TCREUR_Public/050111.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, January 11, 2005, Vol. 6, No. 07

                            Headlines

F R A N C E

CLAIRCOM SA: Observation Period Extended to June


G E R M A N Y

ABC PROJEKTENTWICKLUNG: Applies for Bankruptcy Proceedings
ALVITO BIOTECHNOLOGIE: First Creditors Meeting Set March
APP ALEMAYO: Bankruptcy Court Stays All Pending Lawsuits
BNH BETON: Claims Deadline Nears
DAS SANITATSHAUS: Succumbs to Bankruptcy

DER BRILLENMACHER: Administrator to Present 1st Report February
DIETER SPIEGLER: Calls First Creditors Meeting
DULON INTERNATIONAL: Court to Review Claims Next Month
E. MALZAHN: Hannover Court Appoints Provisional Administrator
ENS-SYSTEMBAU: Heumann und Kollegen Takes over Operations

ERWIN SCHEEL: Gives Creditors Until January 26 to File Claims
GBR ARGE: Administrator to Present Report Third Week of February
JHK HACK: Gives Creditors Until Next Week to File Claims
KURT GMBH: Bochum Court Launches Bankruptcy Proceedings
ORTHO SERVE: Provisional Manager Takes over Helm

ROTE CORA: Court Sets Claims Verification May 17
SURPRISE TEXTILDRUCK: Bankruptcy Proceedings Begin
TELE INFO: Hannover Court Appoints Insolvency Manager
V + F VERSICHERUNGS: Seeks Protection from Creditors


H U N G A R Y

DELTA GALIL: Israeli Owner Abandons Local Logistics Center
MALEV AIRLINES: APV Rt. Attempts to Sell Govt Stake Anew
MALEV AIRLINES: Government Cuts Subsidy


I R E L A N D

ELAN CORPORATION: Fourth-quarter, Full-year Results Out Feb. 8
ELAN CORPORATION: Gives Roche Access to NanoCrystal Technology


I T A L Y

PARMALAT FINANZIARIA: Milan Prosecutors Gearing up for New Probe


L U X E M B O U R G

GATE GOURMET: Defaults on Senior, Mezzanine Facility
MILLICOM INTERNATIONAL: Concludes Convertible Bond Offering


N E T H E R L A N D S

ISPAT INTERNATIONAL: Wraps up Merger with LNM Holdings


N O R W A Y

STOLT-NIELSEN: Intends to Sell Remaining Stolt Offshore Interest


R U S S I A

YUKOS OIL: U.S. Court to Hear Arguments Against Chapter 11 Feb.
YUKOS OIL: Italian Firms Might Buy Assets, Says Minister


S W I T Z E R L A N D

FLIGHTLEASE AG: 3rd Class Creditors' Recovery Rate Stuck at 5.4%
SWISSAIR GROUP: Liquidator Recovers CHF3 Million


U N I T E D   K I N G D O M

ABERDEEN ASSET: Starts over After Split-capital Trust Scandal
AMBASSADOR GROUP: Members Pass Special Winding up Resolution
APOLLO PRINT: Members Decide to Liquidate Company
AVALON PRINT: Calls in Liquidators from BRI Business Recovery
BACK-UP SCAFFOLDING: Hires Liquidator from Lake Bushells

BERIC DEVELOPMENTS: Members Name Baker Tilly Liquidator
BIG FOOD: Disappointing Christmas Sale Ruins Recovery Forecast
CEOPS (UK): Hires Haines Watts as Liquidator
CHASE RESEARCH: Appoints Baker Tilly Liquidator
COMINCO (U.K.): Joint Liquidators from Ernst & Young Move in

COMPUTER HORIZONS: Calls in Liquidator from Richard Long & Co.
COSWORTH RACING: F1 Engine Supplier Has New Owner
EIDOS PLC: Shares Soar as Disposal Talks Swirl
EVER 2283: Liquidator's Final Report Out February
FORCE 10: Hires Joint Administrators from Mazars

FORD & FULFORD: Hires Joint Liquidator from Begbies Traynor
IMANAGE LIMITED: Calls Meeting of Contributories
LAURA ASHLEY: Loses Yet Another Chief Executive
LEOPOLD JOSEPH: Gives Creditors Until February to File Claims
LE ROCHER: Claims Deadline Expires Next Week

LESLIE HOLDINGS: Shareholders Opt for Liquidation
LONDON IRISH: Hires Bridgers as Administrator
LOUIS DREYFUS: Calls in Liquidator from Smith & Williamson
MERCHANTS CAPITAL: In Administrative Receivership
NCN LIMITED: Appoints Administrators from KPMG

OLD RACQUETS: General Meeting of Members Set February
PARMELIA INVESTMENTS: Liquidator's Final Report Out Next Month
PROMOTIONAL RISK: Calls Creditors Meeting
REDGULL LIMITED: Liquidator Takes over Helm
RIDGEMOUNT HOLDINGS: Creditors Have Until Jan. 28 to File Claims

ROSINA CHINA: Members Final Annual Meeting Set February
ROY CATERING: Former Exec Gets 5-year Directorship Ban
SAMOLS ROWSON: Meeting of Contributories Set
SANPAOLO IMI: Placed into Liquidation
SPD LIMITED: Hires Administrators from BDO Stoy Hayward

THE BRIDGE: Names Moore Stephens Liquidator
THE LONDON: Members Agree to Liquidate Company
XAVEX INCOME: Sets Deadline for Filing of Claims
ZAMOURA ZERMATT: Court Appoints Liquidator

* Large Companies with Insolvent Balance Sheets


                            *********


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


CLAIRCOM SA: Observation Period Extended to June
------------------------------------------------
The commercial court of Meaux extended the observation period of
Claircom S.A. by another six months, Les Echos says.

The extension, which ends on June 29, will allow the management
of the filing products and communications equipment manufacturer
to pursue its strategy.  Claircom completed its first six-month
observation period with a positive cash flow of EUR0.15 million.

The group has opted to focus on its core expertise rather than
pursue its earlier low-price, high-volume strategy.  It now aims
to develop value-added niche products and plans to launch a new
range this year.

After booking EUR6.1 million in turnover and EUR1.5 million in
losses in 2003, Claircom filed for bankruptcy on June 28, 2004.
The group was later placed under court-supervised
administration.

CONTACT:  CLAIRCOM S.A.
          2 rue Vladimir Jankelevitch
          77437 Emerainville Marne La Vallee Cedex 02
          Phone: 01 64 73 10 40
          Fax: 01 64 73 10 55
          E-mail: contact@claircom.fr
          Web site: http://www.claircom.org


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


ABC PROJEKTENTWICKLUNG: Applies for Bankruptcy Proceedings
----------------------------------------------------------
The district court of Gera opened bankruptcy proceedings against
ABC Projektentwicklung GmbH on December 20, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until February 2, 2005 to
register their claims with court-appointed provisional
administrator J. Schneider.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005, 1:35 p.m. at the district court
of Gera, Rudolf-Diener-Str. 1, Zimmer 317 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:  ABC PROJEKTENTWICKLUNG GMBH
          Schillerstrasse 11
          07545 Gera

          J. Schneider, Insolvency Manager
          Tatzendpromenade 2a
          07745 Jena


ALVITO BIOTECHNOLOGIE: First Creditors Meeting Set March
--------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against ALVITO Biotechnologie GmbH on Dec. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 18, 2005 to
register their claims with court-appointed provisional
administrator Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005, 11:00 a.m. at the district court
of Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004
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:  ALVITO BIOTECHNOLOGIE GMBH
          Albert-Einstein Ring 5, 14532 Kleinmachnow

          Sebastian Laboga, Insolvency Manager
          Einemstr. 24, 10785 Berlin


APP ALEMAYO: Bankruptcy Court Stays All Pending Lawsuits
--------------------------------------------------------
The district court of Offenbach am Main opened bankruptcy
proceedings against APP Alemayo Power Painting Baudekoration
GmbH on December 16, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until February 24, 2005 to register their claims
with court-appointed provisional administrator Johannes K.
Sauer.

Creditors and other interested parties are encouraged to attend
the meeting on March 17, 2005, 9:00 a.m. at the district court
of Offenbach am Main, Grosse Marktstrasse 36-44, 63065 Offenbach
am Main at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  APP ALEMAYO POWER PAINTING BAUDEKORATION GMBH
          Rheinstr. 42
          63225 Langen

          Johannes K. Sauer, Insolvency Manager
          Schillstrasse 2
          D-63067 Offenbach am Main
          Phone: 069/8099-0
          Fax: 069/8099357


BNH BETON: Claims Deadline Nears
--------------------------------
The district court of Essen opened bankruptcy proceedings
against BNH Beton- und Naturstein Handels- und Baugesellschaft
mbH on December 23, 2004.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until January 27, 2005 to register their claims with court-
appointed provisional administrator Dr. Gunter Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting on February 10, 2005, 9:30 a.m. at the district
court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  BNH BETON-UND NATURSTEIN HANDELS-UND BAUGESELLSCHAFT
          Reulsbergweg 17
          45257 Essen
          Contact:
          Renate Fuchter, Manager

          Dr. Gunter Trutnau, Insolvency Manager
          Kettwiger Strasse 2-10
          45127 Essen
          Phone: (0201) 1095-3


DAS SANITATSHAUS: Succumbs to Bankruptcy
----------------------------------------
The district court of Karlsruhe opened bankruptcy proceedings
against Das Sanitatshaus Kunstgliederbau GmbH on Dec. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 15, 2005
to register their claims with court-appointed provisional
administrator Markus Ernestus.

Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2005, 10:00 a.m. at the district court
of Karlsruhe, Schlossplatz 23, 76131 Karlsruhe, Saal IV/1. 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:  DAS SANITATSHAUS KUNSTGLIEDERBAU GMBH
          Karlstr. 20, 76133 Karlsruhe

          Markus Ernestus, Insolvency Manager
          O 3, 11+12, 68161 Mannheim
          Phone: (0621) 1668


DER BRILLENMACHER: Administrator to Present 1st Report February
---------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Der Brillenmacher B & S GmbH on December 22, 3004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 27,
2005 to register their claims with court-appointed provisional
administrator Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting on February 17, 2005, 9:00 a.m. at the district
court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  DER BRILLENMACHER B & S GMBH
          Lange Str. 27
          32312 Lubbecke
          Contact:
          Ulrich Bombelka, Manager
          Lerbecker Str. 18
          32457 Porta Westfalica

          Stefan Meyer, Insolvency Manager
          Ostertorstr. 7
          32312 Lubbecke


DIETER SPIEGLER: Calls First Creditors Meeting
----------------------------------------------
The district court of Neu-Ulm opened bankruptcy proceedings
against Dieter Spiegler Internationale Speditions GmbH on Dec.
22.  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 Werner Schneider.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 2, 2005, 8:40 a.m. at the district court of
Neu-Ulm, Heiner-Metzger-Platz 1, II. Stock, SS. 211 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:  DIETER SPIEGLER INTERNATIONALE SPEDITIONS GMBH
          Maybachstr. 4 in 89233 Neu-Ulm

          Werner Schneider, Insolvency Manager
          Bahnhofstr. 39, 89231 Neu-Ulm
          Phone: 0731/97018-0
          Fax: 0731/97018-65


DULON INTERNATIONAL: Court to Review Claims Next Month
------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Dulon International Services Germany GmbH on December
27, 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 Klaus Siemon.

Creditors and other interested parties are encouraged to attend
the meeting on February 16, 2005, 9:00 a.m. at the district
court of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213
Dusseldorf 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:  DULON INTERNATIONAL SERVICES GERMANY GMBH
          Am Clemenshof 11
          41462 Neuss
          Contact:
          Walter Kolkema, Manager

          Klaus Siemon, Insolvency Manager
          Homberger Str. 12,
          40474 Dusseldorf


E. MALZAHN: Hannover Court Appoints Provisional Administrator
-------------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against E. Malzahn Mess- und Regeltechnik GmbH on Dec. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 9, 2005 to
register their claims with court-appointed provisional
administrator Knut Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting on March 9, 2005, 11:05 a.m. at the district court
of Hannover, Dienstgebaude Hamburger Allee 26, 30161 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:  E. MALZAHN MESS- UND REGELTECHNIK GMBH
          i. L., Ernst-Grote-Str. 40, 30916
          Contact:
          Isernhagen, Manager

          Knut Thomas Hofheinz, Insolvency Manager
          Am Markte 13, 30159 Hannover
          Phone: 0511/357721-0
          Fax: 0511/357721-40


ENS-SYSTEMBAU: Heumann und Kollegen Takes over Operations
---------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against ENS-Systembau GmbH on December 13, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until January 18, 2005 to
register their claims with court-appointed provisional
administrator Helgi Heumann of Heumann und Kollegen.

Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2005, 2:00 p.m. at the district court of
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:  ENS-SYSTEMBAU GMBH
          Streesemannplatz 11b
          01309 Dresden

          HEUMANN UND KOLLEGEN
          Helgi Heumann, Insolvency Manager
          Konigsbrucker Str. 31/33
          01099 Dresden
          Web site: http://www.raheumann.de


ERWIN SCHEEL: Gives Creditors Until January 26 to File Claims
-------------------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against Erwin Scheel Tief- und Strassenbau GmbH & Co. KG on Dec.
20.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Jan. 26,
2005 to register their claims with court-appointed provisional
administrator Dietrich Hauser.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 11:00 a.m. at the district court
of Heilbronn, 74072 Heilbronn, Rollwagstr. 10 A, Erdgeschoss,
Saal 4 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:  ERWIN SCHEEL TIEF- UND STRASSENBAU GMBH & CO. KG
          Industriestr. 14, 71665 Vaihingen

          Dietrich Hauser, Insolvency Manager
          Edisonstr. 19, 74076 Heilbronn
          Phone: 07131/6428221


GBR ARGE: Administrator to Present Report Third Week of February
----------------------------------------------------------------
The district court of Chalottenburg opened bankruptcy
proceedings against GbR ARGE Nord Pandion GmbH & Co. Grundbesitz
KG und Otremba Grundbesitz Verwaltungsgesellschaft mbH on Dec.
22.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 18,
2005 to register their claims with court-appointed provisional
administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on February 16, 2005, 9:35 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 18, 2005, 9:35 a.m.
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  GBR ARGE NORD PANDION GMBH & CO. GRUNDBESITZ KG UND
          OTREMBA GRUNDBESITZ VERWALTUNGSGESELLSCHAFT MBH
          Triftstr. 9-11
          13127 Berlin

          Dr. Wolfgang Schroder, Insolvency Manager
          Genthiner Str. 48
          10785 Berlin


JHK HACK: Gives Creditors Until Next Week to File Claims
--------------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against JHK Hack Fliesen und Borduren GmbH on Dec. 21.
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 Stephan Rudlin.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 21, 2005, 11:00 a.m. at the district court
of Heilbronn, 74072 Heilbronn, Rollwagstr. 10 a, Saal 4, EG. 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:  JHK HACK FLIESEN UND BORDUREN GMBH
          Contact:
          Johann Hack
          Beim Grossen Markstein 7,
          74382 Neckarwestheim

          Stephan Rudlin, Insolvency Manager
          Neckargartacher Str. 90; 74080 Heilbronn
          Phone: 07131/913440


KURT GMBH: Bochum Court Launches Bankruptcy Proceedings
-------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Kurt GmbH on December 21, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 21, 2005 to register their
claims with court-appointed provisional administrator Frank
Imberger.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2005, 10:20 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum 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:  KURT GMBH
          Hattinger Strasse 893
          44879 Bochum
          Contact:
          Kurt Bayram, Manager

          Frank Imberger, Insolvency Manager
          Huestrasse 34
          44787 Bochum
          Phone: 964 91-0
          Fax 964 91-33


ORTHO SERVE: Provisional Manager Takes over Helm
------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Ortho Serve AG on December 17, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 28, 2005 to register their
claims with court-appointed provisional administrator Frank
Imberger.

Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2005, 9:15 a.m. at the district court of
Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum 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:  ORTHO SERVE AG
          Steinring 55
          44789 Bochum
          Contact:
          Vorstand Markus Schachtschneider, Manager
          Steinring 55
          44789 Bochum

          Frank Imberger, Insolvency Manager
          Huestrasse 34
          44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


ROTE CORA: Court Sets Claims Verification May 17
------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Rote Cora e.V. on December 16, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 16, 2005
to register their claims with court-appointed provisional
administrator Udo Fesser.

Creditors and other interested parties are encouraged to attend
the meeting on February 8, 2005, 9:25 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 17, 2005, 9:25 a.m.
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  ROTE CORA E.V.
          Holsteinische Str. 12 a
          12163 Berlin

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


SURPRISE TEXTILDRUCK: Bankruptcy Proceedings Begin
--------------------------------------------------
The district court of Offenbach am Main opened bankruptcy
proceedings against Surprise Textildruck 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 Wolfgang Heinrich Jost.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2005, 9:30 a.m. at the district court of
Offenbach am Main, Grosse Marktstrasse 36-44, 63065 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:  SURPRISE TEXTILDRUCK GMBH
          Am Bruchborn 18, 65589 Hadamar
          Contact:
          Ingo Weber, Manager

          Wolfgang Heinrich Jost, Insolvency Manager
          Langstr. 8, D-63075 Offenbach am Main,
          Phone: 069/867898-0,
          Fax: 069/867898-33


TELE INFO: Hannover Court Appoints Insolvency Manager
-----------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Tele Info AG on Dec. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 9, 2005 to register their claims
with court-appointed provisional administrator Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005, 10:15 a.m. at the district court
of Hannover, Dienstgebaude Hamburger Allee 26, 30161 Hannover 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:  TELE INFO AG
          Carl-Zeiss-Str. 27, 30827 Garbsen

          Rainer Eckert, Insolvency Manager
          Lister Strasse 18, 30163 Hannover
          Phone: 0511/626287-0
          Fax: 0511/626287-10


V + F VERSICHERUNGS: Seeks Protection from Creditors
----------------------------------------------------
The district court of Kiel opened bankruptcy proceedings against
V + F Versicherungs- und Finanzierungsvermittlungsgesellschaft
Mbh on Dec. 16.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until Jan. 27, 2005 to register their claims with court-
appointed provisional administrator Dirk Meimberg.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 15, 2005, 10:30 a.m. at the district court
of Kiel, Saal: 17 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:  V + F VERSICHERUNGS- UND
          FINANZIERUNGSVERMITTLUNGSGESELLSCHAFT MBH
          Klausdorfer Weg 167, 24148 Kiel

          Dirk Meimberg, Insolvency Manager
          Sophienblatt 44-46, 24114 Kiel


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


DELTA GALIL: Israeli Owner Abandons Local Logistics Center
----------------------------------------------------------
Delta Galil Industries is shutting down its loss-making
logistics center in Hungary, according to just-style.com.  The
unit is expected to post a negative result of US$500,000 for the
2004/2005 fiscal year ending 25 March.

