TCREUR_Public/050114.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, January 14, 2005, Vol. 6, No. 10

                            Headlines

F I N L A N D

FINNAIR OYJ: 2004 Passenger Number Reaches Record High


F R A N C E

EURO DISNEY: Counts on Saudi Prince Anew to Clinch Rescue Deal
LEGRAND HOLDINGS: Fitch Affirms Senior Unsecured Notes at 'BB-'
MARIONNAUD PARFUMERIES: Banks Demand Independent Audit


G E R M A N Y

AGENTUR FUR INDIVIDUAL: Hww Takes over Operations
CEBEWE CENTRUM: Creditors Have Until Next Week to File Claims
DESTINATOR GMBH: Claims Deadline Set Next Week
FOTI FRUCHT: Munich Court Appoints Administrator
GEBRUDER EICHLER: Court Sets Claims Filing Deadline February

IHB INTERNATIONALE: Creditors Meeting Set February
INFINEON TECHNOLOGIES: Q1 Earnings to Fall Short of Forecast
TEAMBAU VERWALTUNGS: Administrator Takes over Operations
WORLD OF MULTIMEDIA: Under Bankruptcy Administration


I T A L Y

ALITALIA SPA: European Union to Launch Probe Next Week
CIRIO FINANZIARIA: Administrators Back Lucio Tan's Bid
PARMALAT FINANZIARIA: 'We Were Deceived,' Says Citigroup
PARMALAT U.S.A.: Asks Court to Establish Solicitation Procedures


L U X E M B O U R G

MILLICOM INTERNATIONAL: Subscribers Increased 36% in 2004


N E T H E R L A N D S

ROYAL AHOLD: U.S. Court Absolves Former Auditor
ROYAL SHELL: Sells California Refinery for Undisclosed Sum
TELEPLAN INTERNATIONAL: Completes Financial Restructuring


R U S S I A

BREAD: Altay Court Names Insolvency Manager
BUILDING-PROJECT ASSOCIATION: Public Auction Set Today
EAR: Creditors Have Until Next Month to File Claims
ENERGY-EAST: Hires D. Gryaznov as Insolvency Manager
KAMA-GAS: Perm Court Appoints Insolvency Manager

MIKHAYLOVSKOYE: Creditors Have Until Next Month to File Claims
ORE-MET-TRADE: Moscow Court Hires Insolvency Manager
RUSSIAN EAR: Declared Insolvent
SLANTSY-BREAD: Leningrad Court Appoints Insolvency Manager
VLADIMIRSKIY FURNITURE: Assets for Public Auction Today
YUKOS OIL: Fulbright & Jaworski Files Supplemental Disclosure
YUKOS OIL: Khodorkovsky No Longer Controls Menatep Shares


U K R A I N E

DRUKMASH: Under Bankruptcy Supervision
PLEMZAVOD KOMSOMOLETS: Liquidator Takes over Helm
PRIME: Urges Creditors to File Claims
PROMENERGO-UKRAINE: Court Brings in Liquidator
SVEMA: Court Appoints Temporary Insolvency Manager
UKRAUTOTRANSPORT: Declared Insolvent
UROZHAJ: Calls in Temporary Insolvency Manager


U N I T E D   K I N G D O M

ANDERSON & INNES: Brings in Joint Receivers from Ernst & Young
APV NOMINEES: Members Pass Special Winding up Resolution
BEESTON HEATING: Names Tenon Recovery Administrator
BLAIR INCORPORATED: Creditors Meeting Set January 24
CARNEGIE'S LEISURE: Joint Receivers Take over Operations

CLARKS: Abandons Remaining U.K. Factory
CLEARING NOMINEES: Hires PricewaterhouseCoopers as Liquidator
C.W.H. LEISURE: Members Wind up Firm
DYNATECH CORPORATION: Opts for Liquidation
ELBOWROOM LIVING: Creditors Call in Liquidator

ENODIS PLC: S&P Lifts Ratings to 'BB', 'B+'; Outlook Stable
EURO SEARCH: Appoints Tenon Recovery Administrator
FACTO LIMITED: Members Decide to Dissolve Company
HARRISON PINE: Calls in Liquidator from Hamilton Insolvency
ISLA HOLDINGS: Names O'Hara & Co. Liquidator

JOSEPH MASON: Files for Liquidation
KENNEDY INDUSTRIAL: Calls in Liquidator from Begbies Traynor
LARGIE ESTATE: Park Operator Falls into Liquidation
METRO PRIVATE: Appoints Liquidator from Horwath Clark Whitehall
MIDAS GOLD: Hires Stoy Hayward as Liquidator

MYTRAVEL GROUP: Proposes to Reorganize Share Capital
ONE STOP: Names Begbies Traynor Administrator
OPTIMA FOODS: In Administrative Receivership
PHOENIX OIL: Hires Liquidator from Jackson Jolliffe Cork
PINEBRIDGE LIMITED: Appoints Liquidator from Unique Business

PLATINUM CATERING: Members Pass Winding up Resolutions
RAMESES EUROPE: Hires Joint Liquidators from Benedict Mackenzie
SCOTLIFE HOME: Shareholders Decide to Liquidate Company
SPOT ON MARKETING: Members Pass Winding up Resolutions
STODDARD INTERNATIONAL: Cuts Staff to Stay Afloat

STUART WYSE: Joint Liquidators from PwC Move in
THE PHOENIX: Joint Liquidators from Hurst Morrison Enter Firm
TPFI LIMITED: Liquidator Takes over Operation
TRINITY INVESTMENTS: Barclays Bank Appoints Receiver


                            *********


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


FINNAIR OYJ: 2004 Passenger Number Reaches Record High
------------------------------------------------------
Last year, Finnair's passenger numbers passed the eight million
mark for the first time in the airline's history.  Finnair Group
airlines flew a total of 8,149,100 passengers in 2004, 1.3
million passengers (19%) more than in 2003.  Demand (RPK) in
2004 was 20.2% higher than the previous year.  At the same time,
capacity was increased by 17.4%, which led to the passenger load
factor improving by 2.4 percentage points to 71.2%.

Finnair traffic, measured in passenger kilometers, increased by
15.1% in December, while capacity was up by 17.6%, resulting in
a passenger load factor of 72.8%, 1.6 points lower than last
year.  Finnair Group airlines altogether transported 636,100
passengers, which is 17.2% more than a year ago.

Finnair scheduled traffic increased by 14.3% compared to
December last year.  Passenger load factor was 64.6%, down 1.6
percentage points.  The number of passengers carried was
528,700, up 17.3%.

Departure punctuality of scheduled flights was 84.5% (based on a
fifteen minute standard), 2.4 points better than in December
2003.  Leisure flights included, departure punctuality was 82.8%
(+1.8 p.p).  Arrival punctuality of scheduled flights was 85.3%
and that of all operations was 84.5%.  According to the
punctuality data of the Association of European Airlines (AEA),
in January-October Finnair was the most punctual airline and one
of the airlines with least cancellations.

Finnair's Tallinn-based subsidiary Aero carried 49,900
passengers on routes between Helsinki and the Baltic capitals
and within Southern Finland.  The total number of passengers for
the year was 213,100.  During December, Stockholm-based
flynordic (former Nordic Airlink) continued to gain market share
and carried 74,600 passengers on its Scandinavian routes.
Flynordic's performance meters have been geared to Finnair
standards during 2004.  Flynordic's amended total passenger
figure for 2004 is 725,000.  In future reporting, amended
numbers from 2004 will be used as comparison figures.  Aero and
flynordic figures respectively are included in the Finnair Group
total figures.

Scheduled traffic

(a) In scheduled traffic (international + domestic) revenue
    passenger kilometers increased by 14.3%.  The change in
    capacity was +17.1%.  Passenger load factor was 64.6%, 1.6
    percentage points lower than last year;

(b) In scheduled international traffic, total number of
    passengers was up by 32.7%, partly affected by adding
    flynordic figures.  Capacity in ASKs was +20.6%, while RPKs
    increased by 16.8%;

(c) In European scheduled traffic, ASKs increased by 16.7%, and
    as RPKs increased by 16.6%, the passenger load factor was
    56.9%, down 0.1 points from previous year;

(d) In North Atlantic scheduled traffic, capacity increased by
    30.6% due to added frequencies to JFK and MIA.  Change in
    RPKs was +9.8%, and passenger load factor for December was
    69.1%, 13.1 points lower than previous year;

(e) In Asian scheduled traffic, capacity increase was 22.7%
    mainly due to adding frequencies to Shanghai and Osaka since
    beginning of June.  The passenger traffic was up by 19.0%.
    Passenger load factor was 75.9%, 2.4 percentage points down;
    and

(f) Domestic scheduled traffic decreased by 2.6% on a capacity
    decrease of 2.3%.  Passenger load factor declined by 0.2
    percentage points to 55.4%.

Leisure traffic

ASKs for leisure traffic increased in December by 18.6%, and
RPKs increased by 16.3%, resulting in a passenger load factor of
90.3%, 1.7 points lower than last year;

Cargo

Cargo traffic increased by 16.2% in terms of cargo tonnes
carried.  Growth in scheduled traffic was +10.5%.  Increase in
Asian traffic was 11.2%. Volume in European traffic increased by
2.0%.  In North-Atlantic traffic cargo volume increased by
47.8%. Cargo traffic carried on chartered cargo flights
increased by 61.9%.  The cargo load factor was 59.4%.  The cargo
load factor in the Far Eastern traffic was 78.6% and in the
North Atlantic traffic 73.9%.

Full traffic performance data available at
http://www.finnairgroup.com/linked/en/sijoittaja/Monthly_traffic
data_Dec_2004.pdf

Finnair Plc
Communications

CONTACT:  FINNAIR PLC
          Mr. Lasse Heinonen, SVP & CFO
          Phone: +358 9 818 4950
          Mr. Christer Haglund, SVP Corporate Communications
          Phone: +358 9 818 4007

          Mr. Petteri Kostermaa, VP Traffic Planning
          Phone: +358 9 818 8504
          Mr. Timo Riihimaki, Assistant Vice President, Cargo
          Phone: +358 9 818 5487


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


EURO DISNEY: Counts on Saudi Prince Anew to Clinch Rescue Deal
--------------------------------------------------------------
Prince Alwaleed Bin Talal has agreed to support the
restructuring plan of theme park operator Euro Disney, according
to The Telegraph.

