TCREUR_Public/041221.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, December 21, 2004, Vol. 5, No. 252

                            Headlines

A U S T R I A

VA TECHNOLOGIE: Finds Siemens Offer Inadequate


F I N L A N D

BENEFON OYJ: Punk, Ziegel to Continue Business Review
BENEFON OYJ: Reorganizing French Operations
M-REAL CORPORATION: Inks EUR500 Mln Loan Agreement with Banks


F R A N C E

BARBEAU THIERRY: Receiver Urges Creditors to File Claims
EURO DISNEY: Shareholders Approve Restructuring Plan
MECAFINANCES SARL: Receiver Takes over Helm
REMY COINTREAU: Ratings Down to 'BB-' on Weak Debt Measures
RHODIA SA: Buys LaRoche Industries' Chloralp Business
RHODIA SA: Divests Anesthetics Operations in U.K.
RHODIA SA: Signs Service Deal with IBM


G E R M A N Y

AAP IMPLANTATE: First Nine Months Revenue Flat
ASTRA BAU: Creditors Claims Due January
BLUMEN-DESIGN: Magdeburg Court Appoints Administrator
BOHMER BAU: Administrator Takes over Operations
DEMIRCAN UND OZBOLAT: Under Bankruptcy Administration

DEPOSITO GMBH: Creditors Have Until Next Month to File Claims
E30 HANDELGESELLSCHAFT: Court Calls in Administrator
GOSCHE MBH: Hamburg Court Sets Claims Deadline
IMD HOLDER: Cedes Control of Operations to Administrator
KARSTADTQUELLE AG: Divests Call Centers for Undisclosed Sum

KARSTADTQUELLE AG: Unveils Social Plan for Laid-off Workers
KBH HEIZTECHNIK: Koln Court Confirms Bankruptcy
PRIMACOM AG: Names Bruno Kling New Supervisory Board Member
PRIMACOM AG: Turns to Court Over Loan Terms Dispute
WILFRIED ESSER: Succumbs to Bankruptcy


H U N G A R Y

MALEV AIRLINES: Government May Defer Cash Injection


I R E L A N D

GLANBIA PLC: Buys German Food Ingredients Firm for EUR14.5 Mln


I T A L Y

ALITALIA SPA: Shareholders Approve Capital Increase
PARMALAT FINANZIARIA: Sells Argentine Arm
PARMALAT U.S.A.: Outlines Creditors' Recovery Rates


K Y R G Y Z S T A N

AINEK: Public Auction Set Friday
KAMKOR: Selling Assorted Office Furniture, Cars Friday
KYRGYZKOMUR: Resets Public Auction of Loan Security
KYZYL-ASKER: Selling KGS2.3 Million Worth of Properties


R U S S I A

AFK SISTEMA: S&P Welcomes Deutsche Telekom's Share Sale Plan
ALFA BANK: Individual Rating Affirmed at 'D'
CHITA STATE: Creditors Have Until January to File Claims
ELTSOVSKAYA SEL-KHOZ-TEKHNIKA: Sets Deadline for Proofs of Claim
JUC FERRO-CONCRETE: Declared Insolvent

KEMEROVSKIY FACTORY: Sets Deadline for Proofs of Claim
KRYMSKIY TINNED: Undergoes Bankruptcy Supervision Procedure
LKHC BUJ-WOOD-PROM: Under Bankruptcy Supervision
METALLURG-MED-STRAKH: Deadline for Proofs of Claim Set January
OREKHOVO-ZUEVSKAYA POULTRY: Bankruptcy Hearing Resumes February

PLESETSKIY MECHANICAL: Names P. Terentyev Insolvency Manager
SHARYPOVSKOYE ENTERPRISE: Appoints A. Gafarov Insolvency Manager
TOBOLSKIY CITY-FOOD-COMBINE: Declared Insolvent
VOLOKOLAMSKIY FACTORY: Moscow Court Appoints Insolvency Manager
YUKOS OIL: Tries to Force Russia into Arbitration
YUKOS OIL: Wants Order Clarifying Stay to Apply Worldwide


S P A I N

IZAR: Restructuring Plan Gets Employees' Nod


S W E D E N

CONCORDIA BUS: On CreditWatch Over Potential Default


U K R A I N E

BUREAU ELMIS: Zaporizhya Court Opens Bankruptcy Proceedings
HIMPRIBORSERVICE: Under Bankruptcy Supervision
HLIBOROB: Insolvency Manager Takes over Operations
KOZHUHIVSKE: Claims Filing Period Ends
TROYAN: Bankruptcy Proceedings Begin
VIMPEL: Insolvency Manager Takes over Helm


U N I T E D   K I N G D O M

3807552 LIMITED: Members Final Meeting Set Late January
ACCIDENT REPAIR: Members Opt for Liquidation
ACTIVEGEO LIMITED: Names K.B. Stout Liquidator
ADZONE LIMITED: Calls Final Meeting of Members, Creditors
AERCON METAL: Sets General Meeting January

AIRSPACE SOLUTIONS: Hires Joint Liquidators from Grant Thornton
ART GLASS: PricewaterhouseCoopers Hosts Final Members Meeting
AUSSIE LEISURE: Directors Get 3-year Ban from Holding Exec Post
AUTO EFFECTS: Names Hurst Morrison Thomson Administrator
AVECIA GROUP: Sells NeoResins Business to DSM for EUR515 Million

BALDWIN MARKETING: Hires Liquidator from Poppleton & Appleby
BARDWELL BUILDERS: Liquidator's Final Report Out January
BASF COATINGS: Hires Liquidator from Moore Stephens
BEECH HOUSE: Calls in Liquidator
BELTANE CONSULTANTS: Liquidator to Give Final Update January

B.H. PANELS: HSBC Bank Forces Firm into Receivership
CAMPUS VENTURES: Appoints Begbies Traynor Administrator
CARFAX GOWNS: Royal Bank of Scotland Brings in Receivers
CORUS GROUP: Closes Buyout of Segal Stake
FARRELLS FORMWORK: Watchdog Serves Five-year Ban on Ex-director

GIIT REALISATIONS: Names Ernst & Young Liquidator
GRP LAMINATES: Hires Joint Administrators from Fanshawe Lofts
GWC RALTON: Names UHY Hacker Young Administrator
HALIFAX BEETLES: Former Director Gets 10-year Ban
KARITRANS GROUP: Names Begbies Traynor Administrator

KELAN CLOTHING: Insolvency Service Disqualifies Directors
LOCKS & LEEKS: Appoints Ward & Co. Administrator
MAYFAIR NOMINEES: Liquidator from BDO Stoy Hayward Moves in
PREMIER CASTLE: Restaurant Director Gets Four-year Ban
RICHARDS: Liquidator to Start Selling Assets January

ROYAL LONDON: Special Winding up Resolution Passed
VP PLASTICS: Hires BWC Business Solutions as Administrator
YORKSHIRE CHEMICALS: Sets Creditors Meeting Next Month

* Large Companies with Insolvent Balance Sheets


                            *********


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


VA TECHNOLOGIE: Finds Siemens Offer Inadequate
----------------------------------------------
The VA Technologie AG Managing Board takes a neutral position to
the takeover offer from Siemens AG Osterreich, which was
announced on Dec. 10.  In its statement issued in accordance
with the Austrian Takeover Act, the VA TECH Managing Board does
not make a recommendation but presents these main arguments for
acceptance or rejection of the offer:

Arguments for acceptance:

(a) The offer price is above the average 6-months share price
    before the announcement of the intention of the takeover
    offer by Siemens;

(b) In the case of a successful takeover offer, those
    shareholders not accepting the offer could face a loss in
    liquidity and value on their VA Tech shares; and

(c) The integration of the VA Tech business into a financially
    strong, globally operating group such as Siemens may enhance
    future business opportunities.

Arguments against acceptance:

(a) Three of the four VA TECH Divisions (Power Generation,
    Transmission and Distribution, Infrastructure) are in direct
    competition to Siemens with overlapping markets and
    locations especially in Europe.  This corresponds to
    approximately three quarters of VA TECH sales.  This could
    potentially lead to a considerable reduction in the work
    force;

(b) Tendered shares have to be deposited in a sealed account
    until anti-trust law approval has been obtained.  This means
    that shareholders may be unable to dispose of their shares
    for a period of several months and should the takeover offer
    fail, bear the economic risk, as the freeze of the shares
    renders a reaction to any share price decreases -- which may
    also result from factors outside the corporate sphere such
    as market shifts or political developments -- impossible.
    Nonetheless, during this period the shareholder can exercise
    the voting rights of the deposited shares; and

(c) The VA Tech Managing Board and its advisor JP Morgan
    consider the offer price as inadequate from a financial
    point of view.

The statement of the Managing Board, as well as the assessment
of the takeover offer and the statement of the Managing Board by
Ernst & Young Wirtschaftprufungsgesellschaft mbH, the
independent expert advisor appointed pursuant to the Austrian
Takeover Act, is available at http://www.vatech.atand in the
Gazette of the Wiener Zeitung.

Extraordinary General Shareholders' Meeting

Among other conditions, the takeover offer from Siemens is
conditional upon the abolition of the maximum voting rights
entitlement contained in the VA Tech articles of association
(voting rights cap of 25% of the shares issued) by February 4,
2005.  To this end, Siemens has requested the holding of an
Extraordinary General Shareholders' Meeting, which has been
called by the VA Tech Managing Board for Jan. 17, 2005 in Linz.

Offer Price and Valuation of VA Tech

In order to assess the adequacy of the offer price, the VA TECH
Managing Board has mandated the investment bank JP Morgan to
undertake a valuation of the company on a "stand-alone, going
concern" basis and on this basis to provide a statement
concerning the adequacy of the offer from a financial point of
view (fairness opinion).

Taking into consideration the valuation analyses performed by JP
Morgan and its fairness opinion, the VA TECH Managing Board
comes to the conclusion that the offer price of EUR55 per share
is inadequate from a financial point of view.

As an independent expert advisor commissioned pursuant to s14 of
the Takeover Act, Ernst & Young Wirtschaftprufungsgesellschaft
mbH regards the assessment of the Managing Board as appropriate
and also finds the offer price inadequate.

Improved Result Forecast for 2005

The offer price of EUR55 per VA Tech share offered by Siemens is
based on published analyst equity research reports.  The average
profit for the period for the year 2005 forecasted in these
analyst reports amounts to around EUR54 million.  On the basis
of cautious assumptions, the VA Tech Managing Board currently
assumes a profit for the year in 2005 that will be approximately
22% higher (EUR66 million).

VA TECH has created a solid basis for achieving or even
surpassing the expected result improvements for the period of
the business plan.

The cornerstones for this are:

(a) Systematic implementation and successful conclusion of the
    restructuring program in 2004 with a sizeable, resultant
    reduction of the fixed cost base and the sale and/or closure
    of unprofitable units (e.g. closure of the transformer plant
    in Peebles/Scotland, restructuring of the transformer plant
    in St. Catharines/Canada, divestment of WABAG Germany and
    France); and

(b) Strong order intake in 2004 (EUR4,130 million as per the end
    of November, an increase of around 10% over the figure for
    the preceding year and an increase of 12% adjusted for the
    businesses disposed in 2004) with the result that already
    some 70% of the sales planned for 2005 are secured by the
    order backlog.

Future development

According to the takeover offer document, Siemens intends to
integrate, as far as is legally possible, VA Tech in its into
the Siemens Group.  The Metallurgy and Power Transmission and
Distribution Divisions, as well as Water Systems business would
be integrated into Siemens' global organization.  A partnership
with Siemens Austria is planned for the Infrastructure Division.

Several strategic options for the Power Generation Division are
mentioned, whereby apart from integration, a further sale or a
flotation on the stock exchange are not excluded.  The offer
document contains no information concerning the future of VA
Technologie A.G. (Holding) or the Group service companies (VA
Tech Finance, VA Tech International, VA TECH Management
Services, etc.), which employ approximately 300 people.
Moreover, the offer document makes no mention of the central and
service functions of the Divisions.

In three of its four Divisions (Power Generation, Transmission
and Distribution, Infrastructure), VA Tech is in direct
competition with Siemens with overlapping markets and locations,
especially in Europe.  This corresponds to approximately three-
quarters of VA Tech sales.  This could potentially lead to a
considerable reduction in the size of the work force.

According to the offer document, the Metallurgy Division (VAI)
is to be integrated into the Siemens Industrial Solutions &
Services (I&S) Business Area.  VAI shall assume a headquarter
role as a worldwide competence center.  Envisaged is positive,
mutual augmentation in the technology portfolio area, and in the
regional access to heavy industry growth markets.  Bringing in
additional automation competence could strengthen the position
of VAI as world market leader.  Additional business potential
might possibly emerge for Siemens from the integration of what
for it, is a new area.

The "hardware neutrality business model" of the VAI Automation
business area differs greatly from the Siemens business model,
which has a policy of using its in-house electronic components.
The takeover by Siemens could hence potentially lead to the loss
of a competitive advantage currently enjoyed by VAI Automation.
In addition, Siemens has an indirect holding of 28% in SMS
Demag, the main VAI competitor, which could potentially give
rise to anti-trust issues or other consequences.

With regard to the Power Generation Division (VA Tech Hydro),
according to the offer document, Siemens is contractually
obliged to offer the hydro activities purchased within the scope
of the takeover to the joint venture Voith Siemens Hydro, in
which Siemens holds a 35% stake.  The results of an anti-trust
review in this segment are open, as both Voith Siemens and VA
Tech Hydro rank among the world market leaders in the area of
hydro power plant construction and modernization.  In this area,
VA Tech has important development activities in both Austria and
other countries.

The Power Generation Division also maintains a long and
successful partnership with General Electric (GE), U.S.A, which
involves the supply of turbo-generators to GE, as well as the
exclusive use of GE gas turbines in VA Tech combined cycle power
plants.  VA Tech anticipates that in the case of a takeover by
Siemens, GE will terminate this co-operation. The offer document
contains no statement concerning strategic options should this
situation arise.

The offer document contains no information regarding the further
development of this Division, the location of the headquarters,
or the continuation of research and development activities.

According to the offer document, the Transmission and
Distribution Division (VA Tech T&D) is to be integrated into the
Siemens Power Transmission and Distribution (PTD) Business Area.
This is supposed to lead to the emergence of a leading global
supplier in the high-voltage, transformer and automation and
control technology segments.  Good synergy potential is
anticipated with regard to market access, with a strong VA Tech
presence in France, North Africa, the Middle East and Siemens'
solid market positions in Asia and South America.

The offer document makes no reference to product overlaps and
competing sites and contains no information concerning the
future headquarter location and the continuation of VA Tech's
research and development activities in Austria and abroad.

The VA Tech Automation business area is active to a significant
extent in both the areas of hydropower generation and
transmission and distribution.  The offer document makes no
mention of the future development of this business area.  In the
case of a sale of the Power Generation Division by Siemens, a
solution for this business area would be required.

According to the offer document, for the Infrastructure Division
(VA Tech Elin EBG, AI informatics, VA Tech Wabag), a combination
between VA Tech Elin EBG and Siemens Austria is planned.  In
Austria, Siemens and VA Tech are in competition, with respective
hardware-dependent and hardware-independent solutions.  From an
international perspective, VA Tech is mainly active in the Czech
Republic, Slovakia, Croatia, Russia, Germany, Poland and Hungary
and thus mainly in markets that do not belong to the area
administered by Siemens Austria.

The VA TECH ELIN EBG subsidiaries active in the drive technology
business area, represent globally respected specialists in the
area of drive technology for rail vehicles and frequency
inverters.  Our customers are mechanical rail vehicle
manufacturers, who in the electrical sector, require an
independent partner with outstanding technological competence.
Siemens has its own mechanical and electrical competence in this
sector and the offer document says nothing about possible anti-
trust issues, or with regard to a continuation of the
significant research and development activities located in
Austria.

In the electronics business area, VA Tech has entered into a
joint venture for the specification, development and production
of frequency inverters in the upper performance range with
Schneider Toshiba Inverter SAS, a significant Siemens
competitor.  The offer document contains no information relating
to the eventuality that this co-operation may not continue.

AI informatics is active in the information technology business
area.  Integration into the Siemens Group would probably be of
advantage to this company.

Siemens regarded the as an important market for the future.
According to the offer document, the VA Tech Water Systems
business area could strengthen this Siemens segment in Europe.

Stakeholder Interests

Shareholders

In order to assess the adequacy of the offer price of EUR55 per
VA TECH share, the VA TECH Managing Board has mandated JP Morgan
to undertake a "stand-alone" company valuation using commonly
applied international valuation methods as a basis for an
assessment of the adequacy of the offer price from a financial
point of view.

In the fairness opinion, JP Morgan comes to the conclusion that
the offer price of EUR55 per VA Tech share is inadequate from a
financial point of view.  Taking into consideration inter alia
the valuation analysis performed by JP Morgan and the fairness
opinion issued by JP Morgan, the VA Tech Managing Board comes to
the conclusion that the offer price of EUR55 per VA Tech share
is inadequate from a financial point of view.