Israel-based Delta Galil manufactures ladies intimate apparel,
socks, men's underwear, baby wear and leisure wear from Calvin
Klein, Hugo Boss, Nike, and Ralph Lauren.  It has manufacturing
facilities in Israel, Jordan, Egypt, Turkey, Eastern Europe,
North and Central America, the Caribbean and the Far East.

CONTACT:  Delta Galil Industries Ltd. (Tel Aviv: DELT)
          2 Kaufman St., Textile Bldg.
          Tel Aviv, 68012, Israel
          Phone: +972-3-519-3636
          Fax: +972-3-519-3705
          Web site: http://www.deltagalil.com


MALEV AIRLINES: APV Rt. Attempts to Sell Govt Stake Anew
--------------------------------------------------------
At its meeting in December, the Board of Directors of APV Rt.
decided to announce a second tender for sale of the state-owned
majority holding in Malev Rt.  The cash offer must cover at
least 90% of the share price, compensation vouchers being
acceptable for the rest.  The bid submission deadline is 28
February 2005.

Assessment will be by the following criteria: the comprehensive
financial offer, with a weight of 80%, including the arrangement
for assuming the airline's debt of over HUF30 billion, the
nature of the related guarantees, the capital expansion (whose
amount and schedule are of particular interest), and maintenance
of the company's solvency.

Assessment of the financial offer also embraces the offer price.
The tender differs from its predecessor in setting fewer
constraints on the way the arrangement for assuming the debt has
to be presented, and providing for assessment of bids by
comparison rather than solely on grounds of validity.  In
addition, although an offer must be made for the full state
holding, control may be taken in stages over a period of up to a
year.  A 20% weight will be given to the bidder's (at least)
five-year business program.  This must allow for the upkeep of
the "national carrier" character and for employment of staff.

APV Rt. previously put out a public, single-round tender for
privatization of the 99.95% Malev holding on 7 September 2004.
By the 8 October deadline, only four companies had purchased the
tender documents.  The submission deadline was 20 October, when
one bidder, the Aviation Solution International consortium
submitted a bid.  After legal and business policy analysis of
the bid, the privatization organization judged that it fell
short of the tender requirements, which were based on the
government resolution on the Malev privatization plan.  APV Rt.
reviewed the market environment in the industry, and after a
renewed investigation decided to put out a new tender for sale
of the airline.

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


MALEV AIRLINES: Government Cuts Subsidy
---------------------------------------
The State Privatization and Holding Rt (APV) has withdrawn part
of its promised HUF10 billion state aid to Malev Hungarian
Airlines Rt, according to Budapest Business Journal.

APV, which holds 99.95% of the airline, has decided not to
release the remaining HUF3 billion (EUR12.2 million) subsidy to
the carrier.  The company could still use its assets to solve
its financial difficulties, it said.  The government has already
provided it with HUF7 billion.

Adrien Krebsz, spokeswoman for Malev, confirmed the decision,
but declined to comment further.  Malev has outstanding debt of
more than HUF30 billion, and needs additional capital to secure
its long-term operation.  APV has been trying to privatize Malev
since 1989, but was unsuccessful even at the fourth attempt in
November.  Only Aviation Solution International submitted an
offer, which unfortunately failed to meet tender regulations.

Ferenc Turi, an airline industry expert and managing partner of
Capitol Consulting Group Kft, said its small size does not make
it too attractive to a strategic professional investor.

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


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


ELAN CORPORATION: Fourth-quarter, Full-year Results Out Feb. 8
--------------------------------------------------------------
Elan Corporation, plc will host a conference call on Tuesday,
February 8, 2005 at 8:30 a.m. Eastern Standard Time (EST), 1:30
p.m. Greenwich Mean Time (GMT) with the investment community to
discuss Elan's fourth quarter and full year 2004 financial
results, which will be released before the U.S. and European
financial markets open.

Live audio of the conference call will be simultaneously
broadcast over the Internet and will be available to investors,
members of the news media and the general public.

This event can be accessed by visiting Elan's website at
http://www.elan.comand clicking on the Investor Relations
section, then on the event icon.  Following the live Web cast,
an archived version of the call will be available at the same
URL.

About Elan

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

                            *   *   *

Standard & Poor's Ratings Services rates Elan Corp.'s corporate
credit and senior unsecured debt ratings 'B'.

CONTACT:  ELAN CORPORATION, PLC
          Investors:
          Emer Reynolds
          Phone: 353-1-709-4000
                 800-252-3526
          or
          Media:
          Anita Kawatra
          Phone: 212-407-5740
                 800-252-3526


ELAN CORPORATION: Gives Roche Access to NanoCrystal Technology
--------------------------------------------------------------
Elan Corporation Plc announced Friday a broad license agreement
with Roche around Elan's proprietary NanoCrystal technology.
The agreement will provide Roche with access to NanoCrystal
technology and the right to apply it to a number of proprietary
drug candidates.  Elan will receive development milestones and
royalties on sales of any product incorporating the use of
NanoCrystal technology.

Paul Breen, Executive Vice President, Global Services &
Operations, Elan said: "We are very pleased to broaden our
license agreement with Roche.  This agreement highlights the
robustness of the technology and the interest of pharmaceutical
companies to use this technology.  This past year saw the third
product launched in the U.S. incorporating our NanoCrystal
technology.  This agreement brings to a close a very successful
year for Elan's drug delivery efforts."

"We are pleased to add this technology to our formulation
development options and are enthusiastic about its drug delivery
potential," said Ursula Redeker, Roche's Global Head of Safety &
Technical Sciences.

"This agreement further strengthens our ability to deliver value
for patients as we continue to develop innovative,
differentiated medicines."

About Elan's NanoCrystal Technology

NanoCrystal technology is designed to enhance the clinical
performance of poorly water-soluble drugs by transforming them
into nanometer-sized particles.  The technology allows the drug
to dissolve faster and more completely in the gastrointestinal
tract, enabling it to be more easily absorbed by the body.  The
NanoCrystal technology can be incorporated into all dosage forms
both parenteral and oral; including solid, liquid, fast-melt,
pulsed release and controlled release.

Three pharmaceutical products have been commercialized
incorporating NanoCrystal technology, with several additional
product launches anticipated over the next two years.  Elan's
NanoCrystal Technology is protected by more than 130 U.S. and
foreign patents and patent applications.  More information about
Elan's NanoCrystal technology is available at
http://www.elan.com/drugdelivery.

About Elan

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

CONTACT:  ELAN CORPORATION PLC
          Lincoln House, Lincoln Place
          Dublin, 2, Ireland
          Phone: +353-1-709-4000
          Fax: +353-1-662-4949
          Web site: http://www.elan.com

          Investors Relations
          Emer Reynolds
          Phone: 353-1-709-4000
                 800-252-3526

          Media Relations
          Anita Kawatra
          Phone: 212-407-5740
                 800-252-3526


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


PARMALAT FINANZIARIA: Milan Prosecutors Gearing up for New Probe
----------------------------------------------------------------
Milan prosecutors will reportedly launch a new probe into the
sale of Parmalat bonds to retail investors by banks, Il Sole 24
Ore says.

The prosecutors' office has received a report, prepared by
commissioned consultants based on complaints lodged by around
20,000 securities buyers, indicating that the banks purportedly
sold the securities shortly before the dairy giant collapsed.

Prosecutors will reportedly charge several financial
institutions that managed Parmalat bond issuance of deliberately
duping investors by releasing misleading information on the
securities, despite knowledge of Parmalat's dire financial
status.  These institutions could include Banca Intesa unit
Nextra, Morgan Stanley, Citigroup, UBS and Deutsche Bank, the
report says.

Meanwhile, Parma prosecutors are preparing to charge around 80
personalities, including former Parmalat managers, who allegedly
played a role in the group's fraudulent bankruptcy.

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


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


GATE GOURMET: Defaults on Senior, Mezzanine Facility
----------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Switzerland-based Gate Gourmet
Luxembourg II S.C.A., the second-largest airline caterer
worldwide, to 'D' from 'BB-', following the group's failure to
honor all of its financial payments due under its senior
facility and an interest payment due under its mezzanine
facility at year-end 2004.

At the same time, Standard & Poor's lowered its long-term
corporate credit rating on the group's 100%-owned subsidiary
Gate Gourmet LLC to 'D' from 'BB-'.  In addition, the long-term
debt ratings on the subsidiary's senior-secured credit
facilities and junior-secured mezzanine loan facility were also
lowered to 'D' from 'BB' and 'B', respectively.

Standard & Poor's placed its '1' bank loan recovery rating on
Gate Gourmet LLC on CreditWatch with negative implications.  The
'1' rating indicates that Standard & Poor's expects recovery of
about 100% principal post default.  We will review any financial
figures and restructuring plans that might become available to
gauge the impact on recovery prospects.  The recovery rating
might be lowered, depending on the impact of the group's
restructuring on collateral values and repayment prospects.  If
sufficient information does not become available in the near
term, Standard & Poor's will withdraw the recovery rating.

The rating actions follow Gate Gourmet's decision not to make
principal repayment under its CHF372 million (US$314 million)
senior secured facility and an interest payment under its CHF268
million secured mezzanine facility that were due Dec. 31, 2004.
The grace periods included in both facilities' indentures --
which extend the time by which the group has to make these
payments before it is in default -- expired on Jan. 7, 2004.
The group did, however, timely honor its interest payment under
the senior secured facility.

