---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, December 28, 2004, Vol. 5, No. 256

                            Headlines

C Z E C H   R E P U B L I C

PRIVATE INVESTORS: Court Extends Bankruptcy Proceedings
UNION BANKA: To Release 1st Installment of Debt Payments Dec. 30


G E R M A N Y

ADIDAS SALOMON: Arranges New EUR800 Million Credit Line
BAUSTEINE RUHR: Creditors' Meeting Set January
BIBO-VERWALTUNG: Bonn Court Commences Bankruptcy Proceedings
BSG STERNEBAU: Verification of Claims Set May 3
ELEKTRO CRON: Claims Deadline January 11

GIESELMANN DRUCK: Court to Review Claims Second Week of February
JORG MEDCZINSKI: Administrator's Report Due Next Month
KARSTADTQUELLE AG: To Hold Talks With Deutsche Post, Fiege
MR-BAUUNTERNEHMUNG: Duisburg Court Appoints Insolvency Manager
NEUWIRTH & ALBERT: Sets Deadline for Filing of Claims
THOMAS LANGE: Succumbs to Bankruptcy
YIMPAS TEL: Creditors to Convene Third Week of March


I R E L A N D

JSG FUNDING: Senior, Subordinated Notes Rated 'B/B-'


I T A L Y

PARMALAT FINANZIARIA: Parmatour Sale Likely in Spring


K Y R G Y Z S T A N

AIJAN: Under Bankruptcy Supervision
EVENT: Gives Creditors Until February to File Claims
GENERAL CONSTRUCTION: Sets Proofs of Claim Deadline
MEGACOM: Period for Filing of Claims Ends February
VOROBYEV & K: Calls Creditors Meeting


L U X E M B O U R G

ARCELOR SA: Competition Commission OKs Purchase of Corus Biz


N E T H E R L A N D S

INDOVER BANK: Fitch Affirms 'D/E' Individual Rating
ROYAL AHOLD: Agrees to sell BI-LO and Bruno's to Lone Star Funds
UNITEDGLOBALCOM INC.: Acquires Broadband Operation in Slovenia


P O L A N D

BRE BANK: Fitch Downgrades Individual Rating to 'E'


R U S S I A

ARSK-AGRO-KHIM-SERVICE: Under Bankruptcy Supervision
BLAGODARNENSKOYE REPAIR: Sets Deadline for Proofs of Claim
GEOTEKS: Undergoes Bankruptcy Supervision Procedure
GORODISCHENSKAYA: Hires A. Serbienko as Insolvency Manager
HEATH-WATER-SUPPLY: Rostov Court Appoints Insolvency Manager

MINERAL WATER: Stavropol Court Opens Bankruptcy Proceedings
NOVOSHESHMINSKAYA INTER-ECONOMICAL: Declared Insolvent
OAO MAGNITOGORSK: S&P Puts Steelmaker on CreditWatch Negative
OAO TATNEFT: 'B-' Long-term Corporate Rating Affirmed
PASHSKIY LESOZAVOD: Appoints B. Remev Insolvency Manager

PU VODOKANAL: Court Brings in External Insolvency Manager
RABOCHAYA: Names D. Evtushenko Insolvency Manager
ROSNEFT OIL: Yugansk Purchase Sets off Ratings Review
YUKOS OIL: Menatep Cooking up Damage Suit Against Moscow


S P A I N

IZAR: European Commission Will Approve Agreement, Assures SEPI


U K R A I N E

ACCOUNT STOCK: Bankruptcy Proceedings Begin
FASTIVBUD: Under Bankruptcy Supervision
KOLOMIYA' CHEESE: Liquidator Takes over Company
KRAYAN: Court Appoints Insolvency Manager
PROMIN-EKSPO: Declared Insolvent
RIVNENSKI ENERGETICAL: Succumbs to Insolvency
TRADE-ACCEPTANCE COMPANY: Court Brings in Insolvency Manager


U N I T E D   K I N G D O M

ARAKIN LIMITED: Creditors Opt for Liquidation
ARLINGTON BOOKS: Liquidator's Final Report Out January
ARYA SYSTEMS: Owners Decide to Dissolve Company
ASSIZE COURT: Names J. W. Lewis Liquidator
BARNSLEY HGV: Brings in Joint Liquidators from Hart Shaw

BARTZ LIMITED: Appoints Liquidator from Meiston Reid
BEC CONTRACTING: Director Banned from Occupying Management Post
BERNARD RYLES: Files for Liquidation
BIRTSMORTON COURT: Moore Stephens Liquidator Enters Firm
BRICAR CLEANING: Calls in Liquidator

CASHMERE CAUSE: Names A. Segal & Co. Liquidator
CLOVECOURT LIMITED: Calls in Liquidator from Alexander Lawson
COMWAVE (UK): Hires PricewaterhouseCoopers as Liquidator
COURIER NETWORK: Hires Administrator from Piper Thompson
DERBYBRIDGE LIMITED: Members Final General Meeting Set Jan. 20

ENIGMA DATA: HSBC Bank Appoints Leonard Curtis & Co. Receiver
EQUITABLE LIFE: S&P Affirms 'B' LT Rating; Outlook Positive
FOOD BOARD: In Administrative Receivership
GLOBAL CROSSING: Earns 'B-' Rating, Stable Outlook from S&P
GM AUTOMOTIVE: Hires KPMG as Liquidator

GOLDEN CASTLE: Insolvency Service Disqualifies Former Director
GOSHERON PACKAGING: In Administrative Receivership
GRIM FUN: Director Barred from Occupying Management Post
HABAG (LONDON): Joint Liquidators from KPMG Move in
HEBLAW LIMITED: Appoints Joint Liquidators from Mazars

HMC MORTGAGE: Hires Joint Liquidators from Deloitte & Touche
JARVIS PLC: Members Okay Sale of GBP25 Mln Property Portfolio
JARVIS PLC: Sale of 'Tube Lines' Interest to Amey On
JUPITER ICT: Names Begbies Traynor Administrator
LUCRATIVE VENTURES: Hires Joint Liquidators from Valentine & Co.

MIDAS CONTRACT: Administrators Take over Operations
MYTRAVEL GROUP: Sells Cruise Ship to Louis Public Company
MYTRAVEL GROUP: Restructuring Receives Green Light
PACKAGING FOR FOOD: Five Arrows Calls in Receivers
RICHARDS OF ABERDEEN: To Appoint Liquidator Next Week

ROBINSON LLOYD: Insolvency Service Serves 2-year Ban on Director
ROV NETWORK: First Creditors' Meeting Set Second Week of January
R PURKESS: Hires Joint Liquidators from Tenon Recovery
TARRAGON SOFTWARE: Calls in Liquidator from Elwell Watchorn
THOMAS SMITH: Hires Joint Receivers from PricewaterhouseCoopers
TRC PERFORMANCE: Names DTE Leonard Curtis Liquidator

* Large Companies with Insolvent Balance Sheets


                            *********


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


PRIVATE INVESTORS: Court Extends Bankruptcy Proceedings
-------------------------------------------------------
A Prague court has extended the bankruptcy proceedings of
securities dealer Private Investors, the Justice Ministry Web
site reveals.

According to a separate report by CTK, the court has yet to
resolve several issues, including pending lawsuits filed against
the company.  About 2,500 investors have filed claims worth CZK1
billion against the broker.  The extension is for three months.


UNION BANKA: To Release 1st Installment of Debt Payments Dec. 30
----------------------------------------------------------------
Bankrupt Union Banka will start repaying creditors on December
30, Czech News Agency says.

Union Banka spokesman Oldrich Babicky said the bank will release
an initial payment of around CZK3 billion to 75,000 creditors,
the largest of which is the Deposit Insurance Fund (FPV).  FPV
will receive around CZK2.48 billion.  The amount is part of the
CZK15.14 billion in claims admitted by the bank, out of the
CZK17 billion in total claims filed.  The bank currently has
CZK8 billion in assets after recovering CZK6 billion from
bankruptcy proceedings.

CONTACT:  UNION BANKA a.s.
          Ul. 30 Dubna c. 35
          70200 Ostrava
          Phone: 596108111
          Fax: 596120134
          E-mail: union@union.cz
          Web site: http://www.union.cz


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


ADIDAS SALOMON: Arranges New EUR800 Million Credit Line
-------------------------------------------------------
Adidas-Salomon announced on December 23, 2004 that it has
mandated an international banking syndicate to arrange an EUR800
million Revolving Credit Facility, which will serve as a
replacement for the medium-term lines, which the Group
terminated in the summer of 2004.  This measure will allow
Adidas-Salomon to continue to improve its financing structure by
further optimizing fees and extending maturities of its
available credit lines.

Barclays Capital, The Royal Bank of Scotland Plc, BNP Paribas,
HSBC Bank plc and West LB, will arrange the facility, which
matures in February 2010 and includes two one-year extension
options exercisable at the end of the first and second years.
Syndication will be launched at the beginning of 2005 to a
selected group of Adidas-Salomons relationship banks.  Pricing
details will be made available at a later stage.

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.  In
2003, the Adidas-Salomon Group posted net sales of EUR6.3
billion and a net income of EUR260 million.

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


BAUSTEINE RUHR: Creditors' Meeting Set January
----------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Bausteine Ruhr GmbH on Dec. 1, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 13, 2005 to register their
claims with court-appointed provisional administrator Dr.
Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 27, 2005, 9:25 a.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 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:  BAUSTEINE RUHR GMBH
          Simonaue 17
          45239 Essen
          Jorg Klasen and Reiner Jungius, Managers

          Dr. Winfrid Andres, Insolvency Manager
          Neuer Zollhof 3
          40221 Dusseldorf
          Phone: 0211/6907 69-69
          Fax: +49 211 6907 6970


BIBO-VERWALTUNG: Bonn Court Commences Bankruptcy Proceedings
------------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Bibo-Verwaltung GmbH on Dec. 1, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 26, 2005 to register their claims with
court-appointed provisional administrator Markus Lehmkuhler.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 25, 2005, 10:50 a.m. at the district court
of Bonn, Wilhelmstrasse 21, 53111 Bonn, 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:  BIBO-VERWALTUNG GMBH
          Giergasse 2
          53113 Bonn
          Edgar Bielinsky, Manager

          Markus Lehmkuhler, Insolvency Manager
          Wilhelmstr. 40
          53111 Bonn
          Phone: 0228/92 66 60
          Fax: 92 66 699


BSG STERNEBAU: Verification of Claims Set May 3
-----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against BSG Sternebau Projektentwicklungs GmbH on
Nov. 30, 2004.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until March 1, 2005 to register their claims with court-
appointed provisional administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 11, 2005, 9:40 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, 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 May 3, 2005 at the same
venue.

CONTACT:  BSG Sternebau Projektentwicklungs GmbH
          Kantstr. 67
          10627 Berlin

          RA Hartwig Albers, Insolvency Manager
          Lutzowstr. 100
          10785 Berlin


ELEKTRO CRON: Claims Deadline January 11
----------------------------------------
The district court of Dusiburg opened bankruptcy proceedings
against electric installation company Elektro Cron GmbH on Dec.
1, 2004.  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 Friedrich H. Ecke.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 1, 2005, 11:15 a.m. at the district court of
Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, 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:  ELEKTRO CRON GMBH
          Fernewaldstr. 33
          46119 Oberhausen
          Mechthild Cron, Manager

          Friedrich H. Ecke, Insolvency Manager
          Gerichtstrasse 18
          46045 Oberhausen


GIESELMANN DRUCK: Court to Review Claims Second Week of February
----------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Gieselmann Druck GmbH on Dec. 1, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Jan. 24, 2005 to
register their claims with court-appointed provisional
administrator Dr. Norbert Kupper.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 14, 2005, 9:30 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 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:  GIESELMANN DRUCK GMBH
          Nordring 11-13
          33330 Gutersloh

          Richard Brylowski, Manager
          Berliner St.  35
          33330 Gutersloh

          Dr. Norbert Kupper, Insolvency Manager
          Paderborner Str. 11
          33415 Verl


JORG MEDCZINSKI: Administrator's Report Due Next Month
------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against tax deliberation company Jorg Medczinski
GmbH on Dec. 1, 2004.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until Feb. 16, 2005 to register their claims with court-
appointed provisional administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 19, 2005, 9:45 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, at which time
the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set
out in the administrator's report on April 13, 2005 at the same
venue.

CONTACT:  JORG MEDCZINSKI GMBH
          Albrechtstr. 12
          12167 Berlin

          Udo Feser, Insolvency Manager
          Uhlandstr. 165/166
          10719 Berlin


KARSTADTQUELLE AG: To Hold Talks With Deutsche Post, Fiege
----------------------------------------------------------
Troubled retail giant KarstadtQuelle AG will hold exclusive
talks with postal service operator Deutsche Post on the sale of
some of its logistics activities.

The talks will focus on the sale of KarstadtQuelle's parcel
centers in Frankfurt and Leipzig as well as its warehouses
across the country to Deutsche Post.  The postal service
operator has filed for permission with the country's anti-trust
authority to acquire the retail giant's logistics operations.

Meanwhile, KarstadtQuelle will also hold exclusive talks with
local logistics group Fiege regarding the sale of its large
goods delivery operations.  Fiege, which has been operating a
KarstadtQuelle warehouse for around ten years, has already
acquired the retail giant's distribution warehouse.  Aside from
Deutsche Post and Fiege, Swiss logistics group Kuhne & Nagel are
also bidding for the retailer's air and sea freight transport
operations.

Market experts expect KarstadtQuelle to demand up to EUR1
billion for its entire logistics activities, which it plans to
sell as part of its restructuring program.

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

          FIEGE DEUTSCHLAND GmbH & CO. KG
          Joan-Joseph-Fiege-Strasse 1
          48268 Greven
          Phone: +49 2571 999-0
          Fax: +49 2571 999-888
          Video: +49 2571 915-735
          Web site: http://www.fiege.de

          DEUTSCHE POST AG
          Charles-de-Gaulle-Str. 20
          53113 Bonn
          Phone: +49-228-182-0
          Fax: +49-228-182-7099
          Web site: http://www.dpwn.de


MR-BAUUNTERNEHMUNG: Duisburg Court Appoints Insolvency Manager
--------------------------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against MR-Bauunternehmung GmbH on Dec. 1, 2004.  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 Lothar Venn.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 10, 2005, 11:20 a.m. at the district court
of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg 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:  MR-BAUUNTERNEHMUNG GMBH
          Salzwedeler Str. 15
          45485 Wesel
          Marion Rooks, Manager

          Lothar Venn, Insolvency Manager
          Bruner Strasse 4 - 6
          46499 Hamminkeln


NEUWIRTH & ALBERT: Sets Deadline for Filing of Claims
-----------------------------------------------------
The district court of Frankfurt opened bankruptcy proceedings
against Neuwirth & Albert Malerbetrieb GmbH on Nov. 23, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 6, 2005 to
register their claims with court-appointed provisional
administrator Dr. Stephan Laubereau.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 17, 2005, 9:20 a.m. at the district court of
Frankfurt, Saal 1, Gebaude F, Klingerstrasse 20, 60313 Frankfurt
am Main, 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:  NEUWIRTH & ALBERT MALERBETRIEB GMBH
          Flinschstrasse 21
          60388 Frankfurt am Main
          Olaf Albert, Manager

          Dr. Stephan Laubereau, Insolvency Manager
          Wolf-Heidenheim-Str. 12
          60489 Frankfurt am Main
          Phone: 069/71379830
          Fax: 069/71379833


THOMAS LANGE: Succumbs to Bankruptcy
------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Thomas Lange Metallwaren GmbH on Nov. 24, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 21, 2005
to register their claims with court-appointed provisional
administrator Rainer U. Muller.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 11, 2005, 10:00 a.m. at the district court
of Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass
1, 86150 Augsburg, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  THOMAS LANGE METALLWAREN GMBH
          HRB 19650, Gewerbestr. 4
          86946 Vilgertshofen
          Thomas Lange, Manager

          Rainer U. Muller, Insolvency Manager
          Schiessstattenstr. 15
          86159 Augsburg


YIMPAS TEL: Creditors to Convene Third Week of March
----------------------------------------------------
The district court of Frankfurt opened bankruptcy proceedings
against telecommunications firm Yimpas Tel International GmbH on
Nov. 23, 2004.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until Feb. 18, 2005 to register their claims with court-
appointed provisional administrator Andre K. Gabel.

Creditors and other interested parties are encouraged to attend
the meeting on March 15, 2005, 10:40 a.m. at the district court
of Frankfurt, Saal 2, Geb. F, Klingerstr. 20, 60313 Frankfurt,
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:  YIMPAS TEL INTERNATIONAL TELECOMMUNICATION GMBH
          Flinschstrasse 45
          60388 Frankfurt am Main

          Andre K. Gabel, Insolvency Manager
          Bockenheimer Anlage 7
          60322 Frankfurt am Main
          Phone: 069/1505963
          Fax: 069/15059647


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


JSG FUNDING: Senior, Subordinated Notes Rated 'B/B-'
----------------------------------------------------
Fitch Ratings affirmed ratings on JSG Funding plc's Senior Notes
at 'B' and Subordinated Notes at 'B-'.  The agency also affirmed
JSG Acquisitions' Senior Unsecured rating at 'B+' and Senior
Secured rating at 'BB'.  The rating outlook is stable.

The affirmation follows Jefferson Smurfit Group's announcement
of the sale of Munksjo, its specialty paper business, for EUR450
million.  Munksjo generated EUR480 million of revenues in 2004,
representing approximately 10% of overall group revenues.  JSG
has stated that it intends to use the sale proceeds to repay
debt.

The reduction in debt will be partially offset by the loss of
the EBITDA generated by Munksjo.  However, partial prepayment of
JSG Acquisitions' senior secured facilities would reduce JSG's
future mandatory debt repayments.

The ratings continue to be constrained by JSG's leveraged
capital structure and by the difficult operating environment and
pricing pressure in the company's key markets.  Although JSG is
somewhat protected from the cyclicality of the pulp and paper
markets by its high degree of vertical integration, EBITDA fell
by 6% in the first nine months of 2004, while sales increased by
1%.

The Jefferson Smurfit Group is one of the largest European based
integrated manufacturers of containerboard, corrugated
containers and other paper-based packaging products.  The group
has operations in Europe and Latin America.

CONTACT:  FITCH RATINGS
          Roger Coyle, London
          Phone: +44 (0) 20 7862 4105

          Daragh Murphy, London
          Phone: +44 (0) 20 7417 6344

          Media Relations:
          Julian Dennison, London
          Phone: +44 20 7862 4080

          JEFFERSON SMURFIT GROUP
          Beech Hill
          Clonskeagh, Dublin 4,
          Phone: +353 (0) 1-202 7000
          Fax: +353 (0) 1-269 4481
          Web site: http://www.smurfit-group.com


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


PARMALAT FINANZIARIA: Parmatour Sale Likely in Spring
-----------------------------------------------------
The government-appointed commissioner of collapsed dairy giant
Parmalat hopes to sell the food group's insolvent sister company
Parmatour in the spring, Il Sole 24 Ore says.

Commissioner Enrico Bondi said several non-binding offers for
the tour operator have been made, some of which are for complete
takeover.  Interested parties reportedly include Spanish travel
group Globalia, which has an annual turnover of around EUR1.5
billion.  Mr. Bondi will open the group's accounts starting
second week of January.

According to Troubled Company Reporter -- Europe on December 1,
investment bank Mediobanca, which manages Parmatour's sale, has
received about 18 non-binding offers for the insolvent tour
operator.  The offers poured in following the decision of
International Air Transport Association (IATA) to renew the
group's license to sell plane tickets.

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

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


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


AIJAN: Under Bankruptcy Supervision
-----------------------------------
The Issyk-Kul Inter-District Court on Economic Issues commenced
bankruptcy supervision procedure on LLC Aijan on November 26,
2004.  The case is docketed as 03-171/M-2004.  Mr. Kydyrma
Orozaliev (License 0296) has been appointed temporary insolvency
manager.  Creditors will meet on January 12, 2005, 10:00 a.m. at
Karakol, Telmana Str. Intersection Fuchika Str.  Creditors must
submit their proofs of claim to 720070 Bishkek, Frunze Str.
499/3.  Proxies must have authorization to vote.

CONTACT:  Mr. Kydyrma Orozaliev
          Temporary Insolvency Manager
          Phone: (0-312) 21-35-04
                 (0-39-22) 5-02-42


EVENT: Gives Creditors Until February to File Claims
----------------------------------------------------
LLC Event, which recently declared insolvency, will accept all
proofs of claim until February 21, 2005.  For more information,
call (0-312) 65-24-11.


GENERAL CONSTRUCTION: Sets Proofs of Claim Deadline
----------------------------------------------------
LLC General Construction and Rigging, which recently declared
insolvency, will accept all proofs of claim until February 21,
2005.  For more information, call (0-312) 69-42-99.


MEGACOM: Period for Filing of Claims Ends February
--------------------------------------------------
LLC MegaCom, which recently declared insolvency, will accept all
proofs of claim until February 21, 2005.  For more information,
call (0-312) 66-51-01.


VOROBYEV & K: Calls Creditors Meeting
-------------------------------------
The Department on Bankruptcy Issues under the State Property
Committee of the Kyrgyz Republic has removed Mr. V. Belyaev as
temporary insolvency manager of JSC Holding Vorobyev & K.  Mr.
Bilim Raimkulov (License 0333) has been appointed new temporary
insolvency manager.  Creditors will meet on January 4, 2005,
2:00 p.m. at Bishkek, Jibek-Joly Str. 120.  Creditors must
submit their proofs of claim and register with the temporary
insolvency manager seven days prior to the meeting.  Proxies
must have authorization to vote.

CONTACT:  Mr. Bilim Raimkulov
          Temporary Insolvency Manager
          Phone: (0-312) 68-01-78
                 (0-312) 21-67-25
                 (0-502) 57-83-87


===================
L U X E M B O U R G
===================


ARCELOR SA: Competition Commission OKs Purchase of Corus Biz
------------------------------------------------------------
The Competition Commission (CC) has provisionally cleared the
acquisition by Arcelor S.A. of the U.K. hot rolled steel sheet
piling business of Corus Group Plc.

In a summary of the provisional findings published on December
23, 2004 on the CC Web site, the CC's inquiry group has
concluded by a majority of four to one that the acquisition may
not be expected to lead to a substantial lessening of
competition.  Sheet piling is used in the construction industry
as a retaining structure acting as a barrier to earth or water.

Chairman of the Inquiry Group, Peter Freeman commented, "By this
deal Arcelor has bought the commercial operations of the hot
rolled steel sheet business of Corus, that is the goodwill,
know-how and some staff.  Corus' heavy section mill at
Scunthorpe was not included in the transfer, and we are
satisfied that Corus would have closed this mill, and withdrawn
from this loss-making business in any event, even if the Arcelor
deal had not happened.  Arcelor is now in a strong position in
this U.K. business sector, but we believe that the market is
open to competition, with ample spare capacity available from
suppliers elsewhere in Europe and that Arcelor would have held
much the same position with or without the deal.  Any reduction
of competition, and we accept that there may be some, at least
in the short term, stems from Corus' withdrawal rather than the
deal with Arcelor; we have accordingly concluded provisionally
that the merger itself will not lead to a substantial lessening
of competition."

One member provisionally dissents from this majority view.  The
summary of provisional findings and other information regarding
the inquiry can be found at
http://www.competition-
commission.org.uk/inquiries/current/arcelor/index.htm.  The full
provisional findings report will be published shortly.

Anyone wishing to comment on the provisional findings is invited
to provide the Group with their response in writing, including
any reason why these provisional findings should not become
final.  The Group must receive written comments no later than
January 21, 2005.  Comments should be made in writing to:

CONTACT:  Inquiry Secretary (Arcelor/Corus Merger Inquiry)
          Competition Commission
          Victoria House
          Southampton Row
          London WC1B 4AD
          Arcelor.Corus@competition-commission.gsi.gov.uk

          ARCELOR S.A.
          19 Avenue de la Liberte
          L-2930 Luxembourg
          Phone: +352-47-92-23-60
          Fax: +352-47-92-26-58
          Web site: http://www.arcelor.com

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

          Francis Royle
          Phone: 020 7271 0242

          Rory Taylor
          Phone: 020 7271 0488
          E-mail: rory.taylor@competition-commission.gsi.gov.uk


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


INDOVER BANK: Fitch Affirms 'D/E' Individual Rating
---------------------------------------------------
Fitch Ratings affirmed Indover Bank's ratings at Long-term
foreign currency 'B+', Short-term foreign currency 'B',
Individual 'D/E' and Support '4'.  The Outlook is Stable.

The Long-term, Short-term and Support ratings reflect what Fitch
views as a strong willingness to support from Indover's 100%
shareholder, the Central Bank of Indonesia, in case of need,
although the ability to support is limited by Indonesia's Long-
term Sovereign 'B+' rating.  The Individual rating reflects the
bank's continued operating losses despite the published
unadjusted net income to September 2004, the challenges it faces
in building business volumes in a highly competitive niche
business, as well as its dependency on its shareholder for
funding and liquidity.  At end-Q304, 27% of the bank's assets
were funded by Central Bank of Indonesia's deposits at favorable
rates.  These factors are balanced by the bank's improved asset
quality and sound capitalization (total capital ratio of 45.3%
at end-Q304).  The bank's balance sheet has now been largely
cleaned up, with its non-performing loans (NPLs) that were a
legacy of Asian crisis of 1997 set off against pledged deposits
provided by the Central Bank of Indonesia.  Nevertheless,
Indover's biggest challenge is to build up a sustainable
franchise and generate revenues in a very competitive
environment.

Indover is a wholesale bank that focuses on trade finance,
corporate and investment banking.  Its niche trade finance
business capitalizes on its knowledge of Indonesian and East
Asian trade flows, and its understanding of East Asian financial
institutions.  Following a slow build-up of business in this
area in mid-2004, management has changed its strategy to place
greater emphasis on correspondent banking relationships,
coordinating with its subsidiaries to merge client databases
and, thus, benefit from a more focused approach.  Indover is up
for sale as the Central Bank of Indonesia has to divest its
commercial interests by end-2008; however, no purchaser has yet
been identified.  As a Dutch bank, it is subject to the
regulatory and supervisory framework of the Netherlands.

A detailed report on Indover is available on the agency's
subscriber Web site, http://www.fitchresearch.com

CONTACT:  FITCH RATINGS
          Banu Saracci
          Martin Oldham, London
          Phone: +44 20 7417 4222

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

          INDOVER BANK
          Corporate Center
          Stadhouderskade 84, 1073 AT Amsterdam
          P.O. Box 526, 1000 AM Amsterdam
          Phone: +31 (0)20 57 00 700
          Fax: +31 (0)20 66 26 119
          Web site: http://www.indoverbank.com


ROYAL AHOLD: Agrees to sell BI-LO and Bruno's to Lone Star Funds
----------------------------------------------------------------
Royal Ahold on Dec. 23, 2004 announced it has entered into an
agreement to sell its U.S. retail subsidiaries BI-LO and Bruno's
to an affiliate of the Lone Star Funds for total cash proceeds
of up to US$660 million. BI-LO and Bruno's will retain all of
their debt obligations and other liabilities including
capitalized lease obligations, although Ahold may be
contingently liable under existing guarantees in respect of a
portion of such capitalized lease obligations.

The final purchase price is subject to customary price
adjustments.  Closing is anticipated in the first quarter of
2005 and is subject to the fulfillment of customary closing
conditions, including antitrust approval.  The closing is not
subject to any financing condition.  At closing, Ahold will
receive cash proceeds of US$560 million and a letter of credit
for USD 100 million will be placed in escrow.  Within 18 months
of closing, Ahold will be entitled to receive the balance of the
purchase price of up to US$100 million depending upon BI-LO and
Bruno's achieving certain targets relating to dispositions of
inventory, real estate and other assets.

BI-LO and Bruno's are two of the leading food retail chains in
the Southeastern region of the United States with a combined
store count of over 450 supermarkets and combined 2003 net sales
of approximately EUR4.7 billion.

"This divestment comes at the end of a year of transition for
Ahold and marks a major milestone along our Road to Recovery,"
said Ahold President and CEO Anders Moberg.  "Divesting BI-LO
and Bruno's is part of our strategy to optimize our portfolio
and strengthen our financial position by reducing debt. Our U.S.
retail business will be fully focused on our other prominent
supermarket operations, Stop & Shop / Giant-Landover and Giant-
Carlisle / Tops.  We committed ourselves to a caring and careful
divestment of BI-LO and Bruno's in the best interests of our
associates and shareholders.  This has been achieved and our
'Road to Recovery' is on track," he concluded.

Lone Star Funds, based in Dallas, Texas, is a leading U.S.
private investment company that manages more than US$13 billion
in assets and investments in North America, Europe and Asia.

Ahold acquired BI-LO, headquartered in Mauldin, South Carolina,
in 1977.  The company operates 287 stores in South Carolina,
North Carolina, Georgia and Tennessee. BI-LO employs
approximately 23,000 associates.

Ahold acquired Bruno's, based in Birmingham, Alabama, in 2001.
The company operates 168 stores in Alabama, Florida, Georgia and
Mississippi. Bruno's employs approximately 11,500 associates.

CONTACT:  ROYAL AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


UNITEDGLOBALCOM INC.: Acquires Broadband Operation in Slovenia
--------------------------------------------------------------
UnitedGlobalCom, Inc. (Nasdaq: UCOMA) announced on Dec. 22, 2004
that, through one of its affiliates, it reached an agreement
with EMP Europe, a leading private equity firm dedicated to
Central and Eastern Europe, and several other Slovenian
shareholders to acquire their interests in Telemach d.o.o.
Telemach is the largest broadband communications provider in
Slovenia with over 100,000 cable TV subscribers and 10,000
broadband Internet customers.

Since its foundation in 1999, Telemach has realized significant
financial and operational growth.  Revenue has grown over 25%
per annum over the last three years and more than 85% of its
network has been upgraded to 862 MHz.  In addition,
approximately two-thirds of Telemach's network supports
broadband Internet and digital television services.

UGC will acquire a 100% interest in Telemach based on a total
enterprise value of EUR74 million, which represents a multiple
of approximately 8.2 times expected 2004 fourth quarter
annualized normalized EBITDA.  UGC will pay cash of
approximately EUR71 million for its 100% interest.

The transaction is subject to review by the Slovenian
competition authorities and expected to close in the first
quarter of 2005.

Mike Fries, President and Chief Executive Officer of UGC, said,
"This acquisition represents a unique opportunity to take a
leadership position in a new Central and Eastern European market
for UGC.  Slovenia, which recently joined the EU, has the
highest GDP per capita in the region and is adjacent to Austria
and Hungary where we currently have large operations.  Telemach
has upgraded most of its network and, as the largest operator in
the country, has achieved good scale and profitability."

Thierry Baudon, Chief Executive Officer of EMP Europe, said
"Since EMP became the majority shareholder of Telemach in 2000,
Telemach developed from a small cable operator with less than
20,000 subscribers, into Slovenia's undisputed market leader
with more than 100,000 video subscribers and operating margins
in excess of 45%.  Over the last five years, Telemach upgraded
its network, introduced new services such as high-speed Internet
access and digital video services, thereby changing the public's
perception of cable services from a utility-type operator to an
innovative company providing a wide range of value-added
products and services.  We are delighted to have successfully
developed the company and wish Telemach and its new owners well
for the future."

Rothschild advised EMP Europe on this transaction.

About UnitedGlobalCom

UGC is a leading international provider of video, voice, and
broadband Internet services with operations in 14 countries,
including 11 countries in Europe.  Based on the Company's
operating statistics at September 30, 2004, UGC's networks
reached approximately 15.5 million homes passed and served over
11.1 million RGUs, including approximately 9.1 million video
subscribers, 761,000 telephone subscribers and 1.3 million
broadband Internet subscribers.

About EMP

EMP Europe is the leading private equity firm in Central and
Eastern Europe with investments in CATV, fixed and mobile
telephony and other infrastructure related industries.  EMP
Europe invested around US$500 million in the Region over the
last five years.  The sale of Telemach follows a successful sale
of EMP Europe's other CATV investment - Aster in Poland to Hicks
Muse as well as roll-up of its stakes in Mobifon and Cesky
Mobile into the parent - TIW.

CONTACT:  UNITEDGLOBALCOM, INC.
          Richard S.L. Abbott
          Investor Relations - UGC Denver
          Phone: (303) 220-6682
          E-mail: ir@unitedglobal.com

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

          Bert Holtkamp
          Corporate Communications - UGC Europe
          Phone: + 31 (0) 20 778 9447
          E-mail: corpcomms@upccorp.com

          Thierry Baudon
          CEO & Managing Director - EMP Europe
          Phone: +44 20 7886 3600
          E-mail: tbaudon@emplondon.com


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


BRE BANK: Fitch Downgrades Individual Rating to 'E'
---------------------------------------------------
Fitch Ratings downgraded BRE Bank's Individual rating to 'E'
from 'D/E'.

The downgrade follows this morning's announcement by BRE of
potential write-downs in the value of assets, particularly in
the strategic investment portfolio, held by the bank.  In
Fitch's opinion, this may mean that BRE will require external
support to meet regulatory minimum capital ratios.

At the same time Fitch has affirmed BRE's other ratings at Long-
term 'BBB+' Outlook Positive, Short-term 'F2' and Support at '2'
in the belief that there is a high probability that support will
be forthcoming from its majority shareholder Commerzbank
(72.17%, rated 'A-' Outlook Positive).

CONTACT:  FITCH RATINGS
          Tim Beck, London
          Phone: +44 20 7417 3460

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

          BRE BANK
          ul. Senatorska 18
          00-950 Warszawa, P.O. Box 728
          Phone: (0 22) 829 00 00 reception
          Fax: (0 22) 829 00 33
          SWIFT Code: BREX PL PW
          Web site: http://www.brebank.com.pl


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


ARSK-AGRO-KHIM-SERVICE: Under Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Arsk-Agro-Khim-Service.  The case is docketed as A65-21171/2004-
SG4-21.  Mr. R. Ibragimov has been appointed temporary
insolvency manager.  A hearing will take place on Feb. 24, 2005,
9:00 a.m.

CONTACT:  ARSK-AGRO-KHIM-SERVICE
          422000, Russia, Tatarstan republic,
          Arsk, Poperechnaya Str. 3

          Mr. R. Ibragimov
          Temporary Insolvency Manager
          422540, Russia, Tatarstan republic,
          Zelenodolsk, Frunze Str. 9

          The Arbitration Court Of Tatarstan Republic
          Russia, Kazan, Kreml, Building 1,
          Entrance 2, 2nd floor, Room 6


BLAGODARNENSKOYE REPAIR: Sets Deadline for Proofs of Claim
----------------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Blagodarnenskoye Repair Building Management
(TIN 2605000120) after finding the close joint stock company
insolvent.  The case is docketed as A63-118/2003-S5.  Mr. S.
Serdyukov has been appointed insolvency manager.  Creditors have
until Jan. 26, 2005 to submit their proofs of claim to 355000,
Russia, Stavropol region, Stavropol, Lenina Str. 384, Room 301.

CONTACT:  BLAGODARNENSKOYE REPAIR BUILDING MANAGEMENT
          457242, Russia, Stavropol region, Troitskiy region,
          Kamennaya Rechka, Shkolnaya Str. 31

          Mr. S. Serdyukov
          Insolvency Manager
          355000, Russia, Stavropol region, Stavropol,
          Lenina Str. 384, Room 301


GEOTEKS: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on open joint stock company Geoteks.  The
case is docketed as A40-48585/04-74-31-B.  Mr. G. Semin has been
appointed temporary insolvency manager.

CONTACT:  GEOTEKS
          123242, Russia, Moscow,
          Bolshaya Gruzinskaya Str. 4-6, Building 1 B

          Mr. G. Semin
          Temporary Insolvency Manager
          346406, Russia, Rostov region,
          Novocherkassk, Kavkazskaya Str. 43


GORODISCHENSKAYA: Hires A. Serbienko as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on open joint stock company
Gorodischenskaya.  The case is docketed as A12-31872/04-S50.
Mr. A. Serbienko has been appointed temporary insolvency
manager.  Creditors may submit their proofs of claim to 400005,
Russia, Volgograd, 5, Post User Box 251.  A hearing will take
place on April 5, 2005.

CONTACT:  GORODISCHENSKAYA
          Russia, Volgograd, Agrarnaya Str. 1

          Mr. A. Serbienko
          Temporary Insolvency Manager
          400005, Russia, Volgograd, 5,
          Post User Box 251


HEATH-WATER-SUPPLY: Rostov Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on municipal unitary enterprise Heath-
Water-Supply (TIN 6121005999, KPP 612101001).  The case is
docketed as A53-19452/04-S2-8.  Mr. M. Zolotarev has been
appointed temporary insolvency manager.  A hearing will take
place on March 1, 2005, 2:30 p.m.

CONTACT:  HEATH-WATER-SUPPLY
          347210, Russia, Rostov region,
          Morozovsk, Lenina Str. 279

          Mr. M. Zolotarev
          Temporary Insolvency Manager
          344002, Russia, Rostov-na-Donu,
          Budenovskiy Pr. 50, Post User Box 297


MINERAL WATER: Stavropol Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Mineral Water Wine-Cognac Distillery (TIN
2630023201/263001001) after finding the close joint stock
company insolvent.  The case is docketed as A63-170/04-S5.  Ms.
N. Lukyanenko has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 357600, Russia, Stavropol
region, Vokzalnaya Str. 16, Office 501.

CONTACT:  MINERAL WATER WINE-COGNAC DISTILLERY
          357200, Russia, Mineralovodskiy region,
          Pobegaylovka, Yubileynaya Str. 7

          Ms. N. Lukyanenko
          Insolvency Manager
          357600, Russia, Stavropol region,
          Vokzalnaya Str. 16, Office 501


NOVOSHESHMINSKAYA INTER-ECONOMICAL: Declared Insolvent
------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Novosheshminskaya Inter-Economical Building
Organization after finding the open joint stock company
insolvent.  The case is docketed as A65-18610/2004-SG4-26.  Mr.
Ya. Kunin has been appointed insolvency manager.

CONTACT:  NOVOSHESHMINSKAYA INTER-ECONOMICAL
          BUILDING ORGANIZATION
          423190, Russia, Tatarstan republic,
          Novosheshminsk, Parkovaya Str. 4

          Mr. Ya. Kunin
          Insolvency Manager
          420029, Russia, Tatarstan republic,
          Kazan, Post User Box 117

          The Arbitration Court Of Tatarstan Republic
          420014, Russia, Tatarstan republic, Kazan,
          Kreml, Building 1, Entrance 2


OAO MAGNITOGORSK: S&P Puts Steelmaker on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit ratings on Russian steel company OAO
Magnitogorsk Metallurgical Kombinat (MMK) on CreditWatch with
negative implications, reflecting uncertainties about the
financing of the purchase of a 17.8% stake in MMK from the
Russian government and a 16.7% stake from Mechel Group.

On Dec. 22, 2004, investors acting via investment bank UFG--
reportedly acting in the interests of MMK management--bought a
17.8% (23.8% voting interest) government stake and a 16.7% stake
from Mechel. MMK management previously controlled 62% (58% of
voting rights) of the company and clearly stated its intention
to participate in the privatization.

"The CreditWatch placement reflects the potential impact of the
acquisition of the government stake for US$790 million and the
Mechel stake for US$780 million (plus US$90 million compensation
to waive any claims between Mechel and MMK)," said Standard &
Poor's credit analyst Elena Anankina. "The acquisitions could
increase MMK's debt beyond levels compatible with the current
ratings and might go beyond the risks associated with the
privatization of the government stake that Standard & Poor's had
already factored into the ratings on MMK."

Standard & Poor's is concerned that MMK may increase its
leverage while at the top of the steel cycle, which might reduce
the company's resilience to any future cyclical downturns.
Although Standard & Poor's notes the reduced corporate
governance risks resulting from the acquisition of Mechel's
stake, this positive factor is unlikely to fully mitigate the
effects of increased leverage.

The CreditWatch will be resolved when there is more clarity
about the extent to which financing of these acquisitions may
affect MMK's financial profile.  The rating is unlikely to be
lowered by more than one notch.

The ratings on MMK are constrained by MMK's position as a land-
locked commodity producer operating in a transition economy and
a cyclical industry.

MMK is also subject to the risks of gradual cost erosion, due to
the appreciation of the Russian ruble and higher raw materials
prices.  The company's large capital expenditure requirements
may limit free cash flow generation through the cycle.

The ratings on MMK are supported by the company's low-cost
position that results in high profitability and cash flow
generation in the currently favorable steel price environment,
its access to exports, and its strong position in the growing
domestic steel market.

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
on Standard & Poor's public Web site 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

          MECHEL STEEL GROUP OAO (NYSE: MTL [ADR] Proposed)
          Krasnopresnenskaya Naberezhnaya 12,
          World Trade Center, Office Bldg. 602
          123610 Moscow, Russia
          Phone: +7-95-258-1828
          Fax: +7-95-258-1783
          Web site: http://www.mechel.com


OAO TATNEFT: 'B-' Long-term Corporate Rating Affirmed
-----------------------------------------------------
Standard & Poor's Ratings Services removed its long-term
corporate credit rating on Russia-based oil company Tatneft OAO
from CreditWatch and lowered the rating to 'B-' from 'B',
reflecting the company's weak corporate governance and
aggressive acquisition strategy.  The outlook is stable.

"The rating action reflects Tatneft's limited transparency and
disclosure, weak corporate governance practices, and aggressive
acquisition plans," said Standard & Poor's credit analyst
Tatiana Kordyukova.  "Standard & Poor's also views the
significant delays in publication of the company's audited
accounts--as well as the fact that the results of an independent
legal review related to this delay have not been disclosed--as
further factors adding to creditor risks."

The rating on the company was initially placed on CreditWatch on
Jan. 14, 2004, after the company reported indirect participation
in the short-listed US$1.3 billion bid on the privatization of a
66% stake in Tupras, which operates four refineries in Turkey.
Although the acquisition is unlikely to proceed following the
rulings of the courts in Turkey, the uncertainties about the
nature of Tatneft's link with the bidding entity and potential
negative impact of the Tupras acquisition on Tatneft's leverage,
with questionable benefits for the company's business profile,
illustrates the impact of the company's weak corporate
governance practices on its business and financial profiles.

In addition, Tatneft's growth strategy now implies debt-financed
acquisitions, which could weaken the company's future credit
metrics.  These negative factors more than offset the current
positive oil price environment and the company's subsequent
higher cash flow generation and deleveraging.  The company's
total debt was about US$955 million at June 30, 2003.

Standard & Poor's expects Tatneft to continue to gradually
improve its financial performance, which will partly mitigate
the risks of its business strategy and corporate governance.
When Tatneft's accounts for 2003 and the first six months of
2004 are published, we will focus on related party transactions,
any financial consequences of the Tupras acquisition attempt, as
well as the stability of the company's free cash flow generation
and debt levels.

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
on Standard & Poor's public Web site 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

          OAO TATNEFT (NYSE: TNT [ADR])
          Ul. Lenina 75
          423450 Almetyevsk, Tatarstan, Russia
          Phone: +7-8553-25-58-56
          Fax: +7-8553-25-68-65
          Web site: http://www.tatneftjsc.ru


PASHSKIY LESOZAVOD: Appoints B. Remev Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Leningrad region commenced bankruptcy
proceedings against Pashskiy Lesozavod after finding the limited
liability company insolvent.  The case is docketed as A56-
33107/04.  Mr. B. Remnev has been appointed insolvency manager.

CONTACT:  PASHSKIY LESOZAVOD
          Russia, Leningrad region,
          Volkhov region, Lesozavod

          Mr. B. Remnev
          Insolvency Manager
          191036, Russia, Saint-Petersburg,
          Post User Box 44


PU VODOKANAL: Court Brings in External Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Rostov region has commenced external
management bankruptcy procedure on state-owned enterprise, PU
Vodokanal (TIN 6151001430).  The case is docketed as A53-
10877/04-S2-8.  Mr. M. Ermakov has been appointed external
insolvency manager.

CONTACT:  PU VODOKANAL
          346918, Russia, Rostov region,
          Novoshakhtinsk, Sovetskoy Konstitutsii Str. 6

          Mr. M. Ermakov
          External Insolvency Manager
          344010, Russia, Rostov-na-Donu,
          Varfolomeeva Str. 266


RABOCHAYA: Names D. Evtushenko Insolvency Manager
-------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings Rabochaya after finding the poultry farm insolvent.
The case is docketed as A63-102/2004-S5.  Mr. D. Evtushenko has
been appointed insolvency manager.

CONTACT:  RABOCHAYA
          Russia, Stavropol region,
          Kochubeevskiy region, Rabochiy

          Mr. D. Evtushenko
          Insolvency Manager
          355003, Russia, Stavropol,
          3rd Post Office, Post User Box 244


ROSNEFT OIL: Yugansk Purchase Sets off Ratings Review
-----------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' corporate
credit and senior unsecured ratings on Russia-based state-owned
company OJSC Oil Company Rosneft on CreditWatch with developing
implications following its acquisition of OOO Baikal Finance
Group (Baikal), the winner of the tender for a 76.8% stake in
Yuganskneftegas (Yugansk), a former production subsidiary of
Russian oil company OAO NK Yukos (CC/Watch Neg/--).

At the same time Standard & Poor's stated that its 'BB-' long-
term corporate credit and senior unsecured debt ratings on
Russian gas company OAO Gazprom and related entities remain on
CreditWatch with developing implications. The ratings on Gazprom
were initially placed on CreditWatch on Nov. 30, 2004, following
the group's announcement that it intended to bid for Yugansk.

The CreditWatch actions reflect major uncertainties regarding
the financing of the acquisition and the tax and litigation
risks associated with Yugansk.  Standard & Poor's is also
concerned about the potential effect of the acquisition on the
ongoing merger between Rosneft and Gazprom and on the financial
positions of both entities. It is unclear if the companies would
receive any government financial support to offset the increased
risks.

Yugansk's auction price was US$9.3 billion, of which US$1.8
billion has already been paid by Baikal, with the remainder due
in January 2005.  Standard & Poor's notes that if the full
amount is not paid, Yugansk might be nationalized.

The potential pressure on the ratings on Rosneft and--if the
planned merger proceeds--on those on Gazprom comes from the risk
of substantially higher leverage--particularly with regard to
short-term debt--to finance the acquisition, and from the
possibility that Rosneft breaches its debt covenants.  Yugansk
faces considerable tax claims and the litigation started by
Yukos in the international courts constitutes further risk,
particularly as it may affect Rosneft's and Gazprom's access to
international banks, from which funds are needed to finalize the
transaction, and therefore limit the companies' access to long-
term financing.

Standard & Poor's will closely monitor any impact of the Yugansk
acquisition on the timing and pattern of the implementation of
the government plan to get a direct controlling stake in Gazprom
by contributing state-owned Rosneft in exchange for Gazprom
treasury stock.  If Rosneft's valuation changes, Standard &
Poor's is concerned that additional payments to be made by
Gazprom would further increase the group's leverage.

The ratings on Gazprom and Rosneft could be raised if there is
strong evidence of government support, such as the provision of
long-term financing at reasonable terms, or of a restructuring
of Yugansk's tax debt. The acquisition of Yugansk will benefit
Rosneft's business profile, as it is one of the largest and most
efficient assets in the Russian oil industry.  Should the merger
proceed, Gazprom would additionally benefit from a larger and
more diversified asset base and--from the newly acquired oil
assets--better resilience to low domestic prices compared with
gas assets, as regulated domestic gas prices remain very low.

The CreditWatch status will be resolved when Standard & Poor's
receives more information about the financing of the Yugansk
acquisition and about the merger between Rosneft and Gazprom.

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
on Standard & Poor's public Web site 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

          OAO ROSNEFT OIL COMPANY
          26/1 Sofiyskaya Embankment
          1, GSP-8 115998 Moscow
          Phone: +7-95-777-4422
          Fax: +7-95-777-4444
          Web site: http://www.rosneft.ru


YUKOS OIL: Menatep Cooking up Damage Suit Against Moscow
--------------------------------------------------------
Menatep, Yukos' largest shareholder, tells Sylvia Pfeifer at The
Telegraph that it plans to sue the Russian Federation, the
successful bidder and the bidder's lenders for $100 billion if
the Yuganskneftegas auction goes forward.

Tim Osborne, the managing director of Menatep, which controls
around 53% of Yukos stock, told The Telegraph:

     "We are committed to legal action. . . .  The damages claim
     would be pretty good. If you assume Yukos will be bankrupt
     [after the auction] then our starting point on our
     shareholding will be zero.  At the highest point, Menatep's
     shareholding was worth $30bn.  We would employ forensic
     experts to see what it would have been valued at if there
     hadn't been any problems.  It could be double that and we
     would then request punitive damages.  I can easily see this
     claim being $100bn or more."

Mr. Osborne told Ms. Pfeifer he's confident a claim would be
successful.  "What are our chances?  Good.  I believe in the
European Union and the US, where the rule of law does prevail
and there is an independent judiciary, the treatment of Yukos
and its shareholders will immediately have any judge on your
side."

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. 4; Bankruptcy Creditors' Service, Inc., 215/945-7000)


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


IZAR: European Commission Will Approve Agreement, Assures SEPI
--------------------------------------------------------------
Sociedad Estatal De Participaciones Industriales (SEPI) assured
Thursday the European Commission (EC) would approve the
agreement it had reached with Izar's trade unions, El Pais says.

SEPI chairman Enrique Martinez Robles expects the regulator to
sanction the agreement at yearend or early 2005.  But EC
spokesman Jonathan Todd said it is "highly unlikely" for the
commission to rule whether the agreement complied with European
Union regulations.

Newly appointed European competition commissioner Nellie Kroes
recently expressed doubts on the agreement.  After a preliminary
analysis of the agreement, Mr. Kroes had reportedly concluded
that Spain and the unions had failed to observe agreements
between the government and the European Commission.

Mr. Martinez Robles has maintained Izar would not be
economically viable if it continues to operate in its present
form.  It is very necessary to separate the unprofitable
civilian shipyard from the military unit, he stressed.  SEPI
estimates that Izar incurred around EUR477 million in losses
between 2000 and 2003 because of its current structure.  SEPI
sees a EUR182 million loss for Izar this year.

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

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


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


ACCOUNT STOCK: Bankruptcy Proceedings Begin
-------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Account Stock Company (code EDRPOU 25587035)
on October 28, 2004 after finding the limited liability company
insolvent.  The case is docketed as 43/897.  Mr. Vyacheslav
Letskan (License Number AA 419239) has been appointed
liquidator/insolvency manager.  The company holds account number
26008962480576 at First Ukrainian International Bank, 5th
branch, MFO 322755.

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

(a) ACCOUNT STOCK COMPANY
    01034, Ukraine, Kyiv region,
    Prorizna Str. 4

(b) Mr. Vyacheslav Letskan
    Liquidator/Insolvency Manager
    03057, Ukraine, Kyiv region,
    Dovzhenko Str. 16v/42

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


FASTIVBUD: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on OJSC Fastivbud (code EDRPOU 24219690).
The case is docketed as 207/2 b-2004.  Arbitral manager Mr. S.
Krupenko (License Number AA 668345) has been appointed temporary
insolvency manager.  The company holds account number
20004330301 at Oshadbank, Fastiv branch 2877, MFO 320207.

CONTACT:  FASTIVBUD
          08500, Ukraine, Kyiv region,
          Fastiv, K. Strokova Str. 6

          Mr. S. Krupenko
          Temporary Insolvency Manager
          Phone: 247-29-09

          ECONOMIC COURT OF KYIV REGION
          01033, Ukraine, Kyiv region,
          Zhelyanska Str. 58 b


KOLOMIYA' CHEESE: Liquidator Takes over Company
-----------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against Kolomiya' Cheese Plant (code
EDRPOU 00445713) on November 11, 2004 after finding the open
joint stock company insolvent.  The case is docketed as B-6/177.
Arbitral manager Mrs. Lubov Labyak (License Number AA 250480)
has been appointed liquidator/insolvency manager.

CONTACT:  KOLOMIYA' CHEESE PLANT
          78200, Ukraine, Ivano-Frankivsk region,
          Kolomiya, Gorbash Str. 8

          Mrs. Lubov Labyak
          Liquidator/Insolvency Manager
          76022, Ukraine, Ivano-Frankivsk region,
          Parkova Str. 20/7
          Phone: 8 (03422) 4-04-52 3-24-61
                 8 (050) 187-81-01

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Shevchenko Str. 16


KRAYAN: Court Appoints Insolvency Manager
-----------------------------------------
The Economic Court of Rivne region commenced bankruptcy
proceedings against Krayan (code EDRPOU 13983524) on September
23, 2004 after finding the close joint stock company insolvent.
The case is docketed as 8/34.  Mr. Cherevatij Lubomir (License
Number 630123) has been appointed liquidator/insolvency manager.

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

(a) KRAYAN
    33000, Ukraine, Rivne region,
    Soborna Str. 279

(b) Mr. Cherevatij Lubomir
    Liquidator/Insolvency Manager
    79022, Ukraine, Lviv region,
    Gorodotska Str. 277, a/b 10296

(c) ECONOMIC COURT OF RIVNE REGION
    33001, Ukraine, Rivne region,
    Yavornitski Str. 59


PROMIN-EKSPO: Declared Insolvent
--------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Promin-Ekspo (code EDRPOU 14353400) on
October 18, 2004 after finding the close joint stock company
insolvent.  The case is docketed as 24/139-b.  Mr. S. Donkov
(License Number AA 485220) has been appointed
liquidator/insolvency manager.

CONTACT:  PROMIN-EKSPO
          Ukraine, Kyiv region,
          Pshenichna Str. 8

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


RIVNENSKI ENERGETICAL: Succumbs to Insolvency
---------------------------------------------
The Economic Court of Rivne region commenced bankruptcy
proceedings against Rivnenski Energetical Systems (code EDRPOU
24177826) on June 24, 2004 after finding the limited liability
company insolvent.  The case is docketed as 8/26.  Mr.
Cherevatij Lubomir (License Number 630123) has been appointed
liquidator/insolvency manager.

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

(a) RIVNENSKI ENERGETICAL SYSTEMS
    33000, Ukraine, Rivne region,
    Mitskevich Str. 11

(b) Mr. Cherevatij Lubomir
    Liquidator/Insolvency Manager
    79022, Ukraine, Lviv region,
    Gorodotska Str. 277, a/b 10296

(c) ECONOMIC COURT OF RIVNE REGION
    33001, Ukraine, Rivne region,
    Yavornitski Str. 59


TRADE-ACCEPTANCE COMPANY: Court Brings in Insolvency Manager
------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Trade-Acceptance Company (code EDRPOU
25587029) on October 28, 2004 after finding the limited
liability company insolvent.  The case is docketed as 43/896.
Mr. Vyacheslav Letskan (License Number AA 419239) has been
appointed liquidator/insolvency manager.  The company holds
account number 26007962480577 at First Ukrainian International
Bank, 5th branch, MFO 322755.

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

(a) TRADE-ACCEPTANCE COMPANY
    01034, Ukraine, Kyiv region,
    Prorizna Str.

(b) Mr. Vyacheslav Letskan
    Liquidator/Insolvency Manager
    03057, Ukraine, Kyiv region,
    Dovzhenko Str. 16v/42

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


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


ARAKIN LIMITED: Creditors Opt for Liquidation
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                   IN THE MATTER OF Arakin Limited
                        (In Liquidation)

We, John Charles Reid and James Bernard Stephen, of Deloitte &
Touche LLP, Lomond House, 9 George Square, Glasgow G2 1QQ,
hereby give notice that we were appointed Joint Liquidators of
Arakin Limited, at a Meeting of Creditors, held on 7 December
2004.

A Liquidation Committee was established.

James Bernard Stephen, Joint Liquidator
December 13, 2004

CONTACT:  DELOITTE & TOUCHE LLP
          Lomond House
          9 George Square
          Glasgow G2 1QQ
          Phone: +44 (0) 141 204 2800
          Fax: +44 (0) 141 314 5893
          Web site: http://www.deloitte.com


ARLINGTON BOOKS: Liquidator's Final Report Out January
------------------------------------------------------
The final meeting of the members of Arlington Books (Publishers)
Limited will be on Jan. 18, 2005 commencing at 11:00 a.m.  It
will be held at Sussex House, 8-10 Homesdale Road, Bromley, Kent
BR2 9LZ.

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

CONTACT:  CRANE & PARTNERS
          Sussex House,
          8-10 Homesdale Road,
          Bromley, Kent BR2 9LZ
          Phone: 020 8464 0131
          Fax:   020 8464 6018
          Web site: http://www.craneandpartners.com


ARYA SYSTEMS: Owners Decide to Dissolve Company
-----------------------------------------------
At the extraordinary general meeting of the members of Arya
Systems Ltd. on Dec. 20, 2004 held at 48 Langham Street, London
W1W 7AY, the extraordinary and ordinary resolutions to wind up
the company were passed.  Stephen Patrick Jens Wadsted has been
appointed liquidator of the company.


ASSIZE COURT: Names J. W. Lewis Liquidator
------------------------------------------
At the extraordinary general meeting of the members of Assize
Court Chambers (Management) Ltd. on Dec. 17, 2004 held at Suite
B1, White House Business Centre, Forest Road, Kingswood, Bristol
BS15 8NH, the special resolution to wind up the company was
passed.  J. W. Lewis has been appointed liquidator of the
company.


BARNSLEY HGV: Brings in Joint Liquidators from Hart Shaw
--------------------------------------------------------
At the extraordinary general meeting of the members of Barnsley
HGV Driver Training Ltd. on Dec. 20, 2004 held at Hart Shaw,
Europa Link, Sheffield Business Park, Sheffield S9 1XU, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Andrew J. Maybery and Christopher J. Brown of Hart
Shaw have been appointed joint liquidators of the company.

CONTACT:  HART SHAW
          Europa Link, Sheffield Business Park,
          Sheffield S9 1XU


BARTZ LIMITED: Appoints Liquidator from Meiston Reid
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Bartz Limited

Notice is hereby given that I, Michael James Meston Reid of
Meston Reid & Co., 12 Carden Place, Aberdeen AB10 1UR, was
appointed liquidator of Bartz Limited on December 10, 2004.

Michael James Meston Reid, liquidator
December 10, 2004.

CONTACT:  MESTON REID & CO.
          12 Carden Place
          Aberdeen AB10 1UR
          E-mail: info@mestonreid.com
          Web site: http://www.meistonreid.com


BEC CONTRACTING: Director Banned from Occupying Management Post
---------------------------------------------------------------
The director of a vehicle sales business that failed with total
debts estimated at around GBP122,000 has given an Undertaking
not to hold a directorship or take any part in company
management for six years.

The Undertaking by Brian Ibberson Eaton, 61, of Static Caravan,
Chapel Road, Tankersley, Barnsley, was given in respect of his
conduct as a director of BEC Contracting Limited, which carried
out business from premises at Unit 1, Dearne and Dove Works,
West Street, Worsborough, Barnsley.

Acceptance of the Undertaking on December 9, 2004 prevents Brian
Ibberson Eaton 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.  BEC Contracting Limited was placed into
voluntary liquidation on December 12, 2002 with estimated
deficiency of GBP122,000 owed to creditors.

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

Matters of unfit conduct, not disputed by Brian Ibberson Eaton,
were that:

(a) He caused BEC to trade to the detriment of the Crown from
    August 2001 onwards; and

(b) He caused transactions totaling GBP95,295 to be taken out of
    the company bank account and failed to provide an
    explanation as to the reasons for these payments - these
    transactions were to the detriment of the Crown.

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


BERNARD RYLES: Files for Liquidation
------------------------------------
At the extraordinary general meeting of the members of Bernard
Ryles Limited on Dec. 10, 2004 held at 29 King Street,
Newcastle-under-Lyme, Staffordshire ST5 1ER, the special and
ordinary resolutions to wind up the company were passed.  Martin
Williamson of DS Insolvency Services Ltd, 29 King Street,
Newcastle, Staffordshire ST5 1ER has been appointed liquidator
of the company.

CONTACT:  DS INSOLVENCY SERVICES LTD.
          29 King Street, Newcastle,
          Staffordshire ST5 1ER


BIRTSMORTON COURT: Moore Stephens Liquidator Enters Firm
--------------------------------------------------------
At the extraordinary general meeting of Birtsmorton Court
Fisheries Limited on Dec. 14, 2004 held at Birtsmorton Court,
Birtsmorton, Malvern, Worcestershire WR13 6JS, the extraordinary
and ordinary resolutions to wind up the company were passed.
Nigel Price of Moore Stephens Corporate Recovery, Beaufort
House, 94-96 Newhall Street, Birmingham B3 1PB has been
appointed liquidator of the company.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House, 94-96 Newhall Street,
          Birmingham B3 1PB
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.co.uk


BRICAR CLEANING: Calls in Liquidator
------------------------------------
At the extraordinary general meeting of the members of Bricar
Cleaning Limited on Dec. 16, 2004 held at 9 Wimpole Street,
London W1G 9SR, the extraordinary resolution to wind up the
company was passed.  Kevin Thomas Brown of Kevin Brown &
Associates, 30 Harts Grove, Woodford Green, Essex IG8 0BN has
been appointed liquidator of the company.

CONTACT:  KEVIN BROWN & ASSOCIATES
          30 Harts Grove, Woodford Green,
          Essex IG8 0BN


CASHMERE CAUSE: Names A. Segal & Co. Liquidator
-----------------------------------------------
At the extraordinary general meeting of the Cashmere Cause
Limited on Dec. 21, 2004 held at A. Segal & Co, Albert Chambers,
221-223 Chingford Mount Road, London E4 8LP, the subjoined
extraordinary resolution to wind up the company was passed.
Richard Andrew Segal of A. Segal & Co, Albert Chambers, 221-223
Chingford Mount Road, London E4 8LP has been appointed
liquidator of the company.

CONTACT:  A. SEGAL & CO.
          Albert Chambers, 221-223 Chingford Mount Road,
          London E4 8LP


CLOVECOURT LIMITED: Calls in Liquidator from Alexander Lawson
-------------------------------------------------------------
At the extraordinary general meeting of Clovecourt Limited on
Dec. 14, 2004 held at 641 Green Lanes, London N8 0RE, the
subjoined extraordinary resolution to wind up the company was
passed.  Ninos Koumettou of Alexander Lawson & Co, 641 Green
Lanes, London N8 0RE has been appointed liquidator of the
company.

CONTACT:  ALEXANDER LAWSON & CO.
          641 Green Lanes, London N8 0RE


COMWAVE (UK): Hires PricewaterhouseCoopers as Liquidator
--------------------------------------------------------
Name of companies:
Comwave (UK) Limited
Connaught Commercial Services Limited
Transmit International Limited

At the meeting of these companies on Dec. 16, 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


COURIER NETWORK: Hires Administrator from Piper Thompson
--------------------------------------------------------
Tony James Thompson (IP No 5280) has been appointed
administrator for Courier Network (UK) Ltd.  The appointment was
made Dec. 15, 2004.  The company is an international courier.
Its registered office is located at 1 Willow Road, Colnbrook,
Berkshire SL3 0BS.

CONTACT:  PIPER THOMPSON
          Mulberry House,
          53 Church Street, Weybridge,
          Surrey KT13 8DJ
          Phone: 01932855515


DERBYBRIDGE LIMITED: Members Final General Meeting Set Jan. 20
--------------------------------------------------------------
The final general meeting of the members of Derbybridge Limited
will be on Jan. 20, 2005 commencing at 10:00 a.m.  It will be
held at the offices of SPW Poppleton & Appleby, Gable House, 239
Regents Park Road, London N3 3LF.

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

CONTACT:  SPW POPPLETON & APPLEBY
          Gable House
          239 Regents Park Road
          London N3 3LF


ENIGMA DATA: HSBC Bank Appoints Leonard Curtis & Co. Receiver
-------------------------------------------------------------
HSBC Bank plc appointed N. A. Bennett and S. D. Swaden (Office
Holder Nos 9083, 2719) joint administrative receivers for Enigma
Data Systems Limited (Reg No 3612011, Trade Classification: 36).
The application was filed Dec. 13, 2004.  The company offers
computer services.

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


EQUITABLE LIFE: S&P Affirms 'B' LT Rating; Outlook Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based life insurer The Equitable Life Assurance Society
(Equitable Life) to positive from negative.  At the same time,
Standard & Poor's affirmed its 'B' long-term counterparty credit
rating on Equitable Life and 'CCC-' junior subordinated debt
rating on notes issued by Equitable Life Finance PLC.

"The outlook revision reflects the progress made by management
in reducing uncertainties, the increasing stability, and the
earnings benefit from the bond buyback," said Standard & Poor's
credit analyst Mark Button.

"The decision by management to buy back the bonds -- and the
absence of any objection from the Financial Services Authority -
- is a sign of confidence in the improving risk profile of
Equitable Life."

The 'B' rating reflects the society's weak capitalization,
limited flexibility to manage its balance sheet, and marginal
operating performance.  Partially offsetting these weaknesses is
the relatively low risk investment profile.  Equitable Life is a
closed life insurer with GBP15.6 billion of assets at June 30,
2004.

"We expect that the reduction in risk associated with lower
levels of provisions, and the lower earnings strain following
the bond buyback, will improve the credit profile of Equitable
Life," said Mr. Button.

Although further claims and redress cannot be ruled out, the
balance of litigation risk appears positive relative to the
ratings.

"A favorable outcome from the various claims against former
auditors and directors is also likely to be positive for the
ratings," concluded Mr. Button.

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
on Standard & Poor's public Web site 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
          InsuranceInteractive_Europe@standardandpoors.com

          The Equitable Life Assurance Society
          Walton Street Aylesbury
          Buckinghamshire HP21 7QW, United Kingdom
          Phone: +44-870-901-0052
          Web site: http://www.equitable.co.uk


FOOD BOARD: In Administrative Receivership
------------------------------------------
Five Arrows Commercial Finance Limited appointed Derek Oakley
and Chris Ratten (Office Holder Nos 008630, 009338)
administrative receivers for Food Board And Film (Converters)
Plc (Reg No 1194987, Trade Classification: 2125).  The
application was filed Dec. 15, 2004.  The company manufactures
paper and paperboard goods.

CONTACT:  TENON RECOVERY
          Arkwright House,
          Parsonage Gardens,
          Manchester M3 2LF
          Phone: 0161 834 3313
          Fax:   0161 827 8402
          E-mail: manchester@tenongroup.com
          Web site: http://www.tenongroup.com


GLOBAL CROSSING: Earns 'B-' Rating, Stable Outlook from S&P
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' corporate
credit rating to Global Crossing (UK) Telecommunications Ltd
(GCUK), the parent company of Global Crossing (U.K.) Finance
PLC, following successful completion of a restructuring
agreement.  The outlook is stable.

At the same time, the 'B-' senior secured debt rating and
recovery rating of '5' on the US$200 million notes issued by
Global Crossing (U.K.) Finance PLC were affirmed.  A 'B-' senior
secured debt rating and recovery rating of '5' were assigned to
the GBP105 million senior secured notes, also issued by Global
Crossing Finance.  Both issues are guaranteed by GCUK.

The restructuring agreement entered into on Oct. 8, 2004,
between Singapore Technologies Telemedia (STT), Global Crossing
Ltd. (GCL; 61.5% owned by STT), the 100% parent of GCUK, GCUK,
and other group companies, is aimed at recapitalizing existing
loans from STT to GCL's affiliates and providing additional
liquidity to GCL.  At Dec. 23, 2004, GCUK had issued US$200
million and GBP105 million senior secured notes maturing in
2014, whose proceeds will be upstreamed to GCL.  At the same
date, GCL had also issued to certain STT affiliates US$250
million of new STT notes mandatorily convertible into GCL common
stock in 2008, in exchange for the existing STT notes and a STT
bridge facility amounting to a combined US$250 million.

The terms of the notes have been modified. Although these
changes are positive from a credit standpoint, the ratings on
the US$200 million and GBP105 million senior secured notes have
not been affected because GCUK's underlying financial policy of
distributing a major part of its free cash flow to its
significantly weaker parent company, very high leverage, and
stand-alone business risk profile constrain the ratings.

"We expect GCUK to maintain adequate levels of investments and
liquidity to sustain and develop viable operations, despite
substantial cash upstreams to GCL," said Standard & Poor's
credit analyst Leandro de Torres Zabala. "In the long term, the
success of GCL's business and financial plans and its ultimate
achievement of a self-funding position will be key factors for
determining GCUK's financial profile and ability to service its
debt. A default by GCL could also result in additional pressures
on GCUK, given some material shared assets and functions. It
would not, however, trigger a default at GCUK under the bond
indenture."

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
on Standard & Poor's public Web site 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

          Global Crossing Ltd. (NASDAQ: GLBC)
          200 Park Ave., Ste. 300
          Florham Park, NJ 07932
          Phone: 973-937-0100
          Fax: 973-360-0148
          Toll Free: 800-836-7000
          Web site: http://www.globalcrossing.com


GM AUTOMOTIVE: Hires KPMG as Liquidator
---------------------------------------
Name of companies:
GM Automotive UK (No. 4) limited
Vauxhall Motors (Finance) Plc
Vauxhall Properties Limited

At the extraordinary general meeting of these companies on Dec.
10, 2004 held at Osborne Road, Luton, Bedfordshire LU1 3YT, the
special and ordinary resolutions to wind up said companies were
passed.  Jeremy Spratt and Finbarr O'Connell of KPMG LLP, 8
Salisbury Square, London EC4Y 8BB have been appointed joint
liquidators of these companies.

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


GOLDEN CASTLE: Insolvency Service Disqualifies Former Director
--------------------------------------------------------------
A director of a Chinese Restaurant that failed with debts of
more than GBP384,000 has given an Undertaking not to hold
directorships or take any part in company management for a
period of five years.

The Undertaking by Mu Qing Chan Yu, of Eddleston Avenue,
Gosforth, Newcastle-Upon-Tyne was given in respect of his
conduct as a director of Golden Castle Investments Limited,
which carried on business trading as Royal Circle Restaurant
from premises at 16-18 Stowell Street, Newcastle-Upon-Tyne.
Golden Castle was placed into voluntary liquidation on September
20, 2002 with estimated debts of GBP390,000 owed to its
creditors.

The acceptance of the Undertaking on November 29, 2004, prevents
Mu Qing Chan Yu 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 five years.

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

Matters of unfit conduct, not disputed by Mu Qing Chan Yu, were
that she:

(a) Allowed Golden Castle to fail to declare all its takings in
    its accounts, to the Inland Revenue and to HMCE;

(b) Allowed Golden Castle to enter into a transaction at an
    undervalue to the detriment of creditors and to the benefit
    of Teamrespect Limited, a company of which Mrs. Lok, a co-
    director of Golden Castle, was a former director.

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

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

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


GOSHERON PACKAGING: In Administrative Receivership
--------------------------------------------------
Five Arrows Commercial Finance Limited appointed Derek Oakley
and Chris Ratten (Office Holder Nos 008630 and 009338)
administrative receivers for Gosheron Packaging Plc (Reg No
3576312, Trade Classification: 2522).  The application was filed
Dec. 15, 2004.  The company manufactures plastic packing goods.

CONTACT:  TENON RECOVERY
          Arkwright House,
          Parsonage Gardens,
          Manchester M3 2LF
          Phone: 0161 834 3313
          Fax:   0161 827 8402
          E-mail: manchester@tenongroup.com
          Web site: http://www.tenongroup.com


GRIM FUN: Director Barred from Occupying Management Post
--------------------------------------------------------
The director of a software consultancy and supply business that
failed with debts estimated at around GBP311,000 has given an
Undertaking not to hold directorships or take any part in
company management for five years.

The Undertaking by Peter White, 48, of South Avenue, Hullbridge,
Hockley, Essex, was given in respect of his conduct as a
director of Grim Fun Limited, which carried out business from
premises at Rex House, 354 Ballards Lane, London N12 0EG.

Acceptance of the Undertaking on December 7, 2004 prevents Mr.
White 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.  Grim Fun Limited was placed into Creditors Voluntary
Liquidation on December 16, 2002 with an estimated deficiency of
GBP311,000 owed to creditors.

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

Matters of unfit conduct, found against Mr. White, were that he:

(a) Failed to file company accounts with Companies House, to the
    detriment of the Inland Revenue;

(b) failed to correctly deal with the company's tax affairs.
    Furthermore, he failed to file corporation tax returns and
    accounts with the Inland Revenue; and

(c) consistently drew remuneration in excess of turnover for the
    years ending March 31, 1999, 2000 and 2001 and by March 31,
    2001, date of the last professionally prepared accounts.
    The company had a cumulative loss of GBP193,986.

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


HABAG (LONDON): Joint Liquidators from KPMG Move in
---------------------------------------------------
At the extraordinary general meeting of Habag (London) Limited
on Dec. 17, 2004 held at Coxs Lane, Cradley Heath, West Midlands
B64 5QU, the special and ordinary resolutions to wind up the
company were passed.  Mark Jeremy Orton and Allan Watson Graham
of KPMG, Corporate Recovery, 2 Cornwall Street, Birmingham B3
2DL have been appointed joint liquidators of the company.

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


HEBLAW LIMITED: Appoints Joint Liquidators from Mazars
-----------------------------------------------------
At the extraordinary general meeting of Heblaw Limited on Dec.
13, 2004 held at 1 Blagdon Road, New Malden, Surrey KT3 4TB, the
subjoined special resolution to wind up the company was passed.
David Richard Thorniley and Roderick John Weston of Mazars LLP,
24 Bevis Marks, London EC3A 7NR have been appointed joint
liquidators of the company.

CONTACT:  MAZARS
          24 Bevis Marks,
          London EC3A 7NR
          Phone: (44) 20 73 77 10 00
          Fax:   (44) 20 73 77 89 31
          Web site: http://www.mazars.com


HMC MORTGAGE: Hires Joint Liquidators from Deloitte & Touche
------------------------------------------------------------
Name of companies:
HMC Mortgage Assets 101 Limited
HMC Mortgage Assets 102 Limited
HMC Mortgage Notes 4 Limited
HMC Mortgage Notes 5 Limited
HMC Mortgage Notes 7 Limited
HMC Mortgage Notes 10 Limited
HMC Mortgage Notes 11 Limited
HMC Mortgage Notes 12 Limited
HMC Mortgage Notes 103 Limited
HMC Securities Limited
HMC Sterling 1 Limited
HMC Sterling 2 Limited
The Mortgage Partnership Limited

At the meeting of these companies, the special and ordinary
resolutions to wind up said companies were passed.  J. R. D.
Smith and N. J. Dargan of Deloitte & Touche LLP, Athene Place,
66 Shoe Lane, London EC4A 3WA have been appointed joint
liquidators of these companies.

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


JARVIS PLC: Members Okay Sale of GBP25 Mln Property Portfolio
-------------------------------------------------------------
The board of Jarvis Plc is pleased to announce that at the
Extraordinary General Meeting held on December 23, 2004 to
consider the disposal of a property portfolio valued at GBP25
million, the resolution in favor was carried unanimously on a
show of hands and the proxy votes available were 21,542,492 in
favor and 29,514 against.

CONTACT:  JARVIS PLC
          24 Britton St.
          London EC1M 5UA
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com


JARVIS PLC: Sale of 'Tube Lines' Interest to Amey On
----------------------------------------------------
Jarvis Plc announced on December 24, 2004 that it has reached a
conditional agreement with Amey in respect of transactions (Tube
Lines Transaction) involving the sale of the shareholding of
Jarvis JNP Limited (JJNP) in Tube Lines Holdings Limited (TLH)
(the TLH Equity) and the Secondment Business of Jarvis LUL
Limited (JLUL) for a total gross consideration of GBP146.8
million and the release of the contingent liability of GBP11.7
million to subscribe for further equity in TLH.

The Tube Lines Transaction will effect a realization of value
from Jarvis's various interests in the Tube Lines PPP Project.
In view of its size, the Tube Lines Transaction is conditional
upon, amongst other things, the approval of Shareholders, which
is to be sought at an extraordinary general meeting of the
Company to be held on January 10, 2005.  Completion of the Tube
Lines Transaction is also conditional upon legally binding
documentation to refinance the Group's core financing
arrangements (Refinancing) becoming effective.  In turn, the
Refinancing is expected to be conditional upon legally binding
documentation for the funding of the construction contracts for
the Group's PFI and UPP projects (the 'Construction Funding')
being entered into and becoming effective.

Information on the Tube Lines PPP Project, TLH and the
Secondment Business

In 1998 the Government invited bids for a public private
partnership involving the London Underground rail network, to
increase investment in the underground rail infrastructure and
to attract best practice and management efficiencies from the
private sector into the maintenance and upgrading of the
network.  An incorporated joint venture between Jarvis, Bechtel
and Amey, known as Tube Lines, successfully bid for and was
awarded a 30-year franchise under a Service Contract with London
Underground Limited to provide the infrastructure services on
the Jubilee, Northern and Piccadilly lines, for which it assumed
responsibility on December 31, 2002.

Tube Lines Limited (TLL) is the special purpose company that is
a party to the Service Contract and responsible for the
management, maintenance and upgrade of the assets and
infrastructure of the Jubilee, Northern and Piccadilly lines.
TLL is a 100% subsidiary of TLH.  The share capital and loan
stock of TLH is divided equally between JJNP, JNP Ventures
Limited, an indirect wholly owned subsidiary of Amey U.K. Plc
(Amey) and UIC Transport Limited, an indirect wholly owned
subsidiary of Bechtel Enterprises Holdings Inc. (Bechtel). Each
of these three shareholders holds 1,000 ordinary shares of 10p
each in the capital of TLH.

To ensure that TLL has the necessary combination of expertise
and experience available to fulfill its obligations under the
Service Contract, it entered into secondment agreements under
which senior personnel employed by the Jarvis, Amey and Bechtel
groups are seconded to TLL to manage various aspects of the
business.  The secondment agreements contain detailed provisions
under which the seconding partners share with TLL portions of
the benefits of higher than expected performance and portions of
the cost of lower than expected performance.  One of the
secondment agreements is with Bechtel Limited, a wholly owned
subsidiary of Bechtel, pursuant to which personnel seconded from
Bechtel manage the implementation of TLL's capital works
programme under the Service Contract.  The other agreement
(Secondment Agreement) is with an unincorporated 50:50 joint
venture between JLUL and Amey LUL 2, wholly owned subsidiaries
of Jarvis Plc and Amey Plc respectively, pursuant to which
personnel seconded from the Jarvis and Amey groups assist TLL in
managing the operation and maintenance works programme under the
Service Contract.

TLH

TLH's initial investment in TLL consisted of shares and GBP90
million of loan stock.  It funded this through an equity bridge
loan from a syndicate of banks led by HSBC Bank PLC.  Each
shareholder in TLH was obliged to arrange credit support for one
third of the loan by way of a financial guarantee or letter of
credit. JJNP arranged the LC Facility under which a GBP46.5
million letter of credit (LC1) was issued to the lenders of the
equity bridge loan.  JJNP is also liable to inject up to a
further GBP11.7 million of contingent equity in TLH (reduced
from GBP15 million following a refinancing of Tube Lines earlier
this year).  This contingent obligation is guaranteed by a
letter of credit (LC2) also issued under the LC Facility.

As security for the LC Facility, the Company agreed to allocate
to the LC Facility lenders certain project cash flows,
comprising its distributions from TLH and the substantial part
of its revenues under the Secondment Agreement.  No regular
equity dividends are payable by TLL during the first seven year
review period under the Service Contract. Accordingly, TLH's
revenue during the first review period is based on a 16% annual
coupon payment on the loan stock it holds in TLL.  TLH's income
is applied first to paying the interest cost and margin on the
equity bridge loan with the balance being distributed as
dividends to its three shareholders.

JJNP accounts for a one third share in the profits of the TLH
group.  Although these profits appear in the Group profit and
loss account, they are not matched by cash amounts received by
the Group because TLH has agreed not to receive dividends from
TLL during the first review period.

The Secondment Business

Under the Secondment Agreement, JLUL and Amey LUL 2 receive fees
consisting of direct compensation for the cost of their seconded
employees (Reimbursable Costs) and share equally an annual base
fee (Base Fee), an accrued development fee (effectively
representing deferred reimbursement of the parties' bid costs
incurred up to the closing of the original Tube Lines PPP
Project) and certain incentive payments for achieving and
outperforming TLL's budgeted operations and maintenance program.
With the exception of the Reimbursable Costs and a portion of
the Base Fee, TLL may require that all fees paid to JLUL and
Amey LUL 2 during the relevant year and for up to the three
preceding years be repaid to TLL in the event of
underperformance against the TLL operations and maintenance
program (clawback).

Jarvis Plc has provided a parent company guarantee to TLL of
JLUL's obligations under the Secondment Agreement.  As JLUL and
Amey LUL 2 have joint and several liabilities to TLL under the
Secondment Agreement, Jarvis Plc and Amey Plc have also each
guaranteed to the other their respective subsidiaries'
obligations under a Co-operation Agreement which they have
entered into to regulate their relationship in respect of, and
performance under, the Secondment Agreement.  As further
security, JLUL was also obliged to provide TLL with a letter of
credit equal to 25% of the fees at risk of clawback.  This was
satisfied by the issue of a further letter of credit under the
LC Facility (LC4), which currently amounts to GBP6.1 million.

Under the terms of the LC Facility, Jarvis is obliged to cash
collateralize all of LC4 and to use any cash flow from the Base
Fee, dividends from TLH and the incentive payments to augment
the cash collateral for LC1 and LC2.  All of LC4 has been cash
collateralized and GBP45.2 million of the GBP58.2 million
outstanding under LC1 and LC2 has been cash collateralized.

In November 2003, Jarvis sold most of its rights to the
Reimbursable Costs (less the actual salaries and personnel costs
paid to the seconded employees) and to the Base Fee not at risk
of clawback (but only from the end of the first seven and a half
year Tube Lines' review period) for approximately GBP20 million
to Luso, a special purpose vehicle established and financed by
its parent, Banco Espirito Santo with a receivables financing
facility (Junopi Receivables Financing).

Background to and Reasons for the Tube Lines Transaction

As outlined in the 2004 Annual Report, the Directors are
implementing a Business Plan that is designed to develop a
simpler, leaner and more cash generative business that is
sustainable in the long-term.  This Business Plan has several
core elements, as set out in the section headed 'The Business
Plan' below.

The strategy underlying the Business Plan is for the Group to
focus primarily on U.K. rail, road and plant hire activities.
The Directors believe this will enable Jarvis to maintain a
competitive advantage and grow its market share by capitalizing
on its investment in technology, new products and equipment.

A key element of the implementation of this strategy has been
determining how best to realize the long-term value of the
Company's investment in Tube Lines.  As a 33.3% shareholder in
TLH, Jarvis does not control TLL nor will its investment
generate any meaningful cash in the short to medium term due to
the dividend and secondment fee restrictions discussed above.
Accordingly, it was decided to dispose of the Group's interest
in the Tube Lines PPP Project.  Taken as a whole, the Directors
believe that the Tube Lines Transaction represents the best
opportunity available to realize such value.  The Directors
consider that the value of the Group derived from the sale of
both the Secondment Business and the TLH Equity interest
justifies the price received from Amey.

Use of proceeds and the financial effects of the Tube Lines
Transaction Amey will acquire the TLH Equity and the Secondment
Business for a cash consideration of GBP95.5 million.  In
addition, it will assume all liabilities under LC1 and LC4 of
GBP46.5 million and GBP6.1 million respectively, being GBP52.6
million in total.

This will result in cash collateral being released under those
letters of credit of GBP45.2 million and GBP6.1 million
respectively.  GBP146.8 million of cash (before any Tube Lines
Transaction costs) will therefore become available to the Group
to repay debt and for working capital purposes, including
payment of the Transactions' costs.

Of the GBP146.8 million of cash that will become available to
the Group, approximately GBP21 million will be used to repay the
Junopi Receivables Financing with Banco Espirito Santo and a
further GBP29 million will be used to reduce the Company's
indebtedness to its Core Lenders.  The remainder of the proceeds
after deducting estimated Tube Lines Transaction costs
(including a variation fee due to London Underground Limited) of
approximately GBP15 million will be used for working capital
purposes, predominantly to fund the Company's contribution to
the Construction Funding arrangements.

On the basis of Jarvis' financial position as at 31 March 2004,
the net proceeds of the Tube Lines Transaction would have
increased the Continuing Group's consolidated shareholders'
funds and reduced its consolidated net debt by approximately
GBP77 million.

The Business Plan

The 2004 Annual Report sent to Shareholders in September 2004
described the Business Plan adopted by the Board to stabilize
the Group's finances and reduce indebtedness to more acceptable
levels.

The Business Plan was central to the Core Lenders' decision to
continue to support the Group and provide continued facilities
to March 25, 2005.  The plan assumed that a number of important
measures would be successfully implemented in a timely manner
for indebtedness to be brought back to an acceptable level so
that working capital facilities adequate for the Group's needs
could be secured.

In addition to the strategic repositioning of the Group, the
other principal components of the Business Plan are set out with
an update on the Group's progress in achieving them:

(a) The timely realization of value from the Group's assets, in
    particular, the Company's Investment in the Tube Lines PPP
    Project, and the European Roads businesses;

(b) The realization of value from the Tube Lines PPP Project
    forms the subject of this announcement. Additionally, on
    December 22, 2004, the Company announced the sale of the
    European Roads businesses, which is conditional upon
    Shareholders' approval and is expected to complete on
    or after April 1, 2005;

(c) A substantial reduction in the Group's overheads, including
    accommodation costs, achieved through relocation to a
    smaller number of sites. A program to achieve annualized
    future savings of more than GBP20 million has been
    implemented ahead of plan.  In November, further annual
    savings approaching GBP30 million were identified and action
    to achieve these savings is underway. The disposal of
    properties and relocation of the Group's headquarters
    described in the circular to Shareholders dated December 7,
    2004 will achieve the majority of the reduction in the
    Group's accommodation costs envisaged in the Business Plan;

(d) The rationalization of the Group's accommodation services
    business, including the withdrawal from construction
    activities on new projects.  Progress in this area of the
    Business Plan is described under the heading 'Construction
    Funding arrangements'; and

(e) The satisfactory renegotiation of the Group's core financing
    arrangements, which are currently repayable on 25 March
    2005.  Progress on this matter is described below under the
    heading 'Renegotiation of core financing arrangements'.

Construction Funding Arrangements

The rationalization of the Group's accommodation services
business has been a key component of the Business Plan,
particularly given the impact of this business on the Group's
cash position as announced on 8 November 2004.  The disposals of
the PFI and UPP bidding operations, announced on December 3 and
7, 2004 respectively, represented important steps in this
process.

However, the most significant element of future cash outflow in
Jarvis' accommodation services business relates to the
completion of a number of ongoing construction contracts.
Consequently, with respect to the largest 14 unfinished
construction contracts, the Group has conducted negotiations
with the key stakeholders in each project including project
equity and debt providers and surety bond providers and, where
appropriate, local authorities, hospital trusts and
universities.  The two key objectives of the negotiations are to
obtain financial contributions to assist with funding the
completion of the projects, and to obtain releases of Jarvis's
related liabilities wherever possible.

An important component of the second objective is to limit the
Group's exposure to future cost overruns by introducing of one
or more replacement construction contractors in respect of five
of the construction contracts.  For the remainder of the
projects still at the construction phase most of which are
nearing completion, Jarvis expects to retain the construction
contracts.  In both of these scenarios, the Company would limit
its exposure to cost overruns in the ongoing contracts by
release of the performance guarantees provided by the
Company.  While the Group's risk profile would be significantly
reduced by implementing these arrangements, it will nevertheless
retain a degree of cost exposure in relation to the completion
of these construction projects, principally through its ongoing
relationship with sub-contractors.  Further, the
Group's exposure to any future latent defect claims in relation
either to those projects, or to its previously completed
construction contracts, will continue until this exposure is
restructured in conjunction with the planned disposal of
Jarvis's facilities management business.

Negotiations concerning the Construction Funding arrangements
are at an advanced stage and non-binding documentation has been
signed or is expected to be signed shortly.  Each of these
documents is subject to conditions including the application of
certain of the proceeds from the Tube Lines Transaction and the
provision of consents from local authorities, hospital trusts
and universities.

Jarvis envisages all 14 project agreements will become effective
simultaneously with or shortly after the completion of the Tube
Lines Transaction.  However, to the extent that any project
agreements do not become effective, Jarvis would incur costs in
excess of those included in its financial forecasts.

Renegotiation of Core Financing Arrangements

On July 30, 2004, the Group's Core Lenders agreed terms to
extend the Group's facilities until March 25, 2005 and to
provide an additional working capital facility of GBP25 million
and a new bonding facility of GBP9 million.  On August 27, 2004,
this agreement was documented in the Override Agreement.  On
December 3, 2004, the new working capital facility was increased
to GBP29 million and the bonding facility reduced to GBP5
million.  On December 15, 2004 the new working capital facility
as further increased by a priority GBP8 million advance, GBP4
million of which was repaid from the proceeds of certain
property disposals.

Under the Override Agreement, all amounts owed to the Group's
Core Lenders become repayable on March 25, 2005.

On December 24, 2004, the Company and the Core Lenders agreed
terms for a Refinancing through an extension of the Override
Agreement to March 27, 2006 and the provision of GBP5.5 million
further bonding facilities.  The heads of terms setting out the
terms on which the Override Agreement will be extended are not
legally binding.

Legally binding documentation for the Refinancing is a condition
precedent to the Tube Lines Transaction.

Current Trading And Prospects

The interim results for the six months ended 30 September 2004
will be announced by the end of December 2004.  The Board has
not yet completed its review of the interim results but it is
considering the need for a number of provisions and write offs.
These may include the write off of the goodwill connected with
the U.K. Roads businesses, a provision for construction losses,
the write off of FM enhancement assets and providing for the
estimated costs of restructuring.  The net result is likely to
show a very substantial deterioration in the Group's financial
position since March 31, 2004.  On completion of the Tube Lines
Transaction and the other Transactions, the Directors anticipate
an improvement in the financial and trading prospects of the
Continuing Group for the remainder of the current financial
year.

Working Capital

The Directors are of the opinion that the Continuing Group does
not have sufficient working capital for its present requirements
that is for at least the next 12 months from the date of this
document.

The Directors make this statement because the terms of the
Construction Funding and Refinancing transactions have not been
finalized and, thereafter, remaining within the Continuing
Group's facilities will be dependent on the critical assumptions
listed below.  However it should be noted that the Group's
financial position would be substantially enhanced as a
consequence of the Tube Lines Transaction.

In the period up to the receipt of proceeds from the Tube Lines
Transaction, which it is anticipated will be on 10 January 2005,
headroom will continue to be very tight and the Group will
remain reliant upon the continued support of its Group
creditors.  In this respect, it should be noted that
arrangements have already been agreed for the deferred
settlement of significant Group creditors.

In addition, existing creditors who are owed money by the
Group's accommodation services business in respect of
construction contracts are assured of settlement of the amounts
due to them upon the completion of the Construction Funding and
the Refinancing transactions.

If Shareholders do not approve the Tube Lines Transaction or if
it otherwise does not complete due to the Transactions failing
to complete or otherwise, then alternative sources of emergency
working capital funding would be required by the middle of
January.  It is unlikely that there would be sufficient time for
the Directors to make such alternative arrangements to provide
for the Group's working capital needs and it is therefore likely
that the Group would be unable to continue to trade.

In order to assess the adequacy of the Continuing Group's
working capital, the Board has prepared a set of financial
forecasts based on the fundamental assumptions that the Tube
Lines Transaction will be approved by Shareholders and that it
and the Construction Funding and Refinancing transactions will
be completed without material adjustment to their proposed heads
of terms.

Provided that the Continuing Group trades in line with the
Forecasts, it will be able to operate within its revised finance
facilities for a period of at least twelve months following the
expected date of completion of the Tube Lines Transaction and
the Construction Funding and Refinancing transactions.

Following completion of these three Transactions, the Board will
seek to improve the Continuing Group's working capital and
trading positions, whilst keeping its requirements within the
available facilities.  In particular, with more management time
available to focus on the business, rather than on the time-
intensive restructuring and refinancing of the Group, which has
taken place during much of 2004, the Board will develop
initiatives targeted at enhancing revenues, profit and cash flow
whilst also ensuring that the cost base is contained
appropriately.  The Forecasts do not include any such additional
revenues, profit and cash flows.  In addition and in due course,
the Board will explore the opportunities for restructuring the
Company's funding base through the introduction of new
shareholders and/or the further restructuring of the Group's
debt arrangements.

As they are required to do, the Directors have considered the
impact of sensitivities on the Forecasts.  These show that there
is limited margin to accommodate any unforeseen adverse trading
or other developments, which might impact the Continuing Group's
ability to operate within its facilities.  Aside from the
specific sensitivities that were considered, the Board
recognizes that the Forecasts are based upon these critical
assumptions:

(a) Completion of the disposal of the European Roads businesses
    for which a binding sale agreement was signed on 22 December
    2004 but where completion is conditional upon the approval
    of Shareholders and the French competition authorities.
    This transaction is expected to be completed on or after
    April 1, 2005, with proceeds providing a further repayment
    to Core Lenders and payments to certain specified creditors,
    with the balance being available for the Continuing Group's
    working capital.  It is not anticipated that the Group will
    need to provide funding to the European Roads businesses
    prior to their sale;

(b) Delivery of the expected benefits from the Construction
    Funding arrangements;

(c) The Group's businesses have suffered recently from cash
    shortages and uncertainty about the Group's future.  It has
    been assumed that the Continuing Group's businesses recover
    in early 2005 and are able to strengthen, and where
    necessary, rebuild relationships with customers, suppliers
    and other stakeholders, particularly resulting in the
    retention and renewal, where applicable, of key contracts;

(d) The program of cost reductions (including significant
    staff redundancies) and restructuring being implemented by
    the Directors will not have a detrimental impact on the
    Continuing Group's operational effectiveness;

(e) the Directors and senior management will manage the
    reputational risks inherent within the businesses of the
    Continuing Group; and

(f) no material adverse event occurs which would cause the Core
    Lenders to terminate the Refinancing.

If some or all of the assumptions above should prove to be
incorrect or if other unforeseen events should occur, the impact
of which the Directors are unable to manage, this might lead to
a situation in which the Continuing Group would be unable to
continue within its finance facilities.  In such event, the
Board would need to accelerate the restructuring of the
Company's funding base in the manner outlined above and might
also need to seek further short term facilities.

However, in such event and if the Directors were not successful
in their endeavors, the Group would not be in a position to
continue to trade.

Extraordinary General Meeting

Completion of The Tube Lines Transaction is conditional, amongst
other things, upon the approval of Shareholders.  A circular
containing a Notice of Extraordinary General Meeting will be
dispatched to shareholders shortly.

Alan Lovell, Chief Executive, commented, "I am pleased that we
have been able to achieve significant progress on these three
crucial areas to the survival and future profitability of
Jarvis.  There are continuing objectives and targets to be
achieved if the core business based on U.K. rail, roads and
plant hire operations is to realize its full potential, but the
disposals we have now agreed will provide the much needed
working capital and pay down of debt that were conditional to
the refinancing agreement we have reached with our lenders.

"I am confident that we can now move forward in 2005 toward
rebuilding Jarvis and return it to growth as a profitable
business in future with its roots in these viable core
operational areas."

CONTACT:  JARVIS PLC
          24 Britton St.
          London EC1M 5UA
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com

          Jonathan Haslam
          Phone: 020 7017 8147

          MERLIN PR
          Paul Downes
          Phone: 020 7653 6620

          HAWKPOINT PARTNERS LIMITED
          Paul Baines
          Andrew Speirs
          Phone: 020 7665 4500

          DRESDNER KLEINWORT WASSERSTEIN
          Chris Treneman
          Mark Smith
          Phone: 020 7475 7375


JUPITER ICT: Names Begbies Traynor Administrator
------------------------------------------------
D. Rankin and D. Bailey (IP Nos 009287, 006739) have been
appointed administrators for Jupiter ICT Limited.  The
appointment was made Dec. 2, 2004.   The company develops
software.  Its registered office is located at Begbies Traynor,
Elliot House, 151 Deansgate, Manchester M3 3BP.

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


LUCRATIVE VENTURES: Hires Joint Liquidators from Valentine & Co.
----------------------------------------------------------------
Mark Reynolds and Robert Valentine (IP Nos 8838, 3569) have been
appointed joint administrators for property developers Lucrative
Ventures Limited.  The appointment was made Dec. 16, 2004.

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


MIDAS CONTRACT: Administrators Take over Operations
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Midas Contract Systems Limited

Notice is hereby given that we, Fraser J. Gray of Kroll Limited,
Afton House, 26 West Nile Street, Glasgow G1 2PF and David J.
Whitehouse, Kroll Limited, Bishopsgate, Manchester M2 3WR, were
appointed administrators of Midas Contract Systems Limited on
December 8, 2004 by notice of Appointment lodged in the Court of
Session.

Fraser J. Gray and David J. Whitehouse
Administrators

CONTACT:  KROLL LIMITED
          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


MYTRAVEL GROUP: Sells Cruise Ship to Louis Public Company
---------------------------------------------------------
MyTravel Group Plc announced on Dec. 24, 2004 the sale of the
cruise ship Seawing to Louis Public Company Ltd.  This
transaction is the latest stage of MyTravel's withdrawal from
cruise ship operations, announced in April 2004.

The sale of Seawing to Louis was completed for a net
consideration of US$9,045,000 (GBP4,726,000).  The consideration
is payable in installments totaling US$4,000,000 (GBP2,090,000)
in the year to October 31, 2005 and US$5,045,000 (GBP2,636,000)
in the year to October 31, 2006.

The net asset value attributable to the Seawing in the books of
MyTravel was GBP3.9 million as at October 31, 2004.  The
operating loss attributable to the ship for the 13 months to
October 31, 2004 was approximately GBP1 million.

The proceeds of the sale of the Seawing will be used to enhance
MyTravel's cash balances.  MyTravel will continue to sell cruise
holidays through its new retail business, The Cruise Store.

CONTACT:  MYTRAVEL GROUP PLC
          Parkway One
          Parkway Business Centre
          300 Princess Rd.
          Manchester M14 7QU
          Phone: +44-161-23-20-066
          Fax: +44-161-23-26-524
          Web site: http://www.mytravelgroup.com

          BRUNSWICK GROUP LLP
          Fiona Antcliffe
          Sophie Fitton
          William Cullum
          Phone: 020 7404 5959


MYTRAVEL GROUP: Restructuring Receives Green Light
--------------------------------------------------
MyTravel Group Plc announced that at the extraordinary general
meeting of shareholders held on December 24, 2004, the
resolutions set out in the circular dated December 1, 2004 were
put to the meeting and, in each case, were duly passed.

As previously announced, with effect from the conclusion of the
meeting, Paul Walker stepped down as non-executive director, and
Sam Weihagen, Chief Executive, MyTravel Northern Europe, joined
the Board.

CONTACT:  MYTRAVEL GROUP PLC
          Parkway One
          Parkway Business Centre
          300 Princess Rd.
          Manchester M14 7QU
          Phone: +44-161-23-20-066
          Fax: +44-161-23-26-524
          Web site: http://www.mytravelgroup.com

          BRUNSWICK GROUP LLP
          Fiona Antcliffe
          Sophie Fitton
          William Cullum
          Phone: 020 7404 5959


PACKAGING FOR FOOD: Five Arrows Calls in Receivers
--------------------------------------------------
Five Arrows Commercial Finance Limited appointed Derek Oakley
and Chris Ratten (Office Holder Nos 008630, 009338)
administrative receivers for holding company Packaging For Food
(Holdings) Limited (Reg No 2723926, Trade Classification: 7415).
The application was filed Dec. 15, 2004.

CONTACT:  TENON RECOVERY
          Arkwright House,
          Parsonage Gardens,
          Manchester M3 2LF
          Phone: 0161 834 3313
          Fax:   0161 827 8402
          E-mail: manchester@tenongroup.com
          Web site: http://www.tenongroup.com


RICHARDS OF ABERDEEN: To Appoint Liquidator Next Week
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Richards of Aberdeen Limited
                         (In Liquidation)

I, Michael J. M. Reid CA, 12 Carden Place, Aberdeen AB10 1UR
hereby give notice that by Interlocutor dated December 6, 2004,
the sheriff at Aberdeen appointed me Interim Liquidator of
Richards of Aberdeen Limited.

Notice is hereby given pursuant to section 138(3) of the
Insolvency Act 1986 and Rule 4.12 of The Insolvency (Scotland)
Rules 1986 that the First Meeting of Creditors of the company
will be held at 11:00 a.m. on Thursday, January 6, 2005 at The
Hilton Aberdeen Treetops Hotel, 161 Springfield Road, Aberdeen
AB15 7AQ for the purposes of choosing a Liquidator and
considering the other Resolutions specified in Rule 4.12(3) of
the aforementioned rules.

Meantime, any Creditor of Richards of Aberdeen Limited is
invited to submit details of their claim to the address below.

Michael J. M. Reid, CA, Interim Liquidator
December 9, 2004

CONTACT:  MESTON REID & CO
          12 Carden Place
          Aberdeen AB10 1UR
          E-mail: info@mestonreid.com
          Web site: http://www.meistonreid.com


ROBINSON LLOYD: Insolvency Service Serves 2-year Ban on Director
----------------------------------------------------------------
A director of an information technology services business that
failed with total debts of around GBP333,000 has been
disqualified in the Aylesbury County Court from acting as a
company director for two years.

John Peter Oliver Kilcoyne, of Bodenfeldstrasse, Bodenstetten,
Switzerland was a director of Robinson Lloyd Limited, which
traded from premises at Midland House, 42 Buckingham Street,
Aylesbury, Buckinghamshire HP19 3DP.  Robinson was placed into
liquidation on October 24, 2001 with estimated deficiency of
GBP333,544.

The Disqualification Order, made on November 25, 2004, prevents
Mr. Kilcoyne 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.

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

Matters of unfit conduct, found by the court, not disputed by
Mr. Kilcoyne, were that he:

(a) caused or allowed Robinson Lloyd to trade while insolvent
    with no reasonable prospect of paying its creditors; and

(b) caused or allowed Robinson Lloyd to trade to the detriment
    of the Inland Revenue that in the Inland Revenue being owed
    GBP120,190 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


ROV NETWORK: First Creditors' Meeting Set Second Week of January
----------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF ROV Network Limited
                         (In Liquidation)

Notice is hereby given that by Interlocutor of Aberdeen Sheriff
Court on 1 December 2004 I, Neil A Armour, CA, KPMG, 37 Albyn
Place, Aberdeen AB10 1JB was appointed Interim Liquidator of ROV
Network Limited having its registered office at 402 Great
Western Road, Aberdeen AB10 6NR.

Pursuant to section 138(3) of the Insolvency Act 1986 and Rule
4.12 of the Insolvency (Scotland) Rules 1986, the First Meeting
of Creditors will be held at KPMG Offices, 37 Albyn Place,
Aberdeen AB10 1JB on Wednesday January 12, 2005 at 11:30 a.m.
for the purposes of choosing a person to be Liquidator of the
Company, determining whether to establish a Liquidation
Committee and considering any other Resolution specified in Rule
4.12(3).  Creditors' claims should be made up to November 3,
2004.

A Creditor is entitled to vote only if a claim has been
submitted to the Interim Liquidator and his claim has been
accepted for voting purposes in whole or in part.  Proxies may
be lodged at or before the Meeting at the offices of the Interim
Liquidator.  A Resolution of the Meeting is passed if a majority
of those voting vote in favor of it.

The provision of Rules 4.15-4.17 and of Part 7 of the Insolvency
(Scotland) Rules 1986 apply.

Blair C. Nimmo
For Neil A Armour, Interim Liquidator
December 9, 2004

CONTACT:  KPMG LLP
          37 Albyn Place
          Aberdeen AB10 1JB
          Phone: (01224) 591000
          Fax: (01224) 590909
          Web site: http://www.kpmg.co.uk


R PURKESS: Hires Joint Liquidators from Tenon Recovery
------------------------------------------------------
At the extraordinary general meeting of R Purkess Limited on
Dec. 14, 2004 held at 1 Fairway Gardens, Rownhams, Southampton,
Hampshire SO16 8JJ, the special and ordinary resolutions to wind
up the company were passed.  Nigel Ian Fox and Carl Stuart
Jackson of Tenon Recovery, Highfield Court, Tollgate, Chandlers
Ford, Eastleigh, Hampshire SO53 3TZ have been appointed joint
liquidators of the company.

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


TARRAGON SOFTWARE: Calls in Liquidator from Elwell Watchorn
-----------------------------------------------------------
At the extraordinary general meeting of the members of Tarragon
Software Limited on Dec. 16, 2004 the special resolution to wind
up the company was passed.  John Michael Munn and Richard John
Elwell of Elwell Watchorn & Saxton, 109 Swan Street, Sileby,
Leicestershire LE12 7NN have been appointed joint liquidators of
the company.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street, Sileby,
          Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax:   (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


THOMAS SMITH: Hires Joint Receivers from PricewaterhouseCoopers
---------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

    IN THE MATTER OF Thomas Smith and Co. (Peterhead) Limited
                        (In Receivership)

I, Graham Douglas Frost, Chartered Accountant, of 32 Albyn
Place, Aberdeen AB10 1YL, give notice that on December 13, 2004,
my colleague, John Bruce Cartwright, and I were appointed as
Joint Receivers of the whole property and assets of Thomas Smith
and Co. (Peterhead) Limited in terms of section 51 of the
Insolvency Act 1986.

In terms of section 59 of the said Act, preferential Creditors
are required to intimate their claims to me within six months of
the date of this notice.

Graham Douglas Frost
December 13, 2004

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          32 Albyn Place
          Aberdeen AB10 1YL
          Phone: [44] (1224) 210100
          Fax: [44] (1224) 253318
          Web site: http://www.pwcglobal.com


TRC PERFORMANCE: Names DTE Leonard Curtis Liquidator
----------------------------------------------------
At the extraordinary general meeting of TRC Performance on Nov.
17, 2004 held at AIB House, Grenville Street, St Hellier, Jersey
JE4 9WN, the special, ordinary and extraordinary resolutions to
wind up the company were passed.  John Malcolm Titley of DTE
Leonard Curtis, DTE House, Hollins Mount, Bury BL9 8AT has been
appointed liquidator of the company.

CONTACT:  DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


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

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------
AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (531)       1,471      129


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

Copyright 2004.  All rights reserved.  ISSN 1529-2754.

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

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

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


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