---

        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, December 16, 2004, Vol. 5, No. 249

                            Headlines

A U S T R I A

GALLUS: Succumbs to Insolvency


C Z E C H   R E P U B L I C

KTP QUANTUM: Debt Repayments May Take Longer
ROSTROJ ROUSINOV: Bankruptcy Court Picks EDP as Preferred Buyer


F R A N C E

CLUB MEDITERRANEE: Upmarket Strategy Cuts Loss by More than 50%


G E R M A N Y

AGIV REAL: Insolvency Just Around Corner
BERNT WILKE: Hagen Court Sets Claims Deadline Next Week
BOUSSA FADINI: Administrator's Report Out January
DIMO-DIEFENBACH: Under Bankruptcy Administration
HELMUT SCHOBER: Administrator Takes over Operations

HOFMANN GMBH: Creditors' Meeting Set Next Month
KAMPS AG: Senior Unsecured Rating Lowered to 'BB-'
MAACH HUSE: Creditors Have Until this Month to File Claims
MANFRED PERSCHAU: Court Sets Creditors' Meeting January
MG TECHNOLOGIES: Unit Wins EUR65 Mln Order from Australia, Iran

SCHMIDTCHEN GMBH: Charlottenburg Court Confirms Bankruptcy
TAUSEND GMBH: Gives Creditors Until March to File Claims
WT IMMOBILIEN: Succumbs to Bankruptcy


I T A L Y

BANCA IFIS: Individual Rating Affirmed at 'C/D'
BANCA LOMBARDA: 'B/C' Individual Rating Affirmed
CIRIO FINANZIARIA: Lucio Tan Joins Del Monte Stake Bidding War
PARMALAT FINANZIARIA: Italian Banks to Face US$1 Bln Lawsuit


K Y R G Y Z S T A N

APEKS AZIA: To Review Claims Next Year
DIRECTION OF CONSTRUCTION COMPANIES: Declared Insolvent
IBRAYEVA MARIA: Under Bankruptcy Supervision
KOJO: Holds Creditors' Meeting This Week
KYRGYZ AIR: Sets Deadline for Filing of Claims
YSYK-ATA: Court Names Temporary Insolvency Manager


N E T H E R L A N D S

KENDRION N.V.: Sells Rump Share for EUR0.90 Each


P O L A N D

PABIA SA: Files for Bankruptcy Under PLN26 Mln Debts


R U S S I A

AGRO-LIGA: Undergoes Bankruptcy Supervision Procedure
BUILDER: Bashkortostan Court Appoints Insolvency Manager
DEBESSKIY AGRO-COMBINE: Hires S. Matveev as Insolvency Manager
ENTERPRISE OF FOAM-CONCRETE: Declared Insolvent
KUMERTAUSKOYE REPAIR-BUILDING: Sets Deadline for Proofs of Claim

ROMASHKINSKIY: Under Bankruptcy Supervision
STROY-CONSTRUCTION: Court Hearing Resumes April
TRADE INVEST: Declared Insolvent
YUKOS OIL: Files Bankruptcy in U.S.; Seeks to Stop Unit's Sale
YUKOS OIL: Company Profile
YUKOS OIL: Khodorkovsky's Shares Attract Buyout Offer
YUKOS OIL: Menatep Pledges Fierce Battle to Block Unit's Auction


S W E D E N

BRIO AB: Toy Maker Ousts Head in Middle of Buying Season


U K R A I N E

BUILDING PRODUCTION: Court Names Insolvency Manager
MARTOVA: Insolvency Manager Takes over Helm
POPASNYANSKIJ FOOD: Proofs of Claim Deadline Weekend
SHPIKIVSKIJ SUGAR: Deadline for Proofs of Claim Nears
TEHBUDSKLO: Court Orders Debt Moratorium

UKRINVEST: Under Bankruptcy Supervision
UROZHAJ: Declared Insolvent
VOLNOVASKA: Succumbs to Insolvency


U N I T E D   K I N G D O M

ACCOUNTANCY CORPORATE: Members Decide to Call in Liquidators
BEACON GROUNDWORKS: Falls into Liquidation
BRICKLEAF LIMITED: Owners Opt for Liquidation
CANTFIELD CHARTER: Appoints B & C Associates Liquidator
CASTLE WRIGHT: Hires Liquidator from Numerica

CENSURA CONSTRUCTION: Appoints Maidment Judd Liquidator
COLT TELECOM: Redeems GBP50 Million Senior Notes Early
COLT TELECOM: Adds John Remondi to Board of Directors
COMPETITIVE MEDIA: Wilkins Kennedy Liquidator Takes over Helm
COMPLETE INTERIOR: Appoints Barringtons Liquidator

CORUS GROUP: Rebel Shareholder Cuts Stake to 1.5%
DARBYSHIRE COLOURS: Joint Liquidators from Thompson Move in
DIGITAL WORKSHOP: Hires Joint Administrators from Stoy Hayward
DTV COMMERCIALS: Names Cooper Parry Administrator
FIRSTEK LIMITED: Hires Thompson Partnership as Administrator

FUTURA FOODS: Calls in Liquidator from Mercer & Hole
GWC GROUP: Brings in Joint Administrators from Hacker Young
HEATHROW REFUELLING: Appoints Baker Tilly Liquidator
JOHN COOK: Hires Tenon Recovery as Administrator
LUKOIL EUROPE: Members Decide to Dissolve Business

NEWCASTLE-UPON-TYNE AERO: Calls in Administrator from R M T
PONDAROSA SOCIAL: Names Begbies Traynor Liquidator
RETAIL SOLUTIONS: Hires Moore Stephens as Administrator
RIZOME LIMITED: Administrator to Temporarily Run Operations
RUTLAND PRESS: Falls into Administration

THE LACIM: Brings in Liquidator from PricewaterhouseCoopers
THOMAS SMITH: 186-year-old Textile Factory Declares Bankruptcy
TOWER TAXI: Cabvision Limited Appoints Berley Receiver
WADHURST PROPERTIES: Hires Mesten Reid as Liquidator
WATERFORD WEDGWOOD: Rights Issue Gets Go Signal

* International Insolvencies May Drop in 2005, Says Euler Hermes


                            *********


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


GALLUS: Succumbs to Insolvency
------------------------------
Gallus has filed for insolvency before the Klagenfurt district
court after one of its investors bailed out of the company,
just-style.com reports.  The company will continue to operate
for three more months in accordance with the agreement reached
by management with owners and bankers.  Almost 180 jobs are
affected.   Established in 1970, Gallus has debts of EUR9
million.


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


KTP QUANTUM: Debt Repayments May Take Longer
--------------------------------------------
Clients of KTP Quantum, the country's largest securities dealer,
will have to wait a little longer before they can recover their
investment, Czech News Agency says.

Garancni Fond Obchodniku (GFO), a non-state, non-insurance, non-
profit special institution granting limited remuneration to the
clients of bankrupt securities brokers, said in a press release
it doesn't have the necessary documents to release the
compensation.  KTP's several bankruptcy administrators and the
current criminal case against its management could also hinder
the clients' claims.

CONTACT:  KTP QUANTUM A.S.
          Chmelova 357,
          Hradec Kralove 500 03

          Mailing address:
          Uhelna 160,
          Hradec Kralove 500 03

          Phone: 495 515 117
          Fax: 495 515 120
          Web site: http://www.ktpquantum.cz

          GARANCNI FOND OBCHODNIKU
          P.O. Box 787
          111 21 Praha 1
          Phone: 222 192 453
          Fax: 222 192 495
          E-mail: fond@gfo.cz
          Web site: http://www.gfo.cz


ROSTROJ ROUSINOV: Bankruptcy Court Picks EDP as Preferred Buyer
---------------------------------------------------------------
European Data Project s.r.o. (EDP), the country's leading
manufacturer of casino technology, will purchase bankrupt
engineering group Rostroj Rousinov, Czech News Agency says.

Presiding judge Jan Kozak of Brno Regional Court made the
announcement Monday after opening bidding documents.  The court
sent Rostroj Rousinov into bankruptcy in August after receiving
around 80 petitions, mostly by unpaid employees.

Rostroj Rousinov manufactures parts agricultural and
construction machineries.  The company employed around 70 people
prior to its closure and was considered as an important employer
in the region.  Aside from manufacturing gaming machines, EDP
also operates several casinos like Paradise Casino Admiral.

CONTACT:  ROSTROJ ROUSINOV a.s.
          Mlekarska 1
          683 01 Rousinov
          Phone: 517 305 111
                 517 305 118
                 517 305 152
          Fax:  517 305 119
                517 305 153
          E-mail: info@rostroj.cz
                  obchod@rostroj.cz
          Web site: http://www.rostroj.cz

          EUROPEAN DATA PROJECT s.r.o.
          Odstepny Zavod Komorany
          Komorany 146
          Rousinov 683 01
          Phone: +42 517 300 111
          E-mail: handel@edpsro.cz
          Web site: http://www.edpsro.cz


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


CLUB MEDITERRANEE: Upmarket Strategy Cuts Loss by More than 50%
---------------------------------------------------------------
Holiday resort company Club Mediterrannee on Tuesday reported
its fourth consecutive net loss as it tries to reinvent itself
to survive tight competition.

The firm cut its full year loss by more than half to EUR44
million from EUR94 million (US$125 million) in 2003, according
to the Financial Times.  Sales were EUR1.6 billion.  This was
despite difficulties in core European holiday village business
as a result of flat demand across the tourist industry and the
unfavorable impact of the Olympic Games on the Greek market.
Europe was particularly hit with revenues down 3.3% for the
year.

The loss included exceptional costs of EUR18 million, reflecting
EUR14 million in restructuring cots.  Last year's exceptional
cost was EUR56 million.

Club Mediterrannee is trying to modernize its holiday village
model to become more appealing to new generation of tourists,
spending some EUR500 million in the spring for modernization.
It is offering early in the next year all-inclusive packages
that will see bar service and snacks included in the basic price
and other measures.  It will open this month Riad, a super-
deluxe boutique hotel in Marrakesh offering for the first time
luxury services.

Chief Executive Henri Giscard d'Estaing said the group's
positive operating income of EUR17 million is a sign that
strategy was beginning to reap rewards despite a market
environment.  The income is the first in three years, and is
EUR11 million higher than 2003.

He said: "All this means that we can confirm our objective of
returning to our highest operating margins, with operating
income of around EUR100 million in 2006."


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


AGIV REAL: Insolvency Just Around Corner
----------------------------------------
Agiv Real Estate A.G. might soon become insolvent after amassing
huge debts, Europe Intelligence Wire says.  A company
spokesperson confirmed the group is currently in discussion with
major creditors over possibility of continued operations.