"Although Gate Gourmet's liquidity position at the end of
December 2004 was sufficient to fund scheduled debt repayments
and working capital requirements, the group chose to defer some
of the payments due under its secured facilities partly in order
to meet potential restructuring charges during the first quarter
of 2005," said Standard & Poor's credit analyst Melvyn Cooke.

"Gate Gourmet is currently negotiating with its banks to
restructure its debt and the group's liquidity position
currently relies solely on its cash, which is available for
business purposes."

Standard & Poor's will monitor the situation during the group's
90-day standstill period (under the terms of its indentures) and
review Gate Gourmet's business and financial positions if and
when negotiations with its banks are successful and completed.

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


MILLICOM INTERNATIONAL: Concludes Convertible Bond Offering
-----------------------------------------------------------
Millicom International Cellular S.A. announces that the proceeds
of the offering of US$200 million 4.00% Convertible Bonds due
2010, convertible into Ordinary Shares and/or SDRs, which was
priced on December 1, 2004, were paid and settled Friday in the
amount of US$195,875,000.

The Bonds, Ordinary Shares and SDRs, including Ordinary Shares
or SDRs issuable upon conversion of the Bonds, have not been and
will not be registered under the U.S. Securities Act of 1933 and
may not be offered or sold in the United States unless
registered under the U.S. Securities Act of 1933 or pursuant to
an exemption from registration.

Stabilization/FSA

This press release has been issued by Millicom International
Cellular S.A. and has been approved for the purposes of Section
21 of the Financial Services and Markets Act 2000 by the lead
manager of the offering.  The lead manager of the offering is
acting for Millicom International Cellular S.A. and no one else
in connection with the offer of (i) the Ordinary Shares in the
form of Ordinary Shares or SDRs and (ii) the Bonds, and will not
be responsible to any other person for providing the protections
afforded to their respective clients, or for providing advice in
relation to the proposed offer.

This press release does not constitute or form part of an offer
to sell or solicitation of an offer to purchase or subscribe for
any Ordinary Shares in the form of Ordinary Shares or SDRs,
Bonds, or Ordinary Shares or SDRs to be issued upon conversion
of the Bonds or other securities.

CONTACT:  MILLICOM INTERNATIONAL CELLULAR S.A.
          Marc Beuls
          President and Chief Executive Officer
          Phone:  +352 27 759 327
          E-mail: marc.beuls@millicom.com

          Andrew Best
          Investor Relations
          Shared Value Ltd., London
          Phone: +44 7798 576 378
          E-mail: abest@sharedvalue.net


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


ISPAT INTERNATIONAL: Wraps up Merger with LNM Holdings
------------------------------------------------------
Ispat International N.V. [NYSE and Euronext Amsterdam: IST]
announced that it has completed its acquisition of LNM Holdings
N.V. and changed its name to Mittal Steel Company N.V.

Mittal Steel will trade on the New York Stock Exchange and
Euronext Amsterdam under the ticker symbol "MT."

Mittal Steel is one of the world's largest steel companies, with
pro forma revenues for the nine months ending September 20 2004
of approximately US$16 billion, steel shipments of 32 million
tons, and operations in 14 countries across four continents.

Mittal Steel's strategy will be to enhance long-term shareholder
value both by continuously strengthening its position as a low-
cost, high quality steel producer and by continuing to play an
integral role in a globally diverse steel industry.  The company
is well positioned in key areas that management believes will
experience significant growth in steel consumption.  The
combined company will encompass all aspects of modern steel-
making to produce a comprehensive portfolio of both flat and
long steel products to meet a wide range of customer needs.  It
will serve all the major steel consuming sectors, including the
automotive, appliance, machinery and construction sectors.

"This is an exciting day for Mittal Steel," said Lakshmi Mittal,
Chairman and Chief Executive Officer of Mittal Steel.  "By
bringing these two companies together, we have created a truly
innovative leader in the global steel industry.  The combined
company will have a significant presence in industrialized
economies such as those in North America and Europe and in
economies that are expected to experience above average growth
in steel consumption, including Asia and Africa.  Our unified
marketing platform and management structure will enable us to
operate more efficiently and more effectively."

Lakshmi N. Mittal is Chairman and Chief executive officer of
Mittal Steel.  Aditya Mittal is President and Group Chief
Financial Officer.  Malay Mukherjee is Chief Operating Officer.

About Ispat International

Ispat International is the world's eleventh largest steel
producer with steel-making operations in six countries.  Ispat
International's operating philosophy embraces both integrated
mini-mill and blast furnace processes for steel-making.  Its
steel shipments have increased from 1.5 million tons in 1992 to
15.2 million tons in 2003 and were 12.4 million tons for the
first nine months of 2004.  In 2003, Ispat International's
consolidated sales, operating income and net income were
US$5,441 million, US$151 million and US$66 million respectively.

For the nine months ended September 30, 2004, Ispat
International's consolidated sales, operating income and net
income were US$6,320 million, US$1,243 million and US$887
million, respectively.  Ispat International is currently listed
on Euronext Amsterdam and the NYSE.

About LNM Holdings N.V.

LNM Holdings is one of the world's largest steel producers, and
operates steel-making and processing facilities in eight
countries.  LNM Holdings has in recent years significantly
increased its production and shipments of steel products,
primarily through the acquisition of additional steel producing
assets.  LNM Holdings shipped a total of 12.3 million tons of
steel and steel products in 2003 and 19 million tons for the
first nine months of 2004.  The company has acquired several
steel-making businesses over the past three years, notably in
Poland, the Czech Republic, Romania and South Africa.  The
company has an integrated business model with steel-making
facilities in six countries providing a diversified portfolio of
flat and long products.

                            *   *   *

In October, Moody's Investors Service placed all the ratings of
Ispat Europe Group S.A. and Ispat International N.V. under
review for possible upgrade after an announced acquisition plan.

Ratings affected are:

(a) The B2 senior implied rating on Ispat Europe;

(b) The Caa1 unsecured issuer rating on Ispat Europe;

(c) The B3 rating on the EUR92.0 million 11.875% senior secured
    notes due 2011 issued by Ispat Europe; and

(d) The Caa1 unsecured issuer rating on Ispat International.

Moody's expects Ispat Europe's outstanding debt obligations to
benefit from the transaction.  It believes Ispat International,
for its part, will increase its scale of operations, improve
bargaining power with supplier and customer, and broadens its
geographical diversification.  It further thinks the enlarged
group would be able to benefit from a higher level of upstream
integration.

CONTACT:  ISPAT INTERNATIONAL
          Ms. Nicola Davidson
          General Manager, Communications
          Phone: +44 20 7543 1162
          Mr. T.N. Ramaswamy
          Director, Finance
          Phone: +44 20 7543 1174
          Mr. Chuck Burgess
          Ms. Gillian Angstadt

          ABERNATHY MACGREGOR GROUP
          Phone: 212-371-5999


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


STOLT-NIELSEN: Intends to Sell Remaining Stolt Offshore Interest
----------------------------------------------------------------
Stolt-Nielsen S.A. on Jan. 7, 2005 announced that it intends to
sell all of its ownership interest in Stolt Offshore S.A.

Stolt-Nielsen currently owns 79,414,260 common shares in Stolt
Offshore constituting approximately 41.7% of the latter's
outstanding common shares.  It intends to dispose those shares
in transactions with certain qualified investors in transactions
exempt from the registration requirements of the U.S. Securities
Act of 1933.  It will immediately commence an orderly placement
process, which it intends to complete by the end of this month.

In accordance with the terms of its senior notes, Stolt-Nielsen
will allocate up to 70% of the net cash proceeds of the sale to
repurchase the senior notes.  Any funds that are not used to
repurchase the senior notes will be available for general
corporate purposes.

Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen
S.A. said: "The sale of our interest in Stolt Offshore S.A. will
further deleverage Stolt-Nielsen S.A.'s balance sheet and will
place the company in a strong position to grow within its
transportation business, aquaculture and in other investment
opportunities."

Stolt-Nielsen S.A. (NASDAQNM: SNSA; Oslo Stock Exchange: SNI) is
one of the world's leading providers of transportation services
for bulk liquid chemicals, edible oils, acids, and other
specialty liquids.  The Company, through its parcel tanker, tank
container, terminal, rail and barge services, provides
integrated transportation for its customers.

Stolt Sea Farm, wholly-owned by the Company, produces and
markets high quality Atlantic salmon, salmon trout, turbot,
halibut, sturgeon, caviar, bluefin tuna, and tilapia.  The
Company also owns 41.7% of Stolt Offshore S.A. (NASDAQNM: SOSA;
Oslo Stock Exchange: STO), which is a leading offshore
contractor to the oil and gas industry.

Stolt Offshore S.A. (NASDAQNM: SOSA; Oslo Stock Exchange: STO)
specializes in providing technologically sophisticated offshore
and subsea engineering, flowline and pipeline lay, construction,
inspection, and maintenance services.  (http://www.stolt-
nielsen.com)

                            *   *   *

The offer and sale of the Stolt Offshore S.A. shares have not
been and will not be registered under the U.S. Securities Act of
1933, and the shares may not be offered or sold in the United
States without registration or an applicable exemption from the
registration requirements of the U.S. Securities Act of 1933.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities in the United
States nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.

