TCREUR_Public/050107.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, January 7, 2005, Vol. 6, No. 05

                            Headlines

F R A N C E

MARIONNAUD PERFUMERIES: Questionable Accounting Invites Probe


G E R M A N Y

ADIDAS SALOMON: Trades ADRs on Over-The-Counter Market
AGIV REAL: Local Businessman Buys out EnBW
ASR ULF: Gives Creditors Until February to File Claims
AUTOVERLEIH THOMAS: Sets Creditors Meeting February
BELATEC GMBH: Provisional Administrator Takes over Operations

B + F BAU: Court Hires Kruger-Knief & Coll. as Administrator
COGNIS HOLDING: Proposed New Notes Pull down Ratings to 'B+'
EDC GMBH: Applies for Bankruptcy Proceedings
EIGEN GRUNDSTUCKS: Creditors Meeting Set Mid-February
FRIEDRICH FRETER: Last Day for Filing of Claims February 22

INNTEC EINRICHTUNGS: Furniture Firm Declares Bankruptcy
ISOFLEX-ISOLIERTECHNIK: Under Bankruptcy Administration
MICHAEL FISCHER: Gives Creditors Until March to File Claims
MIS AG: Divests Unprofitable Operations
MOBELHAUS SELTENREICH: Wolff, Rapp & Kollegen Takes over Helm

MVI METALLVERARBEITUNG: Schultze & Braun Appointed Administrator
NORDEX AG: Finds Investors Willing to Back Recapitalization Plan
PANSFELDER HOLZ: Administrator's Report Out February
PFLEIDERER AG: VTC Partners Acquires Poles & Towers Co.
POLYFOL ORGANISATIONSMITTEL: First Creditors Meeting Set Jan. 27

PROWA ENGINEERING: Bankruptcy Court Stays All Pending Lawsuits
QUICK TAXI: Insolvency Manager to Present Report Next Month
WERIKO UMWELTTECHNIK: Claims Period Ends February

* Karner & Co. Sets Collective Bankruptcy Auction Sale Jan. 13


H U N G A R Y

ARANYPOK TRADING: Looks for Investor to Stave off Liquidation


I T A L Y

CIT SPA: FY2004 Turnover Slips 23%
PARMALAT FINANZIARIA: Eurolat Overpriced, Says Report
TISCALI SPA: Offers Pour in for French Arm


N E T H E R L A N D S

ASM INTERNATIONAL: To Present at Needham Growth Conference
ROYAL AHOLD: Mounts Vigorous Defense of Disco Sale
TELEPLAN INTERNATIONAL: Financial Restructuring Pact Sealed


R U S S I A

ALTAYSKIY GLASS-WORKS: Bankruptcy Hearing Resumes April
BAKERY IZOBILNENSKIY: Declared Insolvent
BUGURUSLAN-AGRO-PROM-TRANS: Deadline for Proofs of Claim Set
CREAMERY VESHKAYMSKIY: Under Bankruptcy Supervision
ERTILSKIY PISHEVIK: Undergoes Bankruptcy Supervision Procedure

GAMMA-S: Hires E. Nevolina as Insolvency Manager
KHORSKIY WOOD: Gives Creditors Until February to File Claims
KOMSOMOLSK-GAS-STROY: Insolvency Manager Takes over Operations
KORCHAKOL: Creditors Have Until Monday to File Claims
METROMEDIA INTERNATIONAL: Still Reviewing Proposed Merger
ROSTOV-COAL: Rostov Court Appoints Insolvency Manager
YUKOS OIL: Ratings Downgraded to Ca; Outlook Stable


S P A I N

IZAR: Government Promises to Respect Employees' Rights


U N I T E D   K I N G D O M

1492 (AUTHENTIC CARIBBEAN CUISINE): Calls in Liquidator
ADVANCED QUALITY: Members Pass Winding up Resolutions
AIR WAVE: Owners Decide to Dissolve Company
ALL4U LIMITED: Hires Begbies Traynor as Liquidator
ATLANTIS TICKETS: Creditors Call in Liquidators from Menzies

BALLOON TECHNOLOGY: Hires Liquidator from Begbies Traynor
BARGEN LIMITED: Appoints Liquidator from Begbies Traynor
BARSHAM MACHINERY: Files for Liquidation
BENCHMARK CONSTRUCTION: Calls in Liquidator from Muras Baker
BUGGED OUT: Liquidators from Rothman Pantall Enter Firm

CARLTON BUSINESS: Names Peter Bridger Liquidator
DONCASTER SLAUGHTERING: Members Okay Application for Liquidation
FENCLOCKS (SUFFOLK): Names Tenon Recovery Administrator
FIN.BA UK: Hires Liquidator from Vantis Business Recovery
FORD SHOPFITTING: Sell-off Prospects Bright

GRAY'S HOLDINGS: Calls in Liquidator from Benedict Mackenzie
H.BROOKES & SONS: Hires Liquidator from Hazlewoods
JOBS4U LIMITED: Opts for Liquidation
KEDENDS LIMITED: Liquidator from Robson Laidler Moves in
KEROPEGA LIMITED: Owners Choose to Dissolve Business

L'ORANGER RESTAURANT: Creditors Meeting Set Next Week
MARTLET NATURAL: Administrators Put up 'For Sale' Sign
MERIDIAN COUNTY: Calls in Liquidator from Numerica
P & F WOLVERHAMPTON: BDO Stoy Hayward to Host Creditors Meeting
PILOT: Unnamed Hong Kong Buyer Takes over Stores; Saves Jobs

PREMIER FOODS: FY2004 Grocery Sales Up 8%
ROY CATERING: Former Exec Served Ten-year Directorship Ban
SFM HOLDINGS: Names BDO Stoy Hayward Liquidator
TENDERHURST LIMITED: Liquidator Takes over Operations
WORLD CLASS: Creditors to Meet Next Week


                            *********


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


MARIONNAUD PERFUMERIES: Questionable Accounting Invites Probe
-------------------------------------------------------------
Local markets regulator Autorite Des Marches Financiers (AMF)
will investigate troubled perfume group Marionnaud Parfumeries,
Les Echos says.

AMF confirmed Monday the probe will focus on the alleged
accounting fraud at Marionnaud.  The regulator will look into
the group's retail discounts and supplier contributions to
advertising, which comprises 90% of the miscalculations.  AMF,
however, ruled out a review of Marionnaud accounts from previous
years.  AMF is an independent public body with legal personality
and financial autonomy.

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

          AUTORITE DES MARCHES FINANCIERS
          17 Place de la Bourse
          75082 Paris Cedex 02
          Phone: +33 1 5345-6000
          Fax: +33 1 5345-6100
          E-mail: contact@amf-france.org
          Web site: http://www.amf-france.org


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


ADIDAS SALOMON: Trades ADRs on Over-The-Counter Market
------------------------------------------------------
The Bank of New York, a global leader in securities servicing,
has been selected by adidas-Salomon AG as depositary for its
American depositary receipt (ADR) program.  Each adidas-Salomon
ADR represents one-half of one bearer share of adidas-Salomon's
common stock.  The ADRs trade on the Over-The-Counter Market
under the symbol "ADDYY."  The common shares trade on the XETRA
electronic trading system in Germany and the Frankfurt Stock
Exchange, as well as on all regional German stock exchanges.

As stated by the company, adidas-Salomon AG, headquartered in
Herzogenaurach, Germany, is one of the global leaders within the
sporting goods industry and offers a broad range of products
with brands such as adidas, Salomon and TaylorMade in its
portfolio.

Robin Stalker, adidas-Salomon's Chief Financial Officer, said:
"We've seen very strong interest in adidas-Salomon from
investors in the U.S. market.  A significant percentage of our
shares is already held by U.S. investors, and we believe there
is considerably more potential for our shares in this important
market.  We are setting up this program to provide the
opportunity for more U.S. investors to participate in the
group's future performance, and we are pleased to be working
with The Bank of New York on this important milestone."

The Bank of New York is the world's largest depositary for
American and global depositary receipts, allowing non-U.S.
companies to offer dollar-denominated securities to investors
worldwide.  The Bank currently issues depositary receipts for
over 1,180 American and global depositary receipt programs from
issuers in over 60 countries, representing 64 percent of all
sponsored programs worldwide.

The Bank of New York Company, Inc. (NYSE:BK) plays an integral
role in the infrastructure of the capital markets, servicing
securities in more than 100 markets worldwide.  The Company
provides quality solutions through leading technology for global
financial institutions, asset managers, governments, non-profit
organizations, corporations, and individuals.  Its principal
subsidiary, The Bank of New York, founded in 1784, is the oldest
bank in the United States and has a distinguished history of
serving clients around the world through its five primary
businesses: Securities Servicing and Global Payment Services,
Private Client Services and Asset Management, Corporate Banking,
Global Market Services, and Retail Banking.  Additional
information on the Company is available at
http://www.bankofny.com.

This announcement is not an offer to sell or a solicitation of
an offer to buy any securities. The offering is made only by
means of the prospectus.

CONTACT:  THE BANK OF NEW YORK
          Dori A. Flanagan
          Phone: 212-815-2291
          E-mail: http://www.adrbny.com


AGIV REAL: Local Businessman Buys out EnBW
------------------------------------------
Utility group Energie Baden-Wurttemberg (EnBW) has sold its
14.2% shareholding in insolvent property group Agiv Real Estate
AG, Borsen Zeitung says.