Agiv booked EUR134 million in losses following write-downs and
amortization of shares in U.S.-based telecommunications company
WorldCom two years ago.  Agiv's creditors, including local
property developer Wayss & Freytag reportedly demanded the real
estate developer to repay its EUR40 million debts.  Wayss &
Freytag is said to have asked Agiv to repay EUR10 million to
EUR11 million this year, with the remaining amount to be
reimbursed early next year.  Agiv reportedly does not have
enough finances to pay its debts.  Agiv's possible insolvency
does not seem to worry its main creditor, HSH Nordbank, as the
group owns property valued around EUR1 billion, which it used to
guarantee its loans.

CONTACT:  AGIV REAL ESTATE A.G.
          Warburgstrasse 50
          D-20354 Hamburg
          Phone: +49-40 4 15 26-0
          Fax: +49-40 4 15 26-199
          Web site: http://www.agiv.de


BERNT WILKE: Hagen Court Sets Claims Deadline Next Week
-------------------------------------------------------
The district court of Hagen opened bankruptcy proceedings
against construction firm Bernt Wilke GmbH, Feldmarkring 188,
58440 Iserlohn, on Nov. 23, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 22, 2004 to register their claims with
court-appointed provisional administrator Dr. Ekkehard Padeck.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 10:00 a.m. at the district court
of Hagen, - Haupthaus (Neubau) -, Heinitzstrasse 42, 58097
Hagen, Etage 2, Raum 251, 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: BERNT WILKE GMBH
         Feldmarkring 188, 58440 Iserlohn,
         Contact:
         Bernt Wilke, Manager
         Rolf Ruchel, Manager

         Dr. Ekkehard Padeck, Insolvency Manager
         Friedrich-Ebert-Platz 2, 58095 Hagen
         Phone: 02331/39 50 58
         Fax: +492331395012


BOUSSA FADINI: Administrator's Report Out January
-------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against BOUSSAC FADINI GmbH, Volmerswerther Str. 86, 40221
Dusseldorf, on Nov.25, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 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 Jan. 25, 2005, 9:00 a.m. at the district court of
Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 3.
OG Altbau, A 341, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
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: BOUSSA FADINI GMBH
         Volmerswerther Str. 86, 40221 Dusseldorf
         Contact:
         Georges Raymond, Manager
         Maurice Michelin, Manager

         Dr. Onno Klopp, Insolvency Manager
         Sternstrasse 58, 40479 Dusseldorf.


DIMO-DIEFENBACH: Under Bankruptcy Administration
------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against DIMO-Diefenbach-Immobilien-
Organisationsgesellschaft m.b.H., Westfalische Str. 37, 10711
Berlin, on Nov. 19, 2004.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until Feb. 17, 2005 to register their claims with court-
appointed provisional administrator Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 6, 2005, 10:05 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 verify the
claims set out in the administrator's report on March 24, 2005
at the same venue.

CONTACT:  DIMO M.B.H.
          Westfalische Str. 37, 10711 Berlin

          Dr. Dirk Wittkowski, Insolvency Manager
          Kirchblick 11, 14129 Berlin


HELMUT SCHOBER: Administrator Takes over Operations
---------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Helmut Schober Fliesen und Keramik
Gesellschaft mit beschrankter Haftung, Berlinickestr. 16 A,12165
Berlin, on Nov. 18, 2004.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until Feb. 18, 2005 to register their claims with court-
appointed provisional administrator Joachim Voigt.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 10:40 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 verify the
claims set out in the administrator's report on April 13, 2005
at the same venue.

CONTACT:  HELMUT SCHOBER FLIESEN UND KERAMIK GESELLSCHAFT MIT
          BESCHRANKTER HAFTUNG
          Berlinickestr. 16 A,12165 Berlin

          Joachim Voigt, Insolvency Manager
          Rankestrasse 33, 10789 Berlin


HOFMANN GMBH: Creditors' Meeting Set Next Month
-----------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Hofmann GmbH & Co. Kommanditgesellschaft on Nov. 22,
2004.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Jan. 7,
2005 to register their claims with court-appointed provisional
administrator Arne Meyer.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 25, 2005, 10:45 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  HOFMANN GMBH & CO. KOMMANDITGESELLSCHAFT
          Kockerellstr. 17, 52062 Aachen
          Contact:
          Volker Hofmann, Manager

          Arne Meyer, Insolvency Manager
          Viktoriastr. 73-75, 52066 Aachen
          Phone: 0241/949190
          Fax: 0241/9491919


KAMPS AG: Senior Unsecured Rating Lowered to 'BB-'
--------------------------------------------------
Fitch Ratings has downgraded German bakery company Kamps AG's
Senior Unsecured rating to 'BB-' from 'BB'.  Following the
downgrade, the Outlook is now Stable.

The downgrade reflects Fitch's concern that Kamps' cost-cutting
efforts may be substantially undermined by continued challenges
to its trading performance.  It also takes into account the
agency's view that financing plans for FY05 carry adverse
elements for senior unsecured creditors.

Fitch has met with the new management team put in place by
Kamps' parent, Barilla, and discussed the latest restructuring
plans announced in November 2004.  A positive impact on annual
EBITDA is targeted from FYE05, with over 70% of the benefits
deriving from improvements in the pre-packed bread unit's supply
chain.  The plan envisages measures that include factory
closures, logistics re-engineering, procurement as well as
further overhead reductions.  Since the group was acquired by
Barilla in July 2002 these measures had not been a priority as
the company's initial strategy focused mostly at driving revenue
growth.  This strategy has proven inadequate in the face of
current depressed consumer demand in Germany.

While the potential to finally reap the benefits of scale
achieved with past acquisitions continue to exist, the business
environment in Germany, to which Kamps is highly exposed,
remains difficult.  Fitch estimates that 40% of group sales are
generated via branded products sold to large retail chains or
other relatively higher-priced products distributed through the
group's retail chain operating under the Kamps fascia.  This
proportion of the group's sales is highly exposed to the
preference of local consumers for shopping in discount chains
and their reluctance to pay premium prices for branded products.
Additionally, Kamps remains exposed to competition from regional
manufacturers who are eager to do business with the major retail
chains.

Due to the acceleration of capital expenditure and restructuring
measures in FY05 and partly in FY06, cash absorption should be
significant, leading to an expected EUR80 million outflow in
FY05.  In September 2005 the EUR250 million 8.0% bond is also
due.  The company expects to cover its funding requirements with
new financing in the form of a receivables securitization (EUR70
million -- 80 million) and leasing for the construction of the
new Ludersdorf plant (some EUR70 million).  Secondly, the
maturity of the EUR75m vendor loan to sister company Finbakery
Nederland payable in 2008 will be brought forward to 2005 and
these monies will be allocated to repay the bond.  Finally, the
estimated EUR150 million shortfall will be covered by the sale
of EBITDA-generating non-core assets to the shareholders.
Overall, in FY05 Fitch estimates that FY03's net debt/EBITDA of
4.4x will deteriorate nearer to 5.0x.

These transactions support a re-launch of the company and will
alleviate refinancing risk on the bond.  They also testify to
the support that the shareholders are continuing to provide to
Kamps.  Nevertheless, the company is undergoing a gradual
shrinking of the size of its operations available as a cushion
to unsecured creditors.  In this regard, Kamps' plan to
securitise around over half of its EUR170 million trade
receivables at FYE03 will be adverse to the unsecured creditors'
interests although it reduces interest charges.  Also, EBITDA
continues to decrease, bringing by FYE04 the estimated
cumulative decline, due to difficult trading, to around EUR50m
since FY01.  Operations generating annual EBITDA of
approximately EUR30 million and previously consolidated with the
Harry's stake were divested in September 2003.  Further EBITDA
reduction will result from the previously mentioned sale of non-
core assets.

On the positive side, with a number of the senior management at
Kamps coming from Barilla, the majority shareholder continues to
be committed to supporting Kamps not only with financial
resources.  Kamps represents a cornerstone of the growth
strategies of Barilla in its main market of Europe and a
significant investment for the Barilla family.  Also, thanks to
Barilla's presence, borrowing costs for Kamps have reduced
significantly since July 2002.  The Stable Outlook incorporates
a degree of flexibility for some under-performance of the cost-
cutting plan at the current rating level.

CONTACT:  FITCH RATINGS
          Giulio Lombardi, London
          Phone: +44 (0) 207 417 6314

          Jonathan Pitkanen
          Phone: +44 (0) 20 7417 4201

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


MAACH HUSE: Creditors Have Until this Month to File Claims
----------------------------------------------------------
The district court of Schwerin opened bankruptcy proceedings
against Maach Huse GmbH on Nov. 16, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 24, 2004 to register their
claims with court-appointed provisional administrator Michael
Wilkens.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 24, 2005, 10:30 a.m. at the district court
of Schwerin, 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:  MAACH HUSE GMBH
          Contact:
          Wolfgang Becker, Manager
          Tannenweg 7, 23923 Selmsdorf

          Michael Wilkens, Insolvency Manager
          Elbchaussee 140, 22763 Hamburg


MANFRED PERSCHAU: Court Sets Creditors' Meeting January
-------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Manfred Perschau GmbH Blechbearbeitung und
Metallwaren on Nov. 18, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 15, 2005 to register their claims with
court-appointed provisional administrator Joachim Voigt.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 10, 2005, 9:10 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 verify the
claims set out in the administrator's report on April 11, 2005
at the same venue.

CONTACT:  MANFRED PERSCHAU GMBH,
          Schlesische Str. 26,10997 Berlin

          Joachim Voigt, Insolvency Manager
          Rankestrasse 33, 10789 Berlin


MG TECHNOLOGIES: Unit Wins EUR65 Mln Order from Australia, Iran
---------------------------------------------------------------
The Energy Technology division of GEA AG, a subsidiary of mg
technologies AG, has won two major contracts from Australia and
Iran to build aircooled condensation plants for power stations.
The two projects together are worth approximately EUR65 million.

This contract will enable GEA to extend its global market and
technology leadership in the construction of air-cooled
condensation plants.  GEA Energietechnik GmbH has been
commissioned by Siemens Ltd. Australia to build a cooling plant
for a new coal-fired power station in Kogan Creek, Australia.

The order is worth EUR34 million.  The power plant, which will
mainly supply the aluminum industry, will have an output of 750
megawatts and will come on stream in 2006.

In Iran, GEA Energietechnik GmbH is equipping the Kerman
combined cycle power plant with condensation plants for the
turbines' waste steam.  The customer is Iran Power Plant
Project Management Co. (MAPNA).  This contract, which has been
financed with the help of a Hermes export credit guarantee, is
worth EUR31 million and forms part of a comprehensive power
plant expansion program in Iran.  It is scheduled to come on
stream in 2006.