This communication does not constitute an offer of securities to
the public in the United Kingdom within the meaning of the
Public Offers of Securities Regulations 1995.  No prospectus has
been or will be registered or published in the United Kingdom in
respect of the securities.  The securities must not be sold or
offered for sale in the United Kingdom, except to persons whose
ordinary activities involve them in acquiring, holding, managing
or disposing of investments (as principal or agent) for the
purposes of their businesses.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities in Norway.  The
Stolt Offshore S.A. shares will be offered to a limited number
of institutional investors and therefore the offer of the Stolt
Offshore S.A. shares has not been, and will not be, subject to
an obligation to issue a prospectus under the Norwegian
Securities Trading Act and the Norwegian Stock Exchange
Regulations.  Accordingly, the offer may not be made available,
nor may the shares otherwise be marketed and offered for sale in
Norway, other than in circumstances which are deemed not to be
an offer to the public in Norway under the Norwegian Securities
Act.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities in Sweden.  The
Stolt Offshore S.A. shares will be offered to a limited number
of institutional investors and therefore the offer of the Stolt
Offshore S.A. shares has not been, and will not be, registered
with the Swedish Financial Supervisory Authority under the
Swedish Act on Trading in Financial Instruments (1991:980).
Accordingly, the offer may not be made available, nor may the
shares otherwise be marketed and offered for sale in Sweden,
other than in circumstances which are deemed not to be an offer
to the public in Sweden under the Swedish Act on Trading in
Financial Instruments.

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

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


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


YUKOS OIL: U.S. Court to Hear Arguments Against Chapter 11 Feb.
---------------------------------------------------------------
U.S. bankruptcy Judge Letitia Clark will hear an appeal against
the bankruptcy filing of Yukos Oil abroad on February 16 and 17,
Reuters reports.

Lawyers for Deutsche Bank has asked the Judge Clark to dismiss
the Chapter 11 filing of Yukos in the U.S. in December on
questions of jurisdiction.

Yukos filed for bankruptcy in federal court in Houston last
month in an attempt to stop the sale of its main production
unit, Yuganskneftegaz.  The court issued a temporary restraining
order keeping state-run gas monopoly Gazprom and its banks from
taking part in the Yugansk auction.  But Russian authorities
went on with the sale, handing Yugansk for US$9.4 billion to an
unknown Russian group, which was later bought by state-owned oil
firm Rosneft.

Yukos filed for bankruptcy 11 in the U.S. on grounds that its
Chief Financial Officer Bruce Misamore is holdings his office in
Houston, and that the company has two bank accounts in Texas.

Though the restraining order has expired, it still stands that
under U.S. bankruptcy law the courts have a say on the sale of
debtor companies' assets.

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

          Investor Relations
          Alexander Gladyshev
          Phone: +7 095 788 00 33
          E-mail: investors@yukos.ru

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

          International Information Department
          Hugo Erikssen
          Phone: + 7 095 540-63-13
          E-mail: inter@yukos.ru


YUKOS OIL: Italian Firms Might Buy Assets, Says Minister
--------------------------------------------------------
Italian companies might acquire some assets of troubled fuel
producer Yukos Oil, Il Sole 24 Ore says.

Italian industry minister Antonio Marzano said last week that
Italian groups, which have taken interest in acquiring some of
Yukos' assets, might participate in the second phase of the oil
giant's reorganization.  Unconfirmed reports in November 2004
said Italian energy conglomerate Eni might purchase Yukos'
assets at an auction.  Eni, however, denied the reports.

Baikal Finance bought Yuganskneftegaz, Yukos' largest production
unit, at an auction on December 19, 2004 for US$9.4 billion.
The unit, however, ended up in government control as state oil
group Rosneft purchase Baikal for US$9.1 billion, thus creating
one of the world largest government-owned companies.

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

          Investor Relations
          Alexander Gladyshev
          Phone: +7 095 788 00 33
          E-mail: investors@yukos.ru

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

          International Information Department
          Hugo Erikssen
          Phone: + 7 095 540-63-13
          E-mail: inter@yukos.ru


=====================
S W I T Z E R L A N D
=====================


FLIGHTLEASE AG: 3rd Class Creditors' Recovery Rate Stuck at 5.4%
----------------------------------------------------------------
The liquidator of Flightlease AG, Karl WUthrich, of Wenger
Plattner, has sent his Circular No. 3 to creditors of the
company, post-dated Dec. 20.  The circular is now available on
the liquidator's Web site (http://www.liquidator-swissair.ch).

The Circular reports on the liquidator's activities to date.  It
shows that, over the past few months, it has been possible to
collect outstanding accounts receivable in the approximate
amount of CHF2 million.  The liquidator is pressing ahead with
the debt collection.

Progress has been made with investigations into possible
responsibility claims.  These investigations are currently
focusing on transactions effected via the Swissair Group cash
pool.  In the final weeks before the debt restructuring
moratorium, Flightlease AG suffered a loss in the approximate
amount of CHF60 million.

Estimated dividend of 0.3% - 5.4%

Work has also progressed on the schedule of claims.  It will be
ready for submission to the creditors for inspection in April
2005.  The estimated dividend for third-class claims is still
put at 0.3% to 5.4%.

The Liquidator's report to the debt restructuring judge on
activities for the year 2004 will be drawn up in the first
quarter of 2005.

CONTACT:  WENGER PLATTNER
          Filippo Th. Beck
          Phone: 043 222 38 00
          Fax: 043 222 38 01
          Web site: http://www.liquidator-swissair.ch


SWISSAIR GROUP: Liquidator Recovers CHF3 Million
------------------------------------------------
The liquidators of SAirLines AG in debt restructuring
liquidation, Karl Wuthrich of Wenger Plattner and Roger Giroud
of Giroud & Anderes have sent their Circular No. 3 to creditors
of the company, post-dated Dec. 20.  The circular is now
available on the liquidator's Web site (http://www.liquidator-
swissair.ch).

The Circular reports on the liquidators' activities since
September 2004.  It shows that, over the past few months, it has
been possible to collect outstanding accounts receivable in the
approximate amount of CHF3 million.  The liquidators are
pressing ahead with the debt collection.

Progress has been made with investigations into possible
responsibility claims.  The claims in question amount to over
CHF1 billion.  Whether litigation can be initiated for the full
amount of these claims is still open.

Estimated Dividend of 0.8% - 49.4%

Work has also progressed on the schedule of claims, although it
will not be ready for submission to the creditors for inspection
before mid-2005.  The estimated dividend for third-class claims
is still put at 0.8% to 49.4%.

The Liquidators' report to the debt restructuring judge on
activities for the year 2004 will be drawn up in the first
quarter of 2005.

CONTACT:  WENGER PLATTNER
          Filippo Th. Beck,
          Phone: 043 222 38 00
          Fax: 043 222 38 01
          Web site: http://www.liquidator-swissair.ch


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


ABERDEEN ASSET: Starts over After Split-capital Trust Scandal
-------------------------------------------------------------
Aberdeen Asset Management has finally resolved the split-capital
trust scandal that tarnished its reputation in the past years.
Last month, Aberdeen Asset Management agreed to pay up to GBP81
million to compensate clients who lost money from the fiasco.

The Financial Services Authority on Christmas ended its three-
year investigation on whether fund companies and brokers
colluded to artificially inflate their value.  The 18 companies
under investigation did not admit wrongdoing and the FSA imposed
no penalties.  But they agreed to pay clients GBP194 million.

Split-capital trusts rose to a GBP10 billion business in the
1990s and Aberdeen was the biggest manager of the investments.
But Aberdeen's value went down to GBP46 million in October 2002
from more than GBP1 billion, 19 months earlier on concern about
the failure of some of the split-capital trusts it managed.

"Obviously the settlement is very, very good news for us," he
commented.  "It's not good to have to pay so much, but at least
it's behind us and now we can get back into the U.K. market,"
Chief Executive Martin Gilbert said.

Aberdeen has abandoned retail investment and moved into
institutional funds after the split-capital scandal.  The
company plans to raise the amount for the reparation primarily
via the disposal of assets, including its Isle of Man-based
closed life business and stake in Luxembourg insurer Lombard.
The two are expected to fetch over GBP53 million.

CONTACT:  Aberdeen Asset Management PLC
          10 Queen's Terrace
          Aberdeen AB10 1YG, United Kingdom
          Phone: +44-1224-631-999
          Fax: +44-1224-647-010
          Web site: http://www.aberdeen-asset.com


AMBASSADOR GROUP: Members Pass Special Winding up Resolution
------------------------------------------------------------
At the extraordinary meeting of the members of Ambassador Group
Hotels Limited held at the offices of David Rubin & Partners,
Pearl Assurance House, 319 Ballards Lane, London N12 8LY, the
special resolution to wind up the company was passed.  Henry Lan
of David Rubin & Partners, Pearl Assurance House, 319 Ballards
Lane, London N12 8LY has been nominated liquidator of the
company.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


APOLLO PRINT: Members Decide to Liquidate Company
-------------------------------------------------
At the extraordinary general meeting of the members of Apollo
Print Management Limited on Dec. 21, 2005 held at 100-102 St
James Road, Northampton NN5 5LF, the extraordinary resolution to
wind up the company was passed.  Gary Steven Pettit and Peter
John Windatt of BRI Business Recovery and Insolvency, 100-102 St
James Road, Northampton NN5 5LF have been appointed joint
liquidators of the company.

CONTACT:  BRI BUSINESS RECOVERY AND INSOLVENCY
          100-102 St James Road,
          Northampton NN5 5LF


AVALON PRINT: Calls in Liquidators from BRI Business Recovery
-------------------------------------------------------------
At the extraordinary general meeting of the members of Avalon
Print Limited on Nov. 30, 2004 held at 1 North Portway Close,
Northampton NN3 8RA, the extraordinary resolution to wind up the
company was passed.  Gary Steven Pettit and Peter John Windatt
of BRI Business Recovery and Insolvency have been appointed
joint liquidators of the company.