Prince Bin Talal, who is one of the world's richest men, will
subscribe to EUR25 million of Euro Disney's rights issue and
allow his 16% stake to be diluted to 10%.  This is the third
time he will participate in the company's reorganization.  In
1994, he took a 24% stake when Euro Disney restructured EUR3
billion of debt.  He reduced this holding during the second
restructuring in 1999.

Euro Disney's latest rescue plan, agreed with creditors in
September, includes the issuance of EUR250 million (GBP175
million) worth of shares.  About EUR240 million of this will go
to building new attractions as part of the firm's efforts to
increase revenues.

Euro Disney's largest shareholder, The Walt Disney Company with
a 39% stake, has agreed to subscribe to EUR100 million of the
rights issue and write off EUR292 million in debt.

The rights issue should be completed by March 31.  Once done,
Euro Disney's syndicate of banks headed by Calyon and BNP
Paribas will have to extend the deadlines for repaying loans
worth EUR600 million to 2008 and beyond.  Euro Disney is EUR2
billion in debt and has not turned in profit for almost three
years now.  Recently it reported a 3% increase in revenues to a
record EUR269 million for the three months ended December 31, up
from EUR262 million the year before.


LEGRAND HOLDINGS: Fitch Affirms Senior Unsecured Notes at 'BB-'
---------------------------------------------------------------
Fitch Ratings affirmed the rating on France-based Legrand
Holdings S.A.'s EUR2.1 billion senior secured credit facility at
'BBB-' and simultaneously withdrawn it.  At the same time, Fitch
has affirmed the rating on the 10-year EUR600 million senior
unsecured notes at 'BB-' with Positive Outlook.

The withdrawal of the rating on Legrand's senior secured debt
follows the refinancing of the senior secured credit facilities
through a new EUR1.4 billion five-year facility split equally
between a term loan and a revolver.  The refinancing is expected
to reduce Legrand's annual interest burden by around EUR16
million.  Fitch will not assign a rating to the new five-year
facility but will continue to rate the EUR600 million senior
unsecured notes.

Legrand is a leading worldwide manufacturer of products and
systems for low voltage electrical installations and data
networks.  For the first nine months to 30 September 2004, the
company achieved sales and EBITDA before exceptionals of
EUR2.203 million and EUR494 million respectively, compared to
EUR2.069 million and EUR433 million in the first nine months of
2003.  At constant scope of consolidation and exchange rates,
net sales were up 9.4% while the impact of adverse exchange rate
movement was negative 2.7%.  The positive operating performance
continues to contribute to the reduction of net total leverage
to 3.3x at 30 September 2004 from 4.2x at the end of 2003.

CONTACT:  FITCH RATINGS
          Sharon Westley, London
          Phone: +44 (0) 20 7862 4025

          Elisabetta Zorzi, Milan
          Phone: +39 02 87 9087 213

          Media Relations:
          Alex Clelland, London
          Phone: +44 20 7862 4084


MARIONNAUD PARFUMERIES: Banks Demand Independent Audit
------------------------------------------------------
Creditor banks of troubled perfume group Marionnaud Parfumeries
want an independent audit of the group's account before deciding
to support its debt restructuring, The Financial Times says.

The banks' stance came in light following weeks of unstable
share prices and reports of accounting irregularities.  "The
banks want an audit before they can say whether they will
continue to support the group or restructure its debt," The
Financial Times cites a source close to the matter.

Marionnaud has asked the local stock exchange to suspend its
share, pending a statement on an unnamed financial deal.  The
company refused to release further statements.

Financial markets authority Autorite Des Marches Financiers
(AMF) has launched a probe against Marionnaud Parfumeries.  The
probe will look into the alleged accounting fraud at the group.
AMF said it would look on the group's retail discounts and
supplier contributions to advertising, which comprises 90% of
the miscalculations.

Meanwhile, the group named a representative of a small
shareholders' group to the board, which was previously occupied
by relatives of Marionnaud founder Marcel Frydman.  The
company's problems started in December 2004 after admitting
EUR93 million in accounting errors.  The group has postponed
thrice the publication of its first-half results.

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


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


AGENTUR FUR INDIVIDUAL: Hww Takes over Operations
-------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Agentur fur Individual- und Stadtewerbung Gesellschaft
mit beschrankter Haftung (ISW GmbH) on Dec. 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Jan. 30, 2005 to
register their claims with court-appointed provisional
administrator Rudiger Wienberg of hww.

Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2005, 10:00 at Saal D132, Amtsgericht
Dresden, Olbrichtplatz 1, 01099 Dresden at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  AGENTUR FUR INDIVIDUAL- UND STADTEWERBUNG GESELLSCHAFT
          MIT BESCHRANKTER HAFTUNG (ISW GMBH)
          Peterstrasse 3 in 02826 Gorlitz

          HWW
          Rudiger Wienberg, Insolvency Manager
          Wasastrasse 15, 01219 Dresden
          Web site: http://www.hww-kanzlei.de


CEBEWE CENTRUM: Creditors Have Until Next Week to File Claims
-------------------------------------------------------------
The district court of Munich opened bankruptcy proceedings
against CeBeWe Centrum fur Berufs- u. Weiterbildung GmbH on Dec.
16.  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 Martin Manstein.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 14, 2005, 9:55 a.m. at Infanteriestr. 5,
Sitzungssaal 101. 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:  CEBEWE CENTRUM FUR BERUFS- U. WEITERBILDUNG GMBH,
          Berg-am-Laim-Str. 47 in 81673 Munchen

          Martin Manstein, Insolvency Manager
          Maximiliansplatz 12, 80333 Munchen
          Phone: 089/211115-00
          Fax: 089/211115-55


DESTINATOR GMBH: Claims Deadline Set Next Week
----------------------------------------------
The district court of Munich opened bankruptcy proceedings
against Destinator GmbH on Dec. 21.  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 Heinrich Muller-Feyen

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 17, 2005, 9:00 a.m. at Infanteriestr. 5,
Sitzungssaal 101 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:  DESTINATOR GMBH
          Schatzbogen 50 in 81829 Munchen

          Heinrich Muller-Feyen, Insolvency Manager
          Thiereckstr. 2/1, 80331 Munchen
          Phone: 089/2919250
          Fax: 089/29192520


FOTI FRUCHT: Munich Court Appoints Administrator
------------------------------------------------
The district court of Munich opened bankruptcy proceedings
against Foti Frucht GmbH on Dec. 15.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 28, 2005 to register their claims with
court-appointed provisional administrator Martin Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2005, 9:00 a.m. at Infanteriestr. 5,
Sitzungssaal 101 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:  FOTI FRUCHT GMBH
          Thalkirchner Str. 81 in 81371 Munchen

          Martin Schoebe, Insolvency Manager
          Ainmillerstr. 11, 80801 Munchen
          Phone: 089/1893770
          Fax: 089/18937750


GEBRUDER EICHLER: Court Sets Claims Filing Deadline February
------------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Gebruder Eichler Zimmerei und Holzbau GmbH on Dec. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 18, 2005
to register their claims with court-appointed provisional
administrator Dr. Sabine Aldermann.

Creditors and other interested parties are encouraged to attend
the meeting on March 11, 2005, 10:50 a.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201. at which time the administrator will present
his first report of the insolvency proceedings.  The court will
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:  GEBRUDER EICHLER ZIMMEREI UND HOLZBAU GMBH
          Schaferkampstr. 14, 59439 Holzwickede
          Contact:
          Frank Eichler, Manager
          Grienstr. 84, 58239 Schwerte

          Dr. Sabine Aldermann, Insolvency Manager
          Landgrafenstr. 2 a, 44139 Dortmund
          Phone: 0231-8808390
          Fax: 0231-88083922


IHB INTERNATIONALE: Creditors Meeting Set February
--------------------------------------------------
The district court of Munich opened bankruptcy proceedings
against IHB Internationale Holzboerse GmbH on Dec. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 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, 9:50 a.m. at Infanteriestr. 5,
Sitzungssaal 101 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:  IHB INTERNATIONALE HOLZBOERSE GMBH
          Rosental 6 in 80311 Munchen

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


INFINEON TECHNOLOGIES: Q1 Earnings to Fall Short of Forecast
------------------------------------------------------------
Infineon Technologies AG (FSE/NYSE:IFX) announced, based on
preliminary figures available Wednesday, that it expects
revenues and earnings before interest and taxes (EBIT) in the
first quarter of fiscal year 2005 to be below market
expectations.  The company expects revenues of approximately
EUR1.82 billion and EBIT of approximately EUR211 million.  These
numbers include the non-recurring license income of
approximately EUR118 million in connection with the settlement
with ProMOS.

The Automotive & Industrial segment is expected to show revenues
of approximately EUR452 million and an EBIT of approximately
EUR50 million.  Lower revenues combined with an active reduction
in inventory levels resulted in a decline of fab utilization and
EBIT margin.

Wireline Communications is expected to show revenues of
approximately EUR106 million and a negative EBIT of
approximately EUR29 million.  The company anticipates no
financial impact of Tuesday's termination of the agreement with
Finisar and the related restructuring of the Fiber Optics
business in the first quarter of fiscal year 2005.

Secure Mobile Solutions is expected to show revenues of
approximately EUR439 million and an EBIT of approximately EUR2
million.  In line with the outlook provided in the context of
the company's fourth quarter results announcement, results were
influenced by reduced volumes due to inventory corrections at
customers and lower than expected manufacturing utilization.

All logic segments were negatively affected by the sharp decline
of the U.S. dollar.

Revenues of the Memory Products segment are expected to be
approximately EUR766 million, EBIT is likely to be approximately
EUR196 million, including the non-recurring license income of
approximately EUR118 million in connection with the settlement
with ProMOS.  While bit production has slightly increased,
shipments have declined due to an anticipated increase in
inventory levels.  Revenues and EBIT were negatively affected by
the sharp decline of the U.S. dollar.

The information reported above is based on preliminary results.
Further analysis will be required to finalize the results for
the first quarter.  Infineon at present will not provide further
information.

The company will announce details on the results of the first
quarter of fiscal year 2005 as well as an outlook for the
current quarter on January 24, 2005.  The same day, Infineon
will host a telephone conference with analysts and investors at
10:00 a.m. Central European Standard Time (CET), and with media
at 11:30 a.m. (CET).  Both conference calls will be available
live and for download at http://www.infineon.com.

About Infineon

Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for automotive, industrial and multi-market
sectors, for applications in communication, 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
          Worldwide Headquarters
          P.O. Box 80 09 49
          D-81609 Muenchen
          Germany
          Web site: http://www.infineon.com
          Phone: +49-89-234-28481
          Fax: +49-89-234-28482
          E-mail: guenter.gaugler@infineon.com

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

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


TEAMBAU VERWALTUNGS: Administrator Takes over Operations
--------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Teambau Verwaltungs GmbH on Dec. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 25, 2005 to register their
claims with court-appointed provisional administrator Johannes
Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting on March 29, 2005, 9:00 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  TEAMBAU VERWALTUNGS GMBH
          Talstr. 73, 52525 Heinsberg

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


WORLD OF MULTIMEDIA: Under Bankruptcy Administration
----------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against World of Multimedia GmbH on Dec. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 3, 2005 to register their
claims with court-appointed provisional administrator Dirk-
Henning Tonnesmann.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2005, 11:00 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  WORLD OF MULTIMEDIA GMBH
          Wohnpark 6, 52388 Norvenich
          Contact:
          Dieter Hubner, Manager

          Dirk-Henning Tonnesmann, Insolvency Manager
          Josef-Ruhr-Strasse 30, 53879 Euskirchen
          Phone: 02251/65081-22
          Fax: 02251/6508125


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


ALITALIA SPA: European Union to Launch Probe Next Week
------------------------------------------------------
Troubled national carrier Alitalia will undergo an in-depth
probe on its restructuring plan, Reuters says.

Transport Commissioner Jacques Barrot confirmed Wednesday that
the European Commission will start the inquiry on January 19.
The regulator has been reviewing Alitalia's restructuring plan,
searching for signs of illegal state aid.

Mr. Barrot said, "I intend to ask the college of commissioners
next Wednesday to open a procedure to get clarification on the
questions we are asking and to avoid legal uncertainty.  We need
to clarify if there is state aid or not. We need to clarify the
question of the bank guarantees."

The Transport Commissioner said the probe was necessary to be
certain Alitalia's restructuring plan contains no traces of
state aid.  Mr. Barrot said, "There is no negative presumption
in this procedure, just the wish to have the maximum certainty,
because otherwise there could be recourse to the courts."

The probe will focus on certain aspects of the restructuring
plan, including Alitalia's planned EUR1.2 billion capital
increase.  The probe might look into the participants of the
capital increase, as the government allocated around EUR750
million in 2005 for Alitalia's recapitalization.

The probe will also seek details on the planned partial
acquisition of Alitalia's ground service unit AZ-Service.
Transport Minister Pietro Lunardi revealed the regulator would
seek answers to 23 questions.

The probe might last for 18 months, but the Transport
Commissioner promised a swift one, as Italy does not want to put
Alitalia's future into jeopardy.  The time frame of the probe
will, however, depend on the cooperation of the government,
Reuters cites an E.U. insider.

Mr. Lunardi commented, "The opening of the probe is something
they have to do.  It will be as brief as possible -- a few
months."

Alitalia's restructuring plan entails splitting the carrier into
two different business units and a EUR1.2 billion capital
increase.  Alitalia will undergo privatization, in which the
government would reduce its stake from 62% to less than 50%.

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


CIRIO FINANZIARIA: Administrators Back Lucio Tan's Bid
------------------------------------------------------
Philippine businessman Lucio Tan is close to acquiring the 40%
stake owned by bankrupt food group Cirio Finanziaria in Del
Monte Pacific.

Inquirer News Service citing a report from Italy said
administrators of Cirio have given their support to Mr. Tan's
bid for the Singapore-listed company.

Cirio has been selling assets under three commissioners,
including Mario Resca, the chairman of McDonald's in Italy, to
raise cash to pay creditors after defaulting in bonds in 2002.
The Del Monte stake is worth US$180 million at market prices.  A
sale would bring Cirio's restructuring almost to a close.  The
report cited sources in Milan, Italy saying the Industry
Ministry might approve the deal by the end of the week.

The sources did not give details of Mr. Tan's bid and the
administrators declined to comment on the matter.   Mr. Tan, who
already has interests in tobacco, airlines, banking and alcohol,
is planning to expand its food operations.  He outbid Philippine
beverage and food conglomerate San Miguel Corp. in the final
round.

The Lorenzo family in the Philippines owns 21% of Del Monte; the
Singapore government holds about 10%.  The two financial
advisers working on the sale are Italy's EnVent and Calyon of
France.  Cirio is famous for canned tomatoes around the world
and for canned fruit under the Del Monte name.

CONTACT:  CIRIO DEL MONTE ITALIA S.p.A.
          Legal Address:
          Via Augusto Valenziani
          10 - 00187 Rome
          Phone: 06 421761
          Fax: 06 42176230

          Administrative Address:
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Web site: http://www.cirio.it


PARMALAT FINANZIARIA: 'We Were Deceived,' Says Citigroup
--------------------------------------------------------
U.S.-based bank Citigroup asserted it is also a victim of the
fraud masterminded by the managers of collapsed food group
Parmalat Finanziaria, Il Sole 24 Ore says.

Citigroup, which was included as respondent in a class action
against Parmalat and other institutions, said through its
lawyers that it had lost hundreds of million of dollars as a
Parmalat creditor.  The bank insisted deals with the bankrupt
dairy group, one of which was the creation of dummy firm
Buconero, were only routine operations.

A group of international and local investors filed on October
19, 2004 a US$10 billion class action lawsuit against Parmalat
managers, creditor banks Citigroup and Bank of America (BofA),
and auditors Deloitte & Touche and Grant Thornton.  The suit
accused the respondents of conniving to dupe Parmalat investors
by concealing the dairy giant's true financial state.
Parmalat's extraordinary commissioner Enrico Bondi has also
filed US$10 billion lawsuits against Citigroup and BofA and US$5
billion lawsuits against Deloitte & Touche and Grant Thornton.

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

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


PARMALAT U.S.A.: Asks Court to Establish Solicitation Procedures
----------------------------------------------------------------
Parmalat U.S.A. Corporation and its U.S. debtor-affiliates seek
to establish procedures and deadlines to facilitate the
solicitation and tabulation of votes to accept or reject their
Plan of Reorganization.

                           Record Date

Pursuant to Rule 3017(d) of the Federal Rules of Bankruptcy
Procedure, the U.S. Debtors ask the U.S. Bankruptcy Court for
the Southern District of New York to fix the approval date of
their Disclosure Statement as the record date for purposes of
determining creditors entitled to vote on the Plan or, in the
case of non-voting classes, to receive a Notice of Non-Voting
Status.

               Solicitation Packages and Procedures

The U.S. Debtors propose to mail no later than January 18, 2005,
solicitation packages containing copies of:

    -- the order approving the Disclosure Statement;
    -- a notice of the hearing to confirm the Plan;
    -- the Disclosure Statement and the Plan.

The Debtors will provide additional solicitation materials in
the Solicitation Packages.  Holders of claims and equity
interests in classes entitled to vote to accept or reject the
Plan will receive:

   (a) a form of Ballot and a return envelope;

   (b) a letter from the Official Committee of Unsecured
       Creditors recommending acceptance of the Plan; and

   (c) other materials as the Court may direct.

Consistent with Sections 1126(f) and (g) of the Bankruptcy Code
and Bankruptcy Rule 3017(d), Solicitation Packages for holders
of claims against or equity interests in the U.S. Debtors within
a class under the Plan that is deemed to accept or reject the
Plan will not include a Ballot.  The Solicitation Packages for
those holders of claims and equity interests will include a
Notice of Non-Voting Status.

The Debtors also will not distribute copies of the Plan or
Disclosure Statement to any holder of a claim or equity interest
within a class that is deemed to accept or reject the Plan,
unless that party makes a specific request in writing.

Solicitation Packages will not be sent to creditors that have
claims already paid in full.  However, if, and to the extent
that, any creditor would be entitled to receive a Solicitation
Package for any reason other than by virtue of the fact that its
claim had been scheduled, then that creditor will be sent a
Solicitation Package in accordance with the Solicitation
Procedures.

                           Ballot Form

The U.S. Debtors propose to distribute to certain creditors one
or more ballots substantially in the form based on Official
Form No. 14, but modified to (i) address the particular aspects
of the Debtors' Chapter 11 cases and (ii) include certain
additional information relevant and appropriate for each class
of claims that is entitled to vote to accept or reject the Plan.
The appropriate Ballot form will be distributed to holders of
claims and equity interests in:

     * PUSA Class 3 (General Unsecured Claims against Parmalat
       USA);

     * PUSA Class 4 (Equity Interests in PUSA);

     * Farmland Class 3a (General Unsecured Claims against
       Farmland);

     * Farmland Class 3b (Master Lease Claim);

     * Farmland Class 3c (Convenience Claims);

     * MPA Class 3a (General Unsecured Claims against MPA);

     * MPA Class 4 (Equity Interests in MPA),

which are impaired and, therefore, entitled to vote.

                         Voting Deadline

The U.S. Debtors anticipate commencing the solicitation period
within five days after the Disclosure Statement is approved.  To
be counted as a vote to accept or reject the Plan, each Ballot
must be properly executed, completed, and delivered to
Bankruptcy Services, LLC, the Debtors' solicitation and
tabulation agent, so as to be received no later than 4:00 p.m.
on February 17, 2005.

                    Vote Tabulation Procedure

Solely for purposes of voting to accept or reject the Plan and
not for the purpose of the allowance of, or distribution on
account of, a claim, each holder of a claim within a class
entitled to vote on the Plan will be entitled to vote the amount
of its claim as set forth in the Schedules unless the holder has
timely filed a proof of claim, in which event that holder would
be entitled to vote the amount of the claim as set forth in the
proof of claim.

The Voting Procedure will be subject to these exceptions:

   (a) If a claim is deemed allowed under the Plan, that claim
       is allowed for voting purposes in the deemed allowed
       amount set forth under the Plan, including the claims of
       insiders, but only for the purposes of voting to accept
       or reject the Plan;

   (b) If a claim for which a proof of claim has been timely
       filed is, by its terms, contingent or unliquidated in
       whole or in part, that claim is accorded one vote valued
       at $1.00 for voting purposes only, and not for purposes
       of allowance or distribution;

   (c) If a claim has been estimated or otherwise allowed for
       voting purposes by a Court order, that claims is
       temporarily allowed in the amount so estimated or allowed
       by the Court for voting purposes only, and not for
       purposes of allowance or distribution;

   (d) If a claim is listed in the Schedules and a proof of
       claim subsequently is filed in an amount that is
       liquidated, non-contingent and undisputed, the claim is
       temporarily allowed in the amount set forth on the proof
       of claim, unless each claim is disputed.

   (e) If a claim is listed in the Schedules as contingent or
       unliquidated and a proof of claim was not (i) filed by
       the applicable bar date or (ii) deemed timely filed by a
       Court order prior to the Voting Deadline, unless the
       Debtors consent in writing, that claim is disallowed for
       voting purposes;

   (f) A claim will be temporarily disallowed for voting
       purposes only and not for purposes of allowance or
       distribution if:

       -- a claim is listed in the Schedules as disputed;

       -- if a claim for which a proof of claim has been timely
          filed is, by its terms, disputed; or

       -- the Debtors have served an objection, complaint or
          request for estimation as to a claim at least 10 days
          before the Voting Deadline,

       except to the extent and in the manner as may be set
       forth in the objection, complaint for estimation.

   (g) Each entity that holds or has filed more than one
       unsecured claim against a particular Debtor will not be
       entitled to aggregate those unsecured claims for purposes
       of voting, classification and treatment under the Plan;

   (h) The Voting Agent, in its discretion, may contact voters
       to cure any defects in the Ballots and is authorized to
       so cure any defects; and

   (i) There will be a rebuttable presumption that any claimant
       who submits a properly completed superseding Ballot or
       withdrawal of Ballot on or before the Voting Deadline has
       sufficient cause, within the meaning of Bankruptcy Rule
       3018(a), to change or withdraw that claimant's acceptance
       or rejection of the Plan.

Whenever a creditor casts more than one Ballot voting the same
claims before the Voting Deadline, the last Ballot received
before the Voting Deadline be deemed to reflect the voter's
intent and, thus, to supersede any prior Ballots.  Creditors
must vote all of their claims within a particular class under
the Plan, either to accept or reject the Plan, and may not split
their vote.

These Ballots will not be counted or considered for any purpose
in determining whether the Plan has been accepted or rejected:

   (a) Any Ballot that is properly completed, executed, and
       timely returned to the Debtors' Voting Agent, but does
       not indicate an acceptance or rejection of the Plan, or
       that indicates both an acceptance and rejection of the
       Plan;

   (b) Any Ballot received after the Voting Deadline unless the
       Debtors will have granted in writing an extension of the
       Voting deadline with respect to that Ballot;

   (c) Any Ballot that is illegible or contains insufficient
       information to permit the identification of the claimant;

   (d) Any Ballot cast by a person or entity that does not hold
       a claim in a class that is entitled to vote to accept or
       reject the Plan; and

   (e) Any Ballot transmitted to the Debtors' Voting Agent by
       facsimile or other electronic means.

                       Rule 3018(a) Motions

Any creditor seeking to challenge the allowance of its claim for
voting purposes must file a motion for an order pursuant to
Bankruptcy Rule 3018(a) temporarily allowing that claim in a
different amount for purposes of voting to accept or reject the
Plan on or before the 10th day after the later of the date of
(i) service of the Confirmation Hearing Notice and (ii) service
of notice of an objection or request for estimation, if any, as
to that claim.

The U.S. Debtors propose that, as to any creditor filing a 3018
Motion, that creditor's Ballot will not be counted unless
temporarily allowed by a Court order entered at least five days
before the Voting Deadline.

                       Confirmation Hearing

The U.S. Debtors ask Judge Drain to set the hearing on the
confirmation of their Plan on March 1, 2005.  The Confirmation
Hearing may be continued from time to time by the Court or the
U.S. Debtors without further notice other than adjournments
announced in open court.

Objections to the confirmation of the Plan or proposed
modifications to the Plan must filed and served no later than
4:00 p.m. on February 18, 2005.  Objections must:

   (a) be in writing;

   (b) state the name and address of the objecting party and the
       amount and nature of the claim or interest of that party;
       and

   (c) state with particularity the basis and nature of any
       objection to the Plan.

The proposed timing for service of objections and proposed
modifications, the Debtors believe, will afford them and other
significant parties-in-interest sufficient time to consider the
objections and proposed modifications and file any replies while
leaving the Court sufficient time to consider the objections and
replies before the Confirmation Hearing.

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)


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


MILLICOM INTERNATIONAL: Subscribers Increased 36% in 2004
---------------------------------------------------------
Millicom International Cellular S.A. announces that it has added
859,968 net new subscribers in the fourth quarter to reach 7.7
million total cellular subscribers by the year-end.

Proportional subscribers reached 5.3 million.  Subscriber growth
has continued to accelerate in 2004 with record underlying net
subscribers additions in the last three quarters.  At the end of
December 2004 Millicom saw a 12.6% increase in total subscribers
from the previous quarter and a 36% increase from December 2003.

Marc Beuls, President and CEO of Millicom International Cellular
S.A. said: "Subscriber growth was particularly strong in Vietnam
following the price reductions earlier in the year which have
stimulated demand for mobile services.  The launch of GSM
services in Latin America and Pakistan have added to the
attractions of Millicom's offering in these markets and this
roll out has been backed by increased marketing initiatives, by
way of re-branding to Tigo in Latin America, and an attractive
offering for Paktel GSM customers in Pakistan.  Millicom's
operations in Pakistan passed the 1 million subscriber mark in
December 2004.  In Africa we continue to see the benefit of
investment in the network where our coverage increased
substantially in 2004 and the 1 million subscriber mark was
exceeded in the fourth quarter."

Millicom International Cellular S.A. (Nasdaq:MICC)
(Stockholmsborsen and Luxembourg Stock Exchange:MIC) is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa.  It currently has a total of 16
cellular operations and licenses in 15 countries.  The Group's
cellular operations have a combined population under license of
approximately 387 million people.

                            *    *    *

In November, Standard & Poor's Ratings Services assigned its 'B-
' senior unsecured debt rating to the proposed US$175 million to
US$200 million convertible bond offering by Millicom.  At the
same time Standard & Poor's affirmed its 'B+' long-term
corporate credit rating and remaining 'B-' senior unsecured debt
ratings on Millicom.  The outlook remains negative

CONTACT:  MILLICOM INTERNTIONAL CELLULAR S.A.
          Marc Beuls
          President and Chief Executive Officer
          Phone: +352 27 759 327
          Web site: http://www.millicom.com

          Andrew Best
          Investor Relations
          Phone: +44 20 7321 5022


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


ROYAL AHOLD: U.S. Court Absolves Former Auditor
-----------------------------------------------
The U.S. District Court in Maryland cleared auditors Deloitte of
'recklessness' and 'negligence' in handling the accounts of
Royal Ahold, Accountancy Age says.

Ahold's U.S. shareholders claimed Deloitte neglected its role as
the retailer's auditor when GBP2 billion in accounting
irregularities in the group and subsidiary U.S. Foodservice were
discovered.

The Enterprise Chamber of the Amsterdam Court of Appeal has
ordered a probe into Ahold's accounting irregularities, which
covered the period from January 1, 1998 to December 18, 2003.
The inquiry was launched following a request by Vereniging van
Effectenbezitters (VEB) and several other shareholders.  The
inquiry is focusing on Ahold's consolidation of joint ventures,
acquisition of subsidiary U.S. Foodservice and the supervision
of the organization and operation of internal controls of the
group's subsidiaries.

CONTACT:  ROYAL AHOLD N.V.
          Albert Heijnweg 1
          1507 EH Zaandam
          Phone: +31-75-659-9111
          Fax: +31-75-659-8350
          Web site: http://www.ahold.com


ROYAL SHELL: Sells California Refinery for Undisclosed Sum
----------------------------------------------------------
Royal Dutch/Shell Group has struck a deal to dispose of its
Bakersfield, Calif. refinery three months after its supposed
closure.

Shell Oil, a unit of Royal Dutch/Shell Group, agreed to sell the
facility to Flying J Inc., North America's largest retail diesel
distributor, for an undisclosed sum.  Sources say the
transaction was worth about US$130 million.

Flying J is a closely held Utah-based integrated oil company.
Its subsidiary, Big West Oil LLC, will operate the plant after
the sale is closed, most likely in the first quarter.  The deal
is still subject to regulatory approval.

Shell planned to close the refinery in October because of
declining crude-oil production.  But California Attorney General
Bill Lockyer, among other state and federal officials, raised
questions, prompting regulatory investigations.  Mr. Lockyer was
encouraged by a report from a consulting firm saying the plant
could be run profitably or viably sold.

The refinery produces 70,000 barrels a day and provides 2% of
California's gasoline and 6% of its diesel supply -- a
significant amount in a state where supply and demand are seldom
in balance, according to the report.

The deal came as growing world demand for products made from
crude oil, and the limited refining capacity of the U.S., have
buoyed fuel prices.


TELEPLAN INTERNATIONAL: Completes Financial Restructuring
---------------------------------------------------------
A crucial part of the restructuring agreement signed and
announced ad-hoc on December 23, 2004 was the subscription to
new issues of both equity capital and convertible bonds out of
the authorized capital of Teleplan International N.V.  All
securities mentioned in the agreement have now been issued
through a private placement.

The securities were purchased by a group of lenders coordinated
by ABN AMRO Bank N.V. and a group of investors consisting of
Sterling Investment Group Limited, Cycladic Capital Management
Limited and Fortune Management.  Through the issue, Teleplan
International N.V. has realized a cash injection of EUR14.0
million and will -- after full conversion of existing loans --
benefit from a debt into equity swap of EUR19.7 million versus
yearend 2004 Balance Sheet.

The total number of new common shares of Teleplan International
N.V. issued was 7,380,951 at EUR1.40 each, equaling the amount
of EUR10,333,331.40.  Cash proceeds to the company were
EUR4,333,331.80, with the difference of EUR5,999,999.60
consisting of a debt/equity swap.

The total number of convertible zero bonds of Teleplan
International N.V. issued was 19,666,667 for EUR1.00 each
equaling the amount of EUR19,666,667.

Cash proceeds to the company were EUR9,666,667, with the
difference of EUR10,000,000 consisting of a debt/equity swap.
The total number of common shares outstanding is now 32,219,619,
each nominally amounting to EUR0.25.  All shares carry the ISIN
number NL0000229458.  The new zero bonds are not publicly
listed.  They carry a nominal value of EUR1.00 and the right to
purchase 1 new common share of Teleplan International N.V. at a
price of EUR0.90 starting from November 1, 2005.

The number of common shares of Teleplan International N.V.
outstanding after full conversion will therefore be 54,071,471.
The total amount of authorized capital unanimously approved by
the most recent extraordinary shareholders meeting on December
10, 2004 was EUR14,500,000 divided into 58,000,000 shares, each
nominally amounting to EUR0.25.

Rolf Huber, Chief Executive Officer of Teleplan, highly
appreciates the commitment of the lenders and investors
participating in the financial restructuring: "Our lenders and
investors clearly document their firm belief in the business
model and prosperous future of Teleplan.  This support gives us
additional confidence to successfully implement our
comprehensive restructuring program."

Gotthard Haug, Chief Financial Officer, adds: "With the
restructuring on the operational side running on schedule we now
also have the financial cushion to finance the accompanied
measures without unacceptable financial strain.  We are in the
strong position to provide excellent service to our customers
and at the same time set the prerequisites for a profitable
future."

CONTACT:  TELEPLAN INTERNATIONAL N.V.
          Mr. Gotthard Haug CFO
          Phone: + 31 40 255 86 70
          Fax: + 31 40 255 73 11
          Web site: http://www.teleplan-int.com

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


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


BREAD: Altay Court Names Insolvency Manager
-------------------------------------------
The Arbitration Court of Altay republic commenced bankruptcy
proceedings against Bread after finding the close joint stock
company insolvent.  The case is docketed as A02-2245/2004g.  Ms.
K. Ponomarenko has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 656067, Russia, Barnaul,
Post User Box 4201.

CONTACT:  BREAD
          649000, Russia, Altay republic, Gorno-Altaysk,
          Ulagasheva Str. 13, Post User Box 316

          Ms. K. Ponomarenko
          Insolvency Manager
          656067, Russia, Barnaul,
          Post User Box 4201


BUILDING-PROJECT ASSOCIATION: Public Auction Set Today
------------------------------------------------------
The limited liability company Building-Project Association will
sell a property worth RUB90,123,000 on Jan. 14, 2005.  The
public auction will take place at Russia, Yamalo-Nenetskiy
autonomous region, Nadym, Zavodskaya Str., the administrative
building.

The list of documentary requirements is available at these
following addresses:

(a) 629730, Russia, Yamalo-Nenetskiy autonomous region, Nadym,
    Zavodskaya Str. the administrative building

(b) 109028, Russia, Moscow, Podkolokolnyj Per. 13/5, Post User
    Box 46.


EAR: Creditors Have Until Next Month to File Claims
---------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Ear after finding the close joint stock
company insolvent.  The case is docketed as A-32-7862/2004-1/60-
B.  Mr. N. Gridin has been appointed insolvency manager.
Creditors have until Feb. 10, 2005 to submit their proofs of
claim to 352375, Russia, Krasnodar region, Tbilisskiy region,
Novovladimirskaya St. Lenina Str. 12.

CONTACT:  EAR
          Russia, Krasnodar region, Tbilisskiy region,
          Novovladimirskaya St.

          Mr. N. Gridin
          Insolvency Manager
          352375, Russia, Krasnodar region, Tbilisskiy region,
          Novovladimirskaya St. Lenina Str. 12


ENERGY-EAST: Hires D. Gryaznov as Insolvency Manager
----------------------------------------------------
The Arbitration Court of Primorye region commenced bankruptcy
proceedings against Energy-East (TIN 2540011434/254001001) after
finding the investment company insolvent.  The case is docketed
as A51-2838/049-33.  Mr. D. Gryaznov has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 117049, Russia, Moscow, Shabolovka Str. Property 26, Building
4.

CONTACT:  ENERGY-EAST
          690078, Russia, Primorye region, Vladivostok,
          Pushkinskaya Str. 6, Apartment 43

          Mr. D. Gryaznov
          Insolvency Manager
          117049, Russia, Moscow,
          Shabolovka Str. Property 26, Building 4
          Phone: (095) 785-69-65


KAMA-GAS: Perm Court Appoints Insolvency Manager
------------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Kama-Gas after finding the limited liability
company insolvent.  The case is docketed as A50-16556/2003-B.
Ms. L. Syrvacheva has been appointed insolvency manager.

Creditors may submit their proofs of claim to:

(a) Insolvency Manager
    614068, Russia, Perm,
    Bolshevistskaya Str. 163

(b) Kama-Gas
    Russia, Perm region, Dobryanka,
    Klyuchi, Gas-compressor station

(c) The Arbitration Court of Perm region
    614990, Russia, Perm, Lunacharskogo Str. 3


MIKHAYLOVSKOYE: Creditors Have Until Next Month to File Claims
--------------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Mikhaylovskoye after finding the close joint
stock company insolvent.  The case is docketed as A-32-
7862/2004-1/60-B.  Mr. S. Mashtalenko has been appointed
insolvency manager.

Creditors have until Feb. 10, 2005 to submit their proofs of
claim to 352430, Russia, Kurganinsk, Berezovaya Str. 48.  A
hearing will take place on Nov. 15, 2005.

CONTACT:  MIKHAYLOVSKOYE
          352401, Russia, Krasnodar region, Kurganinskiy region,
          Mikhaylovskaya St. Sovetskaya Str. 20

          Mr. S. Mashtalenko
          Insolvency Manager
          352430, Russia, Kurganinsk,
          Berezovaya Str. 48


ORE-MET-TRADE: Moscow Court Hires Insolvency Manager
----------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Ore-Met-Trade after finding the close joint stock
company insolvent.  The case is docketed as A40-38876/04-95-26B.
Ms. N. Biryukova has been appointed insolvency manager.
Creditors may submit their proofs of claim to 115035, Russia,
Moscow, Sofiyskaya Quay, 30, Building 2, Room 14.

CONTACT:  ORE-MET-TRADE
          115563, Russia, Moscow,
          Generala Belova Str. 26, Office 1004

          Ms. N. Biryukova
          Insolvency Manager
          115035, Russia, Moscow, Sofiyskaya Quay, 30,
          Building 2, Room 14
          Phone: 953-50-27


RUSSIAN EAR: Declared Insolvent
-------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Russian Ear after finding the agricultural
enterprise insolvent.  The case is docketed as A63-257/03-S5.
Mr. V. Gribov has been appointed insolvency manager.  Creditors
have until Feb. 10, 2005 to submit their proofs of claim to
350075, Russia, Krasnodar, Stasova Str. 180.

CONTACT:  RUSSIAN EAR
          357329, Russia, Kirov region,
          Sovetskaya St. Lenina Str. 41

          Mr. V. Gribov
          Insolvency Manager
          350075, Russia, Krasnodar,
          Stasova Str. 180


SLANTSY-BREAD: Leningrad Court Appoints Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against Slantsy-Bread
(TIN 4713000603) after finding the close joint stock company
insolvent.  The case is docketed as A56-15157/04.  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 203.

CONTACT:  SLANTSY-BREAD
          188560, Russia, Leningrad region,
          Slantsy, Griboedova Str. 20

          Mr. L. Cherches
          Insolvency Manager
          190121, Russia, Saint-Petersburg,
          Angliyskiy Pr. 3, Office 203
          Phone: (812) 318-51-26


VLADIMIRSKIY FURNITURE: Assets for Public Auction Today
-------------------------------------------------------
The bidding organizer of close joint stock company Vladimirskiy
Furniture Factory will sell its property on Jan. 14, 2005.  The
public auction will take place at 600016, Russia, Vladimir,
Dobroselskaya Str. 4 A.  Up for sale are six complex properties.
Starting price:  RUB74,494,900.

CONTACT:  VLADIMIRSKIY FURNITURE FACTORY
          600016, Russia, Vladimir,
          Dobroselskaya Str. 4 A

          VLAD-INVEST-STORY
          Bidding Organizer
          600015, Russia, Vladimir,
          Lenina Pr. 22


YUKOS OIL: Fulbright & Jaworski Files Supplemental Disclosure
-------------------------------------------------------------
As previously reported, Yukos Oil Company wants to employ
Fulbright & Jaworski, LLP as bankruptcy counsel.  The Debtor
selected Fulbright & Jaworski because the firm has substantial
expertise and experience in bankruptcy matters, and will be able
to provide the full range of services the Debtor needs in the
case.

               Fulbright & Jaworski Files Supplement

On January 4, 2005, at the U.S. Trustee's request, Fulbright &
Jaworski supplemented its previous disclosure regarding its
representation of the Debtor in the Chapter 11 case.

A full-text copy of Fulbright & Jaworski's First Supplemental
Disclosure is available for free at:

http://bankrupt.com/misc/fulbright&jaworski_1stsupplementaldisc.
pdf

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)


YUKOS OIL: Khodorkovsky No Longer Controls Menatep Shares
---------------------------------------------------------
Mikhail Khodorkovsky, the former chief of Yukos Oil, told the
court on Wednesday he has already relinquished control of the
firm's biggest shareholder.

Reports say Mr. Khodorkovsky passed the 59.5% stake he has in
Group Menatep to Leonid Nevzilin, one of his closest allies, who
is now outside the country.  Group Menatep controls 61% of Yukos
and manages another 10% through the Veteran Petroleum Trust.

"I was relieved of responsibility for the remaining business and
the money of the Group after Yuganskneftegaz was sold," he was
quoted as saying.

Yugansk was sold in a controversial auction in December to pay
Yukos' huge tax debt.  The government has accused the firm of
skirting the law, and is suing Mr. Khodorkovsky for fraud, tax
evasion and stealing of 20% of shares in Apatit company.  On
Wednesday, the counsel for defense started examining witnesses
in relation to the case.

The Moscow Times says it was unclear whether Mr. Khodorkovsky is
still the beneficiary of the shares, but a source said Mr.
Nevzlin, has the full rights to use the shares.  Another person
close to the situation said if Mr. Khodorkovsky has not yet
fully transferred beneficial ownership of the shares, he may
likely do so in the near future.


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


DRUKMASH: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on OJSC Drukmash (code EDRPOU 5784934) on
October 28, 2004.  The case is docketed as 10/197.  Arbitral
manager Mr. G. Zabolotnij (License Number AA 047950) has been
appointed temporary insolvency manager.  The company holds
account number 2600700830008 at Ukrsocbank, Kirovograd regional
branch, MFO 323293.

CONTACT:  DRUKMASH
          25028, Ukraine, Kirovograd region,
          Volkov Str. 2

          Mr. G. Zabolotnij
          Temporary Insolvency Manager
          25006, Ukraine, Kirovograd region,
          Lenin Str. 23

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          25022, Ukraine, Kirovograd region,
          Lunacharski Str. 29


PLEMZAVOD KOMSOMOLETS: Liquidator Takes over Helm
-------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Plemzavod Komsomolets (code EDRPOU 00486729)
on November 23, 2004 after finding the limited liability company
insolvent.  The case is docketed as 5/454.  Mr. V. Pejchev
(License Number AA 250470) has been appointed
liquidator/insolvency manager.

The company holds account number 260007149 at JSPPB Aval,
Mikolaiv regional branch, MFO 326148.

CONTACT:  PLEMZAVOD KOMSOMOLETS
          Ukraine, Mikolaiv region,
          Arbuzinskij district, Voyevodske

          Mr. V. Pejchev
          Liquidator/Insolvency Manager
          Ukraine, Mikolaiv region,
          Arhitektor Starov Str. 6/55

          ECONOMIC COURT OF MIKOLAIV REGION
          54009, Ukraine, Mikolaiv region,
          Admiralska Str. 22


PRIME: Urges Creditors to File Claims
-------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Prime (code EDRPOU 24381277) on November 26,
2004 after finding the limited liability company insolvent.  The
case is docketed as 43/949.  Mrs. Lunyova Svitlana has been
appointed liquidator/insolvency manager.  The company holds
account number 2600900000663 at JSCB Praveks-Bank, MFO 321024.

Creditors may submit their proofs of claim to:

(a) PRIME
    03057, Ukraine, Kyiv region,
    Dovzhenko Str. 10

(b) Mrs. Lunyova Svitlana
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Melnikov Str. 2/10

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


PROMENERGO-UKRAINE: Court Brings in Liquidator
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Promenergo-Ukraine (code EDRPOU 31451073) on
November 11, 2004 after finding the limited liability company
insolvent.  The case is docketed as 43/935.  Mrs. Ludmila
Zayikina has been appointed liquidator/insolvency manager.  The
company holds account number 26009301105001 at JSCB Tas-
Komercbank, MFO 300874.

Creditors may submit their proofs of claim to:

(a) PROMENERGO-UKRAINE
    03151, Ukraine, Kyiv region
    Volinska Str. 60

(b) Mrs. Ludmila Zayikina
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Melnikov Str. 2/10

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


SVEMA: Court Appoints Temporary Insolvency Manager
--------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC Svema (code EDRPOU 05761318) on
October 29, 2004.  The case is docketed as 7/136-04.  Arbitral
manager Mr. Oleksandr Sugonyako (License Number AA 249815) has
been appointed temporary insolvency manager.  The company holds
account number 26008310960003 at CB Volodimirskij, Sumi branch,
MFO 337836.

Creditors may submit their proofs of claim to:

(a) SVEMA
    41000, Ukraine, Sumi region,
    Shostka, Gagarin Str. 1

(b) Mr. Oleksandr Sugonyako
    Temporary Insolvency Manager
    40030, Ukraine, Sumi region,
    Kozatskij Val Str. 2A
    Phone: 22-10-80

(c) ECONOMIC COURT OF SUMI REGION
    40000, Ukraine, Sumi region, Ribalko Str. 2


UKRAUTOTRANSPORT: Declared Insolvent
------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukrautotransport (code EDRPOU 31303342) on
November 18, 2004 after finding the limited liability company
insolvent.  The case is docketed as 43/934.  Arbitral manager
Mr. G. Zabolotnij (License Number AA 047950) has been appointed
liquidator/insolvency manager.  The company holds account number
26008300176301 at JSCB Kyiv, Minska branch of Kyiv region, MFO
320605.

Creditors may submit their proofs of claim to:

(a) UKRAUTOTRANSPORT
    Ukraine, Kyiv region,
    Anri Barbus Str. 5-a

(b) Mr. G. Zabolotnij
    Liquidator/Insolvency Manager
    25006, Ukraine, Kirovograd region,
    Lenin Str. 23

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


UROZHAJ: Calls in Temporary Insolvency Manager
----------------------------------------------
The Economic Court of Hmelnitskij region has commenced
bankruptcy supervision procedure on Agricultural LLC Urozhaj
(code EDRPOU 03788098).  The case is docketed as 2/269-B.  Mr.
Volodimir Poberezhnij (License Number AA 668306) has been
appointed temporary insolvency manager.

The company holds account number 260071830 at JSPPB Aval,
Hmelnitskij regional branch, MFO 315966.

CONTACT:  UROZHAJ
          32200, Ukraine, Hmelnitskij region,
          Derazhnayanskij district, Novosilka

          Mr. Volodimir Poberezhnij
          Temporary Insolvency Manager
          Ukraine, Hmelnitskij region,
          Starokostyantinivske Shose Str. 22/64

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


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


ANDERSON & INNES: Brings in Joint Receivers from Ernst & Young
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Anderson & Innes Limited
                        (In Receivership)

I, C. P. Dempster, Ernst & Young LLP, George House, 50 George
Square, Glasgow G2 1RR, give notice that, on December 16, 2004,
my partner, T M Burton and I were appointed Joint Receivers of
the company.  The property over which we were appointed Joint
Receivers is the whole or substantially the whole of the
company's property.

In terms of section 59 of the Insolvency Act 1986, preferential
Creditors should lodge their claims with me within six months of
the date of this notice.

C. P. Dempster, Joint Receiver
December 17, 2004

CONTACT:  ERNST & YOUNG LLP
          George House
          50 George Square
          Glasgow G2 1RR
          Phone: +44 [0] 141 626 5000
          Fax: +44 [0] 141 626 5001
          Web site: http://www.ey.com


APV NOMINEES: Members Pass Special Winding up Resolution
--------------------------------------------------------
Name of companies:
APV Nominees Ltd.
APV (No. 10) Ltd.
Eurospares Ltd.
Hawker Siddeley Finance Ltd.
Hawker Siddeley (Solent) Ltd.
Redfern Holdings Ltd.
The Universal Pattern And Precision Engineering Co. Ltd.

At the extraordinary general meeting of the members of these
companies on Jan. 4, 2005 held at Invensys House, Carlisle
Place, London SW1P 1BX, the special resolution to wind up the
company was passed.  Robin Arthur Ellis of 2 The Elms, Church
Road, Claygate, Surrey KT10 0JT has been appointed liquidator of
the company.


BEESTON HEATING: Names Tenon Recovery Administrator
---------------------------------------------------
Christopher Ratten and Dilip Dattani (IP Nos 009338, 007915)
have been appointed administrators for Beeston Heating Limited.
The appointment was made Jan. 5, 2005.  The company manufactures
other fabricated metal products.

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


BLAIR INCORPORATED: Creditors Meeting Set January 24
----------------------------------------------------
The creditors of Blair Incorporated Limited will meet on Jan.
24, 2005 commencing at 11:00 a.m.  It will be held at UHY Hacker
Young at St Alphage House, 2 Fore Street, London EC2Y 5DH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to UHY Hacker Young at St Alphage House, 2 Fore
Street, London EC2Y 5DH not later than 12:00 noon, Jan. 21,
2005.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


CARNEGIE'S LEISURE: Joint Receivers Take over Operations
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Carnegie's Leisure Group Limited
                         (In Receivership)

We, Kenneth Wilson Pattullo and Steven John Williams, of Begbies
Traynor, 4th Floor, 78 St Vincent Street, Glasgow G2 5UB, hereby
give notice that we were appointed Joint Receivers of the whole
property and undertaking of Carnegie's Leisure Group Limited in
terms of Section 51 of the Insolvency Act 1986 on December 8,
2004.

In terms of Section 59 of the said Act, preferential Creditors
are required to lodge their formal claims with us within six
months of this date.

Kenneth W. Pattullo, Joint Receiver

CONTACT:  BEGBIES TRAYNOR
          4th Floor
          78 St. Vincent Street
          Glasgow G2 5UB
          Phone: 0141 222 2230
          Fax: 0141 222 2330
          E-mail: glasgow@begbies-traynor.com
          Web site: http://www.begbies.com


CLARKS: Abandons Remaining U.K. Factory
---------------------------------------
Around 90 employees of Clarks will be jobless by April when it
shuts down its last U.K. shoe factory in Ilminister, Somerset,
according to just-style.com.

The closure has become necessary, according to the company,
which cited the rising production cost in the U.K. as the
primary reason for the decision.  The company has decided to
move operations to the Far East where production cost is
cheaper.

Established more than 175 years ago, Clarks gradually outsourced
jobs to China, India and Romania 15 years ago.  In recent years,
as labor cost in the U.K. became uncompetitive, Clarks laid off
thousands of employees in the southwest of England.

CONTACT:  CLARKS (England)
          Web site: http://www.clarksusa.com


CLEARING NOMINEES: Hires PricewaterhouseCoopers as Liquidator
-------------------------------------------------------------
Name of companies:
Clearing Nominees Limited
C.L.E.S.
C.L.S.E. Plc
Waiting Nominees Limited

At the extraordinary general meeting of these companies on Dec.
31, 2004, the special and ordinary resolutions to wind up the
companies were passed.  Richard Setchim and Jonathan Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of these companies.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


C.W.H. LEISURE: Members Wind up Firm
------------------------------------
At the extraordinary general meeting of the members of C.W.H.
Leisure Limited on Jan. 5, 2005 held at The Elstree Moat House,
Barnet By Pass, Borehamwood, Hertfordshire WD6 5PU, the
extraordinary and ordinary resolutions to wind up the company
were passed.  E. Walls has been appointed liquidator of the
company.


DYNATECH CORPORATION: Opts for Liquidation
------------------------------------------
At the extraordinary general meeting of Dynatech Corporation
Limited on Jan. 5, 2005, held at Portland House, Aldermaston
Park, Aldermaston, Berkshire RG7 4HR, the special resolution to
wind up the company was passed.


ELBOWROOM LIVING: Creditors Call in Liquidator
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Elbowroom Living Limited

Notice is hereby given that Cowan & Partners CA, 60 Constitution
Street, Leith, Edinburgh EH6 6RR, was appointed liquidator of
Elbowroom Living Limited on December 16, 2004 by the group's
creditors.

CONTACT:  COWAN & PARTNERS
          60 Constitution Street
          Edinburgh EH6 6RR
          Phone: 0131 554 0724
          Fax: 0131 553 2267
          E-mail: mail@cowanandpartners.co.uk


ENODIS PLC: S&P Lifts Ratings to 'BB', 'B+'; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on U.K.-based food-service equipment
maker Enodis PLC to 'BB' from 'BB-' following an improvement in
the group's financial profile.  The outlook is stable.

At the same time, Standard & Poor's raised its subordinated debt
rating on the group to 'B+' from 'B'.

"The rating actions reflect Standard & Poor's belief that
Enodis' financial profile has improved through a gradual but
consistent reduction in leverage," said Standard & Poor's credit
analyst Jarrad Oberhardt.  "The group's financial risk profile
has also benefited from a renegotiated banking facility, which
eliminates strict covenant and amortization requirements and
enhances flexibility through the provision of funding lines on
more favorable terms."

The one-notch upgrade reflects Enodis' demonstrated progress in
successfully reducing its financial indebtedness since ratings
were first assigned in 2002.  This has resulted from positive
free operating cash flows supplemented by the proceeds of non-
strategic asset disposals and a modest equity issue.  Net debt
(adjusted for operating leases and pensions) has been reduced to
its current level of GBP154 million (US$288 million), from
GBP443 million at Sept. 30, 2001.  Furthermore, we anticipate
that the group's reduced leverage is maintainable.  The group's
cash-protection metrics also benefit from the reduced leverage.

Enodis' industry conditions -- notably the level of competition,
fragmentation, and volatility of demand -- are not expected to
change significantly in the near-term.  "Over the course of
2005, we further anticipate that the group will face further
challenges in the form of increased raw material costs and
unfavorable foreign-exchange movements," said Mr. Oberhardt.

"Although these factors have the likely potential to negate any
benefit of increased activity in North America, the group's
lower absolute debt levels are expected to result in debt-
protection measures that are consistent with the rating
category."

Standard & Poor's recognizes the potential that Enodis might be
liable for up to US$53 million in compensation under an adverse
legal judgment, which is currently under appeal.  Should this
eventuate, Standard and Poor's anticipates a modest short-term
impact on the group's debt-protection measures.

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

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


EURO SEARCH: Appoints Tenon Recovery Administrator
--------------------------------------------------
S. R. Thomas and T. J. Binyon (IP Nos 8920, 9285) have been
appointed administrators for Euro Search And Selection (UK)
Limited.  The appointment was made Jan. 6, 2005.  Its registered
office is located at Sherlock House, 73 Baker Street, London W1U
6RD.

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


FACTO LIMITED: Members Decide to Dissolve Company
-------------------------------------------------
At the extraordinary general meeting of the members of Facto
Limited on Jan. 4, 2005 held at 3rd Floor, Britannia Buildings,
46 Fenwick Street, Liverpool L2 7NA, the extraordinary
resolution to wind up the company was passed.  Gerard Keith
Rooney of Rooney Associates, 3rd Floor, Britannia Buildings, 46
Fenwick Street, Liverpool L2 7NA has been appointed liquidator
of the company.

CONTACT:  ROONEY ASSOCIATES
          3rd Floor, Britannia Buildings,
          46 Fenwick Street, Liverpool L2 7NA


HARRISON PINE: Calls in Liquidator from Hamilton Insolvency
-----------------------------------------------------------
At the extraordinary general meeting of Harrison Pine Limited on
Jan. 6, 2005 held at The Ramada Newton Park Hotel, Newton
Solney, near Burton on Trent, Staffordshire DE15 0SS, the
extraordinary and ordinary resolutions to wind up the company
were passed.  A. Graham of Hamilton Insolvency Practitioners
Limited, Omega Court, 368 Cemetery Road, Sheffield S11 8FT has
been appointed liquidator of the company.

CONTACT:  HAMILTON INSOLVENCY PRACTITIONERS LIMITED
          Omega Court,
          368 Cemetery Road,
          Sheffield S11 8FT


ISLA HOLDINGS: Names O'Hara & Co. Liquidator
--------------------------------------------
At the extraordinary general meeting of the members of Isla
Holdings Ltd. (t/a Bartholomew Conservatories) on Jan. 4, 2005
held at Park Inn Hotel, Bath Road, West Drayton, Middlesex UB7
0DU, the extraordinary and ordinary resolutions to wind up the
company were passed.  Peter O'Hara and Simon Weir of O'Hara &
Co, Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ
have been appointed joint liquidators of the company.

CONTACT:  O'HARA & CO.
          Wesley House, Huddersfield Road,
          Birstall, Batley WF17 9EJ


JOSEPH MASON: Files for Liquidation
-----------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

     IN THE MATTER OF Joseph Mason Paints (Scotland) Limited

Notice is hereby given that we, Paul Finnity and Peter Andrew
Blair, both of Begbies Traynor, Regency House, 21 The Ropewalk,
Nottingham NG1 5DU, were appointed liquidators of Joseph Mason
Paints (Scotland) Limited on December 8, 2004.

Paul Finnity
Peter Andrew Blair
Liquidators

CONTACT:  BEGBIES TRAYNOR
          Regency House
          21 The Ropewalk
          Nottingham NG1 5DU
          Phone: 0115 941 9899
          Fax: 0115 945 4845
          E-mail: nottingham@begbies-traynor.com
          Web site: http://www.begbies.com


KENNEDY INDUSTRIAL: Calls in Liquidator from Begbies Traynor
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

  IN THE MATTER OF Kennedy Industrial Textiles (1990) Limited

Notice is hereby given that we, Paul Finnity and Peter Andrew
Blair, both of Begbies Traynor, Regency House, 21 The Ropewalk,
Nottingham NG1 5DU, were appointed liquidators of Kennedy
Industrial Textiles (1990) Limited on December 8, 2004.

Paul Finnity
Peter Andrew Blair
Liquidators

CONTACT:  BEGBIES TRAYNOR
          Regency House
          21 The Ropewalk
          Nottingham NG1 5DU
          Phone: 0115 941 9899
          Fax: 0115 945 4845
          E-mail: nottingham@begbies-traynor.com
          Web site: http://www.begbies.com


LARGIE ESTATE: Park Operator Falls into Liquidation
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Largie Estate Ltd.

Notice is hereby given that I, Thomas Campbell MacLennan of
Tenon Recovery, 1 Royal Terrace, Edinburgh EH7 5AD, was
appointed liquidator of Largie Estate Ltd. on December 3, 2004.

Thomas Campbell MacLennan, Liquidator

CONTACT:  TENON RECOVERY
          One Royal Terrace
          Edinburgh EH7 5AD
          Phone: 0131 557 4455
          Fax: 0131 556 0662
          E-mail: edinburgh@tenongroup.com
          Web site: http://www.tenongroup.com


METRO PRIVATE: Appoints Liquidator from Horwath Clark Whitehall
---------------------------------------------------------------
At the extraordinary general meeting of Metro Private Hire
Limited on Dec. 21, 2004 held at Holly House, Spring Gardens
Lane, Keighley BD20 6LE, the special 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


MIDAS GOLD: Hires Stoy Hayward as Liquidator
--------------------------------------------
At the extraordinary general meeting of Midas Gold Plc on Dec.
23, 2004 held at 181 University Avenue, Suite 1210, Toronto,
Ontario, Canada M5H 3M7, the subjoined special resolution to
wind up the company was passed.  Malcolm Cohen and David Gilbert
of BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL have
been appointed joint liquidators of the company.

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


MYTRAVEL GROUP: Proposes to Reorganize Share Capital
----------------------------------------------------
Following the successful completion of its consensual
restructuring, MyTravel Group plc now has three classes of share
capital:

  * Ordinary shares of 10p
    (ISIN GB0000109792, Reuters: MT.L, Bloomberg: MT/LN)

  * A ordinary shares of 1p
    (ISIN GB00B054QP30, Reuters: MTa.L, Bloomberg: MT/S LN)

  * Convertible shares of 1p
    (ISIN GB0033489013, Reuters: MT_p.L, Bloomberg: MT/LN and
     press F7)

Convertible shares of 1p are convertible in certain
circumstances into A ordinary shares.  However, ordinary shares
of 10p and A ordinary shares are classes, which have identical
rights but are technically distinct, so that shares of one class
cannot be used to settle a trade in the other class.

MyTravel on Wednesday announces that it intends to propose
resolutions to effect a reorganization of its share capital no
later than its Annual General Meeting to be held on 31 March
2005.  This reorganization is intended to simplify the capital
structure.  It will:

  * Constitute a single class of ordinary shares out of the
existing ordinary shares of 10p nominal amount and A ordinary
shares of 1p nominal amount, each class of ordinary shares being
treated pari passu with the other for this purpose.

  * Make equivalent changes to the terms for the conversion of
convertible shares into new ordinary shares, and to the terms of
the warrants to subscribe for ordinary shares of 10p.

  * Reduce the total number of shares in issue, resulting in a
more appropriate trading price range.

The reorganization will be conditional on and will require the
passing of a special resolution of the shareholders (on which
both ordinary and A ordinary shareholders will be eligible to
vote) and a separate approval by the holders of ordinary shares
as a separate class.  The modification of the terms of the
warrants will require approval by extraordinary resolution at a
meeting of warrantholders.

                            *   *   *

Following the completion of its financial restructuring MyTravel
Group plc has these equity securities in issue:

(A) Ordinary Shares (10p nominal value)

    * 544,461,136 shares in issue.


(B) A Ordinary Shares (1p nominal value)

    * 4,097,338,932 shares issued and up to a further
      1,088,922,272 shares may be issued on conversion of the 7%
      subordinated convertible bonds due 2007 issued by the
      company.

   * A ordinary shares have the same rights as, and rank pari
     passu with, each existing ordinary share, including voting,
     dividend and rights on a winding up.

   * The A ordinary shares are not fungible with the ordinary
     shares of 10p.

(C) Convertible shares (1p nominal value)

   * 7,880,806,060 shares issued and up to a further
     1,088,922,272 shares may be issued on conversion of the 7%
     subordinated convertible bonds due 2007 issued by the
     company.


   * Technically these are non-voting non-cumulative preference
     shares with a fixed dividend of 1% of the nominal amount
     (i.e. 1p). The convertible shares have been issued in order
     that the company can continue to comply with the E.U.
     regulations that apply to its airline operating license.
     These require that the company must be majority owned and
     effectively controlled by EEA nationals at all times.

   * Convertible Shares are in certain circumstances convertible
     into A ordinary shares.

(D) Warrants

The company has in issue warrants to subscribe for 65,764,552
existing ordinary shares.  Warrants in respect of 37,459,354
shares have been listed and are exercisable.  Warrants in
respect of 28,305,198 shares have not yet been listed but an
offer to exchange these warrants for new listed warrants will be
made shortly.  The reorganization will require the modification
of the terms of the warrants to ensure that the existing
exercise price of 10p per ordinary share is appropriately
adjusted to reflect the reorganization.  This modification will
require approval by extraordinary resolution at a meeting of
warrantholders.

Full details of MyTravel share capital and share conversion
arrangements may be found on the company's Web site at
http://www.mytravelgroup.com.

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


ONE STOP: Names Begbies Traynor Administrator
---------------------------------------------
David Moore (IP No 007510) and Paul Stanley (IP No 8123) have
been appointed administrator for One Stop UK Limited.  The
appointment was made Dec. 22, 2004.  The company offers other
business services.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


OPTIMA FOODS: In Administrative Receivership
--------------------------------------------
Bank of Scotland called in Robert Nicholas Lewis and Derek
Anthony Howell (Office Holder Nos 9277, 6604) administrative
receivers for Optima Foods Limited (Reg No 04635727, Trade
Classification: 04).  The application was filed Nov. 26, 2004.
The company manufactures food.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          31 Great George Street,
          Bristol BS1 5QD
          Phone: [44] (117) 929 1500
          Fax:   [44] (117) 929 0519
          Web site: http://www.pwc.com


PHOENIX OIL: Hires Liquidator from Jackson Jolliffe Cork
--------------------------------------------------------
At the extraordinary general meeting of the members of Phoenix
Oil Solutions Limited on Dec. 30, 2004 held at The Chasley
Hotel, Queen Street, Wakefield WF1 1JU, the extraordinary and
ordinary resolutions to wind up the company were passed.
Matthew Colin Bowker of Jacksons Jolliffe Cork, 33 George
Street, Wakefield WF1 1LX has been appointed liquidator of the
company.

CONTACT:  JACKSON JOLLIFFE CORK
          33 George Street,
          Wakefield WF1 1LX
          Phone: 01904 652100
          Fax:   01904 635349
          Web site: http://www.jjcork.co.uk


PINEBRIDGE LIMITED: Appoints Liquidator from Unique Business
------------------------------------------------------------
At the extraordinary general meeting of Pinebridge Limited (t/a
Templegate Construction) on Jan. 5, 2005 held at the offices of
Unique Business Finance Ltd, Rotterdam House, 116 Quayside,
Newcastle upon Tyne NE1 3DY, the extraordinary resolution to
wind up the company was passed.  Mark Prideaux of Unique
Business Finance Ltd, 6 Lockside Office Park, Lockside Road,
Preston PR2 2YS has been appointed liquidator of the company.

CONTACT:  UNIQUE BUSINESS FINANCE LTD.
          6 Lockside Office Park,
          Lockside Road, Preston PR2 2YS


PLATINUM CATERING: Members Pass Winding up Resolutions
------------------------------------------------------
At the extraordinary general meeting of the members of Platinum
Catering Limited on Jan. 5, 2005 held at Century House, Ashley
Road, Hale WA15 9TG, the extraordinary and ordinary resolutions
to wind up the company were passed.  Colin Burke of Milner
Boardman & Partners, Century House, Ashley Road, Hale, Cheshire
WA15 9TG has been appointed liquidator of the company.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


RAMESES EUROPE: Hires Joint Liquidators from Benedict Mackenzie
---------------------------------------------------------------
At the extraordinary general meeting of Rameses Europe Limited
on Jan. 5, 2005 held at The Guild of Air Pilots & Air
Navigators, Cobham House, 9 Warwick Court, Gray's Inn, London
WC1R 5DJ, the extraordinary and ordinary resolutions to wind up
the company were passed.  Malcolm P. Fillmore and Ranjit Bajjon
of Benedict Mackenzie LLP, 3-4 The Court Yard, East Park,
Crawley, West Sussex RH10 6AG have been appointed joint
liquidators of the company.

CONTACT:  BENEDICT MACKENZIE LLP
          3-4 The Courtyard, East Park,
          Crawley, West Sussex RH10 6AG
          Phone: 01293 447 799 / 410 333
          Fax: 01293 447 800 / 428 530
          Web site: http://www.benemack.com


SCOTLIFE HOME: Shareholders Decide to Liquidate Company
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Scotlife Home Loans Ltd.

                 Scottish Life Asset Managers Ltd.

                               and

       The Scottish Life Investment Management Company Ltd.

Notice is hereby given that I, David Paul Hudson of Begbies
Traynor, The Old Exchange, 234 Southchurch Road, Southend-on-
Sea, Essex SS1 2EG was appointed liquidator of Scotlife Home
Loans Ltd., Scottish Life Asset Managers Ltd., The Scottish Life
Investment Management Company Ltd. on December 6, 2004.

Scotlife Home Loans Ltd., Scottish Life Asset Managers Ltd., The
Scottish Life Investment Management Company Ltd.

David Paul Hudson, Liquidator

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange
          234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


SPOT ON MARKETING: Members Pass Winding up Resolutions
------------------------------------------------------
At the extraordinary general meeting of the members of Spot On
Marketing Ltd. on Dec. 20, 2004 held at Jarvis Clayton Lodge
Hotel, Clayton Road, Newcastle under Lyme, Staffordshire ST5
4AF, the extraordinary and ordinary resolutions to wind up the
company were passed.  John Phillip Walter Harlow has been
appointed liquidator of the company.

CONTACT:  HKM LLP
          The Old Mill,
          9 Soar Lane,
          Leicester LE3 5DE
          Phone: +44(0) 116 242 5100
          Fax:   +44(0) 116 242 5200
          Insolvency Fax: +44 (0) 116 242 5201
          Web site: http://www.hkm.co.uk


STODDARD INTERNATIONAL: Cuts Staff to Stay Afloat
-------------------------------------------------
The receivers of carpet manufacturer Stoddard International have
axed over half of the company's staff in an effort to save it
from liquidation, The Scotsman reports.

Stoddard filed for receivership last week with GBP9 million in
debt.  Receivers Tom Burton and Colin Dempster from Ernst &
Young are currently trying to find a buyer for the business.
They already received several interests, but would like to have
concrete offers on hand.

In the meantime, they made 266 workers redundant and have kept
90 for only two weeks more.  There are no immediate plans to
dismiss the remaining 120, but the receivers said they could not
guarantee their jobs.

Meanwhile, even if a buyer is found, the future of the firm's
pension scheme remains uncertain.  The 1,750-membered fund
closed to new entrants last year with a deficit of GBP35
million.  A sale of the company will have no effect on it.

Ian Gordon, the representative of the pension fund trustees,
explained: "Any transaction the receiver does will be for the
business and its assets [alone]."

According to him, the scheme would be "left standing on its own"
in the event of a takeover or liquidation.  It may ask help from
the industry-funded Pension Protection Fund (PPF), but that
depends on whether the firm survives beyond April.  Rules
dictate that only those companies, which filed for insolvency
after April this year will qualify for the program.  Should
Stoddard go bust before April, the scheme will have to make do
with the Finance Assistance Scheme (FAS) -- a temporary
government reserve, which is thought to be under-funded.


STUART WYSE: Joint Liquidators from PwC Move in
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Stuart Wyse Ogilvie Estates Limited

Notice is hereby given that we, Jonathan Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT and
Tim Walsh of PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP were appointed joint
liquidators of Stuart Wyse Ogilvie Estates Limited on December
12, 2004.

Jonathan Sisson
Tim Walsh
Liquidators

CONTACT:  PRICEWATERHOUSECOOPERS LLP (LEEDS)
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          Web site: http://www.pwcglobal.com

          PRICEWATERHOUSECOOPERS LLP (LONDON)
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax: [44] (20) 7822 4652
          Web site: http://www.pwcglobal.com


THE PHOENIX: Joint Liquidators from Hurst Morrison Enter Firm
-------------------------------------------------------------
At the extraordinary general meeting of The Phoenix Timber Group
Plc on Dec. 23, 2004 held at Bank Chambers, Hill Road,
Watlington, Oxfordshire OX49 5AB, the special resolutions to
wind up the company were passed.  Gareth Wyn Roberts and Paul
William Ellison of Hurst Morrison Thomson Corporate Recovery
LLP, 5 Fairmile, Henley-on-Thames, Oxfordshire RG9 2JR have been
appointed joint liquidators of the company.

CONTACT:  HURST MORRISON THOMSON CORPORATE RECOVERY LLP
          5 Fairmile, Henley on Thames,
          Oxfordshire RG9 2JR
          Phone: +44 (0) 1491 579866
          Fax:   +44 (0) 1491 573397
          E-mail: hmt@hmtgroup.co.uk


TPFI LIMITED: Liquidator Takes over Operation
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                  IN THE MATTER OF TPFI Limited

Notice is hereby given that we, Jonathan Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT and
Tim Walsh of PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP were appointed joint
liquidators of TPFI Limited on December 12, 2004.

Jonathan Sisson
Tim Walsh
Liquidators

CONTACT:  PRICEWATERHOUSECOOPERS LLP (LEEDS)
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          Web site: http://www.pwcglobal.com

          PRICEWATERHOUSECOOPERS LLP (LONDON)
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax: [44] (20) 7822 4652
          Web site: http://www.pwcglobal.com


TRINITY INVESTMENTS: Barclays Bank Appoints Receiver
----------------------------------------------------
Barclays Bank Plc called in David Swaden and Dermot Justin Power
(Office Holder Nos 5495/01, 6006/01) have been appointed joint
administrative receivers for Trinity Investments (Wrexham) Ltd.
(Reg No 03204118, Trade Classification: 35).  The application
was filed Dec. 31, 2004.  The company develops and sells real
estate.

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


                            *********


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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