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        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, January 4, 2005, Vol. 6, No. 02

                            Headlines

C Z E C H   R E P U B L I C

UNION BANKA: CZK3 Bln Initial Debt Settlement Goes Ahead


F I N L A N D

METSO CORPORATION: Sells Production Unit in Finland


F R A N C E

MARIONNAUD PARFUMERIES: Investors Seek Help from Deminor
PENAUILLE POLYSERVICES: CFF Recycling Dangles EUR7/share Offer


G E R M A N Y

BABCOCK BORSIG: Disposes of Indian Unit
DD DACHSANIERUNGS: Sets Creditors Meeting February
E + S BAUSANIERUNG: Succumbs to Bankruptcy
FASTROUTE GMBH: Hires J. Orgelmann as Provisional Administrator
MMS FORDERTECHNIK: Applies for Bankruptcy Proceedings

PLUS HYDRAULIK: Sets Creditors Meeting End of February
QUADRIGA: Gives Creditors Until January 24 to File Claims
SALAMANDER SCHUH: Creditors Meeting Set First Week of February
SALAMANDER SCHUH: More Outlets to Continue Trading
SPRINZ GMBH: Claims Deadline Expires Next Week

STOFFHAUS GMBH: Declares Bankruptcy
TPV AUSBAU: Claims Filing Period Ends Next Week
VENTURION VERSICHERUNGSMAKLER: Succumbs to Bankruptcy


I R E L A N D

ELAN CORPORATION: Pain Reliever PRIALT Gets FDA Approval


I T A L Y

ALITALIA SPA: Senate Okays Privatization Plan
PARMALAT FINANZIARIA: Emmegi Stops Producing Santal Juice
PARMALAT FINANZIARIA: Selling Baked Goods Unit
TISCALI SPA: Fitch Affirms 'CCC+' Senior Unsecured Notes Rating


N E T H E R L A N D S

ROYAL AHOLD: ACON Investment Affiliate Buys G. Barbosa


N O R W A Y

AKER KVAERNER: Hydro Contract for Oseberg East Modified


R U S S I A

ASPHALT CONCRETE: Declared Insolvent
BAKSANSKIY WINE-VODKA: Names B. Kantor Insolvency Manager
BASH-ZAURAL-STROY: Bankruptcy Hearing Resumes February
HOUSING AND COMMUNAL: Sets Public Auction Thursday
IVANOVSKIY BREAD: Under Bankruptcy Supervision

KASIMOVSKIY MECHANICAL: Insolvency Manager Takes over Operations
KOTELINSKIY DISTILLERY: Bankruptcy Supervision Begins
LAMINATE-COMPLEX: Schedules Public Auction Next Week
MAPDS: Gives Creditors Until Next Month to File Claims
MICHURINSKIY BAKERY: Proofs of Claim Deadline Expires February

PLEM-PRITSE-SOVKHOZ FATEZHSKIY: Proofs of Claim Deadline Nears
SUVOROVSKOYE ORE: Bankruptcy Hearing Set February
TYRNAUZSKIY ORE: Undergoes Bankruptcy Supervision Procedure
VARNA-AGRO-STROY: Declared Insolvent
YUKOS OIL: New Company, Not Gazprom Will Take Control of Yugansk
YUKOS OIL: Deutsche Bank Attacks U.S. Jurisdiction of Bankruptcy


S P A I N

IZAR: La Naval Shipyard Attracts Two Bidders


U N I T E D   K I N G D O M

CARSON ASSOCIATES: Director Gets 6-year Ban from Holding Office
EQUITABLE LIFE: Legal Dilemma Awaits Lawyers in Spring
FENCING FABRICATIONS: Regulator Banish Former Directors
M D H DISTRIBUTION: Director Responsible for Failure Banned
MYTRAVEL GROUP: Killer Quake to Affect Northern Europe Results
NEWQUAY FAVOURITE: Topman Banned from Occupying Management Post
SHRINKING EARTH: Insolvency Service Disqualifies Directors

* Large Companies with Insolvent Balance Sheets


                            *********


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


UNION BANKA: CZK3 Bln Initial Debt Settlement Goes Ahead
--------------------------------------------------------
About one-fifth of Union banka's creditors holding CZK3 billion
in claims received a fraction of their investment in the failed
bank Wednesday, Hospodarske noviny reports.

The payout is part of the CZK15.1 billion the bank has promised
to pay out of the CZK19 billion total registered claims.
Creditors numbering 74,946 are only expected to recover 35% of
their money.

Wednesday's settlement moved ahead after the High Court in
Olomouc dismissed an appeal by one of the creditors.  Forced to
close branches in February 2003 because of lack of cash, Union
banka declared bankruptcy shortly after.  It is part of the
North Moravian financial group, Union Group, and is controlled
by the Italian financial group Invesmart.

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


=============
F I N L A N D
=============


METSO CORPORATION: Sells Production Unit in Finland
---------------------------------------------------
As part of Metso Paper's program to renew its business concept
and to streamline its cost structure, which was launched in June
2004, Metso Paper has reviewed alternatives for its Karhula,
Finland, production unit.

Based on this, Metso Paper on Dec. 29, 2004 concluded an
agreement to sell its production operations in Karhula to Mesera
Works Oy.  According to the agreement, 105 workers will transfer
as existing employees to Mesera Works on January 1, 2005.
Additionally, a letter of intent concerning the sale of the land
area and the buildings in Karhula to a company called Kiinteisto
Oy Karhulan Levyhalli was also concluded on the same day. The
parties have agreed not to disclose the transaction prices. The
transactions will not have a material effect on Metso's 2004
fourth quarter results.

In addition, Metso Paper concluded an agreement with Etteplan
Oyj, according to which six Karhula employees involved in the
mechanical development of headboxes will transfer to Etteplan as
existing employees.  Metso Paper will continue in Karhula with
operations relating to paper machine renewals and process
improvements.

Mesera Yhtiot Oy is a Finnish contract manufacturer for metal
industry machine and equipment suppliers.  Its net sales are
approximately EUR40 million, and it employs approximately 330
people.

Etteplan Corporation is one of the leading Finnish companies in
high-quality industrial design and expert services.  Its net
sales in 2003 were EUR50.7 million, and it employed
approximately 1,000 people.

Metso Corporation is a global supplier of process industry
machinery and systems, as well as know-how and aftermarket
services.  The Corporation's core businesses are fiber and paper
technology (Metso Paper), rock and mineral processing (Metso
Minerals) and automation and control technology (Metso
Automation).  In 2003, the net sales of Metso Corporation were
EUR4.3 billion.  Metso has approximately 23,000 employees in
over 50 countries.  Metso Corporation is listed on the Helsinki
and New York Stock Exchanges.

CONTACT:  METSO PAPER
          Jorma Lusma
          Senior Vice President,
          Production Operations Development
          Phone: +358 204 84 27001

          METSO CORPORATION
          Eeva Makela
          Vice President, Investor Relations
          Phone: +358 204 84 3253


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


MARIONNAUD PARFUMERIES: Investors Seek Help from Deminor
--------------------------------------------------------
Several minority stakeholders in troubled group Marinnaud
Parfumeries have asked the help of investment consulting
association Deminor, Les Echos says.

The shareholders accused the perfume retailer of issuing
misleading information and committing financial fraud.  Deminor
said it is hoping Marionnaud would repay its disgruntled
shareholders.  The shareholder protection association added it
might bring the case before a court should it fail to reach a
deal with Marionnaud.

CONTACT:  MARIONNAUD PARFUMERIES S.A.
          5 Avenue de Paris
          94300 Vincennes
          Phone: +33 (0) 1 48 08 69 69
          Fax: +33 (0) 1 48 08 01 51
          Web site: http://www.marionnaud.com

          DEMINOR FRANCE S.A.S.
          9, rue d'Artois
          F - 75008 Paris
          Phone: 33 1 56 69 10 00
          Fax: 33 1 56 69 10 01
          E-mail: fabrice.remon@deminor.com


PENAUILLE POLYSERVICES: CFF Recycling Dangles EUR7/share Offer
--------------------------------------------------------------
Metal recycling group CFF Recycling has expressed interest in
acquiring financially troubled outsourcing group Penauille
Poloyservice, Le Figaro says.