BACK-UP SCAFFOLDING: Hires Liquidator from Lake Bushells
--------------------------------------------------------
At the extraordinary general meeting of Back-up Scaffolding
Limited on Dec. 21, 2004 held at 129 New London Road,
Chelmsford, Essex CM2 0QT, the subjoined extraordinary
resolution to wind up the company was passed.  Peter George
Byatt of Lake Bushells, 129 New London Road, Chelmsford, Essex
CM2 0QT has been appointed liquidator of the company.

CONTACT:  LAKE BUSHELLS
          129 New London Road,
          Chelmsford, Essex CM2 0QT


BERIC DEVELOPMENTS: Members Name Baker Tilly Liquidator
-------------------------------------------------------
Name of companies:
Beric Developments Limited
Builders amalgamated co. Limited
Cowley Park Developments Limited
Goldquill Investments Limited
Goldquill Properties Limited
Gunnersbury & Chiswick Estates Limited
Hayward Industrial Developments (Birmingham) Limited
Impkarn Limited
T.C. & R.L. Investment Limited
T.H.M. Developments Limited

At the extraordinary general meeting of the members of these
companies on Dec. 8, 2004 held at 68 Hammersmith Road, London
W14 8YW, the special and ordinary resolutions to wind up the
companies were passed.  Ross David Connock and Tracey Elizabeth
Callaghan of Baker Tilly, Spectrum House, 20-26 Cursitor Street,
London EC4A 1HY have been appointed joint liquidators of said
companies.

CONTACT:  BAKER TILLY
          Spectrum House
          20-26 Cursitor Street, London EC4A 1HY
          Phone: 020 7405 2088
          Fax: 020 7831 2206
          Web site: http://www.bakertilly.co.uk


BIG FOOD: Disappointing Christmas Sale Ruins Recovery Forecast
--------------------------------------------------------------
The Big Food Group announces its trading statement for the
thirteen weeks to December 31, 2004.  The last update for this
period was made on December 17, 2004.

Sales

Like-for-like sales for the three quarters to 31 December 2004
and the five-week Christmas period ending on the same date:

                                        FY 04/05
               Q1             Q2             Q3      Five weeks
                %              %                %              %

Group           -0.5          -3.3           -3.4          -3.5

Booker          -1.1          -4.1           -4.3          -4.6
  Tobacco       -0.1          -3.5           -3.6          -4.5
  Non-tobacco   -1.8          -4.6           -4.8          -4.8

Woodward        32.2          27.3           22.5          20.4

Iceland         -1.7          -3.9           -3.5          -3.1

In the update given on December 17, the Company noted that
trading at both Iceland and Booker remained difficult.  This
situation persisted for the remainder of the quarter.

Following the seasonal difficulties experienced during the
second quarter, the Company had expected some recovery after the
summer.  However, a generally disappointing Christmas on the
high street compounded by a trading environment increasingly
characterized by grocery price deflation and increased
competition in the convenience sector, meant that this did not
materialize.

Net Debt

Average net debt for the 39 weeks to 31 December 2004 was
approximately GBP262 million.

Acquisition by Giant BidCo

On December 22, 2004, documentation was sent to shareholders
regarding the proposed sale of The Big Food Group plc to Giant
BidCo Limited for 95 pence cash per share.  This contained a
recommendation from the Board for shareholders to vote in favor
of the proposals at a Court Meeting and an Extraordinary General
Meeting to be held on January 21, 2005.

CONTACT:  THE BIG FOOD GROUP PLC
          Second Ave.,
          Deeside Industrial Park
          Deeside
          Flintshire CH5 2NW
          Phone: +44-1244-830-100
          Fax: +44-1244-814-531
          Web site: http://www.thebigfoodgroup.co.uk

          GCG HUDSON SANDLER
          Andrew Hayes
          Noemie de Andia
          Phone: 020 7796 4133


CEOPS (UK): Hires Haines Watts as Liquidator
--------------------------------------------
At the extraordinary general meeting of CEOPS (UK) Limited on
Dec. 22, 2004 held at Haines Watts, Pagefield House, 24 Gold
Tops, Newport NP20 4PG, the extraordinary and ordinary
resolutions to wind up the company were passed.  Richard James
Burkill of Haines Watts, 2 Southernhay West, Exeter EX1 1JG has
been appointed liquidator of the company.

CONTACT:  HAINES WATTS
          2 Southernhay West
          Exeter EX1 1JG
          Phone: 01392 494225
          Fax: 01392 494795
          Web site: http://www.hwca.com


CHASE RESEARCH: Appoints Baker Tilly Liquidator
-----------------------------------------------
Name of companies:
Chase Research Limited
Prominent Industries Trustees Ltd.
Prominent Industries Limited
Specialix Europe Limited
Specialix International Ltd.
Specialix Limited
Specialix Research Limited

At the extraordinary general meetings of the members of these
companies on Dec. 21, 2004 held at 60 Renfrew Drive, Markham,
Ontario, Canada L3R 0EI, the special resolutions to wind up the
companies were passed.  Tracey Elizabeth Callaghan of Baker
Tilly, 1st Floor, 46 Clarendon Road, Watford, Hertfordshire WD17
1JJ, and Peter John Robertson Souster of Baker Tilly, Spectrum
House, 20-26 Cursitor Street, London EC4A 1HY have been
appointed joint liquidators of said companies.

CONTACT:  BAKER TILLY
          1st Floor,
          46 Clarendon Road, Watford,
          Hertfordshire WD1 1JJ
          Phone: 01923 816400
          Fax:   01923 253402
          Web site: http://www.bakertilly.co.uk

          BAKER TILLY
          Spectrum House
          20-26 Cursitor Street, London EC4A 1HY
          Phone: 020 7405 2088
          Fax: 020 7831 2206
          Web site: http://www.bakertilly.co.uk


COMINCO (U.K.): Joint Liquidators from Ernst & Young Move in
------------------------------------------------------------
At the meeting of the members of Cominco (U.K.) Limited in Dec.
20, 2004, the resolution to wind up the company was passed.
Simon Allport and Garry Wilson of Ernst & Young LLP, 100
Barbirolli Square, Manchester M2 3EY have been appointed joint
liquidators of the company.

CONTACT:  ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Phone: +44 [0] 161 333 3000
          Fax:   +44 [0] 161 333 3001
          Web site: http://www.ey.com


COMPUTER HORIZONS: Calls in Liquidator from Richard Long & Co.
--------------------------------------------------------------
At the extraordinary general meeting of Computer Horizons E-
Solutions (Europe) Limited on Dec. 22, 2004 held at the offices
of Barlow Lyde & Gilbert, 15 St Botolph Street, London EC3A 7NJ,
the extraordinary and ordinary resolutions to wind up the
company were passed.  Richard William James Long of Richard Long
& Co., Castlegate House, 36 Castle Street, Hertford,
Hertfordshire SG14 1HH have been appointed liquidator of the
company.

CONTACT:  RICHARD LONG & CO.
          Castlegate House, 36 Castle Street,
          Hertford, Hertfordshire SG14 1HH


COSWORTH RACING: F1 Engine Supplier Has New Owner
-------------------------------------------------
Ford Motor Company placed its wholly owned subsidiary Cosworth
Racing into administration before selling it last year, The
Telegraph has learned.

Documents filed at the Companies House show that three Grant
Thornton partners were called in for Cosworth Racing three days
before it was sold to the owners of the U.S. Champ Car series
for "millions of pounds."

A spokesman for the company admitted the move was made to avoid
possible legal actions from Formula One team bosses who might
oppose the firm's exit from the car racing business.  Cosworth
Racing supplies engines for Formula One cars Jaguar Racing,
Jordan and Minardi, which are among the 10 teams on the Formula
One grid.

A spokesman said Ford will take care of all Cosworth Racing's
pensions provisions.  The firm's scheme had a GBP12.9 million
gross deficit at the end of 2002.  It is also understood the
U.S. company will pay all creditors, a process that Nigel
Ruddock, a Grant Thornton partner, said may take 18 months to
complete.

Cosworth Racing booked GBP5.7 million in pre-tax losses on
turnover of GBP74.6 million in 2002.  It employs nearly 600
people.  Kevin Kalkhoven and Gerry Forsythe, the new owners,
have renamed it Cosworth Limited.

CONTACT:  COSWORTH RACING
          Web site: http://www.cosworthracing.com


EIDOS PLC: Shares Soar as Disposal Talks Swirl
----------------------------------------------
The Board of Eidos plc on Friday noted the recent rise in the
Company's share price.  Although, as described below,
discussions with potential offerors are continuing, the Board is
not aware of any particular reason to justify this movement.

Since the last statement at the AGM, the Board has continued to
conduct discussions, including detailed due diligence, with
potential acquirers of the Company with a view to securing an
offer.  On the basis of these recent discussions, the likelihood
and extent of any premium achievable to the market price
prevailing before the recent speculative movements is unclear.

Nevertheless, the Board remains committed to a sale of the
Company in the best interests of its shareholders and will
continue to pursue the discussions still underway with a view to
securing an offer as soon as possible.  However, there can be no
assurance that these discussions will result in an offer being
made or as to the level of any such offer.