Local entrepreneur Alexander Knapp Voith reportedly bought the
stake.  Together with Agiv chairman Rainer Behne and an
unidentified stakeholder, they now reportedly control more than
50% of the group.  The 14.2% stake sold by EnBW currently has a
market value of EUR1 million.

Agiv filed for insolvency last month, believing creditor
protection would allow it to overcome a cash crunch and continue
restructuring, Troubled Company Reporter-Europe said on December
17.  The real property group has already reshuffled management
and sold properties to contain the effects of a weak German
market for office and commercial property.

Agiv incurred EUR134 million in losses following write-downs and
amortization of shares in U.S.-based telecommunications company
WorldCom in 2002.  The group has yet to release its official
2003 accounts.  Insolvency Trustee Reinhard Titz has been
assigned to restructure the insolvent group, whose properties
are reportedly worth EUR600 million.

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

          Energie Baden-Wurttemberg AG
          Durlacher Allee 93
          76131 Karlsruhe, Germany
          Phone: +49-8-9-99-99-66
          Fax: +49-8-9-99-99-77
          Web site: http://www.enbw.com


ASR ULF: Gives Creditors Until February to File Claims
------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against ASR Ulf Goege GmbH on Dec. 16.  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 Ulrich
Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2005, 11:45 a.m. at the district court
of Munster, EG, Saal 13 B 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:  ASR ULF GOEGE GMBH
          Contact:
          Ulf Goege, Manager
          Pappelallee 32, 48712 Gescher

          Betriebswirt Ulrich Zerrath, Administrator
          Lange Wanne 57, 45665 Recklinghausen
          Phone: 02361/4884-0
          Fax: +492361488499


AUTOVERLEIH THOMAS: Sets Creditors Meeting February
---------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Autoverleih Thomas Binder GmbH on December 20, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 4,
2005 to register their claims with court-appointed provisional
administrator Buchprufer Dieter Pampfer.

Creditors and other interested parties are encouraged to attend
the meeting on February 21, 2005, 9:00 a.m. at the district
court of Aachen, Nebenstelle Augustastrasse, Augustastrasse
78/80, 52070 Aachen 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, 9:00 a.m. while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  AUTOVERLEIH THOMAS BINDER GMBH
          Industriestrasse 9
          52146 Wurselen
          Thomas Binder, Manager

          Buchprufer Dieter Pampfer, Insolvency Manager
          Salierallee 18 A
          52066 Aachen
          Phone: 0241/608320
          Fax: 0241/60832-16


BELATEC GMBH: Provisional Administrator Takes over Operations
-------------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Belatec GmbH on December 15, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until January 26, 2005 to register their claims
with court-appointed provisional administrator Thomas Steger.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2005, 8:45 p.m. at the district court
of Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  BELATEC GMBH
          Luisenstrasse 14-16
          53721 Siegburg

          Thomas Steger, Insolvency Manager
          Kolnstrasse 135
          53757 Sankt Augustin
          Phone: 02241/90600
          Fax: 02241/21048


B + F BAU: Court Hires Kruger-Knief & Coll. as Administrator
------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against B+B Bau und Fliesenlege GmbH on Dec. 3.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Jan. 11, 2005 to
register their claims with court-appointed provisional
administrator Hannelore Kruger-Knief of Kruger-Knief & Coll.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 23, 2005, 1:45 a.m. at the district court of
Dresden Saal D131, Amtsgericht Dresden, Olbrichtplatz 1, 01099
Dresden 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:  B + F BAU UND FLIESENLEGE GMBH
          Bahnhofstrasse 8 in 01640 Coswig

          HANNELORE KRUGER-KNIEF
          Konigstrasse 1, 01097 Dresden
          Web site: http://www.krueger-knief.de


COGNIS HOLDING: Proposed New Notes Pull down Ratings to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit and bank loan ratings on Germany-based
specialty chemicals and intermediate manufacturer Cognis GmbH
(Cognis) and related entity Cognis Deutschland GmbH & Co. KG
(Cognis Deutschland) to 'B+' from 'BB-'.

The rating actions follow Cognis' announcement earlier on Jan.
5, 2005 that its holding company, Cognis Holding GmbH & Co. KG
(Cognis Holding), intends to issue EUR500 million (US$662
million) of floating rate pay-in-kind (PIK) notes due 2015.  The
outlook is stable.

In addition, Standard & Poor's also assigned its 'B+' long-term
corporate credit rating to Cognis Holding and its 'B-' long-term
rating to Cognis Holding's proposed EUR500 million floating rate
PIK notes due 2015.  At the same time, Standard & Poor's lowered
its senior secured debt rating on Cognis and Cognis Deutschland
to 'B-' from 'B'.

"Although there should be no cash flow impact of the proposed
PIK notes, especially in the first few years, they still
represent additional debt that might need to be refinanced in
the future and, therefore, adds to Cognis' overall debt burden,"
said Standard & Poor's credit analyst Olivier Beroud.

"The group's track record following its recapitalization (which
ended in May 2004) is short and the company needs to improve its
currently low ratio of funds from operations to overall
liabilities."

The stable outlook is supported by the group's position as a
well-diversified manufacturer of specialty chemicals and
intermediate products.  Although the potential for debt
reduction is limited in the near term, coverage ratios are
expected to improve gradually owing to the group's cost-savings
program.  Standard & Poor's will monitor the effect of higher
raw material prices on Cognis' cost-savings program to ensure
that they do not hinder the group's progress toward better
ratios.

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

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

          Cognis Deutschland GmbH & Co.KG
          Henkelstrasse 67
          40589 Dusseldorf, Germany
          Phone: +49 211 794 00
          Fax: +49-211-798-4008
          Web site: http://www.de.cognis.com


EDC GMBH: Applies for Bankruptcy Proceedings
--------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Elektronik- und Daten-Center EDC GmbH on
December 15, 2004.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until March 10, 2005 to register their claims with court-
appointed provisional administrator Joachim Voigt.

Creditors and other interested parties are encouraged to attend
the meeting on January 27, 2005, 10:40 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at
which time the administrator will present his first report of
the insolvency proceedings.  The court will verify the claims
set out in the administrator's report on April 28, 2004, 10:20
a.m. while creditors may constitute a creditors committee and or
opt to appoint a new insolvency manager.

CONTRACT:  ELEKTRONIK- UND DATEN-CENTER EDC GMBH & CO. KG
          Annastr. 6-8
          12247 Berlin

          RA Joachim Voigt, Insolvency Manager
          Rankestrasse 33
          10789 Berlin


EIGEN GRUNDSTUCKS: Creditors Meeting Set Mid-February
-----------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Eigen Grundstucks- und Bautragergesellschaft mbH on Nov. 25.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 14, 2005
to register their claims with court-appointed provisional
administrator Hans-Gerd Jauch.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 15, 2005, 9:30 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142 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:  EIGEN GRUNDSTUCKS- UND BAUTRAGERGESELLSCHAFT MBH
          Schulstr. 65, 50767 Koln
          Contact:
          Ingrid Eigen, Manager
          Schulstr. 65, 50767 Koln

          Hans-Gerd Jauch, Insolvency Manager
          Sachsenring 81, 50677 Koln
          Phone: 33660130
          Fax: +492213366085


FRIEDRICH FRETER: Last Day for Filing of Claims February 22
-----------------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Friedrich Freter Stahlbau GmbH on December 16, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 22,
2005 to register their claims with court-appointed provisional
administrator Uwe Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting on February 10, 2005, 8:40 a.m. at the district
court of Bremen (Neubau), Ostertorstr. 25-31, 28195 Bremen
(Prufungstermin) 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
17, 2005, 9:00 a.m. while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  FRIEDRICH FRETER STAHLBAU GMBH
          Cuxhavener Str. 41
          28217 Bremen

          Axel Asendorf, Manager
          Kirchbachstrasse 80
          28211 Bremen

          Uwe Kuhmann
          Schusselkorb 3
          28195 Bremen
          Phone: 0421/33061-0
          Fax: 0421/33061-10


INNTEC EINRICHTUNGS: Furniture Firm Declares Bankruptcy
-------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against furniture firm Inntec Einrichtungs-GmbH Hamburg on Dec.
10.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Jan. 21,
2005 to register their claims with court-appointed provisional
administrator Michael W. Scholz.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 18, 2005, 11:55 a.m. at the district court
of Amtsgerichts 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:  INNTEC EINRICHTUNGS-GMBH HAMBURG
          Friedrich-Ebert-Damm 323, 22159 Hamburg

          Michael W. Scholz, Insolvency Manager
          Welckerstrasse 8, 20354 Hamburg
          Phone: 228190


ISOFLEX-ISOLIERTECHNIK: Under Bankruptcy Administration
-------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Isoflex-Isoliertechnik GmbH on Dec. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 12, 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. 26, 2005, 10:55 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on May 11, 2005, 10:30 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  ISOFLEX-ISOLIERTECHNIK GMBH
          Spandauer Str. 77,13591 Berlin

          RUdiger Wienberg, Insolvency Manager
          Markgrafenstrasse 25, 10117 Berlin


MICHAEL FISCHER: Gives Creditors Until March to File Claims
-----------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Michael Fischer Innenausstattung GmbH on
December 14, 2004.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until March 12, 2004 to register their claims with court-
appointed provisional administrator Dr. Bjorn Gehde.