For both contracts GEA Energietechnik GmbH will be using the
latest heat-exchanger technology, which has been developed and
produced in Herne, northwestern Germany.

As a global technology leader, GEA Energietechnik GmbH combines
70 years of international experience in recooling technology
with high quality standards.

Mg technologies ag is an international technology group that
focuses on specialty mechanical engineering -- especially
process engineering and equipment -- and plant engineering.  The
company generated sales of roughly EUR4.1 billion - excluding
Dynamit Nobel and other discontinued operations - in 2003. At
June 30, 2004, it employed around 17,000 people and is one of
the world's market and technology leaders in 90 percent of its
businesses.

CONTACT:  MG TECHNOLOGIES AG
          Communications
          Phone: +49 (0)234 980 1081
          Fax: +49 (0)234 980 1087
          Web site: http://www.mg-technologies.com


SCHMIDTCHEN GMBH: Charlottenburg Court Confirms Bankruptcy
----------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Schmidtchen GmbH on Nov. 18, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 9, 2005 to
register their claims with court-appointed provisional
administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 9:45 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 verify the
claims set out in the administrator's report on April 6, 2005 at
the same venue.

CONTACT: SCHMIDTCHEN GMBH
         Buckower Damm 34,12349 Berlin

         Dr. Wolfgang Schroder, insolvency Manager
         Genthiner Str. 48, 10785 Berlin


TAUSEND GMBH: Gives Creditors Until March to File Claims
--------------------------------------------------------
The district court of Frankfurt opened bankruptcy proceedings
against Tausend GmbH, Entkernung on Nov. 15, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 2, 2005
to register their claims with court-appointed provisional
administrator Ulrik Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting on April 13, 2005, 9:00 a.m. at the district court
of Saal 1, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am
Main, statt, 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:  TAUSEND GMBH
          Abbruch, Intzestrasse 28-30, 60314
          Frankfurt am Main
          Ulrich Wittfoth, Manager

          Ulrike Hoge-Peters, Insolvency Manager
          Cronstettenstrasse 30, D-60322 Frankfurt am Main
          Phone: 069/9591100
          Fax: 069/959110-12


WT IMMOBILIEN: Succumbs to Bankruptcy
-------------------------------------
The district court of Frankfurt opened bankruptcy proceedings
against WT Immobilien- und Handelsgesellschaft mbH on Nov. 17,
2004.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Feb. 1,
2005 to register their claims with court-appointed provisional
administrator Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2005, 9:00 a.m. at the district court of
Frankfurt, Saal 1, Gebaude F, Klingerstrasse 20, 60313 Frankfurt
am Main, statt, 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:  WT IMMOBILIEN- UND HANDELSGESELLSCHAFT MBH,
          Schwarzwaldstrasse 112-114, 60528 Frankfurt am Main
          Contact:
          Marion Seibert, Manager

          Ulrike Hoge-Peters
          Cronstettenstrasse 30, D-60322
          Frankfurt am Main
          Phone: 069/9591100
          Fax: 069/959110-12


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


BANCA IFIS: Individual Rating Affirmed at 'C/D'
-----------------------------------------------
Fitch Ratings affirmed the ratings for Italy's Banca IFIS at
Long-term 'BB+', Short-term 'B', Individual 'C/D' and Support
'5'.  The Outlook remains Stable.

The Long-term, Short-term and Individual ratings reflect Banca
IFIS' relatively small size and its operations as a specialized
niche bank.  In addition, they are based on the bank's rapid
growth, good profitability to date, acceptable credit risk
management, but also the level of impaired loans.

The bank's profitability to date has been good with a return on
equity of 14.8% in the first three quarters of 2004.  Net
interest revenue and net commission income saw strong growth
during the first nine months of 2004 as business volumes
continued to rise.  The bank's asset quality remains acceptable.
At end-September 2004 net doubtful loans accounted for 2.7% of
net loans.  The bank is further strengthening credit risk
management systems, which are advanced and reflect its expertise
in factoring.  Loan loss provisioning to date has proved
adequate given reasonable levels of recoveries.  Concentration
risk has improved as IFIS has since late 2003 reduced the
concentration in its loan book from previously high levels.

Banca IFIS has been operating as a bank specialized in the
provision of factoring services since 1 January 2002.  Prior to
this it had operated as a non-bank financial institution since
1983.  The bank offers its services to clients in Italy and has
increased its international activity, which in most cases is
linked to the operations of Italian clients abroad, mainly in
Central and Eastern Europe.  Banca IFIS' head office is located
in Mestre in North-East Italy.  The bank operates through 10
branches in Italy and two representative offices abroad, in
Budapest and Bucharest.

CONTACT:  FITCH RATINGS
          Christian Scarafia, Milan
          Phone: +39 02 87 90 87 212

          Matthew Taylor, London
          Phone: +44 (0) 20 7417 4345

          Media Relations:
          Campbell McIlroy, London
          Phone: +44 20 7417 4327


BANCA LOMBARDA: 'B/C' Individual Rating Affirmed
------------------------------------------------
Fitch Ratings affirmed Italy-based Banca Lombarda e Piemontese's
ratings at Long-term 'A', Short-term 'F1', Individual 'B/C' and
Support '3'.  The Outlook remains Stable.

The Long-term, Short-term and Individual ratings reflect Banca
Lombarda's strong track record in generating stable, adequate
profits, its satisfactory asset quality despite the still weak
economic growth, and the strong franchise in its home market.
They also take into account Banca Lombarda's capital adequacy,
which, in Fitch's view, reaches only acceptable levels.

The bank's revenues have been achieved largely through volume
growth in customer loans, driven by residential mortgages and
the bank's strategy of targeting small businesses for lending,
as well as its focus on leasing, factoring and consumer lending,
where spreads are higher.  All its branch networks are adopting
best practices and improving their levels of efficiency, which
should help revenue generation and keep operating expenses under
control.

Despite the still fragile operating environment in the bank's
domestic core markets, Banca Lombarda's asset quality remains
satisfactory and is underpinned by its conservative approach to
lending and its strong track record in the recovery of impaired
loans.

Banca Lombarda's capitalization remains only acceptable, with a
Tier 1 ratio of 5.94% at end-June 2004, although there is room
to issue fresh capital as the bank's shareholders' meeting
authorized in 2003 a share issue of up to 45 million shares.

CONTACT:  FITCH RATINGS
          Francesca Vasciminno, Milan
          Phone: +39 02 87 90 87 225

          Christian Scarafia
          Phone: +39 02 87 90 87 212

          Media Relations:
          Campbell McIlroy, London
          Phone: +44 20 7417 4327


CIRIO FINANZIARIA: Lucio Tan Joins Del Monte Stake Bidding War
--------------------------------------------------------------
One of the Philippines' most powerful businessmen, Lucio Tan, is
among the final list of bidders for Cirio Finanziaria's stake in
Singapore-listed Del Monte Pacific, the Financial Times reports.

Mr. Tan, who already has interests in tobacco, airlines, banking
and alcohol, is planning to expand its food operations, and has
lodged a late bid for the stake.  The auction is to complete
this week.  The shortlist of bidders also includes rival
Philippines brewer San Miguel and Sumitomo of Japan.

The Lorenzo family in the Philippines, which owns 21% of Del
Monte, has a right to match any final offer that Cirio may
accept.  The Singapore government also owns about 10% of the
company.

People close to the process said Cirio's stake in Del Monte
Pacific could fetch US$150 million to US$250 million.  The
company's market capitalization is about US$425 million.  Its
turnover in 2003 was US$200 million.

Cirio has been selling assets under three commissioners,
including Mario Resca, the chairman of McDonald's in Italy, to
raise cash to pay creditors.  It defaulted in bonds late in
2002, after which it was found to have fraudulent books.  A sale
of the Del Monte stake will bring its restructuring almost to a
close.

The two financial advisers working on the sale are Italy's
EnVent and Calyon of France.

Cirio is famous for canned tomatoes around the world and for
canned fruit under the Del Monte name.

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

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


PARMALAT FINANZIARIA: Italian Banks to Face US$1 Bln Lawsuit
------------------------------------------------------------
Administrator Enrico Bondi is expected to file suits in the next
few days against 30-40 Italian banks he believed helped
perpetuate fraud at the group, according to the Financial Times

Mr. Bondi is seeking to recover more than EUR1 billion (US$1.3
billion) from the banks.  It is the first time he is going after
local banks, which arranged deals for the company.  His previous
lawsuits concerned only U.S. institutions such as Citigroup,
Bank of America, UBS and CSFB.

Mr. Bondi's team declined to comment, however, people close to
the legal process said they would mirror those already taken
against UBS, CSFB and Deutsche Bank.

The legal move will seek to unwind or "revoke" financings
arranged by the banks.  If successful it means the return of any
money gained by the institutions as a result of its business
with company up to one year before a bankruptcy under Italian
law.  The banks have denied wrongdoing.

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

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


===================
K Y R G Y Z S T A N
===================


APEKS AZIA: To Review Claims Next Year
--------------------------------------
Apeks Azia Silver, which recently declared insolvency, will
consider all proofs of claim on January 31, 2005 at Bishkek,
Panfilova Str. 183.

CONTACT:  APEKS AZIA SILVER
          Bishkek, Panfilova Str. 183


DIRECTION OF CONSTRUCTION COMPANIES: Declared Insolvent
-------------------------------------------------------
The Liquidation Commission has declared insolvency on the
Direction of Construction Companies under the Department of
Capital Construction Issyk-Kul Region State Administration.  The
company will review all proofs of claim on January 31, 2005 at
Karakol, Abdrahmanova Str. Room 105.

For more information, call (0-3922) 5-00-07.


IBRAYEVA MARIA: Under Bankruptcy Supervision
--------------------------------------------
The Bishkek Inter-District Court on Economic Issues commenced
bankruptcy supervision procedure on Ibrayeva Maria on October
21, 2004.  The case is docketed as 03-459/Y-04-c8.  Mr. Aitemir
Abjanbekov has been appointed temporary insolvency manager on
November 10, 2004.  Creditors will meet on December 22, 2004 at
10:00 a.m. at Bishkek, Moskovskaya Str. 151, Room 108.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.  For more
information, call (0-312) 21-67-25 or 64-25-81.


KOJO: Holds Creditors' Meeting This Week
----------------------------------------
The Arbitration Court of Issyk-Kul region has commenced
bankruptcy supervision procedure on Kojo.  The case is docketed
as M03-54/01-C3.  Mr. Erik Nurbekov has been appointed temporary
insolvency manager.  Creditors will meet on December 17, 2004 at
10:00 a.m. at Karakol, 50-Let Kirgizia Str. 77.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.  For more
information, call (0-3922) 2-08-71.


KYRGYZ AIR: Sets Deadline for Filing of Claims
----------------------------------------------
The Bishkek Inter-District Court on Economic Issues commenced
bankruptcy supervision procedure on LLC Kyrgyz Air on November
3, 2004.  The case is docketed as 03-473/Y-04c9.  Mr. Erkin
Sakiev has been appointed temporary insolvency manager on
November 29, 2004.

Creditors will meet on December 24, 2004, 10:00 a.m. at Bishkek,
Erkindik Avenue 31a.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.  For more
information, call (0-312) 66-54-66 or 62-67-87.


YSYK-ATA: Court Names Temporary Insolvency Manager
--------------------------------------------------
The Chui Inter-District Court on Economic Issues commenced
bankruptcy supervision procedure on Ysyk-Ata Aiyl Komok on
September 14, 2004.

The case is docketed as 4-03-152/M-2004-C3 CK.  Mr. Rahatbek
Duishembiev has been appointed temporary insolvency manager on
November 10, 2004.  Creditors will meet on December 24, 2004 at
1:00 p.m. at Kant, Dzerjinski Str. 78.

CONTACT:  Mr. Rahatbek Duishembiev
          Temporary Insolvency Manager
          Phone: (0-502) 32-72-54


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


KENDRION N.V.: Sells Rump Share for EUR0.90 Each
------------------------------------------------
Kendrion N.V. on Tuesday announces in connection with its 11 for
2 rights offering to existing shareholders of 62,500,000 new
ordinary shares (the Offer Shares) at an issue price of EUR0.80
per Offer Share, the pricing of the offering of 13,465,828 new
ordinary shares that were issuable upon exercise of the
preferential allocation rights (PARs), but not subscribed for
during the exercise period (the "Rump Offering").

The 13,465,828 new ordinary shares included in this Rump
Offering were sold through private placements at a price of
EUR0.90 per Rump Share.

Because the aggregate proceeds of the Rump Offering, after
deduction of selling expenses (including any applicable taxes),
exceed the aggregate Issue Price for such Rump Shares (the
Excess Amount), each holder of a PAR that was not exercised at
the end of the exercise period will be entitled to receive
EUR0.55 per unexercised PAR reflected in each such holder's
securities account.

Allotment of the Offer Shares is expected to take place Dec. 14.
Payment for and delivery of the Offer Shares is expected to take
place on 17 December 2004.

Profile Kendrion N.V.

Kendrion N.V. is an international company, which has
approximately 3,200 employees in 16 European countries.

Kendrion aims at niche market leadership in business to business
markets.  Kendrion develops high quality industrial components
and provides services in the field of plastic semi-manufactures
and fasteners.  Motivated local entrepreneurship, quality
management in the broadest sense and logistic expertise are
characteristic of Kendrion.

Kendrion stock is listed on the Euronext Amsterdam stock
exchange and included in the Euronext index NextPrime.

                            *   *   *

NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, AUSTRALIA OR
JAPAN

CONTACT:  KENDRION N.V.
          Postbus 931
          3700 AX Zeist Utrechtseweg 33
          3704 HA Zeist Nederland
          Phone: +31 30 6997250
          Fax: +31 30 6951165
          E-mail: info@kendrion.com
          Web site: http://www.kendrion.com


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


PABIA SA: Files for Bankruptcy Under PLN26 Mln Debts
----------------------------------------------------
A receiver has been called for clothing manufacturer Pabia in
central Poland, just-style.com reports.

The company met financial difficulties last year after venturing
into big investments, including the buyout of German clothing
trademark Hensel & Mortensen.  It incurred liabilities of PLN26
million, including bank debt of PLN13.5 million.  The firm's
assets are worth PLN32 million, according to the report.

Janusz Rau, company receiver, said he intends to keep the
company and its outlets open during the bankruptcy procedure.  A
third of its 296 workforce will be laid off.  The company will
be ultimately put on the market in six months at the latest.

Pabia was set up in 1946, and was privatized in 1992 by the
buyout of German entrepreneur Lothar Radomski.  It makes coats
and jackets, and runs a special scheme allowing clients to
select and combine garments.  Its production is divided into
three main sectors: sub-production for foreign manufacturers
(29%), home market production (23%) and exports of ready-to-wear
garments (48%).

CONTACT:  PABIA S.A.
          ul. Warszawska 44/50
          95-200 Pabianice
          Phone: +48 42 215-22-42
          Fax: +48 42 215-38-10
          Web site: http://www.pabia.com.pl/


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


AGRO-LIGA: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Agro-Liga.  The case is docketed as 13601/04-2 "B".  Mr. V.
Bushuev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 309504, Russia,
Belgorod region, Starooskolskiy region, Prom. Area Silikatnaya
2.  A hearing will take place on Feb. 21, 2005, 11:20 a.m.

CONTACT:  AGRO-LIGA
          Russia, Belgorod region,
          Starooskolskiy region, Gorodishe

          Mr. V. Bushuev
          Temporary Insolvency Manager
          309504, Russia, Belgorod region,
          Starooskolskiy region, Prom. Area Silikatnaya 2

          The Arbitration Court of Belgorod region
          308600, Russia, Belgorod, Narodnaya Str. 135


BUILDER: Bashkortostan Court Appoints Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy proceedings against Builder (TIN 027007430) after
finding the open joint stock company insolvent.  The case is
docketed as A-07-22777/04-G-ADM.  Mr. I. Irmikimov has been
appointed insolvency manager.  Creditors have until Jan. 12,
2005 to submit their proofs of claim to 453700, Russia,
Bashkortostan republic, Uchaly, Leninskogo Komsomola Str. 16.

CONTACT:  BUILDER
          Russia, Bashkortostan republic

          Mr. I. Irmikimov
          Insolvency Manager
          453700, Russia, Bashkortostan republic,
          Uchaly, Leninskogo Komsomola Str. 16
          Phone: (34791) 6-00-63


DEBESSKIY AGRO-COMBINE: Hires S. Matveev as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy proceedings against Debesskiy Agro-Combine after
finding the open joint stock company insolvent.  The case is
docketed as A71-39/2004-G26.  Mr. S. Matveev has been appointed
insolvency manager.

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

(a) Debesskiy Agro-Combine
    427000, Russia, Udmurtiya republic,
    Debesy, Andronova Str. 90

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

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


ENTERPRISE OF FOAM-CONCRETE: Declared Insolvent
-----------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
proceedings against Enterprise Of Foam-Concrete Goods after
finding the close joint stock company insolvent.  The case is
docketed as A67-1761/04.  Mr. G. Artyshuk has been appointed
insolvency manager.  Creditors have until Jan. 12, 2005 to
submit their proofs of claim to 636037, Russia, Tomsk, Seversk-
37, Post User Box 374.

CONTACT:  ENTERPRISE OF FOAM-CONCRETE GOODS
          636070, Russia, Tomsk region,
          ZATO Seversk, Transportnaya Str. 32

          Mr. G. Artyshuk
          Insolvency Manager
          636037, Russia, Tomsk,
          Seversk-37, Post User Box 374


KUMERTAUSKOYE REPAIR-BUILDING: Sets Deadline for Proofs of Claim
----------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy proceedings against Kumertauskoye Repair-Building
Cooperation after finding the open joint stock company
insolvent.  The case is docketed as A-07-5003/02-A-ADM.  Mr. A.
Skvortsov has been appointed insolvency manager.  Creditors have
until Jan. 12, 2005 to submit their proofs of claim to 453850,
Russia, Bashkortostan republic, Meleuz, Levonaberezhnaya Str.
13.

CONTACT:  KUMERTAUSKOYE REPAIR-BUILDING COOPERATION
          453350, Russia, Bashkortostan republic,
          Kumertau, Kalinina Str. 1a

          Mr. A. Skvortsov
          Insolvency Manager
          453850, Russia, Bashkortostan republic,
          Meleuz, Levonaberezhnaya Str. 13


ROMASHKINSKIY: Under Bankruptcy Supervision
-------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Romashkinskiy.  The case is docketed as A65-20241/2004-SG4-16.
Mr. A. Boltakov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 420029, Russia,
Tatarstan republic, Kazan, Post User Box 44.  A hearing will
take place at Russia, Kazan, Kreml, Building 1, Entrance 2 on
March 29, 2005, 10:00 a.m.

CONTACT:  ROMASHKINSKIY
          Russia, Tatarstan republic,
          Chistopolskiy region

          Mr. A. Boltakov
          Temporary Insolvency Manager
          420029, Russia, Tatarstan republic,
          Kazan, Post User Box 44


STROY-CONSTRUCTION: Court Hearing Resumes April
-----------------------------------------------
The Arbitration Court of Mariy El republic has commenced
bankruptcy supervision procedure on open joint stock company
Stroy-Construction.  The case is docketed as A-38-1306-9/84-
2004.  Mr. V. Yakovlev has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to:

(a) Stroy-Construction
    424007, Russia, Mariy El republic,
    Yoshkar-Ola, Mashinostroiteley Str. 109

(b) Temporary Insolvency Manager
    420000, Russia, Mariy El republic,
    Yoshkar-Ola, Main Post Office, Post User Box 67

(c) The Arbitration Court Of Mariy El Republic
    424002, Russia, Yoshkar-Ola, Leninskiy Pr. 40

A hearing will take place on April 7, 2005.


TRADE INVEST: Declared Insolvent
--------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
proceedings against Trade Invest after finding the close joint
stock company insolvent.  The case is docketed as A41-K2-
18850/04.  Mr. V. Larkin has been appointed insolvency manager.
Creditors may submit their proofs of claim to Russia, Moscow
region, Korolyev, Tsiolkovskogo Str. 14/16, Room VI.

CONTACT:  TRADE INVEST
          Russia, Moscow region, Korolyev,
          Tsiolkovskogo Str. 14/16, Room VI

          Mr. V. Larkin
          Insolvency Manager
          Russia, Moscow region, Korolyev,
          Tsiolkovskogo Str. 14/16, room VI


YUKOS OIL: Files Bankruptcy in U.S.; Seeks to Stop Unit's Sale
--------------------------------------------------------------
Yukos Oil Company on Wednesday filed a voluntary petition for
reorganization under Chapter 11 of Title 11 of the United States
Bankruptcy Code.  The existing management continues to operate
the business and manage its properties as debtor-in-possession.
The Company also asked the Court for an Emergency hearing on a
Motion for a Temporary Restraining Order and for a Preliminary
Injunction to halt the planned December 19th auction of its core
asset, Yuganskneftegaz and to compel the Russian Federation to
arbitrate the Company's claims for the billions of dollars in
damages.