As previously reported the Company has a significant release
line-up scheduled for the second half of FY05 and is reliant on
the performance of those releases to reverse its expected
substantial losses in the first half.  The timing of the release
schedule will lead to a working capital requirement in the
second half which is expected to reverse rapidly as cash from
game sales is received in due course.  The Board will respond to
this temporary requirement through the use of normal working
capital resources and techniques.

Eidos plc is listed on the London Stock Exchange (ticker: EID.L)
and on the Nasdaq National Market (symbol: EIDSY).  Further
information on the Company can be found at http://www.eidos.com

                            *    *    *

Eidos, the creator of the successful Tomb Raider series, put
itself up for sale after two profit warnings earlier this
summer.  The company remains financially sound but is considered
too small for the market.  In the year to 30 June 2004, the
Group achieved a turnover of GBP133.9 million (2003: GBP151.5
million) and recorded an operating loss before goodwill and
exceptional items of GBP2.0 million (2003: GBP13.9 million
profit).

CONTACT:  EIDOS PLC
          Jonathan Glass
          Wendel Verbeek
          Phone: (U.K.) +44 (0) 207 404 5959

          Nina Devlin (U.S.)
          Phone: (+1) 212 333 3810


EVER 2283: Liquidator's Final Report Out February
-------------------------------------------------
The final meeting of the members of Ever 2283 Limited will be on
Feb. 25, 2005 commencing at 10:00 a.m.  It will be held at the
offices of JonesGiles, The Maltings, East Tyndall Street,
Cardiff CF24 5EA.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with JonesGiles, The Maltings, East Tyndall Street, Cardiff CF24
5EA not later than 10:00 a.m., Feb. 23, 2005.

CONTACT:  JONESGILES
          The Maltings,
          East Tyndall Street,
          Cardiff CF24 5EA


FORCE 10: Hires Joint Administrators from Mazars
------------------------------------------------
Paul Charlton and Timothy Askham (IP Nos 5838, 7905) have been
appointed joint administrators for Force 10 Limited.  The
appointment was made Dec. 29, 2004.  The company manufactures
other furniture.

CONTACT: MAZARS LLP
         Mazars House, Gelderd Road
         Gildersome Leeds LS27 7JN
         Phone: 0113 204 9797
         Fax: 0113 387 8760
         Web site: http://www.mazars.co.uk


FORD & FULFORD: Hires Joint Liquidator from Begbies Traynor
-----------------------------------------------------------
At the extraordinary general meeting of the members of Ford &
Fulford Home Improvement Limited on Dec. 22, 2004 held at The
Rose & Crown Hotel, Harnham Road, Harnham, Salisbury, Wiltshire
SP2 8JQ, the extraordinary and ordinary resolutions to wind up
the company were passed.  Paul Michael Davis and Timothy John
Edward Dolder of Begbies Traynor (South) LLP, Chiltern House,
24-30 King Street, Watford WD18 0BP have been appointed joint
liquidators of the company.

CONTACT:  BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0BP
          Phone: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com


IMANAGE LIMITED: Calls Meeting of Contributories
------------------------------------------------
The contributories of Imanage Limited will meet on Feb. 24, 2005
commencing at 11:30 a.m.  It will be held at Baker Tilly, 140
London Road, Guildford, Surrey GU1 1UW.

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

CONTACT:  BAKER TILLY
          The Clock House,
          140 London Road,
          Guildford, Surrey GU1 1UW
          Phone: 01483 307000
          Fax:   01483 569 281
          Web site: http://www.bakertilly.co.uk


LAURA ASHLEY: Loses Yet Another Chief Executive
-----------------------------------------------
The chief executive of fashion and home furnishings retailer
Laura Ashley has resigned ahead of the release of the firm's
trading statement this month, The Telegraph reports.

According to a spokesman, Ainum Mohd-Saaid resigned for
"personal reasons" and would not receive compensation.  The
company denied his resignation is linked to the firm's
performance.

House broker Numis Securities is concerned the company had
suffered from poor Christmas trading, according to the report.
Laura Ashley will issue its Christmas trading statement on
January 20.

Mr. Mohd-Saaid is the fifth chief executive to resign from Laura
Ashley since Malaysian conglomerate MUI took over the firm
almost seven years ago.  His departure follows that of Rebecca
Navarednam, his co-chief executive, who resigned two months ago.
The firm's reported lower U.K. clothing sales in September.  Its
interim pre-tax losses widened from GBP1 million to GBP1.2
million.  For the year ending January 2003, it reported a loss
of GBP14 million.

Laura Ashley is owned by MUI, and Bonham Industries, which hold
34.3% and 24.1% stakes, respectively.  Bonham Industries is a
private investment vehicle for MUI Chairman Dr. Khoo Kay Peng.

CONTACT:  Laura Ashley Holdings plc (London: ALY)
          27 Bagleys Lane, Fulham
          London SW6 2QA, United Kingdom
          Phone: +44-20-7880-5100
          Fax: +44-20-7880-5200
          Web site: http://www.lauraashley.com


LEOPOLD JOSEPH: Gives Creditors Until February to File Claims
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

    IN THE MATTER OF Leopold Joseph Fund Management (Guernsey)
                            Limited

Notice is hereby given that at the Annual General Meeting of the
members held at Regency Court, Glategny Esplanade, St. Peter
Port, Guernsey, on December 17, 2004 these special resolutions
were passed:

(a) That the company be placed into voluntary liquidation; and

(b) That Mr. Ian Banneville of Regency Court, Glategny
    Esplanade, St Peter Port, be appointed as liquidator to the
    Company, to wind up the Company's affairs and to realize and
    distribute its assets.

All persons having claims against or who are indebted to the
company are requested to send details thereof to the liquidator
on or before February 7, 2005.

CONTACT:  Ian Banneville, Liquidator
          Regency Court
          Glategny
          Esplanade
          St. Peter Port
          Guernsey


LE ROCHER: Claims Deadline Expires Next Week
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Le Rocher Holdings Limited
                        (In Liquidation)

Notice is hereby given that an Extraordinary General Meeting of
Le Rocher Holdings Limited was held on December 20, 2004.   It
was resolved that the company be placed in voluntary liquidation
and that Legis (MRL) Limited of 1 Le Marchant Street, St. Peter
Port, Guernsey, Channel Islands be appointed Liquidator.

All persons owing monies to Le Rocher Holdings Limited are
requested to settle the amounts concerned directly with the
Liquidator.  All persons having claims against the company are
requested to send a detailed account thereof to the Liquidator
on or before January 21, 2005.

CONTACT:  LEGIS (MRL) LIMITED, Liquidator
          1 Le Marchant Street
          St. Peter Port
          Guernsey


LESLIE HOLDINGS: Shareholders Opt for Liquidation
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Leslie Holdings Limited
                         (In Liquidation)

At an Extraordinary General Meeting held on December 30, 2004,
these resolutions were unanimously confirmed as special
resolutions:

(a) That the Company be wound up voluntarily; and

(b) That Mr. Timothy Ian Cumming of Suites 13 & 15, Sarnia
    House, Le Truchot, St. Peter Port, Guernsey be and is hereby
    appointed as Liquidator.

All persons having claims against the above Company are
requested to submit details thereof to the undersigned on or
before February 4, 2005 and all persons indebted to the said
Company are requested to settle with the undersigned on or
before the same date.

CONTACT:  T. I. Cumming, Liquidator
          Suites 13 & 15
          Sarnia House
          Le Truchot
          St. Peter Port
          Guernsey


LONDON IRISH: Hires Bridgers as Administrator
---------------------------------------------
John Arthur Kirkpatrick and Peter John Bridger (IP Nos 2230,
7827) have been appointed administrators for London Irish
Venture Capital Ltd.  The appointment was made Dec. 17, 2004.
The nightclub's registered office is located at 47 London
Street, Reading, Berkshire RG1 4PS.

CONTACT:  BRIDGERS
          47 London Street,
          Reading, Berkshire RG1 4PS


LOUIS DREYFUS: Calls in Liquidator from Smith & Williamson
----------------------------------------------------------
At the extraordinary general meeting of Louis Dreyfus Trading &
Processing Limited on Dec. 31, 2004 held at Queensberry House, 3
Old Burlington Street, London W1S 3LD, the subjoined special
resolution to wind up the company was passed.  Anthony Cliff
Spicer and Henry Anthony Shinners of Smith & Williamson Limited
have been appointed joint liquidators of the company.


MERCHANTS CAPITAL: In Administrative Receivership
-------------------------------------------------
Bank of Scotland appointed G. P. Rowley and S. P. Bower (Office
Holder Nos 8919, 8338) joint administrative receivers for
Merchants Capital Company Plc (Reg No 03420191, Trade
Classification: 6521).  The application was filed Dec. 23, 2004.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


NCN LIMITED: Appoints Administrators from KPMG
----------------------------------------------
Allan Watson Graham and Mark Jeremy Orton (IP Nos 8719, 8846)
have been appointed administrators for NCN Limited.  The
appointment was made Dec. 22, 2004.  The company offers parcel
delivery services.

CONTACT:  KPMG
          Aquis Court,
          31 Fishpool Street,
          St Albans, AL3 4RF
          Phone: 0500 644665
          Web site: http://www.kpmg.co.uk


OLD RACQUETS: General Meeting of Members Set February
-----------------------------------------------------
The general meeting of the Old Racquets Limited will be on Feb.
3, 2005 commencing at 6:00 p.m.  It will be held at The Racquets
Club, Hargreave Buildings, Chapel Street, Liverpool L2.