Creditors and other interested parties are encouraged to attend
the meeting on January 24, 2005, 9:20 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at which
time the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set
out in the administrator's report on May 9, 2005, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  MICHAEL FISCHER INNENAUSSTATTUNG GMBH
          Bundesallee 161
          10715 Berlin

          Dr. Bjorn Gehde, Insolvency Manager
          Goethestr. 85
          10623 Berlin


MIS AG: Divests Unprofitable Operations
---------------------------------------
MIS AG is disposing of its loss-making subsidiaries in Italy and
England.  These subsidiaries are 100%-owned by MIS AG.  The
shares of MIS AG Italia S.r.l. were sold to Systems Union Italy
S.r.l, and the shares of MIS UK Ltd. and RSL Business Solutions
Ltd. are to be sold to Systems Union Ltd, England.

Effective Dec. 31, the business operations of Chorus
Gesellschaft fur Informations- und Kommunikationstechnologie mbH
with registered office in Eurasburg, currently producing high
losses, will also be discontinued.

Darmstadt, 29 December 2004
Management Board
MIS AG

CONTACT:  MIS AG
          Jutta Scheubeck
          Landwehrstrasse 50
          64293 Darmstadt
          Phone: 06151-866 769
          Fax: 06151-866 745
          E-mail: ir@misag.com
          Web site: http://www.misag.de


MOBELHAUS SELTENREICH: Wolff, Rapp & Kollegen Takes over Helm
-------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Mobelhaus Seltenreich GmbH on Dec. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 14, 2005 to register their
claims with court-appointed provisional administrator Olaf
Seidel of Wolff, Rapp & Kollegen Dresden.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 25, 2005, 10:00 a.m. at Saal D132,
Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden 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:  MOBELHAUS SELTENREICH GMBH
          Bautzner Str. 258 in 01917 Kamenz

          WOLFF, RAPP & KOLLEGEN DRESDEN
          Olaf Seidel, Weisseritzstrasse 3, 01067 Dresden
          Web site: http://www.WORAKO.de


MVI METALLVERARBEITUNG: Schultze & Braun Appointed Administrator
----------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against MVI Metallverarbeitung fur Dach und Wand & Isolierung
GmbH on Dec. 2.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until Jan. 13, 2005 to register their claims with court-
appointed provisional administrator Harald Busshard of Schultze
& Braun.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 24, 2005, 9:10 a.m. at Saal D131,
Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden 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:  MVI METALLVERARBEITUNG FUR DACH UND WAND & ISOLIERUNG
          GMBH
          Ackerstrasse 10 in 02977 Hoyerswerda

          SCHULTZE & BRAUN
          Harald Busshardt, Boltenhagener Platz 9, 01109
          Dresden
          Web site: http://www.schubra.de


NORDEX AG: Finds Investors Willing to Back Recapitalization Plan
----------------------------------------------------------------
Nordex AG has made progress in preparations for obtaining the
urgently needed new financial resources.  The company has signed
an exclusive agreement with a group of financial investors.
Furthermore, the key parties involved -- with the exception of
single banks -- are basically in agreement as to the
recapitalization concept.

The cornerstones of this are a reduction of capital at a ratio
of 10:1, followed by a capital increase in cash, without
exclusion of subscription rights, by up to 41.64 million new
shares at a subscription price of EUR1.00, a substantial
reduction of bank liabilities against the issue of up to 12
million new shares and the extension of the remaining cash and
bonding facilities.  The capital write-down is geared to the
expected development of equity up to the end of 2004.

Negotiations with the investors on a placement guarantee for the
new shares and with the banks are due to be completed in the
coming two to three weeks.  Following this, the refinancing
concept will be published and presented for approval at the
annual general meeting, scheduled for February 2005.

This recapitalization is necessary to create an equity base and
to finance growth in operations.  The financing structure
created in this way would fulfill the requirements for
continuing the realignment of the Group and return it to profit
territory.  Based on preliminary consolidated financial
statements, total revenues in the past financial year amounted
to EUR218.8 million, approximately at the level of the previous
year (EUR215.3 million) in spite of the 55% increase in order
intake to EUR230 million.  The current weak balance sheet
structure and the limited liquidity for the interim financing of
projects constituted an obstacle to a larger business volume.

In spite of the unexpectedly low revenue, the consolidated loss
at EBIT level contracted as planned by about 80% to -EUR27.7
million (previous year: -EUR172.1 million).  This positive
earnings performance is the result of the almost complete
implementation of the cost-cutting program.  For instance, the
cost-of-materials ratio dropped from 89% to 79%.  Moreover,
Nordex reduced personnel expenditure by 17% to EUR34.5 million
(previous year: EUR41.6 million).  Other operating expenses and
income declined by as much as 28% to EUR24.0 million (previous
year: EUR33.3 million).  At the end of fiscal 2003/04 the Group
had implemented some 80% of the restructuring program launched
in summer 2003.

As a result of the large balance-sheet and operating losses over
the past two financial years, the Group's equity to EUR10.1
million decreased as at September 30, 2004 (previous year:
EUR44.9 million).  Liabilities to banks stood at approximately
EUR49 million.  The guarantee facilities required for project
business were largely utilized in full during the year to
finance business.

CONTACT:  NORDEX AG
          Ralf Peters
          Phone: +49 (0)40 / 500 98 - 522
          Fax: +49 (0)40 / 500 98 - 333
          Mobile: +49 (0)173/523 97 19


PANSFELDER HOLZ: Administrator's Report Out February
----------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Pansfelder Holz- und Forstbetrieb GmbH on Dec. 9.
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 Ber. Betriebswirt Michael Schreiber.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 24, 2005, 10:20 a.m. at Saal E,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  PANSFELDER HOLZ- UND FORSTBETRIEB GMBH
          Hauptstr. 45, 06543 Pansfelde
          Contact:
          Marko Flohr, Manager

          Ber. Betriebswirt Michael Schreiber
          Insolvency Manager
          Halberstadter Strasse 40 a, 39112 Magdeburg
          Phone: 0391/6223886
          Fax: 0391/6223887


PFLEIDERER AG: VTC Partners Acquires Poles & Towers Co.
-------------------------------------------------------
SDAX-listed Pfleiderer AG (ISIN DE0006764749) has sold its
affiliate Pfleiderer Poles & Towers Co. KG to a group of
financial investors connected with VTC Partners GmbH.  The sale
has legal effect as of Dec. 20.  The Supervisory Board of
Pfleiderer AG approved the contract of sale.  The takeover takes
the form of a share deal, the precise details of which both
sides have agreed to keep confidential.

With this sale, Pfleiderer AG has disposed of its Business
Center Poles & Towers as previously announced.  In Spring 2004,
the company's American concrete and steel pole operations in the
U.S.A., Newmark Inc., was sold to Valmont Industries Inc.,
U.S.A. for US$115 million.  In fiscal 2004 the Business Center
Poles & Towers is expected to generate sales of around EUR80
million and employed 565 people.

                            *   *   *

In October, Fitch Ratings changed Pfleiderer's outlook to Stable
from Negative.  At the same time, the agency has affirmed the
group's ratings at Senior Unsecured 'BB' and Short-term 'B'.

The change in Outlook reflects Pfleiderer's successful disposals
of non-core assets and new issuance of equity.  Fitch said: "The
proceeds have improved the group's financial profile and should
ensure prudent financing of planned capital expenditure projects
in the engineered wood division.  Nevertheless, execution risks
remain in these plans."

CONTACT:  PFLEIDERER AG
          Ingolstadter Strasse 51
          93218 Neumarkt
          Deutschland
          Phone: + 49 / 91 81 / 28 - 80 44
          Corporate Communication
          Fax: + 49 / 91 81 / 28 - 606
          Alexandra Klemme
          E-mail: alexandra.klemme@pfleiderer.com


POLYFOL ORGANISATIONSMITTEL: First Creditors Meeting Set Jan. 27
----------------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Polyfol Organisationsmittel GmbH on Dec. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 10, 2005
to register their claims with court-appointed provisional
administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 27, 2005, 10:35 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on April 28, 2005, 10:15 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  POLYFOL ORGANISATIONSMITTEL GMBH
          Zossener Str. 55,10961 Berlin

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


PROWA ENGINEERING: Bankruptcy Court Stays All Pending Lawsuits
--------------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Prowa Engineering GmbH on Dec. 10.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 7, 2005 to
register their claims with court-appointed provisional
administrator Dr. jur. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2005, 9:15 a.m. at 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:  PROWA ENGINEERING GMBH
          Magdeburger Str. 38, 06112 Halle
          Contact:
          Otto Banspach, Manager

          Dr. jur. Rainer Eckert, Insolvency Manager
          Universitatsring 6, D-06108 Halle
          Phone: 0345/530490
          Fax: 0345/5304926


QUICK TAXI: Insolvency Manager to Present Report Next Month
-----------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Quick Taxi GmbH on December 16, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 11, 2005
to register their claims with court-appointed provisional
administrator Christoph Schulte-Kaubrugger.

Creditors and other interested parties are encouraged to attend
the meeting on February 17, 2005, 9:45 p.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at
which time the administrator will present his first report of
the insolvency proceedings.  The court will verify the claims
set out in the administrator's report on April 28, 2005, 9:30
p.m. while creditors may constitute a creditors committee and or
opt to appoint a new insolvency manager.

