TCREUR_Public/050113.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

           Thursday, January 13, 2005, Vol. 6, No. 09

                            Headlines

A U S T R I A

VA TECHNOLOGIE: Key Shareholder Sides with Siemens


F R A N C E

EURO DISNEY: Q1 Revenues Grow Slightly to EUR268.9 Million
MATUSSIERE & FOREST: Drafts Recovery Scheme


G E R M A N Y

BAVARIATRENDBAU GMBH: Munchen Court Appoints Administrator
BLUMEN STORZ: Under Bankruptcy Administration
EUROPA BROT: Claims Deadline Expires Next Month
FLORSCH INDUSTRIEMONTAGE: Creditors to Meet Next Week
GROSS APPARATEBAU: Declares Bankruptcy

HERMANN BRENDLER: Court Appoints Olaf Seidel Administrator
HOLZBAU GMBH: Court to Review Claims Mid-March
INFINEON TECHNOLOGIES: Drops Plan to Sell Fiber-optics Operation
KARSTADTQUELLE AG: DHL Gets Go-ahead to Acquire Logistics Parts
KATOGA KNOPF: Gives Creditors Until Mid-February to File Claims

L & P GESAMTPLANUNGSGESELLSCHAFT: Administrator Takes over Helm
MOTO MARKT: Administrator's Report Out February
PAULZEN GMBH: Calls First Creditors Meeting
ROLF VON: Creditors Have Until Next Week to File Claims
S.L. DRUCKREGIE: Hamburg Court Appoints Administrator
TURBO TROP: Applies for Bankruptcy Proceedings
WIBAG IMMOBILIEN: Gives Creditors Until Next Week to File Claims


I R E L A N D

DUNGANNON MEATS: Loses Major Customer; Future Shaky, Says Report
SUPERQUINN: New Owners Rule out Closure of Unprofitable Stores


I T A L Y

PARMALAT U.S.A.: PBGC Says Disclosure Statement Is Inadequate


P O L A N D

NETIA SA: Settles Installment Obligations Early


R U S S I A

BELGOROD-SEL-ELECTRO: Proofs of Claim Deadline Set
INTER-COM-GAS: Declared Insolvent
KIMRY-AGRO-KHIMIYA: Proofs of Claim Deadline Set February
KOMI-ENERGO-DOR-STROY: Komi Court Hires Insolvency Manager
LYSVENSKIY FACTORY: Hires A. Gabidulin as Insolvency Manager

MOBILNOYE SMU: Gives Creditors Until Next Month to File Claims
NAVASHINSK-SEL-KHOZ-KHIMIYA: Declared Insolvent
NORTH STAR: Applies for Bankruptcy Proceedings
RADITSKIY ENGINEERING: Insolvency Manager Takes over Operations
SEL-STROY: Public Auction of Assets Next Week

VOLOGODSKIY EXPERIMENTAL: Vologda Court Hires Insolvency Manager
YUKOS OIL: Court Upholds Seizure of Yugansk Shareholder Register
YUKOS OIL: Halves Staff at Moscow Headquarters
YUKOS OIL: May Keep U.S. Bank Accounts for Now


S W I T Z E R L A N D

SWISS INTERNATIONAL: Yearly Seat Load Factor Up


U K R A I N E

AGROPROMSPILKA: Under Bankruptcy Supervision
BILOGIRSKIJ MILK: Succumbs to Insolvency
BORISFEN SOCCER: Liquidator Enters Firm
BORN LTD.: Hires I. Radik as Liquidator
ELDO: Urges Creditors to File Claims

INTERCINEMA: Temporary Insolvency Manager Takes over Helm
MIKITIVSKIJ FIRE: Court Opens Bankruptcy Proceedings
SVATIVSKA MTS: Insolvency Manager to Temporarily Oversee Biz
UKRRESURS: Succumbs to Insolvency
VENONA: Appoints Insolvency Manager
ZNAMYANSKIJ QUARRY: Bankruptcy Supervision Starts


U N I T E D   K I N G D O M

1ST DISTRIBUTION: Names Bond Partners LLP Administrator
ALEX FIELD: Hires Administrators from Numerica
ARROW-CRAFT (BOATS): Calls in Administrators from Tenon Recovery
ASIA TRADE: Liquidator to Bare Final Report Next Month
A S LINGTECH: Calls Final General Meeting

BETA INTERNATIONAL: Deadline for Filing of Claims Nears
CALVER + WILSON: Final Creditors Meeting Set February
CAXHALL LIMITED: Director Banned from Holding Management Post
CHRISTMAS PARTIES: Sets Final Meeting February
DANIEL LYNCH: Administrator from Irwin & Co. Moves in

ELSECAR BREWING: Exec Gets 5-year Directorship Ban
FEDERAL-MOGUL: U.S. Judge Agrees to Work Closely with U.K. Court
JJMP FINANCE: Hires Liquidator from Begbies Traynor
JOHN HARDMAN: Names Moore Stephens Liquidator
MCA CATERING: Files for Receivership

NAD ELECTRONICS: Owners Choose to Dissolve Business
NEIL PHILLIPS: Hires Moore Stephens to Liquidate Assets
PETER CHAMBERLAIN: Opts for Liquidation
PPPL REALISATIONS: Hires DTE Leonard Curtis as Administrator
PROTECH ELECTRONIC: Administrator from Bond Partners Moves in

SAN-CLYNT LIMITED: Calls in Liquidator from Grant Thornton
SHEEPSCAR WORKS: Shareholders Agree to Call in Liquidators
S.K.I. (UK): Hires Joint Administrators from Numerica
SOUTHBURY SUPPLIES: Shareholders Give up; Opt for Liquidation
STODDARD INTERNATIONAL: Company Profile

TCF CONSULTANTS: Names Saline Nominees Liquidator
THE CARD: Appoints Joint Administrators from Numerica
THE PARAGON: Joint Administrators Take over Operations
T MAWDSLEY: Hires Parkin S. Booth & Co. as Liquidator
TRENPORT INVESTMENTS: Final Meeting Set Mid-February

VERTICALNET LIMITED: Members Pass Winding up Resolution
WATERFORD WEDGWOOD: Completes EUR100 Million Rights Issue
WATERFORD WEDGWOOD: December Like-for-like Sales Up
WATERFORD WEDGWOOD: Shareholders Okay Royal Doulton Buyout


                            *********


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


VA TECHNOLOGIE: Key Shareholder Sides with Siemens
--------------------------------------------------
Privatization agency OeIAG has agreed to sell its 14.7% stake in
engineering group VA Technologie to Germany's Siemens, the
Financial Times reports.

Siemens is buying the stake at EUR55 apiece.  "OeIAG accepts the
offer," said Viet Sorger, a supervisory board member of the
agency.  The offer values VA Tech at EUR5 less than current
share price, or EUR840 million (US$1.1 billion).

OeIAG is VA Tech's second largest shareholder after Siemens.
Although the transaction does need approval by the Austrian
government, the green light from OeIAG is crucial because the
agency is charged with privatizing state holdings in companies.

VA Tech has said the offer is inadequate, but maintained a
neutral position.  In the first nine months of its fiscal year,
the company's losses narrowed to EUR11.7 million from EUR13.6
million.

CONTACT:  VA TECHNOLOGIE AG
          Lunzerstrasse 64
          A-4031 Linz, Austria
          Phone: +43-732-6986-9222
          Fax: +43-732-6980-3416
          Web site: http://www.vatech.co.at

          Wolfgang Schwaiger
          Communications and Investor Relations
          Phone: +43 70/6986-9222
          Fax: +43 70/6980-3416
          E-mail: wolfgang.schwaiger@vatech.at


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


EURO DISNEY: Q1 Revenues Grow Slightly to EUR268.9 Million
----------------------------------------------------------
Euro Disney S.C.A., operator of Disneyland Resort Paris, on Jan.
11, 2005 reported record first quarter revenues and the primary
content of its EUR240 million investment program.  Record
Revenues for the Three Months Ended Dec. 31, 2004
Disneyland Resort Paris total revenues, including its Real
Estate Segment, increased 3% for the three months ended December
31, 2004 to a record EUR268.9 million compared to the prior-year
record of EUR262.2 million on a pro-forma basis.

                          (Unaudited)
                    Three Months Ended December 31,   Variation
                                        Pro-Forma[1]
(EUR in millions)           2005           2004        Amount %
Segment Revenues
Theme Parks                137.0          131.2        5.8   4%
Hotels and Disney Village   96.5          102.7       (6.2) (6)%
Other                       26.2           24.5        1.7   7%
Resort Segment             259.7          258.4        1.3   1%
Real Estate Segment          9.2            3.8        5.4 142%
Total Revenues             268.9          262.2        6.7   3%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Effective from the beginning of fiscal year 2004, the
Company adopted mandatory new accounting rules with respect to
the consolidation of financing companies that are not legally
controlled by the Company.  As a result, prior year revenues
have been presented on a pro-forma basis as if this change had
been in effect during the prior year.  In addition, certain
amounts recorded in revenues in the prior year have been
reclassified as a reduction in cost of sales to conform to the
current year presentation.  As-reported revenues for the quarter
ended December 31, 2003 amounted to EUR264.1 million.
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Resort Segment revenues for the quarter ending December 31, 2004
increased 1% to EUR259.7 million compared to the prior year pro-
forma revenues of EUR258.4 million.  These results occurred
despite a change in the timing of both the Christmas and New
Year holidays, as well as a shift in school vacation periods in
several key markets from December to January.

Theme park revenues increased 4% over the prior year to EUR137.0
million for the three months ended December 31, 2004 reflecting
higher average spending per guest.

Hotels and Disney Village revenues decreased 6% for the quarter
to EUR96.5 million, as a result of lower average hotel occupancy
rates and reduced average daily guest spending per room,
reflecting lower food and beverage spending due to a difficult
comparison with prior year convention activities.

The reduction in guest spending per room and the higher average
spending per guest in the theme parks also reflect a change in
the allocation of total vacation package pricing between the
Company's hotel rooms and theme park admissions.
Revenues generated by the Real Estate Segment were EUR9.2
million, an increase versus the prior year of EUR5.4 million,
reflecting the timing of land sales.

Content of Program for New Attractions in Disneyland Park and
Walt Disney Studios Park

The Company also announced the primary content of its EUR240
million plan for new investments over the next several years.
This plan, which remains subject to completion of a capital
increase through an upcoming rights offering, is based on the
Company's growth strategy of increasing market penetration of
first time visitors -- those Europeans who know the Resort, are
interested in visiting, but haven't done so yet.  Such strategy
is designed to leverage the Resort's outstanding guest
satisfaction and repeat visitor ratings.

In fiscal 2006, the Company will bring Buzz Lightyear's Laser
Blast to Disneyland Park.  In this interactive ride-through
attraction, guests journey to infinity and beyond to help Buzz
Lightyear defend the universe against the evil Emperor Zurg.
The opening of the attraction will add to our series of exciting
new offers at Disneyland Park.  In 2004, the Company opened The
Legend of The Lion King show, which has been an immense success.
In the coming months, the Park will re-launch one of its most
popular attractions as a completely new experience, Space
Mountain: Mission 2.

The toons take over when the Company opens Toon Studios at Walt
Disney Studios Park in fiscal 2007.  In this new land, designed
to further increase the Park's appeal to families and young
children, guests will experience the magical world of Disney
animated films from an insider's point of view.  In this
"working studio," the cast and crew are your favorite "toons,"
and the unique attractions are designed to bring their films to
life around you.

In fiscal 2008, the Company has scheduled the opening of Tower
of Terror at Walt Disney Studios Park.  In this classic Disney
adventure, an elevator ride in a mysterious Hollywood hotel
becomes a thrilling, white-knuckle journey into a mysterious new
dimension.

As previously reported, the Company and its affiliated group is
in the process of a financial restructuring, which requires the
completion of a capital increase of at least EUR250 million
(before deduction of underwriting commissions and other costs)
by March 31, 2005.  Pursuant to this objective, the Company has
filed a Reference Document with the Autorite des marches
financiers, which contains detailed information regarding the
Group and its operations.

Andre Lacroix, Chairman and Chief Executive Officer of Euro
Disney S.A.S., said: "We are pleased with our continued growth
in revenue, especially in our theme parks, which have enjoyed
five consecutive quarters of revenue growth.  As the Company
pursues its growth strategy fueled by the investment program in
new attractions and seasons, we aim to further increase our
family entertainment offering and attendance, thereby growing
revenues throughout the resort.

In less than 15 years, we have created a new way of vacationing
and have become the number one tourist destination in Europe.
Our Resort is a unique form of entertainment the whole family
can enjoy.  We view this unique resort experience as a
relatively new market in Europe that has significant long-term
growth potential.