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


PARMELIA INVESTMENTS: Liquidator's Final Report Out Next Month
--------------------------------------------------------------
The final general meeting of the members of Parmelia Investments
Limited will be on Feb. 2, 2005 commencing at 10:00 a.m.  It
will be held at the offices of Bulley Davey, 69-75 Lincoln Road,
Peterborough PE1 2SQ.

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

CONTACT:  BULLEY DAVEY
          69-75 Lincoln Road,
          Peterborough PE1 2SQ
          Phone: 01733 569494
          Fax: 01733 565250
          Web site: http://www.bulleydavey.co.uk


PROMOTIONAL RISK: Calls Creditors Meeting
-----------------------------------------
The creditors of Promotional Risk Management Limited will meet
on Jan. 26, 2005 commencing at 2:00 p.m.  It will be held at 43-
45 Butts Green Road, Hornchurch, Essex RM11 2JX.  Creditors who
want to be represented at the meeting may appoint proxies.
Proxy forms must be submitted together with written debt claims
to 45 Butts Green Road, Hornchurch, Essex RM11 2JX not later
than 12:00 noon, Jan. 25, 2005.

CONTACT:  VANTIS REDHEAD FRENCH LIMITED
          43-45 Butts Green Road,
          Hornchurch, Essex RM11 2JX


REDGULL LIMITED: Liquidator Takes over Helm
-------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Redgull Limited
                          (In Liquidation)

Notice is hereby given that at an Extraordinary General Meeting
of the members of Redgull Limited held on December 29, 2004,
these special resolutions were unanimously adopted:

(a) That Redgull Limited be placed into voluntary liquidation;
    and

(b) That Jennifer Le Chevalier of No. 1 Seaton Place, St Helier,
    Jersey be appointed as liquidator.

All persons having claims against the Company are required to
submit details thereof to the Liquidator on or before January
29, 2005 and all persons indebted to the said Company are
required to settle with the Liquidator on or before the same
date.

CONTACT:  Jennifer Le Chevalier, Liquidator
          No. 1 Seaton Place
          St. Helier
          Jersey JE4 8YJ


RIDGEMOUNT HOLDINGS: Creditors Have Until Jan. 28 to File Claims
----------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Ridgemount Holdings Ltd.
                         (In Liquidation)

Notice is hereby given that at an Extraordinary General Meeting
of the company held on December 30, 2004 these special
resolutions were adopted:

(a) That the company be wound up voluntarily; and

(b) That Mr. David Jackson of Richmond Villa, Kings Road, St.
    Peter Port, Guernsey be and is hereby appointed liquidator
    for the purpose of such winding up.

All persons having claims against or who are indebted to the
company are hereby requested to send details to the liquidator
on or before January 28, 2005.

CONTACT:  D. Jackson, Liquidator
          Richmond Villa,
          Kings Road
          St. Peter Port
          Guernsey


ROSINA CHINA: Members Final Annual Meeting Set February
-------------------------------------------------------
The annual and final meeting of the members of Rosina China
Company Limited will be on Feb. 7, 2005 commencing at 10:00 a.m.
It will be held at Deloitte & Touche, 1 Woodborough Road,
Nottingham NG1 3FG.

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

CONTACT:  DELOITTE & TOUCHE LLP
          1 Woodborough Road,
          Nottingham NG1 3FG
          Phone: +44 (0) 115 950 0511
          Fax:   +44 (0) 115 959 0060
          Web site: http://www.deloitte.com


ROY CATERING: Former Exec Gets 5-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


SAMOLS ROWSON: Meeting of Contributories Set
--------------------------------------------
The contributories of Samols Rowson Limited will meet on Feb.
24, 2005 commencing at 11:00 a.m.  It will be held at Baker
Tilly, 140 London Road, Guildford, Surrey GU1 1UW.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Contributories who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Baker Tilly, 140 London Road, Guildford,
Surrey GU1 1UW not later than 4:00 p.m., Feb. 23, 2005.

CONTACT:  BAKER TILLY
          The Clock House, 140 London Road,
          Guildford, Surrey GU1 1UW
          Phone: 01483 307000
          Fax: 01483 569 281
          Web site: http://www.bakertilly.co.uk


SANPAOLO IMI: Placed into Liquidation
-------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Sanpaolo IMI Capital Partners Limited
                      (In Liquidation)

Notice is hereby given that the members of SanPaolo IMI Capital
Partners Limited, whose registered office is situated at
Trafalgar Court, Les Banques, St. Peter Port, Guernsey, Channel
Islands, unanimously passed these Special Resolutions on
December 29, 2004:

(a) That SanPaolo IMI Capital Partners Limited be placed into
    voluntary liquidation; and

(b) That Saline Nominees Limited be appointed sole liquidator of
    the Company.

All persons having claims against or who are indebted to the
above Company are hereby requested to send details thereof in
writing to Saline Nominees Limited on or before February 7,
2005.

January 6, 2005

CONTACT:  SALINE NOMINEES LIMITED, Liquidator
          Trafalgar Court
          Les Banques
          St. Peter Port
          Guernsey


SPD LIMITED: Hires Administrators from BDO Stoy Hayward
-------------------------------------------------------
Martha H. Thompson (IP No 8678/01) and Simon James Michaels (IP
No 8824/01) have been appointed administrators for SPD Limited.
The appointment was made Dec. 23, 2004.  The company sells
computer products.  Its registered office is located at 50 West
Street, Farnham, Surrey GU9 7DX.

CONTACT:  BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk

          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


THE BRIDGE: Names Moore Stephens Liquidator
-------------------------------------------
At the extraordinary general meeting of The Bridge Wardens'
College Limited on Dec. 22, 2004 held at the offices of Moore
Stephens, Victory House, Admiralty Place, Chatham Maritime, Kent
ME4 4QU, the special resolutions to wind up the company were
passed.  David Ronald Elliott of Moore Stephens, Victory House,
Admiralty Place, Chatham Maritime, Kent ME4 4QU has been
appointed liquidator of the company.

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


THE LONDON: Members Agree to Liquidate Company
----------------------------------------------
At the extraordinary general meeting of the members of The
London Millennium Tower Limited on Dec. 8, 2004 held at 68
Hammersmith Road, London W14 8YW, the special and ordinary
resolutions to wind up the company were passed.  Ross David
Connock and Tracey Elizabeth Callaghan of Baker Tilly, Spectrum
House, 20-26 Cursitor Street, London EC4A 1HY have been
appointed joint liquidators of the company.

CONTACT:  BAKER TILLY
          Spectrum House
          20-26 Cursitor Street, London EC4A 1HY
          Phone: 020 7405 2088
          Fax: 020 7831 2206
          Web site: http://www.bakertilly.co.uk


XAVEX INCOME: Sets Deadline for Filing of Claims
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Xavex Income 1 Limited
                         (In Liquidation)

Notice is hereby given that at an Extraordinary General Meeting
of the voting members of Xavex Income 1 Limited, duly convened,
and held at Anson House, Havilland Street, St. Peter Port,
Guernsey on December 30, 2004, these Special Resolutions were
duly passed:

(a) That Xavex Income 1 Limited be wound up in accordance with
    the Companies (Guernsey) Laws, 1994 to 1996, as amended; and

(b) That Anson Fund Managers Limited of Anson House, Havilland
    Street, St Peter Port, Guernsey, GY1 2QE be appointed
    liquidator.

All persons having claims against the company are requested to
submit details thereof to the Liquidator before January 28,
2005, and all persons indebted to the company are required to
settle with the Liquidator before the same date.

CONTACT:  ANSON FUND MANAGERS LIMITED, Liquidator
          Anson House, Havilland Street
          St. Peter Port
          Guernsey GY1 2QE


ZAMOURA ZERMATT: Court Appoints Liquidator
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Zamoura Zermatt Limited
                        (In Liquidation)

On the December 30, 2004, by Act of the Royal Court of Guernsey,
Zamoura Zermatt Limited was ordered to wind up compulsorily.

Anthony Christian Pickford was appointed Liquidator.  All
persons having claims against the Company are required to submit
details thereof to the Liquidator before February 4, 2005.  All
persons indebted to the Company are requested to settle the
amount with the Liquidator before the same date.

January 4, 2005

CONTACT:  A. C. PICKFORD, Liquidator
          Anson Court La Route des Camps
          St Martin, Guernsey GY1 3TF


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

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

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (531)       1,471      129


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


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


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


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


GERMANY
-------
Agor AG                   DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Glunz AG                  GLUG        (0)         428      (17)
Kamps AG                  KMPSF.PK   (93)       1,075      (61)
Kaufring AG               KAUG       (19)         151      (51)
Mannheimer AG                        (15)         879      N.A.
Marbert AG                MTBG       (13)         144      (50)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (106)       1,264      (50)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (38)         150      (26)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
VBH Holding AG            VBHG       (54)         337      (80)
Vivanco Gruppe                       (55)         131      (31)


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


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


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


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


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


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


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


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


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


TURKEY
------
Dyo Boya Fabrikalari
   Sanayi Ve Ticare                  (11)         106      (66)
Nergis Holding                       (24)         125       22
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L      (51)         585       82
Dawson Holdings           DWN.L      (29)         142      (32)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,318)       3,472     (293)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV       (130)         997      (56)
Intertek Testing Services ITRK       (64)         508       77
Invensys PLC                        (559)       5,885      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L       (8)         297        7
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Misys Plc                 MSY       (334)         934       44
MyTravel Group            MT.L    (1,118)       2,551     (533)
Orange Plc                ORNGF     (594)       2,902        7
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L     (565)       1,105       34
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,092)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *