL: Bankruptcy Hearing Resumes August
------------------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on close joint stock company
Budennovskiy Experimental Works.  The case is docketed as A63-
26/05-S5.  Mr. Y. Karpenko has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 355019, Russia,
Stavropol, Lenina Str. 431.  A hearing will take place on Aug.
11, 2005, 2:00 p.m.

CONTACT:  Mr. Y. Karpenko
          Temporary Insolvency Manager
          355019, Russia, Stavropol region,
          Lenina Str. 431
          Phone: (8652) 56-06-27


KUZNETSOVSKIY PORCELAIN: Bankruptcy Hearing Set June 30
-------------------------------------------------------
The Arbitration Court of Novgorod region has commenced
bankruptcy supervision procedure on limited liability company
Kuznetsovskiy Porcelain (TIN 5318007039).  The case is docketed
as A44-538/05-4-k.  Mr. A. Baranov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 190121, Russia,
St-Petersburg, Angliyskiy Pr. 3.  A hearing will take place on
June 30, 2005.

CONTACT:  KUZNETSOVSKIY PORCELAIN
          Russia, Novgorod region,
          Chudovskiy region, Krasnofarfornyj

          Mr. A. Baranov
          Temporary Insolvency Manager
          190121, Russia, St-Petersburg,
          Angliyskiy Pr. 3


MOSKALENSK-AGRO-KHIM: Omsk Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on open joint stock company Moskalensk-
Agro-Khim.  The case is docketed as K/E-20/5.  Mr. D. Gindin has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 644010, Russia,
Omsk, Post User Box 5135.  A hearing will take place on Sept.
20, 2005.

CONTACT:  MOSKALENSK-AGRO-KHIM
          Russia, Omsk region,
          Moskalenskiy region, Moskalenki

          Mr. D. Gindin
          Temporary Insolvency Manager
          644010, Russia, Omsk region,
          Post User Box 5135


ORENBURGSKIY BREAD: Deadline for Proofs of Claim Next Week
----------------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on open joint stock company
Orenburgskiy Bread.  The case is docketed as A47-3584/2005-14GK.
Mr. A. Taushev has been appointed temporary insolvency manager.

Creditors have until June 21, 2005 to send their proofs of claim
to 460000, Russia, Orenburg, Gaya Str. 23A.  A hearing will take
place on Aug. 24, 2005, 10:00 a.m.

CONTACT:  ORENBURGSKIY BREAD
          Russia, Orenburg region,
          Kichigina Str. 19

          Mr. A. Taushev
          Temporary Insolvency Manager
          460000, Russia, Orenburg region,
          Gaya Str. 23A


ORLOVSKOYE: Declared Insolvent
------------------------------
The Arbitration Court of Orel region commenced bankruptcy
proceedings against Orlovskoye (TIN 5751027460) after finding
the auto-transport enterprise insolvent.  The case is docketed
as A48-6869/04-176.  Mr. V. Solomatin has been appointed
insolvency manager.  Creditors have until July 21, 2005 to
submit their proofs of claim to 302026, Russia, Orel,
Komsomolskaya Str. 88, Room 11.

CONTACT:  ORLOVSKOYE
          302030, Russia,
          Orel region, Revolyutsii Str. 1

          Mr. V. Solomatin
          Insolvency Manager
          302026, Russia, Orel region,
          Komsomolskaya Str. 88, Room 11
          Phone/Fax: (0862) 77-77-15


TANTAL-PLASTIC: Creditors Have Until Next Week to File Claims
-------------------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on close joint stock company Tantal-
Plastic.  The case is docketed as A57-79B/05-12.  Mr. V.
Orlyanskiy has been appointed temporary insolvency manager.

Creditors have until June 21, 2005 to submit their proofs of
claim to 410601, Russia, Saratov, Post User Box 14.  A hearing
will take place on June 15, 2005, 10:15 a.m. at Russia,
Babushkin Vvoz, 1.

CONTACT:  TANTAL-PLASTIC
          410040, Russia, Saratov region,
          50-Letiye Oktyabrya Str. 110A

          Mr. V. Orlyanskiy
          Temporary Insolvency Manager
          410601, Russia, Saratov region,
          Post User Box 14


YUGORSKAYA AIR: Last Day for Filing Claims June 21
--------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on limited liability
company Yugorskaya Air.  The case is docketed as A75-3315/2005.
Mr. A. Kiselev has been appointed temporary insolvency manager.

Creditors have until June 21, 2005 to submit their proofs of
claim to:

(a) YUGORSKAYA AIR
    628240, Russia, Tyumen region,
    Sovetskiy, Airport

(b) Temporary Insolvency Manager
    628400, Russia, Tyumen region,
    Surgut, Bezverkhova Str. 5


YUKOS OIL: Lukoil Eyes Stake in Geoilbent
-----------------------------------------
LUKoil has sought the approval of the Russian Federal
Antimonopoly Service to acquire a stake in OOO Geoilbent, an
energy firm partly owned by Yukos Oil's Cypriot subsidiary.

The application was for the acquisition of 66% of Geoilbent from
Novatek, partner of Yukos Operational Holdings Limited in the
venture.

LUKoil president Vagit Alekperov told journalists at an economic
forum in St. Petersburg on Tuesday they are also ready to buy
the remaining 34% owned by the Yukos unit.  No financial details
were disclosed, according to RosBusinessConsulting, but it said
brokerage experts estimate the market price for the stake at
between US$150 million and US$170 million.

Novatek, the country's second largest natural gas producer after
Gazprom, announced its plan to sell its stake in Geoilbent last
fall.  Yukos Operational claims it has the right to buy an
additional 66% stake in Geoilbent.

Yukos Oil, once one of Russia's top publicly traded, fully
integrated petroleum companies, has been dismantled to pay tax
liabilities totaling US$24 billion for 2000-2003.  Before the
sale of its main production unit Yuganskneftegaz in December,
the company had total assets of US$18,514 million (as of Sept.
30, 2004).  Total liabilities were US$8,030 million, and
shareholders' equity was 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


* Russia's Rising Capital Flight Shows Hostile Business Climate
---------------------------------------------------------------
Fitch Ratings says high capital flight from Russia, estimated at
US$33 billion in 2004, testifies to the difficult business
climate and profound lack of trust in the country's institutions
and property rights.

"Fitch estimates capital flight from Russia has amounted to some
US$100 billion over the past four years," says Edward Parker,
Senior Director in the Sovereign Group at Fitch.  "Not only is
it unusually large, but it is also rising.  Last year's total
was the highest since 1997 when Russians headed for the exits
before the 1998 default and devaluation."

Capital flight is a product of both the amount of residents'
spare capital and their desire to move it abroad.  Yet it has
failed to decline relative to GDP or the trade surplus in recent
years, despite improvements in macroeconomic stability and
financial intermediation, suggesting an enduring distrust of the
financial, political and legal systems.

Russia's current account surplus and foreign exchange reserves
mean that capital flight does not pose any near-term external
financing risk.  Nevertheless, it is a symptom of the hostile
investment climate.  These Russian savings held offshore could
potentially be invested in the local economy, helping to foster
diversification, boost productive capacity, support
competitiveness at a higher real exchange rate and sustain
medium-term growth.

After subtracting private sector capital inflows from (gross)
capital flight, net capital outflows were US$9 billion in 2004.
However, net flows disguise an increase in both gross capital
outflows and inflows (also known as increases in foreign
liabilities) and deterioration in the risk structure of balance
sheets (though Russian companies have been relatively under-
leveraged).

"Private sector external debt has more than doubled in just two
years from US$48 billion to US$106 billion at end-2004.  It is
revealing that Russian companies are borrowing on such a scale
at the same time as moving retained earnings offshore and out of
the reach of the state -- a trend that has accelerated since the
start of the 'Yukos affair'," says Mr. Parker.

The private sector's external borrowing binge is leading to an
increase in Russia's gross external debt, despite net repayments
by the government, increasing the country's external
vulnerability.  If the credit outlook were to deteriorate in the
future, then it is doubtful that overseas assets would be
repatriated to repay debt. Fitch's analysis is detailed in a
special report entitled: "Russia's Rising Capital Flight and
External Debt", which will shortly be available at
http://www.fitchratings.com.

Fitch's Long-term foreign currency rating for Russia's of 'BBB-'
reflects a balance between its macroeconomic strengths and
structural weaknesses, including the unfavorable business
climate, that pose a risk to its position over the medium term.

CONTACT:  FITCH RATINGS
          Edward Parker, London
          Phone: +44 (0) 20 7417 6340

          Sharon Raj
          Phone: +44 (0) 20 7417 6341

          David Riley
          Phone: +44 (0) 20 7417 6338

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


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


CODERE SA: S&P Rates Proposed Notes 'B'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Spanish gaming company Codere S.A.
The outlook is stable.

At the same time, Standard & Poor's assigned its 'B' senior
unsecured debt rating to the proposed EUR325 million (US$395
million) bond issue by Codere Finance S.A. and guaranteed by
Codere S.A.  The rating is subject to receipt of final
documentation.

"The rating on Codere reflects the company's large exposure to
inherently more volatile Latin American gaming markets, high
exchange-rate risks, lack of direct ownership of some gaming
licenses, and a highly leveraged financial profile," said
Standard & Poor's credit analyst Olli Rouhiainen.  "These
factors are mitigated by the company's solid presence in the
Spanish slot machine market, and its leading position in the
Argentinean and Mexican bingo markets."

Pro forma for the bond issue, Codere had reported revenues of
EUR506 million and EBITDA of EUR112 million in 2004, and EBITDA
of about EUR101 million on Standard & Poor's calculations.
Total debt after the bond issue is expected to be about EUR420
million, including adjustments for put options given by the
company to some of its shareholders; these would fall away after
an initial public offering.  The company generates its profits
mainly from its slot machines in bars and clubs in Spain, and
bingo halls in Mexico and Argentina.

The stable outlook reflects Codere's solid market positions and
the cash generative nature of its businesses. To maintain the
current ratings, the company will need to achieve and sustain
lease-adjusted total debt to EBITDA in the 4.0x to 4.5x range
and lease-adjusted funds from operations to total debt of more
than 15%.

"The outlook could be revised downward or the ratings lowered if
the company fails to improve profitability as expected or has
significant negative cash flow due to high investment activity
and acquisitions," added Mr. Rouhiainen.

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

          CODERE S.A.
          25 - 28037 Madrid
          Tel: 91 440 28 00/23
          Fax: 91 327 29 22
          E-mail: contacto@codere.com
          Web site: http://www.codere.com/flash.html


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


LEICA GEOSYSTEMS: 'BB+' Long-term Rating Affirmed
-------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
corporate credit rating on Switzerland-based optical-measurement
instruments maker Leica Geosystems Holdings AG on CreditWatch
with negative implications, following an unsolicited takeover
bid that was announced June 13 by Swedish technology company
Hexagon AB.

"The CreditWatch placement reflects our view that the proposed
transaction is likely to result in a deterioration of Leica's
currently strong financial profile," said Standard & Poor's
credit analyst Jarrad Oberhardt.

"The CreditWatch also reflects the considerable uncertainty as
to the future structure, operations, or financing that would be
employed within Leica should the offer from Hexagon be
successful."

In particular, there is a large risk that any benefit to Leica's
business profile from this transaction could be offset by
increased financial leverage.  For the year ending March 31,
2005, the group's key credit metrics included unadjusted funds
from operations (FFO) to net debt of about 75% and free
operating cash flow to net debt of about 28%.  Standard & Poor's
is concerned as to the impact the proposed takeover by Hexagon
may have on Leica's credit-protection measures.

The Hexagon offer, which amounts to about CHF1 billion (EUR650
million) is for a full cash consideration, and is backed by
external bank financing that is already in place.  Although
Hexagon intends to refinance a portion of this funding at a
later date via fresh equity, the details or amounts involved are
not clear.

Standard & Poor's will resolve the CreditWatch when there is a
final outcome to the proposed bid and, if the bid is successful,
following further details of the future capital structure and
strategy of both Leica as a standalone entity and as part of the
merged group.

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

          LEICA GEOSYSTEMS AG
          Heinrich-Wild-Strasse
          CH-9435 Heerbrugg
          Switzerland
          Tel: +41 71 727 4252 (direct)
               +41 71 727 3131 (operator)
          Fax: +41 71 726 6252
          Web site: http://www.leica-geosystems.com/


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


AGRICULTURAL ZORYA: Succumbs to Bankruptcy
------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Agricultural Zorya (code EDRPOU 05479846) on
April 8, 2005 after finding the limited liability company
insolvent.  The case is docketed as 01/1953.  Ms. Ludmila Bojko
(License Number AA 779234) has been appointed
liquidator/insolvency manager.  The company holds account number
26007281474051 at CB Privatbank, Cherkassy branch, MFO 354347.

CONTACT:  AGRICULTURAL ZORYA
          20633, Ukraine, Cherkassy region,
          Shpolyanskij district, Maryanivka

          Ms. Ludmila Bojko
          Liquidator/Insolvency Manager
          20700, Ukraine, Cherkassy region,
          Smila, Zhovtneva Str. 71/71

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


CHEKSIL REMEKS: Temporary Insolvency Manager Moves in
-----------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on LLC Cheksil Remeks (code EDRPOU
21392501).  The case is docketed as 9/137 b.  Mr. Barbarov
Oleksandr (License Number AA 668308) has been appointed
temporary insolvency manager.  The company holds account number
26000300000022 at JSCB Demark, Chernigiv branch, MFO 353575.

CONTACT:  CHEKSIL REMEKS
          Ukraine, Chernigiv region,
          Shors Str. 66

          ECONOMIC COURT OF CHERNIGIV REGION
          14000, Ukraine, Chernigiv region,
          Miru Avenue, 20


PLESO: Lviv Court Opens Bankruptcy Proceedings
----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Pleso (code EDRPOU 22418504) on February 8,
2005 after finding the limited liability company insolvent.  The
case is docketed as 6/406-4/209.  Mr. Andrij Kolisnik (License
Number AB 116300) has been appointed liquidator/insolvency
manager.

CONTACT:  PLESO
          Ukraine, Lviv region,
          Pustomitivskij district,
          Navariya, Lvivska Str. 21

          Mr. Andrij Kolisnik
          Liquidator/Insolvency Manager
          20700, Ukraine, Cherkassy region,
          Smila, Zhovtneva Str. 71/71

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


RAJAGROPROMBUD: Collapses into Bankruptcy
-----------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Rajagroprombud (code EDRPOU
03577881) on April 14, 2005.  The case is docketed as 6/62-4/37.
Mr. V. Vinnikov (License Number AA 668279) has been appointed
temporary insolvency manager.  The company holds account number
26048605178831 at JSCB Ukrsocbank, Lviv regional branch, MFO
325019.

CONTACT:  RAJAGROPROMBUD
          Ukraine, Lviv region,
          Pustomiti, Glinska Str. 14

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


RAJMIZHKOLGOSPSHLYAHBUD: Under Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on CJSC Rajmizhkolgospshlyahbud (code
EDRPOU 03579354).  The case is docketed as 10/70-05.  Mr. S.
Severin (License Number AA 630139) has been appointed temporary
insolvency manager.  The company holds account number 260054731
at JSPPB Aval, Vinnitsya branch, MFO 302247.

CONTACT:  RAJMIZHKOLGOSPSHLYAHBUD
          22500, Ukraine, Vinnitsya region,
          Lipovets, Stolyarskij Str. 5

          Mr. S. Severin
          Temporary Insolvency Manager
          Ukraine, Vinnitsya region,
          9 Sichnya Str. 4/8

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


SALVE: Deadline for Proofs of Claim Expires this Week
-----------------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
supervision procedure on Agricultural Enterprise Salve (code
EDRPOU 24770197).  The case is docketed as 2/53-05-1996.  Mr. V.
Ivanov (License Number AA 216729) has been appointed temporary
insolvency manager.  The company holds account number 26000207
at JSPPB Aval, Odessa regional branch, MFO 328351.

Creditors have until June 17, 2005 to submit their proofs of
claim to:

(a) SALVE
    68731, Ukraine, Odessa region,
    Bolgradskij district, Zaliznichne

(b) Mr. V. Ivanov
    Temporary Insolvency Manager
    65011, Ukraine, Odessa region, a/b 46

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


VANDOR LTD.: Creditors' Claims Due this Week
--------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Vandor Ltd. (code EDRPOU 32061352)
on April 25, 2005.  The case is docketed as 19/82 (05).  Mr.
Oleksandr Reshetilo (License Number AA 783077) has been
appointed temporary insolvency manager.

Creditors have until June 17, 2005 to submit their proofs of
claim to:

(a) VANDOR LTD.
    69068, Ukraine, Zaporizhya region,
    8 Bereznya Str. 29/19

(b) Mr. Oleksandr Reshetilo
    Temporary Insolvency Manager
    69015, Ukraine, Zaporizhya region,
    Tregubov Str. 1

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


WEST-UKRAINIAN FUEL: Declared Insolvent
---------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against West-Ukrainian Fuel-Energetic Company (code
EDRPOU 31144626) on April 11, 2005 after finding the limited
liability company insolvent.  The case is docketed as 6/56-
29/58.  Mr. Andrij Kolisnik (License Number AB 116300) has been
appointed liquidator/insolvency manager.

CONTACT:  WEST-UKRAINIAN FUEL-ENERGETIC COMPANY
          79058, Ukraine, Lviv region,
          Chornovol Avenue, 45 A

          Mr. Andrij Kolisnik
          Liquidator/Insolvency Manager
          79017, Ukraine, Lviv region,
          Tarnavskij Str. 104 b/54

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


ZORYA: Donetsk Court Orders Debt Moratorium
-------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Zorya (code EDRPOU 30813233) on
March 21, 2005 and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 15/41-B.  Mr.
Petrenko Vasil (License Number AA 719787) has been appointed
temporary insolvency manager.

CONTACT:  ZORYA
          87210, Ukraine, Donetsk region,
          Starobeshivskij district,
          Maryanivka, Miru Str. 38

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


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


A H ISLINGTON: Creditors Meeting Set Last Week of June
------------------------------------------------------
The general meeting of the unsecured creditors of A H Islington
Limited will be on June 30, 2005 at 11:00 a.m.  It will be held
at A H Islington Limited.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Leonard Curtis & Co, One Great Cumberland Place,
Marble Arch, London W1H 7LW not later than 12:00 noon, June 29,
2005.

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


BAXI HOLDINGS: S&P Affirms Low-B Rating, Stable Outlook
-------------------------------------------------------
Standard & Poor's Ratings Services removed its 'BB-' long-term
corporate credit rating on U.K.-based heating products
manufacturer Baxi (Holdings) Ltd. from CreditWatch with negative
implications, where it was placed on April 29, 2005, and
affirmed it following the finalizing of the group's funding
strategy for the effective acquisition of the heating business
of Corporacion Emprasarial Roca S.A. (Roca).  The outlook is
stable.

The 'B' senior secured debt rating on the GBP100 million
mezzanine notes issued by Heating Finance PLC and guaranteed by
Baxi was also removed from CreditWatch and affirmed.

The rating actions reflect the effective financial releveraging
of the business as a result of the acquisition to levels similar
to those (on a pro forma basis) that existed at the time of our
initial ratings assessment about 18 months ago.  Nevertheless,
the group's credit metrics are stretched for the rating category
-- fully adjusted net debt to EBITDA is expected to be almost 5x
and EBITDA net fixed charges about 2.7x by the end of 2005 --
and Standard & Poor's considers that the group will need to
continue to generate free cash flow and to deleverage.

The ratings reflect the fragmented and competitive nature of
Baxi's markets, tempered by the combined group's enhanced level
of geographical diversification, a solid franchise in the
European boiler market supported by leading brands in the U.K.
and Spain, and a track record of generating positive free cash
flow.

"Standard & Poor's expects that Baxi will continue to generate
positive free cash flow and to deleverage," said Standard &
Poor's credit analyst Jarrad Oberhardt.

Any material increase in leverage or reduction in earnings or
cash flow would apply pressure to the ratings, as Baxi's
flexibility at the current rating level is limited.  Similarly,
any deterioration in Baxi's prospects in its core U.K. market
due to the introduction of "High Efficiency" boilers, required
under new building regulations in that market, could have
implications for the ratings.

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-mil Address
          CorporateFinanceEurope@standardandpoors.com

          BAXI GROUP
          Pentagon House
          Sir Frank Whittle Road
          Derby DE21 4XA U.K.
          Tel: +44 (0)1332 524 800
          Fax: +44 (0)1332 524 810
          Web site: http://www.baxigroup.com/


CHILTERN PRESS: Administrators from Ernst & Young Move in
---------------------------------------------------------
Alan M. Hudson and Alan Lovett (IP Nos 9200, 6476) have been
appointed administrators for Chiltern Press Limited.  The
appointment was made June 6, 2005.  Its registered office is
located at 23-25 Gunnels Wood Park, Gunnels Wood Road,
Stevenage, Hertfordshire SG1 2BH.

                            *   *   *

Chiltern Press Limited is a publisher of journals and
periodicals.  It also offers high-quality litho color printing,
finishing together with dispatch and fulfillment services.  It
specializes printing on lightweight papers.

CONTACT:  CHILTERN PRESS LTD.
          Publishing House:
          Telford Road, Bicester
          Oxfordshire, OX26 4LD
          Phone: 01869 242345
          Fax:01869 245787

          Regional Office:
          23-25 Gunnels Wood Park,
          Gunnels Wood Road, Stevenage,
          Hertfordshire SG1 2BH

          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


COMPASS FINANCE: Interim Half-year Results Out Next Week
--------------------------------------------------------
Compass Finance Group plc will release its interim results for
the six months ended 31 March 2005 on Wednesday, 22 June 2005,
11:45 a.m. at 1 Cornhill, London, EC3V 3ND.

Compass is a finance broker and packager of re-mortgages,
secured loans and unsecured loans for clients requiring debt
consolidation and financial solutions.  It earns its income from
commissions and fees received primarily from third party
lenders.

                            *   *   *

At the Annual General Meeting in February, Compass Finance Group
plc reported that, despite a good start to the year with
turnover up over 30%, the underlying profitability of the Group
in the first four months of the year was lower than last year,
as a result of investment in staff and premises.

The Board of the Company now estimates that turnover in the six
months ended 31 March 2005 will be approximately GBP7 million
compared to GBP5.6 million in 2004.

CONTACT:  COMPASS FINANCE GROUP PLC
          2nd Fl., Warwick House,
          Hollins Brook Way,
          Pilsworth Bury
          Greater Manchester BL9 8RR, United Kingdom
          Phone: +44-800-298-0547
          Web site: http://www.compass-finance.co.uk

          Mike Sutcliffe, Chief Executive
          Phone: 07766 220 172

          Beattie Financial
          Brian Coleman-Smith
          Jo Clewlow
          Phone: 020 7053 6400
                 07802 724 400


CORUS GROUP: Signs US$550 Million Deal with Airbus
--------------------------------------------------
Corus Group plc's Aluminium Division has secured its most
significant contract so far.  The deal with Airbus S.A.S. is
over five years (2007-2011) and valued at a turnover of over
US$550 million (EUR456.36 million) spread equally over the life
of the contract.

Corus Aluminium Walzprodukte in Koblenz, which manufactures high
value rolled products, will supply 20,000 tonnes per annum of
aluminium plate and wide sheet for structural parts of the
fuselage and wings to Airbus locations in Germany, France, U.K.
and Spain, plus worldwide Airbus subcontractors.

The aluminum is to be used for all airplanes built by Airbus
including commercial and military aircrafts as well as
helicopters built by Eurocopter.

Gerhard Buddenbaum, Director of Corus' Aluminium Division, said:
"We are delighted to have won this major contract to supply
Airbus.  This reflects our strong relationship with Airbus and
our position as a principal supplier to the aerospace sector.
Continuous development of our products -- like ultra thick
aluminium aircraft plate and extra wide polished aircraft sheets
-- has enabled us to supply this market with innovative
aluminium materials of highest quality."

Peter Kloepfer, Senior Vice President Airframe Procurement
Airbus, said: "For us at Airbus, Corus Aluminium Koblenz, is a
top performing partner and we are looking forward to continuous
good co-operation."

Corus' Aluminium division is the fifth largest producer of
rolled and extruded aluminium products in the world with a
highly specialized range of products supplied to customers
worldwide.  Corus Aluminium Walzprodukte GmbH in Koblenz is one
of the leading manufacturing companies of quality high value
rolled products including coils, sheets and plates are produced
for different applications in the aerospace, automotive, heat-
exchanger, shipbuilding, tank and vessel construction, tool-
making and mechanical engineering markets.

Corus Group Plc is one of the world's largest metal producers
with a turnover of over GBP9 billion and major operating
facilities in the U.K., the Netherlands, Germany, France,
Norway, Belgium and Canada.  Corus' four divisions comprising
Strip Products, Long Products, Aluminium and Distribution &
Building Systems provide innovative solutions to the
construction, automotive, rail, general engineering and
packaging markets worldwide.

Corus has over 48,000 employees in over 40 countries and sales
offices and service centers worldwide.  Combining international
expertise with local customer service, the Corus brand
represents quality and strength.

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

          Annanya Sarin, Corporate Relations
          Phone: +44 (0) 20 7717 4532
          Fax: +44 (0) 20 7717 4316

          AIRBUS S.A.S.
          1, Rond point Maurice Bellonte
          31707 Blagnac Cedex, France
          Phone: +33-5-61-93-33-87
          Fax: +33-5-61-93-49-55
          Web site: http://www.airbus.com


COUNTYROUTE (A130): Secured Mezzanine Loan Affirmed at 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB' rating on
U.K.-based shadow toll-road operator CountyRoute (A130) PLC's
GBP88.0 million ($159.2 million) senior secured bank loan.  At
the same time, Standard & Poor's affirmed its 'BB' rating on
CountyRoute's GBP5.5 million subordinated secured mezzanine
loan.  The outlook on both loans is stable.  The bank loans
refinanced the company's original debt and enabled it to
restructure its debt-service schedule.

CountyRoute is a special-purpose, bankruptcy-remote entity
indirectly wholly owned by Laing Investments Ltd.  In October
1999, Essex County Council awarded CountyRoute a 30-year
concession to design, build, finance, and operate the 15-
kilometer A130 shadow toll road.  Construction was completed
successfully and the A130 was opened in two sections in 2002 and
2003.

Operating performance has been satisfactory to date, with
traffic volumes slightly above the (restated) projections and
very few penalty points incurred.  Debt servicing of the senior
and subordinated debt is going according to plan.

The ratings reflect CountyRoute's exposure to traffic risk and
relatively high leverage.  It also has low minimum and average
senior debt-service coverage ratios of 1.21x and 1.29x,
respectively, and there is some uncertainty about the final
value of claims on the issuer associated with a reduction in the
value of properties along the route.

These risks are offset by the high congestion on competing roads
and improved connectivity in Essex.  The road has operated
successfully to date and has spare capacity to accommodate
future growth.  The transaction benefits from collateral and
Laing is a strong and experienced project sponsor.  The full
postsale report for this transaction was published on April 16,
2004, and is available to subscribers of RatingsDirect, Standard
& Poor's Web-based credit analysis system, at
http://www.ratingsdirect.com.

"We assume that traffic levels on the A130 will follow the new
forecasts and that claims settlements will remain within budget.
Experience to date suggests that claim settlements will be in
line with or below estimates," said Standard & Poor's credit
analyst Robert Bain.  "The potential for a positive ratings
revision is limited, although negative rating actions could take
place if, among other things, there is a persistent and material
deterioration of financial performance."

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
          InfrastructureEurope@standardandpoors.com


DIRECT ACCESS: Hires Administrators from KPMG
---------------------------------------------
Paul Andrew Flint and Brian Green (IP Nos 9075, 8709) have been
appointed administrators for Direct Access Platforms Limited.
The appointment was made June 3, 2005.

                            *   *   *

The company installs and offers hydraulic platform services.
Its registered office is located at 30 Bankside, Kidlington,
Oxfordshire OX5 1JE.

CONTACT:  KPMG LLP
          St James' Square
          Manchester
          Greater Manchester M2 6DS
          Phone: 0161 838 4000
          Fax: 0161 838 4040


FKI PLC: Completes Sale of Certex Units to ABT Allsafe
------------------------------------------------------
Further to the announcement of 4 May 2005 and following
regulatory approval, FKI has completed the sale of certain
Certex distribution companies operating in Norway, Sweden,
Denmark, Germany, Russia, Finland and the Baltic States to ABT
Allsafe AB, a subsidiary of Axel Johnson International AB, for
the sum of EUR23.6 million in cash.

In the year to 31 March 2004, Certex Europe had sales of EUR59.1
million and PBITA of EUR3.5 million (before non-operating
exceptionals of EUR0.9 million).  Certex Europe will have net
assets at completion of EUR18.1 million and goodwill of EUR9.6
million.  Certex Europe is a supplier of lifting products and
services in the countries listed above.

The sale of Certex Europe is another step in the delivery of
FKI's strategy of maximizing value by concentrating on key
businesses and continues FKI's withdrawal from its non-core
Certex distribution activities.  Proceeds of the sale will be
used to reduce debt.

Earlier this month, the company reported full-year loss after
tax amounted to GBP79.9 million (2004 restated: loss of GBP20.9
million) and basic loss per share was 13.7p (2004 restated:
basic loss per share 3.6p).  Adjusted earnings per share,
calculated by excluding exceptional items and goodwill
amortization, were 9.0p (2004 restated: 8.6p).

Net debt at 31 March 2005 of GBP350.7 million represented a
decrease of GBP26.4 million from 30 September 2004 but a
marginal increase of GBP1.6 million from 31 March 2004.

Cash flow was negatively impacted by approximately GBP15.0
million due to the effect of higher steel prices resulting in an
increase in working capital, the cash outflow of the wind
turbine business of GBP25.0 million and GBP12.2 million spent on
closure costs previously identified in the 2004 Strategic
Review.

CONTACT:  FKI PLC
          Falcon Works
          P.O. Box 7713
          Meadow Lane
          Loughborough
          Leicestershire LE11 1ZF
          Phone: +44 (0) 20 7832 0000
          Fax: +44 (0) 20 7832 0001
          Web site: http://www.fki.co.uk

          Simon Webber
          Business Development Director
          Phone: 020 7832 0000

          James Olley
          Brunswick
          Phone: 020 7404 5959

          AXEL JOHNSON INTERNATIONAL AB
          Villagatan 6, PO Box 26008
          SE-100 41 Stockholm, Sweden
          Phone: +46-8-701-6100
          Fax: +46-8-21-3026
          Web site: http://www.axel-johnson.se


GRAYS PERSONNEL: Up for Sale as Going Concern
---------------------------------------------
Jason Godefroy and Andrew Stoneman, partners, Menzies Corporate
Restructuring (MCR), has disclosed the sale of Grays Personnel
Limited as a going concern to Berry Recruitment Limited, just
three weeks after the business went into administrative
receivership.

Jason Godefroy said: "We're delighted that a sale has been
achieved so quickly, ensuring the survival of the business and
the best deal for creditors and employees.  All members of staff
have transferred to the purchaser and the business is operating
from existing branches whilst Berry reviews its business
operations."

He added: "The business attracted a high level of interest from
prospective purchasers, and, after careful consideration, we
decided that Berry presented the best option for the business
and for creditors."

Berry Recruitment Limited is a recruitment agency that supplies
personnel to a wide range of trades and professions, for
contract or permanent positions.  It is a subsidiary of Multi
Group plc, an AIM listed public company.

Chris Chown, Managing Director of Berry Recruitment Ltd., said:
"The addition of Grays is a great boost for us because the
business clearly holds great potential.  Grays have formed
strong links with their clients over the years and their
organization fits perfectly with our expansion strategy."

Recruitment company, Grays Personnel, was founded in 1988 to
provide temporary or contract staff to all industry sectors.
With 21 staff and operating from a head office in Horsham, West
Sussex, supported by three further offices in Sutton, Epsom and
Worthing, the company turned over around GBP6 million per annum.
The company has a database of more than 1,000 active temporary
staff and approximately 250 active client accounts.

Commenting on the company's administration, Jason Godefroy said:
"A combination of factors, including high overheads and a poor
start to trading in 2005 led to the failure of the business.
However, the business itself is proven and viable and we're
intending to sell the business and assets as a going concern and
believe it will give a buyer enormous scope to make it
successful."

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          Contact:
          Jason Godefoy or Geoff Bouchier
          Phone: 020 7291 9750
          Fax: 020 7291 9777
          E-mail: jgodefoy@menzies.co.uk
                  gbouchier@menzies.co.uk
          Web site: http://www.menzies.co.uk


HEATING FINANCE: Senior Implied Rating Confirmed at Ba3
-------------------------------------------------------
Moody's Investors Service confirmed the Ba3 senior implied
rating of Heating Finance Plc, the direct owner of Baxi Group
Limited and assigned a negative outlook to all ratings.  The
confirmation concludes Moody's review for downgrade initiated on
2 May 2005 prompted by the company's announcement of its
intention to acquire the heating business (Roca Heating) of
Corporacion Empresarial Roca S.A. for a total consideration of
EUR200.0 million on a debt-free basis.

In Moody's opinion, the proposed acquisition is strategically a
good fit given the company's existing business reflecting (i)
Roca's leading position in Spain and Portugal in the heating
products market, (ii) the potential for meaningful product range
expansion as the Spanish business may benefit from Baxi's
technology inputs and (iii) significant cost savings through
production capacity rationalization and supply chain
improvements expected to generate an approximate EUR10.0 million
positive impact from 2007 onwards.  Following the proposed
acquisition, Baxi will also reduce its dependency on the U.K.
heating products market which will reduce its share of the
company's consolidated EBITDA from the current 73% to
approximately 60%, pro-forma for the acquisition.

However, Moody's also notes that while Roca Heating has been
particularly strong in the floor standing boiler segment (26%
market share), it has a weaker market position in the wall hung
boiler segment, which has been a major growth driver in the
Spanish boiler market over the last decade.  While Moody's
regards this as an opportunity, Baxi will need to broaden the
product offering at Roca Heating and strengthen the product
quality as perceived by the installers.

The proposed transaction will be funded through an increase in
existing senior secured term loans of approximately GBP106.6
million in addition to a new GBP18.6 million VAT facility
expiring in 18 months and sizeable drawings under the company's
increased GBP75.0 million revolving credit facility which
Moody's anticipates to be drawn for around GBP30.0-40.0 million
at closing depending on the cash position of the company.  As a
consequence, pro-forma for the acquisition, Baxi's Adjusted
Total Debt (including underfunded pension liabilities and
certain operating leases) to EBITDAR (for the year ended
December 2004) would increase above 6.0x, a level, which is
beyond Moody's original expectations and weakens the company's
position in its current rating category.  Therefore, in Moody's
view, the company has very limited scope for additional debt
financed acquisitions at the Ba3 rating level given current
credit metrics.

While Moody's recognizes that, as part of the transaction, Baxi
is proposing to increase from 2 to 2.125 the debt incurrence
test as well as to introduce a new 3.75x senior leverage ratio
in the indenture governing the notes which will reduce the
company's ability to raise additional senior debt ranking ahead
of the noteholders, the risk for potential further acquisitions
remains.  As part of the new senior credit agreement, Baxi will
also benefit from a GBP50.0 million acquisition facility where
availability, however, will be subject to receiving the banks'
consent.

The negative outlook reflects: (i) a significant weakening of
the company's credit metrics following the proposed transaction,
(ii) risk for potential further acquisitions over the medium-
term and (iii) greater pressure on the liquidity profile of the
company.  Although the amended senior credit agreement will
increase the commitment under the revolving facility to GBP75.0
million, Baxi will be required to meet higher mandatory debt
amortization payments over the life of the tem loan A as the
tenor of the senior credit facilities will remain unchanged.

Therefore, any material acquisition in the near- to medium-term,
an increase in financial leverage above existing levels or an
Adjusted Retained Cash Flow/Adjusted Net Debt ratio declining
sustainably below 10% is likely to place downward pressure on
the ratings.  Conversely, a reduction in financial leverage
combined with improvements in retained cash flow levels is
likely to lead to a rating outlook stabilization.

The proposed acquisition and planned financing are still subject
to receiving consent from the noteholders and senior lenders.
The ratings assume that the planned financing is completed as
presented to Moody's.  Should the transaction not be finalized,
the negative outlook may revert to stable.