Both the investor and the company announced on December 29 CFF's
plan to acquire a substantial stake in Penauille.  They are
currently holding talks on a share acquisition plan.  The plan,
however, will exclude the shares of majority shareholder Jean-
Claude Penauille, as he does not intend to sell any part of his
45% stake.

Should the plan push through, Penauille said it would undergo a
significant capital increase and a debt restructuring.  Both
groups have agreed on the share acquisition price, pegged at
EUR7 per share.  Shareholders, however, are demanding
explanation for the calculation as the group's shares traded
EUR9.84 per share Friday evening.  The company has asked the
local stock exchange to suspend trading of its shares until
tomorrow, when the talks are expected to finish.

Penauille Polyservices is considered one of Europe's leading
providers of cleaning and maintenance services.  The company
also provides a wide range of services, including cleaning,
security and telephone switchboard management, to banks,
department stores, and nuclear and chemical plants in seven
European countries.  The group has been experiencing financial
difficulties since 2001.

CFF Recycling collects and recycles more than 5 million tons of
ferrous scrap and 500,000 tons of non-ferrous metals every year.
CFF also provides services for iron and steelmakers and operates
collection centers for local communities.  The group operates in
eight other European countries, in the U.S. and in Mexico.

CONTACT:  PENAUILLE POLYSERVICES
          6, Allee des Conquelicots
          94478 Boissy Saint Leger
          Phone: +33-1-45-10-64-00
          Fax: +33-1-45-10-64-10
          Web site: http://www.penauille.com

          CFF RECYCLING
          119, Avenue du General Michel Bizot
          75579 Paris 12
          Phone: +33-1-44-75-40-40
          Fax: +33-1-44-75-43-22
          Web site: http://www.cff.fr


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


BABCOCK BORSIG: Disposes of Indian Unit
---------------------------------------
Insolvent engineering conglomerate Babcock Borsig AG has sold
its Indian boiler-making operations to Austrian Energy &
Environment (AA&E), Suddeutsche Zeitung says.

A thermal energy specialist, AA&E took over Babcock Borsig Power
Chennai Works.  AA&E likewise acquired India-based engineering
group International Development & Engineering Associates.
Babcock Borsig's management and insolvency administrator said
the sale of its Indian unit completes the disposal of the
group's foreign operations.  The proceeds of the sale will be
used to repay creditors.

CONTACT:  BABCOCK BORSIG AG
          Duisburger Str. 375
          46049 Oberhausen
          Phone: +49 (0) 208 833 0
          Fax: +49 (0) 208 833 2519
          Web site: http://www.babcockborsig.de

          AUSTRIAN ENERGY & ENVIRONMENT AG
          Siemenstrasse 89
          A-1201 Vienna
          Phone: +43-1-25045-0
          Fax: +43-1-25045-181
          E-mail: info@aee.co.at


DD DACHSANIERUNGS: Sets Creditors Meeting February
--------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against DD Dachsanierungs GmbH on Nov. 16, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 18, 2005
to register their claims with court-appointed provisional
administrator Marlies Greschuchna.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 15, 2005, 9:30 a.m. at the district court of
Halle-Saalkreis, Saal 1.043, Justizzentrum, Thuringer Str. 16,
06112 Halle, 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:  DD DACHSANIERUNGS GMBH
          Malderitzstr. 12, 06132 Halle
          Sabine Schoob, Manager

          Marlies Greschuchna, Insolvency Manager
          Grosser Berlin 14, D-06108 Halle
          Phone: 0345/6828831
          Fax: 0345/6828897


E + S BAUSANIERUNG: Succumbs to Bankruptcy
------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against E + S Bausanierung GmbH on Dec. 3, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 2, 2005 to
register their claims with court-appointed provisional
administrator Hans-Jurgen Paul.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2005, 9:30 a.m. at the district court of
Halle-Saalkreis, Saal 1.043, Justizzentrum, Thuringer Str. 16,
06112 Halle, 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
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  E + S BAUSANIERUNG GMBH
          Geschwister-Scholl-Siedlung 2, 06537 Tilleda
          Elke Ehrenpfordt, Manager

          Hans-Jurgen Paul, Insolvency Manager
          Getzelauer Str. 2, D-04279 Leipzig
          Phone: 0341/336090
          Fax: 0341/3360934


FASTROUTE GMBH: Hires J. Orgelmann as Provisional Administrator
---------------------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against international shipping firm Fastroute GmbH
Internationale Spedition on Dec. 7, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 8, 2005 to register their
claims with court-appointed provisional administrator Dr. Jochen
Orgelmann.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 6, 2005, 9:55 a.m. at the district court of
Bremen,  Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, at which time the administrator will present his
first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on March
3, 2005 at the same venue.

CONTACT:  FASTROUTE GMBH INTERNATIONALE SPEDITION
          vormals Heerenholz 14a, 28307 Bremen
          Daniela Griese, Manager

          Dr. Jochen Orgelmann, Insolvency Manager
          Schillerstr. 10, 28195 Bremen
          Phone: 0421/337790
          Fax: 0421/3377933


MMS FORDERTECHNIK: Applies for Bankruptcy Proceedings
-----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against MMS Fordertechnik GmbH on Dec. 2, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 15, 2005
to register their claims with court-appointed provisional
administrator Rudiger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 24, 2005, 9:10 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on April 11, 2005
at the same venue.

CONTACT:  MMS FORDERTECHNIK GMBH
          Wienerstr. 13,10999 Berlin

          Rudiger Wienberg, Insolvency Manager
          Markgrafenstrasse 25, 10117 Berlin


PLUS HYDRAULIK: Sets Creditors Meeting End of February
------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Plus Hydraulik GmbH on Dec. 8, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 29, 2005 to register their
claims with court-appointed provisional administrator Helmut
Irmen.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 28, 2005, 10:20 p.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  PLUS HYDRAULIK GMBH
          Burgberger Strasse 1 B, 52393 Hurtgenwald
          Werner Labs, Manager

          Helmut Irmen, Insolvency Manager
          An der Windmuhle 80, 52399 Merzenich
          Phone: 02421/30830
          Fax: 02421/308320


QUADRIGA: Gives Creditors Until January 24 to File Claims
---------------------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against "Quadriga" Immobilienvermittlung GmbH on Nov. 26, 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 Joachim Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 23, 2005, 11:30 a.m. at the district court
of E 01 Braunschweig, An der Martinikirche 8, 38100
Braunschweig, 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:  "QUADRIGA" IMMOBILIENVERMITTLUNG GMBH
           Hans-Sachs-Strasse 81, 38124 Braunschweig
           Christina Seller, Manager

           Joachim Schmitz, Insolvency Manager
           Immengarten 2, D-38104 Braunschweig
           Phone: 0531/236460
           Fax: 0531/2364699


SALAMANDER SCHUH: Creditors Meeting Set First Week of February
--------------------------------------------------------------
Insolvent shoe manufacturer Salamander AG will hold a creditor's
meeting on February 2, Suddeutsche Zeitung says.  The group is
encouraging its creditors, which include suppliers, pension
associations and the tax office, to attend the meeting at the
district court of Ludwigsburg.

Meanwhile, the law firm of Hendrik Hefermehl, Salamander's
insolvency manager, has confirmed it is holding talks with
several interested investors.  Should talks conclude before
February 2, the insolvency manager will announce the group's new
investor at the meeting.

CONTACT:  SALAMANDER SCHUH GMBH
          Stammheimer Strasse 10
          70806 Kornwestheim
          Phone: 00 49 (0) 71 54/15 10
          Fax: 00 49 (0) 71 54/15 12 00
          E-mail: info@salamander.de
          Web site: http://www.salamander.de

          GARANT SCHUH + MODE AG
          Elisabethstr. 70
          D-40217 Dusseldorf
          Phone: ++49/(0)211/3386-01
          Fax: ++49/(0)211/3386-297
          E-mail: kontakt@garantschuh.com


SALAMANDER SCHUH: More Outlets to Continue Trading
--------------------------------------------------
Hendrik Hefermehl, insolvency manager of shoemaker Garant
Schuh/Salamander, has unveiled plans to continue operations of
55 Salamander Schuh chains, Die Welt says.

Mr. Hefermehl originally planned to retain around 32 outlets,
but has struck a deal with the group's works council to keep
more chains open.  Salamander filed for bankruptcy in September
following the collapse of its parent Garant Schuh + Mode.  In
September, Mr. Hefermehl was quoted as saying Salamander has a
good chance of survival compared to Garant.

CONTACT:  SALAMANDER SCHUH GMBH
          Stammheimer Strasse 10
          70806 Kornwestheim
          Phone: 00 49 (0) 71 54/15 10
          Fax: 00 49 (0) 71 54/15 12 00
          E-mail: info@salamander.de
          Web site: http://www.salamander.de

          GARANT SCHUH + MODE AG
          Elisabethstr. 70
          D-40217 Dusseldorf
          Phone: ++49/(0)211/3386-01
          Fax: ++49/(0)211/3386-297
          E-mail: kontakt@garantschuh.com


SPRINZ GMBH: Claims Deadline Expires Next Week
----------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against Sprinz I A P GmbH on Dec. 3, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 10, 2005 to register their
claims with court-appointed provisional administrator Andreas
Jakob.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 9, 2005, 12:00 p.m. at the district court of
E 01 Braunschweig, An der Martinikirche 8, 38100 Braunschweig,
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:  SPRINZ I A P GMBH
          Bruderstieg 21, 38118 Braunschweig (AG BS, HRB 9519)
          Andreas Sprinz, Manager

          Andreas Jakob, Insolvency Manager
          Museumstrasse 5, D-38100 Braunschweig
          Phone: 0531/88626-0
          Fax: 0531/88626-26


STOFFHAUS GMBH: Declares Bankruptcy
-----------------------------------
The district court of Hamburg opened bankruptcy proceedings
against furniture company Stoffhaus-Heimtextilhandel GmbH on
Dec. 2, 2004.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Jan. 28, 2005 to register their claims with court-appointed
provisional administrator Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 24, 2005, 10:10 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18),at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  STOFFHAUS-HEIMTEXTILHANDEL GMBH
          Grindelhof 62, 20146 Hamburg
          Bjorn Konrad, Manager

          Stephan Neubauer, Insolvency Manager
          Spitalerstrasse 4, 20095 Hamburg
          Phone: 334010
          Fax: 33401521


TPV AUSBAU: Claims Filing Period Ends Next Week
-----------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against TPV Ausbau GmbH on Dec. 6, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 12, 2005 to register their
claims with court-appointed provisional administrator Olaf
Kupke.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 2, 2005, 9:00 a.m. at the district court of
Erfurt, Justizzentrum, Rudolfstr. 46, 99092 Erfurt, 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:  TPV AUSBAU GMBH
          (HRB 9416 beim AG Erfurt)
          Andrea Bock, Manager

          Olaf Kupke, Insolvency Manager
          Neuwerkstr. 38/39, 99084 Erfurt


VENTURION VERSICHERUNGSMAKLER: Succumbs to Bankruptcy
-----------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Venturion Versicherungsmakler GmbH on Dec. 8, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 17, 2005
to register their claims with court-appointed provisional
administrator Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting on March 17, 2005, 8:00 a.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on May
17, 2005 at the same venue.

CONTACT:  VENTURION VERSICHERUNGSMAKLER GMBH
          Caldenhofer Weg 192, 59063 Hamm

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


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I R E L A N D
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ELAN CORPORATION: Pain Reliever PRIALT Gets FDA Approval
--------------------------------------------------------
Elan Corporation, plc on Dec. 29, 2004 announced that the U.S.
Food and Drug Administration (FDA) has approved PRIALT(R)
(ziconotide intrathecal infusion) for the management of severe
chronic pain in patients for whom intrathecal (IT) therapy is
warranted, and who are intolerant of or refractory to other
treatment, such as systemic analgesics, adjunctive therapies or
IT morphine.  FDA approval of PRIALT was based on the treatment
of more than 1,200 patients and three Phase III clinical trials,
which evaluated the efficacy and safety of IT PRIALT in patients
with severe chronic pain that was not adequately managed despite
a regimen of systemic and/or IT analgesic and other drugs.

"PRIALT is an innovative new treatment and an important
therapeutic advance for patients who suffer from severe chronic
pain,' said Lars Ekman, MD, PhD, executive vice president and
president, Research and Development, Elan. "The first new IT
analgesic approved in more than two decades, PRIALT offers an
important new option for physicians and patients, based on one
of the largest and most comprehensive IT analgesic safety
databases available."

PRIALT, developed by scientists at Elan, is in a class of non-
opioid analgesics known as N-type calcium channel blockers.
PRIALT is the synthetic equivalent of a naturally occurring
conopeptide found in a marine snail known as Conus magus.
Research suggests that PRIALT's novel mechanism of action works
by targeting and blocking N-type calcium channels on nerves that
ordinarily transmit pain signals.

"Taken together, the findings from the PRIALT clinical trials
are conclusive evidence that this therapy represents a
significant treatment option for patients who do not have
adequate pain relief from other therapies," said Mark
Wallace, MD, Associate Professor of Clinical Anesthesiology,
Department of Anesthesiology, University of California San
Diego; Director, Center for Pain and Palliative Medicine; and an
investigator for PRIALT pivotal studies. "The extensive body of
research that we now have on PRIALT demonstrates that we can
provide significant relief for patients suffering from severe
chronic pain that warrants intrathecal therapy. Furthermore,
PRIALT is not associated with the risk of addiction."

PRIALT is expected to be available to physicians and patients in
the United States in late January.  Pricing will be published at
that time.

The approval of PRIALT was based on three independent pivotal
trials, which successfully used the VASPI as the primary
endpoint in each study.

"Chronic pain is one of the great hidden health crises of our
time, made all the more urgent by the fact that treatment has
long been limited mainly to opioid medications that may be
inadequate or inappropriate for many patients," said
Mary Pat Aardrup, executive director, National Pain Foundation.
"The approval of PRIALT is part of a new chapter in the
management of severe chronic pain that warrants IT therapy.
Patients and physicians across the country will be encouraged by
the approval of this promising new treatment option."

Results of the PRIALT Slow-Titration Pivotal Trial

The most recent Phase III trial was conducted in response to the
FDA's approvable letter in 2001, which requested additional data
using lower doses and a slower titration.  This randomized
double-blind, placebo-controlled study was conducted at 39 sites
in the U.S. 220 adults with opioid-resistant, severe chronic
pain were enrolled into this study for up to nine weeks. Most of
the patients had neuropathic pain.  All patients had
programmable IT infusion systems and were randomized to receive
IT PRIALT (n=112) or placebo (n=108).  At baseline, the mean
Visual Analog Scale of Pain Intensity (VASPI) score, the most
commonly used pain assessment scale for clinical trials, for
both placebo and PRIALT groups was 80.7 mm. (VASPI score of 0 mm
= no pain; 100 mm = worst possible pain). Treatment was
initiated at 2.4 mcg/day (0.1 mcg/hour) and was increased by
less than or equal to 2.4 mcg/day (less than or equal to 0.1
mcg/hour), no more than two to three times a week for three
weeks.

The primary efficacy measure was mean percent change in the
VASPI score at week three, which showed statistically
significant improvement in patients receiving PRIALT vs. placebo
(p=0.036). Improvement in VASPI score was seen as early as week
one.  The mean dose at week three was 6.9 mcg/day (0.29
mcg/hour).  The majority of secondary efficacy endpoints also
showed statistically significant improvement in patients
receiving PRIALT.

The majority of adverse events were mild or moderate. The four
most frequently reported adverse events in this clinical trial
were dizziness, ataxia (unsteady walking), confusion, and
abnormal gait (difficulty walking). Study discontinuation
amongst the PRIALT group due to adverse events was comparable
with that for placebo (5.4 percent and 4.6 percent,
respectively).

The data from this study will be presented at a major scientific
pain meeting next year.

Previous PRIALT Pivotal Trials

In two other Phase III clinical trials, IT-administered PRIALT
was found to significantly reduce severe chronic pain in a
variety of opioid-resistant patient populations with neuropathic
pain and pain related to cancer and AIDS.  The results of the
first fast-titration study were published earlier this year in
the Journal of the American Medical Association (January 7,
2004, Vol. 291, No. 1).

PRIALT Safety

PRIALT has been evaluated as an IT infusion in more that 1,200
patients participating in chronic pain trials. The longest
treatment duration to date is more than seven years.  Severe
psychiatric symptoms and neurological impairment may occur
during treatment with PRIALT.  Patients with a pre-existing
history of psychosis should not be treated with PRIALT. All
patients should be monitored frequently for evidence of
cognitive impairment, hallucinations, or changes in mood or
consciousness.  PRIALT therapy can be interrupted or
discontinued abruptly without evidence of withdrawal effects in
the event of serious neurological or psychiatric signs or
symptoms.

The four most frequently reported adverse events associated with
PRIALT were dizziness, nausea, confusion, and headache. When
PRIALT was used with an external pump, there was a higher
incidence of meningitis.

About PRIALT

PRIALT, developed by scientists at Elan, is the synthetic
equivalent of a naturally occurring conopeptide found in a
marine snail known as Conus magus.  PRIALT is administered
through appropriate programmable microinfusion pumps that can be
implanted or external, and which release the drug into the fluid
surrounding the spinal cord.  Elan filed a Marketing
Authorisation Application for PRIALT with European regulatory
authorities in May 2003 and received a positive recommendation
from the European Committee for Medicinal Products for
Human Use in November 2004.  A final decision by European
regulators is expected in the first quarter of 2005.

Information about PRIALT, including prescribing information and
comprehensive support services, is available through a toll-free
number, 1-888-PRIALT-1, and at http://www.PRIALT.com.

About Severe Chronic Pain

Severe chronic pain is defined as pain lasting longer than six
months and has multiple causes, such as failed back surgery,
injury, accident, cancer, AIDS, and other nervous system
disorders.

About Elan

Elan is a neuroscience-based biotechnology company that is
focused on discovering, developing, manufacturing, selling and
marketing advanced therapies in neurodegenerative diseases,
autoimmune diseases, and severe pain.  Elan's (NYSE:ELN) shares
trade on the New York, London and Dublin Stock Exchanges.

CONTACT:  ELAN CORPORATION PLC
          Investors:
          Emer Reynolds
          Phone: 353-1-709-4000
                 800-252-3526
         or
         Media:
         Anita Kawatra
         Phone: 212-407-5755
                800-252-3526


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


ALITALIA SPA: Senate Okays Privatization Plan
---------------------------------------------
The senate's public works committee approved Wednesday a plan to
sell the government's stake in troubled national carrier
Alitalia S.p.A., Il Sole 24 Ore says.

The plan won the approval of the parliament's transport
committee recently.  It would see the state's stake in Alitalia
dip from 62% to below 45% but not less than 30%.  Luigi Grillo,
chairman of the senate's public works commission, described the
approval as another step towards Alitalia's privatization, which
it needs to turn around and become competitive once more.

Troubled Company Reporter-Europe said on December 30, 2004 that
Alitalia's medium to long-term debt profile improved slightly in
November.  At the end of November, the carrier's medium- and
long-term debt dropped to EUR1.541 billion (US$2.10 billion)
from EUR1.567 billion (US$2.13 billion) in October.  Short-term
debt, however, rose to EUR117 million (US$159.2 million) from
EUR116 million during that span.  Overall, the airline's net
financial position fell by EUR25 million (US$34 million) to
EUR1.658 billion (US$2.26 billion) in November.

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


PARMALAT FINANZIARIA: Emmegi Stops Producing Santal Juice
---------------------------------------------------------
Parmalat's juice-making arm Emmegi Agroindustriale will halt
producing its Santal orange juice brand, Agencia Giornalistica
Italia says.

Government-appointed commissioner Enrico Bondi, in a letter to
Sicilian governor Salvatore Cuffaro, reasoned the farm's
production are no longer economically viable.  Trade Unions FLAI
CGIL, FAI CISL and UILA UIL have asked industry ministry Antonio
Marzano to intervene, as they fear that the dairy giant is just
simply decommissioning its citrus farm.  The regional government
has recently tried to arbitrate between Parmalat and the unions.
The farm's production currently stands at 17,000, but the figure
has to be brought close to 50,000 for Parmalat to remain
economically viable.

The farm suspended production in May and around 85 employees
were placed on a social lay-off plan.  A Parma court declared
Emmegi insolvent on November 11 and was placed under
administration on December 2.  Parmalat is currently drafting
Emmegi's rehabilitation plan.

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


PARMALAT FINANZIARIA: Selling Baked Goods Unit
----------------------------------------------
Collapsed dairy giant Parmalat Finanziaria S.p.A. would dispose
of its baked goods division, says Il Sole 24 Ore citing unnamed
sources.

Parmalat will reportedly sell the Mister Day and Grisbi brands
and several production sites.  Parmalat financial advisor KPMG
will soon announce an invitation for expression of interest.
The dairy group's supervisory board will meet tomorrow to
discuss the sale.

For financial reasons, Parmalat is expected to look for an
investor who is keen on keeping the baked goods unit in
operation.  The division employs around 400 people.

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


TISCALI SPA: Fitch Affirms 'CCC+' Senior Unsecured Notes Rating
---------------------------------------------------------------
Fitch Ratings affirmed Italy-based Tiscali S.p.A.'s ratings at
Senior Unsecured 'CCC+' and Short-term 'B' following the
announcement on December 30 of the issue of new shares
equivalent to approximately 5% of Tiscali's share capital.  At
the same time, the agency has affirmed the ratings of Tiscali
Finance S.A.'s EUR250 million guaranteed floating-rate notes due
2005 and its EUR209.5m guaranteed equity-linked bonds due 2006
at 'CCC+'.  The rating Outlook remains Negative.

Fitch recognizes that the EUR50 million equity injection
represents a step in the right direction towards a comprehensive
refinancing of the company balance sheet.  Although limited in
size, the share capital increase may contribute, along with the
expected proceeds from disposals of non-core operations, to ease
the liquidity pressure that the company is facing.

"The injection of new equity is indeed good news for the
existing bondholders as it should improve the chances of a
successful refinancing of the impending obligations through a
high yield bond issue.  However, it remains to be seen whether
Tiscali will be able to raise on the capital market sufficient
resources to put in place a comprehensive refinancing, and to
support the company's vision of becoming a major broadband
player in core European broadband markets," says Analyst Stefano
Podesta in Fitch's Leveraged Finance team.

Fitch views positively shareholders willingness to accept a
certain level of dilution of their ownership in order to support
a successful refinancing of the company obligations via a debt
capital market issue.  Should Tiscali be able to raise
sufficient financial resources to meet the repayment of the
bonds maturing in 2005 and 2006, the credit focus will shift to
the execution of their broadband strategy.  In this respect,
Fitch reaffirms its view that Tiscali will face very high levels
of competition in its chosen core markets.  Customers will be
increasingly taking for granted the quality and breadth of
services provided by ISPs as for any other utility service.
Competitive pricing, quality of service and branding will
determine customer retention rates.  Additionally, Tiscali's
business model will remain exposed to rapid technology changes,
which will shrink the time frame available to the company to
achieve meaningful returns on its invested capital.

CONTACT:  FITCH RATINGS
          Stefano Podesta, London
          Phone: +44 (0) 20 7417 4316

          Susan Hunter
          Phone: +44 (0) 20 7417 6347

          Media Relations:
          Kris Anderson, London
          Phone: +44 20 7417 4361


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


ROYAL AHOLD: ACON Investment Affiliate Buys G. Barbosa
------------------------------------------------------
Ahold on Dec. 31, 2004 announced that it has signed an agreement
to sell its Brazilian retail chain G. Barbosa Comercial Ltda. to
an affiliate of ACON Investments, a U.S.-based investment firm
that has other retailing investments in Latin America.  This
transaction is expected to close in the first quarter of 2005,
and is subject to satisfaction of various closing conditions.

G. Barbosa is a food retailer with 32 hypermarkets and
supermarkets with a strong position in the states of Sergipe and
Bahia in the North East of Brazil.  G. Barbosa also operates its
in-store credit card CrediHiper.  The divestment of Ahold's
activities in Brazil is part of Ahold's strategy to optimize its
portfolio and to strengthen its financial position by reducing
debt.  This transaction completes Ahold's Brazilian divestment
program.

CONTACT:  ROYAL AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


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


AKER KVAERNER: Hydro Contract for Oseberg East Modified
-------------------------------------------------------
Hydro has signed a letter of intent with Aker Kvaerner for
modification and upgrading of the Oseberg East platform in the
North Sea.  Aker Kvaerner will enable Oseberg East to start new
drilling programs without assistance from a moored support
drilling vessel.  The platform upgrade is scheduled to be
completed within November 2006.  The contract was won in fierce
competition, and its value is estimated to more than NOK 300
million.

Several Aker Kvaerner companies will cooperate on the contract.
Aker Kvaerner Offshore Partner in Bergen will be responsible for
engineering, procurement and prefabrication onshore, as well as
offshore installation of approximately 850 tonnes of equipment
on the platform.  The installation includes a new mud module, a
new 5.25 mega watt power package with transformer, and a local
utility room.  The scope of work also includes preparations on
the Oseberg East platform before the new equipment can be
installed.  These preparations includes installation of 130
tonnes of mechanical equipment and various piping and steel
reinforcements.

Maritime Hydraulics in Kristiansand will carry out the mud
module engineering, while Aker Kvaerner's specialized module
yard, Kvaerner Egersund, will fabricate and assemble the 730
tonnes module.  Engineering and procurement activities will
start immediately, while the fabrication of the module will
start in June 2005.  The mud module will be delivered on a barge
ready for tow out in May 2006.

Aker Kvaerner Elektro will perform all the work within the
electro, automation and telecommunication disciplines.

All the necessary tie-ins for the new equipment will be
installed on the Oseberg East platform already during the
planned revision shutdown next summer.  This will enable Aker
Kvaerner Offshore Partner to install the mud module and
additional equipment without consequences for the production
activities on the platform during the summer and autumn of 2006.

AKER KVAERNER ASA, through its subsidiaries and affiliates is a
leading global provider of engineering and construction
services, technology products and integrated solutions.  The
business within Aker Kvaerner span a number of industries,
including Oil & Gas production, Refining & Chemicals, Mining &
Metals, Pharmaceuticals & Biotechnology, Power Generation and
Pulp & Paper.  Aker Kvaerner has aggregated annual revenues of
approximately US$4.5 billion and employs around 22,000 people in
more than 30 countries.

The Aker Kvaerner group consists of a number of separate legal
entities.  Aker Kvaerner is used as the common brand/trademark
for most of these entities.  The parent company in the group is
Aker Kvaerner ASA.

Aker Kvaerner Offshore Partner AS is a turnkey contractor for
the on - and offshore oil and gas industry.  The company is
engaged in front end studies, field development with new
platforms and modifications to existing platforms, maintenance,
modifications and operations contracts, field decommissioning
and removal.  Further information is available at
http://www.akerkvaerner.com. Offshore Partner has 2200
employees; 1400 engineers and administrative personnel and 800
labor.  Total revenue year 2003 was NOK3.5 billion. The head
office is located in Stavanger with regional offices in Bergen
and Trondheim.  Offshore Partner holds two subsidiary companies,
Aker More Montasje and Aker Inspection & Consulting.

Aker Kvaerner Elektro is a complete EPC supplier of electrical,
instrument and telecommunications (EIT) to customers in the oil
and gas processing industry onshore and offshore.  The company
possesses wide experience and expertise in its field and has a
staff of 1,700 dedicated professionals committed to delivering
optimum solutions.  Aker Kvaerner Elektro is geographically co-
located with our customers, and our goal is to create trust and
long-term relations through being reliable, competitive, deliver
quality and meet our customers' expectations.

Maritime Hydraulics has for more than thirty years been a market
leader in design of drilling equipment and drilling facilities.
The company is recognized for its development of new technology
for deepwater drilling based on field-proven drilling equipment.
Satisfying the industry's requirements to efficiency, safety and
operability has always been Maritime Hydraulics's prime
objective.  Maritime Hydraulics provides the international
onshore and offshore industry with complete drilling equipment
packages/modules (RamRig or conventional), full range of
itemized drilling equipment, well intervention packages,
drilling support modules and drilling control system as well as
land rigs.  Maritime Hydraulics's competitiveness is based on a
unique combination of equipment deliveries, project execution
capabilities and excellent after sales/service.  Maritime
Hydraulics can provide piece small equipment, derrick equipment
sets and drilling support modules as complete EPC deliveries.

Kvaerner Egersund is one of three Norwegian yards under Field
Development Europe.  Kvaerner Egersund has always been known as
the Module-Yard, mainly because of its impressive track record,
but also because its facilities are tailor-made for module
fabrication. Kvaerner Egersund is also specialized in
fabrication and testing of subsea structures. The long term
goals are to consolidate our domestic position on module-and sub
sea fabrication and to be establish as an actor in the
international offshore market.

CONTACT:  AKER KVAERNER
          Media
          Torbjorn Andersen
          SVP Group Communications
          Phone: +47 67 51 30 36
          Mobile: +47 928 85 542
          Web site: http://www.akerkvaerner.com


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


ASPHALT CONCRETE: Declared Insolvent
------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Asphalt Concrete Factory after finding the
state-owned enterprise insolvent.  The case is docketed as A76-
8073/04-48-22.  Mr. B. Kantor has been appointed insolvency
manager.  Creditors have until Feb. 3, 2005 to submit their
proofs of claim to 455007, Russia, Chelyabinsk region,
Magnitogorsk, Menzhinskogo Str. 11.

CONTACT:  ASPHALT CONCRETE FACTORY
          450000, Russia, Chelyabinsk region,
          Magnitogorsk, Sredneuralskaya Str. 2

          Mr. B. Kantor
          Insolvency Manager
          455007, Russia, Chelyabinsk region,
          Magnitogorsk, Menzhinskogo Str. 11
          Phone: (3519) 36-25-72


BAKSANSKIY WINE-VODKA: Names B. Kantor Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic commenced
bankruptcy proceedings against Baksanskiy Wine-Vodka Distillery
after finding the open joint stock company insolvent.  The case
is docketed as A20-1466/01.  Mr. B. Kantor has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 360000, Russia, Kabardino Balkariya republic, Nalchik,
Lermontova Str. 54, Room 203.

CONTACT:  BAKSANSKIY WINE-VODKA DISTILLERY
          Russia, Kabardino Balkariya republic,
          Baksanskiy region, Psychok

          Mr. B. Kantor
          Insolvency Manager
          360000, Russia, Kabardino Balkariya republic,
          Nalchik, Lermontova Str. 54, Room 203


BASH-ZAURAL-STROY: Bankruptcy Hearing Resumes February
------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on open joint stock company
Bash-Zaural-Stroy.  The case is docketed as A07/21749/04-G-ADM.
Mr. A. Gadelshin has been appointed temporary insolvency
manager.  A hearing will take place at the Arbitration Court of
Bashkortostan republic on Feb. 3 2005, 10:00 a.m.

CONTACT:  BASH-ZAURAL-STROY
          453830, Russia, Bashkortostan republic,
          Sibay, Lenina Str. 22

          Mr. A. Gadelshin
          Temporary Insolvency Manager
          453830, Russia, Bashkortostan republic,
          Sibay, Belova Str. 7A


HOUSING AND COMMUNAL: Sets Public Auction Thursday
--------------------------------------------------
The bidding organizer of state-owned enterprise Housing and
Communal Services of Volzjskiy Region of Saratov' will sell its
property on Jan. 6, 2005, 11:00 a.m.  The public auction will
take place at Russia, Saratov, Stepana Razina Str. 78,
Office #12.  Up for sale are six buildings carrying a starting
price of RUB2,700,000.

The list of documentary requirements is available at 410005,
Russia, Saratov, Stepana Razina Str., 78, office 12.  To
participate, bidders must deposit an amount equivalent to 20% of
the starting price to the settlement account
40702810663010000028 in "Povolzhskoye OBK", OJSC of Saratov, BIC
046311783, correspondent account 30101810000000000783, TIN
6450022767, KPP 645001001.

CONTACT:  HOUSING AND COMMUNAL SERVICES OF
          VOLZJSKIY REGION OF SARATOV
          410019, Russia, Saratov, Sokolovaya Gora

          BF PILOT-INVEST
          Bidding Organizer
          410005, Russia, Saratov,
          Stepana Razina Str. 78, Office 12
          Phone: 8-906-309-2881


IVANOVSKIY BREAD: Under Bankruptcy Supervision
----------------------------------------------
The Arbitration Court of Ivanovo region has commenced bankruptcy
supervision procedure on open joint stock company Ivanovskiy
Bread Combine #4 (TIN 3731025983).  The case is docketed as A17-
1221/2004-14-B.  Mr. A. Provorov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 153003, Russia,
Ivanovo. K. Libknekhta Str. 26, Apartment 13.  A hearing will
take place at the Arbitration Court of Ivanovo region on May 11,
2005, 9:30 a.m.

CONTACT:  IVANOVSKIY BREAD COMBINE #4
          153003, Russia, Ivanovo,
          Parizhskoy Kommuny Str. 62

          Mr. A. Provorov
          Temporary Insolvency Manager
          153003, Russia, Ivanovo
          K. Libknekhta Str. 26, Apartment 13
          Phone: 8 (903) 879-02-20


KASIMOVSKIY MECHANICAL: Insolvency Manager Takes over Operations
----------------------------------------------------------------
The Arbitration Court of Ryazan region commenced bankruptcy
proceedings against Kasimovskiy Mechanical Plant #8 after
finding the open joint stock company insolvent.  The case is
docketed as A54-1657/04-S1.  Mr. E. Malykhin has been appointed
insolvency manager.

CONTACT:  KASIMOVSKIY MECHANICAL PLANT #8
          391300, Russia, Ryazan region,
          Kasimov, Naberezhnaya Str. 2

          Mr. E. Malykhin
          Insolvency Manager
          390044, Russia, Ryazan, Krupskoy Str. 19/1,
          Post Office 44, Post User Box 311


KOTELINSKIY DISTILLERY: Bankruptcy Supervision Begins
-----------------------------------------------------
The Arbitration Court of Ryazan region has commenced bankruptcy
supervision procedure on open joint stock company Kotelinskiy
Distillery.  The case is docketed as A54-4146/04-S6.  Mr. V.
Motorzhin has been appointed temporary insolvency manager.  A
hearing will take place on April 5, 2005, 10:00 a.m.

CONTACT:  KOTELINSKIY DISTILLERY
          391670, Russia, Ryazan region,
          Kadomskiy region, Daryino

          Mr. V. Motorzhin
          Temporary Insolvency Manager
          390000, Russia, Ryazan,
          Polonskogo Str. 19, Room 1


LAMINATE-COMPLEX: Schedules Public Auction Next Week
----------------------------------------------------
The insolvency manager of limited liability company Laminate-
Complex' will sell its property on Jan. 10, 2005, 1:30 p.m.
(local time).  The public auction will take place at Russia,
Tyumen, Kamchatskaya Str. 194, 3rd floor.  Up for sale are
different wood-processing equipment, constructions and smoke
pipes.  Starting price: RUB23,443,800 (exclusive of VAT).

The list of documentary requirements is available at 626003,
Russia, Tyumen, R. Lyuksemburg Str., 12B.  To participate,
bidders must deposit an amount equivalent to 10% of the starting
price to the settlement account 40701810100110000096, OJSC
Uraltransbank, Tyumen, BIC 046551767, correspondent account
30101810200000000767, KPP 720301001.

CONTACT:  LAMINATE-COMPLEX
          626003, Russia, Tyumen,
          R. Lyuksemburg Str. 12B

          Mr. A. Shalapugin
          Insolvency Manager
          626003, Russia, Tyumen,
          R. Lyuksemburg Str. 12B
          Phone: (3452) 46-19-20, 46-24-90


MAPDS: Gives Creditors Until Next Month to File Claims
------------------------------------------------------
The Arbitration Court of Mariy El republic commenced bankruptcy
proceedings against MAPDS after finding the open joint stock
company insolvent.  The case is docketed as A38-11/225-04.  Mr.
A. Khusyainov has been appointed insolvency manager.  Creditors
have until Feb. 3, 2005 to submit their proofs of claim to
424036, Russia, Oshkar-Ola, Post User Box 27.

CONTACT:  MAPDS
          Russia, Mariy El republic,
          Novyj Toryal, Kolkhoznaya Str. 57

          Mr. A. Khusyainov
          Insolvency Manager
          424036, Russia, Oshkar-Ola,
          Post User Box 27


MICHURINSKIY BAKERY: Proofs of Claim Deadline Expires February
--------------------------------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Michurinskiy Bakery after finding the open
joint stock company insolvent.  The case is docketed as A64-
2498/02-2.  Mr. A. Pustovalov has been appointed insolvency
manager.  Creditors have until Feb. 3, 2005 to submit their
proofs of claim to Russia, Tambov region, Michurinsk, Sovetskaya
Str. 400.

CONTACT:  MICHURINSKIY BAKERY
          Russia, Tambov region, Michurinsk,
          Sovetskaya Str. 400

          Mr. A. Pustovalov
          Insolvency Manager
          Russia, Tambov region, Michurinsk,
          Sovetskaya Str. 400
          Phone: 2-27-88
          Fax: 2-03-81


PLEM-PRITSE-SOVKHOZ FATEZHSKIY: Proofs of Claim Deadline Nears
--------------------------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
proceedings against Plem-Pritse-Sovkhoz Fatezhskiy after finding
the poultry farm insolvent.  The case is docketed as A35-
3611/04g.  Mr. L. Shkilev has been appointed insolvency manager.
Creditors have until Feb. 3, 2005 to submit their proofs of
claim to 305035, Russia, Kursk, Belinskogo Str. 48.

CONTACT:  Mr. L. Shkilev
          Insolvency Manager
          305035, Russia, Kursk,
          Belinskogo Str. 48
          Phone: (0712) 51-16-09


SUVOROVSKOYE ORE: Bankruptcy Hearing Set February
-------------------------------------------------
The Arbitration Court of Tula region commenced bankruptcy
proceedings against Suvorovskoye Ore Enterprise after finding
the open joint stock company insolvent.  The case is docketed as
A68-86/B-04.  Mr. S. Noskov has been appointed insolvency
manager.  A hearing will take place on Feb. 1, 2005, 10:00 a.m.

CONTACT:  SUVOROVSKOYE ORE ENTERPRISE
          301430, Russia, Tula region,
          Suvorov, l-ta Makarova Str. 2

          Mr. S. Noskov
          Insolvency Manager
          300600, Russia, Tula,
          Zhavoronkova Str. 1, 5th floor, Office 7


TYRNAUZSKIY ORE: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy supervision procedure on open joint stock
company Tyrnauzskiy Ore Mining and Processing Enterprise.  The
case is docketed as A20-5770/04.  Mr. B. Kantor has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 360000, Russia, Kabardino Balkariya
republic, Nalchik, Lermontova Str. 54, Room 203.

CONTACT:  TYRNAUZSKIY ORE MINING AND PROCESSING ENTERPRISE
          Russia, Kabardino Balkariya republic,
          Tyrnyauz, Elbrusskiy Pr. 19

          Mr. B. Kantor
          Temporary Insolvency Manager
          360000, Russia, Kabardino Balkariya republic,
          Nalchik, Lermontova Str. 54, Room 203


VARNA-AGRO-STROY: Declared Insolvent
------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Varna-Agro-Stroy after finding the close
joint stock company insolvent.  The case is docketed as A76-
9659/04-34-19.  Mr. G. Monetov has been appointed insolvency
manager.

Creditors may submit their proofs of claim to:

(a) Varna-Agro-Story
    457200, Russia, Chelyabinsk region,
    Varna, Spartaka Str. 20

(b) Insolvency Manager
    455000, Russia, Chelyabinsk region,
    Magnitogorsk, Metallurgov Pr. 2/a, Apartment 7

(c) The Arbitration Court Of Chelyabinsk Region
    454000, Russia, Chelyabisnk, Vorovskogog Str. 2


YUKOS OIL: New Company, Not Gazprom Will Take Control of Yugansk
----------------------------------------------------------------
Moscow will create a new state-owned company to take over
Yuganskneftegaz, contrary to reports it will end up in the hands
of Gazprom, the government-controlled energy monopoly.

In a two-page statement, Russia's industry and energy minister,
Viktor B. Khristenko, said the former Yukos unit will not be
among the assets included in the merger of Rosneft and Gazprom.

To recall, a mysterious company named Baikal Finance Group won
control of Yuganskneftegaz's 76.6% shares when it placed an
uncontested bid of US$9.4 billion on December 19.  A few days
later, Rosneft, another government-owned oil company whose
directors include the deputy chief of staff of President
Vladimir Putin, purchased Baikal.  Rosneft and Gazprom are
expected to complete their merger this month.

"Mr. Khristenko's statement suggested the government hoped to
shield Gazprom from lawsuits that Yukos' executives have
promised to file in retaliation for what they say was an illegal
expropriation in the guise of a tax claim," a New York Times
article over the weekend states.

Aleksandr Temerko, a member of Yukos' executive board, shares
this view. "We view [Thursday's] statement on plans dealing with
Yuganskneftegaz as an attempt by certain people linked with
Gazprom and Rosneft to avoid being held accountable for the
illegitimate and flawed sale of Yukos' core asset," he told the
Interfax news agency.

Meanwhile, it remains unclear where Baikal or Rosneft will
source the money to complete the purchase of Yugansk.  This
uncertainty has led many to speculate that the government might
sell some of the stake to China's state oil company.  At least
one senior Russian official admitted to the New York Times that
the Kremlin is indeed considering that option.  The government
is allegedly prepared to offer China National Petroleum
Corporation as much as 20% of Yugansk.

Yugansk extracts 11 percent of Russia's oil and previously
accounted for more than 60% of Yukos' oil production.  Its
auction on December 19 provoked sharp criticism from the United
States and Europe and even closer to the Kremlin, the New York
Times says.  Mr. Putin has defended the government's actions,
but one of his economic advisers, Andrei N. Illarionov, called
Yukos' breakup "the fraud of the year."

"Steps have been taken which have dealt a substantial, huge loss
to the country," he said in a radio interview on Ekho Moskvy
Thursday. "Those steps have been accomplished in a very
unprofessional manner."

CONTACT:  31A, Dubininskaya St.
          115054 Moscow, Russia
          Phone: +7-95-232-3161
          Fax: +7-95-232-3160
          Web site: http://www.yukos.com


YUKOS OIL: Deutsche Bank Attacks U.S. Jurisdiction of Bankruptcy
----------------------------------------------------------------
A German bank, which lost millions of dollars in commission when
Yukos Oil filed for chapter 11 bankruptcy, has asked the U.S.
district court handling the case to relinquish jurisdiction.

Deutsche Bank, which along with ABN Amro and Dresdner Kleinwort
Wasserstein had intended to finance a US$10 billion to US$13
billion bid by Gazprom for Yukos' main asset, urged the Houston
court to dismiss the case outright.  Filed Tuesday last week,
the motion argues that Yukos owns no real or personal property
in Houston and conducts no business operations in the area.

"This blatant attempt to artificially manufacture a basis for
jurisdiction constitutes cause to dismiss this case," the motion
states.

In its petition on December 14, Yukos argued that the Texas
court had jurisdiction over its bankruptcy because its chief
financial officer, Bruce K. Misamore, was conducting company
business from his home in Houston.  Proof of this is Yukos' US$7
million in two Houston bank accounts to cover legal fees and Mr.
Misamore's costs.

Mr. Misamore was on a business trip in London late November when
Russian authorities ordered the arrest of several Yukos
executives.  This prompted him to proceed to the U.S. where he
has a residence in Texas.

In an interview with the Associated Press recently, Mike Lake, a
spokesman for Yukos' lawyers, said the company remained
confident the jurisdiction of the chapter 11 case was proper.

Judge Letitia Z. Clark accepted Yukos petition and granted an
emergency injunction to block the auction of Yuganskneftegas on
December 16.  The injunction, which was later upheld by Federal
District Judge Nancy Atlas when Gazprom appealed, scuttled
Deutsche Bank's financing plan.  The bank suggested the European
Court or an international arbitration tribunal as appropriate
jurisdictions.

CONTACT:  31A, Dubininskaya St.
          115054 Moscow, Russia
          Phone: +7-95-232-3161
          Fax: +7-95-232-3160
          Web site: http://www.yukos.com


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


IZAR: La Naval Shipyard Attracts Two Bidders
--------------------------------------------
Two groups have expressed interest in acquiring part of troubled
state-owned shipbuilder Izar, Expansion says.

Reports have been circulating that Vizcaya-based firms
Ingelectric and Astilleros Murueta are eyeing Izar's La Naval
shipyard and have signed a preliminary agreement with the
shipbuilder.  Miguel Abgel Asporosa, chairman of La Naval
workers' committee, said he was uncertain whether such deal
existed.

SEPI plans to split Izar's military and civilian units to raise
funds to repay state aids deemed illegal by the European
Commission.  SEPI intends to retain the profitable military unit
and dispose of the civilian division.

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


CARSON ASSOCIATES: Director Gets 6-year Ban from Holding Office
---------------------------------------------------------------
The director of an insurance business that failed with total
deficiency estimated at around GBP411,900 has given an
undertaking not to hold directorships or take any part in
company management for six years.

The undertaking by Derek Francis Carr, 70, of Wrangway,
Wellington, Somerset was given in respect of his conduct as
director of Carson Associates Limited, which carried on business
from premises at Portland House, Longbrook Street, Exeter, Devon
EX4 6AB.

Acceptance of the undertaking on December 21, 2004 prevents
Derek Francis Carr 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.  Carson Associates Limited was placed into
voluntary liquidation on December 20, 2002 with an estimated
deficiency of GBP411,893 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 Derek Francis Carr in
relation to Carson Associates Limited, were that from February
1, 2002 to December 20, 2002, he caused or allowed Carson to
breach these General Insurance Standards Council (GISC) Rules:

(a) To ensure that any amount held in the Insurance Bank Account
    or other Approved Assets, together with any amount due or
    recoverable from insurance debtors, is equal to or greater
    than the amount due to insurance creditors.  GISC Guidance
    Notes state that they expect a member to satisfy itself on a
    monthly basis that this Rule had not been breached; and

(b) To notify the GISC in writing within at least 5 business
    days of becoming aware of any failure to comply with the
    Rules or any circumstances which make it likely that the
    Member will fail to comply with the Rules in the foreseeable
    future, which would be material to GISC's supervision of the
    Member.

The consequences of his failure to follow the Rules of the GISC
were:

(a) There were insufficient insurance assets to either pay the
    premiums due to insurers or to make refunds to the insurance
    customers.  At the date of liquidation the sum of GBP30,318
    was available to pay the insurance customers of Carson,
    however there were at least GBP142,870 worth of premiums
    outstanding; and

(b) In many cases customers' insurance policies lapsed or they
    were made to pay their premiums twice. These policies
    amounted to at least GBP132,186.

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


EQUITABLE LIFE: Legal Dilemma Awaits Lawyers in Spring
------------------------------------------------------
Equitable Life faces a catch-22 situation if it ends up arguing
two contradictory points before the same judge in spring.

The Bristol Mercantile Court has decided to grant the request of
Equitable's lawyers to transfer the case filed by 416 annuity
policyholders to the High Court in London.  Unfortunately, the
court has reportedly recommended that Mr. Justice Langley hear
the case because of his knowledge of the insurer.  Justice
Langley also presides over the GBP2.1 billion damage suit
Equitable filed against former auditor Ernst & Young.

"If this happens, Equitable could be forced to deny arguments
made by policyholders, which will be largely the same as the
arguments it poses against its auditor in the other case," This
is London said Sunday.

"Equitable is claiming billions against the auditor for allowing
the fund to get into such a state, while denying to its
impoverished with-profits annuitants that it took place," Paul
Braithwaite of Equitable Members' Action Group notes in an
interview with the local daily.

"If annuitants come before the same judge, he may not be amused
at such hypocrisy from the company," he adds.

The policyholders brought their case in November.  The company
closed to new business in 2000 after nearly falling into
receivership.

CONTACT:  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


FENCING FABRICATIONS: Regulator Banish Former Directors
-------------------------------------------------------
The directors of an Oxfordshire fencing and landscaping business
that failed with debt of around GBP210,000 have both given
undertakings not to hold directorships or take any part in
company management.

The undertakings by Anthony Philip Saunders, 64, of Colwell
Drive, Witney, Oxon and Peter Anthony Saunders, 39, of Ham Lane,
Aston, Bampton, Oxon were given in respect of their conduct as
directors of Fencing Fabrications Limited, which carried on
business from premises at Harvestway House, 28 High Street,
Witney, Oxon OX28 6RA.

Acceptance of the undertakings on December 16, 2004 prevents
Anthony Philip Saunders and Peter Anthony Saunders from being
directors of a company or, in any way, whether directly or
indirectly, being concerned or taking part in the promotion,
formation or management of a company for three years.  Fencing
Fabrications Limited was placed into voluntary liquidation on
April 3, 2003 with an estimated GBP210,022 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 Anthony Philip
Saunders and Peter Anthony Saunders, were that they:

(a) continued to trade after January 1, 2002 when they knew the
    Inland Revenue were owed at least GBP30,916 from the
    financial year 2000/2001;

(b) kept a further GBP63,259 of PAYE and NIC owed to the Inland
    Revenue and GBP14,839 due to Customs and Excise between
    December 7, 2001 and liquidation on April 3, 2003;

(c) made no payments to the Inland Revenue or HM Customs and
    Excise between January 1, 2002 and April 3, 2003.  This was
    despite receiving GBP451,269 and making payments totaling
    GBP462,161.  As a result, at liquidation the Inland Revenue
    and HM Customs and Excise were owed GBP110,346 out of the
    total liabilities of GBP228,086.

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


M D H DISTRIBUTION: Director Responsible for Failure Banned
-----------------------------------------------------------
The director of a freight and distribution business that failed
with debt of around GBP210,000 has given an undertaking not to
hold directorships or take any part in company management.

The undertaking by Michael David Hill, 46, of Oakhanger Road,
Oakhanger, Bordon, Hampshire was given in respect of his conduct
as a director of M D H Distribution Limited, which traded from
premises at Binsbrook, Oakhanger Road, Bordon, Hampshire, GU35
9HT.

Acceptance of the undertaking on December 15, 2004 prevents
Michael David Hill 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
five years.  M D H Distribution Limited was placed into
creditors' voluntary liquidation on November 29, 2002 with
GBP209,813 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 Michael David Hill,
were that he caused MDH Distribution Ltd. to:

(a) Fail to deal adequately with its tax affairs in respect of
    VAT, PAYE and NIC;

(b) Fail to adequately maintain, preserve and/or deliver up
    company records to the liquidator sufficient to show and
    explain the company's transactions;

(c) Misuse the company bank account by issuing cheques
    regardless of whether they would be dishonored on
    presentation; and

(d) Use the company credit card for transactions which were not
    for the benefit of the company, but to the detriment of its
    creditors.

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


MYTRAVEL GROUP: Killer Quake to Affect Northern Europe Results
--------------------------------------------------------------
MyTravel Group plc announces that it has published Listing
Particulars relating to up to 5,186,261,204 A ordinary shares
and up to 8,969,728,332 convertible shares to be issued in
connection with the consensual restructuring and up to
39,459,354 transferable warrants to subscribe for existing
ordinary shares.  Application has been made for the admission of
the new shares and the transferable warrants to the Official
List and to trading on the London Stock Exchange's market for
listed securities.  It is expected that admission of the new
shares and transferable warrants will become effective and that
dealings in the new shares and transferable warrants will
commence on 31 December 2004.

The Listing Particulars contain the following statement
concerning the company's future prospects.  "The results for FY
2004 show a significant improvement over FY 2003.  However,
there is still a lot of work to do, particularly in the U.K.
The Board believes that following the completion of the
Consensual Restructuring there will be a good prospect of
successfully implementing the business plan described in Part I
of the Listing Particulars.  This business plan targets current
industry-standard margins in the U.K. in 2007.  For FY 2005 the
business plan shows Northern Europe and North America continuing
to perform well while in the U.K. business revenues are reduced
by planned capacity reductions but margins are improved as the
changes to the business strategy begin to achieve results.  The
Indian Ocean earthquake will have some negative impact on the
results of the Northern Europe division, but the company will
take steps to minimize this.  The company does not expect the
earthquake to have a material effect on its achievement of its
business plan."

Copies of the Listing Particulars will be available for
inspection at the Document Viewing Facility of the Financial
Services Authority, 25 The North Colonnade, Canary Wharf, London
E14 5HS and may be collected free of charge during normal
business hours on any weekday (Saturdays, Sundays and public
holidays excepted) up to and including 15 January 2005 from the
company's registered office, Parkway One, Parkway Business
Centre, 300 Princess Road, Manchester M14 7QU and from Citibank
N.A. (as paying agent of the company's convertible bonds), 5
Carmelite Street, London EC4Y OPA.

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


NEWQUAY FAVOURITE: Topman Banned from Occupying Management Post
---------------------------------------------------------------
The director of a catering business that failed with total debt
estimated at around GBP93,600, and a fast food business that
failed with total debt estimated at around GBP30,000 has given
an undertaking not to hold directorships or take any part in
company management for five years.

The undertaking by Marcus St. John Algate, 46, of Indian Queens,
Cornwall was given in respect of his conduct as a director of
Newquay Favourite Limited and of Shallott Limited both of which
carried out business from premises at 2 Cliff Road, Newquay,
Cornwall, TR7 1SG.

Acceptance of the undertaking on December 17, 2004 prevents Mr.
Algate 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.  Newquay Favourite Limited was placed into
Creditors Voluntary Liquidation on February 5, 2003 with
estimated debt of GBP93,629 owed to creditors and Shallott
Limited was placed into Compulsory Liquidation on July 5, 2004
with estimated debt of GBP30,135 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 Marcus St. John
Algate, were that:

(a) He failed to ensure that it maintained and/or delivered up
    adequate accounting records to explain accurately the
    company's transactions and its financial position;

(b) Mr. Algate has failed to deliver up any books and records of
    the company such that both the liquidator and the Insolvency
    Service are unable to properly discharge their duties to
    determine the company's accurate liabilities or determine
    the cause of its failure;

(c) In respect of Shallott Limited Mr. Algate has failed to
    deliver up any books and records to the Official Receiver.
    The consequences of the failure to deliver up books and
    records are that the Official Receiver and the Insolvency
    Service have been unable to verify the company's liability
    to the Inland Revenue or identify to whom payments totaling
    GBP46,100 were made and whether they were for the benefit of
    the company.

(d) Mr. Algate caused the company to breach statutory provisions
    in that it failed to render statutory returns or make
    payments in respect of VAT, PAYE tax and National Insurance
    Contributions.

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


SHRINKING EARTH: Insolvency Service Disqualifies Directors
----------------------------------------------------------
The directors of a software consultancy and supplier that failed
with debt estimated at around GBP230,000 have given undertakings
not to hold directorships or take any part in company management
for a total of seven years.

James Arthur Matthewson, 35, and Melanie Wrightson, both of
Somers Road, Reigate, Surrey and David Collier 33 of Gipsy Road,
Welling, Kent were directors of Shrinking Earth Limited, which
traded from 1A Church Street, Reigate, Surrey RH2 0AA.

Mr. Collier's acceptance the undertaking on November 9, 2004
prevents him from being a company director or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for two
years. Mr. Matthewson's acceptance of the undertakings on
December 17, 2004 prevents him from being a company director or,
in any way, whether directly or indirectly, being concerned or
taking part in the promotion, formation or management of a
company for three years and Ms. Wrightson for two.  Shrinking
Earth Limited was placed into creditors' voluntary liquidation
on November 11, 2002 with estimated debt of GBP230,607.

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 were that the directors
of Shrinking Earth Ltd., were that they:

(a) Continued to trade after the annual accounts showed the
    company was insolvent to the detriment of its creditors; and

(b) Made inadequate payments to Inland Revenue for PAYE / NIC
    and HM Customs & Excise for VAT.

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


* 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)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
VBH Holding AG            VBHG       (54)         337      (80)
Vivanco Gruppe                       (55)         131      (31)


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


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


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


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


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


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


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


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


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L      (51)         585       82
Dawson Holdings           DWN.L      (29)         142      (32)
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     (113)         236      (66)
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 2005.  All rights reserved.  ISSN 1529-2754.

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

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

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


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