Based on a marketing and sales strategy adapted to European
consumers -- especially to those who have not visited us yet --
and an unparalleled multi-year program leveraging both the
creativity, as well as the enormous brand strength of Disney,
Disneyland Resort Paris is ideally positioned to take advantage
of this travel and leisure market."

Euro Disney S.C.A. and its subsidiaries operate the Disneyland
Resort Paris which includes: Disneyland Park, Walt Disney
Studios Park, seven themed hotels with approximately 5,800 rooms
(excluding 2,033 additional third-party rooms located on the
site), two convention centers, Disney Village (a dining,
shopping and entertainment center) and a 27-hole golf facility.
The Group's operating activities also include the management and
development of the 2,000-hectare site, which currently includes
approximately 1,000 hectares of undeveloped land.  Euro Disney
S.C.A.'s shares trade in Paris (SRD), London and Brussels.

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Appendix

Buzz Lightyear's Laser Blast[*] in Disneyland Park

2006 should see the unveiling of a new attraction based on the
characters and magic of the Walt Disney Pictures presentation of
the Pixar Animation Studios film Toy Story 2.  At the other end
of the galaxy, the evil Emperor Zurg is masterminding the
construction of an invading army of battery-powered robotic
villains.  His plan hinges vitally on the theft of the entire
galaxy's stock of batteries.  Foiling this plan and pulling the
plug on the power puppets is a job for space ranger Buzz
Lightyear.

Participants will board two-seater ride vehicles, each of which
will be fitted with dual laser pistols and direction controls,
making it possible for guests to spin their space ships around a
full 360.  To defend the universe our guests will then go
blasting at the various targets placed throughout the different
scenes their vehicles enter.  Each successful hit will not only
accumulate points on vehicle dashboards, but also generate
special effects through the use of sound, light and movement.

Set to become something of a standard in Disney Theme Park
entertainment, the popularity of the series of Buzz Lightyear
attractions appears to lie in the development of a storyline
concerning an unforgettable character, the ownership of an
experience which guests create themselves and the desire to
become a top scorer.

Toon Studios[*] at Walt Disney Studios Park

A new land in Walt Disney Studios Park will soon offer guests
insight into the backstage activity of their favorite Disney
characters.  This land will be none other than the place where
the toons toil -- the setting where they make their films -- and
this theme makes our expansion unique in Disney Theme Park
history.  This new Land will be a continuation of the Theme
Park's current celebration of the animated world, and will thus
find itself located alongside Animation Courtyard, between
Flying Carpets Over Agrabah and Art of Disney Animation.  Not
only will guests meet their toon heroes here, but they will also
explore their professional universe and participate in some of
the most unforgettable scenes from their box office successes.

A further part of the development also calls for the expansion
of the oasis area around Flying Carpets Over Agrabah and the
integration of a number of photo, merchandise and food locations
in this Animation Backlot.

Tower of Terror[*] at Walt Disney Studios Park

It all happened that stormy night.  A freakish lightning bolt
struck a luxurious Hollywood hotel, changing things forever and
causing its last residents to vanish.  2008 development plans
for Walt Disney Studios Park include a European version of an
attraction whose popularity has soared since its introduction at
Walt Disney World Resort in 1994, and more recently at
Disneyland Resort in 2004.  One thing already clear in the
project is that the attraction will be a Walt Disney Studios
Park landmark.  Its monumental architecture, central position on
Production Courtyard and multi-story structure will all make it
unmissable -- to say nothing of the attraction experience
itself.

Visitors will begin their journey by strolling through the
timeworn, yet atmospheric lobby and library.  These same guests
will then be elevated high into the body of the hotel aboard
service lifts, and straight into a strange world.  The fate of
the vanished former residents will then unfold before their very
eyes, just as their own destiny becomes frighteningly obvious.
As their lift door opens, they return to reality, finding
themselves and their lift plunging to the bottom of a lift
shaft.  The breath-taking descent will happen quicker than
gravity itself and the rebound back to the top will give those
who closed their eyes a second chance to watch what happens.

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[*] Implementation of the future attractions is subject to
completion of the Euro Disney SCA equity rights offering on or
before 31 March 2005.  Attraction names and details are subject
to change.
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This press release is not an offer to sell or a solicitation to
buy any securities in the rights offering and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale is unlawful.  The rights
offering will be made only by means of an offering document
complying with the applicable securities laws of the
jurisdiction or jurisdictions in which such rights offering
shall be made.  The securities offered in the rights offering
have not been and will not be registered under the United States
Securities Act of 1933 and may not be offered or sold in the
United States or in any other jurisdiction absent registration,
an applicable exemption from registration requirements or
qualification under the applicable securities laws of such
jurisdiction.

CONTACT:  EURO DISNEY S.C.A.
          Corporate Communication
          Pieter Boterman
          Phone: +331 64 74 59 50
          Fax: +331 64 74 56 36
          E-mail: pieter.boterman@disney.com

          Investor Relations
          Fiona Lord Duarte
          Phone: +331 64 74 53 64
          Fax: +331 64 74 59 69
          E-mail: fiona.lord.duarte@disney.com


MATUSSIERE & FOREST: Drafts Recovery Scheme
-------------------------------------------
Paper manufacturer Papeteries Matussiere & Forest will present a
recovery plan to commercial court of Grenoble, Les Echos says.

The plan, which will be presented on March 30, entails a capital
injection into holding firm Matussiere & Forest by an unnamed
financial consortium, thus preceding a takeover.  The consortium
will hold more than 50% stake in Matussiere & Forest.  The plan
also includes selling the group's Raon-l'Etape factories to an
industrial group to prop up the coffers of its Isere factories.
The group also plans to spin off the plants and sell them to
their managers.

The court placed Matussiere & Forest into compulsory
administration in April 2004, and extended the group's
observation period until April 30, 2005.

CONTACT:  PAPETERIES MATUSSIERE & FOREST
          27 Avenue du Granier
          BP 18
          F - 38241 Meylan Cedex
          Phone: (33) (0)4 76 61 42 00
          Fax: (33) (0)4 76 41 90 88
          Web site: http://www.matussiere-forest.fr


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


BAVARIATRENDBAU GMBH: Munchen Court Appoints Administrator
----------------------------------------------------------
The district court of Munchen opened bankruptcy proceedings
against Bavariatrendbau GmbH on Dec. 14, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 1, 2005 to
register their claims with court-appointed provisional
administrator Dr. Hans von Gleichenstein.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2005, 8:30 a.m. at the district court of
Munchen, Infanteriestr. 5, Sitzungssaal 102, 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:  BAVARIATRENDBAU GMBH
          Hansjakobstrasse 122 in 81825 Munchen

          Dr. Hans von Gleichenstein, Insolvency Manager
          Rottmannstr. 11a, 80333 Munchen
          Phone: 089/5427300


BLUMEN STORZ: Under Bankruptcy Administration
---------------------------------------------
The district court of Munchen opened bankruptcy proceedings
against Blumen Storz GmbH on Dec. 15, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 15, 2005 to register their
claims with court-appointed provisional administrator Axel W.
Bierbach.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 15, 2005, 10:00 a.m. at the district court
of Munchen, Infanteriestr. 5, Sitzungssaal 102, at which time
the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set
out in the administrator's report on March 23, 2005, 9:30 a.m.
at the same venue.

CONTACT:  BLUMEN STORZ GMBH
          Verdistr. 73 in 81247 Munchen

          Axel W. Bierbach, Insolvency Manager
          Schwanthalerstr. 32, 80336 Munchen
          Phone: 54511-0
          Fax: 54511-444


EUROPA BROT: Claims Deadline Expires Next Month
-----------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Europa Brot GmbH on Dec. 27, 2004.  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 Dr. Jorg
Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 23, 2005, 1:15 p.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber
Bereich, Saal 293, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  EUROPA BROT GMBH
          Alte Bottroper Strasse 85, 45356 Essen
          Contact:
          Bahir Al Aqd, Manager

          Dr. Jorg Nerlich, Insolvency Manager
          Louise-Dumont-Str. 25, 40211 Dusseldorf
          Phone: 0211- 836 80 600
          Fax: 83680609


FLORSCH INDUSTRIEMONTAGE: Creditors to Meet Next Week
-----------------------------------------------------
The district court of Saarbrucken opened bankruptcy proceedings
against FLORSCH Industriemontage u. Personaluberlassung GmbH on
Dec. 14, 2004.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until Feb. 16, 2005 to register their claims with court-
appointed provisional administrator Gunter Staab.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 20, 2005, 9:30 a.m. at the district court of
Saarbrucken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280
Sulzbach, 1. Etage, Raum/Saal 13, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on March 16, 2005 at the same venue.

CONTACT:  FLORSCH INDUSTRIEMONTAGE U. PERSONALUBERLASSUNG GMBH
          Saargemunder Strasse 104, 66271 Kleinblittersdorf-
          Hanweiler
          Contact:
          Jean-Luc Florsch, Manager

          Gunter Staab, Insolvency Manager
          Bahnhofstrasse 77, 66111 Saarbrucken
          Phone: (0681) 3090416
          Fax: (0681) 3090456


GROSS APPARATEBAU: Declares Bankruptcy
--------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against Gross Apparatebau GmbH on Dec. 22, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 15, 2005 to
register their claims with court-appointed provisional
administrator Dr. Erik G. Silcher.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 28, 2005, 10:30 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 verify the
claims set out in the administrator's report on April 27, 2005,
10:30 a.m. at the same venue.

CONTACT:  GROSS APPARATEBAU GMBH
          Salzstr. 94, 74076 Heilbronn
          Contact:
          Dieter Knauss, Manager

          Dr. Erik G. Silcher, Insolvency Manager
          Bismarckplatz 6, 74072 Heilbronn


HERMANN BRENDLER: Court Appoints Olaf Seidel Administrator
----------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Hermann Brendler & Co Granitwerk Edwin Knoblauch Nachf.
GmbH on Dec. 15, 2004.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until Jan. 26, 2005 to register their claims with court-
appointed provisional administrator Olaf Seidel.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2005, 9:45 a.m. at the district court
of Dresden, Olbrichtplatz 1, 01099 Dresde 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:  HERMANN BRENDLER & CO GRANITWERK EDWIN KNOBLAUCH
          NACHF. GMBH
          Sonnenbergstr. 4a
          02742 Neusalza-Spremberg

          WOLFF, RAPP & KOLLEGEN RECHTSANWALTE
          Weisseritzstrasse 3
          01067 Dresden
          Phone: (0351) 491 85 0
          Fax: (0351) 491 85 99
          Web site: http://www.worako.de
          Contact:
          Olaf Seidel, Insolvency Manager


HOLZBAU GMBH: Court to Review Claims Mid-March
----------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against Holzbau GmbH Ohrdruf on Nov. 11, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 14, 2005 to
register their claims with court-appointed provisional
administrator Jochen Grentzebach.

Creditors and other interested parties are encouraged to attend
the meeting on March 14, 2005, 11:30 a.m. at the district court
of Erfurt, Rudolfstr. 46, 99092 Erfurt at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  HOLZBAU GMBH OHRDRUF
          Waldstrasse 180
          99885 Ohrdruf,
          Contact:
          Silvia Wenig, Manager

          Jochen Grentzebach, Insolvency Manager
          Neuwerkstr. 38
          99084 Erfurt


INFINEON TECHNOLOGIES: Drops Plan to Sell Fiber-optics Operation
----------------------------------------------------------------
The Infineon Technologies Management Board on Tuesday decided to
terminate the Amended and Restated Master Sale and Purchase
Agreement with Finisar Corporation dated October 11, 2004.  Due
to circumstances beyond Infineon's control, specifically delays
related to the filing of the Proxy Statement with the U.S.
Securities and Exchange Commission, closing could be expected no
earlier than end of March 2005.  The signing of the first
agreement related to the transaction took place on April 29,
2004.  In addition, Finisar has informed Infineon, that its
Board is likely to withdraw its recommendation to Finisar's
shareholders in favor of the transaction.

The significant delay and high uncertainty of closing are
expected to result in deterioration of our Fiber Optics business
and in potential harm to our customers.  Infineon's Management
Board has therefore decided to terminate the agreement with
Finisar and will assess its legal options to recover the damages
incurred by way of an arbitration proceeding in Germany.

In parallel Infineon will begin the necessary restructuring of
its Fiber Optics business, while continuing to provide full
support to its customers and the Infineon Fiber Optics business.

Under the terms of the agreement as last amended on October 11,
Finisar would have issued approximately 110 million shares of
Finisar common stock to Infineon valued at approximately US$206
million as of Monday's close.

About Infineon

Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for the automotive and industrial sectors,
for applications in the wired communications markets, secure
mobile solutions as well as memory products.  With a global
presence, Infineon operates in the U.S. from San Jose, CA, in
the Asia-Pacific region from Singapore and in Japan from Tokyo.
In fiscal year 2004 (ending September), the company achieved
sales of EUR7.19 billion with about 35,600 employees worldwide.
Infineon is listed on the DAX index of the Frankfurt Stock
Exchange and on the New York Stock Exchange (ticker symbol:
IFX). Further information is available at
http://www.infineon.com.

CONTACT:  INFINEON TECHNOLOGIES AG
          P.O. Box 80 09 49
          D-81609 Muenchen
          Germany
          Phone: +49-89-234-22404
          Fax: +49-89-234-28482
          Ralph Heinrich
          Media Relations Contact
          E-mail: ralph.heinrich@infineon.com

          Christoph Liedtke
          U.S.A.
          Phone: +1-408-501 6790
          Fax: +1-408-501 2424
          E-mail: christoph.liedtke@infineon.com

          Kaye Lim
          Asia
          Phone: +65-6840-0689
          Fax: +65-6840-0073
          E-mail: kaye.lim@infineon.com

          Hirotaka Shiroguchi
          Japan
          Phone: +81-3-5449-6795
          Fax: +81-3-5449-6401
          E-mail: hirotaka.shiroguchi@infineon.com

          Investors and Analysts based in Europe
          Phone: +49-89-234 26655
          E-mail: investor.relations@infineon.com

          Investors and Analysts based in North America
          Phone: +-1-408 501 6800
          E-mail: investor.relations@infineon.com


KARSTADTQUELLE AG: DHL Gets Go-ahead to Acquire Logistics Parts
---------------------------------------------------------------
Express delivery group DHL can finally acquire parts of
logistics activities of ailing retail giant KarstadtQuelle AG,
Die Welt says.

The country's anti-trust authority has approved DHL's plans to
acquire KarstadtQuelle's central warehouse in Unna and parts of
its subsidiary Optimus Logistiks, which is considered the
country's 13th largest logistics firm.  Aside from DHL,
logistics group Fiege has also expressed interest in acquiring
the retail giant's large goods delivery operations.  Fiege,
which has been operating a KarstadtQuelle warehouse for around
ten years, has already acquired the retail giant's distribution
warehouse.

KarstadtQuelle has been selling non-core assets, as part of its
massive restructuring program.  It expects to raise more than
EUR1 billion from these disposals.  KarstadtQuelle has already
sold two department stores and two call centers, as well as its
stake in the local operations of U.S.-based coffee chain
Starbucks.  It is also selling sports gear chains Golf House and
Runners Point.

Recently, shareholders approved a EUR535 million capital
increase while creditor banks extended the group's EUR1.75
credit line.  The group also successfully completed a
convertible bond placement in December.

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


KATOGA KNOPF: Gives Creditors Until Mid-February to File Claims
---------------------------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against Katoga Knopf GmbH on Dec. 20, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 15, 2005 to register their
claims with court-appointed provisional administrator Werner
Schneider.

Creditors and other interested parties are encouraged to attend
the meeting on March 15, 2005, 11:30 a.m. at the district court
of Erfurt, Rudolfstr. 46, 99092 Erfurt at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  KATOGA KNOPF GMBH
          Seehauser Strasse
          06567 Bad Frankenhausen
          Contact:
          Thomas Krings, Manager

          Werner Schneider, Insolvency Manager
          Steigerstr. 30
          99096 Erfurt


L & P GESAMTPLANUNGSGESELLSCHAFT: Administrator Takes over Helm
---------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against L & P Gesamtplanungsgesellschaft fur Hochbau mbH on Dec.
17, 2004.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 7, 2005 to register their claims with court-appointed
provisional administrator Barbara Fritzer.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2005, 10:15 a.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:  L & P GESAMTPLANUNGSGESELLSCHAFT FUR HOCHBAU MBH
          Anton-Graff-Str. 17
          01309 Dresden

          Lothar Limper, Manager
          Untietheide 6a
          48163 Munster

          PFEFFERLE KOCH HELBERG & PARTNER ANWALTSKANZLEI
          Selliner Strasse 6-8
          01109 Dresden
          Phone: +49 (0) 351 884 680
          Fax: +49 (0) 351 884 6811
          E-mail: kanzleidd@pfefferle.de
          Web site: http://www.pfefferle.de
          Contact:
          Barbara Fritzer, Insolvency Manager


MOTO MARKT: Administrator's Report Out February
-----------------------------------------------
The district court of Munchen opened bankruptcy proceedings
against Moto Markt Fahrzeug-Vertriebs und -Service GmbH on Dec.
8, 2004.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 4, 2005 to register their claims with court-appointed
provisional administrator Klaus E. Breithaupt.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 15, 2005, 10:05 a.m.  at the district court
of Munchen, Infanteriestr. 5, Sitzungssaal 101, at which time
the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set
out in the administrator's report on March 14, 2005, 9:05 a.m.
at the same venue.

CONTACT:  MOTO MARKT FAHRZEUG-VERTRIEBS UND -SERVICE GMBH
          Albert-Rosshaupter-Str. 68 in 81369 Munchen

          Klaus E. Breithaupt, Insolvency Manager
          Baierbrunner Str. 25, 81379 Munchen
          Phone: 089/452277-0
          Fax: 089/452277-29


PAULZEN GMBH: Calls First Creditors Meeting
-------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Paulzen GmbH & Cie. Kommanditgesellschaft on Dec. 28,
2004.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Feb. 1,
2005 to register their claims with court-appointed provisional
administrator Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 10:30 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:  PAULZEN GMBH & CIE. KOMMANDITGESELLSCHAFT
          Hulsenfeld 11
          40721 Hilden
          Contact:
          Paulzen Hans, Manager
          Maubeshauser Str. 20
          42697 Solingen

          Dr. Winfrid Andres, Insolvency Manager
          Neuer Zollhof 3
          40221 Dusseldorf


ROLF VON: Creditors Have Until Next Week to File Claims
-------------------------------------------------------
The district court of Meldorf opened bankruptcy proceedings
against Rolf von Rhein GmbH on Dec. 21, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 20, 2005 to register their
claims with court-appointed provisional administrator Dr. Achim
Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 11, 2005, 9:40 a.m. at the district court of
Meldorf, Saal II, Domstrasse 1, 25704 Meldorf, 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:  ROLF VON RHEIN GMBH
          Zuckerstr. 22, 25693 St. Michaelisdonn

          Dr. Achim Ahrendt, Insolvency Manager
          Albert-Einstein-Ring 11, 22761 Hamburg


S.L. DRUCKREGIE: Hamburg Court Appoints Administrator
-----------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against S.L. Druckregie Gesellschaft fur Druck- und
Formularverwaltung mbH on Dec. 17, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 24, 2005 to register their
claims with court-appointed provisional administrator Dr. Hans-
U. Hildebrant.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 21, 2005, 11:20 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  S.L. DRUCKREGIE GESELLSCHAFT FUR DRUCK- UND
          FORMULARVERWALTUNG MBH
          Uberseering 13, 22297 Hamburg
          Contact:
          Stefan Laloire, Manager

          Dr. Hans-U. Hildebrandt, Insolvency Manager
          Raboisen 38, 20095 Hamburg
          Phone: 33446-0
          Fax: 33446-111


TURBO TROP: Applies for Bankruptcy Proceedings
----------------------------------------------
The district court of Munster opened bankruptcy proceedings
against Turbo Trop GmbH on Dec. 22, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 2, 2005 to register their
claims with court-appointed provisional administrator Stephan
Michels.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 18, 2005, 9:00 a.m. at the district court of
Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster, I., Saal 101 B, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  TURBO TROP GMBH
          Breikamp 1, 48720 Rosendahl-Darfeld
          Contact:
          Rolf Hemsing, Manager

          Stephan Michels, Insolvency Manager
          von-Vincke-Strasse 2, 48143 Munster
          Phone: 0251/41430-0
          Fax: +492514143010


WIBAG IMMOBILIEN: Gives Creditors Until Next Week to File Claims
----------------------------------------------------------------
The district court of Munchen opened bankruptcy proceedings
against real estate firm WIBAG Immobilien und Beteiligung
Aktiengesellschaft on Dec. 14, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 17, 2005 to register their claims with
court-appointed provisional administrator Dr. Wolfgang Ott.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 17, 2005, 9:50 a.m. at the district court of
Munchen, Infanteriestr. 5, Sitzungssaal 102, 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:  WIBAG IMMOBILIEN UND BETEILIGUNG AKTIENGESELLSCHAFT
          Tegernseer Landstr. 161 in 81539 Munchen

          Dr. Wolfgang Ott, Insolvency Manager
          Nymphenburger Str. 139, 80636 Munchen
          Phone: 089/120260
          Fax: 089/12026127


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


DUNGANNON MEATS: Loses Major Customer; Future Shaky, Says Report
----------------------------------------------------------------
As many as 200 jobs could be lost in Dungannon Meats after it
lost a major supply contract, Businessworld reports.

The meat processor used to supply 40% of Sainsbury's fresh beef
products offering; but in October the supermarket chain opted to
source its supply from Anglo Beef Processors alone.  In light of
the change, Dungannon Meats is now reviewing its options.
Dungannon Meats employs a total of 1,900 workers.

A spokesman tried to dispel fears regarding the future of the
company, saying, "...while the short term will be challenging,
Dungannon Meats remains viable and profitable."

"We continue to supply leading supermarkets and retailers
throughout the U.K., Ireland and Europe and are currently in
negotiations in respect of a number of substantial new
contracts.  We remain confident that we will replace the
Sainsbury business over time," he added.


SUPERQUINN: New Owners Rule out Closure of Unprofitable Stores
--------------------------------------------------------------
The businessman who led the consortium that bought Superquinn
supermarket denies there are plans to close loss-making outlets.

Simon Burke, head of the Hamleys toy store in Britain, said the
claims had no basis.  According to him, it is most likely the
new owners will find ways to boost underperforming stores.

He said: "Any decision like that would take a lot of careful
analysis . . . Any review of current operations is going to look
in great depth at the current situation in each store."
According to him, closure is only at the "the bottom end" of the
options.

Mr. Burke is to become executive chairman of Superquinn.  His
group owns 80% of the company.  He reportedly coughed up EUR350
million to buy the stake.

CONTACT:  SUPERQUINN
          Newcastle Road
          Lucan, Dublin, Ireland
          Phone: +353-1-630-2000
          Fax: +353-1-628-1443
          Web site: http://www.superquinn.ie


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


PARMALAT U.S.A.: PBGC Says Disclosure Statement Is Inadequate
-------------------------------------------------------------
The Pension Benefit Guaranty Corporation tells Judge Drain that
Parmalat U.S.A. Corporation and its debtor-affiliates'
Disclosure Statement lacks adequate information concerning:

   (a) the ability of Reorganized Farmland to maintain the
       defined benefit pension plans for which it will be
       responsible; and

   (b) the proposed exculpation, discharge and release
       provisions of the Debtors as envisioned in the Plan of
       Reorganization.

The Disclosure Statement suggests that Reorganized Farmland will
maintain the Pension Plans.  However, the U.S. Debtors have
disclosed that Reorganized Farmland will have substantial
secured indebtedness.  If the Pension Plans are terminated, the
PBGC notes that its claims would mature and become immediately
due and owing.  This would result in a substantial dilution of
the expected recovery from the Debtors' estates, particularly
the estate of Milk Products of Alabama.

The PBGC asserts claims for unfunded benefit liabilities against
the U.S. Debtors in the estimated cumulative amount of
US$33,142,300.  The PBGC filed liquidated and unliquidated
claims for minimum funding contributions due the Pension Plans
in the estimated cumulative amount of $3,934,667.  The PBGC also
filed unliquidated claims for premiums that may be due the PBGC
with respect to the Pension Plans.  The claims were filed
assuming that the termination date of the Pension Plans was
April 16, 2004.

The PBGC complains that Reorganized Farmland's ability to
maintain and fund the Pension Plans is not adequately discussed.
Lacking this necessary information, the PBGC cannot gauge
whether Reorganized Farmland will have the wherewithal to
support its financial obligations related to the Pension Plans.

The PBGC projects the minimum funding requirements of the
Pension Plans over the next several years as:

                       2005:    $1,989,000
                       2006:    $1,847,000
                       2007:    $1,087,000
                       2008:      $360,000

The income statements provided in the Disclosure Statements do
not reflect any Pension Plan expense for the next several years.
The U.S. Debtors also failed to disclose how Reorganized
Farmland will be able to fund the Pension Plans once the Plan of
Reorganization becomes effective.  For the PBGC to properly
evaluate whether Reorganized Farmland can fund and maintain the
Pension Plans, the PBGC will require income tax returns, as well
as financial statements and operating results for all United
States affiliates.

The PBGC further contends that the Disclosure Statement fails to
adequately explain why it is appropriate and necessary for the
Reorganization Plan to contain expansive release and discharge
provisions that could be read to preclude potential Pension
Plans-related claims of creditors against the Debtors and other
non-debtor third parties.  The release and discharge provisions
do not specifically state which Pension Plan-related claims
would be released, and do not discuss whether the proposed
releases apply to potential present and future claims of the
PBGC or the Pension Plans' participants.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debt.  (Parmalat Bankruptcy News, Issue No. 39; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


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


NETIA SA: Settles Installment Obligations Early
-----------------------------------------------
Netia's Management and Supervisory Boards have resolved on the
early repayment of all of the Company's outstanding installment
obligations resulting from the arrangements approved in 2002 in
the arrangement proceedings for Netia Holdings S.A., Netia
Telekom S.A., and Netia South Sp. z o.o.

If you purchased the notes described below, issued by Netia
Holdings B.V. and Netia Holdings II B.V. in years 1997-2000, and
did not subscribe for Netia's series "H" shares in December
2002, you can now receive Netia's series "I" shares or cash.

In order to receive Netia's series "I" shares, fill in the claim
form (see announcement at http://www.netia.pl/)along with the
claimholder agreement and send it to:

The Bank of New York
Corporate Trust Administration
48th Floor
One Canada Square
London E14 5AL
Attention: Breige Tinnelly
Fax: +44 207 964 63 99
Phone: +44 207 964 64 02

not later than 4 p.m. London time on January 31, 2005

If you prefer to receive cash, send in the accomplished claim
form to:
The Bank of New York
Corporate Trust Administration
48th Floor
One Canada Square
London E14 5AL
Attention: Breige Tinnelly
Fax: +44 207 964 63 99
Phone: +44 207 964 64 02

not later than 4 p.m. London time on April 29, 2005.

If you do not submit any claim, the due cash consideration will
be deposited in the custody of the District Court for Warsaw
Mokotow, II Civil Division (Sad Rejonowy dla Warszawy Mokotowa,
II Wydzial Cywilny).

In order to download the claim form and the claimholder
agreement, see announcement at http://www.netia.pl/.

In case of further questions please contact Kent Holding, Netia
SA, tel. +48 22 330 20 10, fax +48 22 338 20 10, E-mail:
a_holding@netia.pl.

In connection with the claimholders' obligation to indicate the
securities account, as set forth in the claimholder agreement,
after January 4, 2005, the Company will publish on this web page
information on the possibility of opening the securities account
with one of the Polish brokerage houses, a specimen of the
respective agreement with such brokerage house, and instructions
on the formalities related to the opening of the securities
account by interested persons.

Time schedule:
December 28, 2004
Publishing the prospectus with regard to Netia's series "I"
shares

January 31, 2005
Deadline for submitting claims to receive Netia's series "I"
shares

February 14-16, 2005
Distribution of Netia's series "I" shares

April 29, 2005
Deadline for submitting claims to receive cash

May 13-20, 2005
Distribution of cash

                         NOTES ISSUED BY
         NETIA HOLDINGS B.V. AND NETIA HOLDINGS II B.V.
            AND EACH GUARANTEED BY NETIA HOLDINGS S.

Series of Notes         CUSIP           ISIN Numbers
US$200 million 10.25%    64114MAA8        US64114MAA80
Senior Notes due 2007   N62439AA7        USN62439AA72
                         64114MAD2        US64114MAD20
US$193.550 million
11.25%                   64114MAB6        US64114MAB63
Senior Discount Notes
due 2007                 N62439AB5        USN62439AB55
                         64114MAE0        US64114MAE03

DM207.062 million 11%                     US64114MAC47
Senior Discount Notes    64114MAC4        DE0001958205M
due 2007               64114MAF7        US64114MAF77
                                          DE0002481389

US$100 million 13.125%   N62440AA5        USN62440AA53
Senior Notes due 2009   64114DAA8        US64114DAA81
                         64114DAD2        US64114DAD21

EUR100 million 13.5%
Senior Notes due 2009   64114DAB6        XS0098419541
                         64114DAC4        XS0103993860
                                      XS0098419384

EUR200 million 13.75%
Senior Notes due 2010      -             XS0112401947


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


BELGOROD-SEL-ELECTRO: Proofs of Claim Deadline Set
--------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Belgorod-Sel-Electro after finding the
limited liability company insolvent.  The case is docketed as
A08-6802/04-11.  Mr. I. Shteynikov has been appointed insolvency
manager.

Creditors have until Feb. 10, 2005 to submit their proofs of
claim to:

(a) Insolvency Manager
    308015, Russia, Belgorod, Lugovaya Str. 6A

(b) Belgorod-Sel-Electro
    308015, Russia, Belgorod, Lugovaya Str. 6A


INTER-COM-GAS: Declared Insolvent
---------------------------------
The Arbitration Court of Kabardino Balkariya republic commenced
bankruptcy proceedings against Inter-Com-Gas after finding the
open joint stock company insolvent.  The case is docketed as
A20-3524/02.  Mr. B. Kantor has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 360000,
Russia, Kabardino Balkariya republic, Nalchik, Lermontova Str.
54, Apartment 203.

CONTACT:  INTER-COM-GAS
          Russia, Kabardino Balkariya republic,
          Nalchik, 3rd Promproezd

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


KIMRY-AGRO-KHIMIYA: Proofs of Claim Deadline Set February
---------------------------------------------------------
The Arbitration Court of Tver region commenced bankruptcy
proceedings against Kimry-Agro-Khimiya after finding the open
joint stock company insolvent.  The case is docketed as A66-
6755-04.  Mr. B. Dubov has been appointed insolvency manager.
Creditors have until Feb. 10, 2005 to submit their proofs of
claim to 170006, Russia, Tver, S. Perovskoy Str. 3, Apartment
46.

CONTACT:  KIMRY-AGRO-KHIMIYA
          Russia, Tver region, Kimry,
          D. Baslyka Str. 3A

          Mr. B. Dubov
          Insolvency Manager
          170006, Russia, Tver,
          S. Perovskoy Str. 3, Apartment 46


KOMI-ENERGO-DOR-STROY: Komi Court Hires Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Komi republic commenced bankruptcy
proceedings against Komi-Energo-Dor-Stroy after finding the open
joint stock company insolvent.  The case is docketed as A29-
3368/04-3B.  Mr. S. Maslovskiy has been appointed insolvency
manager.  Creditors have until Feb. 10, 2005 to submit their
proofs of claim to 169000, Russia, Komi republic, Pechora,
Rusanova Str. 12.

CONTACT:  KOMI-ENERGO-DOR-STROY
          169603, Russia, Komi republic,
          Pechora, Stroyploshadka GRES

          Mr. S. Maslovskiy
          Insolvency Manager
          169000, Russia, Komi republic,
          Pechora, Rusanova Str. 12
          Phone: 8 (82142) 5-13-16


LYSVENSKIY FACTORY: Hires A. Gabidulin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Lysvenskiy Factory of Ferro-Concrete
Constructions #6 after finding the open joint stock company
insolvent.  The case is docketed as A50-21566/2004-B.  Mr. A.
Gabidulin has been appointed insolvency manager.  Creditors have
until Feb. 10, 2005 to submit their proofs of claim to 618905,
Russia, Perm region, Lysva, Ordzhonikidze.

CONTACT:  LYSVENSKIY FACTORY OF FERRO-CONCRETE CONSTRUCTIONS #6
          618905, Russia, Perm region,
          Lysva, Ordzhonikidze

          Mr. A. Gabidulin
          Insolvency Manager
          618905, Russia, Perm region,
          Lysva, Ordzhonikidze


MOBILNOYE SMU: Gives Creditors Until Next Month to File Claims
--------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Mobilnoye Smu (TIN
8604007910) after finding the open joint stock company
insolvent.  The case is docketed as A75-199-B/04.  Mr. S.
Golyarskiy has been appointed insolvency manager.  Creditors
have until Feb. 10, 2005 to submit their proofs of claim to
628309, Russia, Tyumen region, Nefteyugansk-9, Post User Box 58.

CONTACT:  MOBILNOYE SMU
          628309, Russia, Tyumen region,
          Nefteyugansk, 16-1-71

          Mr. S. Golyarskiy
          Insolvency Manager
          628309, Russia, Tyumen region,
          Nefteyugansk-9, Post User Box 58
          Phone: 8-90285-28067


NAVASHINSK-SEL-KHOZ-KHIMIYA: Declared Insolvent
-----------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Navashinsk-Sel-Khoz-Khimiya (TIN
5223000074) after finding the open joint stock company
insolvent.  The case is docketed as A43-7337/04-33-169.  Mr. V.
Samsonov has been appointed insolvency manager.  Creditors have
until Feb. 10, 2005 to submit their proofs of claim to 603029,
Russia, Nizhniy Novgorod, Pamirskaya Str. 11.

CONTACT:  NAVASHINSK-SEL-KHOZ-KHIMIYA
          607000, Russia, Nizhniy Novgorod region,
          Navashino, Sovetskaya Str. 145

          Mr. V. Samsonov
          Insolvency Manager
          603029, Russia, Nizhniy Novgorod,
          Pamirskaya Str. 11


NORTH STAR: Applies for Bankruptcy Proceedings
----------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against North Star after
finding the agricultural enterprise insolvent.  The case is
docketed as A56-166646/04.  Mr. L. Cherches has been appointed
insolvency manager.  Creditors have until Feb. 10, 2005 to
submit their proofs of claim to 190121, Russia, Saint-
Petersburg, Angliyskiy Pr. 3, Office 205.

CONTACT:  NORTH STAR
          188259, Russia, Leningrad region,
          Luzhskiy region, Mezhozernyj

          Mr. L. Cherches
          Insolvency Manager
          190121, Russia, Saint-Petersburg,
          Angliyskiy Pr. 3, Office 205


RADITSKIY ENGINEERING: Insolvency Manager Takes over Operations
---------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Raditskiy Engineering Works after
finding the limited liability company insolvent.  The case is
docketed as A43-5876/04-33-140.  Mr. L. Shevarenkov has been
appointed insolvency manager.  Creditors have until Feb. 10,
2005 to submit their proofs of claim to 606000, Russia, Nizhniy
Novgorod, Dzerzhinsk, Lenina Pr. 57/2, Apartment 16.

CONTACT:  RADITSKIY ENGINEERING WORKS
          607061, Russia, Nizhniy Novgorod region,
          Vyksa, Zavodskaya Str. 1

          Mr. L. Shevarenkov
          Insolvency Manager
          606000, Russia, Nizhniy Novgorod, Dzerzhinsk,
          Lenina Pr. 57/2, Apartment 16


SEL-STROY: Public Auction of Assets Next Week
---------------------------------------------
The bidding organizer of limited liability company Sel-Stroy
will sell its property on Jan. 20, 2005, 11:00 a.m.  The public
auction will take place at Russia, Orenburg, Gaya Str. 23A.  Up
for sale are building constructions, garages and warehouses.
Starting price: RUB1,850,000.

Preliminary examination and reception of bids are done from
11:00 a.m. to 2:00 p.m. on or before Jan. 15, 2005.  To
participate, bidders must deposit RUB200,000 to the settlement
account 40702810504000000586 LLC SEL-STROY, TIN 5624002752 at
"Orenburgskiy" OJSC ACB AVANGARD, Orenburg, BIC 04534815,
correspondent account 30101810700000000815 on or before Jan. 15,
2005.

CONTACT:  SEL-STROY
          Russia, Orenburg region, Buguruslanskiy region,
          Mikhaylovka, Transportnaya Str. 7

          Mr. S. Osipov
          Bidding Organizer
          Phone: (3532) 78-40-71


VOLOGODSKIY EXPERIMENTAL: Vologda Court Hires Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Vologda region commenced bankruptcy
proceedings against Vologodskiy Experimental Factory of Wood
Working Machines (TIN 3525085472) after finding the close joint
stock company insolvent.  The case is docketed as A13-4997/04-
22.  Mr. A. Kirusha has been appointed insolvency manager.
Creditors have until Feb. 10, 2005 to submit their proofs of
claim to 160000, Russia, Vologda, Kozlenskaya Str. 44-9.

CONTACT:  VOLOGODSKIY EXPERIMENTAL FACTORY OF
          WOOD WORKING MACHINES
          160002, Russia, Vologda,
          Gagarina Str. 81

          Mr. A. Kirusha
          Insolvency Manager
          160000, Russia, Vologda,
          Kozlenskaya Str. 44-9


YUKOS OIL: Court Upholds Seizure of Yugansk Shareholder Register
----------------------------------------------------------------
The Federal Arbitration Court on Tuesday sustained a lower
court's decision authorizing the arrest of Yuganskneftegaz's
shareholders register, Interfax reports.

Yukos is appealing the decision issued by the Moscow Arbitration
Court in August validating the seizure.  It had no
representative in the courtroom when the decision on its motion
was handed down, despite being duly notified of the session
date.

Yugansk is now owned by OAO Rosneft, which took control of the
company after buying out the unknown bidder that won the
controversial auction in December.  Yugansk was sold to cover
Yukos' tax liabilities.  At the time of the auction, Alexander
Buxman, head of the Justice Ministry's Moscow department said
Yukos still has at least RUB83.5 billion (US$3 billion) in
outstanding taxes.

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: Halves Staff at Moscow Headquarters
----------------------------------------------
Half of Yukos Oil's staff at its Moscow headquarters has been
laid off, more than a week after President Steven Theede ordered
their dismissal, MosNews says.

"Yukos simply doesn't have the money to pay all of its
employees," a Yukos employee told the Vedomosti daily.  He
doubts those who remained will ever receive their salaries on
time.  The company employs 1,400 people.

Yukos' battle with the government over back tax bills culminated
with the sale of its main production asset, Yuganskneftegaz, in
December.  The company sought bankruptcy protection in a
surprise move in Houston, Texas to preempt the sale, but failed.
Yuganskneftegaz, which produced 60% of Yukos' output, was sold
to a little-known firm called Baikal Finance Group for less than
US$10 billion.  Baikal was eventually sold to state-owned oil
firm Rosneft.

Deutsche Bank AG, the lead bank in the lending consortium behind
Gazpromneft, which Yukos is suing as part of its bankruptcy
filing, is challenging the U.S. jurisdiction over the case.

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: May Keep U.S. Bank Accounts for Now
---------------------------------------------
As previously reported, Yukos asks the United States Bankruptcy
Court for the Southern District of Texas for authority to:

   (a) designate, maintain and continue to use any or all of the
       existing Bank Accounts in the names and with the account
       numbers existing immediately prior to its Chapter 11
       case; provided, however, that it reserves the right to
       close some or all of its prepetition Bank Accounts and
       open new debtor-in-possession accounts;

   (b) deposit funds in and withdraw funds from any accounts by
       all usual means including, but not limited to, checks,
       wire transfers, automated clearing house transfers,
       electronic funds transfers, and other debits;

   (c) treat its prepetition Bank Accounts and any accounts
       opened after the Petition Date for all purposes as
       debtor-in-possession accounts.

Yukos also seeks permission to continue utilizing its existing
cash management system including, without limitation, waiving
any requirement that it establish separate accounts for cash
collateral or tax payments.  Yukos intends to pay costs or
expenses associated with the maintenance of the cash management
system.

                            *   *   *

The Court granted the Debtor's request on an interim basis.

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection
on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., Fulbright & Jaworski, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $12,276,000,000 in total assets
and $30,790,000,000 in total debt.  (Yukos Bankruptcy News,
Issue No. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000)


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


SWISS INTERNATIONAL: Yearly Seat Load Factor Up
-----------------------------------------------
Swiss International recorded a seat load factor for 2004 of
74.9%, an improvement of 2.5 percentage points on the previous
year's result.  Seat load factor for intercontinental services
rose 3.3 percentage points to 81.3%; and the 60.8% seat load
factor reported for the European network was also a 1.2-
percentage-point improvement on the previous year.  Swiss
carried some 9.2 million passengers in 2004.  Seat load factor
for the last quarter of the year amounted to 74.3%, a slight
0.7-percentage-point decline on the prior-year period.  Cargo
load factor for 2004 stood at 86.6%, a year-on-year improvement
of 2.2 percentage points.

The modifications effected to the Swiss route network as part of
the broader corporate restructuring in 2003 had a positive
overall impact on the company's 2004 load factors.  Seat load
factor for the year as a whole amounted to 74.9% -- a 2.5-
percentage-point improvement on the same figure for the previous
year.  The airline carried some 9.2 million passengers during
the year.  No meaningful comparison of absolute passenger
figures can be made in view of the decrease in production
resulting from adjustments to the route network.

Swiss offered 17.9% fewer available seat kilometers (ASK) in
2004 than it had the previous year.  But the associated year-on-
year decline in revenue passenger kilometers (RPK) flown was
limited to 15.0%.  Seat load factor for the year improved
accordingly.  Seat load factor for December 2004 stood at 73.5%,
a 1.1-percentage-point decline on the same month of the previous
year.

Seat load factor for 2004 on intercontinental services amounted
to 81.3%, up 3.3 percentage points on its prior-year equivalent.
Available seat kilometer production was 18.1% down on 2003,
while the decline in revenue seat kilometers flown was
restricted to 14.7%.  The positive load factor trend that had
persisted since March 2004 on the intercontinental network was
maintained until the end of the year: the 81.8% December seat
load factor for intercontinental services was an 0.5-percentage-
point increase on the prior-year period.

Seat load factor for 2004 on European services amounted to
60.8%, an improvement of 1.2 percentage points on the previous
year.  While available seat kilometer capacity was 17.4% lower
than for 2003, the associated decline in revenue passenger
kilometers flown was stemmed to 15.7%.  The continuing strong
pressure from competitors -- especially from the low-cost
carriers -- had its impact on SWISS' European load factor
performance in December, too.  Seat load factor for the month
amounted to 55.5%, down 2.6 percentage points on the same period
in 2003.  The decline was slighter than those, which had been
sustained in the summer and autumn months; but SWISS has not yet
achieved the desired reversal of the trend here.  On a brighter
note, additional passenger volume was generated among European
connecting passengers in December compared to previous months.

Fourth-quarter Results

Swiss carried a little over 2.1 million passengers in the fourth
quarter of 2004 and posted a seat load factor for the period of
74.3%, a slight 0.7-percentage-point decline on the prior-year
period.  Seat load factor on European services amounted to
56.8%, 4.9 percentage points down on the last quarter of 2003,
while the 82.4% seat load factor recorded for intercontinental
services was a two-percentage-point improvement on the same
period.

Swiss WorldCargo

The cargo business of Swiss WorldCargo also showed positive
overall trends for 2004.  Cargo load factor (by volume) for the
year stood at 86.6%, a year-on-year increase of 2.2 percentage
points.  Swiss WorldCargo's strategy of focusing consistently on
niche product markets is clearly having a beneficial effect on
business development and results.

Key SWISS Scheduled Services Results for 2004

Total passengers carried                    9,187,756
Total flights performed                       143,650

Available seat-kilometres (million)            27,483
Revenue seat-kilometres (million)              20,596

Seat load factor                                74.9%

For Swiss's full traffic statistics and further comments, visit
http://www.swiss.com.

CONTACT:  SWISS INTERNATIONAL
          P.O. Box, CH-4002 Basel
          Corporate Communications
          Phone: +41 (0) 848 773 773
          Fax: +41 (0) 61 582 3554
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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


AGROPROMSPILKA: Under Bankruptcy Supervision
--------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Agropromspilka (code EDRPOU
30801500) on November 17, 2004.  The case is docketed as
184/11b-04.  Arbitral manager Mr. Valerij Gerasimenko (License
Number AA 520151) has been appointed temporary insolvency
manager.  The company holds account number 260072516 at
OJSC JSB Ukrgazbank, MFO 320478.

Creditors may submit their proofs of claim to:

(a) AGROPROMSPILKA
    08623, Ukraine, Kyiv region,
    Vasilkivskij district, Kalinivka,
    Industrialna Str. 5

(b) Mr. Valerij Gerasimenko
    Temporary Insolvency Manager
    04107, Ukraine, Kyiv region,
    Tatarska Str. 36/5-50
    Phone: 8 (050) 685-45-42

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


BILOGIRSKIJ MILK: Succumbs to Insolvency
----------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
proceedings against Bilogirskij Milk Products Plant (code EDRPOU
14173477) on November 11, 2004 after finding the open joint
stock company insolvent.  The case is docketed as 2/154-B.
Arbitral manager Mr. M. Dejneka (License Number AA 779296) has
been appointed liquidator/insolvency manager.

CONTACT:  BILOGIRSKIJ MILK PRODUCTS PLANT
          Ukraine, Hmelnitskij region,
          Bilogirya, Miru Str. 3A

          Mr. M. Dejneka
          Liquidator/Insolvency Manager
          Ukraine, Hmelnitskij region,
          Hotovitskij Str. 8/120

          ECONOMIC COURT OF HMELNITSKIJ REGION
          29000, Ukraine, Hmelnitskij region,
          Nezalezhnosti Square, 1


BORISFEN SOCCER: Liquidator Enters Firm
---------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Soccer Club Borisfen (code EDRPOU 24880431)
on October 29, 2004 after finding the limited liability company
insolvent.  The case is docketed as 49/14 b-04.  Arbitral
manager Mr. Dmitro Salatyuk (License Number AA 485234) has been
appointed liquidator/insolvency manager.  The company holds
account number 26005301000346 at JSCB Mriya, First Kyiv region
branch, MFO 322852.

CONTACT:  SOCCER CLUB BORISFEN
          08300, Ukraine, Kyiv region,
          Borispil, Pershogo Travnya Str. 27

          Mr. Dmitro Salatyuk
          Liquidator/Insolvency Manager
          03150, Ukraine, Kyiv region, a/b 381
          Phone: (044) 239-23-90

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


BORN LTD.: Hires I. Radik as Liquidator
---------------------------------------
The Economic Court of Harkiv region declared LLC Born Ltd. (code
EDRPOU 21199684) insolvent on November 25, 2004.  The case is
docketed as B-39/121-04.  Mr. I. Radik has been appointed
liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) BORN LTD.
    Ukraine, Harkiv region,
    Gagarin Avenue, 56/364

(b) Mr. I. Radik
    Liquidator/Insolvency Manager
    Phone: 8 (067) 577-81-67

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square, 5, Derzhprom, 8th Entrance


ELDO: Urges Creditors to File Claims
------------------------------------
The Economic Court of Harkiv region declared LLC Eldo (code
EDRPOU 31498745) insolvent on November 25, 2004.  The case is
docketed as B-39/122-04.  Mr. I. Radik has been appointed
liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) ELDO
    Ukraine, Harkiv region,
    Geroyiv Pratsi Str. 12/239

(b) Mr. I. Radik
    Liquidator/Insolvency Manager
    Phone: 8 (067) 577-81-67

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square, 5, Derzhprom, 8th Entrance


INTERCINEMA: Temporary Insolvency Manager Takes over Helm
---------------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Intercinema (code EDRPOU 32209500).
The case is docketed as 24/885-b.  Arbitral manager Mr. V.
Pisarenko (License Number AA 485239) has been appointed
temporary insolvency manager.  The company holds account number
26003101100101 at CJSC TAS-Investbank, Kyiv region branch, MFO
320650.

Creditors may submit their proofs of claim to:

(a) INTERCINEMA
    01011, Ukraine, Kyiv region,
    Pecherska Square, 1

(b) Mr. V. Pisarenko
    Temporary Insolvency Manager
    01032, Ukraine, Kyiv region,
    Belinskij Str. 5/1

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


MIKITIVSKIJ FIRE: Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Mikitivskij Fire-Proof Combine (code EDRPOU
32270439) on November 24, 2004 after finding the close joint
stock company insolvent.  The case is docketed as 42/108 B.
Arbitral manager Mrs. Ludmila Nesvit (License Number AA 668263)
has been appointed liquidator/insolvency manager.

CONTACT:  MIKITIVSKIJ FIRE-PROOF COMBINE
          84691, Ukraine, Donetsk region,
          Gorlivka, Golmivske, Gardin Str. 2

          Mrs. Ludmila Nesvit
          Liquidator/Insolvency Manager
          Ukraine, Donetsk region,
          M. Mametova Str. 8/2

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


SVATIVSKA MTS: Insolvency Manager to Temporarily Oversee Biz
------------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against LLC SVATIVSKA MTS (code EDRPOU 23477118) on
November 23, 2004 after finding the limited liability company
insolvent.  The case is docketed as 22/79B-(11/11B).  Arbitral
manager Mr. Ilushin V. (License Number AA 779161) has been
appointed liquidator/insolvency manager.  The company holds
account number 2600731101 at OJSC State Savings Bank of Ukraine,
Svatovo branch 2842, MFO 364069.

Creditors may submit their proofs of claim to:

(a) SVATIVSKA MTS
    92600, Ukraine, Lugansk region,
    Svatovo, Novostarobelska Str. 17

(b) ECONOMIC COURT OF LUGANSK REGION
    91000, Ukraine, Lugansk region,
    Geroiv VVV Square, 3a


UKRRESURS: Succumbs to Insolvency
---------------------------------
The Economic Court of Harkiv region declared LLC Ukrresurs (code
EDRPOU 30752684) insolvent on November 25, 2004.  The case is
docketed as B-39/124-04.  Mr. I. Radik has been appointed
liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) UKRRESURS
    Ukraine, Harkiv region,
    Poltavskij Shlyah Str. 121/31

(b) Mr. I. Radik
    Liquidator/Insolvency Manager
    Phone: 8 (067) 577-81-67

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square, 5, Derzhprom, 8th Entrance


VENONA: Appoints Insolvency Manager
-----------------------------------
The Economic Court of Harkiv region declared LLC VENONA (code
EDRPOU 31439538) insolvent on November 23, 2004.  The case is
docketed as B-39/119-04.  Mr. I. Radik has been appointed
liquidator/insolvency manager.

CONTACT:  VENONA
          Ukraine, Harkiv region,
          Pravdinska Str. 3

          Mr. I. Radik
          Liquidator/Insolvency Manager
          Phone: 8 (067) 577-81-67

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square, 5,
          Derzhprom, 8th Entrance


ZNAMYANSKIJ QUARRY: Bankruptcy Supervision Starts
-------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on CJSC Znamyanskij Quarry (code EDRPOU
05454639).  The case is docketed as 10/139.  Arbitral manager
Mr. Sergij Salatov (License Number AA 047823) has been appointed
temporary insolvency manager.  The company holds account number
26004301583 at OJSC Oshadbank, MFO 323851.

Creditors may submit their proofs of claim to:

(a) ZNAMYANSKIJ QUARRY
    27444, Ukraine, Kirovograd region,
    Znamyanskij district, Subotsi

(b) Mr. Sergij Salatov
    Temporary Insolvency Manager
    Ukraine, Kirovograd region,
    K. Marks Str. 4, Body 1
    Phone: (0522) 32-05-01

(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
    25006, Ukraine, Kirovograd region,
    Lunacharski Str. 29


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


1ST DISTRIBUTION: Names Bond Partners LLP Administrator
-------------------------------------------------------
T. Papanicola (IP No 005496) has been appointed administrators
for 1st Distribution (UK) Limited.  The appointment was made
Dec. 29, 2004.  Its registered office is located at Unit 46,
Coleshill Industrial Estate, Station Road, Coleshill B46 1JT.

CONTACT:  BOND PARTNERS LLP
          The Grange,
          100 High Street,
          London N14 6TG


ALEX FIELD: Hires Administrators from Numerica
----------------------------------------------
Simon Edward Jex Girling and Graham David Randall, (IP Nos 9283,
9051) have been appointed administrators for Alex Field
Management Limited.  The appointment was made Jan. 4, 2005.

CONTACT:  NUMERICA LLP
          Crown House,
          37-41 Prince Street, Bristol BS1 4PS
          Phone: 0117 934 2800
          Fax: 0117 922 5191
          Web site: http://www.numerica.biz


ARROW-CRAFT (BOATS): Calls in Administrators from Tenon Recovery
----------------------------------------------------------------
Simon R. Thomas and Trevor J. Binyon (IP Nos 8920 and 9285) have
been appointed administrators for Arrow-Craft (Boats) Limited.
The appointment was made Dec. 3, 2004.  The company develops and
manufactures boats.

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


ASIA TRADE: Liquidator to Bare Final Report Next Month
------------------------------------------------------
The final meeting of the members and creditors of Asia Trade
Limited will be on Feb. 21, 2005 commencing at 10:30 a.m. and
11:00 a.m. respectively.  It will be held at the offices of
Mazars, Cartwright House, Tottle Road, Nottingham NG2 1RT.

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 or creditors who want to be
represented at the meeting may appoint proxies.

CONTACT:  MAZARS
          Cartwright House,
          Tottle Road,
          Nottingham NG2 1RT
          Web site: http://www.mazars.com


A S LINGTECH: Calls Final General Meeting
-----------------------------------------
The final meeting of the members and creditors of A S Lingtech
Limited will be on Feb. 11, 2005 commencing at 10:00 a.m. and
10:15 a.m. respectively.  It will be held at the offices of
Smith & Williamson Limited, First Floor, Holbrook House, 72 Bank
Street, Maidstone, Kent ME14 1SN.

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 or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Smith & Williamson Limited, First Floor,
Holbrook House, 72 Bank Street, Maidstone, Kent ME14 1SN not
later than 12:00 noon, Feb. 10, 2005.

CONTACT:  SMITH & WILLIAMSON LTD.
          First Floor,
          Holbrook House, 72 Bank Street,
          Maidstone, Kent ME14 1SN
          Web site: http://www.smith.williamson.co.uk


BETA INTERNATIONAL: Deadline for Filing of Claims Nears
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Beta International Limited
                          (In Liquidation)

Notice is hereby given that the members of Beta International
Limited, with registered office situated at Frances House, Sir
William Place, St. Peter Port, Guernsey, unanimously passed
these special resolutions at an Extraordinary General Meeting
held on December 29, 2004:

(a) That the company be wound up on Wednesday, December 29,
    2004; and

(b) That Ian Robert Damarell and Colin Andrew Smith
    both of BDO Guernsey Limited, P.O. Box 180, Elizabeth House,
    St. Peter Port, Guernsey GY1 3LL be and are hereby
    appointed liquidators of the Company for the purpose of such
    liquidation.  Further that any power conferred on them by
    law or by this resolution may be exercised and any act
    required or authorized under any enactment to be done by
    them may be done by them jointly or by each one of them
    alone such liquidation and appointment becoming effective on
    the entry by the Greffier of this Special Resolution in the
    Register of Companies in accordance with section 81(a) of
    the Companies (Guernsey) Laws 1994 to 1995 (as amended).

All persons having claims against or who are indebted to the
above Company are hereby requested to send details thereof in
writing to us not later than the January 17, 2005.

CONTACT:  BDO GUERNSEY LIMITED
          P.O. Box 180
          Elizabeth House,
          St. Peter Port
          Guernsey GY1 3LL
          Contact:
          Ian Robert Damarell
          Colin Andrew Smith


CALVER + WILSON: Final Creditors Meeting Set February
-----------------------------------------------------
The final meeting of the creditors of Calver + Wilson Ltd. will
be on Feb. 8, 2005 commencing at 11:00 a.m.  It will be held at
48 Langham Street, London W1W 7AY.

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.  Creditors who want to be represented
at the meeting may appoint proxies.


CAXHALL LIMITED: Director Banned from Holding Management Post
-------------------------------------------------------------
The director of a pine furniture outlet that failed with total
debt estimated at around GBP231,000 has given an undertaking not
to hold directorships or take any part in company management for
seven years.

The undertaking by Richard Anthony Harrison, 58, of Staplers
Road, Newport, Isle of Wight was given in respect of his conduct
as director of Caxhall Limited, which carried out business from
premises at Osborne Works, Whippingham Road, East Cowes, Isle of
Wight PO32 6LH.

Acceptance of the undertaking on December 22, 2004 prevents
Richard Anthony Harrison from being a director of a company or,
in any way, whether directly or indirectly, being concerned or
taking part in the promotion, formation or management of a
company for the agreed period.  Caxhall was placed into
voluntary liquidation on November 11, 2002 with estimated debt
of GBP231,532 owed to creditors.

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

Matters of unfit conduct, not disputed by Richard Anthony
Harrison, were that:

(a) he caused Caxhall to trade to the detriment of HM Customs &
    Excise by keeping back GBP33,705, a debt that increased to
    GBP37,511 by the date of liquidation;

(b) he caused Caxhall to trade to the detriment of creditors
    generally, by making payments totaling GBP37,219 while the
    company was unable to pay its debt; and

(c) he failed to ensure that Caxhall maintained and preserved
    adequate accounting records, with the consequence that it is
    not possible to verify several significant asset-related
    matters.

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


CHRISTMAS PARTIES: Sets Final Meeting February
----------------------------------------------
The final meeting of the members and creditors of Christmas
Parties Limited will be on Feb. 9, 2005 commencing at 4:00 p.m.
and 4:15 p.m. respectively.  It will be held at the offices of K
S Tan & Co., 10-12 New College Parade, Finchley Road, London NW3
5EP.

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 of creditors who want to be
represented at the meeting may appoint proxies.


DANIEL LYNCH: Administrator from Irwin & Co. Moves in
-----------------------------------------------------
Gerald Irwin (IP No 8753) has been appointed administrator for
Daniel Lynch Limited.  The appointment was made Dec. 30, 2004.

CONTACT:  IRWIN & COMPANY
          Station House, Midland Drive,
          Sutton Coldfield, West Midlands B72 1TU


ELSECAR BREWING: Exec Gets 5-year Directorship Ban
--------------------------------------------------
The director of a brewery business that failed with total debt
estimated at around GBP268,000 has given an undertaking not to
hold directorships or take any part in company management for
five years.

The undertaking by Kean Andrew Brown, 44, of Duchess Drive,
Bipsham, Blackpool, Lancashire, was given in respect of his
conduct as director of The Elsecar Brewing Company Limited which
carried out business from premises at Elsecar Works, Unit 8a
Wath Road, Elsecar, Barnsley, South Yorkshire, S74 8HJ.

Kean Andrew Brown was also a director of these companies, which
failed with combined total debt estimated at GBP238,000:

(a) Cloverdale Leisure Limited, which traded from premises at
    Unit 6, The Old Dairy, George Street, Blackpool, FY1 3RP;

(b) Lundhill Tavern Limited, which traded from premises at Beech
    House Road, Hemingford, Barnsley, South Yorkshire, S73 0PG;
    and

(c) Alma Tavern Limited, which traded from premises at 27
    Westgate, Rotherham, South Yorkshire, S60 OJP;

The acceptance of the Undertaking on December 22, 2004 prevents
Kean Andrew Brown from being a director of a company or, in any
way, whether directly or indirectly, being concerned in or
taking part in the promotion, formation or management of a
company for the above period.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.  Elsecar Brewing Company was placed into voluntary
liquidation on March 25, 2003 with an estimated deficiency to
its creditors of GBP268,386.  Cloverdale Leisure Limited was
placed into voluntary liquidation on April 30, 2002 with an
estimated deficiency to its creditors of GBP196,753.  Lundhill
Tavern Limited was placed into voluntary liquidation on February
25, 2003 with an estimated deficiency to its creditors of
GBP10,751.  Alma Tavern Limited was placed into voluntary
liquidation on February 25, 2003 with an estimated deficiency to
its creditors of GBP30,047.

Matters of unfit conduct, not disputed by Kean Andrew Brown
solely for the purposes of the undertaking were, were that:

(a) He caused Elsecar to fail to deal properly with its taxation
    affairs and to trade to the detriment of the Crown
    Departments, in particular HM Customs Excise (HMCE) which
    was owed at least GBP225,318 at the date of liquidation on
    March 25, 2003, being GBP65,613 in respect of VAT for the
    period May 2002 to May 2003 and GBP159,795 in respect of
    undeclared beer duty, including Civil penalties of GBP3,500,
    for the period February 2002 to February 2003;

(b) He caused Cloverdale to fail to deal properly with its
    taxation affairs and to trade to the detriment of the Crown
    Departments, in particular HMCE, which was owed GBP51,991 in
    respect of VAT for the periods ending 11/01, 02/02 and 05/02
    and GBP50,697 in respect of bear duty for the period
    December 1, 2001 to March 31, 2002.  In addition the Inland
    Revenue were owed GBP1,877, as at the date of liquidation,
    in respect of underpayments of PAYE/NIC for the year ended
    2001/2002;

(c) He caused Lundhill to fail to deal properly with its
    taxation affairs.  Crown departments were owed at least
    GBP8,090 at the date of liquidation on February 25, 2003
    being GBP4,272 in respect of VAT based on assessments for
    the periods 11/02 and 02/03.  The Inland Revenue has
    informed The Insolvency Service that no returns in respect
    of PAYE/NIC have been submitted.  The Statement of Affairs
    sworn on February 25, 2004 shows a liability to the Inland
    Revenue totaling GBP3,818 in respect of unpaid PAYE/NIC; and

(d) He caused Alma to fail to deal properly with its taxation
    affairs.  As a result, Crown Departments were owed at least
    GBP7,624 at the date of liquidation on February 25, 2003
    being GBP4,023 in respect of VAT based on assessments for
    the periods 08/02, 11/02 and 02/03.  The Inland Revenue has
    informed The Insolvency Service that no PAYE Scheme appears
    to have been set up.  The Statement of Affairs sworn on 25
    February 2004 shows liabilities to the Inland Revenue
    totaling GBP3,602 in respect of PAYE/NIC.

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

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

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


FEDERAL-MOGUL: U.S. Judge Agrees to Work Closely with U.K. Court
----------------------------------------------------------------
More than 300,000 asbestos claims have been filed against
Federal-Mogul's U.K. Debtor-affiliates.  Approximately 95% of
the claimants are U.S.-based and assert claims arising from
injury sustained in the United States as a result of business
conducted by the U.K. Debtors in the U.S.

The Plan Proponents:

    -- the Debtors,

    -- the Unsecured Creditors Committee,

    -- the Asbestos Claimants Committee,

    -- the Equity Security Holders Committee,

    -- the Legal Representative for Future Asbestos-Related
       Claimants, and

    -- JPMorgan Chase Bank as Administrative Agent for the
       Debtors' prepetition lenders, which believe that an
       estimation proceeding is a critical step for determining:

       -- the relative share of the value of the U.K. Debtors as
          between holders of Asbestos Claims and holders of
          other claims; and

       -- the relative share of that value among the holders of
          Asbestos Claims, as between U.K. and U.S. holders, for
          both the Chapter 11 and the Administration Cases.

According to James E. O'Neill, Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., in Wilmington, Delaware, the
validity and quantification of asbestos claims of the U.S. and
U.K. claimants are likely to be determined in accordance with
the principles of law of the corresponding countries.  Thus, the
Plan Proponents assess that the most appropriate and economical
allocation of tasks is for:

    -- the U.S. Court to estimate the amount of Asbestos Claims
       of U.S. claimants, and for the English Court to estimate
       the amount of Asbestos Claims of U.K. claimants; and

    -- each Court to accept the determination of the other with
       respect thereto.

"It would make little sense to adopt a parochial U.S. or U.K.
centric approach and for both courts to determine the asbestos
holders' entitlement against the value of the U.K. Debtors
because of the location of the different claimants and the laws
to be applied," Mr. O'Neill remarks.  "An approach suggesting
that the U.S. Court should estimate all Asbestos Claims 'for
purposes of the Plan' and that the English Court and the
Administrator should determine, assess or estimate all Asbestos
Claims for purposes of a U.K. scheme of arrangement or Company
Voluntary Arrangement is also not sensible.  Absent coordination
of the courts, the risk of inconsistent determinations relating
to the same asbestos claims is great, and the cost to the
parties in having to resolve this issue in two forums is not
economical."

Therefore, pursuant to the Inter-Court Communication Procedures,
the Plan Proponents ask the Bankruptcy Court and the English
Court to authorize:

    (a) a communication with the English Court to discuss the
        estimation process of the asbestos personal injury
        claims; and

    (b) the purposes for which the determination should be used
        through an in-person or telephonic conference.

                             Objections

(1) U.K. Administrators

Christopher S. Sontchi, Esq., at Ashby & Geddes, in Wilmington,
Delaware, tells the Court that the Joint Administrators of the
U.K. Debtors are in favor of inter-court communications as a
means of avoiding conflicts between the two jurisdictions.
However, contrary to the Plan Proponents' contentions, there is
nothing to be achieved by communication between the U.S.
Bankruptcy Court and the U.K. Court regarding any estimation of
Asbestos Personal Injury Claims in connection with confirmation
of the Plan.

Mr. Sontchi points out that:

    (a) the estimation process would not correspond to any
        process that is necessary or even likely to take place
        in the U.K. proceedings after any confirmation of the
        Plan;

    (b) the U.K. Court made clear in the judgment of Justice
        David Richards on October 21, 2004, that Schemes or
        Collective Bargaining Agreements are the only mechanisms
        by which the Plan could be enforced in the U.K. against
        the creditors of the U.K. Debtors, given that the U.K.
        Debtors are incorporated and have their principal places
        of business in the U.K., and all of their material
        assets are situated in or controlled from the U.K.;

    (c) the Administrators will not, absent agreement of all
        relevant parties-in-interest, propose Schemes or CVAs to
        implement the Plan as currently drafted, but will
        instead pursue a controlled realization of the U.K.
        Debtors' assets;

    (d) the distribution process under U.K. law, whether
        pursuant to a Scheme or CVA or some other distribution
        process following a controlled realization, does not
        involve any estimation of claims by the U.K. Court but
        is based on the submission of claims by individual
        claimants and admission of those claims in the U.K.
        process, and the adoption by the relevant office holders
        of an appropriate reserving strategy;

    (e) any ruling by the Bankruptcy Court regarding the
        estimation of asbestos liabilities would not be binding
        on the Administrators or the U.K. Court as a matter of
        U.K. law; and

    (f) the Plan Proponents have known for a very long time that
        the Administrators were not prepared to promote Schemes
        or CVAs designed to implement the Plan in the U.K., and
        the reasons for the Administrators' decision.

Thus, the Administrators ask the Bankruptcy Court to deny the
proposed communication in its entirety.

Because the reasons why a substantive communication is
unnecessary and inappropriate as of this time are largely
matters of U.K. law, the Administrators recognize that a
preliminary communication pursuant to Paragraph A.7.ii.b.2 of
the Procedures and Issues for Inter-Court Communications may be
helpful to both Courts to inform the other of the nature of the
processes being or to be undertaken in the two jurisdictions.

(2) PD Committee

According to Theodore J. Tacconelli, Esq., at Ferry, Joseph &
Pearce, P.A., in Wilmington, Delaware, the Property Damage
Committee has no objection to inter-court communications on the
topic of estimation of asbestos bodily injury claims.  "It does
not appear likely, however, that the proposed inter-court
communications will result in any measure of clarity . . . with
respect to the scope of the estimation hearing, or that the Plan
Proponents' proposed allocation of responsibilities for bodily
injury claims estimation between the U.S. and the U.K. courts is
feasible under the current circumstances."

Mr. Tacconelli notes that the Plan Proponents now concede that
the proposed Third Amended Plan of Reorganization will have to
be amended yet again based on the results of any estimation
hearing.  But by suggesting a bifurcation of responsibility for
estimation between the two courts, Mr. Tacconelli says, the Plan
Proponents all but ensure that any ruling by the Court on
estimation will be incomplete, leaving the Plan in limbo once
again.  "And because there is no procedure under U.K. law for
estimation of claims in the absence of a proposed scheme of
arrangement or company voluntary arrangement, the proposal that
the U.K. court conduct that estimation now, or even in the near
future, appears infeasible.

This is particularly true in [Federal-Mogul's] case where the
U.K. Administrators have sought and received authority from the
U.K. court to oppose the Plan and have indicated that they
cannot support a Scheme or CVA to implement the Plan in the
U.K."

"While little is clear in this matter, what is clear is that the
protocol for estimation put forth by the Plan Proponents is not
tenable," Mr. Tacconelli asserts.

                            *   *   *

Pursuant to Section 7.S.ii.b.i.1 of the Inter-Court
Communication Procedures and subject to the agreement of the
English Court, Judge Lyons rules that a communication with the
English Court will take place, regarding the estimation process
of the aggregate amount of all Asbestos Claims against the U.K.
Debtors and the purposes for which that determination should be
used.

The Court overrules the objections of the Administrators and the
PD Committee.

If the English Court approves a communication pursuant to the
Inter-Court Communications Procedures, Judge Lyons rules that
communication is in good faith and is required to take place
urgently and should be heard on 36 hours' notice thereafter.

Judge Lyons authorizes and directs the Clerk of Court of the
U.S. Court to coordinate with the Clerk of the English Court,
the Plan Proponents, the Administrators and any other necessary
parties to establish the time, place and manner of the
communication, including scheduling a conference call.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The Company filed for chapter 11 protection
on October 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan, Esq., James F. Conlan, Esq., and Kevin T. Lantry, Esq.,
at Sidley Austin Brown & Wood, and Laura Davis Jones, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from their creditors, they listed $10.15 billion
in assets and $8.86 billion in liabilities.  (Federal-Mogul
Bankruptcy News, Issue No. 70; Bankruptcy Creditors' Service,
Inc., 215/945-7000)

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


JJMP FINANCE: Hires Liquidator from Begbies Traynor
---------------------------------------------------
At the extraordinary general meeting of the members of JJMP
Finance Limited on Dec. 23, 2004 held at Begbies Traynor, 1
Winckley Court, Chapel Street, Preston, Lancashire PR1 8BU, the
extraordinary and ordinary resolutions to wind up the company
were passed.  David R. Acland of Begbies Traynor, 1 Winckley
Court, Chapel Street, Preston, Lancashire PR1 8BU has been
appointed liquidator of the company.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street
          Preston PR1 8BU
          Phone: 01772 202000
          Fax: 01772 200099
          E-mail: preston@begbies-traynor.com
          Web site: http://www.begbies.com


JOHN HARDMAN: Names Moore Stephens Liquidator
---------------------------------------------
At the extraordinary general meeting of John Hardman Studios
Limited on Dec. 23, 2004 held at Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB, the extraordinary and ordinary resolutions to wind up the
company were passed.  Nigel Price of Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB has been appointed liquidator of the company.

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


MCA CATERING: Files for Receivership
------------------------------------
Stephen Cork (IP No 8627) has been appointed administrator for
holding company MCA Catering Europe Limited (formerly MCA
Service Holdings).  The appointment was made Dec. 20, 2004.

CONTACT:  SMITH & WILLIAMSON
          Prospect House,
          2 Athenaeum Road,
          London N20 9YU


NAD ELECTRONICS: Owners Choose to Dissolve Business
---------------------------------------------------
At the extraordinary general meeting of Nad Electronics Limited
on Nov. 29, 2004 held at Grynderupvejen 12, DK-9610, Norager,
Denmark, the special resolution to wind up the company was
passed.  Graham Irvine Born of 24 Bedford Square, London WC1B
3HN has been appointed liquidator of the company.


NEIL PHILLIPS: Hires Moore Stephens to Liquidate Assets
-------------------------------------------------------
At the extraordinary general meeting of Neil Phillips Stained
Glass Limited on Dec. 23, 2004 held at Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB, the extraordinary and ordinary resolutions to wind up the
company were passed.  Nigel Price of Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB has been appointed liquidator of the company.

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


PETER CHAMBERLAIN: Opts for Liquidation
---------------------------------------
At the extraordinary general meeting of Peter Chamberlain
Limited on Dec. 17, 2004 held at EMW Law, Eleanor House, Newport
Pagnell Road, Northampton NN4 7JJ, the resolution to wind up the
company was passed.  Mark N. Ranson of Horwath Clark Whitehill
(Yorkshire) LLP, North Lane House, 9B North Lane, Headingley,
Leeds LS6 3HG has been appointed liquidator of the company.

CONTACT:  HORWATH CLARK WHITEHILL (YORKSHIRE) LLP
          North Lane House, 9B North Lane,
          Headingley, Leeds LS6 3HG
          Phone: 0113 274 0404
          Fax: 0113 274 3780
          Web site: http://www.horwathcw.com


PPPL REALISATIONS: Hires DTE Leonard Curtis as Administrator
------------------------------------------------------------
A. Poxon and J. M. Titley (IP Nos 8620, 8617) have been
appointed joint administrators for PPPL Realisations Limited
(formerly Pin Point Realisations Limited).  The appointment was
made Dec. 22, 2004.  The company is engaged in labor
recruitment.

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


PROTECH ELECTRONIC: Administrator from Bond Partners Moves in
-------------------------------------------------------------
T. Papanicola (IP No 005496) has been appointed administrator
for Protech Electronic Services Limited.  The appointment was
made Dec. 22, 2004.  The company manufactures electronic
products.  Its registered office is located at Unit 3, The
Ringway Centre, Edison Road, Houndsmill Industrial Estate,
Basingstoke RG21 6YH.

CONTACT:  BOND PARTNERS LLP
          The Grange,
          100 High Street,
          London N14 6TG


SAN-CLYNT LIMITED: Calls in Liquidator from Grant Thornton
----------------------------------------------------------
At the extraordinary general meeting of San-Clynt Limited on
Dec. 17, 2004 held at 44 Fullarton Drive, Cambuslang G32 8FA,
the special resolution to wind up the company was passed.
Samantha Keen of Grant Thornton UK LLP, 31 Carlton Crescent,
Southampton SO15 2EW has been appointed liquidator of the
company.

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


SHEEPSCAR WORKS: Shareholders Agree to Call in Liquidators
----------------------------------------------------------
At the extraordinary general meeting of Sheepscar Works (Leeds)
Limited on Dec. 24, 2004 held at Gordons, Riverside West,
Whitehall Road, Leeds LS1 4AW, the special and ordinary
resolutions to wind up the company were passed.  Paul Charlton
of Mazars, Mazars House, Gelderd Road, Gildersome, Leeds LS27
7JN has been appointed liquidator of the company.

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


S.K.I. (UK): Hires Joint Administrators from Numerica
-----------------------------------------------------
Frank Wessely and Peter Hughes-Holland (IP Nos 7788, 1700) have
been appointed joint administrators for S.K.I. (UK) Limited.
The appointment was made Dec. 23, 2004.  The company
manufactures and supplies industrial machine tools.  Its
registered office is located at Russell House, 140 High Street,
Edgware, Middlesex HA8 7LW.

CONTACT:  NUMERICA
          81 Station Road, Marlow,
          Buckinghamshire SL7 1SX
          Phone: 01628 478100
          Fax:   01628 472629
          Web site: http://www.numerica.biz


SOUTHBURY SUPPLIES: Shareholders Give up; Opt for Liquidation
-------------------------------------------------------------
At the extraordinary general meeting of the members of Southbury
Supplies Limited (t/a RnR Boarder Supplies) on Dec. 30, 2004
held at Allum Lane Community Centre, Manor House, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Stephen Gilmore of Gilmore Robins, 9 High Street,
Elstree, Hertfordshire WD6 3BY has been appointed liquidator of
the company.


STODDARD INTERNATIONAL: Company Profile
---------------------------------------
NAME: Stoddard International PLC
      Riverside Mill, Barbadoes Road
      Kilmarnock, East Ayrshire KA1 1SX, United Kingdom

PHONE: +44-1563-578-000

FAX: +44-1563-578-011

E-MAIL: enquiries@stoddardintl.co.uk

WEB SITE: http://www.stoddardcarpets.com

TYPE OF BUSINESS: Stoddard International, also known as Stoddard
Carpets, has been in business for more than 160 years.  It
manufactures high quality, design-led Axminster, Wilton and
tufted carpets that are marketed in the retail and contract
sectors in the U.K. and in selected overseas markets.  In recent
years, Stoddard consolidated its production from three factories
to one single site.

Stoddard received Her Majesty's Royal Warrant in 1966.

SIC: Household goods & textiles

EXECUTIVES: Alan Scott, Chairman
            Alan Lawson, Chief Executive
            Graeme Caulfield, Operations Director

NUMBER OF EMPLOYEES: 585 (as of 2003)

SALES: GBP30 million (as of 2003)

NET INCOME: GBP3.2 million (as of 2003)

THE TROUBLE: With changing styles, demand for Stoddard's
traditional Axminster product gradually declined.  Its pension
fund has a shortfall of GBP13.6 million (as of last year).

RECEIVERS:  ERNST & YOUNG
            Becket House
            1 Lambeth Palace Road
            London
            SE1 7EU
            United Kingdom
            Phone: 020 7951 3363
            Fax: 020 7951 3167
            Web site: http://www.ey.com/


TCF CONSULTANTS: Names Saline Nominees Liquidator
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

     IN THE MATTER OF Collins Stewart No. II Fund PCC Limited
                         (In Liquidation)

Notice is hereby given that the members of Collins Stewart No.
II Fund PCC Limited, which registered office is located at
Trafalgar Court, Les Banques, St. Peter Port, Guernsey, Channel
Islands, unanimously passed these special resolutions on
December 30, 2004:

(a) That Collins Stewart No. II Fund PCC 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
company are hereby requested to send details thereof in writing
to the liquidator on or before February 10, 2005.

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


THE CARD: Appoints Joint Administrators from Numerica
-----------------------------------------------------
Peter Hughes-Holland and Frank Wessely (IP Nos 1700, 7788) have
been joint administrators for The Card Department Limited.  The
appointment was made Dec. 29, 2004.

CONTACT:  NUMERICA
          81 Station Road, Marlow,
          Buckinghamshire SL7 1SX
          Phone: 01628 478100
          Fax:   01628 472629
          Web site: http://www.numerica.biz


THE PARAGON: Joint Administrators Take over Operations
------------------------------------------------------
Colin Ian Vickers and Nicholas Hugh O'Reilly (IP Nos 008953,
008309) have been appointed joint administrators for The Paragon
Door and Window Company Limited.  The appointment was made Dec.
23, 2004.

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


T MAWDSLEY: Hires Parkin S. Booth & Co. as Liquidator
-----------------------------------------------------
At the extraordinary general meeting of T Mawdsley (Bookmakers)
Limited on Dec. 29, 2004 held at the offices of Westmore
Brennand, Suite 606, The Cotton Exchange, Old Hall Street,
Liverpool L3 9LQ, the special and extraordinary resolutions to
wind up the company were passed.  Jonathan R. Booth of Parkin S.
Booth & Co. has been appointed liquidator of the company.


TRENPORT INVESTMENTS: Final Meeting Set Mid-February
----------------------------------------------------
Name of companies:
Trenport Investments Partner Limited
Trenport Trading Partner Limited

The final meeting of these companies will be on Feb. 14, 2005
commencing at 10:00 a.m. and 10:30 a.m. respectively.  It will
be held at Deloitte & Touche LLP, 66 Shoe Lane, London EC4A 3WA.

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


VERTICALNET LIMITED: Members Pass Winding up Resolution
-------------------------------------------------------
At the extraordinary general meeting of Verticalnet Limited on
Dec. 23, 2004 held at 400 Chester Field Parkway, Malvern,
Philadelphia, Pennsylvania, USA, 19355, the special and ordinary
resolutions to wind up the company were passed.  Peter Roderick
Frowde of McCabe Ford Williams, Bank Chambers, 1 Central Avenue,
Sittingbourne, Kent ME10 4AE has been appointed liquidator of
the company.

CONTACT:  MCCABE FORD WILLIAMS
          Bank Chambers,
          1 Central Avenue,
          Sittingbourne, Kent ME10 4AE
          Phone: (01795) 479111
          Fax: (01795) 428810
          E-mail: sittingbourne@mfw.co.uk
          Web site: http://www.mfw.co.uk


WATERFORD WEDGWOOD: Completes EUR100 Million Rights Issue
---------------------------------------------------------
Waterford Wedgwood announces that the 5-for-3 Rights Issue of
1,661,645,381 Rights Issue Units at EUR0.06 per unit to raise
approximately EUR100 million gross of expenses, closed at 11:00
a.m. on 7 January 2005.  Details of the Rights Issue were
contained in the Listing Particulars dated 15 December
2004.

The Company received valid acceptances in respect of
1,243,191,604 Rights Issue Units from Qualifying Stockholders,
representing an aggregate take-up of approximately 74.82% of the
total number of Rights Issue Units offered.

Davy has procured subscribers for all of the remaining 25.18%
(418,453,777 Rights Issue Units), including the entitlements of
Overseas Stockholders not subscribed for, at a price of
EUR0.0615 per unit.

Accordingly, neither Birchfield Holdings Limited (a company
owned and controlled by Sir Anthony O'Reilly and Mr. Peter John
Goulandris) nor Davy, which underwrote 70% and 30% of the Rights
Issue respectively, will be required to subscribe for any Rights
Issue Units.  It follows that the holdings of Stock Units by
entities beneficially owned and controlled by Sir Anthony
O'Reilly and Mr. Peter John Goulandris remains at 24.61%.

The number of Stock Units in issue following the completion of
the Rights Issue will be 2,658,632,610.

Redmond O'Donoghue, Chief Executive of Waterford Wedgwood said:
"We are delighted at the shareholder support evidenced by the
take up under the Rights Issue, and the market support
demonstrated by the successful placing of all of the remaining
stock.  We look forward to completing the acquisition of Royal
Doulton plc, integrating the Royal Doulton and Wedgwood
businesses and delivering the targeted benefits from the
acquisition."

This announcement should be read in conjunction with the Listing
Particulars dated 15 December 2004.  Terms defined in the
Listing Particulars have the same meaning in this announcement.

                            *   *   *


This announcement does not constitute, or form part of, an offer
of, or the solicitation of any offer, to subscribe for or buy
any of the Rights Issue Units to be issued or sold in connection
with the Rights Issue.  Offers should be made only on the basis
of the information contained in the Listing Particulars issued
in connection with the Rights Issue and any supplements thereto.
The Listing Particulars contain detailed information about the
Rights Issue, Waterford Wedgwood and its management, as well as
financial information.

The offer of the Rights Issue Units in certain jurisdictions may
be restricted by law and therefore potential investors should
inform themselves about and observe any such restrictions.  This
announcement does not contain or constitute an offer of
securities for sale in the United States.  The securities
referred to herein have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
'U.S. Securities Act') and may not be offered or sold in the
United States absent registration or an exemption from
registration under the U.S. Securities Act.  This announcement
and the information contained herein is not for release,
publication or distribution in or into the United Stats, Canada,
Australia or Japan.

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED
STATES, CANADA, AUSTRALIA OR JAPAN.

CONTACT:  WATERFORD WEDGWOOD
          Phone: +353 1 478 1855
          Redmond O'Donoghue, Group Chief Executive Officer
          Peter Cameron, Group Chief Operating Officer
          Paul D'Alton, Group Chief Financial Officer

          DAVY
          Phone: + 353 1 679 6363
          Eugenee Mulhern
          Hugh McCutcheon

          POWERSCOURT (U.K./International media)
          Phone: +44 207 236 5615
          Rory Godson
          Phone: +44 7909 926 020

          DENNEHY ASSOCIATES (Ireland)
          Phone: +353 1 676 4733
          Michael Dennehy
          Phone: +353 87 2556923

COLLEGE HILL (Analysts)
Phone: +44 207 457 2020
          Kate Pope
          Phone: +44 7798 843276
          Mark Garraway
          Phone: +44 7771 860938


WATERFORD WEDGWOOD: December Like-for-like Sales Up
---------------------------------------------------
Waterford Wedgwood announces that, on a like-for-like basis (at
constant exchange rates), sales during December 2004 were 2% up
on the same month of the previous year.  This continues the
improvement, which we reported at last month's extraordinary
general meeting, which showed sales in November 2004 increased
by 3% over the same month of the previous year on a like-for-
like basis.

This update is issued in the context of the extraordinary
general meeting of the company on Monday, which is to consider
the proposed takeover of Royal Doulton plc.

CONTACT:  WATERFORD WEDGWOOD
          Phone: +353 1 4781 855
          Contact:
          Redmond O'Donoghue, Group Chief Executive Officer
          Peter Cameron, Group Chief Operating Officer
          Paul D'Alton, Group Chief Financial Officer

          POWERSCOURT (U.K./International media)
          Phone: +44 207 236 5615
          Rory Godson
          Phone: +44 7909 926 020

          DENNEHY ASSOCIATES (Ireland)
          Phone: +353 1 676 4733
          Michael Dennehy
          Phone: +353 87 2556923

          COLLEGE HILL (Analysts)
          Phone: +44 207 457 2020
          Kate Pope
          Phone: +44 7798 843276
          Mark Garraway
          Phone: +44 7771 860938


WATERFORD WEDGWOOD: Shareholders Okay Royal Doulton Buyout
----------------------------------------------------------
The Board of Waterford Wedgwood announces that the resolution
(details of which were set out in a document to Stockholders
dated 15 December 2004) to approve the proposed acquisition, by
way of a cash offer, of the issued share capital of Royal
Doulton plc not already owned by the Waterford Wedgwood
Group, which was proposed for consideration at the Extraordinary
General Meeting of the Company held Monday in Dublin, was
passed.

Further announcements in relation to the status of the offer
will be made in due course.

CONTACT:  WATERFORD WEDGWOOD
          Phone: +353 1 478 1855
          Redmond O'Donoghue, Group Chief Executive Officer
          Peter Cameron, Group Chief Operating Officer
          Paul D'Alton, Group Chief Financial Officer

          DAVY
          Phone: + 353 1 679 6363
          Eugenee Mulhern
          Hugh McCutcheon

          POWERSCOURT (U.K./International media)
          Phone: +44 207 236 5615
          Rory Godson
          Phone: +44 7909 926 020

          DENNEHY ASSOCIATES (Ireland)
          Phone: +353 1 676 4733
          Michael Dennehy
          Phone: +353 87 2556923

COLLEGE HILL (Analysts)
Phone: +44 207 457 2020
          Kate Pope
          Phone: +44 7798 843276
          Mark Garraway
          Phone: +44 7771 860938


                            *********


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 and Julybien Atadero, Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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