Yukos was forced into reorganization because Russian authorities
are proceeding with the sale of the Company's largest unit,
Yuganskneftegaz, which accounts for roughly 60% of the Company's
oil production.  If allowed, the sale of Yuganskneftegaz will
cause the Company to suffer immediate and irreparable harm.  In
addition, Yukos Oil Company's bank accounts and other assets
have been frozen by Russian authorities as part an unprecedented
campaign of illegal, discriminatory, and disproportionate tax
claims escalating into raids and confiscations, culminating in
intimidation and arrests.  These actions have severely damaged
Yukos and the company's ability to conduct normal business
operations.

The company made the filing in the United States Bankruptcy
Court for the Southern District of Texas, Houston Division.
U.S. Bankruptcy law has worldwide jurisdiction over property of
the debtor and the Company is seeking a judiciary that will
protect the value of all shareholder's investment in Yukos.
Houston is a major international oil and gas center.  Yukos has
assets and business dealings in the area.  In addition, the
Company's Chief Financial Officer is currently fulfilling his
management responsibilities from Houston.

Yukos is asking the Court for a Temporary Restraining Order
halting the planned Sunday auction of Yuganskneftegaz by Russian
authorities.  The order seeks to prevent the Russian Government,
the auction bidders and financiers from participating in the
sale process of purchasing, attempting to purchase, facilitating
the purchase, financing or encumbering the property of Yukos.

"The management of Yukos has worked tirelessly and in good faith
over the past year to establish a dialogue with the Russian
authorities in an attempt to work out a compromise that would
have prevented [Wednes]day's reorganization filing.  We have
submitted more than 70 settlement offers and publicly stated
that reorganization was a distinct possibility if a reasonable
resolution was not reached.  It is regrettable that we did not
receive one substantive response," said Yukos Chief Executive
Officer Steven Theede.  "The steps we took [Wednes]day were done
as a last resort to preserve the rights of our shareholders,
employees and customers.  Unfortunately, we believe it was the
only resort left for us."

"The selective and retroactive application of tax law by Russian
authorities is improper under Russian and international law and
has directly resulted in the loss of approximately US$38 billion
in market value for our investors.  The actions by the Russian
authorities appear to be expropriation =- 21st century style,"
said Mr. Theede.

The Russian authorities have pursued an unprecedented campaign
against Yukos by asserting tax claims (in excess of 100% in 2001
and 2002 and 80% in 2003 of the company's annual consolidated
gross revenues -- not net income, consolidated gross revenues)
that are not consistent with Russian tax policy or the rule of
law.  As a result of these obviously exorbitant claims, the
Company believed it has no other choice but to seek
reorganization protection while pursuing its damage claims.

"Yukos worked and fought hard to become the most transparent and
successful company in Russia, as well as one of the most
efficient and successful oil and gas companies in the world.  In
many ways it became the poster child for business reform in
Russia.  On behalf of our 100,000 employees, shareholders and
customers, management is committed to do everything in its power
to maintaining our position as leader in the world energy
markets and an example of the spirit and accomplishments of the
Russian people," said Mr. Theede.

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

          London
          Claire Davidson
          Phone: +44 7767 351 433
          E-mail: cdavidson@policypartnership.com

          United States
          Mike Lake/Richard Mintz
          Phone: (214) 224-8401
          E-mail: mike_lake@dal.bm.com
          E-mail: richard_mintz@was.bm.com


YUKOS OIL: Company Profile
--------------------------
NAME: Yukos Oil Company

COMPANY LOCATION: 31a, Dubininskaya Str.
                  Moscow 115054, Russia
                  Phone: + 7 095 232 31 61
                  Fax: + 7 095 232 31 60
                  E-mail: info@yukos.ru

                  International Information Department
                  Phone: + 7 095 540 63 13
                  Fax: + 7 095 748 18 33 (New)
                  Contact:
                  Hugo Erikssen, Director
                  E-mail: inter@yukos.ru

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

TYPE OF BUSINESS:  YUKOS Oil Company is one of Russia's publicly
traded fully integrated petroleum companies and a leader in
production, refining, light product yield, and market
capitalization growth in Russia.  Its principal production
assets are located in the Khanty-Mansiysk Autonomous District
and Tomsk Region of Western Siberia and the Samara Region along
the Volga River in European Russia.

Recent acquisitions have expanded the Company's reach into
Eastern Siberia and the Yamal Nenetsk Autonomous District in
Russia's Far North. Yukos has five principal refineries in
Russia, ranging geographically from the Samara Region in the
west to Angarsk near Lake Baikal in Eastern Siberia, as well as
being the majority owner and operator of the largest refinery in
the Baltic States, in Mazeikiai, Lithuania.  Yukos also runs
eighteen distribution companies and more than 1,100 filling
stations under the Yukos brand name.

Its shares are publicly traded on the Russian Trading System
(RTS) and Moscow Interbank Currency Exchange (MICEX).  Its Level
1 ADRs are traded OTC in the U.S.A. and on these international
platforms: Frankfurt, Munich, Stuttgart and Berlin Stock
Exchanges, London Stock Exchange International Order Book.

EXECUTIVES:      Board of Directors Committees 2004-2005

                   Viktor Vladimirovich Gerashchenko
                   Chairman of the Board of Directors

(a) Audit Committee:

    Jacques Kosciusko-Morizet, Chairman
    Edgar Ortiz, Member
    Alexei Emilevich Kontorovich, Member

(b) Corporate Governance and Nominating Committee:

    Sarah Carey, Chairman
    Bernard Loze, Member
    Yuri Petrovich Pokholkov, Member
    Yuri Alexandrovich Golubev, Member

(c) Strategy Committee:

    Alexei Emilevich Kontorovich, Chairman
    Viktor Vladimirovich Gerashchenko, Member
    Edgar Ortiz, Member
    Yuri Alexandrovich Golubev, Member

(d) Compensation Committee:

    Raj Kumar Gupta, Chairman
    Viktor Vladimirovich Gerashchenko, Member
    Jacques Kosciusko-Morizet, Member

(e) Finance Committee

    Michel Soublin, Chairman
    Bernard Loze, Member
    Francois Claude Buclez, Member

                             Management Board

                  Steven Theede, Chief Executive Officer

(a) Exploration and Production
    Yuri Beilin
    Deputy CEO Yukos Oil Company
    President, Yukos EP


(b) Refining and Mining
    Peter Zolotarev
    Acting President
    Yukos RM

(c) Government Relations
    Alexander Temerko
    Senior Vice President
    Yukos-Moscow

(d) Finance
    Bruce Misamore
    Chief Financial Officer
    Yukos Oil Company

(e) Business Support
    Mikhail Trushin
    First Vice President
    Yukos-Moscow

INVESTOR RELATIONS:  Alexandre Gladyshev, Head of Investor
Relations
                     Phone: + 7 095 788 00 33
                     E-mail: investors@yukos.ru


NUMBER OF EMPLOYEES: 100,000

TOTAL ASSETS: US$18,514 million (as of Sept. 30, 2004)

TOTAL LIABILITIES: US$8,030 million (as of Sept. 30, 2004)

TOTAL SHAREHOLDERS' EQUITY: US$10,134 million (as of Sept. 30,
2004)

Sales and Other Operating Revenues: US$4,476 million
(including excise tax)              (Three months ended Sept.
30, 2003)

To see latest financial statement:
http://bankrupt.com/misc/q3_2003_YUKOS.pdf

CAPITAL STRUCTURE:

ADR Holders                                     - 12.8%
Shares available to back UBS exchangeable bonds -  2.5%
Other individual and institutional shareholders - 10.6%
Veteran Petroleum Trust                         - 10.0%
Treasury shares                                 -  3.6%
Group Menatep                                   - 60.5%

RATINGS:  Moody's (November)
          Senior implied rating - Caa2
          Senior unsecured issuer rating - Caa3

THE TROUBLE: Yukos has back tax liabilities totaling US$24
billion for 2000-2003.  The government is selling its main
production unit, Yuganskneftegaz, by the end of the week at a
fire-sale price of US$8.8 billion to pay the debts.  The company
warned that the sale will do it immediate and irreparable harm.
Yuganskneftegaz produces more than 60% of its oil output.

INDEPENDENT ACCOUNTANT:  ZAO PRICEWATERHOUSECOOPERS AUDIT
                         Kosmodamianskaya Nab. 52 Bld. 5
                         115054 Moscow
                         Russia
                         Phone: +7(095) 967 6000
                         Fax: +7(095)9676001


YUKOS OIL: Khodorkovsky's Shares Attract Buyout Offer
-----------------------------------------------------
British investors have declared their intention to help Yukos
Oil solve its back tax debts that threaten to force it into
bankruptcy.

A report from Prime Tass says George Miller, head of British-
based International Waste Management Systems, sent a letter to
Yukos Board Chairman Viktor Gerashchenko regarding the proposal.
Under it, investors plan to buy Yukos shares from its jailed
founder Mikhail Khodorkovsky and partners, and provide funds to
settle its tax debt.

The letter says the investors would like to start consultations
with Yukos representatives to ascertain the amount of debts and
consider other technical problems.  Yukos' tax debt for 2000-
2003 is now estimated to exceed RUB757 billion.

The investors consider the sale of Yuganskneftegaz a great loss
for the firm.  The unit is to be offered for auction on Dec. 19
at a starting price of US$9 billion.  The final selling price is
unlikely to cover all of Yukos' back taxes and analysts predict
further asset sales next year, according to MosNews.

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

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

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


YUKOS OIL: Menatep Pledges Fierce Battle to Block Unit's Auction
----------------------------------------------------------------
Yukos Oil's main shareholder, Group Menatep, has threatened to
sue buyers and main participants in the auction of its main
subsidiary Yuganskneftegaz, according to the Financial Times.

Tim Osborne, director at Menatep said: "Anybody who assists in
the acquisition -- the expropriation -- of Yuganskneftegaz is as
much a party as the purchaser itself.  I find it very difficult
to envisage a situation where we will not sue.  We can't just
sit and watch the core asset of Yukos expropriated and take no
action."

The government is selling the unit by the end of the week at a
starting price of US$8.8 billion, well below banker's valuation
of the asset.  Proceeds of the sale will be used to cover Yukos'
US$24 billion back tax debts.

The unit, which accounts for more than 60% of Yukos' oil
production, has attracted three interests, including that from a
unit of state-owned gas giant Gazprom.  The other interested
parties are First Venture Company (Pervaya Venchurnaya
Kompaniya), and Interkom, a closed stock company, whose
ownership is unclear.  It is thought three bids are required for
an auction to be declared legitimate.

Gazpromneft is expected to get help from a syndicate of global
investment banks comprising Deutsche Bank, ABN Amro, BNP
Paribas, Calyon, Dresdner Kleinwort Wasserstein and JP Morgan.
The banks are poised to lend Gazprom US$13.2 billion to finance
a bid.  Deutsche Bank is also acting as a strategic adviser to
Gazprom.  It downplayed Menatep's threat.

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

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

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


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


BRIO AB: Toy Maker Ousts Head in Middle of Buying Season
--------------------------------------------------------
Brio AB, the world's largest maker of wooden toys, has ousted
its chief executive Tomas Persson, as it revises forecast for
next year, the Financial Times reports.

The company is withdrawing its promise to report "significant
positive result in 2005" as it copes with changing consumption
patters in the U.S. and struggle with tighter price competition.
Its brand, which is considered one of the strongest and the best
in the industry, have been left out for less expensive ones.
Its main distribution channels -- the independent toy retailers
-- have been replaced by general chains such as Wal-Mart.

Daniel Sachs, chairman, said: "Brio is entering a new phase with
a distinct focus on product development under the Brio brand.
The board of Brio [was] of the opinion that a change in
management was necessary."

Mr. Persson failed to bring the group to steady profitability as
chief executive for five years.  The company is replacing him
with Thomas Brautigam, who will take over in June.  Board member
Ake Fredriksson will be acting as chief executive in the
meantime.

Brio's troubles highlight that of other traditional toy
manufacturers, such as Denmark's Lego.  The company's chief
executive, Kjeld Kirk Kristiansen, stepped down in October after
forecasting the biggest annual loss in its 72-year history.

CONTACT:  BRIO AB
          Web site: http://www.brio.se/eng/


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


BUILDING PRODUCTION: Court Names Insolvency Manager
---------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Building Production (code EDRPOU 30408624)
on October 28, 2004 after finding the limited liability company
insolvent.  The case is docketed as 7/103-04.  Mr. Oleksandr
Malyovanij (License Number AA 250426) has been appointed
liquidator/insolvency manager.

CONTACT:  SUBSIDIARY ENTERPRISE BUILDING PRODUCTION
          Ukraine, Sumi region,
          Harkivska Str. 122

          Mr. Oleksandr Malyovanij
          Liquidator/Insolvency Manager
          40030, Ukraine, Sumi region,
          Kirov Str. 25, 4th floor
          Phone: (0542) 34-51-70

          ECONOMIC COURT OF SUMI REGION
          40477, Ukraine, Sumi region,
          Ribalko Str. 2


MARTOVA: Insolvency Manager Takes over Helm
-------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against LLC Martova (code EDRPOU 00850738) on
November 11, 2004 after finding the limited liability company
insolvent.  The case is docketed as B-25/59-04.  Arbitral
manager Mr. V. Zarivajkoko (License Number AA 668332) has been
appointed liquidator/insolvency manager.

CONTACT:  Mr. V. Zarivajkoko
          Liquidator/Insolvency Manager
          61002, Ukraine, Harkiv region,
          Petrovskij Str. 6/8-15
          Phone: (057) 700-55-97

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


POPASNYANSKIJ FOOD: Proofs of Claim Deadline Weekend
----------------------------------------------------
The Economic Court of Lugansk region has commenced bankruptcy
supervision procedure on JSCCT Popasnyanskij Plant of Food
Products (code EDRPOU 00377420).  The case is docketed as 22/98
b.  Arbitral manager Mr. Mariya Sidorenko (License Number AA
783072) has been appointed temporary insolvency manager.

Creditors have until December 18, 2004 to submit their proofs of
claim to:

(a) POPASNYANSKIJ PLANT OF FOOD PRODUCTS
    93300, Ukraine, Lugansk region,
    Popasna, Tsialkovskij Str. 7

(b) Mr. Mariya Sidorenko
    Temporary Insolvency Manager
    91000, Ukraine, Lugansk region,
    Chernigivska Str. 12

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


SHPIKIVSKIJ SUGAR: Deadline for Proofs of Claim Nears
-----------------------------------------------------
The Economic Court of Vinnitsya region has commenced bankruptcy
supervision procedure on OJSC Shpikivskij Sugar Plant.  The case
is docketed as 5/505-04.  Mr. S. Mayakovskij (License Number AA
250369) has been appointed temporary insolvency manager.  The
company holds account number 2600218130011 at JSCB Praveksbank,
Vinnitsya branch, MFO 302247.

Creditors have until December 18, 2004 to submit their proofs of
claim to:

(a) SHPIKIVSKIJ SUGAR PLANT
    23614, Ukraine, Vinnitsya region,
    Tulchinskij district,
    Shpikiv, Shevchenko Str. 14

(b) Mr. S. Mayakovskij
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Yunosti Avenue, 11/117

(c) ECONOMIC COURT OF VINNITSYA REGION
    21000, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


TEHBUDSKLO: Court Orders Debt Moratorium
----------------------------------------
The Economic Court of Donetsk region has commenced bankruptcy
supervision procedure on State Enterprise Tehbudsklo (code
EDRPOU 311106177) on October 11, 2004 and ordered a six-month
moratorium on satisfaction of creditors' claims.  The case is
docketed as 15/180 B.  Arbitral manager Mr. Illya Maksimov
(License Number AA 668258) has been appointed temporary
insolvency manager.  The company holds account number
26000318051001, 26001318051011 at CB Privatbank, Kostyantinivka
branch, MFO 335169.

Creditors have until December 18, 2004 to submit their proofs of
claim to:

(a) TEHBUDSKLO
    85104, Ukraine, Donetsk region,
    Kostyantinivka, Shmidt Str. 20

(b) Mr. Illya Maksimov
    Temporary Insolvency Manager
    84317, Ukraine, Donetsk region,
    Kramatorsk, Habarovska Str. 163

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


UKRINVEST: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Ukrinvest (code EDRPOU 30633057).
The case is docketed as 46/276-b.  Arbitral manager Mr. S.
Zagorodnij (License Number AA 520104) has been appointed
temporary insolvency manager.  The company holds account number
260050022007 at JSPPB Aval, Kyiv region central branch, MFO
322904.

CONTACT:  UKRINVEST
          03127, Ukraine, Kyiv region,
          Dubinin Str. 6

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


UROZHAJ: Declared Insolvent
---------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
proceedings against Agricultural LLC Urozhaj (code EDRPOU
03788098) on November 5, 2004 after finding the limited
liability company insolvent.  Mr. Poberezhnij Volodimir (License
Number AA 668306) has been appointed liquidator/insolvency
manager.  The company holds account number 260071830 at JSPPB
Aval, Hmelnitskij regional branch, MFO 315966.

Creditors have until December 18, 2004 to submit their proofs of
claim to:

(a) UROZHAJ
    32200, Ukraine, Hmelnitskij region,
    Derazhnyanskij district, Novosilka

(b) Mr. Poberezhnij Volodimir
    Liquidator/Insolvency Manager
    Ukraine, Hmelnitskij region,
    Starokosyantinivske Shose, 22/64

(c) ECONOMIC COURT OF HMELNITSKIJ REGION
    29000, Ukraine, Hmelnitskij region,
    Nezalezhnosti Square, 1


VOLNOVASKA: Succumbs to Insolvency
----------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against LLC Agrofirm Volnovaska (code EDRPOU
30355206) on October 14, 2004 after finding the limited
liability company insolvent.  The case is docketed as 42/63 B.
Mr. Vyacheslav Mironenko (License Number AA 520157) has been
appointed liquidator/insolvency manager.

Creditors have until December 18, 2004 to submit their proofs of
claim to:

(a) VOLNOVASKA
    85733, Ukraine, Donetsk region,
    Novotroitske, Lenin Str. 271

(b) Mr. Vyacheslav Mironenko
    Liquidator/Insolvency Manager
    83048, Ukraine, Donetsk region,
    Artema Str. 27
    Phone: (062) 345-11-40 345-67-52

(c) 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
===========================


ACCOUNTANCY CORPORATE: Members Decide to Call in Liquidators
------------------------------------------------------------
At the meeting of the members of Accountancy Corporate Training
Limited, the extraordinary and ordinary resolutions to wind up
the company were passed.  John Kelmanson and Elias Paourou have
been appointed joint liquidators of the company.


BEACON GROUNDWORKS: Falls into Liquidation
------------------------------------------
At the extraordinary general meeting of the members of Beacon
Groundworks Limited on Dec. 1, 2004 held at 111 Hagley Road,
Edgbaston, Birmingham B16 8LB, the extraordinary and ordinary
resolutions to wind up the company were passed.  Andrew W.
Thompson and Jeremy C. Frost have been appointed joint
liquidators of the company.


BRICKLEAF LIMITED: Owners Opt for Liquidation
---------------------------------------------
At the extraordinary general meeting of the Brickleaf Limited
On Nov. 29, 2004 held at The Cavalry and Guards Club, 127
Piccadilly, London W1J 7PX, the subjoined special resolution to
wind up the company was passed.  Malcolm Cohen of BDO Stoy
Hayward LLP, 8 Baker Street, London W1U 3LL has been appointed
liquidator of the company.

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


CANTFIELD CHARTER: Appoints B & C Associates Liquidator
-------------------------------------------------------
At the extraordinary general meeting of the members of Cantfield
Charter Limited on Dec. 7, 2004 held at Trafalgar House,
Grenville Place, London NW7 3SA, the extraordinary resolution to
wind up the company was passed.  Jeffrey Brenner of B & C
Associates, Trafalgar House, Grenville Place, Mill Hill, London
NW7 3SA has been appointed liquidator of the company.

CONTACT:  B & C ASSOCIATES
          Trafalgar House, Grenville Place,
          Mill Hill, London NW7 3SA


CASTLE WRIGHT: Hires Liquidator from Numerica
---------------------------------------------
Name of companies:
Castle Wright Holdings Ltd
J D Wright Property Maintenance Ltd

At the extraordinary general meetings of these companies on Dec.
3, 2004 held at Pallant House, Chichester, the special, ordinary
and extraordinary resolutions to wind up the companies were
passed.  Colin Ian Vickers of Numerica, 4th Floor, Southfield
House, 11 Liverpool Gardens, Worthing, West Sussex BN11 1RY has
been appointed liquidator of the company.

CONTACT:  NUMERICA
          4th Floor, Southfield House,
          11 Liverpool Gardens, Worthing, West Sussex
          Phone: 01903 222500
          Fax:   01903 207009
          Web site: http://www.numerica.biz


CENSURA CONSTRUCTION: Appoints Maidment Judd Liquidator
-------------------------------------------------------
At the extraordinary general meeting of Censura Construction
Solutions Limited on Dec. 7, 2004 held at 60-62 High Street,
Harpenden, Hertfordshire AL5 2SP, the extraordinary resolution
to wind up the company was passed.  Anthony David Kent of
Maidment Judd, 60-62 High Street, Harpenden, Hertfordshire AL5
2SP has been appointed liquidator of the company.

CONTACT:  MAIDMENT JUDD
          60-62 High Street, Harpenden,
          Hertfordshire AL5 2SP
          Toll Free No: 0800 068 7154
          Phone: +44 (0) 1582 469 700
          Fax:   +44 (0) 1582 460 674
          Web site: http://www.maidmentjudd.com


COLT TELECOM: Redeems GBP50 Million Senior Notes Early
------------------------------------------------------
Colt Telecom Group Plc (NASDAQ:COLT), a leading pan-European
provider of business communications solutions and services,
announced on Dec. 14 it has redeemed all of the outstanding
GBP50 million 10.125% Senior Notes due 2007 and the DM150
million 8.875% Senior Notes due 2007.  The redemptions will be
at the principal amount of the Notes plus accrued interest and
will be funded out of Colt's cash and liquid resources.  The
aggregate amount payable will be approximately GBP81.7 million.
The redemptions will take place on 21 January 2005.

Colt's Chief Financial Officer, Marina Wyatt said: "The early
redemption of these Notes reflects the Board's confidence in the
financial strength of Colt.  Cash flow has improved in 2004 and
we expect to be free cash flow positive on a sustainable basis
during 2005.  The early redemption of these Notes will save
approximately GBP14.1 million of net interest over the next
three years."

The early redemption of these Notes follows the early redemption
of GBP324 million of Notes on 19 October 2004.

About Colt

Colt Telecom Group plc is a leading pan-European provider of
business communications services.  COLT has over 19,000 network
services and data centre solutions customers.  The company owns
an integrated 20,000-kilometer network that directly connects 32
major cities in 13 countries augmented with a further 42 points
of presence across Europe and 11 Data Solution Centres.  COLT
supplies customers across the full spectrum of industry, service
and government sectors with unrivalled end-to-end network
security, reliability and service.

Colt Telecom Group plc is listed on the London Stock Exchange
(CTM.L) and NASDAQ (COLT).  Information about Colt and its
products and services can be found at http://www.colt.net.

                            *   *   *

Standard & Poor's Ratings Services said in July its ratings and
outlook on Colt Telecom Group PLC (B-/Stable/--) were unaffected
by the company's adverse trading update.

COLT reiterated that market conditions continued to be
challenging and that its margins are now under pressure, as a
result of the disappointing growth of higher margin products.
EBITDA for 2003 was GBP163.4 million (US$298.4 million) with a
margin of 14%.

At its second-quarter results, Colt reported turnover of
GBP301.2 million, up 8% on a constant currency basis; gross
margin before depreciation of 31.9%; EBITDA up 1% to GBP38.3
million; loss of GBP26.3 million, down 24% from GBP34.5 million;
and positive free cash flow of GBP4.5 million its second
consecutive quarter of positive free cash flow; strong financial
position with cash and liquid resources of GBP794.0 million; and
Significant new contract wins with SunGard, lastminute.com and
EDS.

CONTACT:  COLT TELECOM
          John Doherty
          Director Corporate Communications
          Phone: +44 20 7390 3681
          E-mail: jdoherty@colt-telecom.com

          Gill Maclean
          Head of Corporate Communications
          Phone: +44 20 7863 5314
          E-mail: gill.maclean@colt-telecom.com


COLT TELECOM: Adds John Remondi to Board of Directors
-----------------------------------------------------
Colt Telecom Group plc a leading pan-European provider of
business communications solutions and services, announced on
Dec. 14, 2004 changes in the composition of its Board of
Directors with the appointment of John Remondi and the
resignation of Steve Akin, Jim Curvey and Paul Chisholm.

Mr. Remondi is Senior Vice President and Managing Director of
FMR Corp.  He has held a number of senior positions in the
Fidelity organization including President of Fidelity Management
LLC, Managing Director of Fidelity Ventures and Chief Financial
Officer of FMR Corp.  He is also a Director of Asia Telecom
Group, L.P. (KVH); MetroRED Telecom Group Ltd; The Strober
Organisation, Inc.; W.R. Hambrecht & Co and Geerlings & Wade
Inc.

There are no matters in connection with this appointment to be
disclosed under paragraph 6.F.2 (b) to (g) of the Listing Rules
of the U.K. Listing Authority.

Commenting on these changes COLT Chairman Barry Bateman said:
"John Remondi's wide business experience will be invaluable as
we continue to develop and transform Colt.  I look forward to
working with him as we once again position Colt as an innovating
force in the European telecommunications market.

"Having completed the hand over of responsibilities former CEO
Steve Akin has, as planned, resigned from the Board to devote
all his energies to his new role at Fidelity in Boston.

"Jim Curvey and Paul Chisholm have been mainstays of Colt since
its creation in 1992 and after 12 years with the company have
decided the time is now right for them to step down from the
Board.

"On behalf of the Board I wish to express my thanks to Steve,
Jim and Paul for the contribution thy have made to Colt's
success over the years."

About Colt

Colt Telecom Group plc is a leading pan-European provider of
business communications services.  Colt has over 19,000 network
services and data center solutions customers.  The company owns
an integrated 20,000-kilometer network that directly connects 32
major cities in 13 countries augmented with a further 42 points
of presence across Europe and 11 Data Solution Centres.  COLT
supplies customers across the full spectrum of industry, service
and government sectors with unrivalled end-to-end network
security, reliability and service.

Colt Telecom Group plc is listed on the London Stock Exchange
(CTM.L) and (Nasdaq:COLT).  Information about COLT and its
products and services can be found at http://www.colt.net.

CONTACT:  COLT TELECOM
          John Doherty
          Director Corporate Communications
          Phone: +44 20 7390 3681
          E-mail: jdoherty@colt-telecom.com

          Gill Maclean
          Head of Corporate Communications
          Phone: +44 20 7863 5314
          E-mail: gill.maclean@colt-telecom.com


COMPETITIVE MEDIA: Wilkins Kennedy Liquidator Takes over Helm
-------------------------------------------------------------
At the extraordinary general meeting of the members of
Competitive Media Limited on Dec. 2, 2004 held at Bridge House,
London Bridge, London SE1 9QR, the extraordinary and ordinary
resolutions to wind up the company were passed.  Keith Aleric
Stevens of Wilkins Kennedy, Gladstone House, 77-79 High Street,
Egham, Surrey TW20 9HY 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


COMPLETE INTERIOR: Appoints Barringtons Liquidator
--------------------------------------------------
At the extraordinary general meeting of Complete Interior
Services Limited on Dec. 2, 2004 held at Barringtons (Newcastle)
Limited, Richmond House, 570-572 Etruria Road, Basford,
Newcastle-under-Lyme, Staffordshire ST5 0SU, the extraordinary
and ordinary resolutions to wind up the company were passed.
Philip Barrington Wood of Barringtons (Newcastle) Limited,
Richmond House, 570-572 Etruria Road, Basford, Newcastle-under-
Lyme, Staffordshire ST5 0SU has been appointed liquidator of the
company.

CONTACT:  BARRINGTONS (NEWCASTLE) LIMITED
          Richmond House, 570-572 Etruria Road, Basford,
          Newcastle-under-Lyme, Staffordshire ST5 0SU
          Phone: 01782 713700
          E-mail: ncadmin@barraccount.co.uk
          Web site: http://www.barraccount.co.uk


CORUS GROUP: Rebel Shareholder Cuts Stake to 1.5%
-------------------------------------------------
Russian metals magnate Alisher Usmanov encashed most of his
shares in Corus Thursday, a move welcomed by senior executives
at the Anglo-Dutch steelmaker.

The rebel investor reduced his 13.4% stake to less than 1.5% in
a complex derivatives contract that gained him more than GBP150
million (EUR217 million), according to the Financial Times.

Gallagher, its London-based investment vehicle, sold a total of
530 million shares through a forward-selling contract with CSFB.
Mr. Usmanov is free to collect the cash for his shares and is no
longer considered the owner, but he could theoretically buy them
back under the terms of the contract in a year's time.  Many,
however, see the move as an exit strategy, which means Mr.
Usmanov is unlikely to buy the shares back.

Corus executives welcomed the move, especially because Mr.
Usmanov had recently campaigned vigorously for a change in
strategy at the company.  He had pushed for the replacement of
chairman Jim Leng to help the company get back to its feet.

Corus lost more than GBP2 billion after its formation in 1999
from the merger of British Steel and Hoogovens of the
Netherlands.  Gallagher Holdings believes now is the right time
to dispose of the shares given the rapid rise in steel share
prices in the past year and his view that the steel market may
falter in 2005.

"All the good news for Corus is already in its share price,"
Gallagher said.  "Mr. Usmanov thinks the steel sector is at or
near the top of the cycle."  Many steel experts agree that the
industry is slowing, but Mike Locker, president of Locker
Associates, a New York steel consultancy, said: "In my view, the
sector is going to stay profitable for at least a couple of
years."

CONTACT:  Corus Group plc (London: CS)
          30 Millbank
          London SW1P 4WY, United Kingdom
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com


DARBYSHIRE COLOURS: Joint Liquidators from Thompson Move in
-----------------------------------------------------------
At the extraordinary general meeting of the members of the
Darbyshire Colours Limited on Dec. 6, 2004 held at The Old
Halsall Arms, 2 Summerwood Lane, Halsall, Lancashire L39 8RJ,
the extraordinary and ordinary resolutions to wind up the
company were passed.  Andrew W. Thompson and Daniel P. Hennessy
of The Thompson Partnership, The Old Halsall Arms, 2 Summerwood
Lane, Halsall, Lancashire L39 8RJ have been appointed joint
liquidators of the company.

CONTACT:  THE THOMPSON PARTNERSHIP
          The Old Halsall Arms, 2 Summerwood Lane,
          Halsall, Lancashire L39 8RJ


DIGITAL WORKSHOP: Hires Joint Administrators from Stoy Hayward
--------------------------------------------------------------
Martha H. Thompson and Anthony Nygate (IP Nos 8678/01, 9237)
have been appointed joint administrators for Digital Workshop
(Group) Limited.  The appointment was made Dec. 6, 2004.  The
company supplies and manufactures computer supplies.

CONTACT:  BDO STOY HAYWARD LLP
          Kings Wharf, 20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


DTV COMMERCIALS: Names Cooper Parry Administrator
-------------------------------------------------
Shaun Neil Adams and Tyrone Shaun Courtman (IP Nos 8568, 7237)
have been appointed joint administrators for DTV Commercials
Limited.  The appointment was made Nov. 30, 2004.  The company
is engaged in commercial vehicles servicing and maintenance.

CONTACT:  COOPER PARRY LLP
          14 Park Row, Nottingham NG1 6GR
          Phone: +44 (0) 1332 295544
          Fax: +44 (0) 1332 295600
          Web site: http://www.cooperparry.com


FIRSTEK LIMITED: Hires Thompson Partnership as Administrator
------------------------------------------------------------
Andrew W. Thompson and Daniel P. Hennessy (IP Nos 5807, 1388)
have been appointed joint administrators for Firstek Limited.
The appointment was made Nov. 19, 2004.

CONTACT:  THOMPSON PARTNERSHIP
          The Old Halsall Arms,
          2 Summerwood Lane, Halsall L39 8RJ


FUTURA FOODS: Calls in Liquidator from Mercer & Hole
----------------------------------------------------
At the extraordinary general meeting of the members of the
Futura Foods Ltd. on Dec. 3, 2004 held at 5th Floor, 33
Cornhill, London EC3V 3ND, the special resolution to wind up the
company was passed.  John Anthony Dickinson and Steven Leslie
Smith of Mercer & Hole, International Press Centre, 76 Shoe
Lane, London EC4A 3JB have been appointed liquidators of the
company.

CONTACT:  MERCER & HOLE
          International Press Centre,
          76 Shoe Lane, London EC4A 3JB
          Phone: +44 (0) 20 7353 1597
          Fax: +44 (0) 20 7353 1748
          DX: 469 London/Chancery Lane
          E-mail: london@mercerhole.co.uk
          Web site: http://www.mercerhole.co.uk


GWC GROUP: Brings in Joint Administrators from Hacker Young
-----------------------------------------------------------
Andrew Andronikou and Ladislav Hornan (IP Nos 1253, 2059) have
been appointed joint administrators for printers GWC Group
Limited.  The appointment was made Nov. 26, 2004.  Its
registered office is located at St Alphage House, 2 Fore Street,
London EC2Y 5DH.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


HEATHROW REFUELLING: Appoints Baker Tilly Liquidator
----------------------------------------------------
At the meeting of Heathrow Refueling Service Company Limited,
the special resolution to wind up the company was passed.
Andrew White of Baker Tilly, International House, Queens Road,
Brighton BN1 3XE has been appointed liquidator of the company.

CONTACT:  BAKER TILLY
          International House
          Queens Road, Brighton BN1 3XE
          Phone: 01273 223400
          Fax: 01273 223401
          E-mail: jonathan.ericson@bakertilly.co.uk
          Web site: http://www.bakertilly.co.uk


JOHN COOK: Hires Tenon Recovery as Administrator
------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox (IP Nos 8860, 8891) have
been appointed joint administrators for John Cook Limited.  The
appointment was made Dec. 1, 2004

CONTACT:  TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax:   023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


LUKOIL EUROPE: Members Decide to Dissolve Business
--------------------------------------------------
At the general meeting of Lukoil Europe Trading Limited on Nov.
30, 2004, the special and ordinary resolutions to wind up the
company were passed.  Jeremy Simon Spratt and Finbarr Thomas
O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have
been appointed joint liquidators of the company.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square, London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


NEWCASTLE-UPON-TYNE AERO: Calls in Administrator from R M T
-----------------------------------------------------------
Anthony Alan Josephs and Linda Ann Farish (IP Nos 004179,
009054) have been appointed joint administrators for Newcastle-
Upon-Tyne Aero Club Limited.  The appointment was made Dec. 7,
2004.  The company is engaged in other sporting activities.  Its
registered office is located at 3 Portland Terrace, Newcastle
upon Tyne NE2 1QQ.

CONTACT:  R M T
          3 Portland Terrace,
          Newcastle upon Tyne NE2 1QQ


PONDAROSA SOCIAL: Names Begbies Traynor Liquidator
--------------------------------------------------
At the extraordinary general meeting of the Pondarosa Social And
Athletic Club Limited on Nov. 29, 2004 held at Pyle RFC, The
Clubhouse, Pyle, South Wales, the subjoined special resolution
to wind up the company was passed.  John Wynn Davies of 4th
Floor, Riverside House, 31 Cathedral Road, Cardiff CF11 9HB has
been appointed liquidator of the company.

CONTACT:  BEGBIES TRAYNOR
          4th Floor, Riverside House,
          31 Cathedral Road, Cardiff CF11 9HB
          Phone: 029 2022 5022
          Fax: 029 2022 4523
          E-mail: cardiff@begbies-traynor.com
          Web site: http://www.begbies.com


RETAIL SOLUTIONS: Hires Moore Stephens as Administrator
-------------------------------------------------------
Steven Draine (IP No 8866) and David Rolph (IP No 5930) have
been appointed joint administrators for Retail Solutions And
Recruitment Limited.  The appointment was made Dec. 3, 2004.
The company is engaged in placement of temporary and permanent
staff.

CONTACT:  MOORE STEPHENS
          3-5 Rickmansworth Road,
          Watford, Hertfordshire WD18 0GX
          Web site: http://www.moorestephens.co.uk

          MOORE STEPHENS
          1 Snow Hill,
          London EC1A 2EN
          Phone: 020 7334 9191
          Fax:   020 7248 3408
          Web site: http://www.moorestephens.co.uk


RIZOME LIMITED: Administrator to Temporarily Run Operations
-----------------------------------------------------------
Martin Freeman (IP No 3844) has been appointed administrator for
Rizome Limited.  The appointment was made Nov. 22, 2004.  The
company wholesales web-based pharmaceutical products.  Its
registered office is located at Russell Square House, 10-12
Russell Square, London WC1B 5EH.

CONTACT:  GRIFFINS
          Russell Square House,
          10-12 Russell Square, London WC1B 5EH


RUTLAND PRESS: Falls into Administration
----------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman (IP Nos 8975,
4731) have been appointed joint administrators for Rutland Press
Litho Limited.  The appointment was made Dec. 7, 2004.  The
company is engaged in paper, printing and publishing.

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


THE LACIM: Brings in Liquidator from PricewaterhouseCoopers
-----------------------------------------------------------
Name of companies:
The Lacim Equity Participation Plan Company
The Lacim No 2 Equity Participation Plan Company

At the meeting of these companies on Dec. 3, 2004, the special
and ordinary resolutions to wind up the company were passed.
Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers
LLP, Plumtree Court, London EC4A 4HT have been appointed joint
liquidators of the companies.

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


THOMAS SMITH: 186-year-old Textile Factory Declares Bankruptcy
--------------------------------------------------------------
Thomas Smith & Co, a struggling textile mill, has been declared
bankrupt, after talks to sell one of its headquarters to
supermarket Asda fell through.

Employees at two sites were informed that downsizing would not
happen immediately, although as a result of the company's
restructuring program, 60 workers were laid off this year.

The company believes that selling its Peterhead site would
enable it to restructure and turn around.  Established in 1818,
the company produces yarn under the trade name Rennies and
Alexanders of Scotland.

CONTACT:  THOMAS SMITH & CO. LTD.
          Kirkburn Mills, P.0. Box 2, Peterhead, AB42 1SA,
          Scotland
          Phone: +44 (0)1779 472663
          Fax: +44 (0)1779 478989
          E-mail: graham@thomas-smith.co.uk
          Web site: http://www.thomas-smith.co.uk


TOWER TAXI: Cabvision Limited Appoints Berley Receiver
------------------------------------------------------
Cabvision Limited called in Mark Levy and Jeremy Berman (Office
Holder Nos 6329, 5303) joint administrative receivers for Tower
Taxi Technology LLP (Reg No OC304216, Trade Classification:
7440).  The company is engaged in advertising agents for
taxicabs.

CONTACT:  BERLEY
          76 New Cavendish Street,
          London W1G 9TB


WADHURST PROPERTIES: Hires Mesten Reid as Liquidator
----------------------------------------------------
At the extraordinary general meeting of the members of the
Wadhurst Properties Ltd. on Nov. 30, 2004 held at Wallands
Manor, Brinkers Lane, Wadhurst TN5 6LU, the special resolutions
to wind up the company were passed.  Michael James Meston Reid
of Meston Reid & Co, 12 Carden Place, Aberdeen has been
appointed liquidator of the company.

CONTACT:  MESTEN REID
          12 Carden Place,
          Aberdeen AB10 1UR
          Phone: +44 1224 625554
          Web site: http://www.mestonreid.com


WATERFORD WEDGWOOD: Rights Issue Gets Go Signal
-----------------------------------------------
The extraordinary general meeting of luxury lifestyle group
Waterford Wedgwood Tuesday saw the approval of a proposed EUR100
million rights issue, Business World says.

The company plans to use proceeds from the rights issue to cover
cost of the planned takeover of china-maker Royal Doulton.
Waterford announced in October the board and Royal Doulton were
in advance discussions over a possible cash offer.

Waterford Wedgwood booked a pre-tax profit of EUR8.9 million for
the six months to September 20, 2004, compared with a loss
before tax of EUR44.8 million for the same period in 2003.  This
pre-tax profit includes an exceptional profit of EUR103.2
million from the sale of All-Clad, the U.S.-based premium
cookware business.  Operating loss for the period was EUR21.4
million compared with a EUR4.2 million profit for the same
period in 2003.  The company also posted a drop in total group
sales from EUR405.8 million in 2003 to EUR356 million in 2004.

CONTACT:  WATERFORD WEDGWOOD PLC
          1-2 Upper Hatch St.
          Dublin, 2, Ireland
          Phone: +353-147-81855
          Fax: +353-147-84863
          Web site: http://www.waterfordwedgwood.com


* International Insolvencies May Drop in 2005, Says Euler Hermes
----------------------------------------------------------------
Number one credit insurer Euler Hermes is forecasting a 5% fall
in corporate worldwide insolvencies for 2004, in line with the
strong world GDP growth this year (+4%).  This decrease
basically comes from the United States (-5%) and Japan (-18%).
In Europe the number of insolvencies should be stable in 2004
after a 7% rise in 2003 and with a 2004 GDP growth expectation
of 2%.

For 2005, the outlook is less favorable: world growth should
fall to 3%, as the increase of energy prices is reducing global
household purchasing power and fiscal or monetary policies are
tightened in some countries.  This explains why Euler Hermes is
expecting a 1% increase of its Global Insolvency Index for 2005.
Indeed, failures are expected to rise by 3% in Europe and 4% in
Japan next year.  Only the U.S. should post a fall in
insolvencies (-4%).

CONTACT:  EULER HERMES
          Nadia Mounier
          Press Relations Manager
          Phone: + 33 1 40 70 54 31
          Fax: + 33 1 40 70 51 17
          E-mail: nadia.mounier@eulerhermes.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, and Julybien Atadero, Editors.

Copyright 2004.  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 * * *