Creditors

A takeover of VA Tech by Siemens will in principal have a
positive effect on the interests of creditors.

Employees

In three of its four Divisions (Power Generation, Transmission
and Distribution, Infrastructure), VA Tech is in direct
competition with Siemens with overlapping sales markets and
locations, particularly in Europe.  This corresponds to
approximately three-quarters of VA Tech sales and could lead to
a considerable reduction in the size of the work force.  The
offer document makes no mention of the central and service
functions of VA Technologie AG, in the Group service companies
and in the divisions in Austria and other countries.  However,
according to the offer document, Siemens intends to secure the
jobs of VA Tech employees in future.  The valid collective wage
and salary and other company agreements are to be maintained.
According to the offer document, this also applies to all
pension agreements entered into by VA Tech.

Should the takeover offer be successful, Siemens has promised to
secure the Weiz site for a period of at least 18 months.  The VA
Tech location in Weiz currently employs a work force of around
1,500 in the Power Generation (generator manufacture) and
Transmission and Distribution (transformer production)
Divisions.

Public interest

On the basis of the offer document, an impact on the public
interest cannot be finally evaluated.

Vienna, December 17, 2004

VA Technologie AG is a focused technology and service company,
which provides value to customers throughout the entire plant
life cycle.  Leading international positions are held in
Metallurgy, Power Generation, Transmission and Distribution and
Infrastructure.  In 2003, VA TECH achieved sales of EUR3.9
billion according to IFRS with a work force of 17,478 employees.

CONTACT:  VA TECHNOLOGIE AG
          Lunzerstrasse 64
          A-4031 Linz, Austria
          Phone: +43-732-6986-9222
          Fax: +43-732-6980-3416
          Web site: http://www.vatech.co.at

          Bettina Pepek
          Press Officer
          Phone: +43 1/89100-3400
          Fax: +43 1/89100-3431
          E-mail: bettina.pepek@vatech.at

          Wolfgang Schwaiger
          Communications and Investor Relations
          Phone: +43 70/6986-9222
          Fax: +43 70/6980-3416
          E-mail: wolfgang.schwaiger@vatech.at


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F I N L A N D
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BENEFON OYJ: Punk, Ziegel to Continue Business Review
-----------------------------------------------------
The Board of Benefon Oyj has decided to retain New York
investment bank Punk, Ziegel & Company, L.P. to explore a range
of financing and strategic alternatives.

The Board believes that the Company's GPS technology has been
firmly established and it is now seeking strategic opportunities
to provide the resources necessary to exploit the Company's
potential and to maximize shareholder value.

As part of its plan, Benefon intends to raise funds that will be
used to aggressively tackle new markets and is looking to Asia
and Eastern Europe for additional growth.

At the end of October, Benefon announced its intentions to enter
the Chinese market by signing a strategic partnership agreement
with Beijing Great Dragon Information Technology International
Co., Ltd., a direct subsidiary of China Putian Corporation of
Beijing, China, one of the largest handset manufacturers in the
world.  The entrance into the Chinese market would be the first
for Benefon's devices currently sold mostly in Europe and North
America.

Benefon Oyj
Tomi Raita
CEO

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


BENEFON OYJ: Reorganizing French Operations
-------------------------------------------
The Board of Benefon Oyj has resolved to reorganize the
operations of the company in France by concluding its R&D
efforts in Marseille together with its support unit, the Paris-
based subsidiary of the company, which will be dissolved.

From now on, the said operating responsibilities and French
customers will be serviced from Finland by relying on local
distributors, trade partners and industrial co-operation.

The decision was dictated by the need to reduce operating cost,
restrictions by the re-organization program and by Benefon's
desire to continue to improve its organizational structure.

Benefon Oyj
Tomi Raita
CEO

Benefon is a leader in GSM+GPS mobile telematics equipment and
solutions.  Professional and consumer applications include
professional security, personal safety, field and workflow
management, asset tracking, and health.

Headquartered in Salo (Finland), Benefon has designed and
manufactured mobile equipment for GSM and NMT cellular systems
since 1988.

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


M-REAL CORPORATION: Inks EUR500 Mln Loan Agreement with Banks
-------------------------------------------------------------
M-Real Corporation on December 15, 2004 signed a EUR500 million-
syndicated revolving credit facility agreement.  The facility
replaces facility agreement of EUR700 million signed in 2000.
The term of the facility is five years and the mandated lead
arrangers are Barclays Capital, BNP Paribas, Commerzbank, Danske
Bank, and Nordea.  The number of banks participating in the
transaction is 21.

                            *   *   *

Standard & Poor's Ratings Services gave the EUR500 million
senior unsecured multi-currency revolving credit facility a
long-term rating of 'BB+'.  M-real is rated BB+/Negative/B.

CONTACT:  M REAL Oyj
          Revontulentie 6
          FIN-02100 Espoo, Finland
          Phone: +358-104-6-11
          Fax: +358-1046-94355
          Web site: http://www.m-real.com

          Juhani Poho
          Chief Financial Officer
          Phone: +358 10 469 5283

          METSA GROUP FINANCIAL SERVICES Oy
          Aapo Nikunen
          Managing Director
          Phone: +358 10 469 425


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F R A N C E
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BARBEAU THIERRY: Receiver Urges Creditors to File Claims
--------------------------------------------------------
The Commercial Court of Dijon placed Barbeau Thierry into
receivership on December 7, 2004 and appointed Bissieux Jean-
Joachim receiver.  Creditors are urged to submit their proofs of
claim to the receiver as soon as possible.

CONTACT:  BARBEAU THIERRY
          24 Rue Pierre-Maitre
          21240 Talant

          Bissieux Jean-Joachim, Receiver
          36 Rue Jeannin
          21000 Dijon


EURO DISNEY: Shareholders Approve Restructuring Plan
----------------------------------------------------
Shareholders of Euro Disney S.C.A. on Friday authorized the
completion of the company's restructuring and the launch of an
offering for at least EUR250 million of shares.  This offering
will be launched with the preferential subscription rights of
the shareholders maintained.

2004 Achievements

"Fiscal 2004 witnessed the successful execution of a Memorandum
of Agreement for a financial restructuring that when completely
effective, is intended to provide capital for liquidity,
particularly to deal with periods of business volatility,
capital to maintain and rehabilitate our existing asset base,
and capital to invest in exciting new attractions to stimulate
future growth," said Jeffrey R. Speed, Chief Financial Officer
of Euro Disney S.A.S.

He further noted that the restructuring provides: "a permanent
cash improvement of EUR500 million, of which EUR400 million is
coming from The Walt Disney Company."  He also described
additional sources of liquidity and financing involving:
"nominal cash of almost EUR 1.2 billion, of which approximately
EUR 600 million is coming from Disney.  Equally important, is
that more than half of the conditional and unconditional
deferrals would be deferred on a long-term basis, beyond the
year 2016."

Mr. Speed also reviewed the fiscal year 2004 financial results,
noting that during the last quarter of the period (July, August
and September), all of the key revenue drivers of the Resort
increased over the comparable prior year period.

Long Term Growth

Andre Lacroix, Chairman and Chief Executive Officer of Euro
Disney S.A.S., discussed the Group's progress during 2004
related to the launch of its innovative marketing and product
development programs as well as the development of a strong
international management team.

He reported: "Our priority is to grow the revenues and build the
EBITDA of your company every year, while keeping in mind that
more time will be necessary before the Company is profitable
again.  In order to do that, we need to improve attendance
figures in the first-timer category, those Europeans who know
our product, are interested in visiting, but haven't come yet.
We know from our high satisfaction rates that once they came,
they will come back, thanks to the high quality of the
entertainment we offer." He specified that, "Guest satisfaction
has improved this year, with over 80% of guests rating their
experience as 'completely' or 'very' satisfied."

For the near-term, Disneyland Resort Paris will be making
investment and marketing decisions designed to drive first-time
visitation, given that a large part of its core market remains
untapped.  'This is where our growth potential lies', stated Mr.
Lacroix.  He concluded, 'In less than 15 years of operations,
we have created a new family vacation experience in Europe and
today we are the number one vacation destination in Europe.
Guests vacation at Disneyland Resort Paris just like they would
at the ocean or the mountains. We have created a young and
growing market with an enormous potential.'

Mr. Lacroix indicated that the Company plans on announcing in
greater detail its investment program in the new year, although
he provided the audience a look into the future of Space
Mountain, which will be reprogrammed for 'Mission 2' this
spring.

After the vote, Mr. Lacroix added: "We thank our shareholders
and all of our stakeholders for their strong support during this
period, as we approach the final step in the Company's financial
restructuring.  Soon, we hope to be focused on the start of our
investment program along with the advancement of our operating
strategy."

During the meeting, Mr. Antoine Jeancourt-Galignani, Chairman of
the Supervisory Board of Euro Disney, S.C.A., announced the
expiry of the term of office of Sir David Paradine Frost as
member of the Board, after six years of dedicated service and
strong support.  Sir David Frost did not wish to see his mandate
renewed due to his increasingly demanding business schedule in
London and New York.  Replacing Sir David Frost is Mr. Martin
Robinson, Executive Chairman of Center Parcs U.K. Plc.  Mr.
Robinson brings to the Board the expertise derived from a
distinguished career in brand management, marketing and
operational leadership.

The Company has until March 31, 2005 to complete its capital
increase.  Absent that, the Company, The Walt Disney Company and
the Euro Disney Group's other lenders would have thirty days
after March 31 to negotiate a new waiver of debt covenants and
reach a new agreement on a financial restructuring.  Absent such
a waiver and agreement, the Company would then be unable to meet
all of its debt obligations.

Euro Disney S.C.A. and its subsidiaries operate the Disneyland
Resort Paris which includes: Disneyland Park, Walt Disney
Studios Park, seven themed hotels with approximately 5,800 rooms
(excluding 2,033 additional third-party rooms located on the
site), two convention centers, Disney Village (a dining,
shopping and entertainment centre) and a 27-hole golf facility.
The Group's operating activities also include the management and
development of the 2,000-hectare site, which currently includes
approximately 1,000 hectares of undeveloped land.  Euro Disney
S.C.A.'s shares trade in Paris (SRD), London and Brussels.

CONTACT:  EURO DISNEY S.C.A.
          Pieter Boterman
          Phone: +331 64 74 59 50
          Fax: +331 64 74 59 69
          E-mail: pieter.boterman@disney.com

          Sandra Picard-Rame
          Phone: +331 64 74 56 28
          Fax: +331 64 74 56 36
          E-mail: sandra.picard.rame@disney.com
          Web site: http://www.eurodisney.com


MECAFINANCES SARL: Receiver Takes over Helm
-------------------------------------------
The Commercial Court of Dijon placed MECAFINANCES S.A.R.L. into
receivership on December 7, 2004 and appointed Me. Ph. Maitre
receiver.  Creditors are urged to submit their proofs of claim
to the receiver as soon as possible.  The company is involved in
engineering studies.

CONTACT:  MECAFINANCES S.A.R.L.
          3-5 Rue de la Breuchilliere
          21000 Dijon

          Me Ph. Maitre, Receiver
          19 Avenue Albert-Camus
          21000 Dijon.


REMY COINTREAU: Ratings Down to 'BB-' on Weak Debt Measures
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on France-
based spirits and wine group Remy Cointreau S.A. to 'BB-' from
'BB'.  The outlook is stable.

"The downgrade primarily reflects our expectation that Remy
Cointreau's debt measures will not recover quickly enough to
sustain a 'BB' rating," said Standard & Poor's credit analyst
Patrice Cochelin.

In particular, Remy Cointreau will have difficulty reaching 15%
coverage of net adjusted debt by funds from operations (FFO) by
March 2006; at Sept. 30, 2004, the ratio was about 10%.

Despite solid sales figures, the weak dollar has constrained
Remy Cointreau's profits.  Moreover, since the group's debt is
essentially euro denominated, debt measures are not naturally
hedged against dollar movements, which have remained very
unfavorable in recent months.  The company's key cognac division
(45% of consolidated EBIT, before central costs, in the six
months to Sept. 30, 2004) generates half of its revenues in the
Americas (mostly the U.S.).

The ratings continue to reflect the group's aggressive financial
profile -- which is partially offset by its leading position in
cognac -- and a certain degree of business diversity (presence
in spirits, liqueurs, and champagne).

"We expect Remy Cointreau's debt measures to continue to
gradually improve, despite unfavorable currency movements," said
Mr. Cochelin.  "In particular, we expect the company to post FFO
coverage of net adjusted debt of 12%-15% by March 2006."

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

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

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

          Headquarters:
          Rue Joseph Patta
          16100 Cognac, France

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


RHODIA SA: Buys LaRoche Industries' Chloralp Business
-----------------------------------------------------
Rhodia S.A. and Laroche Industries Inc. have signed a binding
agreement, subject to closing conditions, for Rhodia to purchase
from LaRoche Industries the Chloralp business.  The cash impact
for Rhodia from the transaction will not exceed EUR12.5 million.

The sale will be finalized as soon as possible.

Rhodia Intermediates is a Rhodia Group company.

Rhodia is a global specialty chemicals company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals.  Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs.

Rhodia subscribes to the principles of Sustainable Development
communicating its commitments and performance openly with
stakeholders.  Rhodia generated net sales of EUR5.4 billion in
2003 and employs 23,000 people worldwide.  Rhodia is listed on
the Paris and New York stock exchanges.

With 24 distribution facilities nationwide, LaRoche Industries
is the premier U.S. ammonia supplier for denox, metal treatment,
water treatment, chemical processing, and ammonia refrigeration
applications.

CONTACT:  RHODIA S.A.
          Press Relations
          Christine Alvim
          Phone: +33 1 53 56 51 78

          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          LAROCHE INDUSTRIES INC.
          Michel Rapoport
          Phone: 00 1 404 851 0500


RHODIA SA: Divests Anesthetics Operations in U.K.
-------------------------------------------------
Rhodia S.A. on Friday announced it signed an agreement for the
sale of its anesthetics business to Nicholas Piramal India Ltd.

Based at its Avonmouth U.K. production site, the business
manufactures Halothane and Isoflurane, inhalation anaesthetics,
which are sold globally.  Production assets are not included in
this transaction and, as part of the agreement Rhodia will
continue to manufacture Halothane and Isoflurane for up to two
years exclusively for Nicholas Piramal.

The business generated sales in 2003 of GBP7 million.  It is
expected the transaction will be completed in the coming weeks
subject to the approval of the Bank of India.

This operation, which marks a new step in the strategic
refocusing of Rhodia's Perfumery, Performance & Agro enterprise,
forms part of the divestiture of non-strategic activities being
undertaken by the Rhodia Group with a view to consolidating its
business portfolio.

Rhodia is a global specialty Chemicals Company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals.  Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs.  Rhodia subscribes to the principles of
Sustainable Development communicating its commitments and
performance openly with stakeholders.  Rhodia generated net
sales of EUR5.4 billion in 2003 and employs 23,000 people
worldwide.  Rhodia is listed on the Paris and New York stock
exchanges.

Nicholas Piramal India Limited (NPIL) is the second largest
player in the Indian pharmaceutical industry.  Through its
acquisition of ICI's Pharma business in 2002, NPIL became a
significant player in the domestic IA business, and has made
inroads into the international IA business.  This acquisition
further consolidates NPIL's position in the international IA
business and hence represents a perfect strategic fit.

CONTACT:  RHODIA S.A.
          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


RHODIA SA: Signs Service Deal with IBM
--------------------------------------
Rhodia S.A. has sold its shareholding in KeyMRO, services leader
of indirect purchases in Europe and U.S., to IBM.

As part of this transaction, Rhodia has also signed a worldwide
seven-year agreement with IBM for the provision of key
purchasing services for indirect supplies such as
telecommunications, information technology, business travel,
office and manufacturing supplies.

In line with the Group's strategy to optimize costs and
processes in support functions, this transaction will contribute
to increased purchasing productivity by grouping together
volumes and international sourcing.

This specific agreement is also part of the Group's global
purchasing strategy to outsource indirect supplies in order to
reduce costs and improve productivity in the purchasing
function.

Rhodia is a global specialty chemicals company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals.  Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs.

Rhodia subscribes to the principles of Sustainable Development
communicating its commitments and performance openly with
stakeholders.  Rhodia generated net sales of EUR5.4 billion in
2003 and employs 23,000 people worldwide.  Rhodia is listed on
the Paris and New York stock exchanges.

CONTACT:  RHODIA S.A.
          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


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


AAP IMPLANTATE: First Nine Months Revenue Flat
----------------------------------------------
AAP Implantate A.G. achieved for the first three quarters of the
business year 2004 revenues of EUR8.6 million, par with previous
year's EUR 8.7 million.

In the third quarter, the company's first complete quarter after
initiation of balance sheet restructuring measures, revenues
increased by 9% compared to the previous years period to EUR2.8
million and therefore compensated first-half's reduced revenues.

Due to third-quarter restructuring measures (a EUR9.7 million
capital increase, debt buy-backs and waivers), the company
achieved a restructuring profit of EUR6.2 million.  The
extraordinary result in the reporting period was EUR4.5 million,
leading to a EUR1.3 million surplus (previous year: -EUR1.9
million).  The equity ratio increased to 74% (previous year:
25%), with a balance sheet total of EUR23.3 million (previous
year: EUR26.7 million).

Disregarding the extraordinary result, AAP Implantate AG's
EBITDA in the first nine months of 2004 was EUR1 million
(previous year: EUR872,000).  EBIT at -EUR187,000 was well above
the previous year's -EUR1.7 million.  For the third quarter the
company achieved an operating result of EUR16,000 (Q3'03:
-EUR721,000).

AAP Implantate AG is a medical technology company specialized in
healing bone fractures, joint replacements and bone growth and
replacement substances.

CONTACT:  AAP IMPLANTATE AG
          Lorenzweg 5
          12099 Berlin
          Phone: +49 30 750 19-0
          Fax: +49 30 750 19-111
          E-mail: aap.berlin@aap.de
          Web site: http://www.aap.de


ASTRA BAU: Creditors Claims Due January
---------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Astra Bau Verwaltungs-GmbH on Nov. 17, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 20, 2005
to register their claims with court-appointed provisional
administrator Christian Plail.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 11, 2005, 9:00 a.m. at the district court of
Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass 1,
86150 Augsburg, 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:  ASTRA BAU VERWALTUNGS-GMBH
          Hessingstr. 22, 86199 Augsburg, HRB 20578
          Contact:
          Helmut Schwarz, Manager

          Christian Plail, Insolvency Manager
          c/o SKP Partnerschaftsgesellschaft, Eserwallstr.
          1-3, 86150 Augsburg


BLUMEN-DESIGN: Magdeburg Court Appoints Administrator
-----------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Blumen-Design GmbH on Nov. 22, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 14, 2005 to register their
claims with court-appointed provisional administrator Rudiger
Bauch.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 10, 2005, 9:50 a.m. at the district court of
Magdeburg, Saal E, Insolvenzabteilung, Liebknechtstrasse 65-91,
39110 Magdeburg, 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:  BLUMEN-DESIGN GMBH
          Grosse Diesdorfer Str. 226, 39110 Magdeburg
          Contact:
          Holger Ludtke, Manager

          Rudiger Bauch, Insolvency Manager
          Hegelstr. 39, 39104 Magdeburg
          Phone: 0391/5354-0
          Fax: 0391/5354-100


BOHMER BAU: Administrator Takes over Operations
-----------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Bohmer Bau GmbH on Nov. 22, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 5, 2005 to register their claims with
court-appointed provisional administrator Karl-Dieter
Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 21, 2005, 9:30 a.m. at the district court of
Bonn, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Zimmer W 1.24A,
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:  BOHMER BAU GMBH
          Hauptstr. 21 b, 53809 Ruppichteroth
          Contact:
          Ralf Bohmer, Manager

          Karl-Dieter Sommerfeld, Insolvency Manager
          Hammerweg 3, 51766 Engelskirchen-Runderoth
          Phone: 02263/9039-0
          Fax 02263/9039-10


DEMIRCAN UND OZBOLAT: Under Bankruptcy Administration
-----------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Demircan und Ozbolat GbR on Nov. 22, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 14, 2005
to register their claims with court-appointed provisional
administrator Joachim Buttner.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 9:05 a.m. at the district court of
Hamburg, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi.
2.18), at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  DEMIRCAN UND OZBOLAT GBR
          Moorstrasse 2, 21073 Hamburg

          Joachim Buttner, Insolvency Manager
          Osdorfer Landstrasse 230, 22549 Hamburg
          Phone: 8078810


DEPOSITO GMBH: Creditors Have Until Next Month to File Claims
-------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Deposito GmbH on Nov. 22, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 12, 2005 to register their
claims with court-appointed provisional administrator Dr. Hans-
U. Hildebrant.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 9, 2005, 9:25 a.m. at the district court of
Hamburg, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi.
2.18), at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  DEPOSITO GMBH
          Grosse Elbstrasse 212, 22767 Hamburg

          Dr. Hans-U. Hildebrandt, Insolvency Manager
          Raboisen 38, 20095 Hamburg
          Phone: 33446-0
          Fax: 33446-111


E30 HANDELGESELLSCHAFT: Court Calls in Administrator
----------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against E30 Handelsgesellschaft mbH on Nov. 23, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 21, 2005
to register their claims with court-appointed provisional
administrator Dr. Dirk Herzig.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 23, 2005, 9:00 a.m. at the district court of
Chemnitz, Saal 24, Gerichtsgebaude, Furstenstrasse 21, Chemnitz,
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:  E30 HANDELSGESELLSCHAFT MBH (HRB 18421)
          Uhdestrasse 23, 08056 Zwickau
          Contact:
          Sven Itzek, Manager

          Dr. Dirk Herzig, Insolvency Manager
          Promenadenstrasse 3, 09111 Chemnitz
          Web site: http://www.schubra.de


GOSCHE MBH: Hamburg Court Sets Claims Deadline
----------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Gosche mbH on Nov. 17, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 17, 2005 to register their claims with
court-appointed provisional administrator Dr. Olaf Buchler.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 17, 2005, 9:10 a.m. at the district court of
Hamburg, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi.
2.18), at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  GOSCHE MBH
          Contact:
          Ingeborg Gosche, Manager

          Dr. Olaf Buchler, Herrengraben 3, 20459 Hamburg
          Phone: 36968351
          Fax: 36968383


IMD HOLDER: Cedes Control of Operations to Administrator
--------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against IMD Holger Daum GmbH on Nov. 26, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Jan. 6, 2005 to
register their claims with court-appointed provisional
administrator Uwe Huggenberg.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 17, 2005 10:10 a.m. at the district court of
Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  IMD HOLDER DAUM BMBH
          Friedrich der Grosse 52c, 44628 Herne
          Contact:
          Holger Daum, Manager

          Uwe Huggenberg, Insolvency Manager
          Huestrasse 34, 44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


KARSTADTQUELLE AG: Divests Call Centers for Undisclosed Sum
-----------------------------------------------------------
KarstadtQuelle A.G. is continuing its strategy of divestment by
the sale of two call centers in Cologne and Mainz.

As Dr. Christoph Achenbach, Chairman of the Management Board of
KarstadtQuelle A.G., already announced at the extraordinary
general meeting of shareholders of the group in Dusseldorf on
Nov. 22, the group will be disposing of all holdings that do not
form part of the core business.  These also include the
operation of the call centers in Cologne and Mainz.  Both were
originally slated for closure.

The Quelle A.G. call center in Cologne has been sold with effect
from December 1, 2004 and the call center in Mainz is being sold
with effect from January 1, 2005.

Both call centers, which employ a total of 430 staff, will
continue to be operated under the new management of the British
communications company Shannon International Plc (London).

"We are pleased that the whole of the qualified staff can be
transferred with the operation," stressed Arwed Fischer,
Chairman of the Management Board of Quelle A.G.

Under the name Wellcare GmbH, the call centers will in future be
concentrating on the health market.  At present the staff of the
call centers are being prepared for their new tasks.

The two companies agreed to remain silent about the selling
price.

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

          Media Contact
          Jorg Howe
          Phone: + 49 (0)201/727-20 31
          Fax: + 49 (0)201/727-37 09
          E-mail: joerg.howe@karstadtquelle.com


KARSTADTQUELLE AG: Unveils Social Plan for Laid-off Workers
-----------------------------------------------------------
On December 13, 2004, the company management and plenary staff
council agreed a package of measures permitting a socially
acceptable reduction of jobs by 4,200 at Karstadt Warenhaus AG
between 2005 and 2007.

This staff reduction is an essential component of the
reconstruction pay agreement concluded on October 14, 2004,
which requires savings of about EUR500 million to be made in
three years at Karstadt alone.

The agreement just reached provides for -- beginning in January
2005 -- offers to be made to the administrative staff at the
branches and main administration affected by the job losses for
mutually acceptable termination of their employment contracts
and transfer to a transfer company with a term of one year.

If these voluntary offers do not result in the necessary staff
reduction, then operative contract terminations will also be
possible from September 30, 2005 on.

Furthermore, the arrangements were agreed with the plenary staff
council for the transfer of 77 small branches to the new
company, Karstadt Kompakt.

Karstadt has thus taken a further step on the road to
reconstruction of the company in compliance with the framework
conditions laid down jointly with Ver.di in the reconstruction
pay agreement.

It is planned to carry out a first resume of the progress made
in mid-2006 and then possibly to consult on further necessary
staffing measures.

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

          Media Contact
          Jorg Howe
          Phone: + 49 (0)201/727-20 31
          Fax: + 49 (0)201/727-37 09
          E-mail: joerg.howe@karstadtquelle.com


KBH HEIZTECHNIK: Koln Court Confirms Bankruptcy
-----------------------------------------------
The district court of Koln opened bankruptcy proceedings against
KBH Heiztechnik Vertriebs GmbH on Nov. 22, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Jan. 2, 2005 to
register their claims with court-appointed provisional
administrator Dr. Sabine Feuerborn.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 2, 2005 10:30 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13.
Etage, Saal 1311, 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:  KBH HEIZTECHNIK VERTRIEBS GMBH
          Wehrstrasse 1, 51647 Gummersbach
          Contact:
          Klaus Klein, Manager
          Eberhard Bohl, Manager

          Dr. Sabine Feuerborn, Else-Lang-Str. 1, 50858 Koln
          Phone: 285 547-0,
          Fax: +4922128554729


PRIMACOM AG: Names Bruno Kling New Supervisory Board Member
-----------------------------------------------------------
Bruno Kling has been appointed member of PrimaCom AG's
supervisory board by resolution of the local court in Mainz.  He
replaces Wolfgang Preuss who resigned on Sept. 15.

Primacom AG (Prime Standard, Frankfurt: "PRC" or ID No. "625910"
and OTC BB "PCAGY") is a significant private cable network
operator with over five percent market share in Germany and the
Netherlands.  It offers a wide range of analog, digital and
interactive broadband services.  Customers, connected to the
upgraded 862 MHz networks, have access to more than 100 TV and
radio programs, to interactive Video on Demand, and to high
speed Internet.  It currently passes two million homes and
serves 1.3 million subscribers, 1.0 million in Germany and
300,000 in the Netherlands.

PrimaCom is currently restructuring its EUR1 billion debt to
avoid insolvency.

CONTACT:  PRIMACOM AG
          An der Ochsenwiese 3,
          55124 Mainz
          E-mail: info@primacom.com
          Web site: http://www.primacom.de

          Investor Relations
          Phone: +49 6131-944-522
          Fax: +49 6131 944-508
          E-mail: investor@primacom.de


PRIMACOM AG: Turns to Court Over Loan Terms Dispute
---------------------------------------------------
On Dec. 9, PrimaCom AG and the company's subsidiary PrimaCom
Management GmbH filed a lawsuit at the District Court Mainz
against the holders of the "second secured loan."  The second
secured loan amounts to EUR375,000,000.  The lawsuit (AZ 10HKO
112/04) should determine whether PrimaCom AG and PrimaCom
Management GmbH is obligated to pay the interest of the second
secured loan or rather that the second secured holder should
currently not be able to enforce possible existing interest
claims.

The lawsuit is based on expert opinions obtained from the
renowned accounting partnership (Wirtschaftsprufersozietat) LKC
Kemper Czarske v. Gronau Berz -- functioning as special examiner
-- as well as from Prof. Dr. Armbruster on usurious credit and
additionally on an expert opinion from a renowned insolvency
office -- that the second secured loan has an equity character.

This implies that no interest would have to be paid over the
entire term and that interest already paid should be refunded to
the company.  Furthermore due to the equity character of the
second secured loans, it is not possible under the German law to
continue to make interest payments as long as, and until a
solution to the financial crisis is found.

PrimaCom AG
Management Board

CONTACT:  PRIMACOM AG
          Investor Relations
          Phone: +49 (0) 6131 - 944 522
          Fax: +49 (0) 6131 - 944 508
          E-mail: investor@primacom.de


WILFRIED ESSER: Succumbs to Bankruptcy
--------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Wilfried Esser & Hans-Joachim Kahrau GmbH on Nov. 29,
2004.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Jan. 15,
2005 to register their claims with court-appointed provisional
administrator Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 19, 2005, 10:00 a.m. at the district court
of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf,
4. OG. Altbau, Raum A 409, 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 Feb. 2, 2005 at the same venue.

CONTACT:  Wilfried Esser & Hans-Joachim Kahrau GmbH
          Memeler Str. 6, 41460 Neuss
          Contact:
          Wilfried Esser, Manager
          Hans-Joachim Kahrau, Manager

          Dr. Biner Bahr, Insolvency Manager
          Jagerhofstrasse 29, 40479 Dusseldorf


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


MALEV AIRLINES: Government May Defer Cash Injection
---------------------------------------------------
The government might not provide troubled national carrier Malev
Rt. another state subsidy, Airwise says.

Allami Privatizacios es Vagyonkezelo Rt. (APV), the country's
privatization agency, has advised the government to defer a HUF3
billion cash injection into Malev as the carrier has been
performing better.  APV said in a statement Friday, "In the year
2004, marking a turning point in Malev's life, despite very hard
market conditions, it gave the right responses to the challenges
of rising fuel prices and the attack by budget airlines."

APV stressed the state could save taxpayers' money if it would
not subsidize Malev.  APV likewise urged the government to
reassess the group's undervalued assets and increase efficiency
at the carrier.  The privatization agency said Malev managed to
increase revenues and retain it market share in 2004.  It added
the carrier's finances were stable and needed no outside
intervention.

APV, however, admitted it could not forecast the carrier to
break even due to unfavorable market conditions.

The government previously injected HUF7 billion into Malev and
was expected to add another HUF3 billion at the end of the year.
Malev said it needs the amount to break even.

Earlier this month, Hungary simplified the terms of Malev's
privatization after canceling a tender on November 18 for lack
of sufficient offers.  APV described the tender process
"invalid" after receiving only one binding offer from Aviation
Solution International (ASI).  ASI offered only HUF150 million
(US$793,000), a far cry from the HUF3.5 billion the agency is
asking for the face value of Malev shares.

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

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


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


GLANBIA PLC: Buys German Food Ingredients Firm for EUR14.5 Mln
--------------------------------------------------------------
Glanbia plc has acquired the assets and goodwill of Germany-
based nutrient delivery systems company Kortus Food Ingredients
Services GmbH for EUR14.5 million.  The purchase price includes
EUR10.5 million cash and with a further deferred payment of EUR4
million, of which EUR2 million will be payable subject to the
achievement of a pre determined performance target.

Kortus is a privately owned nutrient Delivery Systems Company
based in Orsingen-Nenzingen, Southern Germany that specializes
in the production, research and development of customized
nutrients systems for customers in the Infant Formula, Clinical
Nutrition and Dietetics markets.

This acquisition is in line with Glanbia's nutritional strategy
of extending its solution capability and product range, and of
strengthening access to key sectors of infant and clinical
nutrition.

                            *   *   *

Standard & Poor's Ratings Services in April lowered its long-
term corporate credit rating on Glanbia PLC to 'BB+' from 'BBB-'
due to an insufficient improvement in the group's financial
profile.  The outlook is stable.

CONTACT:  GLANBIA PLC
          Glanbia House
          Kilkenny, Ireland
          Phone: +353-56-72200
          Fax: +353-56-72222
          Web site: http://www.glanbia.com


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


ALITALIA SPA: Shareholders Approve Capital Increase
---------------------------------------------------
At the ordinary and extraordinary meeting of Alitalia S.p.A.
shareholders held on Dec. 15, these decisions were taken:

(a) in ordinary session, to appoint the Plenipotentiary Minister
    Gabriele Checchia as a Company Director to become a full
    member of the Board of Directors for the duration of its
    mandate;

(b) in extraordinary session, to grant the Board of Directors
    the faculty to increase the Company capital up to a maximum
    amount of EUR1.2 billion; this faculty will be exercised
    upon notice of the reduction in Company capital in order to
    cover consolidated losses.

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


PARMALAT FINANZIARIA: Sells Argentine Arm
-----------------------------------------
Collapsed dairy group Parmalat has sold its Argentine subsidiary
to industrialist Sergio Tasseli, Europe Intelligence Wire says.

The sale contract was signed Friday in Buenos Aires after three
months of negotiation.  The sale also pushed through after
receiving Italy's nod, which was needed as a committee appointed
by European nation's Productive Activities Ministry manages the
subsidiary.  Parmalat commissioner Enrico Bondi heads the
committee.

Mr. Tasselli paid a symbolic EUR1 to acquire the company and its
US$70 million debt.  The industrialist will likely renegotiate
the debt, Argentine newspaper Clarin said.  Mr. Tasselli
operates a Buenos Aires railroad under a government contract and
owns a Bruning flourmill and a meat processing plant.

The subsidiary operates three production plants and 1,200
employees and has annual revenue of US$50 million.  Parmalat
sold the firm as part of its massive restructuring plan
following a financial scandal that involved its executives and a
number of banking institutions in December 2003.

Mr. Bondi plans return Parmalat to profitability in 2005 and
reduce the dairy group's total debt from EUR14.8 billion to less
than EUR500 million by 2008.

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

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


PARMALAT U.S.A.: Outlines Creditors' Recovery Rates
---------------------------------------------------
The Chapter 11 plans of Parmalat U.S.A. Corporation and its
debtor-affiliates govern the treatment of claims against and
interests in each of Parmalat U.S.A. Corp., Farmland Dairies,
LLC, and Farmland Stremicks Sub, L.L.C. -- formerly known as
Milk Products of Alabama, L.L.C.

The Plans group claims and equity interests into 14 classes.

The classification of claims takes into account the different
nature and priority of the claims and equity interests and
indicates the classes that are entitled to vote on the Plan
based on the rules set forth in the Bankruptcy Code, as well as
the estimated recovery for each class.

The recoveries represent the Debtors' best estimates of those
values given the information available.  Unless otherwise
specified, the information is based on calculations as of
November 16, 2004.  The estimated recoveries are based on the
face value of distributions and do not include a discount factor
to reflect the fact that some payments will not be made
immediately.

   Parmalat USA Corp.
   ------------------

Class      Description           Treatment
-----      -----------           ---------
  N/A       Administrative Claims Paid in full, in cash.

  N/A       Priority Tax Claims   Paid in full, in cash.

PUSA 1     Priority Non-Tax       On the Effective Date of the
            Claims                Plan, each Priority Non-Tax
                                  Claimholder will be paid an
                                  amount in cash equal to the
                                  allowed amount of the Claim.

                                  Not entitled to vote.

                                  Estimated recovery: 100%

                                  Estimated Amount of
                                  Allowed Administrative
                                  Expense Claims, Priority Tax
                                  Claims and Priority Non-Tax
                                  Claims: $2,713,175

PUSA 2     Secured Claims         On the Effective Date, each
                                  Secured Claimholder will be
                                  reinstated or rendered
                                  unimpaired in accordance with
                                  Section 1124 of the Bankruptcy
                                  Code.  All Secured Claims that
                                  are not due and payable on or
                                  before the Effective Date
                                  will, at PUSA's option, be
                                  paid:

                                  (a) in the ordinary course of
                                      business in accordance
                                      with the course of
                                      practice between PUSA and
                                      the Claimholder with
                                      respect to the Claim; or

                                  (b) by transfer of the
                                      collateral to the
                                      Claimholder.

                                  Not entitled to vote.

                                  Estimated recovery: 100%

                                  Estimated Amount of
                                  Allowed Secured Claims: $0

PUSA 3     General Unsecured      On the Effective Date, each
            Claims                holder will receive its Pro
                                  Rata share of available PUSA
                                  cash.

                                  Entitled to vote.

                                  Estimated recovery: 29%

                                  Estimated Amount of
                                  Allowed General Unsecured
                                  Claims: $27,732,047

PUSA 4     Equity Interests       After the full payment of all
                                  allowed claims against PUSA,
                                  including all interest, and
                                  subject to reserving
                                  sufficient cash to pay holders
                                  of disputed claims against
                                  PUSA the amount which these
                                  holders would be entitled to
                                  receive if the disputed claims
                                  were allowed claims, each
                                  holder of an Equity Interest
                                  in PUSA will receive its Pro
                                  Rata share of the remaining
                                  available PUSA cash.

                                  Entitled to vote.

                                  Estimated recovery: 0%

   Farmland Dairies, LLC
   ---------------------

Class      Description           Treatment
-----      -----------           ---------
  N/A       Administrative Claims Paid in full, in cash.

  N/A       Priority Tax Claims   Paid in full, in cash.

Farmland   Priority Non-Tax       On the Effective Date, each
    1       Claims                holder of an allowed Priority
                                  Non-Tax Claim will be paid an
                                  amount in cash equal to the
                                  allowed amount of the Priority
                                  Non-Tax Claim.

                                  Not entitled to vote.

                                  Estimated recovery: 100%

                                  Estimated Amount of
                                  Allowed Administrative
                                  Expense Claims, Priority Tax
                                  Claims and Priority Non-Tax
                                  Claims: $8,998,200

Farmland   Secured Claims         On the Effective Date, each
    2                             Secured Claim will be
                                  reinstated or rendered
                                  unimpaired in accordance with
                                  Section 1124 of the Bankruptcy
                                  Code.  All Secured Claims that
                                  are not due and payable on or
                                  before the Effective Date
                                  will, at Farmland's option, be
                                  paid:

                                  (a) in the ordinary course of
                                      business in accordance
                                      with the course of
                                      practice between Farmland
                                      and the Claimholder with
                                      respect to the Claim; or

                                  (b) by transfer of the
                                      collateral to the
                                      Claimholder.

                                  Not entitled to vote.

                                  Estimated recovery: 100%

                                  Estimated Amount of
                                  Allowed Secured Claims:
                                  $40,485

Farmland   General Unsecured     On the Effective Date, each
    3a      Claims                holder of a General Unsecured
                                  Claim will receive its Pro
Rata
                                  share of the beneficial
                                  interests in the Unsecured
                                  Creditors' Trust, which will
                                  receive on behalf of holders
                                  of allowed of General
                                  Unsecured Claims:

                                  (a) approximately $3 million
                                      in cash;

                                  (b) a note for $7 million
                                      issued by Farmland for the
                                      benefit of general
                                      unsecured creditors;

                                  (c) a share of any proceeds on
                                      account of Farmland
                                      litigation claims
                                      collected prior to the
                                      Effective Date;

                                  (d) a share of any proceeds in
                                      account of litigation
                                      claims against Dean Foods
                                      Company; and

                                  (e) a beneficial interest in
                                      the trust established to
                                      hold Farmland litigation
                                      claims.

                                  Entitled to vote.

                                  Estimated recovery: 56%

                                  Estimated Amount of
                                  Allowed General Unsecured
                                  Claims: $29,184,780

Farmland   Master Lease           On the Effective Date, the
    3b      Claim                 Lessor will receive on account
                                  of the allowed Master Lease
                                  Claim:

                                  (a) 80% of the Common
Membership
                                      Interests on a fully
                                      diluted basis;

                                  (b) a share of any proceeds on
                                      account of farmland
                                      litigation claims
                                      collected prior to the
                                      Effective Date;

                                  (c) a beneficial interest in
                                      the trust to hold Farmland
                                      litigation claims; and

                                  (d) all preference actions
                                      that may be pursued by
                                      Reorganized Farmland,
                                      unless otherwise waived in
                                      the Plan.

                                  Entitled to vote.

                                  Estimated recovery: N/A

Farmland   Convenience Claims     On the Effective Date, each
    3c                            holder of an allowed
                                  Convenience Claim against
                                  Farmland will receive cash in
                                  an amount equal to 40% of the
                                  holder's convenience claim,
                                  unless the holder elects on
                                  its timely filed ballot to be
                                  treated for voting and
                                  distribution purposes as a
                                  holder of a General
                                  Unsecured Claim.

                                  Entitled to vote.

                                  Estimated recovery: 40%

                                  Estimated Amount of
                                  Allowed Convenience
                                  Claims: $564,765

Farmland   Equity Interests       On the Effective date, all
    4                             instruments evidencing Equity
                                  Interests in farmland will be
                                  canceled without further
                                  action under any applicable
                                  agreement, law, regulation, or
                                  rule, and the equity interests
                                  in Farmland evidenced will be
                                  extinguished and holders of
                                  Equity Interests will not
                                  receive nor retain any
                                  property under the Plan.

                                  Not entitled to vote.

                                  Estimated recovery: 0%

   Milk Products of Alabama, LLC
   -----------------------------

Class      Description           Treatment
-----      -----------           ---------
  N/A       Administrative Claims Paid in full, in cash.

  N/A       Priority Tax Claims   Paid in full, in cash.

MPA 1      Priority Non-Tax       On the Effective Date, each
            Claims                holder of an allowed Priority
                                  Non-Tax Claim will be paid an
                                  amount in cash equal to the
                                  allowed amount of the Priority
                                  Non-Tax Claim.

                                  Not entitled to vote.

                                  Estimated recovery: 100%

                                  Estimated Amount of
                                  Allowed Administrative
                                  Expense Claims, Priority Tax
                                  Claims and Priority Non-Tax
                                  Claims: $3,030,140

MPA 2a     Secured Claims         On the Effective Date, each
                                  Secured Claim will be
                                  reinstated or rendered
                                  unimpaired in accordance with
                                  Section 1124 of the Bankruptcy
                                  Code.  All Secured Claims that
                                  are not due and payable on or
                                  before the Effective date
                                  will, at MPA's option, be
                                  paid:

                                  (a) in the ordinary course of
                                      business in accordance
                                      with the course of
                                      practice between MPA and
                                      the Claimholder with
                                      respect to the Claim; or


                                  (b) by transfer of the
                                      collateral to the
                                      Claimholder.

                                  Not entitled to vote.

                                  Estimated recovery: 100%

                                  Estimated Amount of
                                  Allowed Secured Claims: $0

MPA 3      General Unsecured      On the Effective Date, each
            Claims                holder of a General Unsecured
                                  Claim will receive its Pro
                                  Rata share of available MPA
                                  cash up to the allowed amount
                                  of the Claim, including
                                  interest.

                                  Entitled to vote.

                                  Estimated recovery: 100%

                                  Estimated Amount of
                                  Allowed General Unsecured
                                  Claims: $6,236,683

MPA 4      Equity Interests       After the full payment of all
                                  allowed claims against MPA,
                                  including all interest to
                                  which the claimholders are
                                  entitled under the Plan, and
                                  subject to reserving
                                  sufficient cash to pay holders
                                  of disputed claims the amount
                                  which these holders would be
                                  entitled to receive if the
                                  disputed claims were allowed
                                  claims, each holder of an
                                  Equity Interest in MPA will
                                  receive its Pro Rata share of
                                  remaining available MPA cash.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debts.  (Parmalat Bankruptcy News, Issue No. 38; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

CONTACT:  PARMALAT U.S.A. CORPORATION
          520 Main Ave.
          Wallington, NJ 07057
          Phone: 973 777 2500
          Fax:   973 777 7648
          Toll Free: 888 727 6252
          Web site: http://www.parmalatusa.com


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


AINEK: Public Auction Set Friday
--------------------------------
The bidding organizer and insolvency manager of joint stock
company Ainek will sell its properties on December 24, 2004,
10:00 p.m.  The public auction will take place at Kyrgyzstan,
Bishkek, Fatianov Str. 1.  For sale are four lots of technical
equipment.  Assets can be inspected at Kyrgyzstan, Tokmok,
Industrial Zone, JSC Ainek.

To participate, bidders must submit all necessary documents and
deposit an amount equivalent to 10% of the starting price on or
before December 23, 2004.  For more information, call (0-312)
42-38-45 and (0-312) 42-39-68.


KAMKOR: Selling Assorted Office Furniture, Cars Friday
------------------------------------------------------
The bidding organizer and insolvency manager of close joint
stock company Kamkor will sell its assets on December 24, 2004,
10:00 a.m.  The public auction will take place at Bishkek,
Abdrahmanov Str. 105.  For sale are seven lots of assorted
office furniture, cars and apartment.

Bids must be submitted on or before December 24, 2004 to
Bishkek, Abdrahmanov Str. 105.  For more information, call (0-
312) 28-46-93, 28-42-86 or 28-93-74.


KYRGYZKOMUR: Resets Public Auction of Loan Security
---------------------------------------------------
The bidding organizer and insolvency manager of open joint stock
company Kyrgyzkomur will sell its accounts receivable on
December 24, 2004, 10:00 p.m.  The public auction will take
place at Bishkek, Chui Avenue 106, Room 102.  Valued at
KGS1,078,099, this receivable currently secures the company's
debt to Kemin Regional Financial Department.

To participate, bidders should deposit an amount equivalent to
5% of the starting price to the cashier of Kyrgyzkomur on or
before December 23, 2004 at Bishkek, Chui Avenue 106, Room 102.
For more information, call (0-312) 62-52-42.


KYZYL-ASKER: Selling KGS2.3 Million Worth of Properties
-------------------------------------------------------
The Sverdlovsk District Subdivision Service Officer of the Court
will sell the properties of Kyzyl-Asker PMK on December 24, 2004
at 10:00 a.m.  The public auction will take place at Chui
region, Alamudun district, Vtoraya Pyatiletka Kyzyl-Asker PMK.

The assets for sale are 13 lots of repair shops, storehouses,
workshops, carports and administrative houses.  Starting price
is KGS2,304,121.

CONTACT:  U. Sarymsakov
          Officer of the Court
          Phone: (0-312) 29-35-86


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


AFK SISTEMA: S&P Welcomes Deutsche Telekom's Share Sale Plan
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on AFK Sistema, the Russia-based holding
company, on CreditWatch with positive implications.  In
addition, Standard & Poor's placed its 'BB-' long-term corporate
credit rating on leading Russian mobile telecommunications
operator Mobile TeleSystems (OJSC), which is a key subsidiary of
Sistema, on CreditWatch with negative implications.

"The rating actions reflect the expected sale of almost one-half
of Deutsche Telekom's 25.3% stake in MTS, which should allow
Sistema to gradually strengthen its control and have a better
access over the cash flow of its key subsidiary," said Standard
& Poor's credit analyst Pavel Kochanov.  "The ratings on MTS
have been placed on CreditWatch with negative implications to
reflect the expected higher influence from Sistema, a lower
rated entity."

Deutsche Telekom AG (BBB+/Positive/A-2) recently announced the
sale of a 12% stake in MTS, which reduces its stake in the
company to about 13% and simultaneously terminates the existing
shareholders agreement regarding the composition of MTS' board
of directors, its dividend policy, and the company's strategic
initiatives.  Deutsche Telekom originally had significant
blocking rights with respect to the dividend policy and
strategic initiatives.  Subject to execution of the sale and any
new shareholder agreement between Sistema and Deutsche Telekom,
the degree of separation between Sistema and MTS -- which was a
key factor previously incorporated into the ratings on both
companies -- will decrease.  This should result in closer
creditworthiness, if not credit convergence, for the two
companies.

Other short-term uncertainties relate to Sistema's planned IPO
of common equity in the beginning of 2005, as well as its
participation in expected privatization deals in Russia and
possible buybacks of remaining MTS shares from Deutsche Telekom.
Acknowledging the gradual exit of the second-largest strategic
shareholder in MTS, Standard & Poor's is shifting its analytical
approach and will now mostly focus on consolidated measures for
the group, including consolidated cash flows and financial
leverage.

Resolution of the CreditWatch on both Sistema and MTS is subject
to clarification of the changes in their relationship and the
impact this may have on their future financial policies.

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

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


ALFA BANK: Individual Rating Affirmed at 'D'
--------------------------------------------
Fitch Ratings affirmed Alfa Bank's Long-term foreign currency
rating at 'B+', with a Stable Outlook, Short-term at 'B',
Individual at 'D' and its Support rating at '4'.  Alfa's
National Long-term rating has also been affirmed at 'A(rus)'.

Alfa's ratings reflect the concentrated balance sheet of ABH
Financial (the group of which Alfa is the central part), its
potentially volatile funding base and moderate capitalization.
Although ABH is run as one business, some assets are kept
offshore in sister companies of Alfa.  Management stresses these
would be made available to Alfa's creditors in a stress scenario
(and Fitch notes that Alfa's ultimate shareholders have always
been very supportive of the bank including, most recently, in
July 2004); all of Alfa's public capital markets issuance and
syndicated loans are guaranteed by ABH Financial.

Alfa's ratings also consider its good franchise, the experience
of its management, an above average risk management function for
Russia, its reasonable asset quality and its good profitability.

Alfa endured extreme liquidity pressure in July 2004 when rumors
in the Russian media, against the backdrop of banking sector
jitters caused by the failure of two banks, triggered a run on
deposits.  Cautionary liquidity was provided by the group's
shareholders and the bank's position stabilized relatively
quickly.

Fitch comments that Alfa's performance is superior to most of
its domestic peers' and, although performance indicators had
been falling to end-H104, they have improved since the July
mini-crisis and Fitch expects full year results to be good.
Earnings quality has improved as the bank has concentrated on
developing more sustainable net interest and fee/commission
income.  Nonetheless, Alfa's willingness to pay for experienced
banking professionals means its cost base is substantial.

The credit risk profile of Alfa's main borrowers is high but, in
Fitch's opinion, is better than at most Russian banks and asset
quality has been good in recent years.  Non-performing loans
accounted for just 1% of the loan book at end-H104.  Loan book
concentration remains relatively high, but has been falling.

ABH Financial's securities operations carry potential high
market risk. Nonetheless, its proprietary trading appetite has
been falling and market risk has historically been well managed.

At the ABH Financial level, the group's internal goal is to
maintain a risk asset ratio in excess of 10% (at end-H104 it was
10.3%, almost all being Tier 1) and the group should be able to
do this through internal capital generation over the medium-
term.  In Fitch's opinion, ABH is moderately capitalized.

Alfa is the largest private sector bank in Russia by assets
(albeit only 10% of the size of Sberbank), with top five market
shares across many product lines.  Alfa is ultimately controlled
by several individuals, its original founders, via Alfa Group
Consortium, with 25% owned by the bank's top management.

CONTACT:  FITCH RATINGS
          James Longsdon, London
          Phone: +44 20 7417 4309

          James Watson, Moscow
          Phone: +7 095 956 9901

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


CHITA STATE: Creditors Have Until January to File Claims
--------------------------------------------------------
The Arbitration Court of Chita region has commenced bankruptcy
proceedings against Chita State Thermal Networks after finding
the municipal enterprise insolvent.  The case is docketed as
A78-1890/04-B-26.  Mr. G. Konstantinov has been appointed
insolvency manager.

Creditors have until Jan. 26, 2005 to submit their proofs of
claim to 672051, Russia, Chita, Post User Box 836.  A hearing
will take place on Sept. 14, 2005.

CONTACT:  CHITA STATE THERMAL NETWORKS
          672000, Russia, Chita, Chaykovskogo Str. 28

          Mr. G. Konstantinov
          Insolvency Manager
          672051, Russia, Chita, Post User Box 836


ELTSOVSKAYA SEL-KHOZ-TEKHNIKA: Sets Deadline for Proofs of Claim
----------------------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
proceedings against Eltsovskaya Sel-Khoz-Tekhnika after finding
the agricultural machinery insolvent.  The case is docketed as
A03-6554/04-B.  Mr. V. Bortyakov has been appointed insolvency
manager.

Creditors have until Jan. 26, 2005 to submit their proofs of
claim to:

(a) Insolvency Manager
    656002, Russia, Altay region,
    Barnaul, Post User Box 3712

(b) The Arbitration Court Of Altay Region
    656015, Russia, Barnaul, Lenina Str. 76

(c) Eltsovskaya Sel-Khoz-Tekhnika
    Russia, Altay region, Eltsovskiy region, Eltsovka


JUC FERRO-CONCRETE: Declared Insolvent
--------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy proceedings against JUC Ferro-Concrete Goods after
finding the close joint stock company insolvent.  The case is
docketed as A27-9910/2004-4.  Mr. A. Kachula has been appointed
insolvency manager.

Creditors have until Jan. 26, 2005 to submit their proofs of
claim to Russia, Kemerovo region, Kaltan, Komsomolskaya Str. 8.
A hearing will take place on May 23, 2005, 10:00 a.m.

CONTACT:  JUC FERRO-CONCRETE GOODS
          Russia, Kemerovo region, Kaltan,
          Komsomolskaya Str. 8

          Mr. A. Kachula
          Insolvency Manager
          Russia, Kemerovo region, Kaltan,
          Komsomolskaya Str. 8


KEMEROVSKIY FACTORY: Sets Deadline for Proofs of Claim
------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy proceedings against Kemerovskiy Factory Of Building
Products after finding the state enterprise insolvent.  The case
is docketed as A27-9062/2004-4.  Mr. E. Sedelnikov has been
appointed insolvency manager.

Creditors have until Jan. 26, 2005 to submit their proofs of
claim to:

(a) Kemerovskiy Factory Of Building Products
    650905, Russia, Kemerovo, Yagunovskiy, Bakha Str.

(b) Insolvency Manager
    650000, Russia, Kemerovo,
    Post Office, Post User Box 913


KRYMSKIY TINNED: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Krymskiy Tinned Food Combine (TIN 2337026063).  The case is
docketed as A-32-29591/2004-1/205B.  Mr. O. Shutov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 350042, Russia,
Krasnodar, Kolkhoznaya Str. 3, Room 307.  A hearing will take
place on April 18, 2005.

CONTACT:  KRYMSKIY TINNED FOOD COMBINE
          Russia, Krasnodar region, Krymsk

          Mr. O. Shutov
          Temporary Insolvency Manager
          350042, Russia, Krasnodar,
          Kolkhoznaya Str. 3, Room 307
          Phone: (861) 275-89-30


LKHC BUJ-WOOD-PROM: Under Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Kostroma region has commenced
bankruptcy supervision procedure on open joint stock company
LKHC Buj-Wood-Prom.  The case is docketed as A31-5178/18.  Mr.
A. Petrosyan has been appointed temporary insolvency manager.

Creditors have until Dec. 26, 2004 to submit their proofs of
claim to 156007, Russia, Kostroma, Novoselskaya Str. 34.  A
hearing will take place at the Arbitration Court of Kostroma
region on Feb. 3, 2005, 9:30 a.m.

CONTACT:  LKHC BUJ-WOOD-PROM
          Russia, Kostroma region, Buj, 1st May Str.

          Mr. A. Petrosyan
          Temporary Insolvency Manager
          156007, Russia, Kostroma, Novoselskaya Str. 34
          Phone/Fax: (0942) 517-388

          The Arbitration Court of Kostroma region:
          156961, Russia, Kostroma, Shagova Str. 20


METALLURG-MED-STRAKH: Deadline for Proofs of Claim Set January
--------------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
proceedings against Metallurg-Med-Strakh after finding the
medical insurance company insolvent.  The case is docketed as
A19-21544/04-34.  Mr. A. Fomin has been appointed insolvency
manager.  Creditors have until Jan. 26, 2005 to submit their
proofs of claim to 664025, Russia, Irkutsk, Post User Box 131.

CONTACT:  METALLURG-MED-STRAKH
          664007, Russia, Irkutsk,
          Karla Libknekhta Str. 64

          Mr. A. Fomin
          Insolvency Manager
          664025, Russia, Irkutsk,
          Post User Box 131
          Phone: (8-3952) 33-40-68


OREKHOVO-ZUEVSKAYA POULTRY: Bankruptcy Hearing Resumes February
---------------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on close joint stock company Orekhovo-
Zuevskaya Poultry Farm.  The case is docketed as A41-K2-
17490/04.  Mr. E. Bessonov has been appointed temporary
insolvency manager.

Creditors have until Dec. 26, 2004 to submit their proofs of
claim to:

(a) Orekhovo-Zuevskaya Poultry Farm
    142674, Russia, Moscow region,
    Orekhovo-Zuevo region, Kabanova

(b) Temporary Insolvency Manager
    107078, Russia, Moscow, Post User Box 281

(c) The Arbitration Court Of Moscow Region
    107996, Russia, GSP-6, Moscow,
    Akademika Sakharova Pr. 18

A hearing will take place on Feb. 2, 2005, 12:00 noon.


PLESETSKIY MECHANICAL: Names P. Terentyev Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy supervision procedure on open joint stock company
Plesetskiy Mechanical Plant.  The case is docketed as A05-
18335/04-8.  Mr. P. Terentyev has been appointed temporary
insolvency manager.  Creditors have until Dec. 26, 2004 to
submit their proofs of claim to 163061, Russia, Arkhangelsk,
Troitskiy Pr. 106, Office 30.

CONTACT:  PLESETSKIY MECHANICAL PLANT
          164260, Russia, Arkhangelsk region,
          Plesetsk, Lenina Str. 1

          Mr. P. Terentyev
          Temporary Insolvency Manager
          163061, Russia, Arkhangelsk,
          Troitskiy Pr. 106, Office 30


SHARYPOVSKOYE ENTERPRISE: Appoints A. Gafarov Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy proceedings against Sharypovskoye Enterprise Of
Railway Transport after finding the federal state unitary
enterprise insolvent.  The case is docketed as A33-4389/04-s4.
Mr. A. Gafarov has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 660017, Russia, Krasnoyarsk,
Post User Box 20647.

CONTACT:  SHARYPOVSKOYE ENTERPRISE OF RAILWAY TRANSPORT
          662320, Russia, Krasnoyarsk region, Sharypovo,
          Ashpyl, Locomotive depot

          Mr. A. Gafarov
          Insolvency Manager
          660017, Russia, Krasnoyarsk,
          Post User Box 20647


TOBOLSKIY CITY-FOOD-COMBINE: Declared Insolvent
-----------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
proceedings against Tobolskiy City-Food-Combine after finding
the close joint stock company insolvent.  The case is docketed
as A70-5239/3-04.  Mr. V. Tatarkin has been appointed insolvency
manager.  Creditors have until Jan. 26, 2005 to submit their
proofs of claim to Russia, Tyumen, Chervishevskiy Trakt, 94-81.

CONTACT:  TOBOLSKIY CITY-FOOD-COMBINE
          Russia, Tyumen region, Tobolsk,
          Bolshaya Sibirskaya Str. 50

          Mr. V. Tatarkin
          Insolvency Manager
          Russia, Tyumen,
          Chervishevskiy Trakt, 94-81


VOLOKOLAMSKIY FACTORY: Moscow Court Appoints Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
proceedings against Volokolamskiy Factory Of Building
Constructions after open joint stock company insolvent.  The
case is docketed as A41-K1-8191/97.  Mr. A. Lopatenko has been
appointed insolvency manager.  Creditors have until Jan. 26,
2005 to submit their proofs of claim to 143620, Russia,
Volokolamsk, p/o Privokzalnoye.

CONTACT:  VOLOKOLAMSKIY FACTORY OF BUILDING CONSTRUCTIONS
          143620, Russia, Volokolamsk, p/o Privokzalnoye

          Mr. A. Lopatenko
          Insolvency Manager
          143620, Russia, Volokolamsk, p/o Privokzalnoye
          Phone: 8903-7638874


YUKOS OIL: Tries to Force Russia into Arbitration
-------------------------------------------------
Yukos Oil Company asks the U.S. Bankruptcy Court to compel the
Russian Federation to participate in an arbitration proceeding
designed to bring an end to what Yukos calls "the Russian
Government's vicious and unprecedented campaign of illegal and
discriminatory taxes, confiscations, arrests, and intimidation."

                 Russian Foreign Investment Law

In July 1999, the Russian Federation adopted a new Federal Law
on Foreign Investment in the Russian Federation in order to
attract and encourage foreign investment on its territory.

According to its preamble: "This Federal Law determines the
basic guarantees of foreign investors' rights to the
investments, and to the income and profits obtained from such
investments, and the terms of business activities of foreign
investors in the Russian Federation."  The legislation's
preamble declares its purposes to be: "attracting foreign
material and financial resources, advanced engineering and
technologies, managerial experience and efficient application
thereof in the economy of the Russian Federation, and ensuring
that the legal regime of foreign investments is in compliance
with the norms of international law and the international
practice of investment co-operation."

An 18-page English translation of the Russian Foreign Investment
Law provided by the International Centre for the Settlement of
Investment Disputes of The World Bank is available at no charge
at:

     http://bankrupt.com/misc/RussianInvestmentLaw.pdf

C. Mark Baker, Esq., at Fulbright & Jaworski L.L.P., tells Judge
Clark that Yukos is protected by the investment guarantees set
forth in the Russian Foreign Investment Law because foreign
investors own at least 10% of Yukos' capital stock and because
Yukos reinvests its income and profits in oil production and
related activities on the territory of the Russian Federation.
Article 4(5) expressly provides: "A foreign investor or a
commercial organization established in the Russian Federation in
which a foreign investor[s] own[] at least 10 percent of the
charter (joint stock) capital of such organization while
reinvesting shall be entitled to the full legal protection,
guarantees and privileges provided by this Federal Law."  The
ownership of Yukos' capital stock by foreign investors far
exceeds the 10% minimum requirement.

Under the Russian Foreign Investment Law, Mr. Baker relates, the
Russian Federation guaranteed Yukos five basic rights:

     (1) protection from discriminatory treatment under the
         legal regimes governing investment (Article 4(1));

     (2) full and unconditional protection of its rights and
         interests, together with the right to receive
         compensation for damages inflicted as a result of
         illegal actions (or failure to act) of governmental
         authorities (Article 5(l)-(2));

     (3) protection of property from forced seizure, including
         nationalization and requisition, without compensation
         for the value of the property and other damages
         (Article 8(l)-(2));

     (4) protection from unfavorable changes in existing federal
         laws and other normative acts that change the rate of
         federal taxes (excluding excise tax and value added tax
         on goods), or that result in the increase of the
         cumulative tax burden on activity aimed at
         implementation of priority investment projects
         (Article 9); and

     (5) the right to reinvest, remit abroad, or otherwise fully
         dispose of the proceeds of its investments or business
         activities (Article 11).

Under Russian law, the Russian Federation also was obliged to
treat Yukos, its investments, and business activities in good
faith.  It hasn't.

                 The Russian Federation's Failures

In the course of its unrelenting attacks on Yukos, Mr. Baker
argues, the Russian Federation has violated each of these
fundamental investment protections and guarantees.  It has also
breached its obligations under international law, including the
obligation not to treat Yukos, its investments or business
activities discriminatorily, unfairly, inequitably, arbitrarily
or capriciously; not to deny Yukos justice; not to expropriate
or confiscate Yukos' property, or interests in property; and to
grant full protection and security to Yukos, its investments and
business activities.

Article 4(1) requires: "The legal regime governing investment
activities of a foreign investor and use of profits obtained
from such investments may not be less favorable than the legal
regime governing the investment activities and use of profits
obtained from such investments established for Russian
investors, with the exceptions established by federal laws."

As interpreted and applied by Russian governmental authorities,
the legal regime governing reinvestment activities of Yukos in
the Russian Federation -- specifically, the tax regime and its
enforcement mechanisms -- is brutally discriminatory and,
indeed, confiscatory, depriving Yukos of revenues and profits,
strangling its ability to operate and conduct business, and
destroying shareholder value.

Under Article 5(1), the Russian Federation expressly guaranteed
Yukos the "full and unconditional protection of its rights and
interests in the Russian Federation which are provided by this
Federal Law, other federal laws and normative acts of the
Russian Federation and by international treaties of the Russian
Federation."  Under Article 5(2), Yukos "shall have the right to
receive compensation for damages inflicted on it as a result of
illegal actions (failure to act) of any governmental or local
authorities or any officer of such authorities."  Based on these
protections and guarantees, Yukos is entitled to full
compensation in monetary damages from the Russian Federation for
the destruction of its value as a commercial organization by
governmental authorities.

Article 3 of the Russian Foreign Investment Law recognizes that
international treaties are part of the legal regulation of
foreign investments.  The general rules governing the status of
international treaties in the Russian Federation are provided in
Article 15(4) of the 1993 Russian Constitution and Article 5(1)
of the 1995 Federal Law on International Treaties of the Russian
Federation, which both provide: "International treaties of the
Russian Federation shall, together with generally-recognized
principles and norms of international law, be an integral part
of its legal system in accordance with the Constitution of the
Russian Federation."

In Article 8(1), the Russian Federation also promised that
"[t]he property of a foreign investor or an organization with
foreign investments shall not be subject to forced seizure,
including nationalization and requisition," except on grounds
established by federal laws and treaties.  Under Article 8(2),
Yukos must be compensated for the value of requisitioned
property and in the event of nationalization must be compensated
for the value of the property and other damages.  The illegal
manipulation and misuse of the tax system, tax authorities, and
courts by the Russian government in order to take control of the
assets of Yukos, including court orders expressly authorizing
the seizure of all of Yukos' revenues, violate this prohibition
against forced seizure.

Furthermore, to the extent governmental authorities subject the
assets of Yukos to the forced sale to state enterprises at
prices far below their fair value, the Russian Federation
violates its obligation not to nationalize property without full
compensation.

The Russian Federation has also breached its obligations to
guarantee against unfavorable changes in the tax regime
applicable to Yukos.  The illegal acts of the Russian
government, in manipulating, misusing, and reinventing the
Russian tax laws, violate its stability obligation under Article
9, radically changing the tax regime under which Yukos undertook
its activities and investments to Yukos' immense disadvantage.

The Russian Federation's failure to maintain the stability of
the tax regime violates Article 9 and, accordingly, its
obligation under Article 5(1) to accord Yukos the full and
unconditional protection of its rights and interests provided by
the Russian Foreign Investment Law.  Under Article 5(2), Yukos
has the express right to receive compensation for damages
inflicted on it as a result of these illegal actions.

Pursuant to Article 11, subject to the payment of all legally
permissible taxes, the Russian Federation guaranteed Yukos "the
right to use its income and profits for reinvestment in the
Russian Federation . . . or to apply it for any other purposes
which are not in conflict with the laws of the Russian
Federation, and to transfer outside of the Russian Federation
without limitation such income and profits and other foreign
currency legally received in connection with its prior
investments."

By imposing or permitting the imposition of illegal and
impermissible taxes against Yukos, and ordering the seizure of
its revenues, the Russian Federation has breached the above
guarantees.  It has impaired Yukos' ability to reinvest, or
otherwise fully dispose of, its profits and dividends.  The
Russian Federation has also violated its obligation to allow the
unrestricted transfer abroad by Yukos of the proceeds of its
investment and business activities in the territory of the
Russian Federation, including "income from investments in the
form of profits, dividends or any other income," "moneys
received under contractual or any other obligations," "moneys
received from the liquidation [of Yukos, any of its affiliates,
or assets], or the disposal of investment assets, property
rights and exclusive intellectual property rights."