The acquisition is still subject to receiving clearance from the
competition authorities in Spain and Portugal, however, the
current rating action assumes that regulatory approval will be
forthcoming.  The ratings also assume that there will be no
material variations to the draft legal documentation reviewed by
Moody's and that these agreements are legally valid, binding and
enforceable.

The Ba3 senior implied rating continues to reflect (i) Baxi's
leading position in the U.K. gas boiler market and its large
installed product base, (ii) a resilient business model with
limited exposure to economic cycles, (iii) a well-invested
capital base and (iv) an experienced management team that has
demonstrated its ability to operate in a highly leveraged
environment.

However, the rating also reflects (i) the uncertainty
surrounding the introduction of the new legislation relating to
the installation of high efficiency boilers in the U.K. which
has negatively impacted the company's market share over the last
few quarters, (ii) strong competition and potential for
increased pricing pressure from lower cost producers, (iii)
continued underperformance reported by the company's French
division combined with the underlying weakness of the French gas
boiler market and (iv) foreign currency risk, principally
reflecting imports from Italy to the U.K.

The ratings affected by the rating actions are:

(a) Senior implied rating confirmed at Ba3,

(b) Senior unsecured issuer rating confirmed at B3,

(c) Mezzanine notes issued at Heating Finance Plc due 2014
    confirmed at B2,

(d) GBP 574.2 million senior secured credit facilities
    (originally amounting to GBP440.0 million) confirmed at Ba3

Headquartered in Derby, England, Baxi is a European leading
designer and manufacturer of residential heating and hot water
systems.  For financial year ended 31 December 2004, Baxi
reported GBP679.2 million revenues and GBP101.0 million EBITDA
from continuing operations.

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

          London
          Francesco Sebastiani
          Analyst
          Corporate Finance Group

          For Journalists
          Phone: 44 20 7772 5456


NEW GENERATION: Names Haines Watts Administrator
------------------------------------------------
Andrew Appleyard (IP No 8749) has been appointed administrator
for New Generation Doors Limited.  The appointment was made May
9, 2005.  Its registered office is located at 10-12 Mulberry
Green, Harlow, Essex CM17 0ET.

                            *   *   *

New Generation is a company well versed in the art of veneering
from bespoke inlaid boardroom, table tops and screens to
planning and manufacturing of large matching door and panel
scheme projects.

CONTACT:  NEW GENERATION DOORS LTD.
          Tattersall Way,
          Widford Industrial Estate,
          Chelmsford Essex CM1 3UB
          Phone: 01245 392850
          Fax: 01245 255525
          Showroom: 01245 255519
          Web site: http://www.new-generation-doors.co.uk

          HAINES WATTS
          Canterbury House
          85 Newhall Street
          Birmingham
          West Midlands B3 1LH
          Phone: 0121 212 4477
          Fax: 0121 212 4459


NORMAN OFFER: Joint Administrators from Bridgestones Move in
------------------------------------------------------------
Jonathan Lord and Robert Cooksey (IP Nos 9041, 9040) have been
appointed joint administrators for Norman Offer (Transport)
Limited.  The appointment was made June 3, 2005.

                            *   *   *

Mr. Norman Offer founded the company in 1967.  On his retirement
in 1989 his son Martyn took his place as Managing Director.  The
founder's daughter Ms. Lynn Coe is the Financial Director.

A 1976 'B' Series ERF - Registration 'WAA' was the first true
Sleeper Cab to join Norman Offer's Fleet.

The company's origins were in the village of Awbridge near
Romsey with agricultural goods being the prime traffic.  After a
few years the company established itself in Southampton to
service the growing container trade.  It was quickly realized
there were opportunities to provide other services in addition
to haulage and a move to the Southern Road Facility enabled the
Company to launch it's very successful container storage and
warehousing facility.

CONTACT:  NORMAN OFFER (TRANSPORT) LIMITED
          Offer House
          Southern Road, Southampton
          Hampshire SO15 1HB
          United Kingdom
          Phone: +44 (0) 23 8033 1515
          Fax: +44 (0) 23 8033 1957
          E-mail: enquiries@normanoffer
          Web site: http://www.normanoffer.com/

          BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Phone: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


PATIENTLINE U.K.: Ofcom's Review Has Minimal Effect on Finances
---------------------------------------------------------------
Derek Lewis, Chairman of Patientline U.K. Ltd., said Tuesday:
"Ofcom has announced a notification of contravention in relation
to the use by Patientline of '070' prefixed numbers to telephone
patients in some hospitals.

"Ofcom has been reviewing the use of '070' prefixed numbers by a
wide variety of users, since it issued revised interpretation of
the regulations in early 2004.  In one respect the revised
interpretation represents a departure from the approval that was
given by Oftel to Patientline at the time Patientline's '070'
numbers were introduced.  It is this revision that Ofcom is now
seeking to enforce.

"Patientline has been working with Ofcom on its review for some
time and is already implementing changes within Ofcom's time
frame, that bring a variety of benefits, including compliance
with the revised interpretation, covering over 80% of
Patientline's terminals.  Patientline will continue to work with
Ofcom with a view to satisfying the new interpretation for its
remaining terminals within the same period.  Any financial
implications are not expected to be material in a group
context."

Ofcom is the regulator for the U.K. communications industries,
with responsibilities across television, radio,
telecommunications and wireless communications services.

                            *   *   *

Earlier this month, Patientline reported it has narrowed yearly
operating loss to almost half.

The company posted operating loss of GBP4.6 million from
GBP8.2 million in the year to March 25.  It has not
made a profit since it was formed ten years ago, according to
The Scotsman.

Pre-tax loss increased slightly to GBP11.8 million principally
because of the one-off costs including those associated with the
new bank facility, implementation of a new operating structure,
and a Terminal design upgrade.  Excluding these costs the loss
would have been GBP9.4 million, the company said.

Revenue increased by 33% to GBP49.4 million year-on-year.
EBITDA was up 82% to GBP16.4 million.  Operating cash flow
increased 115% to GBP16.7 million.

CONTACT:  PATIENTLINE U.K. LTD.
          Thames Valley Court
          183/187 Bath Road
          Slough
          Berkshire
          SL1 4AA
          Phone: 0845 414 6000
          Fax: 0845 414 6153
          Web site: http://www.patientline.co.uk/

          OFCOM MEDIA OFFICE
          Riverside House
          2A Southwark Bridge Road
          London SE1 9HA
          Phone: +44 (0)20 7981 3033
          E-mail: mediaoffice@ofcom.org.uk
          Web site: http://www.ofcom.org.uk/


RAVENSCROFT PLASTICS: In Administrative Receivership
----------------------------------------------------
H. C. Bonnes and M. E. Brazil appoint Gerald Clifford Smith and
John Neville Whitfield (IP Nos 6335, 9131) joint administrative
receivers for Ravenscroft Plastics Limited (Reg No 1296006,
Trade Classification: 25240 and 51540).  The application was
filed June 2, 2005.

                            *   *   *

Ravenscroft Plastics was established in 1958 as a privately
owned company, founded by Ted Ravenscroft and Hedley Bonnes in a
village near Tewkesbury, Gloucestershire U.K.  In 1978 the
company moved to its current, much larger site in Tewkesbury.
With three factories in close proximity, Ravenscroft has
continued to grow steadily and attain today's pre-eminent
position in the thermoplastic extrusion industry.

In 1998, through its innovative approach to product development,
Ravenscroft Plastics developed a new cavity closure system for
the new house build market and then in 2000 Ravenscroft acquired
the manufacturing and distribution rights for a cable management
ducting range of products with the trade name "Betaduct".
Following the successful development of these ranges, the
businesses were transferred to a newly formed associated
companies; Cavalok Building Products Limited and Beta Cable
Management Systems Limited, in May 2004.

CONTACT:  RAVENSCROFT PLASTICS LIMITED
          Green Lane
          Newtown, Tewkesbury
          Gloucestershire GL20 8HD
          Phone: 01684 292 272 or 01684 299 669
          Fax: 01684 299 124
          Web site: http://www.ravenscroft.co.uk

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


RDS INTERNATIONAL: Appoints Till Morris Administrator
-----------------------------------------------------
Duncan Roderick Morris (IP No 8693) was appointed administrator
for RDS International Projects Limited on June 6.

RDS International Projects Ltd. and Chinese manufacturing
partner Nanjing Tooling Corporation (NTC) develops technology
for vehicle and component manufacturing.  It also supplies tools
and parts for the process.  Its markets are in the U.K. and
China.

Over the last 12 years RDS International have successfully
delivered major turnkey projects that have ranged from concept
engineering to relocating and re-establishing full vehicle
production lines.

For more information, visit:
http://www.rdsautomotive.com/international/intnatover.html

CONTACT:  RDS INTERNATIONAL PROJECTS LTD.
          Elmdon House
          2291 Coventry Road
          Sheldon, Birmingham
          United Kingdom B26 3PD
          Phone: +44(0) 121 742 0775
          Fax: +44(0) 121 7425576
          E-mail: enquiry@rdsautomotive.com

          THE TILL MORRIS PARTNERSHIP
          32 Brook Street
          Warwick
          Warwickshire CV34 4BL
          Phone: 01926 497 722
          Fax: 01926 497 733
          E-mail: duncan.morris@tillmorris.co.uk


ST JAMES: Opts for Liquidation
------------------------------
At the extraordinary general meeting of the members of St. James
Facilities Management Ltd. on June 1, 2005 held at Gladstone
House, 77-79 High Street, Egham, Surrey TW20 9HY, the ordinary
resolutions to wind up the company were passed.  Keith Aleric
Stevens has been appointed liquidator of the company.

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


TRADITIONAL SEAFOODS: Meeting of Creditors Set Next Week
--------------------------------------------------------
The unsecured creditors of Traditional Seafoods Limited will
meet on June 21, 2005 at 2:00 p.m.  It will be held at the
offices of Milner Boardman & Partners, Century House, Ashley
Road, Hale, Cheshire WA15 9TG.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Milner Boardman & Partners, Century House, Ashley
Road, Hale, Cheshire WA15 9TG not later than 12:00 noon, June
20, 2005.

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


TURNER NEWALL: Talks on Fate of Pension Fund Continue
-----------------------------------------------------
The possibility of Turner & Newall's disposal was again raised
as administrator continues talk with the pension regulator
regarding the future of the firm's retirement scheme.

Sources close to the engineering company told The Times Kroll is
likely to put the company up for sale to meet the "insolvency
event" requirement of the Pension Protection Fund (PPF).

PPF said it had not received a formal application from T&N.  On
Tuesday, Kroll said it continues to hold meetings with the
regulator to solve T&N's pension scheme deficit.  The size of
the gap has worried observers.  Lawrence Churchill, PPF
chairman, admitted T&N's pension shortfall could 'hit' the PPF.

Susan Anderson, human resources policy director of the CBI, the
employers' organization, said applications for the PPF "are
coming in thicker and faster than we thought."  It emerged
recently that the fund is likely to shoulder the GBP210 million
pension deficit of the insurance broker Heath Lambert.

T&N's pension fund has a deficit of GBP775 million.  Its
administrator approached the regulator after the failure of
talks with U.S. parent Federal-Mogul.  Federal-Mogul is under
Chapter 11 bankruptcy protection due the cost of its asbestos
liability.

Earlier, it was believed Kroll might opt to sell T&N to maximize
cash to be distributed to creditors.  The sale could take care
of US$1.125 billion of T&N's GBP1.9 billion pensions
liabilities, John Ralfe, a pension consultant told The Times.

The retirement scheme has 37,000 members.

CONTACT:  TURNER & NEWALL LIMITED
          Manchester International Office
          Centre Styal road
          Manchester M22 5TN

          FEDERAL-MOGUL CORPORATION
          26555 Northwestern Hwy.
          Southfield, MI 48034
          Phone: 248-354-7700
          Fax: 248-354-8950
          Web site: http://www.Federal-Mogul.com


WEBBER-C.P.J. LIMITED: Members Decide to Wind up Firm
-----------------------------------------------------
At the extraordinary general meeting of the members of Webber-
C.P.J. Limited on June 1, 2005 held at The Barn Owl, Exeter, the
subjoined special and ordinary resolutions to wind up the
company were passed.  S. R. Thomas and S. J. Parker of Tenon
Recovery, Sherlock House, 73 Baker Street, London W1U 6RD have
been appointed joint liquidators of the company.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


                            *********


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *