TCREUR_Public/041227.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, December 27, 2004, Vol. 5, No. 255

                            Headlines

F R A N C E

CIT VOYAGES: Paris Court to Decide Fate Tomorrow


G E R M A N Y

ADIDAS SALOMON: Moving Part of Ski Production Out of France
AFG FLIESE: Administrator Takes over Operations
"ASSKUHL" A. SCHWARZ: Applies for Bankruptcy Proceedings
DORIAN GRAY: Catering Company Declares Bankruptcy
DRESDNER BANK: Sells Banking Business in South America to UBS

K.-H. MUTHIG: Creditors Meeting Set February
"KRONE OST": Dortmund Court Appoints Provisional Administrator
MANNEL GMBH: Last Day for Filing of Claims Today
OBJEKT SERVICE: Administrator's Report Out February
RRS GESELLSCHAFT: Gives Creditors Until January to File Claims


G R E E C E

FAGE DAIRY: 'BB-' Long-term Corporate Rating Affirmed


I T A L Y

ALITALIA SPA: Parliament Okays Government Stake Sale
PARMALAT U.S.A.: Liquidation Analysis Under Chapter 11 Plans


N E T H E R L A N D S

GETRONICS N.V.: Ups Pinkroccade Offer to EUR350 Million
VERSATEL N.V.: Bags Deal to Air Eredivisie Football Live


N O R W A Y

STOLT-NIELSEN: Nutreco Investors Approve Marine Harvest Venture


P O L A N D

AIR POLONIA: Seeks Probe Against Irish Investor


R U S S I A

AGAPOVO-AGRO-STROY: Period for Filing of Claim Ends
HOUSE BUILDING: Bankruptcy Hearing Resumes February
KALITVA-SEL-MASH: Gives Creditors Until January to File Claims
KAMENSKOYE: Chleyabinsk Court Opens Bankruptcy Proceedings
KONSTANTINOVSKOYE: Undergoes Bankruptcy Supervision Procedure

MOZHGINSKIY BREAD: Insolvency Manager Takes over Operations
OAO SEVERSTAL: S&P Says Bid for Stelco Unlikely to Proceed
OYASHINSKIY: Novosibirsk Court Appoints Insolvency Manager
SILICATE: Creditors Have Until January to File Claims
STROY-DETAIL-1: Declared Insolvent

YAROSLAVL-MIXED FODDER: Proofs of Claim Deadline Expires January
YUKOS OIL: As Expected Yuganksneftegaz Ends up in Govt's Hands
YUKOS OIL: Asks Extension for Filing Document with U.S. Court
YUKOS OIL: Wants to Employ Fulbright & Jaworski as Counsel


S W E D E N

PREEM HOLDINGS: Earns Stable Outlook from Standard & Poor's


U K R A I N E

DNEPR: Under Bankruptcy Supervision
ES-NAFTA: Temporary Insolvency Manager Takes over Operations
KOLOS: Cherkassy Court Opens Bankruptcy Proceedings
LVIVVTORCHERMET: Succumbs to Insolvency
MODERN WORLD: Insolvency Manager Takes over Helm

MOKRYANSKIJ STONE: Court Grants Debt Moratorium Request
OIL-GAS: Court Hands Control to Creditor
OKTYBRSKIJ SUGAR: Bankruptcy Proceedings Begin
SHAHTARSKAGROTEHNIKA: Declared Insolvent
SIM-SIM: Court Orders Debt Moratorium
ZNAMYANSKIJ AGROTEHSERVICE: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ACTIS LIMITED: Creditors Meeting Set January 7
AIR AMBULANCE: Members Opt for Liquidation
ANDEK BUILDING: Sets Creditors Meeting January 12
ARBRO LIMITED: Owners Agree to Dissolve Company
ARC SOLUTIONS: Hires Portland Business as Administrator

ATRIUM MANAGEMENT: Names Begbies Traynor Liquidator
B.A.S. SECURITY: Joint Liquidators from PwC Move in
BENSON LIMITED: Names PricewaterhouseCoopers Administrator
BIG FOOD: On Watch Negative After Endorsing Baugur's Bid
BIP LIMITED: Creditors Meeting Set January

BUTCHER BROTHERS: Calls in Liquidator from BN Jackson Norton
CLIVWELL SECURITIES: Hires Deloitte & Touche as Liquidator
COMMERCIAL UNION: Hires Joint Liquidators from PwC
CORUS GROUP: Another Large Investor Cuts Shareholding
DHAMECHA 2004: Hires PricewaterhouseCoopers as Liquidator

DUPORT LIMITED: Members Pass Winding up Resolutions
EURO ENGINEERING: Insolvency Service Disqualifies Ex-director
FEDERAL-MOGUL: Asks Court to Okay Waukesha Settlement Agreement
FORDELL CONSTRUCTION: Final Creditors Meeting Set January
FORD SHOPFITTING: Appoints Begbies Traynor Administrator

G M ENERGY: Hires Joint Liquidators from Numerica
MAURICE MILLARD: Calls Creditors Meeting
MIKE SIDDALL: Interim Liquidators Call Creditors Meeting
NEMESIS CT: Creditors Appoint Liquidator
NETLINE.COM: Former Topman Receives Seven-year Ban

OCEANA INVESTMENT: Appoints Begbies Traynor Liquidator
PRINCIPLE PACKAGING: Hires BDO Stoy Hayward as Administrator
QES EMPLOYMENT: Hires Joint Administrators from Tenon Recovery
RAILFORCE LIMITED: Liquidator Sets Deadline for Filing of Claims
SAVE & INVEST: Liquidator Takes over Helm
SBM FASTENERS: Director Barred from Holding Management Post
SUN'S U.K.: Regulator Bans Director for Four Years


                            *********


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


CIT VOYAGES: Paris Court to Decide Fate Tomorrow
------------------------------------------------
The commercial court of Paris will review tomorrow the financial
condition of struggling tour operator Compagnia Italiana Turismo
Voyages (CIT Voyages), Les Echos says.

General manager Maurice Benzaquen said its parent company,
Italian travel group Compagnia Italiana Turismo S.p.A., is
already finalizing a restructuring plan for CIT Voyages.

Compagnia Italiana Turismo (CIT) fell into receivership in
August.  CIT vice-chairman Gianvittorio Gandolfi says a cash
shortfall was the primary reason for the collapse.  The unit was
put under observation for two months.

CONTACT:  COMPAGNIA ITALIANA TURISMO VOYAGES
          45 rue de Paradis
          75010 Paris
          Phone: 0810 00 70 70
          Fax: 01 55 77 27 37
          E-mail: citvd@citevasion.com
          Web site: http://www.citvoyages.com

          COMPAGNIA ITALIANA TURISMO S.p.A.
          Via A. Saffi, 12 - Milano
          C.C.I.A.A. di Milano
          Web site: http://www.citspa.it


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


ADIDAS SALOMON: Moving Part of Ski Production Out of France
-----------------------------------------------------------
Salomon, the "Freedom Action Sports" unit of the Adidas-Salomon
Group has launched a restructuring program to improve its
profitability and further ensure long-term competitiveness.

By 2007, Salomon's ski production in France will be reduced to
35% from a current 55%, mainly by increasing production in
Romania.  In addition, product lines such as inline skates and
snowboards will also be produced in China.  The plan includes
the reduction of a total of 160 jobs in France over the next two
years.  In close partnership with the unions, Salomon is
committed to offering socially acceptable solutions to the
employees via pre-retirement, job relocation and other measures.

Adidas-Salomon is one of the global leaders within the sporting
goods industry and offers a broad range of products with brands
such as Adidas, Salomon and TaylorMade in its portfolio.
Salomon is the No. 1 winter sports brand with leading positions
in product categories such as skis, bindings and ski boots.
Annecy-based Salomon employs more than 2,800 people worldwide
and over 1,700 in France.  Worldwide, the Adidas-Salomon Group
has more than 16,750 employees.

CONTACT:  ADIDAS-SALOMON AG
          Adi-Dassler-Str. 1-2
          91074 Herzogenaurach
          E-mail: corporate.press@adidas.de
                  investor.relations@adidas.de
          Web site: http://www.adidas-Salomon.com

          Jan Runau
          Head of Corporate PR
          Phone: +49 (0) 9132 84-3830

          Anne Putz
          Corporate PR Manager
          Phone: +49 (0) 9132 84-2964

          Natalie M. Knight
          Head of Investor Relations
          Phone: +49 (0) 9132 84-3584

          Investor Relations Managers
          Dr. Charlotte Brigitte Loos
          Phone: +49 (0) 9132 84-2187

          Hendric Junker
          Phone: +49 (0) 9132 84-4989

          Sebastian Steffen
          Phone: +49 (0) 9132 84-3824


AFG FLIESE: Administrator Takes over Operations
-----------------------------------------------
The district court of Berlin Charlottenburg opened bankruptcy
proceedings against AFG Fliese 2004 GmbH on Nov. 24.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 18, 2005
to register their claims with court-appointed provisional
administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 10:50 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on April 13, 2005, 10:40 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  AFG FLIESE 2004 GMBH
          Oseler Str. 14,12683 Berlin
          Contact:
          Thomas Munzinger
          Markscheiderweg 1, 17036 Neubrandenburg

          Rolf Nacke, Insolvency Manager
          Gross-Berliner Damm 73 c, 12487 Berlin


"ASSKUHL" A. SCHWARZ: Applies for Bankruptcy Proceedings
--------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against "Asskuhl" A. Schwarz & Sohn, and Elektro-Kuhlanlagen on
Dec. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Jan 3, 2005 to register their claims with court-appointed
provisional administrator Rolf Otto Neukirchen.

Creditors and other interested parties are encouraged to attend
the meeting Jan. 20, 2005, 1:45 p.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber
Bereich, Saal 293 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:  "ASSKUHL" A. SCHWARZ & SOHN
          ELEKTRO-KUHLANLAGEN GMBH & CO. KG
          Martin-Luther-Str. 84 - 88, 45145 Essen
          Contact:
          Manfred Schwarz, Manager
          Kirschbaumweg 8, 45149 Essen

          Rolf Otto Neukirchen, Insolvency Manager
          Zweigertstr. 28-30, 45130 Essen
          Phone: (0201) 438740
          Fax: +492014387479


DORIAN GRAY: Catering Company Declares Bankruptcy
-------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Dorian Gray Gastronomie Betriebs GmbH on
Nov. 24.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 18, 2005 to register their claims with court-appointed
administrator Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting Jan. 6, 2005, 10:20 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on April 14, 2005, 10:00 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  DORIAN GRAY GASTRONOMIE BETRIEBS GMBH
          Rudolf-von-Gneist-Gasse 6,10785 Berlin

          Dr. Petra Hilgers, Administrator
          Goethestr. 85, 10623 Berlin


DRESDNER BANK: Sells Banking Business in South America to UBS
-------------------------------------------------------------
Dresdner Bank Lateinamerika (DBLA) sold its Latin American
Private Banking business to Swiss UBS, as provided in an
agreement, which both companies have now signed.  The
transaction is subject to the necessary approvals and is
expected to close during the second quarter of 2005.  UBS takes
on 137 staff of DBLA, which manages EUR4.8 billion private
client assets (as per June 30, 2004).

The sale is part of the comprehensive reorganization of Dresdner
Bank's business activities in Latin America.  Dresdner Bank's
international private banking business will be handled mainly
from the European locations.

As part of the refocusing of the business in the region,
Dresdner Bank AG will integrate parts of the corporate banking
and investment banking activities of DBLA.  These businesses
will continue to work with Dresdner Bank's German and
international corporate and financial institution clients in
their business ventures and service them with a full range of
quality products.

CONTACT:  DRESDNER BANK
          Ulrich Porwollik
          Phone: +49 (0) 69 263-50605

          Karl-Friedrich Brenner
          Phone: +49 (0) 69 263-83637
          Katerina Piro
          Phone: +49 (0) 69 263-81774

          UBS
          Monika Dunant
          Phone: +41 (0) 1 234 8500
          Anja Schlenstedt
          Phone: +49 (0) 69 1369 8303


K.-H. MUTHIG: Creditors Meeting Set February
--------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against K.-H. Muthig GmbH on Dec. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 19, 2005 to register their claims with
court-appointed provisional administrator Thomas Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 10, 2005, 11:00 a.m. at the district court
of Duisburg Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, III. Etage, Zimmer 315 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:  K.-H. MUTHIG GMBH
          Romerstrasse 83, 47179 Duisburg
          Contact:
          Karl-Heinz Muthig, Manager
          Dittfeldstrasse 34, 47179 Duisburg

          Thomas Schmitz, Insolvency Manager
          Am Flohbusch 1, 47802 Krefeld


"KRONE OST": Dortmund Court Appoints Provisional Administrator
--------------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against "Krone Ost" Gaststattenbetriebs on Nov. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 25, 2005
to register their claims with court-appointed provisional
administrator Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 25, 2005, 8:30 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201 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:  "KRONE OST" GASTSTATTENBETRIEBS GMBH
          Stockholmer Allee 55, 44269 Dortmund
          Contact:
          Dieter Bontz, Manager

          Dr. Petra Mork, Insolvency Manager
          Arndtstr. 28, 44135 Dortmund
          Phone: 0231-952063-0
          Fax: 0231-95206316


MANNEL GMBH: Last Day for Filing of Claims Today
------------------------------------------------
The district court of Coburg opened bankruptcy proceedings
against Mannel GmbH-Metallwarenfabrik on Nov. 29.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Dec. 27 to register
their claims with court-appointed provisional administrator
Klaus-Christof Ehrlicher.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 24, 2005, 11:45 a.m. at Sitzungssaal G, I.
Stock, Nebengebaude 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:  MANNEL GMBH-METALLWARENFABRIK
          Coburger Str. 18 in 96253 Untersiemau
          Contact:
          Willi Mannel, Director
          Coburger Str. 20, 96253 Untersiemau

          Meike Ganss, Director
          Pyramidenweg 19, 96253 Untersiemau

          Klaus-Christof Ehrlicher, Administrator
          Rosenauer Str. 22, 96450 Coburg
          Phone: 09561/80340
          Fax: 09561/803434


OBJEKT SERVICE: Administrator's Report Out February
---------------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against Objekt Service Gebaudereinigung GmbH on Dec. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 11, 2005
to register their claims with court-appointed provisional
administrator Thomas Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 1, 2005, 11:45 a.m. at the district court of
Duisburg Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, IV. Etage, Saal 407 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:  OBJEKT SERVICE GEBAUDEREINIGUNG GMBH
          Grossenbaumer Allee 291, 47249 Duisburg
          Contact:
          Gunter Basso, Manager
          Otawistrasse 31, 47249 Duisburg

          Thomas Schmitz, Insolvency Manager
          Am Flohbusch 1, 47802 Krefeld


RRS GESELLSCHAFT: Gives Creditors Until January to File Claims
--------------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against RRS Gesellschaft mit beschrankter Haftung & Co.
Betriebs-Kommanditgesellschaft on Dec. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 25, 2005 to register their
claims with court-appointed provisional administrator Stephan
Heinrichsmeyer.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 25, 2005, 8:50 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201 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:  RRS GESELLSCHAFT MIT BESCHRANKTER HAFTUNG & CO.
          BETRIEBS-KOMMANDITGESELLSCHAFT
          Hinter dem Holz 72, 59427 Unna
          Contact:
          Andreas Seidel, Manager
          Schauinsland 12, 45133 Essen

          Stephan Heinrichsmeyer, Administrator
          Spiekergasse 6-8, 33330 Gutersloh
          Phone: 05241/92 02-0
          Fax: 05241 92 02 22


===========
G R E E C E
===========


FAGE DAIRY: 'BB-' Long-term Corporate Rating Affirmed
-----------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Greece-based dairy company Fage Dairy Industry S.A. to negative
from stable, reflecting Fage's more aggressive financial policy,
which will result in negative discretionary cash flow generation
both in 2004 and 2005.  At the same time, Standard & Poor's
affirmed its 'BB-' long-term corporate credit rating on the
company.

The rating continues to reflect Fage's geographical
concentration and reliance on the Greek market, given its modest
exports (14% of 2004 nine-month sales); low profitability,
prompted by steadily increasing management fees; and aggressive
funding policy.  These factors are tempered, however, by Fage's
leading position in the small and mature Greek dairy market; its
good track record of improvement and innovation of its sales
mix; and Standard & Poor's expectations that the company will
seek to reduce its current exposure to currency fluctuations.

Despite Fage's disappointing profitability in the first nine
months of 2004 and sustained capital expenditures -- forecast to
increase further in 2005 -- shareholder compensation remains
significant (both in the form of management fees and dividends),
which will lead to negative discretionary cash flow for 2004 and
2005.

At end-September 2004, the company had net debt of EUR101
million (US$135 million).

"In order to sustain its current rating, Fage will have to show
a recovery in earnings as early as in 2005 and generate positive
discretionary cash flow from 2006, following a period of
significant investments both in Greece -- now almost completed
-- and in new international markets," said Standard & Poor's
credit analyst Benedetta Rospigliosi.

Standard & Poor's assumes that the other business interests of
Fage's owner will not result in a cash drain on the company's
liquidity position, apart from the shareholder payments in the
form of dividends or management fees.

"We also expect any future increase -- or decrease, if necessary
-- in management costs, upstream funding, or dividend
distributions to remain in line with earnings and cash flow
performance," added Ms. Rospigliosi.  "Any evidence of the
contrary would have a negative credit impact on Fage."

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 on media_europe@standardandpoors.com.

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


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


ALITALIA SPA: Parliament Okays Government Stake Sale
----------------------------------------------------
The transport committee of the Italian parliament approved
Wednesday the government's plan to sell its stake in troubled
national carrier Alitalia, Comtex Business says.

The plans' approval is another step forward for Alitalia's
privatization.  In approving the plans, the transport committee
conditioned that the government's stake in the carrier should
not dip below 30%.  The committee also pushed for the formation
of independent bodies that would regulate fares and monitor
service quality.

The committee's consent came a week following the carrier's
extraordinary meeting, which approved the proposed EUR1.2
billion capital increase.  In the same meeting, chief executive
Giancarlo Cimoli claimed the carrier was on its way to recovery.
Mr. Cimoli likewise said the state's promise to reduce its 62%
stake in Alitalia to not more than 50% has encourage private
investors to take interest in participating in the capital
increase.

With its privatization on the way, Alitalia is hoping to join
Air France and Dutch KLM, which recently merged.

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 U.S.A.: Liquidation Analysis Under Chapter 11 Plans
------------------------------------------------------------
The liquidation analysis of Parmalat U.S.A. Corporation and its
debtor-affiliates reflects the estimated cash proceeds, net of
liquidation-related costs that would be realized if 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. -- were liquidated in accordance with Chapter 7
of the Bankruptcy Code.  The Liquidation Analysis is based on a
number of estimates and assumptions that, although considered
reasonable by management and Lazard Freres and Co., LLC -- the
Debtors' investment banker and financial advisor -- are
inherently subject to significant business, economic and
competitive uncertainties and contingencies beyond the U.S.
Debtors' control, and which could be subject to material change.

Accordingly, James A. Mesterharm, the Debtors' Chief
Restructuring Officer, states, there can be no assurance that
the recoveries from the liquidation of assets reflected in the
Liquidation Analysis would be realized if the U.S. Debtors were
liquidated under Chapter 7 and actual results could vary
materially from those estimated in the Liquidation Analysis.

The Liquidation Analysis illustrates that in a Chapter 7
liquidation, holders of claims in:

      (i) PUSA Class 3 (General Unsecured Claims against PUSA)
          would receive no recovery;

     (ii) Farmland Classes 3a (General Unsecured Claims against
          Farmland) and 3c (Convenience Claims) would receive no
          recovery; and

    (iii) MPA Class 3 (General Unsecured Claims against MPA),
          would receive an estimated 52.6% recovery.

The Liquidation Analysis is based on information from the U.S.
Debtors' projected balance sheet as of December 31, 2004, and
assumes that the Debtors would commence a Chapter 7 liquidation
on December 31, 2004.  The Liquidation Analysis also assumes
that the Projected Balance Sheet is a reasonable proxy for the
actual December 31, 2004, balance sheet.

The Liquidation Analysis assumes that the liquidation of
Farmland Dairies, LLC, would commence under the direction of a
Bankruptcy Court-appointed trustee and would continue for a
period of approximately 12 months, during which time all of
Farmland's significant assets would either be sold or conveyed
to the lien holders, and the cash proceeds, net of liquidation
related costs, would then be distributed to creditors.  Although
some assets could be liquidated in less than 12 months, other
assets would be more difficult to collect or sell, thus
requiring a liquidation period substantially longer than 12
months.  During the liquidation, the trustee would generally
undertake:

      (i) the orderly sale of inventory, buildings, land, and
          equipment and other fixed assets; and

     (ii) the orderly wind-down of daily operations.

For certain assets, liquidation values were estimated for each
asset.  For other assets, liquidation values were assessed for
assets in similar categories by estimating the percentage
recoveries that a trustee might obtain for that category of
asset.

With respect to Milk Products of Alabama, LLC, the
Liquidation Analysis assumes that Farmland is liquidated.

With respect to Farmland, the Liquidation Analysis assumes that
the Chapter 7 trustee would be able to negotiate a charging lien
against the assets, which are subject to the claims of secured
creditors.  Absent an agreement between the Chapter 7 trustee
and the secured creditors, funding for the Chapter 7 trustee
would be limited to the $50,000 carve-out provided for in the
Postpetition Financing Order and the proceeds of any avoidance
actions, which are subject to liens in favor of Milk Products in
accordance with the terms of the Postpetition Financing Order.
It is assumed that without an agreement as to a charging lien
between the Chapter 7 trustee and the secured creditors, the
Chapter 7 trustee would likely abandon many of the assets in
favor of the secured creditors.

                       Farmland Dairies, LLC
                        Liquidation Analysis
                        Statement of Assets
                          ($ in millions)


Estimated
                           Projected   Hypothetical
Liquidation
                       Balance Sheet     Percentage
Value
                       (Unaudited)       Recovery   (Unaudited)
                      -------------   ------------   -----------
Cash and Cash
    Equivalents                $2.3          97.2%          $2.2
Accounts Receivable            48.6          55.5%          26.9
Inventory                      18.5          30.0%           5.5
Prepaid Expenses               18.2           0.0%           0.0
Other Current Assets            0.9           0.0%           0.0

Property and Plant             30.1          69.5%          20.9
Equipment                      12.4          31.8%           3.9
Other PP&E                      8.1          12.5%           1.0
Miscellaneous Other
    Assets                      2.3           0.0%           0.0
Intercompany
    Receivables               172.1           7.8%          13.5
Other Intangible
     Assets                   172.4           2.7%           4.7
                      -------------                  -----------
Total Assets                 $485.9                        $78.8

Preference Claims             $4.8         100.0%          $4.8

Costs Associated
    with Liquidation:

Payroll and Overhead
    Costs                                                 ($5.5)
Selling Commissions                                        (1.6)
Chapter 7 Trustee Fees                                     (1.6)
Chapter 7 Professional Fees                                (0.9)
                                                     -----------
                                                          ($9.6)

Net Estimated Liquidation
    Proceeds Available for Distribution                    $74.0
                                                           =====


                       Farmland Dairies, LLC
                        Liquidation Analysis
                   Distribution Analysis Summary
                          ($ in millions)

                                 Estimated        Estimated
                                 Allowable      Liquidation
                                    Claims            Value
                                 ---------      -----------
Farmland Sources of Cash

    Net estimated liquidation
       proceeds available for
       distribution                                   $74.0
    Farmland administrative
       claim against PUSA             $1.5              1.5
                                                -----------
Net estimated proceeds
    available for distribution                        $75.5

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Citibank Secured Claims

    Citibank receivables
       Purchase Agreement            $27.8            $26.9

    Hypothetical recovery to
       Citibank                                       97.0%

Proceeds available after
    Citibank Secured Claims                           $48.5

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Real Estate Tax Claims

    Real Estate Tax Claims            $0.0             $0.0
                                 ---------      -----------
    Total Secured Tax Claims          $0.0             $0.0

    Hypothetical recovery to
       Secured Tax Claims                            100.0%

Postpetition Credit Agreement
    Secured Claims

    Carve-out for Professional
       Fees                           $4.6             $4.6
    Postpetition Credit
       Agreement                      34.3             34.3
                                 ---------      -----------
    Total Postpetition Credit
       Agreement Secured
       Claims                        $38.9            $38.9

    Hypothetical recovery to
       Postpetition Credit
       Agreement Secured Claims                      100.0%

Proceeds available after
     Postpetition Credit Agreement
     Secured Claims                                    $9.6

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Master Lease Secured Claims

    Master Lease Claim                $8.4             $4.8

    Hypothetical recovery to
       Master Lease Claim                             57.4%

Proceeds available after
     Master Lease Claim                                $4.8

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Secured Administrative Claims

    Net MPA Administrative Claim      $6.7             $4.8

    Hypothetical recovery to
       Secured Administrative Claims                  72.2%

Proceeds available after Secured
     Administrative Claims                             $0.0

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Secured LC Facility Claim

    LC Facility Claim                 $5.4             $0.0

    Hypothetical Recovery to
       LC Facility Claim                               0.0%

Proceeds Available after
    Secured LC Facility Claim                          $0.0

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Administrative Claims

    Unsecured Chapter 11
       Administrative Claims
    Salaries, wages & benefits        $7.8             $0.0
    Postpetition Unpaid Master
       Lease Payments                  8.5              0.0
    Postpetition Accounts Payable     13.6              0.0
    Postpetition Accrued Liabilities  21.4              0.0
                                 ---------      -----------
    Total Chapter 11
       Administrative Claims         $51.3             $0.0

    Hypothetical recovery to
       Unsecured Chapter 11
       Administrative Claims                           0.0%

Proceeds available after
    Administrative Claims                              $0.0

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Priority Unsecured Claims

    Priority Wage/Benefit Claims      $1.9             $0.0
    Priority Tax Claims                0.5              0.0
                                 ---------      -----------
    Total Priority Unsecured
       Claims                         $2.3             $0.0

    Hypothetical recovery to
       Priority Unsecured Claims                       0.0%

Proceeds available after Priority
    Unsecured Claims                                   $0.0

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Unsecured Claims

    Unsecured Master Lease
       Rejection Claim               $78.7             $0.0
    General Unsecured Claims          16.1              0.0
    PBGC Claim                        18.8              0.0
    Parmalat USA Claim                10.4              0.0
    Preference Claims                  4.8              0.0
    MPA Unsecured Claim                2.7              0.0
                                 ---------      -----------
    Total Unsecured Claims          $131.5             $0.0

    Hypothetical recovery to
       Unsecured Claims                                0.0%

Net Estimated Deficiency to
    Unsecured Claims                                ($131.5)

Proceeds available after
    Unsecured Claims                                   $0.0


                   Farmland Stremicks Sub, L.L.C.
                        Liquidation Analysis
                   Distribution Analysis Summary
                          ($ in millions)

                                 Estimated        Estimated
                                 Allowable      Liquidation
                                    Claims            Value
                                 ---------      -----------
MPA Sources of Cash

    Net proceeds from sale
       available for distribution                      $8.5
    Net MPA Administrative Claim
       against Farmland               $6.7              4.8
    MPA Unsecured Claim against
       Farmland                        2.7              0.0
                                                -----------
Net Estimated Proceeds available
    for distribution                                  $13.3

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Administrative Claims

    Chapter 11 Professional Fees      $0.8             $0.8

    Hypothetical recovery to
       Administrative Claims                         100.0%

Proceeds available after
    Administrative Claims                             $12.5

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Unsecured Claims

    PBGC Claim                       $18.8             $9.4
    Parmalat USA Claim                 4.9              2.5
    General Unsecured Claims           1.4              0.7
                                 ---------      -----------
    Total Unsecured Claims           $25.1            $12.5

    Hypothetical recovery to
       Unsecured Claims                               49.8%

Net Estimated Deficiency to
    Unsecured Claims                                 ($12.6)

Proceeds available after
    Unsecured Claims                                   $0.0


                         Parmalat USA Corp.
                        Liquidation Analysis
                    Distribution Analysis Summary
                          ($ in millions)

                                 Estimated        Estimated
                                 Allowable      Liquidation
                                    Claims            Value
                                 ---------      -----------

PUSA Sources of Cash

    PUSA Claims from MPA              $4.9             $2.5
    PUSA Claims from Farmland         10.4              0.0
                                                -----------
Net Estimated Proceeds
    available for distribution                         $2.5

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Secured Claims

    DIP Lender Claim                  $0.0             $0.0
    Farmland Claim for Chapter
       11 Professional Fees            1.5              1.5
                                 ---------      -----------
    Total Secured Claims              $1.5             $1.5

    Hypothetical recovery to
       Secured Claims                                100.0%

Proceeds available after
    Secured Claims                                     $0.9

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Priority Unsecured Claims

    Priority Unsecured Claims         $1.2             $0.9

    Hypothetical recovery to
       Priority Unsecured Claims                      76.4%

Proceeds available after
    Priority Unsecured Claims                          $0.0

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Unsecured Claims

    PBGC Claim                       $18.8             $0.0
    Senior Unsecured Notes            20.1              0.0
    Other Unsecured Claims             7.6              0.0
                                 ---------      -----------
    Total Unsecured Claims           $46.5             $0.0

    Hypothetical recovery to
       Unsecured Claims                                0.0%

Net Estimated Deficiency to
    Unsecured Claims                                 ($46.5)

Proceeds available after
    Unsecured Claims                                   $0.0

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


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


GETRONICS N.V.: Ups Pinkroccade Offer to EUR350 Million
-------------------------------------------------------
Getronics is prepared to make a recommended all cash offer for
PinkRoccade of EUR14.30 per share, valuing the outstanding share
capital of PinkRoccade at EUR350 million.  Getronics
particularly seeks to prevent a prolonged process in which
clients and employees are faced with continued uncertainty,
which is detrimental to the business.  Getronics has arranged to
obtain commitments from a consortium of banks securing its
financing, including both debt facilities and a fully
underwritten rights issue of approximately EUR250 million,
enabling the cash offer for PinkRoccade, also addressing the
preference of some shareholders of PinkRoccade for cash over
consideration in shares as part of the offer.

Klaas Wagenaar, CEO of Getronics comments: "We have followed the
public debate surrounding PinkRoccade with great concern.  The
ICT services industry is a people's and client's business and in
our view continued uncertainty about the future of PinkRoccade
impairs the ability to develop the business and may lead to
potential loss of valuable employees.  Also, the longer the
debate continues, the longer it may take before we can start our
work of integrating the businesses which delays benefiting from
the advantages of the combination.  From the start of this
process we have been clear that we believe that an auction of an
ICT services business would be detrimental to its customer and
employee relations and therefore we regard opening up due
diligence to third parties as undesirable.  We have communicated
our concerns in a letter to PinkRoccade [Wednes]day."

Recommendation and Support

PinkRoccade and Getronics have carefully considered the mutual
benefits of the combination based on the enhanced proposition to
its clients, the cultural fit and a detailed assessment of the
integration of the businesses and associated synergy potential.
These detailed preparations have resulted in the unanimous
recommendation by the Management and Supervisory Boards of both
PinkRoccade and Getronics and positive advice from the Central
Works Councils of both companies.

Furthermore, the substantial support from clients, business
partners, employees and trade unions have strengthened
Getronics' belief that the combination will be well positioned
to face the challenging market conditions in the ICT sector.

Clearance from the Dutch Merger Authorities (NMa) is expected
shortly.

This announcement is a public announcement as meant within
Section 9b paragraph 1of the Dutch Securities Supervision Decree
(Besluit toezicht effectenverkeer 1995).

About Getronics

With approximately 22,000 employees in over 30 countries and
ongoing revenues of EUR 2.4 billion, Getronics is one of the
world's leading providers of vendor independent Information and
Communication Technology (ICT) solutions and services.
Getronics today combines the capabilities of the original Dutch
company with those of Wang Global, acquired in 1999, and of the
systems and services division of Olivetti.  Getronics designs,
integrates and manages ICT infrastructures and business
solutions for many of the world's largest global and local
companies and organizations, helping them maximize the value of
their information technology investments.

Getronics' headquarters are in Amsterdam, with regional offices
in Boston, Madrid and Singapore.  Getronics' shares are traded
on Euronext Amsterdam (GTN).  For further information about
Getronics, visit http://www.getronics.com

CONTACT:  GETRONICS N.V.
          Press enquiries:
          Getronics Media Relations
          Phone: +31 20 586 1581
          Fax: +31 20 586 1455
          E-mail: media@getronics.com

          Investor enquiries:
     Getronics Investor Relations
          Phone: +31 20 586 1982
          Fax: +31 20 586 1455
     E-mail: investor.relations@getronics.com


VERSATEL N.V.: Bags Deal to Air Eredivisie Football Live
--------------------------------------------------------
Versatel Nederland B.V. successfully won the bid for the live
pay-TV rights of the Dutch Eredivisie football matches
(including Ajax, Feyenoord, PSV and the 15 other members of the
premier league).

Starting the new football season in August 2005, Versatel will
pay the Eredivisie CV EUR30.5 million for the live pay-TV rights
per football season and will do so for in total three seasons.

Versatel believes that by acquiring these exclusive rights for
the next three football seasons, the unique football content
will help drive accelerated subscriber growth for its triple
play services (bundled voice, Internet and TV services) in The
Netherlands, which will be launched for the start of the
2005/2006 football season in August 2005.

The tender covered, amongst others, the pay TV rights for the
next three football seasons and Versatel expects that it will be
able to fund the cost of the rights, the production and
broadcast of the matches and the accelerated roll-out of triple
play services in The Netherlands through its internal cash
resources, without the need for outside financing.

Versatel will give clarity on the operational and financial
implications on 2 March 2005.  At the same time, the
Company will announce its full year 2004 results and will issue
guidance for 2005.

About Versatel

Versatel Nederland B.V. is part of Versatel Telecom
International N.V. (Euronext: VRSA).  Versatel, based in
Amsterdam, is a competitive communications network operator and
a leading alternative to the former monopoly telecommunications
carriers in its target market of The Netherlands, Belgium and
Germany.  Founded in October 1995, the Company holds full
telecommunication licenses in The Netherlands, Belgium and
Germany and has over 1 million customers and approximately 1,900
employees.

Versatel operates a facilities-based local access broadband
network that uses the latest network technologies to provide
business and residential customers with high bandwidth voice,
data and Internet services. Versatel is a publicly traded
company on Euronext Amsterdam under the symbol "VRSA".  News and
information are available at http://www.versatel.com.

                            *   *   *

Versatel's net loss for the quarter ended June 30, 2004 was EUR4
million compared with a net loss of EUR12 million in 2Q03 and a
net loss of EUR7 million in 1Q04.

CONTACT:  VERSATEL N.V.
          Wouter van de Putte
          Investor Relations
          Phone: +31-20-750-2362
          E-mail: investor.relations@versatel.nl

          Anoeska van Leeuwen
          Corporate Marketing & Communications
          Phone: +31-20-750-1322
          Mobile: + 31-6-54287128
          E-mail: anoeska.vanleeuwen@versatel.nl


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


STOLT-NIELSEN: Nutreco Investors Approve Marine Harvest Venture
---------------------------------------------------------------
Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI)
and the Dutch company Nutreco Holding N.V. announced on Dec. 22,
2004 that the shareholders of Nutreco voted in favor of the
previously announced plans to merge the fish-farming operations
of the two companies.  The Nutreco shareholders approved the
transfer of the relevant operations of Nutreco Aquaculture into
Marine Harvest, the joint venture unveiled by the two companies
in September of this year.

As previously announced, Marine Harvest will be the world's
largest aquaculture company following the merger, with Nutreco
holding a 75% stake and Stolt-Nielsen 25%.  The transaction is
still subject among other things to the approval of applicable
regulatory and competition authorities, and certain lenders of
both companies as well as advice from works councils.

Stolt Sea Farm currently employs 2,500 people and has farming
operations in Norway, Scotland, Spain, Chile, Canada and
Australia.  Stolt-Nielsen S.A. will retain its turbot and
bluefin tuna operations.  Nutreco's current Marine Harvest
organization with its headquarters in Amersfoort, the
Netherlands, employs about 4,200 people worldwide and has
production operations in Norway, Chile, Scotland, Ireland,
Canada, Japan and Australia.

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) is
one of the world's leading providers of transportation services
for bulk liquid chemicals, edible oils, acids, and other
specialty liquids.  The Company, through its parcel tanker, tank
container, terminal, rail and barge services, provides
integrated transportation for its customers.  Stolt Sea Farm,
wholly-owned by the Company, produces and markets high quality
Atlantic salmon, salmon trout, turbot, halibut, sturgeon,
caviar, bluefin tuna, and tilapia.

The Company also owns 41.7% of Stolt Offshore S.A. (NASDAQNM:
SOSA; Oslo Stock Exchange: STO), which is a leading offshore
contractor to the oil and gas industry.  Stolt Offshore
specializes in providing technologically sophisticated offshore
and subsea engineering, flowline and pipeline lay, construction,
inspection, and maintenance services. (http://www.stolt-
nielsen.com)

CONTACT:  STOLT-NIELSEN S.A.
          Richard M. Lemanski
          Phone: (U.S.) 1 203 625 3604
          E-mail: rlemanski@stolt.com

          Valerie Lyon
          Phone: (U.K.) 44 20 7611 8904
          E-mail: vlyon@stolt.com


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


AIR POLONIA: Seeks Probe Against Irish Investor
-----------------------------------------------
Low-cost carrier Air Polonia has lodged a complaint against an
Irish investor it blames for its collapse, Business World
reports.

The carrier said Conor McCarthy misled the airline by promising
to invest US$10 million, only to withdraw it at the last minute.
The failure forced it to suspend all flights and file for
bankruptcy early in the month.

Mr. McCarthy, a Ryanair executive, did not comment.  His company
Crescent PlaneConsult similarly declined to comment.  Earlier,
it said the withdrawal was taken from a "strict financial and
investment perspective."  Air Polonia is now in talks with three
potential investors, both local and foreign.

Founded in April 2004, Air Polonia operates 30 flights a week
from Stansted to six Polish cities, including Warsaw,
Gdansk and Katowice.  It also operates flights to France,
Germany, Spain, Sweden, Italy and Belgium, with 53,000 people
booked on flights up to the end of March 2005.

CONTACT:  AIR POLONIA
          Web site: http://www.airpolonia.com


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


AGAPOVO-AGRO-STROY: Period for Filing of Claim Ends
---------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Agapovo-Agro-Stroy (TIN 7425003716) after
finding the open joint stock company insolvent.  The case is
docketed as A76-19230/04-32-22.  Mr. E. Mikhaylov has been
appointed insolvency manager.

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

(a) Insolvency Manager
    455021, Russia, Chelyabinsk region,
    Magnitogorsk, Korobova Str. 18-223

    Or  620142, Russia, Ekaterinburg,
    Post User Box 380

(b) Agapovo-Agro-Story
    457400, Russia, Chelyabinsk region,
    Agapovskiy region, Agapovka, Truda Str. 9


HOUSE BUILDING: Bankruptcy Hearing Resumes February
---------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
House Building Combine.  The case is docketed as A65-188/2004-
SG4-31.  Mr. O. Aleksandrov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 240059, Russia,
Tatarstan republic, Kazan, Post User Box 27.  A hearing will
take place on Feb. 1, 2005.

CONTACT:  HOUSE BUILDING COMBINE
          423850, Russia, Tatarstan republic, BSI

          Mr. O. Aleksandrov
          Temporary Insolvency Manager
          240059, Russia, Tatarstan republic,
          Kazan, Post User Box 27
          Phone: 8 917 399 9119


KALITVA-SEL-MASH: Gives Creditors Until January to File Claims
--------------------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
proceedings against Kalitva-Sel-Mash after finding the open
joint stock company insolvent.  The case is docketed as A53-
12499/97-S2-29.  Mr. V. Khlus has been appointed insolvency
manager.

Creditors have until Jan. 26, 2005 to submit their proofs of
claim to 347044, Russia, Rostov region, Belaya Kalitva, Ataeva.
A hearing will take place on Jan. 11, 2005, 11:00 a.m.

CONTACT:  KALITVA-SEL-MASH
          Russia, Rostov region,
          Belaya Kalitva, Ataeva

          Mr. V. Khlus
          Insolvency Manager
          347044, Russia, Rostov region,
          Belaya Kalitva, Ataeva


KAMENSKOYE: Chleyabinsk Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Arbitration Court of Chleyabinsk region commenced bankruptcy
proceedings against Kamenskoye (TIN 7439000176) after finding
the open joint stock company insolvent.  The case is docketed as
A76-11312/04-48-36.  Ms. E. Krestovskikh has been appointed
insolvency manager.  Creditors have until Jan. 26, 2005 to
submit their proofs of claim to 456300, Russia, Chleyabinsk
region, Miass, Chucheva Str. 1.

CONTACT:  KAMENSKOYE
          457242, Russia, Chleyabinsk region, Troitskiy region,
          Kamennaya Rechka, Shkolnaya Str. 31

          Ms. E. Krestovskikh
          Insolvency Manager
          456300, Russia, Chleyabinsk region,
          Miass, Chucheva Str. 1


KONSTANTINOVSKOYE: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on close joint stock company
Konstantinovskoye.  The case is docketed as A53-16692/04-S2-7.
Mr. S. Kolmogorov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 344037, Russia,
Rostov-na-Donu, Buynakskaya Str. 2/56.  A hearing will take
place at the Arbitration Court of Rostov region on Feb. 28,
2005, 3:00 p.m.

CONTACT:  KONSTANTINOVSKOYE
          Russia, Rostov region,
          Kkonstantinovsk, Promyshlennaya Str. 1

          Mr. S. Kolmogorov
          Temporary Insolvency Manager
          344037, Russia, Rostov-na-Donu,
          Buynakskaya Str. 2/56

          The Arbitration Court of Rostov Region
          344007, Russia, Rostov-na-Donu,
          Stanislavskogo Str. 8A


MOZHGINSKIY BREAD: Insolvency Manager Takes over Operations
-----------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on close joint stock company
Mozhginskiy Bread Combine.  The case is docketed as A71-
139/2004-G21.  Mr. S. Olin has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 426063, Russia, Udmurtiya republic, Izhevsk, Karla Libknekhta
Str. 65.

CONTACT:  MOZHGINSKIY BREAD COMBINE
          427792, Russia, Udmurtiya republic,
          Mozhga, Mozhginskaya Str. 15

          Mr. S. Olin
          Temporary Insolvency Manager
          426063, Russia, Udmurtiya republic,
          Izhevsk, Karla Libknekhta Str. 65


OAO SEVERSTAL: S&P Says Bid for Stelco Unlikely to Proceed
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Russia-based integrated steel company
OAO Severstal and removed it from CreditWatch, where it was
placed on Nov. 10, 2004.  The outlook is stable.

"The rating action reflects Standard & Poor's opinion that
Severstal's bid for Canadian steelmaker Stelco, Inc., which was
the reason for the CreditWatch placement, is unlikely to
proceed, at least in the short term," said Standard & Poor's
credit analyst Elena Anankina.

The court has extended the bankruptcy stay period at Stelco
(D/--/--) to February 2005.

Severstal's high appetite for acquisitions remains one of the
key factors constraining the rating at the 'B+' level, despite
relatively favorable operating and financial profiles.

Standard & Poor's expects that Severstal's profitability and
cash flow generation will continue to benefit from favorable
industry conditions.  S&P will continue to closely monitor
Severstal's financial policy, particularly in areas such as M&A
(including the expected return of mining assets from Severstal's
shareholders), capital expenditures, debt, distributions to
shareholders, and financial support to group members.  In the
longer term, the rating will be driven largely by Severstal's
ability to resist the cost erosion caused by the appreciation of
the Russian ruble and to curb working capital outlays, as well
as by developments in the Russian steel market and the success
of the company's strategy of entering higher value added market
segments and improving operating efficiency.

"Any upgrade would require a more predictable financial policy
and improved transparency, and the rating is therefore
constrained at its current level," added Ms. Anankina.

CONTACT:  OAO SEVERSTAL
          Klara Tsetkin Street 2/3, RU-127299,
          Moscow, Russia
          Phone: +7 (095) 540 77 66
          Fax: +7 (095) 540 77 66
          Web site: http://www.severstalgroup.com


OYASHINSKIY: Novosibirsk Court Appoints Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on flax factory Oyashinskiy.
The case is docketed as A45-7182/04-SB/95.  Mr. V.
Rozhdestvenskiy has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 624001, Russia,
Sverdlovsk region, Aramil, Shkolnaya Str. 46a.

CONTACT:  Mr. V. Rozhdestvenskiy
          Temporary Insolvency Manager
          624001, Russia, Sverdlovsk region,
          Aramil, Shkolnaya Str. 46a


SILICATE: Creditors Have Until January to File Claims
-----------------------------------------------------
The Arbitration Court of Mariy El republic commenced bankruptcy
proceedings against Silicate after finding the open joint stock
company insolvent.  The case is docketed as A-38-2307-11/235-
2004.  Mr. A. Chernov has been appointed insolvency manager.
Creditors have until Jan. 26, 2005 to submit their proofs of
claim to 424031, Russia, Mariy El republic, Yoshkar-Ola, Post
User Box 106.

CONTACT:  SILICATE
          424910, Russia, Mariy El republic,
          Yoshkar-Ola, Silikatniy, Mira Str. 1

          Mr. A. Chernov
          Insolvency Manager
          424031, Russia, Mariy El republic,
          Yoshkar-Ola, Post User Box 106
          Phone/Fax: (8362) 42-23-21

          The Arbitration Court of Mariy El Republic:
          424000, Russia, Mariy El republic,
          Yoshkar-Ola, Leninskiy Pr. 40


STROY-DETAIL-1: Declared Insolvent
----------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Stroy-Detail-1 after finding the open joint
stock company insolvent.  The case is docketed as A65-186/2004-
SG4-27.  Ms. G. Iskhakova has been appointed insolvency manager.
Creditors have until Jan. 26, 2005 to submit their proofs of
claim to 420029, Russia, Tatarstan republic, Kazan, Sibirskiy
Trakt, 34, Building 5, Post User Box 44.

CONTACT:  STROY-DETAIL-1
          Russia, Tatarstan republic,
          Kazan, Korolenko Str. 120

          Ms. G. Iskhakova
          Insolvency Manager
          420029, Russia, Tatarstan republic, Kazan,
          Sibirskiy Trakt, 34, Building 5, Post User Box 44


YAROSLAVL-MIXED FODDER: Proofs of Claim Deadline Expires January
----------------------------------------------------------------
The Arbitration Court of Yaroslavl region commenced bankruptcy
proceedings against Yaroslavl-Mixed Fodder after finding the
close joint stock company insolvent.  The case is docketed as
A82-5029/2003-3-B/65.  Mr. O. Karpov has been appointed
insolvency manager.  Creditors have until Jan. 26, 2005 to
submit their proofs of claim to 150003, Russia, Yaroslavl, Post
User Box 4.

CONTACT:  YAROSLAVL-MIXED FODDER
          150001, Russia, Yaroslavl, Pesochnaya Str. 55

          Mr. O. Karpov
          Insolvency Manager
          150003, Russia, Yaroslavl, Post User Box 4


YUKOS OIL: As Expected Yuganksneftegaz Ends up in Govt's Hands
--------------------------------------------------------------
Russia has effectively acquired the core unit of Yukos Oil only
days after its controversial sale to a little-known company
based in Tver in western Russia.

Rosneft has bought 100% of Baikal Finance Group, the winner in
the auction of Yuganksneftegaz on Sunday, reports cited an
unidentified official from the state-owned firm saying.  The
official did not disclose financial figures.

Baikal bought the firm, which accounts for more than 60% of
Yukos' output, for US$9.4 billion in what is considered the
culmination of the state's assault on the company's founder.
Former CEO Mikhail Khodorkovsky is now in jail for charges of
fraud and tax evasion.  Many say his arrest and the subsequent
investigations on Yukos' tax accounts are Kremlin-inspired moves
to stem his political ambitions.

The sale of Yuganskneftegas to Rosneft will make Rosneft one of
Russia's biggest oil firms, and give the government control of
11% of the country's crude output.  Meanwhile, it douses hopes
that the true identity of Baikal will be discovered.  Analysts
say it is now hard for Yukos to sue Baikal.

Rosneft is due to merge with state gas monopoly Gazprom, the
favorite contender in Yugansk, but which was barred by a Houston
court hearing Yukos' bankruptcy petition.  Yukos filed for
bankruptcy under the weight of US$27.5 billion in back-tax bills
in Texas, where it established an office earlier this month.
Yukos also holds account totaling US$7 million with two Texas
bank.  The next hearing on Yukos' bankruptcy petition is set for
Jan. 6.

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

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

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


YUKOS OIL: Asks Extension for Filing Document with U.S. Court
-------------------------------------------------------------
Rules 1007(a)(3) and 1007(c) of the Federal Rules of Bankruptcy
Procedure require Yukos Oil Company to file its Schedules of
Assets and Liabilities and Statement of Financial Affairs within
15 days after the Petition Date.  To prepare the Schedules and
Statement, Zack A. Clement, Esq., at Fulbright & Jaworski, LLP,
in Houston, Texas, says Yukos must gather information from
books, records, and documents relating to thousands of
transactions.

Collection of the information necessary to complete the
Schedules and Statement will require the expenditure of
substantial time and effort by the Debtor's employees and
outside professionals, especially considering that much of this
information is located in Russia.

According to Mr. Clement, compiling financial and operational
information concerning thousands of transactions per month to
produce the Schedules and Statements is a sizeable task under
any circumstances and made more difficult by Yukos' need to
stabilize its business relationships and negotiate with the
Russian Government in the wake of its Chapter 11 filing.

In view of the amount of time involved in the project, as well
as the size and complexity of Yukos' case and the demands upon
its employees to assist in efforts to stabilize business
operations since the Petition Date, it does not appear likely,
Mr. Clement admits, that Yukos will be able to complete the
Schedules and Statement properly and accurately by the deadline.

Yukos asks the United States Bankruptcy Court for the Southern
District of Texas to extend the filing deadline until
February 12, 2005.

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 $12,276,000,000 in total assets
and $30,790,000,000 in total debts.  (Yukos Bankruptcy News,
Issue No. 2; Bankruptcy Creditors' Service, Inc., 215/945-7000)


YUKOS OIL: Wants to Employ Fulbright & Jaworski as Counsel
----------------------------------------------------------
Yukos Oil Company wants to employ Fulbright & Jaworski, LLP as
bankruptcy counsel.  The Debtor selected Fulbright & Jaworski
because the firm has substantial expertise and experience in
bankruptcy matters, and will be able to provide the full range
of services the Debtor needs in the case.

Fulbright & Jaworski will render general bankruptcy
representation to Yukos, including, but not limited to:

   (a) advising and consulting with the Debtor about its powers
       and duties as a debtor-in-possession in the continued
       operation of its business and management of its
       properties;

   (b) representing the Debtor in cash collateral and
       postpetition financing negotiations and litigation;

   (c) representing the Debtor in asset sales and other
       liquidity transactions;

   (d) representing the Debtor concerning disposition of its
       executory contracts;

   (e) assisting the Debtor in the development, negotiation,
       litigation and confirmation of a Chapter 11 plan of
       reorganization and the preparation of a disclosure
       statement or statements in respect of the Plan,
       concerning treatment of secured and unsecured claims
       including both trade debt and bond debt;

   (f) preparing for the Debtor any necessary applications,
       motions, complaints, adversary proceedings, answers,
       orders, reports, and other pleadings and legal documents,
       in connection with matters affecting the Debtor and its
       estate;

   (g) taking actions as may be necessary to preserve and
       protect the Debtor's assets, including, if required by
       the facts, the prosecution of avoidance actions and
       adversary or other proceedings on the Debtor's behalf,
       defense of actions commenced against the Debtor,
       negotiations concerning litigation in which the Debtor is
       involved, objection to claims filed against the Debtor's
       estate and estimation of claims against the estate; and

   (h) performing other legal services that the Debtor may
       request in connection with the Chapter 11 case.

Yukos will compensate Fulbright & Jaworski for its services in
accordance with the firm's customary hourly rates:

          Professionals                    Hourly Rates
          -------------                    ------------
          Partners                         $315 to $650
          Counsel                          $165 to $420
          Associates                       $155 to $300
          Legal assistants                  $60 to $240

The hourly rate of Zack A. Clement, a partner at Fulbright &
Jaworski, is currently $650 per hour.

On December 3, 2004, Yukos hired Fulbright & Jaworski to do work
concerning its financial reorganization, including the
possibility of a bankruptcy filing.  Yukos discloses that before
the Petition Date, the firm received a $1,000,000 retainer from
its subsidiary for work done to analyze and prepare for
arbitration and insolvency proceedings concerning Yukos'
problems.  Fulbright & Jaworski also took payments from the
retainer totaling $519,562, leaving a $480,438 balance.  The
retainer balance was transferred to an account held by Yukos
U.S.A., Inc., where it is held for the beneficial ownership of
Yukos.

Fulbright & Jaworski further received an additional $5,000,000
retainer, which is held in the firm's Trust Account at Wells
Fargo Bank in Houston, Texas.  The $5,000,000 retainer is
property of Yukos, the company asserts.  The additional
$5,000,000 retainer came from funds transferred from a non-
Russian subsidiary for the benefit of Yukos.  Fulbright &
Jaworski, thus, begins the case with a $5,000,000 retainer and
has no claim for prepetition fees.

Yukos notes that certain of its non-debtor subsidiaries will
need legal representation to protect them from issues presented
by the Russian Government's improper activity.  To ensure that
the Non-Debtor Subsidiaries have sufficient representation,
certain of the subsidiaries have placed $15,000,000 in a
litigation trust to provide a source of payment to Fulbright &
Jaworski to provide for legal representation to certain Non-
Debtor Subsidiaries.  The money in the Litigation Trust comes
from non-Russian subsidiaries and is not the property of Yukos.

Mr. Clement discloses that Fulbright & Jaworski currently
represents or has represented parties-in-interest in matters
unrelated to Yukos' Chapter 11 case:

   A. Commercial Lenders:

      1. BNP Paribas,
      2. Citibank, N.A.,
      3. Commerzbank AG,
      4. Credit Lyonnais, S.A.,
      5. Deutsche Bank AG,
      6. HSBC Bank plc,
      7. ING Bank N.V.,
      8. Societe Generale, and
      9. UFJ Holdings, Inc.

   B. Parties Sought to Be Enjoined Pursuant to
      First Day Motions:

      1. ABN AMRO Bank N.V.,
      2. Dresdner Kleinwort Wasserstein, and
      3. JPMorgan Chase & Co.

   C. 20 Largest Unsecured Creditors:

      1. Burson Marsteller,
      2. Russian Federation,
      3. Societe Generale,
      4. BCEN Eurobank, and
      5. PricewaterhouseCoopers ZAO

Mr. Clement, however, assures Judge Clark that Fulbright &
Jaworski (i) does not hold or represent an interest adverse to
the Debtor's estate and (ii) is a "disinterested person" within
the meaning of Section 101(14) of the Bankruptcy Code.

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 $12,276,000,000 in total assets
and $30,790,000,000 in total debts.  (Yukos Bankruptcy News,
Issue No. 2; Bankruptcy Creditors' Service, Inc., 215/945-7000)


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


PREEM HOLDINGS: Earns Stable Outlook from Standard & Poor's
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Sweden-based independent merchant oil refiner Preem Holdings AB
to positive from stable, reflecting the company's improved
financial profile.  At the same time, Standard & Poor's affirmed
all its ratings on Preem, including its 'B+' long-term corporate
credit rating on the company.

"The outlook revision follows Preem's strong profitability
measures and cash flow generation during the second and third
quarter of 2004, which has improved substantially the financial
profile of the company, and the improvement of Preem's financial
flexibility through the signing of a new committed credit
facility," said Standard & Poor's credit analyst Per Karlsson.

"The outlook change also reflects the expectations that Preem's
financial profile will be less affected then earlier anticipated
by the company's heavy investment program in 2004-2006."

The positive outlook reflects the possibility that the ratings
on Preem could be raised in the medium term if the company
successfully maintains its financial profile during the period
of heavy investment in 2005.  Any cost overruns or delays in the
Isocracker project (which involves upgrading the company's
Scanraff refinery to allow for production of more light and
profitable products, especially diesel) would alter a potential
raising of the ratings in 2005.

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 on media_europe@standardandpoors.com.

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


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


DNEPR: Under Bankruptcy Supervision
-----------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on LLC Dnepr (code EDRPOU 30564675) on
October 15, 2004.  The case is docketed as 2-11/1375-2004.
Arbitral manager Mr. L. Gorulko (License Number AA 250218) has
been appointed temporary insolvency manager.

Creditors had until December 25, 2004 to submit their proofs of
claim to:

(a) DNEPR
    96020, Ukraine, AR Krym region,
    Krasnoperekopsk district,
    Pochotnoye, Priozerna Str. 1

(b) Mr. L. Gorulko
    Temporary Insolvency Manager
    Ukraine, Dnipropetrovsk region,
    Krivij Rig, Lenin Str. 10/39

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


ES-NAFTA: Temporary Insolvency Manager Takes over Operations
------------------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Es-Nafta (code EDRPOU 30777981).
The case is docketed as 15/97.  Arbitral manager Mr. V. Krikun
(License Number AA 669678) has been appointed temporary
insolvency manager.

The company holds account numbers 26000011834840/840 and
26001011834980/980 at Bank Finances and Credit, MFO 300131; and
account numbers 26004010029802/840 and 26005010029801/980 at
JSCB Ukrsocbank, Kyiv region branch, MFO 322012.

CONTACT:  ES-NAFTA
          Ukraine, Kyiv region,
          Besarabska square, 9/1-1

          Mr. V. Krikun
          Temporary Insolvency Manager
          Phone: 234-47-55

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


KOLOS: Cherkassy Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Kolos on October 12, 2004 after finding the
limited liability company insolvent.  The case is docketed as
14/1949.  Arbitral manager Mrs. Nadiya Oleksenko (License Number
2540473) has been appointed liquidator/insolvency manager.

CONTACT:  KOLOS
          Ukraine, Cherkassy region,
          Smilyanskij district, Sunki

          Mrs. Nadiya Oleksenko
          Liquidator/Insolvency Manager
          18008, Ukraine, Cherkassy region,
          Vernigora Str. 17, Room 106
          Phone: 631976, 631733

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


LVIVVTORCHERMET: Succumbs to Insolvency
---------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Lvivvtorchermet (code EDRPOU 00191514) on
November 2, 2004 after finding the open joint stock company
insolvent.  The case is docketed as 2/1139-7/403.  Mr. Yevgenij
Dzhala (License Number AA 783051) has been appointed
liquidator/insolvency manager.  The company holds account number
26002005780001 at Bank Universalnij, Lviv branch, MFO 325707.

CONTACT:  LVIVVTORCHERMET
          Ukraine, Lviv region,
          Vinnichenko Str. 1

          Mr. Yevgenij Dzhala
          Liquidator/Insolvency Manager
          Ukraine, Lviv region,
          Nizhinska Str. 16/41
          Phone: 75-49-59
          Fax: 75-49-59

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


MODERN WORLD: Insolvency Manager Takes over Helm
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Modern World (code EDRPOU 31989180) on
October 28, 2004 after finding the limited liability company
insolvent.  The case is docketed as 43/887.  Arbitral manager
Mrs. Plushakova Valentina has been appointed
liquidator/insolvency manager.  The company holds account number
26002436600001 at CB Privatbank, Kyiv region regional
branch, MFO 321842.

Creditors had until December 25, 2004 to submit their proofs of
claim to:

(a) MODERN WORLD:
    02099, Ukraine, Kyiv region,
    Alishera Navoyi Str. 76

(b) Mrs. Plushakova Valentina
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Melnikov Str. 2/10

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


MOKRYANSKIJ STONE: Court Grants Debt Moratorium Request
-------------------------------------------------------
The Economic Court of Zaporizhya region has commenced bankruptcy
supervision procedure on OJSC Mokryanskij Stone Quarry (code
EDRPOU 05486680) and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 19/178 (04).
Arbitral manager Mr. Volodimir Zhitnik (License Number AA
779177) has been appointed temporary insolvency manager.  The
company holds account number 26008301310165 at Prominvestbank,
Komunarivske branch, MFO 313344.

Creditors had until December 25, 2004 to submit their proofs of
claim to:

(a) MOKRYANSKIJ STONE QUARRY
    69013, Ukraine, Zaporizhya region,
    Village Stroitelej

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


OIL-GAS: Court Hands Control to Creditor
----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Oil-Gas Company (code EDRPOU 31242149) on
November 11, 2004 after finding the limited liability company
insolvent.  The case is docketed as 43/937.  Initiating creditor
Private Enterprise Everest has been appointed
liquidator/insolvency manager.  The company holds account number
26009103485101 at Ekspobank, Kyiv region branch, MFO 322294.

CONTACT:  OIL-GAS COMPANY
          03110, Ukraine, Kyiv region,
          Solomyanska Str. 5

          Liquidator/Insolvency Manager
          08173, Ukraine, Kyiv region,
          Kyiv regiono-Svyatoshinskij district,
          Hodosivka, Tugaj Str. 8

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


OKTYBRSKIJ SUGAR: Bankruptcy Proceedings Begin
----------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Oktybrskij Sugar Plant (code EDRPOU
31580221) on November 9, 2004 after finding the limited
liability company insolvent.  The case is docketed as 7/112.
Mr. Igor Borovih (License Number AA 250471) has been appointed
liquidator/insolvency manager.  The company holds account number
26003362543000 at CB Privatbank, Poltava regional branch, MFO
331401.

CONTACT:  Mr. Igor Borovih
          Liquidator/Insolvency Manager
          Phone: (0532) 56-67-12

          ECONOMIC COURT OF POLTAVA REGION
          36000, Ukraine, Poltava region,
          Zigina Str. 1


SHAHTARSKAGROTEHNIKA: Declared Insolvent
----------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Shahtarskagrotehnika (code EDRPOU 03743032)
on November 1, 2004 after finding the open joint stock company
insolvent.  The case is docketed as 42/79B.  Mr. E. Pertsov
(License Number AA 779285) has been appointed
liquidator/insolvency manager.

Creditors had until December 25, 2004 to submit their proofs of
claim to:

(a) SHAHTARSKAGROTEHNIKA
    Ukraine, Donetsk region,
    Torez, Mebelnij Lane, 1

(b) Mr. E. Pertsov
    Liquidator/Insolvency Manager
    Ukraine, Donetsk region,
    Komsomolskij Avenue, 28/94

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


SIM-SIM: Court Orders Debt Moratorium
-------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
supervision procedure on LLC Sim-Sim (code EDRPOU 31021570) on
October 27, 2004 and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 15B/509.  Mr.
Anatolij Okryak (License Number AA 047693) has been appointed
temporary insolvency manager.

Creditors had until December 25, 2004 to submit their proofs of
claim to:

(a) SIM-SIM
    Ukraine, Ternopil region,
    Shevchenko Boulevard, 23

(b) Mr. Anatolij Okryak
    Temporary Insolvency Manager
    Ukraine, Ternopil region,
    Lipova Str. 17/7

(c) ECONOMIC COURT OF TERNOPIL REGION
    46000, Ukraine, Ternopil region,
    Ostrozski Str. 14 a


ZNAMYANSKIJ AGROTEHSERVICE: Under Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on OJSC Znamyanskij Agrotehservice (code
EDRPOU 03751557) on October 27, 2004.  The case is docketed as
10/117.  Arbitral manager Mr. Oleksij Volovik (License Number AA
140417) has been appointed temporary insolvency manager.  The
company holds account number 26006301354 at OJSC State Savings
Bank of Ukraine, Znamyanka branch 3015.

Creditors had until December 25, 2004 to submit their proofs of
claim to:

(a) ZNAMYANSKIJ AGROTEHSERVICE
    27400, Ukraine, Kirovograd region,
    Znamyanka, Lisnij Lane, 1

(b) Mr. Oleksij Volovik
    Temporary Insolvency Manager
    Ukraine, Kirovograd region,
    Geroyiv Stalingrada Str. 12, Body 4, Room 17
    Phone: 22-10-65

(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
    Ukraine, Kirovograd region,
    Lunacharski Str. 29


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


ACTIS LIMITED: Creditors Meeting Set January 7
----------------------------------------------
The creditors of Actis Limited will meet on Jan. 7, 2005
commencing at 11:00 a.m.  It will be held at 48 Langham Street,
London W1W 7AY.  Creditors who want to be represented at the
meeting may appoint proxies.  Proxy forms must be submitted
together with written debt claims to Meddleton Partners, 48
Langham Street, London W1W 7AY not later than 12:00 noon, Jan.
6, 2005.

CONTACT:  MEDDLETON PARTNERS
          48 Langham Street
          London W1W 7AY
          Phone:  0845 061 6000
                  020 7908 6190
          Fax: 020 7908 6111
          E-mail: enquiries@middletonpartners.co.uk
          Web site: http://www.middletonpartners.co.uk


AIR AMBULANCE: Members Opt for Liquidation
------------------------------------------
At the extraordinary general meeting of Air Ambulance Foundation
On Dec. 13, 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


ANDEK BUILDING: Sets Creditors Meeting January 12
-------------------------------------------------
The creditors of Andek Building Services Limited will meet on
Jan. 12, 2005 commencing at 11:00 a.m.  It will be held at
Meeting Room One, Unit 11, Milton Park, Abingdon, Oxfordshire
OX14 4RR.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to David Exell Associates, PO Box 1601, Broad
Street, Wrington, Bristol BS40 5WA not later than 12:00 noon,
Jan. 11, 2005.

CONTACT:  DAVID EXELL ASSOCIATES
          PO Box 1601, Broad Street,
          Wrington, Bristol BS40 5WA


ARBRO LIMITED: Owners Agree to Dissolve Company
-----------------------------------------------
At the extraordinary general meeting of the members of Arbro
Limited held at Nunn Hayward, Rycote Place, 30-38 Cambridge
Street, Aylesbury, Buckinghamshire HP20 1RS, the special
resolution to wind up the company was passed.

CONTACT:  NUNN HAYWARD
          Rycote Place, 30-38 Cambridge Street,
          Aylesbury, Buckinghamshire HP20 1RS
          Phone: 01296 718500
          Fax: 01296 395123
          E-mail: mail@ay.nunn-hayward.com
          Web site: http://www.nunn-hayward.com


ARC SOLUTIONS: Hires Portland Business as Administrator
-------------------------------------------------------
James Richard Tickell and Carl Derek Faulds (IP Nos 8125,
008767) have been appointed joint administrators for Arc
Solutions Limited.  The appointment was made Dec. 13, 2004.  The
company is engaged in software consultancy and supply.

CONTACT:  PORTLAND BUSINESS AND FINANCIAL SOLUTIONS LTD.
          1640 Parkway, Solent Business Park,
          Whiteley, Fareham, Hampshire PO15 7AH


ATRIUM MANAGEMENT: Names Begbies Traynor Liquidator
---------------------------------------------------
Name of companies:
Atrium Management Limited
United Assurance Employee Services Ltd.
United Friendly Financial Products Ltd.
United Friendly Investments Ltd.
United Friendly ISA Managers Ltd.
Refuge Financial Services Ltd.
Refuge Unit Trust Managers Ltd.
R L Leasing Ltd.
United Assurance Financial Services Ltd.
United Friendly Asset Management Ltd.

At the extraordinary general meetings of these companies on Dec.
6, 2004 held at 55 Gracechurch Street, London EC3V 0RL, the
subjoined special resolutions to wind up said companies were
passed.  David Paul Hudson of Begbies Traynor, The Old Exchange,
234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG has been
appointed liquidator of these companies.

                            *   *   *

THESE COMPANIES (WHICH ARE NO LONGER ACTIVELY TRADING) ARE PART
OF THE ROYAL LONDON GROUP OF COMPANIES.  NO POLICYHOLDER WILL BE
AFFECTED BY THE LIQUIDATIONS.

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


B.A.S. SECURITY: Joint Liquidators from PwC Move in
---------------------------------------------------
Name of companies:
B.A.S. Security Limited
Belvoir Systems Limited
Black Lane Investments Limited
County Alarms (Lincoln) Limited
Management Security Services (Anglia) Limited
Red Rose Security Alarm And Video Scan Systems Limited
Shield Alarm Systems Limited
Smart Alarms Limited
Westminster Security Group Limited

At the extraordinary general meeting of the members of these
companies on Dec. 10, 2004 the special and ordinary resolutions
to wind up the companies were passed.  Jonathan Sisson and
Richard Setchim of PricewaterhouseCoopers LLP, 12 Plumtree
Court, London EC4A 4HT have been appointed joint liquidators of
these companies.

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


BENSON LIMITED: Names PricewaterhouseCoopers Administrator
----------------------------------------------------------
Michael David Gercke and Robert William Birchall (IP Nos 2360,
6623) have been appointed joint administrators for Benson
Limited.  The appointment was made Dec. 13, 2004.  The company
operates in the construction sector.  Its registered office is
located at Buckingham Court, 75-83 Buckingham Gate, London SW1E
6PE.

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


BIG FOOD: On Watch Negative After Endorsing Baugur's Bid
--------------------------------------------------------
Fitch Ratings placed U.K.-based The Big Food Group plc's Senior
Unsecured rating 'BB-' and Short-term 'B' ratings on Rating
Watch Negative.  It has also placed the 'B' rating on BFG's
GBP150 million 9.75% senior subordinated notes due 2012 on
Rating Watch Negative.

This action follows BFG's recommendation to its shareholders of
the offer made by Baugur via an investment vehicle.  Under this
offer BFG would have its property assets split from the
operating business, while the Iceland food retail business would
be sold to a separate entity.  The cash offer of GBP0.95 per BFG
share values the company at GBP326 million.  Baugur through its
investment vehicle has stated that it intends to redeem all
BFG's outstanding bonds through the make-whole provisions.

Fitch expects the Rating Watch Negative to be resolved once
further details have been provided on both the bond repurchase
by Baugur and BFG's new capital structure.  Fitch considers that
there is potential for senior unsecured creditors to be
detrimentally affected.  Uncertainty surrounds the amount of
senior debt and the level of security to be provided to the
facility, which may affect remaining unsecured creditors.  The
sale of the property assets for GBP213 million will increase
financial flexibility, although it is unclear what the proceeds
of this sale and leaseback will be used for.

Additional lump sum pension contributions, as well as increased
on-going pension contributions agreed by Baugur will further
burden BFG's cash flow.  Finally, the sale of the Iceland
business is not considered wholly positive by Fitch.  Despite
Booker having been to date the main driver for profit and cash
generation within the group, Fitch considers its growth
prospects severely limited, while Iceland, although under
performing, has exhibited greater upside potential.  Recent
strong like-for-like sales data excluding tobacco sales at
Iceland further supports this view.

In FY04, BFG's net debt fell to GBP254.8 million from GBP282.6
million in FY03.  Adjusted for property leases and the pension
deficit, net leverage ratios improved marginally in FY04 to 4.4x
from 4.6x in FY03.

The acquisition of BFG is to be financed through initially a
fully underwritten GBP363 million bridging facility and by a
fully underwritten GBP450 million senior debt, mezzanine debt
and working capital facility.

CONTACT:  FITCH RATINGS
          Jonathan Pitkanen, London
          Phone: +44 (0) 207 417 4201

          Pablo Mazzini, London
          Phone: +44 (0) 20 7417 3540

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


BIP LIMITED: Creditors Meeting Set January
------------------------------------------
The creditors of BIP Limited will meet on Jan. 10, 2005
commencing at 11:00 a.m.  It will be held at KPMG, 2 Cornwall
Street, Birmingham B3 2DL.  Creditors who want to be represented
at the meeting may appoint proxies.  Proxy forms must be
submitted together with written debt claims to KPMG, 2 Cornwall
Street, Birmingham B3 2DL not later than 12:00 noon, Jan. 7,
2005.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


BUTCHER BROTHERS: Calls in Liquidator from BN Jackson Norton
------------------------------------------------------------
At the extraordinary general meeting of Butcher Brothers Limited
on Dec. 13, 2004 held at King Henry's Drive, New Addington,
Surrey CR9 0BT, the special and extraordinary resolutions to
wind up the company were passed.  Michael Colin John Sanders of
BN Jackson Norton, 1 Gray's Inn Square, London WC1R 5AA has been
appointed liquidator of the company.

CONTACT:  BN JACKSON NORTON
          1 Gray's Inn Square,
          Gray's Inn, London WC1R 5AA
          Phone: 02074302321


CLIVWELL SECURITIES: Hires Deloitte & Touche as Liquidator
----------------------------------------------------------
At the general meeting of Clivwell Securities Limited, the
special and ordinary resolutions to wind up the company were
passed.  J. R. D. Smith and N. J. Dargan of Deloitte & Touche
Athene Place, 66 Shoe Lane, London EC4A 3WA have been appointed
joint liquidators of the company.

CONTACT:  DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


COMMERCIAL UNION: Hires Joint Liquidators from PwC
--------------------------------------------------
Name of companies:
Commercial Union Leasing Limited
Commercial Union Lime Street (No 1) Limited
GA Investment Management Services Limited
Keith Cardale Groves Limited
Norwich Union Personal Lending Limited
Norwich Union Pensioneer Trustee Limited

At the extraordinary general meeting of these companies on Dec.
13, 2004 the special and ordinary resolutions to wind up said
companies were passed.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP have been appointed joint liquidators of these
companies.

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




CORUS GROUP: Another Large Investor Cuts Shareholding
-----------------------------------------------------
Another major Corus Group shareholder has sold its stake in the
Anglo-Dutch steelmaker, according to the Financial Times.

Brandes Investment Partners, the firm's largest investor, cut
its stake from 14.8% to 13.9% a week after Russian metals tycoon
Alisher Usmanov unloaded most of his 13.4% holding.  Observers
say Brandes may have believed the steel market cycle has reached
its zenith following a rapid rise in prices in the past 18
months.  Mr. Usmanov had predicted a slowing down next year as
demand pressures ease.  Brandes was not immediately available
for comment.  Corus also did not explain Brandes' move.

Meanwhile, the company dismissed reports of a possible tie-up
with Germany's biggest steelmaker ThyssenKrupp, which said in
October it was interested in a merger with other European
steelmakers.  It did not name candidates the time, but recently
Ulrich Middelmann, head of Thyssen-Krupp's steel division, told
the Financial Times Corus is one of several potential partners.

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


DHAMECHA 2004: Hires PricewaterhouseCoopers as Liquidator
---------------------------------------------------------
At the meeting of Dhamecha 2004 on Dec. 10, 2004, the special
and ordinary resolutions to wind up the company were passed.
Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP,
Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT have been
appointed joint liquidators of the company.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court, 19 Cornwall Street,
          Birmingham B3 2DT
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com


DUPORT LIMITED: Members Pass Winding up Resolutions
---------------------------------------------------
Name of companies:
Duport Limited
Firm Security Limited
F.S.E. Systems Limited
KS Group Limited
Levanroy Limited
Piggott Limited
The Pyrene Company Limited
Wentloog Properties Limited
Williams Realisation Limited
Winn Industries Limited

At the extraordinary general meetings of these companies on Dec.
10, 2004, the special and ordinary resolutions to wind up said
companies were passed.  Jonathan Sisson and Richard Setchim of
PricewaterhouseCoopers LLP, 12 Plumtree Court, London EC4A 4HT
have been appointed joint liquidators of these companies.

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


EURO ENGINEERING: Insolvency Service Disqualifies Ex-director
-------------------------------------------------------------
The director of a textile engineers business that failed with
debts of nearly GBP200,000 has been disqualified from acting as
a company director for five years in the Salford County Court.

Anthony Challender, 56, of Stanley Drive, Whitefield, in
Manchester, was a director of Euro Engineering (Whitefield)
Limited which carried on business from premises at 349 Bury Old
Road, in Prestwich, Manchester.  The company was placed into
voluntary liquidation on September 19, 2002 with estimated
deficiency of GBP199,700 owed to its creditors.

The Disqualification Order, made on December 10, 2004, prevents
Mr. Challender 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 the above period.

Matters of unfit conduct, by Mr. Challender found by the court,
were that:

(a) He failed to ensure that the company maintained, preserved
    and delivered up adequate accounting records to the
    Liquidator; and

(b) caused the company to fail to deal properly with its tax
    affairs.

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

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


FEDERAL-MOGUL: Asks Court to Okay Waukesha Settlement Agreement
---------------------------------------------------------------
Federal-Mogul Corporation and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to approve a Deed
of Settlement between Debtors T&N Limited, Federal-Mogul Export
Services Limited, Federal-Mogul Engineering Limited, and
Federal-Mogul Shoreham Limited, on the one hand, and Waukesha
Bearings Limited and Delaware Capital Formation, Inc., on the
other hand.

                         The Waukesha Sale

Under the terms of an Offer Letter dated August 15, 2001, the
Settling Debtors sold T&N Limited's Whitemetal Polymer and
Ceramic Bearings Division and the Magnetics Bearings Division to
Waukesha for GBP16.9 million or US$31.3 million.  The assets
sold to Waukesha as part of the Businesses included certain
plant and machinery, three parcels of real property in the
United Kingdom, certain intellectual property rights, goodwill,
inventory, certain contractual rights, and miscellaneous other
assets.

The Businesses were conducted principally by FM Shorham, then
known as Federal-Mogul RPB Limited, as agent for T&N Limited
and, in some cases, as agent for FM Export Services Limited.
Each of the Settling Debtors is a U.K. Debtor.  Thus, the
Administrators of the Settling Debtors are also parties to the
Deed of Settlement.  The parties agreed that Waukesha took the
necessary actions to accept the terms of the Offer Letter and,
as a result, the transaction was consummated and the Businesses
were transferred to Waukesha prior to the Petition Date.

James E. O'Neill, Esq., at Pachulski Stang Ziehl Young Jones &
Weintraub, in Wilmington, Delaware, relates that the Offer
Letter sets forth a number of warranties relating to the sale of
the Businesses.  The Warranties cover matters relating to the
pre-sale conduct of the Businesses, the condition and pre-sale
ownership of the assets used in conducting the Businesses, pre-
sale litigation involving the Businesses, real property sold as
part of the Businesses, employee, pension and tax issues, and
other miscellaneous enumerated matters.  The Offer Letter
further provides that the Settling Debtors will have no
liability for claims brought for breach of the Warranties unless
the claims were brought within two years of completion of the
sale of the Businesses.  The two-year period expired on August
15, 2003.

Furthermore, T&N Limited separately agreed to indemnify Waukesha
against certain environmental liabilities relating to the period
prior to the sale of the Businesses to Waukesha.  The scope and
extent of that indemnity are set forth in a Deed Including
Environmental Indemnity and Escrow Arrangements Relating to the
Sale of the Business of Each of the Whitemetal, Polymer and
Ceramic Bearing Divisions of T&N Limited, dated as of
August 15, 2001.

To provide for the potential obligations of the Settling Debtors
under the Warranties, the Environmental Deed, and certain
warranties in related agreements, the Settling Debtors and
Waukesha agreed that a portion of the consideration to be paid
by Waukesha for the Businesses would be paid into two escrow
accounts:

    -- GBP1,000,000 of the consideration payable under the Offer
       Letter was paid into an escrow account to provide for T&N
       Limited's potential liabilities under the Environmental
       Deed; and

    -- GBP2.1 million was paid into a separate escrow account to
       provide for any claims that Waukesha might assert against
       the Settling Debtors under the Offer Letter or under
       clause 2 of the Environmental Deed.

These accounts have been jointly maintained at a bank in
Birmingham, England in the names of the parties' solicitors.
The documents governing the Escrow Accounts each specify that no
payments may be made from the Escrow Accounts other than on
written instructions of both the Settling Debtors and Waukesha.

Federal Mogul Corporation, the ultimate parent of the Debtors,
also entered into a Deed of Guarantee with Waukesha Bearings
Limited and Waukesha Bearings Corporation.  Waukesha has alleged
that the Deed of Guarantee renders Federal-Mogul also liable for
the Settling Debtors' obligations under the Offer Letter.  On
March 3, 2003, Waukesha Bearings and Delaware Capital Formation
each filed Claim Nos. 6788 and 3789 against Federal-Mogul in
unliquidated amounts relating to the alleged obligations.

                         Waukesha's Claims

By a letter dated August 9, 2002, Waukesha asserted nine
discrete claims against the Settling Debtors under the Offer
Letter.  The claims relate to certain alleged pension-related
claims, alleged retirement benefit obligations, obligations in
connection with certain union agreements, and other
miscellaneous claims, both fixed and contingent.  The claims
aggregated in excess of GBP11.8 million or US$21.2 million, plus
certain unliquidated amounts.  Waukesha also asserted a claim
against the Settling Debtors under the Environmental Deed
relating to certain costs for environmental consultants
performing services at the parcels of real property sold as part
of the Businesses in Glasgow, Scotland and Manchester, England.

The Settling Debtors disputed Waukesha's claims.  Subsequently,
the parties undertook extensive discussions to arrive at a
consensual resolution of Waukesha's claims.  The discussions
were successful and resulted in a compromise set forth in the
Deed of Settlement.

The terms of the Deed of the Settlement are:

    (a) Waukesha will be paid GBP700,000 out of the Escrow
        Account in full and final satisfaction of all claims,
       present and future, under or relating to the Offer
       Letter, the Environmental Deed, and a Transitional
       Services Agreement also entered into by the parties in
       connection with the sale of the Businesses;

    (b) Waukesha will be paid GBP10,000 out of the Environmental
        Escrow Account relating to the Property Costs.  However,
        in the event the Property Costs ultimately total less
        than GBP10,000, Waukesha will refund the unused balance
        of the GBP10,000 to the Debtors no later than December
        31, 2004;

    (c) GBP6,872 will be paid from the Environmental Escrow
        Account to Dover U.K. Holdings Limited, a U.K. affiliate
        of Waukesha Bearings Limited, in satisfaction of certain
        invoices relating to environmental consulting services
        rendered;

    (d) After payment of the amounts, the balance of the funds
        in the Escrow Accounts, which aggregate GBP2.58 million
        or US$4.64 million will be remitted to FM Shoreham; and

    (e) The order approving the Debtors' request will deem the
        proofs of claim filed by Waukesha Bearings and Delaware
        Capital Formation against Federal-Mogul to be withdrawn
        with prejudice.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some $6 billion.  The Company filed for chapter 11 protection on
October 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan, Esq., James F. Conlan, Esq., and Kevin T. Lantry, Esq.,
at Sidley Austin Brown & Wood, and Laura Davis Jones, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from their creditors, they listed $10.15 billion
in assets and $8.86 billion in liabilities.  (Federal-Mogul
Bankruptcy News, Issue No. 69; Bankruptcy Creditors' Service,
Inc., 215/945-7000)

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


FORDELL CONSTRUCTION: Final Creditors Meeting Set January
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

  IN THE MATTER OF Fordell Construction (Scotland) Limited
                         (In Liquidation)

Notice is hereby given that, pursuant to section 146 of the
Insolvency Act 1986, that the Final Meeting of Creditors of
Fordell Construction (Scotland) Limited will be held on January
7, 2005, at 12:30 p.m. within the offices of Scott & Paterson,
Bruntsfield House, 6 Bruntsfield Terrace, Edinburgh EH10 4EX,
for the purpose of receiving the Liquidator's report on the
conduct of the winding-up.

K. V. Anderson, Liquidator

CONTACT:  SCOTT & PATERSON
          Bruntsfield House
          6 Bruntsfield Terrace
          Edinburgh EH10 4EX
          Phone: 0131 229 2392
          Fax: 0131 228 5587
          E-mail: mail@scottandpaterson.co.uk
          Web site: http://www.scottandpaterson.co.uk


FORD SHOPFITTING: Appoints Begbies Traynor Administrator
--------------------------------------------------------
W. J. Kelly and James P. N. Martin (IP Nos 004857, 008316) have
been appointed joint administrators for Ford Shopfitting &
Joinery Limited.  The appointment was made Dec. 14, 2004.  The
company is engaged in shopfitting and joinery.  Its registered
office is located at Begbies Traynor, Newater House, 11 Newhall
Street, Birmingham B3 3NY.

CONTACT:  BEGBIES TRAYNOR
          4th Floor, Newater House
          11 Newhall Street, Birmingham B3 3NY
          Phone: 0121 200 8150
          Fax: 0121 200 8160
          E-mail: birmingham@begbies-traynor.com
          Web site: http://www.begbies.com


G M ENERGY: Hires Joint Liquidators from Numerica
-------------------------------------------------
At the extraordinary general meeting of G M Energy Limited on
Dec. 15, 2004 held at Numerica, 4th Floor, Southfield House, 11
Liverpool Gardens, Worthing, West Sussex BN11 1RY, the special,
ordinary and extraordinary resolutions to wind up the company
were passed.  Colin Vickers and Sarah Nancollas of Numerica, 4th
Floor, Southfield House, 11 Liverpool Gardens, Worthing, West
Sussex BN11 1RY have been appointed joint liquidators of the
company.

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


MAURICE MILLARD: Calls Creditors Meeting
----------------------------------------
The creditors of Maurice Millard (Hatcheries) Limited will meet
on Dec. 30, 2004 commencing at 11:00 a.m.  It will be held at
the offices of Baker Tilly, 1 Georges Square, Bristol BS1 6BP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Baker Tilly, 1 Georges Square, Bristol BS1 6BP
not later than 12:00 noon, Dec. 29, 2004.

CONTACT:  BAKER TILLY
          1 Georges Square
          Bristol BS1 6BP
          Phone: 0117 945 2000
          Fax: 0117 945 2001
          Web site: http://www.bakertilley.co.uk


MIKE SIDDALL: Interim Liquidators Call Creditors Meeting
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Mike Siddall Consultancy Limited
                         (In Liquidation)

We, Robert Caven and Matthew P. Henderson, of Grant Thornton UK
LLP, 95 Bothwell Street, Glasgow G2 7JZ, give notice that we
were appointed Interim Liquidators of Mike Siddall Consultancy
Limited by Interlocutor of the Sheriff of Lothian and Borders at
Linlithgow on November 26, 2004.

Notice is hereby given that, in terms of section 138(4) of the
Insolvency Act 1986, a Meeting of Creditors of Mike Siddall
Consultancy Limited will be held at 95 Bothwell Street, Glasgow
G2 7JZ, on January 6, 2005, at 12:00 noon for the purposes of
choosing a Liquidator and of determining whether to establish a
Liquidation Committee as specified in sections 138(3) and 142(1)
of the said Act.

A list of names and addresses of the Company's Creditors will be
available for inspection, free of charge, at the offices below,
two business days prior to the meeting.

All Creditors are entitled to attend in person or by proxy, and
a Resolution will be passed by a majority of those voting.
Creditors may vote whose claims and proxies have been submitted
and accepted at the Meeting or lodged beforehand at my office.
For the purpose of formulating claims, Creditors should note
that the date of Liquidation is October 22, 2004.

Robert Caven, Joint Interim Liquidator
December 6, 2004.

CONTACT:  GRANT THORNTON U.K. LLP
          95 Bothwell Street
          Glasgow G2 7JZ
          Phone: 0141 223 0000
          Fax: 0141 223 0001
          Web site: http://www.grant-thornton.co.uk


NEMESIS CT: Creditors Appoint Liquidator
----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Nemesis CT Ltd.
                       (In Liquidation)

I, Henry R Paton, of Milne, Craig & Corson, 79 Renfrew Road,
Paisley PA3 4DA, hereby give notice that on November 22, 2004, I
was appointed Liquidator of Nemesis CT Ltd. by a Resolution of
the First Meeting of the Creditors held in terms of section
138(3) of the Insolvency Act 1986.  A Liquidation Committee was
not established.

I do not intend to summon another Meeting to establish a
Liquidation Committee unless requested to do so by one-tenth in
value of the Company's Creditors.  All Creditors who have not
already lodged a statement of their claim are requested to do so
on or before 10 March 2005.

Henry R. Paton, Liquidator
December 9, 2004.

CONTACT:  MILNE CRAIG & CORSON
          Abercorn House
          79 Renfrew Road
          Paisley PA3 4DA
          Phone: 00 44 141 887 7811
          Fax: 00 44 141 887 7753
          E-mail: mcc.admin@milnecraig.co.uk
          Web site: http://www.milnecraig.co.uk


NETLINE.COM: Former Topman Receives Seven-year Ban
--------------------------------------------------
The director of a computer components wholesaling business that
failed with total debts estimated at over GBP2.2 million has
been disqualified from acting as a company director for seven
years in the High Court of Justice.

Sufyan Sarwar, 22, of Bury New Road, Prestwich, in Manchester
was a director of Netline.com U.K. Ltd., which carried on
business from premises at 4-6 Pemberton Street, Castleton, near
Rochdale.

The Disqualification Order, made on December 6, 2004, prevents
Mr. Sarwar from being a director 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 seven
years.  Netline.com U.K. Ltd. was placed into compulsory
liquidation by Order of the High Court on February 20, 2004.
The company has an estimated total deficiency of GBP2,212,494.

Matters of unfit conduct, in relation to Netline.com U.K. Ltd.
found by the court, were that Mr. Sarwar:

(a) Caused or allowed the company to trade to the detriment of
    HM Customs and Excise in that he caused or allowed it to:

    (i) Sell goods for GBP20,378,010, which included VAT of
        GBP3,035,023 and then failed to account for or pay the
        VAT to HM Customs and Excise; and

   (ii) Failed to make any payment to HM Customs and Excise and
        authorized the following transactions, which either
        directly of indirectly benefited himself as he withdrew
        GBP24,420 in cash and  transferred GBP1,800 to his
        personal account.

(b) Abrogated his responsibilities as the company's sole
    director in that he did not know what goods it was trading
    in, never spoke to a company customer or supplier, and had
    had no involvement in the pricing policy of the goods.

The Official Receiver at Public Interest Unit, London had
conduct of the investigation and brought the disqualification
proceedings on behalf of the Secretary of State for Trade and
Industry.

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.

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


OCEANA INVESTMENT: Appoints Begbies Traynor Liquidator
------------------------------------------------------
At the extraordinary general meeting of Oceana Investment
Corporation Limited on Nov. 24, 2004 held at 111 Park Road,
London NW8 7JL, the special and ordinary resolutions to wind up
the company were passed.  Nicholas Roy Hood and Paul Michael
Davis of Begbies Traynor, 32 Cornhill, London EC3V 3BT have been
appointed liquidators of the company.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


PRINCIPLE PACKAGING: Hires BDO Stoy Hayward as Administrator
------------------------------------------------------------
Dermot Justin Power and Geoffrey Stuart Kinlan (IP Nos 6006/01,
8268/01) have been appointed joint administrators for printing
company Principle Packaging (Runcorn) Ltd.  The appointment was
made Dec. 9, 2004.

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


QES EMPLOYMENT: Hires Joint Administrators from Tenon Recovery
--------------------------------------------------------------
Nigel Ian Fox and Carl Stuart Jackson (IP Nos 8891, 8860) have
been appointed joint administrators for Qes Employment Services
Limited.  The appointment was made Dec. 7, 2004.  The company
provides care staff.  Its registered office is located at
Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire
S053 3TZ.

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


RAILFORCE LIMITED: Liquidator Sets Deadline for Filing of Claims
----------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Railforce Limited
                         (In Liquidation)

I, Ian William Wright, of Haines Watts, James Miller House, 98
West George Street, Glasgow G2 1PJ, hereby give notice, pursuant
to Rule 4.19 of the Insolvency (Scotland) Rules 1986, that I was
appointed Liquidator of Railforce Limited by appointment of the
Sheriff at Glasgow in terms of section 138(5) of the Insolvency
Act 1986, on December 3, 2004.  A Liquidation Committee has not
been established.

Accordingly, I hereby give notice that I do not intend to summon
a further Meeting for the purpose of establishing a Liquidation
Committee unless one tenth in value of the Creditors require me
to do so in terms of section 142(3) of the Insolvency Act 1986.
All Creditors who have not already done so are required to lodge
their claims with me by 12 June 2005.

I. W. Wright, Liquidator
December 8, 2004

CONTACT:  HAINES WATTS (GLASGOW INSOLVENCY)
          James Miller House
          98 West George Street
          Glasgow G2 1PJ
          Phone: 0141 342 1600
          Fax: 0141 342 1616
          Web site: http://www.hwca.com


SAVE & INVEST: Liquidator Takes over Helm
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         THE MATTER OF Save & Invest (Glasgow) Limited
                        (In Liquidation)

I, F. J. Gray, hereby give notice, pursuant to Rule 4.19 of the
Insolvency (Scotland) Rules 1986, that I was appointed
Liquidator of Save & Invest (Glasgow) Limited, by Resolution of
the Creditors present at the Meeting of Creditors held on
December 6, 2004.

A Liquidation Committee was not formed.  I do not intend to
summon another Meeting to establish a Liquidation Committee
unless requested to do so by one-tenth, in value, of the
Company's Creditors.

F. J. Gray, Liquidator
December 8, 2004

CONTACT:  KROLL GLASGOW
          Afton House
          26 West Nile Street
          Glasgow G1 2PF
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com


SBM FASTENERS: Director Barred from Holding Management Post
-----------------------------------------------------------
The director of two zip-manufacturing businesses that failed
with total debts estimated at around GBP319,000 has been
disqualified in the High Court of Justice from acting as a
company director for five years.

David Behan, 51, of Station Road, Loughton, Essex, was a
director of SBM Fasteners Limited and Higherpath Limited, which
carried out business from premises at 26-28 Ramsgate Street,
London E8.  SBM was placed into liquidation on June 27, 2001
with an estimated deficiency of GBP161,000 owed to creditors.
Higherpath was placed into liquidation on May 15, 2002 with
estimated debts of GBP157,000.

The Disqualification Order, made on December 7, 2004, prevents
Mr. Behan from being a director 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.

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, found by the court and not disputed by
David Behan, were that:

(a) He caused SBM to trade to the detriment of Crown departments
    by the company failing to make regular and timely payments
    to the Inland Revenue: this resulted in a total debt of
    GBP86,472 in unpaid PAYE/NIC, and GBP28,000 in Corporation
    Tax;

(b) He knew or ought to have known that Higherpath was unable to
    pay its debts when due and that the continued trading of the
    company would be to the detriment of creditors;

(c) He caused or allowed Higherpath to commence trading
    effectively to carry on a similar business to SBM, leaving
    behind the creditors of SBM, without any significant change
    in the method of financing.  There was therefore neither
    reasonable prospect nor probable grounds for expecting
    Higherpath to succeed.  Furthermore, having already
    experienced the liquidation of SBM, he failed to deal with
    the tax affairs of Higherpath and allowed trade creditors to
    go unpaid, causing them to suffer at the date of
    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


SUN'S U.K.: Regulator Bans Director for Four Years
--------------------------------------------------
The director of a tanning equipment firm that failed with total
debts estimated at around GBP574,000 has given an Undertaking
not to hold directorships or take any part in company management
for four years.

The Undertaking by Raymond Neal, of Wistowgate Cawood, Selby,
North Yorkshire, was given in respect of his conduct as a
director of Sun's (U.K.) Limited which carried out business from
premises at Unit 16, Enterprise Court, Micklefield, Leeds, LS25
4BU.

Acceptance of the Undertaking on December 9, 2004 prevents
Raymond Neal 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
the above period.  Sun's (U.K.) Limited was placed into
voluntary liquidation on 8 October 2002 with estimated
deficiency of GBP574,062 owed to its 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 Raymond Neal solely
for the purpose of the undertaking, was that he caused Sun's
(U.K.) Limited to trade at the risk and ultimately to the
detriment of trade creditors and Crown departments whose claims
increased by at least GBP184,080 from GBP219,422 to at least
GBP403,502 at the date of 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


                            *********


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-
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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
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