                International Arbitration Required

Article 10 of the Russian Foreign Investment Law sets forth the
Russian Federation's "Guarantee of Proper Settlement of Disputes
Related to Investment and Business Activities of Foreign
Investments in the Russian Federation."  The Russian
Federation's consent to international arbitration is provided in
Article 10, as follows: "Any dispute involving a foreign
investor and related to the investment and business activities
of such investor in the Russian Federation shall be settled in
compliance with the international treaties of the Russian
Federation and federal laws in a court, an arbitration court, or
international arbitration (arbitration tribunal)."

There are no limitations on the scope of the Russian
Federation's consent to arbitration.  Moreover, by its terms,
Article 10 does not require any additional agreement for the
Russian Federation's consent to be operative.  Under the Russian
Foreign Investment Law, Yukos is guaranteed the same investment
protections, including those provided in Article 10, as a
foreign investor, based on its significant percentage of foreign
ownership.

Yukos says it is entitled to submit its investment disputes with
the Russian Federation to international arbitration.

With the Russian Federation's consent in Article 10 of the
Russian Foreign Investment Law to submit investment disputes to
international arbitration, all that is required is the
investor's acceptance of the offer to arbitrate.  That an offer
to submit investment disputes to international arbitration,
which is set forth in a national investment law, can be accepted
by a notice of arbitration is now widely recognized.  Leading
commentators on the law and practice of international commercial
arbitration recently noted:

     Investment arbitrations are frequently based on provisions
     in national investment laws or international treaties by
     which the state agrees generally to arbitrate investment
     disputes.  These provisions constitute a unilateral
     standing offer to the public to submit to arbitration with
     any party fulfilling the requirements.  The offer is
     accepted by the investor when it initiates arbitration
     proceedings against the state.

Julian D. M. Lew, et al, COMPARATIVE INTERNATIONAL COMMERCIAL
ARBITRATION f 28-12 (2003).  See also Tradex Hellas v. Albania,
Decision on Jurisdiction, 24 December 1996, 14 ICSID Rev. -
F.I.L.J. 161, 187 (1999) (stating that "it can now be considered
as established and not requiring further reasoning that [a
state's consent to arbitrate] can also be effected unilaterally
by a Contracting State in its national laws the consent becoming
effective at the latest if and when the foreign investor files
its claim with ICSID making use of the respective national
law."); SPP v. Arab Republic of Egypt, Decision on Jurisdiction
1, November 27, 1985, 3 ICSID Rep. 112, 114-15 (1995) (ruling in
favor of arbitral tribunal's jurisdiction based on consent to
arbitrate contained in Egypt's Law No. 43 of 1974 Concerning the
Investment of Arab and Foreign Funds and the Free Zone, pursuant
to which the investor was provided with several options for
settling its disputes with the Egyptian Government).

Based on the Russian Federation's consent, Yukos sent a Notice
of Arbitration to the Russian Federation on December 14, 2004,
giving Yukos' assent in writing to arbitrate its claims
concerning the Russian Federation's breach of its investment
obligations under the Russian Foreign Investment Law and
International Law.

A full-text copy of Yukos' 26-page Arbitration Notice is
available at no charge at:

     http://bankrupt.com/misc/YukosArbitrationNotice.pdf

                        Forcing Arbitration

The great favor and deference federal law gives to recognizing
and enforcing arbitration agreements has become enshrined in
American arbitration jurisprudence, Mr. Baker tells Judge Clark,
directing her attention to Dean Witter Reynolds, Inc. v. Byrd,
470 U.S. 213, 217-18, 105 S. Ct. 1238, 1240-41, 84 L. Ed. 2d 158
(1985); Moses H. Cone Mem. Hasp. v. Mercury Constr. Corp., 460
U.S. 1, 24-25, 103 S. Ct. 927, 941-42, 74 L. Ed. 2d 765 (1983).

Indeed, Mr. Baker continues, the United States Fifth Circuit
Court of Appeals, while reviewing a bankruptcy court's decision
not to order arbitration, recognized that "in the absence of an
inherent conflict with the purpose of another federal statute
[i.e., the Bankruptcy Code], the Federal Arbitration Act
mandates enforcement of contractual arbitration provisions. . .
."

In re National Gypsum Co., 118 F.3d 1056, 1067 (5th Cir. 1997)
(citing Shearson/American Express, Inc. v. McMahon, 482 U.S.
220, 237-38 (1989)).  This support for recognition and
enforcement of arbitral agreements "applies with special force
in the field of international commerce." Mitsubishi Motors Corp.
v. Soler Chrysler-Plymouth, Inc., 473 U.S. 614, 631, 105 S. Ct.
3346, 3353, 87 L. Ed. 2d 444 (1985); see also Pennzoil Expl. &
Prod. Co. v. Ramco Energy Ltd., 139F.3d 1061, 1065 (5th Cir.
1998).

Enforcement of arbitration agreements touching on international
commercial matters is governed by the New York Convention, as
implemented by Chapter 2 of the FAA, 9 U.S.C. Secs. 201-208
(2000).  The strong policy favoring enforcement of agreements
falling under the New York Convention is necessary to prevent
the frustration of "the orderliness and predictability essential
to any international business transaction." Vimar Seguros y
Reaseguros, S.A. v. M/V Sky Reefer, 515 U.S. 528, 538, 115 S.
Ct. 2322, 2329, 132 L. Ed. 2d 462 (1995), quoting Scherkv.
Alberto-Culver Co., 417 U.S. 506, 516, 94 S. Ct. 2449, 2456, 41
L. Ed. 2d 270 (1974).

Article 11(1) of the New York Convention requires each
Contracting State to recognize an agreement in writing to
arbitrate disputes, and Article 11(3) requires the court of a
Contracting State, when seized of an action in a matter in
respect of which the parties have made an agreement to
arbitrate, to refer the parties to arbitration.  Section 206 of
the FAA implements this treaty requirement by providing that
"[a] court having jurisdiction under this chapter may direct
that arbitration be held in accordance with the agreement at any
place therein provided for, whether that place is within or
without the United States."

United States courts have determined that they can direct
parties to arbitration under this provision when the parties
have designated the place of arbitration in their agreement to
arbitrate.  See, e.g., Jain v. de Mere, 51 F.3d 686, 689 (7th
Cir. 1995).  When the parties have not designated the place of
arbitration, pursuant to Section 208, the courts default to the
provisions of Chapter 1 of the FAA and rely on Section 4 to
compel arbitration. See, e.g., id.; Bauhinia Corp. v. China
National Mach. & Equip. Import & Export Corp., 819 F.2d 247, 250
(9th Cir. 1987).  Under Section 4, the arbitration hearing and
proceedings shall be held within the district in which the
petition for an order directing arbitration is filed. See Jain
v. de Mere, 51 F.3d 686, 690 (7th Cir. 1995).

                       Houston's the Place

Yukos asks the Court to recognize the agreement in writing to
arbitrate set out in Article 10 of the Russian Foreign
Investment Laws and Yukos' Notice of Arbitration and direct the
parties to arbitration.  Because Article 10 of the Russian
Foreign Investment Law does not specify the place of
international arbitration, Yukos asks the Court to compel
arbitration in Houston, Texas, the principal city within the
Southern District of Texas and, appropriately, the center of the
international oil and gas industry.

Yukos says that because the Russian Government has over many
months used, manipulated, and abused its court system in its
efforts to destroy Yukos, there is absolutely no reason to
believe that the Russian Government would abandon its
destructive campaign to participate in the fair resolution of
Yukos' investment claims before an impartial and independent
international arbitral tribunal, and every reason to believe
that it would not.

For Yukos to make a request to arbitrate to the Russian
Government without immediately thereafter applying to the U.S.
Bankruptcy Court to compel arbitration would not only be a
futile act, but would only ensure that the Russian Government,
which has repeatedly shown its utter contempt for the rule of
law in the course of attacks on Yukos, would again manipulate
its courts in an attempt to prevent Yukos from pursuing its
rights under Article 10 of the Russian Foreign Investment Law to
arbitrate its claims and from enforcing its right to arbitration
under the New York Convention.  Under the extreme circumstances
of its case, Yukos insists that there is no doubt that it is an
"aggrieved party" in every sense of the word, including for
purposes of recourse to arbitration under the New York
Convention and the FAA.

Yukos also asks the Bankruptcy Court to name the individual who
should serve as the arbitrator, without offering any candidates.

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection
on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., Fulbright & Jaworski, LLP, represent the Debtor in its
restructuring efforts.

When the Debtor filed for protection from its creditors, it
listed US$12,276,000,000 in total assets and $30,790,000,000 in
total debts.  (Yukos Bankruptcy News, Issue No. 1; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


YUKOS OIL: Wants Order Clarifying Stay to Apply Worldwide
---------------------------------------------------------
The Debtor -- to put what the U.S. Bankruptcy Code says into the
form of a court order that Yukos Oil Company and its lawyers can
pass around -- presents Judge Clark with an "Emergency Motion
for Entry of Order Pursuant to Sections 105, 106, 362 and 366 of
the Bankruptcy Code (a) Authorizing the Debtor to Operate its
Business, and (b) Implementing the Worldwide Automatic Stay."

Yukos asks Judge Clark to enter an order on an emergency basis
"enforcing the automatic stay pursuant to Sections 105, 106, 362
and 366 of the Bankruptcy Code against all persons, entities and
governmental units, including the Russian Federation,
prohibiting them from taking any actions in violation of the
worldwide automatic stay, including participation in the auction
scheduled for December 19, 2004, which seeks to sell the most
valuable property of the Debtor's bankruptcy estate."

If the automatic stay is not immediately enforced against the
Russian Federation and the persons or entities that may
participate in the auction, the most valuable assets of the
Debtor's bankruptcy estate will be sold at a price significantly
below market.  The Debtor's estate will suffer complete,
immediate and irreparable harm.

                        Stop the Auction

Yukos asks the Court to enforce the automatic stay that went
into place with respect to Yukos' assets worldwide when Yukos
filed this Chapter 11 bankruptcy case.  In particular, Yukos
asks the Court to enjoin the Russian Government from completing
the sale of the YNG Stock that is currently proposed at the
Auction on December 19, 2004, which, as described in the press,
will likely result in the sale of the stock of YNG to Gazprom at
a price significantly below market.  There may only be one real
bidder at this sale, the bids will start at $8.65 billion, and
YNG's assets are worth $20 billion or more.

To make this injunction meaningful, Zack A. Clement, Esq., at
Fulbright & Jaworski, LLP, says, Yukos also asks the Court to
enjoin Gazprom and any other persons that either have bid, or
who might bid, from participating in that Auction.  Finally,
Yukos asks the Bankruptcy Court to enjoin all international
financial institutions with operations in the United States,
from financing the bid of Gazprom, or any other person to
purchase the assets of Yukos.

                 The Debtor-in-Possession Concept

Section 1108 of the Bankruptcy Code authorizes a trustee to
operate the business and manage property of the estate in the
ordinary course of business.  Section 1107(a) of the Bankruptcy
Code provides that, with certain exceptions not relevant in
Yukos' case, a debtor-in-possession has all of the rights,
powers, and duties of a trustee in a case under Chapter 11.
Accordingly, the Debtor is authorized under Sections 1107 and
1108 of the Bankruptcy Code to operate its business and manage
its properties in the ordinary course of business, including
transactions with its vendors and creditors located in the
United States and other countries as well as inter-company
transactions with its approximately 200 active subsidiaries.

                       Send a Clear Message

The Debtor fears that parties unfamiliar with the United States
Bankruptcy Code may attempt to commence, or attempt to proceed
with litigation and other acts against the Debtor and property
of its bankruptcy estate despite the implementation of the
automatic stay.

The Debtor believes that it may be difficult to convince these
foreign creditors that their actions against the Debtor may
violate federal law, or that the Debtor is able to operate its
business merely by pointing out the existence of the automatic
stay.  Many of these foreign creditors may require tangible
evidence that the automatic stay has, in fact, been implemented
and that they are enjoined from collecting pre-petition debts
and taking actions against the Debtor and its estate before they
cease those actions.

Accordingly, the Debtor asks the Court to enter an order
pursuant to 11 U.S.C. Sec. 105(a) that will serve to notify the
parties with whom the Debtor does business of the requirements
of Section 362 of the Bankruptcy Code, including, but not
limited to:

     (a) that the Debtor is authorized to continue to operate
         its business and to manage its properties;

     (b) that, in the course of those operations, the Debtor has
         the power to enter into all transactions (including
         obtaining services, supplies and inventories) that it
         could have entered into in the ordinary course of its
         business had there been no bankruptcy filing; and

     (c) that suppliers and other parties may continue to engage
         in transactions with the Debtor in the ordinary course
         of business in the same manner and on the same terms
         and conditions as they did before the filing.

The Debtor also requests that the order provide notice to all
applicable courts of competent jurisdiction to take all
appropriate measures required to enforce and recognize its
Chapter 11 case, including, but not limited to, application of
the automatic stay and all other orders entered in its Chapter
11 case in the relevant jurisdictions.

                    American Bankruptcy Basics

The injunction contained in Section 362 of the Bankruptcy Code
is self-executing.  It constitutes a fundamental debtor
protection which, in combination with the other provisions of
the Bankruptcy Code, provides the Debtor with the "breathing
spell" that is essential to the Debtor's ability to reorganize
successfully.  See, e.g., Variable-Parameter Fixture Dev. Corp.
v. Morpheus Lights, Inc., 945 F. Supp. 603, 606 (S.D.N.Y. 1996)
("[Section] 362 is meant to give 'the debtor a breathing spell
from his creditors [ad] . . . permit [ ] the debtor to attempt a
repayment or reorganization plan.'").  This protection was
extended to protect a debtor's property wherever it is located
and by whomever it is held.  See, e.g., Underwood v. Milliard
(In re Rimsat, Ltd.), 98 F.3d 956, 961 (7th Cir. 1996)
(bankruptcy court's in rein jurisdiction over property of the
estate permits injunctions against foreign proceedings pursuant
to the automatic stay).  The automatic stay under Section 362(a)
of the Bankruptcy Code prohibits the commencement or
continuation of any prepetition action.  Section 541(a) of the
Bankruptcy Code defines "property of the estate," as "all legal
or equitable interests of the debtor in property as of the
commencement of the case" both "wherever located and by whomever
held."  Section 106(a) of the Bankruptcy Code abrogates
sovereign immunity.

                        Sovereign Immunity

The Debtors point Judge Clark to Tuli v. Republic of Iraq (In re
Tuli), 112 F.3d 707, 711 (9th Cir. 1999), where the Ninth
Circuit Court of Appeals addressed the issue of whether Iraq had
sovereign immunity from a Bankruptcy Court order under the
Foreign Sovereign Immunity Act, 28 U.S.C. Sec. 1602, et seq.  In
that case, the debtor sued the Republic of Iraq for turnover of
property that the government had illegally confiscated.  The
Ninth Circuit found that since the enactment of 11 U.S.C. Sec.
106, foreign states can no longer assert sovereign immunity from
liability for certain actions under the Bankruptcy Code,
including adversary proceeding complaints brought pursuant to
Section 542 of the Bankruptcy Code. Id. at 711.  The court noted
that Section 106 of the Bankruptcy Code abrogates sovereign
immunity as to a "governmental unit," which the Bankruptcy Code
specifically defines to include a foreign state or other foreign
or domestic government. Id. at 712 (citing 11 U.S.C. Secs.
101(27) and 106(a)(l)).

                     Other Courts Have Done It

Although the automatic stay arises by operation of law, the
Debtor believes that a court order is necessary to ensure that
all creditors, including the ministries of the Russian
Government, timely comply with the stay.  The Debtor notes that
other bankruptcy courts have issued similar orders in In re UAL
Corp., et al, Case No. 02-B-48191 (Bankr. N.D. 111. December 11,
2002); In re Comdisco, Inc., et al., Case No. 01 B 24795 (Bankr.
N.D. 111. July 17, 2001) (entering an order implementing the
automatic stay); In re Trans World Airlines, Inc., et. al., Case
No. 01-00056 (Bankr. D. Del. Jan. 10, 2001) (same); In re Trans
World Airlines, Inc., Case No. 95-43748-399 (Bankr. E.D. Mo.
June 30, 1995) (same); In re Pan Am Corp., et al, Case No. 91 B
10080 through 91 B 10087 (Bankr. S.D.N.Y. Jan. 8, 1991) (same).

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection
on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., Fulbright & Jaworski, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed US$12,276,000,000 in total assets
and US$30,790,000,000 in total debts.  (Yukos Bankruptcy News,
Issue No. 1; Bankruptcy Creditors' Service, Inc., 215/945-7000)


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


IZAR: Restructuring Plan Gets Employees' Nod
--------------------------------------------
Sociedad Estatal De Participaciones Industriales (SEPI) has
struck a deal with trade unions regarding the future of troubled
shipbuilder Izar, El Pais says.

The agreement came after more than twelve months of negotiations
between SEPI and trade unions.  SEPI has been persuading the
unions to approve its restructuring plan, wherein the
shipbuilder will separate its military and civilian divisions
into two different companies.  According to the plan, SEPI will
retain ownership of the new Izar, which would be composed of the
military division.  SEPI also plans to partly or entirely sell
the civilian unit to private investors.  Izar's restructuring
will affect 4,100 of its 11,077 employees.  The affected
employees, all of which are aged 52 and up, will undergo early
retirement schemes.

Izar has filed for bankruptcy, which is expected to take effect
on January 1, 2005.  On the same date, Izar's new companies will
start their operations.  Izar went into trouble after the
European Commission ordered the shipbuilder to repay around
EUR1.2 billion in state aid, which the regulator declared
illegal.

To save the company, SEPI proposed to split the shipbuilder.
However, the proposal met stiff opposition from employees.  The
protests reached its peaked in October and November, when
employees were figured out in violence-marred demonstrations.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


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


CONCORDIA BUS: On CreditWatch Over Potential Default
----------------------------------------------------
Standard & Poor's Ratings Services placed its 'CCC' long-term
corporate credit rating on Sweden-based bus operator Concordia
Bus AB on CreditWatch with negative implications.

"The CreditWatch placement reflects our concerns over whether
the company will be able to meet its next interest rate
payments, totaling about SKR135 million, which fall due in
February 2005," said Standard & Poor's credit analyst Magnus
Pettersson.

At Nov. 30, 2004, Concordia Bus had SKR144 million (US$21.22
million) in available cash and SKR62 million in restricted cash.
Improvement in the company's profitability has been below
expectations.  Given the uncertainty over the company's cash
flow position after the fourth quarter ending Feb. 28, 2005,
there is a risk that the interest payments totaling SKR135
million due in February 2005 will not be met.

"The fact that cash flow has been negative during previous
fourth quarters increases these concerns," added Mr. Pettersson.

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

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Group E-mail Addresses
          magnus_pettersson@standardandpoors.com
          bob_ukiah@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com
          infrastructurefinanceeurope@standardandpoors.com


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


BUREAU ELMIS: Zaporizhya Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Economic Court of Zaporizhya region has commenced bankruptcy
supervision procedure State Enterprise Special Design Bureau
Elmis (code EDRPOU 20473002).  The case is docketed as 19/152
(04).  Mrs. O. Kretova (License Number AA 487803) has been
appointed temporary insolvency manager.  The company holds
account number 260043010234 at Prominvestbank, Zaporizhya
branch, MFO 313537.

Creditors may submit their proofs of claim to:

(a) BUREAU ELMIS
    69035, Ukraine, Zaporizhya region,
    Mayakovskij Avenue, 11

(b) Mrs. O. Kretova
    Temporary Insolvency Manager
    69006, Ukraine, Zaporizhya region, a/b 123
    Phone: 8 (0612) 13-32-14, 33-82-67
           8 (067) 614-47-49

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


HIMPRIBORSERVICE: Under Bankruptcy Supervision
----------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on limited liability company
Himpriborservice (code EDRPOU 19468415) on October 22, 2004.
The case is docketed as B-24/84-04.  Arbitral manager Mr. T.
Chagovets (License Number AA 250135) has been appointed
temporary insolvency manager.  The company holds account number
26002010153980 at Bank Finances and Credit, MFO 350697.

CONTACT:  HIMPRIBORSERVICE
          Ukraine, Harkiv region,
          Danilevskij Str. 10/10

          Mr. T. Chagovets
          Temporary Insolvency Manager
          61045, Ukraine, Harkiv region,
          Shakespeare Str. 10/5-A
          Phone: 773-01-30

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


HLIBOROB: Insolvency Manager Takes over Operations
--------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Hliborob (code EDRPOU 05527829) on October
21, 2004 after finding the limited liability company insolvent.
The case is docketed as 10/16B.  Arbitral manager Mrs. Vira
Chugunova (License Number AA 487830) has been appointed
liquidator/insolvency manager.  The company holds account number
260054346 at JSPPB Aval, Lugansk regional branch, MFO 304007.

Creditors had until December 20, 2004 to submit their proofs of
claim to:

(a) HLIBOROB
    Ukraine, Lugansk region,
    Lutuginskij district, Georgiyivka,
    Karl Marks Str. 89

(b) Mrs. Vira Chugunova
    Liquidator/Insolvency Manager
    91011, Ukraine, Lugansk region,
    Lutuginska Str. 123/6

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


KOZHUHIVSKE: Claims Filing Period Ends
--------------------------------------
The Economic Court of Vinnitsya region has commenced bankruptcy
supervision procedure on agricultural open joint stock company
Kozhuhivske (code EDRPOU 30005631).  The case is docketed as
5/508-04.  Mr. Ivan Potrebchuk (License Number AA 630117) has
been appointed temporary insolvency manager.  The company holds
account number 26009062120310 at JSCB Ukrsocbank, Vinnitsya
branch, MFO 302010.

Creditors had until December 20, 2004 to submit their proofs of
claim to:

(a) KOZHUHIVSKE
    22330, Ukraine, Vinnitsya region,
    Litinskij district, Kozhuhiv

(b) Mr. Ivan Potrebchuk
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Sverdlov Str. 190/24

(c) ECONOMIC COURT OF VINNITSYA REGION
    21100, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


TROYAN: Bankruptcy Proceedings Begin
------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Troyan (code EDRPOU 31454645) on August 4,
2004 after finding the limited liability company insolvent.  Mr.
S. Gritsaj (License Number AA 719865) has been appointed
liquidator/insolvency manager.  The company holds account number
2600700650053 at JSCB Praveks-Bank, MFO 321983.

CONTACT:  TROYAN
          Ukraine, Kyiv region,
          Bratska Str. 8

          Mr. S. Gritsaj
          Liquidator/Insolvency Manager
          Phone: (044) 236-11-17

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


VIMPEL: Insolvency Manager Takes over Helm
------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Vimpel (code EDRPOU 31726875) on November 4,
2004 after finding the limited liability company insolvent.  The
case is docketed as 27/89 B.  Mrs. Kitayeva Svitlana has been
appointed liquidator/insolvency manager.

CONTACT:  VIMPEL
          84691, Ukraine, Donetsk region,
          Artemivsk, Kujbishev Str. 16

          Mrs. Kitayeva Svitlana
          Liquidator/Insolvency Manager
          86000, Ukraine, Donetsk region,
          Yasinovataya, Zorka Square, 9/70

          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
===========================


3807552 LIMITED: Members Final Meeting Set Late January
-------------------------------------------------------
The final meeting of the members of 3807552 Limited (formerly
Leisurehunt.com Limited) will be on Jan. 28, 2005 commencing at
10:00 a.m.  It will be held at Harrisons, 4 St Giles Court,
Southampton Street, Reading RG1 2QL.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Harrisons, 4 St Giles Court, Southampton Street, Reading
RG1 2QL not later than 12:00 noon, Jan. 27, 2005.

CONTACT:  HARRISONS
          4 St Giles Court, Southampton Street,
          Reading RG1 2QL
          Phone: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


ACCIDENT REPAIR: Members Opt for Liquidation
--------------------------------------------
At the extraordinary general meeting of Accident Repair Centre
North West Limited on Dec. 9, 2004 held at Future House, 6
Liverpool Road, Penwortham, Preston PR1 0AD, the resolutions to
wind up the company were passed.  Alan H. Tomlinson of
Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3
3EL has been appointed liquidator of the company.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


ACTIVEGEO LIMITED: Names K.B. Stout Liquidator
----------------------------------------------
At the extraordinary general meeting of Activegeo Limited on
Dec. 9, 2004 held at 228 Shoreditch High Street, London E1 3PJ,
the subjoined extraordinary resolution to wind up the company
was passed.  K. B. Stout has been appointed liquidator of the
company.


ADZONE LIMITED: Calls Final Meeting of Members, Creditors
---------------------------------------------------------
The final meeting of the members and creditors of Adzone Limited
will be on Jan. 24, 2005 commencing at 10:00 a.m. and 10:30
a.m., respectively.  It will be held at Moore Stephens, 3-5
Rickmansworth Road, Watford, Hertfordshire WD18 0GX.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Moore Stephens, 3-5 Rickmansworth Road,
Watford, Hertfordshire WD18 0GX not later than 12:00 noon, Jan.
21, 2005.

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


AERCON METAL: Sets General Meeting January
------------------------------------------
The general meeting of the members and creditors of Aercon Metal
Spinners Limited will be on Jan. 20, 2005 commencing at 10:30
a.m.  It will be held at the offices of Portland Business &
Financial Solutions Ltd., 1640 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway, Solent Business Park,
          Whiteley, Fareham, Hampshire


AIRSPACE SOLUTIONS: Hires Joint Liquidators from Grant Thornton
---------------------------------------------------------------
At the extraordinary general meeting of Airspace Solutions
Limited on Dec. 8, 2004 held at the Village Hotel and Leisure
Club, 29 Pendwyallt Road, Coryton, Cardiff CF14 7EF, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Richard Hawes and David Thomas of Grant Thornton
UK LLP, 11-13 Penhill Road, Cardiff CF11 9UP have been appointed
joint liquidators of the company.

CONTACT:  GRANT THORNTON UK LLP
          11-13 Penhill Road,
          Cardiff CF11 9UP
          Phone: 029 2023 5591
          Fax:   029 2038 3803
          Web site: http://www.grant-thornton.co.uk


ART GLASS: PricewaterhouseCoopers Hosts Final Members Meeting
-------------------------------------------------------------
The final meeting of the members of Art Glass Limited will be on
Jan. 18, 2005 commencing at 10:00 a.m.  It will be held at
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Benson House, 33 Wellington
Street, Leeds LS1 4JP not later than Jan. 17, 2005.

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


AUSSIE LEISURE: Directors Get 3-year Ban from Holding Exec Post
---------------------------------------------------------------
Two directors of a publican business that failed with total
debts estimated at GBP522,000 have each given an Undertaking not
to hold directorships or take any part in any company management
for three years.

The Undertakings by Craig Pinches, 41, and Darren Pinches, 38,
both of Whitebeam Close, Gloucester were given in respect of
their conduct as directors of Aussie Leisure Limited, which
carried on business from premises at Trinity Street, Worcester,
WR1 3PY.

Acceptance of the Undertakings on November 22, 2000, which
became effective on December 13, 2004, prevents the Pinches
brothers from being directors of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for the
above period.  Aussie was placed into voluntary liquidation on
June 30, 2000 with estimated debts of GBP521,733 owed to
creditors.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

The matter of unfit conduct, not disputed by Craig and Darren
Pinches, was that they caused Aussie to breach legislative
provisions by delaying and/or failing to file statutory returns
and remit monies to HM Customs & Excise and by delaying and/or
failing to remit monies due to the Inland Revenue.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


AUTO EFFECTS: Names Hurst Morrison Thomson Administrator
--------------------------------------------------------
Paul William Ellison and Gareth Wyn Roberts (IP Nos 7254 and
1162) have been appointed administrators from Auto Effects
Limited.  The appointment was made Dec. 9, 2004.  The company
manufactures plastic products.

CONTACT:  HURST MORRISON THOMSON CORPORATE RECOVERY LLP
          5 Fairmile, Henley on Thames,
          Oxfordshire RG9 2JR
          Phone: +44 (0) 1491 579866
          Fax:   +44 (0) 1491 573397
          E-mail: hmt@hmtgroup.co.uk


AVECIA GROUP: Sells NeoResins Business to DSM for EUR515 Million
----------------------------------------------------------------
Royal DSM N.V. and Avecia Group announced on Dec. 14 that DSM
intends to acquire NeoResins, the coating resins business of
Avecia.  It is anticipated that the closing will take place in
the first quarter of 2005.  The acquisition fits perfectly in
DSM's strategy and means a substantial strengthening of DSM's
coating resins business, part of the company's Performance
Materials cluster.

DSM will pay Avecia a transaction price of EUR515 million in
cash.  The transaction comprises the entire NeoResins business
on a cash and debt free basis, including the acquisition of
shares in 14 legal entities.  NeoResins' sales in 2004 are
expected to be around EUR270 million with an EBITDA of
approximately EUR52 million.  The company employs 635 people.
The acquisition will be earnings per share enhancing as of year
one.

NeoResins is a well-managed business enjoying high growth
(around 6%) and high profit margins in attractive markets.  Its
growth is driven by increasing industry and consumer demand for
environmentally friendly coating technologies.  NeoResins will
form part of the business group DSM Coating Resins and will
trade as DSM NeoResins.  The acquisition of NeoResins will add
technically very advanced resins to DSM Coating Resins'
portfolio.  The business group will develop synergies over the
coming period, in the fields of technology, markets, innovation
and purchasing.  This transaction is subject to various external
approvals and will be submitted to the works councils according
to the usual procedures.

Peter Elverding, DSM's Managing Board Chairman, comments:  "I am
delighted that DSM and Avecia have reached agreement.  It is
exactly the kind of acquisition DSM was looking for to finalize
the portfolio transformation envisaged in our Vision 2005
strategy.  It is an excellent fit since it will strengthen DSM's
Performance Materials portfolio and increase our presence in
high-growth specialties.

"The acquisition price is perfectly in line with the previously
indicated range.  With an EBITDA / sales margin of 20%,
NeoResins will contribute immediately to DSM's earnings per
share and profitability.  Against this background, the multiple
we will be paying for NeoResins is full but fair.  The
combination of DSM Coating Resins and NeoResins will be an
innovative and leading producer in the market of environmentally
friendly coatings and resins."

Jeremy Scudamore, Avecia's Chief Executive Officer commented: "I
am very pleased that we have reached this agreement with DSM.
The acquisition will complement and strengthen DSM's position in
coating resins and provide excellent opportunities for future
business growth."

CONTACT:  AVECIA GROUP
          Public Affairs
          Phone: +44 (0)161 721 2942 / 2441
          Fax: +44 (0)161 721 5319


BALDWIN MARKETING: Hires Liquidator from Poppleton & Appleby
------------------------------------------------------------
At the extraordinary general meeting of Baldwin Marketing
Associates Limited on Dec. 6, 2004 held at Epsom House, 248
Court Oak Road, Harborne, Birmingham B32 2EG, the subjoined
special resolution to wind up the company was passed.  Martin
Thomas Coyne of Poppleton & Appleby, 35 Ludgate Hill, Birmingham
B3 1EH has been appointed liquidator of the company.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


BARDWELL BUILDERS: Liquidator's Final Report Out January
--------------------------------------------------------
The final meetings of the members and creditors of Bardwell
Builders Limited will be on Jan. 7, 2005 commencing at 10:00
a.m. and 10:15 a.m. respectively.  It will be held at the
offices of Shaw & Company, 195 Banbury Road, Oxford OX2 7AR.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

CONTACT:  SHAW & COMPANY
          195 Banbury Road, Oxford OX2 7AR


BASF COATINGS: Hires Liquidator from Moore Stephens
---------------------------------------------------
At the extraordinary general meeting of BASF Coatings Refinish
Limited on Dec. 2, 2004 held at BASF plc, P.O. Box 4, Earl Road,
Cheadle, Cheshire SK8 6QG, the resolution to wind up the company
was passed.  Simon Geoffrey Paterson of Moore Stephens, Victory
House, Admiralty Place, Chatham Maritime, Kent ME4 4QU has been
appointed liquidator of the company.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Victory House, Admiralty Place
          Chatham Maritime Kent ME4 4QU
          Phone: +44 (01634) 895100
          Fax: +44 (01634) 895101
          Web site: http://www.moorestephens.com


BEECH HOUSE: Calls in Liquidator
--------------------------------
At the extraordinary general meeting of the members of Beech
House Properties Limited Company on Dec. 6, 2004 held at Tower
House, Lucy Tower Street, Lincoln LN1 1XW, the special, ordinary
and extraordinary resolutions to wind up the company were
passed.  Timothy Simon Cockcroft has been appointed liquidator
of the company.


BELTANE CONSULTANTS: Liquidator to Give Final Update January
------------------------------------------------------------
The final meeting of the members and creditors of Beltane
Consultants Limited will be on Jan. 7, 2005 commencing at 10:30
a.m. and 10:45 a.m., respectively.  It will be held at Charlotte
House, 19B Market Place, Bingham, Nottingham.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Blades Insolvency Services, Charlotte House,
19B Market Place, Bingham, Nottingham not later than 12:00 noon,
Jan. 6, 2005.

CONTACT:  BLADES INSOLVENCY SERVICES
          Charlotte House, 19B Market Place,
          Bingham, Nottingham


B.H. PANELS: HSBC Bank Forces Firm into Receivership
----------------------------------------------------
HSBC Bank Plc appointed G. C. Smith and J. N. Whitfield (Office
Holder Nos 6335, 9131) joint administrative receivers for
accident repair center B.H. Panels Limited (Reg No 01641594,
Trading Name: BHM).  The application was filed Dec. 1, 2004.

CONTACT:  Centre City Tower, 7 Hill Street,
          Birmingham B5 4UU


CAMPUS VENTURES: Appoints Begbies Traynor Administrator
-------------------------------------------------------
Paul Stanley and Richard William Traynor (IP Nos 8123 and 6730)
have been appointed administrators for Campus Ventures Limited.
The appointment was made Dec. 3, 2004.  Its registered office is
located at The Campus Ventures Centre, Zochonis Buildings, The
University of Manchester, Oxford Road, Manchester M13 9PL.

CONTACT:  BEGBIES TRAYNOR
          Elliot House, 151 Deansgate
          Manchester M3 3BP
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


CARFAX GOWNS: Royal Bank of Scotland Brings in Receivers
--------------------------------------------------------
The Royal Bank of Scotland plc appointed Stephen Robert Cork
(Office Holder No 8627) and Henry Anthony Shinners (Office
Holder No 9280) joint administrative receivers for Carfax Gowns
Limited (Reg No 00363732, Trade Classification: Division 2
(08)).  The application was filed Nov. 29, 2004.  The company is
engaged in importing and manufacturing clothing.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Prospect House, 2
          Athenaeum Road, London N20 9YU
          Web site: http://www.smith.williamson.co.uk

          SMITH AND WILLIAMSON LIMITED
          No. 1 Riding House Street,
          London W1A 3AS
          Web site: http://www.smith.williamson.co.uk


CORUS GROUP: Closes Buyout of Segal Stake
-----------------------------------------
Corus Staal B.V. has completed the purchase of a 50%
shareholding in Segal S.A., a Belgian hot dipped galvanizing
line, for a consideration of EUR25 million (approximately
GBP17.5 million) in cash.

The completion of the purchase, from MetalInvest investment
fund, follows receipt of regulatory approval from the Belgian
Competition Authority (Raad voor de Mededinging).

Segal, which employs 155 staff and produces 500,000 tons of hot
dipped galvanized sheet annually, becomes a 100%-owned
subsidiary of Corus Staal B.V. and is fully consolidated in the
Group's accounts from 16 December 2004.

Corus Staal B.V. is a wholly owned subsidiary of Corus Group plc
that owns the Group's principal steel-making assets in the
Netherlands.  The exchange rate used is EUR1.43 per GBP1.

CONTACT:  CORUS GROUP
          Corporate Relations:
          Mike Hitchcock
          Phone: +44 (0) 20 7717 4502

          Investor Relations:
          Phone: Anthony Hamilton +44 (0) 20 7717 4503


FARRELLS FORMWORK: Watchdog Serves Five-year Ban on Ex-director
---------------------------------------------------------------
A director of a steel fixing and concrete business that failed
with debts of more than GBP219,000 has been disqualified in the
Southend County Court from acting as a company director for five
years.

Deborah Bell, 41, of Nicholas Walk, Grays, Essex, was a director
of Farrells Formwork Ltd. that carried on business from premises
at the same address.

Farrells Formwork Ltd. was placed into voluntary liquidation on
November 25, 2002 with estimated debts of GBP219,453 owed to its
creditors.

The Disqualification Order, made on December 2, 2004 prevents
Ms. Bell from being a director of a company, or in any way being
concerned in or taking part in the promotion, formation or
management of a company for the above period.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

Matters of unfit conduct, found by the court, not disputed by Ms
Bell, were that:

(a) She failed to ensure that Farrells Formwork Ltd. maintained
    adequate accounting records, or failed to preserve such
    accounting records, alternatively she failed to deliver up
    such accounting records to the liquidator; and]

(b) she caused or allowed Farrells Formwork Ltd. to trade at the
    expense and detriment of HM Customs and Excise.  No payments
    were made in respect of VAT returns and surcharges between
    the VAT periods 2002 and 2001 through to liquidation.  At
    liquidation HM Customs and Excise have a claim of
    GBP230,389.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


GIIT REALISATIONS: Names Ernst & Young Liquidator
-------------------------------------------------
At the extraordinary general meeting of GIIT Realisations 3
Limited on Oct. 29, 2004 held at 1 More London Place, London SE1
2AF, the special resolution to wind up the company was passed.
Patrick Joseph Brazzill and Margaret Elizabeth Mills of Ernst &
Young LLP, 1 More London Place, London SE1 2AF have been
appointed joint liquidators of the company.

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


GRP LAMINATES: Hires Joint Administrators from Fanshawe Lofts
-------------------------------------------------------------
Stephen John Adshead and Antony Robert Fanshawe (IP Nos 008574,
005944) have been appointed joint administrators for GRP
Laminates Limited.  The appointment was made Dec. 8, 2004.  Its
registered office is located at Prospect Road, Cowes, Isle of
Wight PO31 7AD.

CONTACT:  FANSHAWE LOFTS
          41 Castle Way, Southampton SO14 2BW
          Phone: 023 8023 3522
          Fax: 023 8023 3504
          E-mail: mail@fanshawe-lofts.co.uk
          Web site: http://www.fanshawe-lofts.co.uk


GWC RALTON: Names UHY Hacker Young Administrator
------------------------------------------------
Andrew Andronikou and Ladislav Hornan (IP Nos 1253, 2059) have
been appointed administrators for printers GWC Ralton 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


HALIFAX BEETLES: Former Director Gets 10-year Ban
-------------------------------------------------
The director of a used motor vehicle and parts sales business
that failed with debts of more than GBP679,000 has been
disqualified in the Leeds County Court from acting as a company
director for ten years.

Patrick Lucien Mark Vandevivere, 43 of Dixon Close, Greetland,
Halifax, was a director of Halifax Beetles Limited that carried
on business from premises at Newstead Terrace, Gibbet Street,
Halifax HX1 4TA.  Halifax Beetles Limited was placed into
voluntary liquidation on January 9, 2002 with estimated debts of
GBP679,646 owed to its creditors.

The Disqualification Order, made on December 7, 2004, prevents
Patrick Lucien Mark Vandevivere from being a director of a
company or, in any way, whether directly or indirectly, being
concerned in or taking part in the promotion, formation or
management of a company for 10 years.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

Matters of unfit conduct, found by the Court, were that Mr.
Vandevivere:

(a) Caused Halifax to fail to maintain or preserve adequate
    accounting records, due to this the liquidator has been
    unable to explain Vandevivere's payments to himself
    amounting to GBP62,533 and GBP62,575 and unable to clarify
    records of stock, sales, parts and workshop sales;

(b) Caused Halifax to misappropriate monies belonging to members
    of the general public in that by the date of liquidation at
    least seven customers had had their used vehicles sold by
    Halifax without receiving any proceeds of sale from Halifax,
    the total of which amounted to GBP15,000; and

(c) Failed to disclose to the liquidator monies totaling
    GBP45,000 that were located in a bank account in the Isle of
    Man.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


KARITRANS GROUP: Names Begbies Traynor Administrator
----------------------------------------------------
David Paul Hudson and Lloyd Biscoe (IP Nos 008977, 009141) have
been appointed joint administrators for Karitrans Group Ltd.
The appointment was made Dec. 2, 2004.  The company is engaged
in haulage/freight forwarding.  Its registered office is located
at The Old Exchange, 234 Southchurch Road, Southend on Sea,
Essex SS1 2EG.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


KELAN CLOTHING: Insolvency Service Disqualifies Directors
---------------------------------------------------------
The directors of a clothing manufacturing business that failed
with total debts estimated at around GBP641,000 have given
Undertakings not to hold directorships or take any part in
company management for six years and two-and-a-half years
respectively.

The Undertakings by married couple Hatice D'Jan, aged 40, and
Huseyin Altunatmuz, aged 36, both of Corbar Close, Hadley Wood,
Hertfordshire, were given in respect of their conduct as
directors of Kelan Clothing Manufacturers Limited, which carried
out business from premises at 78 Pretoria Road, London N18 1SP.

Acceptance of the Undertakings on November 26, 2004 prevents Ms.
D'Jan and Mr. Altunatmuz from being directors of a company or in
any way, whether directly or indirectly, being concerned or
taking part in the promotion, formation or management of a
company for the above respective periods.

Kelan Clothing Manufacturers Limited was placed into creditors
voluntary liquidation on March 26, 2002 with estimated debts of
GBP641,318 owed to creditors.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered unfit
to be involved in the management of companies in the future.

Matters of unfit conduct not disputed by Ms. D'Jan or Mr.
Altunatmuz were that:

(a) Ms. D'Jan caused Kelan to pay dividends to herself and her
    husband and co-director, causing Kelan's liabilities to
    exceed its assets, after which Kelan became unable to
    discharge its liabilities when they fell due;

(b) She caused Kelan to make net payments totaling approximately
    GBP98,600 to herself at a time when its liabilities to the
    Crown were increasing; and

(c) Both Ms D'Jan and Mr. Altunatmuz caused Kelan to trade to
    the detriment of the Crown by not paying amounts due to HM
    Customs & Excise and HM Inland Revenue for VAT, PAYE income
    tax and National Insurance contributions.  That the two
    Crown agencies were the only creditors is reflected in the
    statement of affairs of the company at liquidation.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


LOCKS & LEEKS: Appoints Ward & Co. Administrator
------------------------------------------------
Barry J. Ward (IP No 002700) has been appointed administrators
for Locks & Leeks Limited.  The appointment was made Nov. 24,
2004.  The company operates in the plumbing sector.  Its
registered office is located at Bank House, Shaw Street,
Worcester WR1 3DT.

CONTACT:  WARD & CO.
          Bank House, Shaw Street, Worcester WR1 3DT


MAYFAIR NOMINEES: Liquidator from BDO Stoy Hayward Moves in
-----------------------------------------------------------
At the extraordinary general meeting of Mayfair Nominees Limited
On Nov. 18, 2004 held at BDO Stoy Hayward LLP, 8 Baker Street,
London W1U 3LL, 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


PREMIER CASTLE: Restaurant Director Gets Four-year Ban
------------------------------------------------------
A director of a Chinese Restaurant that failed with debts of
more than GBP357,000 has given an Undertaking not to hold
directorships or take any part in company management for a
period of four years.

The Undertaking by Kin Man Wong, of Linacre Way, Darlington was
given in respect of his conduct as a director of Premier Castle
Limited, which carried on business trading as New Ming Dynasty
from premises at 41 Stowell Street, Newcastle-Upon-Tyne.

Premier was placed into voluntary liquidation on 20 September
2002 with estimated debts of GBP261,000 owed to its creditors.

The acceptance of the Undertaking on December 9, 2004, prevents
Kin Man Wong from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
four years.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

Matters of unfit conduct, not disputed by Kin Man Wong, were
that:

(a) He did not take adequate steps to familiarize himself with
    the financial affairs of Premier, which he ought to have
    done, and thereby allowed Premier to fail to declare all its
    takings in its accounts, to the Inland Revenue and to HMCE;
    and

(b) He did not take adequate steps to familiarize himself with
    the business and affairs of Premier, which he ought to have
    done, and thereby allowed Premier to enter into a
    transaction at an undervalue to the detriment of creditors
    and to the benefit of Teamrespect Limited, a company of
    which Mr. Chu Lung Lok, a co-director of Premier, was a
    former director.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


RICHARDS: Liquidator to Start Selling Assets January
----------------------------------------------------
Michael Reid, interim liquidator of Richards of Aberdeen, will
start selling the collapsed company's assets in January.

Mr. Reid, of accountancy group Meston and Reid, confirmed
Saturday the disposal program of Richards will commence January.
Mr. Reid made the announcement following the presentation of
more than 100 letters from the group's former employees to
Aberdeen Central Labor MP Frank Doran.  The letters demand a
probe into Richards' collapse by the Department of Trade and
Industry.  Richards broke down after incurring heavy debts,
leaving around 196 people jobless.

Richards was reportedly losing EUR0.1 million a month prior to
filing for liquidation.  Richards fell into receivership two
years ago, but a local businessman Ian Suttie came to its rescue
shortly after.  Mr. Suttie reportedly injected more than GBP10
million into the group.

A group of former employees has tried to rescue the group but
failed.  Mr. Doran has said that millions of pounds had been
moving in and out of the group's bank account before its
collapse.

CONTACT:  RICHARDS OF ABERDEEN LIMITED
          Granithill Road
          Aberdeen AB16 7AY
          Phone: +44 1224 666 570
          E-mail: info@richards-textiles.com
          Web site: http://www.richards-textiles.com


ROYAL LONDON: Special Winding up Resolution Passed
--------------------------------------------------
At the extraordinary general meeting of Royal London Growth &
Income Trust Plc on Dec. 8, 2004, the special resolution to wind
up the company was passed.  Patrick Joseph Brazzill and Margaret
Elizabeth Mills of Ernst & Young LLP, 1 More London Place,
London SE1 2AF have been appointed liquidators of the company.

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


VP PLASTICS: Hires BWC Business Solutions as Administrator
----------------------------------------------------------
David Leighton Cockshott and Paul Andrew Whitwam (IP Nos 8974,
8346) have been appointed joint administrators for VP Plastics
Limited.  The appointment was made Dec. 9, 2004.  Its registered
office is located at BWC Business Solutions, 8 Park Place, Leeds
LS1 2RU.

CONTACT:  BWC BUSINESS SOLUTIONS
          8 Park Place, Leeds LS1 2RU


YORKSHIRE CHEMICALS: Sets Creditors Meeting Next Month
------------------------------------------------------
Name of companies:
Yorkshire Chemicals Plc (formerly Yorkshire Group Plc, Yorkshire
Group Ltd)
Yorkshire Group Plc (formerly Yorkshire Chemicals Public Limited
Company)
Yorkshire Industrials Ltd.

The creditors of these companies will meet on Jan. 17, 2005
commencing at 11:00 a.m.  It will be held at The Queens Hotel,
Wellington Street, Leeds.  Creditors who want to be represented
at the meeting may appoint proxies.  Proxy forms must be
submitted together with written debt claims to
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP not later than Jan. 14, 2005.

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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

AUSTRIA
-------
Libro A.G.                          (111)         174     (182)
Rhi A.G.                            (531)       1,471      129


BELGIUM
-------
Carestel N.V.             CSTL.BR     (3)         178      (68)
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR   (202)         176      (17)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                      (32)         124      (63)
Arbel                     PA.ARB     (50)         213      (47)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Bull S.A.                 BULP.PA   (912)         902      (38)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Charbo De France                  (3,872)       4,738   (2,868)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
LVL Medical Group         LVLM.PA     (8)         149       (6)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Agor A.G.                 DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Son A.G.  GUSG        (8)         111      N.A.
Glunz A.G.                GLUG        (0)         428      (17)
Kamps A.G.                KMPSF.PK   (93)       1,075      (61)
Kaufring A.G.             KAUG       (19)         151      (51)
Mannheimer A.G.                      (15)         879      N.A.
Marbert A.G.              MTBG       (13)         144      (50)
Nordsee A.G.                          (8)         195      (31)
Primacom A.G.             PRIG      (106)       1,264      (50)
Rinol A.G.                RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (38)         150      (26)
Senator Entertainment
    A.G.                  SENGk.BE  (153)         126     (148)
Sinn Leffers A.G.         WHGG        (4)         454     (145)
Spar Handels- A.G.        SPAG      (442)       1,433     (234)
VBH Holding A.G.          VBHG       (54)         337      (80)


GREECE
------
Delta Ice Cream                       (3)         183      (14)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                       (31)         793     (248)
Gruppo Coin S.p.A.        GC        (111)         974      (97)
Lazio S.p.A.              LAZI       (57)         495     (330)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


LUXEMBOURG
----------
Millicom International
   Cellular S.A.          MICC       (59)       1,523        4
Oriflame Cosmetics S.A.   ORI.ST     (44)         378       97


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.               NUMC      (558)       2,030       83
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Pan Fish ASA                         (24)         514      327
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Gruppo Media
   Capital SGPS S.A.      GMPTF.PK   (21)         399      (85)
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


RUSSIA
------
Kamchatskenergo                     (107)         291   (7,319)
Zil Auto                            (147)         349   (9,974)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Avanzit S.A.              AVZ.MC    (117)         457     (247)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


SWITZERLAND
-----------
Kaba Holding A.G.         KABZN      (19)         569      372
Swisslog Holding-R        SLOG       (98)         354      151


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L      (51)         585       82
Dawson Holdings           DWN.L      (29)         142      (29)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,318)       3,472     (293)
Euromoney Institutional
   Investor Plc           ERM.L     (122)         167       (2)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV       (130)         997      (56)
Intertek Testing Services ITRK       (64)         508       77
Invensys PLC                        (559)       5,885      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L       (8)         297        7
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Misys Plc                 MSY       (334)         934       44
Mytravel Group            MT.L    (1,118)       2,551     (533)
Orange Plc                ORNGF     (594)       2,902        7
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L     (565)       1,105       34
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,092)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********


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

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


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