CONTACT:  QUICK TAXI GMBH
          Alt-Friedrichsfelde 93
          13156 Berlin

          Dr. Christoph Schulte-Kaubrugger, Insolvency Manager
          Genthiner Str. 48
          10785 Berlin


WERIKO UMWELTTECHNIK: Claims Period Ends February
-------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Weriko Umwelttechnik GmbH on December 17, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 4,
2005 to register their claims with court-appointed provisional
administrator Johannes Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2005 at the district court of Aachen,
Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070 Aachen
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:  WERIKO UMWELTTECHNIK GMBH
          Krause 72,
          52249 Eschweiler

          Johannes Klefisch, Insolvency Manager
          Rotter Bruch 6
          52068 Aachen
          Phone: 0241/949740
          Fax: 0241/870203


* Karner & Co. Sets Collective Bankruptcy Auction Sale Jan. 13
--------------------------------------------------------------
Karner & Co. GmbH will sell cars, gardening machinery,
metalworking machinery and office equipment on January 13, 2005,
10:00 a.m. at Werdauer Weg 23, 10829 Berlin.

For sale are:

(a) 20 former police and confiscated cars and motorbikes:

    (i) DB 140 (95),

   (ii) DB 124 (87),

  (iii) Volvo S70 (97),

   (iv) 2 Peugeot (99/94),

    (v) 2 VW Golf (86/92),

   (vi) Audi S6 (95),

  (vii) Alfa Romeo (93),

(viii) Opel Calibra (91),

   (ix) 2 Kawasaki motorbikes (00/98),

    (x) Yamaha motorbike (00),

   (xi) Audi A4 (97),

  (xii) Smart (01),

(xiii) Jaguar (94),

  (xiv) Tandem trailer (04), and

   (xv) Sun MCS motor tester (94);


(b) Office equipment:

    (i) Furniture,

   (ii) Computers,

  (iii) copier, and

   (iv) printer,


(c) Gardening machinery:,

    (i) motor lawn mower,

   (ii) recycler,

  (iii) circular saw,

   (iv) motor scythe,

    (v) lawn mower,

   (vi) tractor,

  (vii) unused small tools, and

(viii) shelves, presentation walls


(d) Metalworking machinery:

    (i) Fritz Werner milling machine (71),

   (ii) Hanseat turning lathe (77),

  (iii) Hahn & Kolb grinding machine (58)


(e) Miscellaneous equipment:

    (i) Kawasaki Ground drilling machine,

   (ii) Getris Images graphic computer,

  (iii) 13 chairs,

   (iv) conference table,

    (v) perambulators,

   (vi) ground and rear carriers,

  (vii) hiking shoes,

(viii) soccer shoes,

   (ix) helmets,

    (x) furniture,

   (xi) HiFi equipment

  (xii) Baume & Mercier watch for men, and

(xiii) Golden jewelries

CONTACT:  KARNER & CO. GMBH
          Phone: +49 (0)30 773 263 0
          Fax: +49 (0)30 773 263 20
          E-mail: contactberlin.karner@goindustry.com


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


ARANYPOK TRADING: Looks for Investor to Stave off Liquidation
-------------------------------------------------------------
Aranypok Trading Rt faces liquidation unless it finds an
investor willing to save it from ultimate collapse, Budapest
Business Journal reports.

The clothing retailer has 36 well-located shops in Budapest and
a well-known brand name.  It has just been chosen as one of the
400 "Superbrands" in Hungary.  It is thought these plus factors
may just help it find an investor.

According to the Web site of Goliath Competitive Intelligence,
the company has 240 employees and an estimated revenue of
US$77.10 million as of fiscal year ended Dec. 2002.

CONTACT:  ARANYPOK TRADING RT
          1143 Budapest, Gizella u. 24-26
          Phone: 36 1 273 2100
          Fax: 36 1 251 3887
          Web site: http://www.aranypok.hu


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


CIT SPA: FY2004 Turnover Slips 23%
----------------------------------
The turnover of ailing travel group Compagnia Italiana Turismo
(CIT) for the year ending October 31, 2004 dropped 23% to EUR290
million, Il Sole 24 Ore says.

The group blamed the poor results to the lower-than-expected
business volume for the summer holiday season.  CIT also booked
a negative operating result for the fiscal year.  The tour
operator announced Tuesday the formation of a three-member
committee that would coordinate and monitor the group's planned
relaunch.  The newly formed committee will be comprised of
representatives from the CIT, its creditor banks and the
government.

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


PARMALAT FINANZIARIA: Eurolat Overpriced, Says Report
-----------------------------------------------------
Collapsed dairy giant Parmalat Finanziaria overpaid food group
Cirio Finanziaria on a transaction five years ago, Il Sole 24
Ore says citing a study commissioned by the prosecutor's office.

Prepared by a consultant to the prosecutor's office in Parma,
the study states that Cirio overstated Eurolat's asset value and
profit figures, leading Parmalat to pay almost double its real
value.

Parmalat, through its former chairman and majority owner Calisto
Tanzani, paid Cirio, headed by Sergio Cragnotti, around ITL829
billion for Eurolat.  Eurolat's real value at the time of the
sale was pegged at ITL486 billion.  The report seems to confirm
prosecutor's allegations that the sale was meant to reduce
Cirio's debt to Banca di Roma.  The report also found out that
Banca di Roma, currently a subsidiary of banking group
Capitalia, played an improper role as mediator in the sale, as
it favored its own and Cirio's interest above Parmalat.

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: Offers Pour in for French Arm
------------------------------------------
Internet provider Tiscali S.p.A. confirmed it has received
expressions of interest for its French subsidiary, Il Sole 24
Ore says.

A group spokesman faced the press Tuesday in reaction to rumors
of a pending asset sale.  He, however, asserted Tiscali has no
plans to let go of its French business.  Tiscali's share price
has been receiving a lift from reports that it was in talks to
sell Tiscali France and has Rothschild as its advisor.

A local daily on Tuesday said telecommunications group Neuf
Telecom approached Tiscali on December 27 in an effort to take
over the provider's 386,000 French broadband clients.

CONTACT:  TISCALI S.p.A.
          Sa Illetta
          09122 Cagliari
          Phone: +39 02 309011
          E-mail: ir@tiscali.com
          Web site: http://www.tiscali.com


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


ASM INTERNATIONAL: To Present at Needham Growth Conference
----------------------------------------------------------
ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam:
ASM) announces the availability of the web cast of the company's
presentation at the Seventh Annual Needham Growth Conference in
New York City on Jan. 12, 2005.

ASM International will present at 8:30 a.m. ET on Wednesday,
Jan. 12, 2005.  The presentation may be accessed at
http://www.asm.com.

About ASMI

With headquarters in Bilthoven, the Netherlands, ASM
International N.V., and its subsidiaries design and manufacture
equipment and materials used to produce semiconductor devices.

ASM International and its subsidiaries provide production
solutions for wafer processing (Front-end segment) as well as
assembly and packaging (Back-end segment) through facilities in
the United States, Europe, Japan and Asia.  ASM International's
common stock trades on NASDAQ (symbol ASMI) and the Euronext
Amsterdam Stock Exchange (symbol ASM).  For more information,
visit http://www.asm.com.

                            *   *   *

In August, Standard & Poor's Ratings Services revised its
outlook on ASM International N.V. to stable from negative,
following steady improvements in the company's 100%-owned front-
end operations and the strengthening of the company's financial
profile.  At the same time, Standard & Poor's affirmed its
ratings on the company, including its 'B+' long-term corporate
credit ratings and all related debt ratings.

The company had sales of EUR719 million (US$875 million) and
EBITDA of EUR73 million in the 12 months to June 30, 2004.  At
June 30, 2004, ASM had total debt of EUR210 million, and net
debt of EUR38 million.

CONTACT:  ASM INTERNATIONAL
          Lies Rijnveld
          Phone: + 31 30 229 8506

          Mary Jo Dieckhaus
          Phone: +1 212 986 2900


ROYAL AHOLD: Mounts Vigorous Defense of Disco Sale
--------------------------------------------------
Koninklijke Ahold announced on Jan. 5, 2005 that it will appeal
certain new court orders that could potentially affect the sale
of Disco S.A. in Argentina to Cencosud S.A.

On Dec. 23, the Court of Appeal in Mendoza rendered various
decisions in the pending litigation regarding the obtaining of
antitrust approval for the sale of Disco.  The Court of Appeal,
among other things, denied suspensive effect of the appeal filed
earlier by Ahold's subsidiary Disco Ahold International Holdings
N.V. (DAIH) in respect of an order of a local court in San
Rafael, Mendoza, as announced by Ahold on Dec. 8.  If ultimately
enforced the adverse court orders could lead the parties to
reverse the transfer of the Disco shares to Cencosud, at least
temporarily.

The merits of DAIH's appeal on that matter have not yet been
addressed by the Court of Appeal.  Ahold is still reviewing the
consequences of the decisions rendered by the Court of Appeal
and is preparing an appeal to the Argentine Supreme Court on the
adverse court orders.

Ahold announced the transfer of the controlling interest in
Disco to Cencosud on Nov. 1, following an earlier announcement
of the transaction on March 5, 2004.  Ahold believes that the
transfer of the Disco shares as effected is in the best
interests of Disco's customers and associates, which Ahold
believes were being adversely affected by the delay in the
antitrust approval process and the closing of the transaction.

CONTACT:  ROYAL AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


TELEPLAN INTERNATIONAL: Financial Restructuring Pact Sealed
-----------------------------------------------------------
A group of lenders and investors have signed the restructuring
agreement announced ad-hoc by Teleplan International N.V. on
November 8, 2004 as being agreed on in principle.  The lenders
are coordinated by ABN AMRO Bank N.V., Teleplan International
N.V.  The investor group consists of Sterling Investment Group
Limited, Cycladic Capital Management Limited and Fortune
Management.

The lenders and the investor group have subscribed to new issues
of both equity capital and convertible bonds.

The agreement consists of:

(a) Issuance of 3,095,237 new common shares at a share price of
    EUR1.40;

(b) Issuance of 4.285.714 new common shares at a share price of
    EUR1.40 in exchange for debt;

(c) Issuance of 10,740,741 convertible zero bonds at a price of
    EUR0.90 each (terms: conversion starting November 1, 2005
    with a conversion rate of 1 new common share for 1 zero
    bond);

(d) Issuance of 11.111.111 convertible zero bond at a price of
    EUR0.90 each in exchange for debt (terms: conversion
    starting November 1, 2005 with a conversion rate of 1 new
    common share for 1 zero bond);

(e) Reduction of outstanding loans to private lenders by the
    amount of EUR2,250,000;

(f) Extension of the existing banking facilities for another
    three years.

Teleplan International N.V. will through this agreement benefit
from a cash injection amounting to EUR14 million and -- after
full conversion of existing loans -- from a debt reduction of
more than EUR18 million.

Rolf Huber, Chief Executive Officer of Teleplan said: "We are
very pleased and satisfied that our restructuring efforts are
fully supported by our lenders and a strong investor group.
This gives us the financial leeway to successfully execute our
restructuring plan.  This program will put Teleplan in the right
position to participate in the strong growth opportunities in
our industry."

CONTACT:  TELEPLAN INTERNATIONAL N.V.
          De Run 1120
          NL - 5503 LA Veldhoven
          Netherlands
          Mr. Gotthard Haug, Chief Financial Officer
          Phone: + 31 40 255 86 70
          Fax: + 31 40 255 73 11
          Web site: http://www.teleplan-int.com

          CHARLOTTE FRENZEL, FRENZEL & CO. GMBH
          Unternehmensberatung fur Kapitalmarktfragen
          Phone: +49 6171 50 80 171


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


ALTAYSKIY GLASS-WORKS: Bankruptcy Hearing Resumes April
-------------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on open joint stock company Altayskiy
Glass-Works.  The case is docketed as A03-12584/04-B.  Mr. S.
Kononenko has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 658044, Russia,
Altay region, Pervomayskiy region, Borobikha, Kirova Str. 62, 2.
A hearing will take place on April 4, 2005.

CONTACT:  ALTAYSKIY GLASS-WORKS
          Russia, Altay region,
          Bystroistokskiy region, Akutikha

          Mr. S. Kononenko
          Temporary Insolvency Manager
          658044, Russia, Altay region, Pervomayskiy region,
          Borobikha, Kirova Str. 62, 2


BAKERY IZOBILNENSKIY: Declared Insolvent
----------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Bakery Izobilnenskiy after finding the
limited liability company insolvent.  The case is docketed as
A63-62/2004-S5.  Mr. A. Khalizov has been appointed insolvency
manager.  Creditors have until Feb. 3, 2005 to submit their
proofs of claim to 355012, Russia, Stavropol, Lenina Str. 120,
Room 4.

CONTACT:  BAKERY IZOBILNENSKIY
          365140, Russia, Stavropol region,
          Izobilniy, Zapadnaya Str. 80

          Mr. A. Khalizov
          Insolvency Manager
          355012, Russia, Stavropol,
          Lenina Str. 120, Room 4


BUGURUSLAN-AGRO-PROM-TRANS: Deadline for Proofs of Claim Set
------------------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on open joint stock company
Buguruslan-Agro-Prom-Trans.  The case is docketed as A47-
6792/2004-14 GK.  Ms. E. Portnova has been appointed temporary
insolvency manager.  Creditors have until Jan. 10, 2005 to
submit their proofs of claim to 460000, Russia, Orenburg, Gaya
Str. 23A.

CONTACT:  BUGURUSLAN-AGRO-PROM-TRANS
          461600, Russia, Orenburg region,
          Buguruslan, Pilyuginskoye Shosse, 51

          Ms. E. Portnova
          Temporary Insolvency Manager
          460000, Russia, Orenburg,
          Gaya Str. 23A
          Phone/Fax: (3532) 78-38-44


CREAMERY VESHKAYMSKIY: Under Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Creamery Veshkaymskiy.  The case is docketed as A72-9146/04-
21/35B.  Mr. L. Yakovlev has been appointed temporary insolvency
manager.  Creditors have until Feb. 10, 2005 to submit their
proofs of claim to 433103, Russia, Ulyanovsk region,
Veshkaymskiy region, Beketovka, Priozernaya Str. 4.

CONTACT:  CREAMERY VESHKAYMSKIY
          432100, Russia, Ulyanovsk region,
          Veshkaymskiy region, Veshkayma

          Mr. L. Yakovlev
          Temporary Insolvency Manager
          433103, Russia, Ulyanovsk region, Veshkaymskiy region,
          Beketovka, Priozernaya Str. 4
          Phone/Fax: 8 (84243) 57-2-35


ERTILSKIY PISHEVIK: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision procedure on open joint stock company
Ertilskiy Pishevik.  The case is docketed as A14-12848-
2004/76/20B.  Mr. V. Ryabtsev has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 394030, Russia,
Voronezh, Zhelyabova Str. 10.  A hearing will take place at the
Arbitration Court of Voronezh region at Russia, Voronezh,
Srednemoskovskaya Str. 77, Room 501 on Feb. 24, 2005, 10:00 a.m.

CONTACT:  ERTILSKIY PISHEVIK
          Russia, Voronezh region,
          Ertil, K. Marksa Str. 3

          Mr. V. Ryabtsev
          Temporary Insolvency Manager
          394030, Russia, Voronezh,
          Zhelyabova Str. 10


GAMMA-S: Hires E. Nevolina as Insolvency Manager
------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Gamma-S (TIN 4248002089/ 422201001) after
finding the close joint stock company insolvent.  The case is
docketed as A27-812/2004-4.  Mr. E. Nevolina has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 654000, Russia, Novokuznetsk, Post User Box 99/408.  A
hearing will take place on Jan. 20, 2005.

CONTACT:  GAMMA-S
          652812, Russia, Kemerovo region,
          Kaltan, Mira Pr. 33B

          Mr. E. Nevolina
          Insolvency Manager
          654000, Russia, Novokuznetsk,
          Post User Box 99/408


KHORSKIY WOOD: Gives Creditors Until February to File Claims
------------------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Khorskiy Wood Working Combine after finding
the open joint stock company insolvent.  The case is docketed as
A73-7369/2004-37.  Mr. A. Koledenkov has been appointed
insolvency manager.  Creditors have until Feb. 6, 2005 to submit
their proofs of claim to 682920, Russia, Khabarovsk region, Lazo
region, Khor, Lenina Str. 1.

CONTACT:  KHORSKIY WOOD WORKING COMBINE
          682920, Russia, Khabarovsk region,
          Lazo region, Khor, Lenina Str. 1

          Mr. A. Koledenkov
          Insolvency Manager
          682920, Russia, Khabarovsk region,
          Lazo region, Khor, Lenina Str. 1


KOMSOMOLSK-GAS-STROY: Insolvency Manager Takes over Operations
--------------------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Komsomolsk-Gas-Stroy after finding the close
joint stock company insolvent.  The case is docketed as A73-
1383/2004-9.  Mr. I. Korol has been appointed insolvency
manager.  Creditors have until Feb. 3, 2005 to submit their
proofs of claim to 680006, Russia, Khabarovsk, Post User Box
95/35.

CONTACT:  KOMSOMOLSK-GAS-STROY
          680100, Russia,
          Komsomolsk-na-Amure, Liteynaya Str. 8

          Mr. I. Korol
          Insolvency Manager
          680006, Russia, Khabarovsk,
          Post User Box 95/35


KORCHAKOL: Creditors Have Until Monday to File Claims
-----------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy supervision procedure on coal company Korchakol.  The
case is docketed as A27-24304/2004-4.  Mr. V. Naydanov has been
appointed temporary insolvency manager.  Creditors have until
Jan. 10, 2005 to submit their proofs of claim to 650099, Russia,
Kemerovo, Ostrovskogo Str. 34, Office 406.  A hearing will take
place on Feb. 28, 2005, 3:00 p.m.

CONTACT:  KORCHAKOL
          654203, Russia, Kemerovo region,
          Novokuznetskiy region, Nikolaevka

          Mr. V. Naydanov
          Temporary Insolvency Manager
          650099, Russia, Kemerovo,
          Ostrovskogo Str. 34, Office 406


METROMEDIA INTERNATIONAL: Still Reviewing Proposed Merger
---------------------------------------------------------
Metromedia International Group, Inc. is announcing these
developments with respect to the previously announced proposed
merger of the Company:

(a) The investor group comprised of Emergent Telecom Ventures
    S.A., First National Holdings S.A. and Baring Vostok Capital
    Partners (Cyprus) Limited has confirmed to the Company that
    it has completed in all material respects its due diligence
    investigation of the Company's core telephony businesses in
    Russia and Georgia.  Remaining due diligence work will focus
    principally on MIG itself;

(b) The Company has granted the Investor Group an extension of
    the exclusivity period to complete its due diligence review
    of MIG from January 17, 2005 to February 14, 2005;

(c) The Investor Group has further confirmed that, following its
    due diligence with respect to the Company's core businesses,
    it continues to assign an aggregate enterprise value to the
    Company of US$300 million in respect of the proposed merger;

(d) Capital International Private Equity Fund IV, L.P. has
    notified the Company that it is no longer part of the
    Investor Group.  Baring Vostok has informed the Company that
    it expects to fund the entire portion of the purchase price
    that was previously expected to be funded by Capital
    International; and

(e) Should a definitive merger agreement be executed with the
    Investor Group, the Company anticipates that a meeting of
    its common shareholders to vote on the approval of the
    transaction would occur during the second quarter of 2005.

As previously announced, the Investor Group's preliminary
proposal contains a number of conditions, including without
limitation, the Investor Group's successful completion of due
diligence, the Investor Group obtaining commitments for all
financing contemplated in its acquisition proposal, MIG meeting
currently projected corporate cash balance and liability levels.

There can be no assurances that any transaction with the
Investor Group or any other party will take place nor can any
assurance be given with respect to the timing or terms of any
such transaction.  Details of the terms of a final agreement, if
any, reached between the parties will be disclosed upon signing
of definitive agreements.  The preliminary proposal made by the
Investor Group is non-binding and MIG has agreed, under certain
circumstances, to reimburse the Investor Group for a limited
amount of its out-of-pocket expenses incurred in connection with
its due diligence review and negotiation of definitive
agreements.

About Metromedia International Group

Through its wholly owned subsidiaries, the Company owns
interests in communications businesses in Russia and the
Republic of Georgia.  Since the first quarter of 2003, the
Company has focused its principal attentions on the continued
development of its core telephony businesses, and has
substantially completed a program of gradual divestiture of its
non-core cable television and radio broadcast businesses.  The
Company's core telephony businesses include PeterStar, the
leading competitive local exchange carrier in St. Petersburg,
Russia, and Magticom, the leading mobile telephony operator in
the Republic of Georgia.

CONTACT:  METROMEDIA INTERNATIONAL GROUP
          Headquarters: Charlotte, North Carolina
          Web site: http://www.metromedia-group.com
          Contact:
          Mark Hauf, Chief Executive Officer
          Ernie Pyle
          Phone: 704-321-7383
          E-mail: investorrelations@mmgroup.com


ROSTOV-COAL: Rostov Court Appoints Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
proceedings against Rostov-Coal after finding the limited
liability company insolvent.  The case is docketed as A53-
13227/04-S2-8.  Mr. M. Bendikov has been appointed insolvency
manager.

Creditors may submit their proofs of claim to the Arbitration
Court of Rostov region.  A hearing will take place on March 1,
2005, 4:00 p.m.

CONTACT:  ROSTOV-COAL
          Russia, Rostov region,
          Shakhty, Sovetskaya Str. 187/189


YUKOS OIL: Ratings Downgraded to Ca; Outlook Stable
---------------------------------------------------
Moody's Investors Service has lowered Yukos Oil's senior implied
rating and senior unsecured issuer rating following reports it
missed interest payments on syndicated bank facility on Dec. 27.
The ratings were down to Ca from Caa2 and to Ca from Caa3,
respectively.  Both have stable outlook.

The rating reflects Moody's expectations of reduced weighted
average recovery potential for all of Yukos' financial creditors
following the sale of its main production unit Yuganskneftegaz.

Yukos has secured facilities that once totaled US$2.6 billion.
This debt is secured by export proceeds and is originally
guaranteed by some of Yukos' main production assets.  Moody's
believes that some of the debt were already paid from secured
export proceeds, but with the loss of Yuganskneftegaz and the
magnitude of remaining tax claims it is less likely that the
creditors will be paid immediately.

Moody's sees the plight of Yukos' main creditor, the Menatep
Group, as worse than that of the banks in this scenario.  It
said: "The ultimate repayment modus is now likely to be
determined by the Russian government, given that state-owned
Yuganskneftegaz remains the guarantor of the debt."

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

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

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


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


IZAR: Government Promises to Respect Employees' Rights
------------------------------------------------------
Labor and social affairs minister Jesus Caldera has guaranteed
the rights of around 4,208 early retirees of troubled
shipbuilder Izar, Expansion says.

Izar's holding company, Sociedad Estatal De Participaciones
Industriales (SEPI) has been persuading trade unions to approve
the restructuring plan that will separate its military and
civilian divisions.  According to the plan, SEPI will lay off
4,208 of 11,077 Izar employees.  The affected employees, all of
which are aged 52 and up, are being offered early retirement
schemes.

Mr. Caldera also confirmed the state is optimistic the European
Commission would approve the agreement between SEPI, Izar and
trade unions.  Newly appointed European competition commissioner
Nellie Kroes doubts this, however, because the parties involved
failed to observe agreements between the government and the
European Commission.

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


1492 (AUTHENTIC CARIBBEAN CUISINE): Calls in Liquidator
-------------------------------------------------------
At the extraordinary general meeting of 1492 (Authentic
Caribbean Cuisine) Limited on Dec. 21, 2004 held at The
Chesterfield Hotel, Malkin Street, Chesterfield, Derbyshire S41
7UA, the subjoined extraordinary resolution to wind up the
company was passed.  Tracy Ann Taylor of Abbey Taylor Ltd,
Blades Enterprise Centre, John Street, Sheffield S2 4SU has been
appointed liquidator of the company.

CONTACT:  ABBEY TAYLOR LTD.
          Blades Enterprise Centre,
          John Street, Sheffield S2 4SU


ADVANCED QUALITY: Members Pass Winding up Resolutions
-----------------------------------------------------
At the extraordinary general meeting of the members of Advanced
Quality Products Limited on Dec. 20, 2004 held at 129 Cathedral
Road, Cardiff CF11 9UY, the extraordinary and ordinary
resolutions to wind up the company were passed.  M. S. E.
Solomons has been appointed liquidator of the company.


AIR WAVE: Owners Decide to Dissolve Company
-------------------------------------------
At the extraordinary general meeting of Air Wave Airconditioning
Limited on Dec. 21, 2004 held at Sherlock House, 73 Baker
Street, London W1U 6RD, the subjoined extraordinary resolution
to wind up the company was passed.  S. R. Thomas and S. D.
Burkett-Coltman of Tenon Recovery, Sherlock House, 73 Baker
Street, London W1U 6RD have been appointed joint liquidators of
the company.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


ALL4U LIMITED: Hires Begbies Traynor as Liquidator
--------------------------------------------------
At the extraordinary general meeting of the ALL4U Limited on
Dec. 22, 2004 held at 151 Deansgate, Manchester M3 3BP, the
special resolution to wind up the company was passed.  Stephen
L. Conn of Begbies Traynor has been appointed liquidator of the
company.

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


ATLANTIS TICKETS: Creditors Call in Liquidators from Menzies
------------------------------------------------------------
At the extraordinary general meeting of Atlantis Tickets Limited
on Dec. 21, 2004 held at Menzies Corporate Restructuring, 17-19
Foley Street, London W1W 6DW, the extraordinary and ordinary
resolutions to wind up the company were passed.  Paul John Clark
and Jason James Godefroy of Menzies Corporate Restructuring, 17-
19 Foley Street, London W1W 6DW have been appointed joint
liquidators of the company.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Phone: 020 7291 9750
          Fax: 020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


BALLOON TECHNOLOGY: Hires Liquidator from Begbies Traynor
---------------------------------------------------------
At the extraordinary general meeting of the members of Balloon
Technology Limited on Dec. 23, 2004 held at Elliot House, 151
Deansgate, Manchester M3 3BP, the extraordinary and ordinary
resolutions to wind up the company were passed.  Stephen L. Conn
of Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3
3BP have been appointed liquidator of the company.

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


BARGEN LIMITED: Appoints Liquidator from Begbies Traynor
--------------------------------------------------------
At the extraordinary general meeting of the members of Bargen
Limited (t/a United Carpets & Beds) on Dec. 22, 2004 held at
Elliot House, 151 Deansgate, Manchester M3 3BP, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Stephen L. Conn of Begbies Traynor, Elliot House,
151 Deansgate, Manchester M3 3BP has been appointed liquidator
of the company.

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


BARSHAM MACHINERY: Files for Liquidation
----------------------------------------
At the extraordinary general meeting of the members of Barsham
Machinery Limited on Dec. 10, 2004 held at Estate Office, West
Barsham, Fakenham, Norfolk NR21 9NR, the special resolutions to
wind up the company were passed.  Edwin Francis Hunt of Baker
Tilly, Elgar House, Holmer Road, Hereford HR4 9SF has been
appointed liquidator of the company.

CONTACT:  BAKER TILLY
          Elgar House,
          Holmer Road, Hereford HR4 9SF
          Phone: 01432 352222
          Fax: 01432 269367
          Web site: http://www.bakertilly.co.uk


BENCHMARK CONSTRUCTION: Calls in Liquidator from Muras Baker
------------------------------------------------------------
At the extraordinary general meeting of the members of Benchmark
Construction Ltd. on Dec. 17, 2004 held at 3rd Floor, Regent
House, Bath Avenue, Wolverhampton WV1 4EG, the extraordinary
resolution to wind up the company was passed.  Mark Jonathan
Botwood of Muras Baker Jones & Co., Regent House, Bath Avenue,
Wolverhampton WV1 4EG has been appointed liquidator of the
company.

CONTACT:  MURAS BAKER JONES & CO.
          Regent House, Bath Avenue,
          Wolverhampton WV1 4EG


BUGGED OUT: Liquidators from Rothman Pantall Enter Firm
-------------------------------------------------------
At the extraordinary general meeting of Bugged Out Limited on
Dec. 21, 2004 held at the offices of Rothman Pantall & Co,
Clareville House, 26-27 Oxendon Street, London SW1Y 4EP, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Robert Derek Smailes and Stephen Blandford Ryman,
of Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street,
London SW1Y 4EP have been appointed joint liquidators of the
company.

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


CARLTON BUSINESS: Names Peter Bridger Liquidator
------------------------------------------------
At the extraordinary general meeting of the members of Carlton
Business Systems Ltd. on Dec. 21, 2004 held at 47 London Street,
Reading RG1 4PS, the extraordinary and ordinary resolutions to
wind up the company were passed.  Peter Bridger has been
appointed liquidator of the company.


DONCASTER SLAUGHTERING: Members Okay Application for Liquidation
----------------------------------------------------------------
At the extraordinary general meeting of the members of Doncaster
Slaughtering Company Limited held at Pillar House, 21 South
Parade, Doncaster DN1 2DJ, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
Peter O'Hara of O'Hara & Co has been appointed liquidator of the
company.


FENCLOCKS (SUFFOLK): Names Tenon Recovery Administrator
-------------------------------------------------------
Simon Robert Thomas and Steven John Parker (IP Nos 8920, 8989)
have been appointed administrator for Fenclocks (Suffolk)
Limited.  The appointment was made Dec. 23, 2004.  The company
manufactures longcase clock.  Its registered office is located
at 85 Gregory Road, Mildenhall, Suffolk IP28 7DF.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street, London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


FIN.BA UK: Hires Liquidator from Vantis Business Recovery
---------------------------------------------------------
At the extraordinary general meeting of the members of FIN.BA UK
on Dec. 23, 2004 held at 82 St John Street, London EC1M 4JN, the
subjoined special and extraordinary resolutions to wind up the
company were passed.  Michael Young of Vantis Business Recovery,
Torrington House, 47 Holywell Hill, St Albans, Hertfordshire AL1
1HD has been appointed liquidator of the company.

CONTACT:  VANTIS BUSINESS RECOVERY
          Torrington House,
          47 Holywell Hill, St Albans,
          Hertfordshire AL1 1HD
          Liquidator:
          Michael Young
          Web site: http://www.vantismt.com


FORD SHOPFITTING: Sell-off Prospects Bright
-------------------------------------------
Administrators of Ford Shopfitting and Joinery Ltd. have
received several interests for parts of the business from
potential buyers, according to the Evening Mail.

John Kelly and James Martin, from Begbies Traynor, are selling a
17,000 sq. ft. factory and warehousing facility in Woodwards
Road, Walsall and a range of woodworking machinery.  The site
includes 1,000 sq. ft. of rented office space.  Ford Shopfitting
went into administration on Dec. 14.  Its workforce continued
working until Christmas to complete existing orders.  Mr. Kelly
said jobs could be saved if the firm is bought by a woodworking
firm.

CONTACT:  BEGBIES TRAYNOR
          Newater House
          11 Newhall Street
          Birmingham B3 3NY
          E-mail: birmingham@begbies-traynor.com
          Web site: http://www.begbies.com

          Contact:
          Gary Prince
          Phone: 0121 200 8150
          Fax: 0121 200 8160


GRAY'S HOLDINGS: Calls in Liquidator from Benedict Mackenzie
------------------------------------------------------------
At the extraordinary general meeting of Gray's Holdings Limited
on Dec. 14, 2004 held at The Fountain, Twyning, the special,
ordinary and extraordinary resolutions to wind up the company
were passed.  Valerie Neave of Benedict MacKenzie, The Grange,
Aston on Carrant, Tewkesbury, Gloucestershire GL20 8HL has been
appointed liquidator of the company.

CONTACT:  BENEDICT MACKENZIE
          The Grange, Aston on Carrant,
          Tewkesbury, Gloucestershire GL20 8HL
          Phone: 01684 773 799
          Fax: 07092 302 720
          Web site: http://www.benemack.com


H.BROOKES & SONS: Hires Liquidator from Hazlewoods
--------------------------------------------------
At the extraordinary general meeting of H.Brookes & Sons Limited
on Dec. 13, 2004 held at Cherrington, White House Lane, Swindon,
Dudley, West Midlands DY3 4PE, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
Philip John Gorman of Hazlewoods, Windsor House, Barnett Way,
Barnwood, Gloucester GL4 3RT has been appointed liquidator of
the company.

CONTACT:  HAZLEWOODS
          Windsor House, Barnett Way,
          Barnwood, Gloucester GL4 3RT
          Phone: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk


JOBS4U LIMITED: Opts for Liquidation
------------------------------------
At the extraordinary general meeting of JOBS4U Limited on Dec.
22, 2004 held at 151 Deansgate, Manchester M3 3BP, the special
resolution to wind up the company was passed.  Stephen L. Conn
of Begbies Traynor has been appointed liquidator of the company.

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


KEDENDS LIMITED: Liquidator from Robson Laidler Moves in
--------------------------------------------------------
At the extraordinary general meeting of Kedends Limited
(formerly Gordon Keddie (Insurance) Limited) on Dec. 17, 2004
held at Fernwood House, Fernwood Road, Newcastle upon Tyne NE2
1TJ, the special and ordinary resolutions to wind up the company
were passed.  William Paxton of Robson Laidler, Fernwood House,
Fernwood Road, Jesmond, Newcastle upon Tyne NE2 1TJ has been
appointed liquidator of the company.

CONTACT:  ROBSON LAIDLER LLP
          Fernwood House,
          Fernwood Road, Jesmond,
          Newscastle upon Tyne
          Liquidator:
          W Paxton
          Phone: 0191 281 8191
          Fax:   0191 281 6279
          Web site: http://www.robson-laidler.co.uk


KEROPEGA LIMITED: Owners Choose to Dissolve Business
----------------------------------------------------
At the extraordinary general meeting of Keropega Limited on Dec.
7, 2004 held at the offices of Richard J Smith & Co, 53 Fore
Street, Ivybridge, Devon PL21 9AE, the extraordinary and
ordinary resolutions to wind up the company were passed.  Giles
Richard Frampton of Richard J. Smith & Co, 53 Fore Street,
Ivybridge, Devon PL21 9AE has been appointed liquidator of the
company.

CONTACT:  RICHARD J. SMITH & CO.
          53 Fore Street, Ivybridge, Devon PL21 9AE


L'ORANGER RESTAURANT: Creditors Meeting Set Next Week
-----------------------------------------------------
The creditors of L'Oranger Restaurant Limited will meet on Jan.
10, 2005 commencing at 4:00 p.m.  It will be held at 8 Baker
Street, London W1U 3LL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, 8 Baker Street, London W1U
3LL not later than 12:00 noon, Jan. 7, 2005.

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


MARTLET NATURAL: Administrators Put up 'For Sale' Sign
------------------------------------------------------
Ian Carr, Martin Ellis and Duncan Awift, joint administrators,
offer for sale the business and assets of Martlet Natural Foods
Limited (in administration).

Key features:

(a) Turnover of around GBP6 million;

(b) Long-established PLJ, Martlet and Rayner brands;

(c) Product range of honey, preserves, chutneys and essences;

(d) Strong health food trade; and

(e) 1.8 acre leasehold site

CONTACT:  GRANT THORNTON U.K. LLP
          Web site: http://www.grant-thornton.co.uk

          Andrew Wells
          Phone: 01223 225621
          Fax: 01223 225618
          E-mail: andrew.ja.wells@gtuk.com


MERIDIAN COUNTY: Calls in Liquidator from Numerica
--------------------------------------------------
At the extraordinary general meeting of Meridian County Limited
on Dec. 10, 2004 held at 2 Russell Street, the special, ordinary
and extraordinary resolutions to wind up the company were
passed.  Jonathan Mark Birch, and Nicholas Hugh O'Reilly of
Numerica LLP have been appointed joint liquidators of the
company.


P & F WOLVERHAMPTON: BDO Stoy Hayward to Host Creditors Meeting
---------------------------------------------------------------
The creditors of P & F Wolverhampton Limited will meet on Jan.
10, 2005 commencing at 11:00 a.m.  It will be held at the
offices of BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3
3SD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, Commercial Buildings, 11-15
Cross Street, Manchester M2 1BD not later than 12:00 noon, Jan.
7, 2004.

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


PILOT: Unnamed Hong Kong Buyer Takes over Stores; Saves Jobs
------------------------------------------------------------
Administrators of Pilot, the clothing chain that collapsed this
week, have already found a buyer for half the firm's 70 stores.
The rumored buyer is Retrofit, a Hong Kong investor that holds a
74% stake in Pilot's owner, Pilot International.  The deal saved
400 jobs.

Pilot was founded by Jeremy Whaley in 1984 as single outlet in
Winchester.  After expanding into a chain of stores, the firm
collapsed into receivership as a result of poor holiday trading.
Pilot had a turnover of GBP55.5 million last year.

"The drop in sales over Christmas period has thwarted Pilot's
efforts to refinance the business," the company explained in a
statement.

The company owed suppliers at least GBP9 million when it went
down.  Pilot International also runs Designer Rooms and Pilot
Outlet.  Both are unaffected by Pilot's troubles.  Mr. Whaley,
who owns 16% of the firm, is understood to want to continue with
Designer Rooms.


PREMIER FOODS: FY2004 Grocery Sales Up 8%
-----------------------------------------
Premier Foods, one of the leading suppliers of ambient grocery
products in the U.K., is providing an update for the year ended
31 December 2004, ahead of its preliminary results announcement
on 2 March 2005.

We expect total reported grocery sales for the year, including a
full year's contribution from Ambrosia, to be up by
approximately 8%.  Operating profits and margins are anticipated
to be within the range of market expectations.

Although Christmas sales were slower than expected, after taking
into account the estimated effect of the Bury St Edmunds fire
and the associated disruption, like-for-like grocery sales would
have been up by over 1%.  The fire effectively removed two of
our most dynamic growth brands for the last 10 weeks of the year
and as a consequence of these lost sales, we expect to show
like-for-like grocery sales broadly flat.

Robert Schofield, Premier Foods plc CEO, said: "2004 was a
tremendously exciting year for Premier with the IPO, and a
significant acquisition.  On the downside we had a serious fire
at our Bury St Edmunds factory.  Nonetheless, we expect to
produce a sound set of results and we enter 2005 with our
business, brands and trading plans in good shape to deliver
ongoing growth."

Convenience Foods, Pickles and Sauces

Sales for this division are anticipated to be slightly behind
2003's reported sales of GBP374.6 million, as a result of the
fire and associated disruption at our Bury St Edmunds plant in
October 2004, which is estimated to have reduced sales by
approximately GBP10 million.  Without this reduction, we
anticipate sales for this division would have been ahead of last
year.  While discussions to finalize the detailed insurance
claim continue, our estimate of the profit impact on the results
for 2004 remains limited to the GBP1 million excess on the
group's insurance policy.

Some manufacture of Branston Pickle resumed in November 2004
with Loyd Grossman and other sauce and pickle products
recommencing production in December 2004.  The team at the Bury
St Edmunds factory are making excellent progress and we expect
the site to be back to full output by the end of February 2005.

As indicated at the time of the interim announcement, we have
seen a significant increase in the price of tin plate, our
single largest raw material input.  However, we have been able
to agree price increases for our canned products with our
customers to cover a significant proportion of the increased
input costs.

Tea and Beverages

Sales for this division are expected to be slightly behind
2003's reported sales of GBP143.0 million, due to lower retailer
brand sales.  The transfer of production from Edinburgh to the
Moreton factory has been successfully completed and full year
savings from this rationalization are still forecast to be
approximately GBP1.0 million per annum.

Spreads and Desserts

Sales for this division of GBP120.4 million in 2003 included one
month's contribution from the Ambrosia business.  The Ambrosia
business acquired in December 2003, has traded in line with
expectations during the year and ahead of 2003.  Like-for-like
sales, which exclude Ambrosia, are anticipated to be ahead of
last year.

Following our recent agreement for the acquisition of the Bird's
and Angel Delight dessert brands, which we announced on 16
December 2004, we are working closely with Kraft to facilitate
the transfer of sales and distribution for the newly acquired
business.  This is planned to take place on completion of the
deal on 13 February 2005.  Staged transfer of production
facilities for these brands will take place over the balance of
the year.

Potatoes

Sales for this division are anticipated to be ahead of 2003's
reported sales of GBP135.8 million as a result of higher market
prices.  As we indicated at the time of our interim
announcement, trading has improved during the second half of the
year and we are seeing some benefit from the closure of two of
its six packing facilities.

However, we continue to see a competitive environment with
continuing supplier rationalization among the major retailers
expected in 2005 and accordingly we are continuing to review the
future shape and strategy of the business.

Preliminary results for the year ended 31 December 2004 will be
announced on 2 March 2005.  We will host a presentation to
analysts at 9:00 a.m. at ABN Amro, 3rd floor Conference Suite,
250 Bishopsgate, London, EC2M 4AA.

Premier Foods plc is a leading U.K. manufacturer and marketer of
shelf-stable or 'ambient' grocery products and one of the
largest suppliers of grocery products in the United Kingdom.
Premier manufactures and markets grocery products for the retail
grocery and out of home channels in three principal product
segments:

(a) convenience foods, pickles and sauces;

(b) tea and beverages; and

(c) spreads and desserts.

Premier also operates a potato packing and marketing business in
the United Kingdom, supplying the retail grocery, out of home
and food manufacturing channels.

Premier's branded products include Ambrosia custard and milk
puddings, Branston pickles, Typhoo tea, Hartley's preserves,
Gale's honey and lemon curd, Crosse & Blackwell convenience
foods, Sun-Pat peanut butter, Sarsons vinegar, Haywards pickles,
Smash instant mashed potato, Marvel powdered milk creamer and
Waistline salad dressings, soups and cooking sauces.  In
addition, the Company produces Cadbury cocoa-based beverages, HP
convenience foods, Rowntree's jelly and Loyd Grossman cooking
sauces, soups and salad dressings under agreement or license.
Premier also produces a range of retailer brand products,
principally for the major multiple retailers.

Premier Foods was floated on the London Stock Exchange in July
2004 when Hicks, Muse, Tate & Furst sold 80% of its investment
in Premier.  In October 2004 Hicks, Muse, Tate & Furst sold
their remaining 20% holding.  Premier's current market
capitalization is GBP676 million (at market close on 4 January
2005).

CONTACT:  PREMIER FOODS PLC
          Paul Thomas
          Finance Director

          Gwyn Tyley
          Investor Relations Manager
          Phone: 01727 815 850

          CITIGATE DEWE ROGERSON
          Michael Berkeley
          Sara Batchelor
          Anthony Kennaway
          Phone: 020 7638 9571


ROY CATERING: Former Exec Served Ten-year Directorship Ban
----------------------------------------------------------
The director of a restaurant business that failed with debt of
more than GBP170,000 has been disqualified in the Liverpool
County Court from acting as a company director for five years.

Graham Victor Ault, 49, of Brookside Way, Haydock, St. Helens,
Merseyside, was a director of Roy Catering (Restaurants)
Limited, which carried on business from premises at 86 Claughton
Street, St. Helens, Merseyside, WA10 1SN.

The Disqualification Order, made on December 20, 2004, prevents
Graham Victor Ault from being a director of a company or, in any
way, whether directly or indirectly, being concerned in or
taking part in the promotion, formation or management of a
company for the above period.  Roy was placed into voluntary
liquidation on September 30, 2002 with estimated debt of
GBP169,577 owed to its creditors.

Matters of unfit conduct, found by the court not disputed by
Graham Victor Ault, were that:

(a) He caused Roy to trade to the detriment of HM Customs &
    Excise when he knew by October 31, 2001 at the latest that
    Roy was insolvent and unable to pay monies owed to HM
    Customs & Excise as and when they fell due; and

(b) He failed to ensure that Roy maintained, preserved and
    delivered up adequate accounting records to the Liquidators.

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

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

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

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


SFM HOLDINGS: Names BDO Stoy Hayward Liquidator
-----------------------------------------------
At the extraordinary general meeting of SFM Holdings Limited on
Dec. 23, 2004 held at Pixham End, Dorking, Surrey RH4 1QA, the
subjoined special resolution to wind up the company was passed.
D. B. Coakley of BDO Stoy Hayward LLP, Connaught House,
Alexandra Terrace, Guildford, Surrey GU1 3DA has been appointed
liquidator of the company.

CONTACT:  BDO STOY HAYWARD LLP
          Connaught House, Alexandra Terrace,
          Guildford, Surrey GU1 3DA
          Phone: 01483 565666
          Fax:   01483 531306
          E-mail: guilford@bdo.co.uk
          Web site: http://www.bdo.co.uk


TENDERHURST LIMITED: Liquidator Takes over Operations
-----------------------------------------------------
At the extraordinary general meeting of the members of
Tenderhurst Limited on Dec. 22, 2004 held at 58 Acacia Road,
London NW8 6AG, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Norman Cowan
and Mark Pearce Riley of Wilder Coe, 12th Floor, Southgate
House, St George's Way, Stevenage SG1 1HG have been appointed
joint liquidators of the company.

CONTACT:  WILDER COE
          12th Floor, Southgate House,
          St George's Way, Stevenage SG1 1HG
          Phone: 01438 847200
          Fax:   01438 847150
          Web site: http://www.wildercoe.co.uk


WORLD CLASS: Creditors to Meet Next Week
----------------------------------------
The creditors of World Class Homes Limited will meet on Jan. 13,
2005 commencing at 10:00 a.m.  It will be held at 85 Great North
Road, Hatfield, Hertfordshire AL9 5BS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, Prospect Place, 85 Great
North Road, Hatfield, Hertfordshire AL9 5BS not later than 12:00
noon, Jan. 12, 2005.

CONTACT:  BDO STOY HAYWARD LLP
          Prospect Place, 85 Great North Road,
          Hatfield, Hertfordshire AL9 5BS
          Phone: 01707 255888
          Fax:   01707 255890
          E-mail: hatfield@bdo.co.uk
          Web site: http://www.bdo.co.uk


                            *********


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

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

Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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