TCREUR_Public/050117.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

            Monday, January 17, 2005, Vol. 6, No. 11

                            Headlines

C Z E C H   R E P U B L I C

MORAVAN-AEROPLANES: Favored to Win Indian Contract


F R A N C E

MOULINEX SA: Former Auditors in Hot Water


G E R M A N Y

BERNHARD BURGER: Creditors Claims Due February
CASA BAUTRAGER: Sets First Creditors Meeting March
CITY-SCHUHMODEN: Provisional Administrator Takes over Operations
DOMBRINK ALUMINUM: Creditors Have Until Next Week to File Claims
EGI GETRANKE: Applies for Bankruptcy Proceedings

I & C GLAS-: Frankfurt Court Accepts Bankruptcy Petition
LASSANER TRANSPORT: Provisional Administrator Takes over Helm
POLYMEN GMBH: Creditors Claims Due Next Month
T.B.W. GMBH: Frankfurt Court Appoints Provisional Administrator
WUBBE TIEFBAU: Creditors Have Until Next Month to File Claims


H U N G A R Y

NABI RT: Books Slight Improvement in Bus Sales


I R E L A N D

JSG FUNDING: Issuing EUR370 Mln Worth of Subordinated Notes
JSG PACKAGING: Ratings Cut to 'B+' Over PIK Issuance


I T A L Y

FIAT SPA: Corporate Governance Satisfactory, Says S&P


K Y R G Y Z S T A N

ASHMARA: Creditors Set to Meet First Week of February
BLVZ: Public Auction of Assets Next Week
KALEM: Gives Creditors Until Second Week of March to File Claims
KOK-JAR: Sets Creditors Meeting Last Day of January
KYRGYZSHAMPANY-KAMEKS: Hires New Temporary Insolvency Manager


L U X E M B O U R G

STOLT-NIELSEN: Expects to Gain US$360 Mln from Share Disposal
STOLT OFFSHORE: Stolt-Nielsen Completes Withdrawal


N E T H E R L A N D S

GETRONICS N.V.: To Take up PinkRoccade Offer at February EGM
LAURUS N.V.: Beefs up Group Management Board
PETROLEUM GEO-SERVICES: Still in Talks Over Pertra's Future
ROYAL AHOLD: Low Currency Exchange Rates Hit 4th-qtr. Sales
ROYAL SHELL: Four Basell Bidders Join Forces


N O R W A Y

DNO ASA: 2004 Production Exceeds Target


R U S S I A

BUTURLINSKIY DISTILLERY: Declared Insolvent
EDVINSK-AUTO-TRANS: Sets Deadline for Proofs of Claim
GOTNYANSKIY BRICKWORKS: Hires V. Reznikov as Insolvency Manager
KAMENSK-URALSKIY BAKERY: Under Bankruptcy Supervision
MELEKESSKAYA SPINNING-WEAVING: Sets Public Auction Jan. 20

PARTNERSHIP ILMENSKOYE: Bankruptcy Hearing Resumes Next Month
POBEDA: Undergoes Bankruptcy Supervision Procedure
ROSTEK-AGRO: Belgorod Court Appoints Insolvency Manager
SHUSHENSKIY BAKERY: Deadline for Proofs of Claim Set
TROYAN-BEER: Creditors Have Until February to File Claims
YUKOS OIL: Wins Temporary Banking Waiver in U.S.


S W I T Z E R L A N D

BARRY CALLEBAUT: Maintains Forecast Despite Lackluster 1st Qtr.


U K R A I N E

ARTEL: Urges Creditors to File Claims
PROMIS: Court Appoints Liquidator
SLOVYANSKIJ CERAMIC: Insolvency Manager Takes over Operations
TEHNEFTEROS: Declared Insolvent
TEOFIPOL' AGROPOSLUGI: Under Bankruptcy Supervision
ULYANOVA: Dnipropetrovsk Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

ANDERSON BUILDING: Winding-up Report Due Today
BRANDCOM LIMITED: Insolvency Service Bans Former Director
BRITISH ENERGY: Court Sanctions Restructuring Plan
BRITISH ENERGY: Resumes Trading Today
DAC PUBLISHING: Exec Receives 8-year Directorship Ban

DESIGNREALM LIMITED: Hires Joint Liquidators from PKF
DRAX: Names Gordon Boyd Finance Director
DUNCANS OF SCOTLAND: Sets Final Meeting of Members, Creditors
EAST DOCK: Brings in Liquidator from Mazars
E C WINDOWS: Hires Joint Liquidators from CBA

EDGLEY AERONAUTICS: Members Decide to Wind up Firm
ETAP LIMITED: KPMG Liquidator Moves in
FIELDING LIMITED: Hires Grant Thornton as Liquidator
GLOWMARK LIMITED: Liquidator from Marks Bloom Enters Firm
GM AUTOMOTIVE: Hires KPMG as Liquidator

GTE INFORMATION: Owners Opt for Liquidation
HIGHBRIGHT HOLDINGS: Members Decide to Liquidate Firm
JOSEPH MASON: Claims Filing Period Ends Second Week of March
KENNEDY INDUSTRIAL: Sets Deadline for Filing of Claims
LATSEL NO. 2: Appoints KPMG Liquidator

LONDON SCENE: Hires Liquidator from Critchleys
MACROTRON (U.K.): Calls in Liquidator from Bernard Harrington
MARCOH ENGINEERING: Liquidator's Final Report Out January 26
MCA COFFEE: Hires Smith & Williamson as Administrator
M M & S (3019): Joint Liquidators from Begbies Traynor Move in

OCCASIONAL FURNITURE: Directors Banned for 18 Years
POSIVA DRIVES: Calls in Liquidator from Begbies Traynor
QUADRANGLE RESEARCH: Falls into Administration
RAMCO ENERGY: Posts Latest Update on Seven Heads Exploration
ROYAL MAIL: Books Unprecedented GBP800 Mln 'Christmas Revenues'

TECNOMARE (UK): Shareholders Decide to Wind up Firm
TOYS "R" US: Liquidator from Grant Thornton Moves in
TRUMPVEDA LIMITED: Hires Deloitte & Touche as Liquidator

* FSCS Declares 16 Firms in Default


                            *********


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


MORAVAN-AEROPLANES: Favored to Win Indian Contract
--------------------------------------------------
Bankrupt small plane manufacturer Moravan-Aeroplanes is expected
to win a multi-million-crown contract in India, Mlada fronta
Dnes says.

Moravan has submitted a bid to produce six Z-242L aircraft for a
training school in India.  If successful, Moravan would gain
around CZK37 million.  Moravan receiver Petr Hajtmar said
winning the contract is vital for the group's survival.  Losing
the bid would leave the aircraft maker scrambling for funds and
possibly force it to fire some employees.

"The production of airplanes would be at stake, too," he said.

The Regional Court in Brno declared Moravan bankrupt on June 18,
2004 at the request of its management and employees.  The
company's debt consists of CZK12 million in wages, CZK11 million
in taxes, and over CZK60 million in social security payments.

Moravan-Aeroplanes produces small civilian aircraft and training
planes.

CONTACT:  MORAVAN-AEROPLANES a.s.
          Letiste 1578
          765 81 Otrokovice
          Phone: +420 576 083 901
          Fax: +420 576 083 929
          E-mail: m.aeroplanes@moravan.cz


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


MOULINEX SA: Former Auditors in Hot Water
-----------------------------------------
A Nanterre investigator has questioned auditors of insolvent
appliance group Moulinex regarding their conduct when the
company declared bankruptcy, Le Figaro says.

Authorities are probing Jerome Guiraden and Christian
Chiarasini's alleged failure to report criminal acts that
happened at Moulinex.  Investigators believe both auditors
played a role in the group's bankruptcy by presenting a false
balance sheet.  The two men were the auditors of Moulinex when
it succumbed to bankruptcy on September 7, 2001.

The examining magistrate is currently reviewing the conditions
under which Moulinex filed for voluntary bankruptcy.  Aside from
Mr. Guiraden and Mr. Chiarasini, the magistrate has questioned
seven other individuals regarding the case.

CONTACT:  MOULINEX S.A.
          22 Place des Vosges
          92400 Courbevoie
          Web site: http://www.moulinex.com


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


BERNHARD BURGER: Creditors Claims Due February
----------------------------------------------
The district court of Munster opened bankruptcy proceedings
against roofing enterprise firm Bernhard Burger Bedachungen GmbH
& Co. KG on Dec. 23, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 10, 2005 to register their claims with
court-appointed provisional administrator Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2005, 9:15 a.m. at the district court
of Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster, EG, Saal 13 B, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  BERNHARD BURGER BEDACHUNGEN GMBH & CO. KG
          Engelings Haar 23, 48565 Steinfurt

          Andreas Sontopski, Insolvency Manager
          Gnoiener Platz 1, 48493 Wettringen
          Phone: 02557/9384-0
          Fax: +492557938450


CASA BAUTRAGER: Sets First Creditors Meeting March
--------------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against Casa Bautrager GmbH on Dec. 27, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 8, 2005 to register their
claims with court-appointed provisional administrator Dr.
Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2005, 11:00 a.m. at the district court
of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, IV. Etage, Saal 407, 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:  CASA BAUTRAGER GMBH I. L.
          Rheinallee 11, 47119 Duisburg
          Contact:
          Jochem Peters

          Dr. Sebastian Henneke, Insolvency Manager
          Mulheimer Str. 100, 47057 Duisburg


CITY-SCHUHMODEN: Provisional Administrator Takes over Operations
----------------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
City-Schuhmoden Handels GmbH on Dec. 30, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 1, 2005 to
register their claims with court-appointed provisional
administrator Dr. Ruth Rigol.

Creditors and other interested parties are encouraged to attend
the meeting on March 22, 2005, 10:00 a.m. at the district court
of Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 1.
Stock, Saal W126, 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:  CITY-SCHUHMODEN HANDELS GMBH
          Eschmarer Strasse 53, 53859 Niederkassel
          Contact:
          Albert Michael Tilmann, Manager

          Dr. Ruth Rigol, Insolvency Manager
          Magnusstrasse 13, 50672 Koln
          Phone: 0221/650660
          Fax: 0221/650661


DOMBRINK ALUMINUM: Creditors Have Until Next Week to File Claims
----------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Dombrink Aluminium Fassaden, Fenster + Turen GmbH & Co.
KG on Jan. 1, 2005.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until Jan. 24, 2005 to register their claims with court-
appointed provisional administrator Dr. Norbert Kupper.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 14, 2005, 10:15 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on March 9, 2005,
9:30 a.m. at the same venue.

CONTACT:  DOMBRINK ALUMINIUM GMBH & CO. KG
          Ringstr. 127, 33378 Rheda-Wiedenbruck

          Dr. Norbert Kupper, Insolvency Manager
          Paderborner Str. 11, 33415 Verl.


EGI GETRANKE: Applies for Bankruptcy Proceedings
------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against wholesale and retail firm Egi Getranke Logistik GmbH on
Dec. 29, 2004.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until Feb. 9, 2005 to register their claims with court-appointed
provisional administrator Dr. Jens M. Schmittmann.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 23, 2005, 2:00 p.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber
Bereich, Saal 293, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  EGI GETRANKE LOGISTIK GMBH
          Frillendorfer Strasse 152-154, 45139 Essen
          Contact:
          Hamdullah Salmann, Manager

          Dr. Jens M. Schmittmann, Insolvency Manager
          Zweigertstrasse 28-30, 45130 Essen
          Phone: 0201 438740


I & C GLAS-: Frankfurt Court Accepts Bankruptcy Petition
--------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against I & C Glas- und Gebaudereinigung GmbH on
Dec. 21, 2004.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until March 8, 2005 to register their claims with court-
appointed provisional administrator Wolfgang Hoppe.

Creditors and other interested parties are encouraged to attend
the meeting on April 7, 2005, 8:40 a.m. at the district court of
Frankfurt, Saal 2, Gebaude F, Klingerstrasse 20, 60313 Frankfurt
am Main, statt, 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:  I & C GLAS- UND GEBAUDEREINIGUNG GMBH
          Kasinostrasse 13, 65929 Frankfurt-Unterliederbach
          Contact:
          Ibrahim Cubukcu, Manager

          Wolfgang Hoppe, Insolvency Manager
          Mergenthalerallee 45-47, 65760 Eschborn
          Phone: 06196/481969
          Fax: 06196/482494


LASSANER TRANSPORT: Provisional Administrator Takes over Helm
-------------------------------------------------------------
The district court of Stralsund opened bankruptcy proceedings
against Lassaner Transport- und Reparaturservice GmbH on Dec.
22, 2004.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 4, 2005 to register their claims with court-appointed
provisional administrator Jorg Sievers.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 23, 2005, 10:10 a.m. at the district court
of Stralsund, Frankendamm 17, Haus A, 4. OG, Saal A4 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:  LASSANER TRANSPORT- UND REPARATURSERVICE GMBH
          Contact:
          Peter Wischow, Manager

          Jorg Sievers, Insolvency Manager
          Robert-Blum-Strasse 1, 17489 Greifswald


POLYMEN GMBH: Creditors Claims Due Next Month
---------------------------------------------
The district court of Gera opened bankruptcy proceedings against
Polymen GmbH on Dec. 23, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 15, 2005 to register their claims with
court-appointed provisional administrator J. Schneider.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005, 1:15 p.m. at the district court
of Gera, Rudolf-Diener-Str. 1, Zimmer 310, 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:  POLYMEN GMBH
          Mylauer Str. 01, 07973 Greiz

          J. Schneider, Insolvency Manager
          Tatzendpromenade 2a, 07745 Jena


T.B.W. GMBH: Frankfurt Court Appoints Provisional Administrator
---------------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against T. B. W. GmbH Gesellschaft fur naturgerechte
Technologien, Bau und Wirtschaftsberatung on Dec. 21, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 10, 2005
to register their claims with court-appointed provisional
administrator Dr. Holger Lessing.

Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 9:00 a.m. at the district court
of Frankfurt, Saal 1, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, statt, 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:  T. B. W. GMBH GESELLSCHAFT FUR NATURGERECHTE
          TECHNOLOGIEN, BAU UND WIRTSCHAFTSBERATUNG
          Hagenstrasse 16, 60314 Frankfurt am Main (HRB 32438)
          Contact:
          Hartlieb Euler, Manager

          Dr. Holger Lessing, Insolvency Manager
          Hanauer Landstrasse 287-289, D-60314 Frankfurt am
          Main
          Phone: 069/15051300
          Fax: 069/15051400


WUBBE TIEFBAU: Creditors Have Until Next Month to File Claims
-------------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Wubbe Tiefbau GmbH & Co.KG on Dec. 30, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 13, 2005
to register their claims with court-appointed provisional
administrator Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 28, 2005, 1:00 p.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber
Bereich, Saal 293, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  WUBBE TIEFBAU GMBH & CO.KG
          Petersberg 2, 45770 Marl-Sinsen

          Rolf Weidmann, Insolvency Manager
          Einigkeitstr. 9, 45133 Essen
          Phone: 0201/437760
          Fax: 02014377620


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


NABI RT: Books Slight Improvement in Bus Sales
----------------------------------------------
During 2004, the NABI Group delivered 1,227 buses to its
customers, a 7% increase in the number of vehicles delivered
compared with 2003.

Number of Bus Deliveries According to Market and Type

Market        Bus Type              2004        2003        2002
                                    12M         12M         12M

U.S.A.

        30-foot (medium duty)         1          72          12

        35/40-foot (heavy duty)     468         483         771

        60-foot (heavy duty)        133          76          54

        40/45-foot CompoBus          84          57           3

        Market Total:               686         688         840

United Kingdom

        Single deck under 7.5t       89         125         117

        Single deck over 7.5t       428         308         374

        Double deck over 7.5t         2           9          41

        Market Total:               519         442         532

Hungary Market Total

        Single deck over 7.5t        22          19           7

Grand Total:                      1,227       1,149        1,375

Overall, the American transit bus market remains flat due to
macroeconomic pressures and the uncertainties over future engine
emission technologies.  The public transport industry continues
to be challenged by budget issues at the state and local levels
of government, which comprise an increasing share of funding for
new buses and rail systems.  However, state and local funding is
expected to recover in 2005 and beyond.  In addition, bus rapid
transit is a promising emerging market, as the number of cities
announcing BRT projects continues to grow.

Although the quantity of NABI's bus deliveries in 2004 appears
to be largely unchanged from 2003, sales revenues increased
significantly due to the considerably greater number of higher-
value and labor-intensive articulated buses that were produced
in 2004 than in 2003.  NABI Inc. produced 321 diesel engine
buses in 2004, 338 buses fueled by CNG and 26 buses fueled by
LNG.  Deliveries were made to 10 customers under 12 different
contracts in 2004.  These figures do not include the delivery of
the NABI 60-BRT-prototype bus to Los Angeles County Metropolitan
Transportation Authority in September 2004.  Under the terms of
this first contract for NABI's advanced design bus rapid transit
vehicle, delivery of the first 30 to Los Angeles is scheduled
for mid-2005.

Despite the demand in the U.K. bus market in 2004 being 9% lower
than in 2003, Optare has successfully increased its share of the
U.K. single deck market by 3% in 2004 to 23%.  More importantly
in its core business sector for Midibuses(10-13T), Optare
increased its share by 7% to 37%.

In Hungary, the market remained flat and NABI sold 12 forty-foot
buses in the Fourth Quarter.

As previously announced in November 2004, NABI is implementing a
comprehensive restructuring of its operations in order to
improve financial stability and return to long-term
profitability.  One-time charges associated with the
restructuring initiative will be reflected in the Group's final
results for the year ended December 31, 2004.

The NABI Group plans to build in the order of 1000 buses in
2005.  NABI has received fixed orders from customers in the
U.S.A. for 522 buses and approximately 1700 buses could be
ordered under options.

CONTACT:  NABI RT.
          45 Ujszasz u.
          Budapest 1165
          Phone:  +36-1-401-7399
          Fax: +36-1-407-2931
          E-mail: nabihq@nabi.hu
          Web site: http://www.nabi.hu

          Andras Bodor
          Corporate Affairs Director
          Phone: +36-1-401-7100
          E-mail: andras.bodor@nabi.hu


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


JSG FUNDING: Issuing EUR370 Mln Worth of Subordinated Notes
-----------------------------------------------------------
Jefferson Smurfit Group announces an offering of approximately
EUR370 million of subordinated cash-pay notes to be issued by
JSG Funding plc, the expected net proceeds of which it intends
to use to refinance JSG Funding plc's existing 15.5%
Subordinated Notes due 2013, and an offering of approximately
EUR300 million pay-in-kind notes to be issued by JSG Holdings
plc, the expected net proceeds of which it intends to use to
fund a return of capital to shareholders.

Deutsche Bank AG and Citigroup are acting as Joint Bookrunners
and Underwriters.

Jefferson Smurfit Group is one of the largest European-based
integrated manufacturers of containerboard, corrugated
containers and other paper-based products.

The information contained herein is not for publication or
distribution to persons in the United States of America.  Any
securities referred to herein have not been and will not be
registered under the U.S. Securities Act of 1933, as amended,
and may not be offered or sold without registration thereunder
or pursuant to an available exemption therefrom.  Any public
offering of securities of JSG Holdings plc or JSG Funding plc to
be made in the United States would have to be made by means of a
prospectus that would be obtainable from JSG Holdings plc or JSG
Funding plc, as the case may be, and would contain detailed
information about the issuer of the securities and its
management, as well as financial statements.

Neither this document nor the information contained herein
constitutes an offer to sell or the solicitation of an offer to
buy any securities.

These materials do not constitute an offer of securities for
sale in the United States; the securities may not be offered or
sold in the United States absent registration or an exemption
from registration.

No money, securities or other consideration is being solicited,
and, if sent in response to the information contained herein,
will not be accepted.

                            *   *   *

NOT FOR GENERAL RELEASE IN THE UNITED STATES

CONTACT:  JEFFERSON SMURFIT GROUP
          Gary McGann, Chief Executive Officer
          Phone: +353 1 202 7000
          or
          Ian Curley, Finance Director
          Phone: +353 1 202 7000
          Web site: http://www.smurfit-group.com
          or

          K CAPITAL SOURCE
          Mark Kenny
          Phone: +353 1 631 5500
          E-mail: smurfit@kcapitalsource.com
          or

          WHPR
          Brian Bell
          Phone: +353 1 669 0030
          E-mail: smurfit@kcapitalsource.com


JSG PACKAGING: Ratings Cut to 'B+' Over PIK Issuance
----------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit ratings on Ireland-based paper and packaging
company JSG Packaging Ltd. and related entities in the Jefferson
Smurfit Group (JSG) to 'B+' from 'BB-', following the group's
announcement of a proposed EUR300 million (US$397 million) pay-
in-kind (PIK) issuance.  The outlook is stable.

At the same time, Standard & Poor's lowered its senior unsecured
debt rating on JSG-related entities to 'B-' from 'B'.  Standard
& Poor's also assigned its 'B-' long-term rating to the proposed
EUR300 million PIK junior subordinated notes to be issued by JSG
Holdings PLC and to the proposed EUR370 million subordinated
notes to be issued by JSG Funding PLC, two holding companies
within the group.  Both issues are due in 2015.

In addition, the 'BB-' bank loan rating on the group's senior
credit facilities and 'BB-' secured debt rating on two
outstanding bond issues were placed on CreditWatch with negative
implications.

"The rating actions follow JSG's announcement that it intends to
use the proceeds from the EUR300 million PIK notes issue for a
share capital reduction in the group, which will weaken JSG's
already aggressive leverage measures," said Standard & Poor's
credit analyst Andreas Kindahl.  "Furthermore, this represents a
negative deviation from a financial policy perspective as
Standard & Poor's had expected JSG to focus on permanent debt
reduction and to improve credit measures progressively."

Although JSG will receive approximately EUR446 million from the
recent Munksjo disposal, a substantial portion of these proceeds
will be consumed by the capital reduction and transaction costs
relating to the refinancing of the existing PIK notes with a
cash interest paying subordinated debt issue.  As a result, debt
levels and cash interest payments will remain largely unchanged,
while JSG's operating cash flows will weaken following the loss
of the Munksjo contribution.  Consequently, pro forma for the
potential transactions, net debt to EBITDA and EBITDA net cash
interest ratios (excluding post-retirement liabilities) will
weaken to about 5.6x and 2.3x, respectively, from about 4.9x and
2.7x for the 12 months ended Sept. 30, 2004.  In addition, JSG
has relatively high, unfunded pension liabilities of about
EUR355 million.

The stable outlook is supported by the group's position as a
large, integrated producer of containerboard and corrugated
board.  EBITDA net cash interest coverage and net debt to EBITDA
are expected to gradually improve to at least 2.5x and less than
5x, respectively.

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


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


FIAT SPA: Corporate Governance Satisfactory, Says S&P
-----------------------------------------------------
This governance assessment was completed using public
information and information made available by Fiat S.p.A. to
Standard & Poor's Governance Services through the credit rating
process.  In addition, for the purposes of this report, the
company provided Standard & Poor's with access to Fiat's
management, Board of Statutory Auditors, and independent
directors.

Executive Summary

The governance processes, policies, and procedures of Italian
industrial Fiat S.p.A. do not constrain the corporate credit
ratings (BB-/Negative/B) on the group.

Fiat, controlled by the Agnelli family through two intermediate
holding companies (Istituto Finanziario Industriale S.p.A. [IFI]
and IFIL S.p.A. [IFIL]), has made significant efforts to improve
its governance in recent years, including many improvements in
disclosure standards.  Risk management, internal audit, and
board committee procedures have all been enhanced.  Standard &
Poor's considers the board's establishment of new guidelines for
internal controls and its appointment of a new internal control
and compliance officer with significant resources as
particularly important developments.  A further positive factor
is the support of both the Agnelli family and the core banking
group during Fiat's current financial difficulties.  Standard &
Poor's also notes the board's balance of skills and the new
CEO's significant turnaround and industrial experience.

Nevertheless, Standard & Poor's assessment of Fiat's governance
is tempered by the fact that, in practice, the majority of
members of the board of directors are nominated and elected by
the core shareholding group, with little influence from majority
but non-controlling shareholders.  The absence of an independent
nomination process, or of provisions for outside shareholder-
nominated candidates for board elections, has resulted in a
board with comparatively few independent members to balance the
influence of the controlling shareholder.  Although the
independent Board of Statutory Auditors (Collegio Sindicale) is
considered, for the purposes of Sarbanes Oxley, to be equivalent
to an audit committee, this is primarily a compliance function
and plays no part in the company's decision-making process.

Ownership

Fiat's ownership structure is transparent.  Public disclosures
and regulatory filings reveal that Fiat's founding Agnelli
family is ultimately the largest shareholder (through IFI and
IFIL), with a holding of 30.06%.  As no other shareholder has
more than 5%, the family has significant influence over Fiat's
affairs.  Low shareholder voting at annual meetings gives IFI
and IFIL de facto control and, in the absence of an independent
board nomination process or cumulative voting, further limits
the influence of majority but non-controlling shareholders.
Although IFIL's and IFI's influence is broadly positive, as
evidenced by their participation in Fiat's recapitalization
plans of 2002 and 2003, frequent shifts in strategy in recent
years suggest that this influence might not always be
consistent.

Standard & Poor's considers the company's specific procedures to
deal with related-party transactions as a positive governance
factor, particularly given that these procedures are outlined on
the company Web site and described in detail in its annual
report and accounts.  Moreover, independent directors have
confirmed that the controlling shareholders are careful to avoid
transactions that could result in conflicts of interest.

Furthermore, in the likely event that Fiat is not able to meet
targets or repay the outstanding principal on its EUR3 billion
convertible bond facility at maturity on Sept. 16, 2005, the
lending banks may require conversion from debt to equity.
Although this would dilute the value of existing shares by
approximately 25%, the financial profile of the company would
likely be strengthened by the improved debt-to-equity ratio.

Transparency and Disclosure

Fiat's overall disclosure levels are high and are partly
influenced by SEC disclosure requirements.  The company's Web
site is particularly comprehensive and relatively easy to
navigate, and contains a significant amount of financial and
non-financial information.

Audit Process

The completeness of the audit process is enhanced by the fact
that Fiat's auditor, Deloitte & Touche S.p.A. audits group
companies that represent approximately 97% of its gross assets
and revenues.  Disclosure concerning the overall compensation of
the external auditor, which includes non-audit services, is
present in the 20-F form, which has recently been filed with the
S.E.C.  Public disclosures and discussions with independent
directors and members of the Board of Statutory Auditors
indicate that oversight of Fiat's external auditor and of the
audit process is particularly strong.

Standard & Poor's notes that the audit process is clearly
articulated, with a separately constituted group company
performing the internal audit function.

              Board Structure and Effectiveness

Structure

The board members' broad mix of industrial and automotive
backgrounds forms a particularly relevant base of experience and
skills, given Fiat's current financial problems.

Independence

Following the Dec. 23, 2004 announcement of a new board member,
there are now five independent directors on the 11-person board,
which Standard & Poor's views as positive, although the
application of stricter criteria would preclude one of the three
members of the internal controls committee from being classed as
independent.  In accordance with Italian law, the members of the
Board of Statutory Auditors are all independent, another
positive governance factor.

Nevertheless, any assessment of the independent element of the
board must take into account the effective control of the
significant minority shareholder.  The absence of an independent
nomination process, or of provisions for non-controlling
shareholder-nominated candidates for board elections, has
resulted in a board with few independent directors to balance
the influence of the controlling shareholder.  There is,
however, no evidence to suggest that the directors or statutory
auditors act against the interests of the majority of
shareholders.

Executive and Director Compensation

Disclosure about executive directors' pay does not facilitate a
full understanding of the extent to which executive directors'
and chief operating officers' pay is aligned with shareholders'
interests, and is a constraining factor on the assessment.
Although the annual report discusses the option scheme
applicable to the CEO and provides details of the number of
options available to him, together with the vesting period and
the exercise price, there is no information about the
performance levels that have to be achieved to obtain these
awards.

CONTACT:  Fiat S.p.A.
          250 Via Nizza
          10126 Turin, Italy
          Phone: +39-011-686-1111
          Fax: +39-011-686-3798
          Web site: http://www.fiatgroup.com


===================
K Y R G Y Z S T A N
===================


ASHMARA: Creditors Set to Meet First Week of February
-----------------------------------------------------
The Inter-District Court of Chui Region on Economic Issues has
commenced bankruptcy supervision procedure on Agricultural
Seedage Cooperative Ashmara.  The case is docketed as 03-382/-
2004-2.  Mr. Suinbai Mailybayev (License 0124) has been
appointed temporary insolvency manager.  Creditors will meet on
February 2, 2005, 11:00 a.m. at Panfilov district, Chaldovar.
Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.

CONTACT:  Mr. Suranbai Akybayev
          Temporary Insolvency Manager
          Phone: (0-312) 43-88-73
                 (0-312) 23-16-64
                 (0-502) 32-86-89


BLVZ: Public Auction of Assets Next Week
----------------------------------------
The bidding organizer and the temporary insolvency manager of
JSC BLVZ will sell the 49% stake of LLC SLVZB on January 25,
2005, 11:00 a.m. at Kyrgyzstan, Bishkek, Sovetskaya Str. 220.

Starting price is KGS42,292,895.54.

Auction Conditions:

(a) Bidder with highest offered price wins;

(b) Business plan to develop and modernize the plant; and

(c) Retention of product lines.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the cashier of BLVZ.  Bids must be
submitted on or before January 24, 2005, 5:00 p.m. at Bishkek,
Sovetskaya Str. 220.  For more information, call (0-312) 62-51-
94 or 62-39-69.


KALEM: Gives Creditors Until Second Week of March to File Claims
----------------------------------------------------------------
The temporary insolvency manager of JSC Kalem, which recently
succumbed to insolvency, will accept proofs of claim until March
11, 2005.  For more information, call (0-39-44) 2-49-73 or 2-04-
85.


KOK-JAR: Sets Creditors Meeting Last Day of January
---------------------------------------------------
OJSC Kok-Jar will hold a creditors meeting on January 31, 2005
at 10:00 a.m. at Bishkek, Togolok Moldo Str. House 17.

Agenda:

(a) Election of board members;

(b) Liquidation of the company; and

(c) Establishment of a Liquidation Commission.

Registration will be from 9:00 a.m. until 10:00 a.m.  For more
information, call (0-312) 43-58-46 or 28-47-55.


KYRGYZSHAMPANY-KAMEKS: Hires New Temporary Insolvency Manager
-------------------------------------------------------------
The Department on Bankruptcy Issues under State Property
Committee of the Kyrgyz Republic appointed Mrs. Kanyshbubu
Akmatova in lieu of Mr. Kerimbayev E. as temporary insolvency
manager of Joint Venture Trade House Kyrgyzshampany-Kameks on
December 23, 2004.  Creditors will meet on January 25, 2005,
2:00 p.m. at Bishkek, Sovetskaya Str. 220.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.

CONTACT:  Mrs. Kanyshbubu Akmatova
          Temporary Insolvency Manager
          Phone: (0-312) 62-39-69


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


STOLT-NIELSEN: Expects to Gain US$360 Mln from Share Disposal
-------------------------------------------------------------
Stolt-Nielsen S.A. on Thursday announced the sale of 79,414,260
common shares of Stolt Offshore S.A.  The shares were sold at a
price of 39.25 Norwegian Kroner per share (approximately US$6.35
per share) at aggregate gross value of US$504.3 million in a
private placement to certain qualified investors in transactions
exempt from the registration requirements of the U.S. Securities
Act of 1933.  In line with normal settlement practices, the sale
is expected to close on January 19, 2005.

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

SNSA expects to report in its first fiscal quarter of 2005 a
gain of approximately US$360 million from this transaction.

                            *   *   *

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

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

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

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

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. (NASDAQNM: SNSA; Oslo Stock Exchange: SNI) is
one of the world's leading providers of transportation services
for bulk liquid chemicals, edible oils, acids, and other
specialty liquids.  The Company, through its parcel tanker, tank
container, terminal, rail and barge services, provides
integrated transportation for its customers.  Stolt Sea Farm,
wholly-owned by the Company, produces and markets high quality
Atlantic salmon, salmon trout, turbot, halibut, sturgeon,
caviar, bluefin tuna, and tilapia. (http://www.stolt-
nielsen.com)

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

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


STOLT OFFSHORE: Stolt-Nielsen Completes Withdrawal
--------------------------------------------------
Stolt Offshore S.A. on Thursday reported that the placing of
79,414,260 common shares, formerly held by Stolt-Nielsen S.A.
that was announced on January 7, 2004, had been successfully
concluded.

Tom Ehret, Chief Executive Officer, commented: "We thank Stolt-
Nielsen for their history of support and welcome this expansion
of our shareholder base.  Stolt Offshore has emerged from a
significant restructuring as a stronger and re-focused company.
This is a new chapter for Stolt Offshore, as an independent
pureplay deepwater contractor, and our long-term prospects are
positive."

                            *   *   *

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

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

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

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

Stolt Offshore (NasdaqNM: SOSA; Oslo Stock Exchange: STO), is a
leading offshore contractor to the oil and gas industry,
specializing in technologically sophisticated deepwater
engineering, flowline and pipeline lay, construction, inspection
and maintenance services.  The Company operates in Europe, the
Middle East, West Africa, Asia Pacific, and the Americas.

CONTACT:  STOLT-OFFSHORE S.A.
          Julian Thomson/Deborah Keedy
          Phone: U.K. - +44 1932 773764
                 U.S. -  +1 877 603 0267 (toll free)
          E-mail: julian.thomson@stoltoffshore.com
          E-mail: deborah.keedy@stoltoffshore.com

          Patrick Handley (U.K.)/Ellen Gonda (U.S.)
          Brunswick Group
          Phone: U.K. - +44 207 404 5959
                 U.S. - +1 212 333 3810
          E-mail: phandley@brunswickgroup.com
          E-mail: egonda@brunswickgroup.com


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


GETRONICS N.V.: To Take up PinkRoccade Offer at February EGM
------------------------------------------------------------
Getronics N.V. will hold an Extraordinary General Meeting of
shareholders.  Main items on the agenda will be the intended
acquisition of PinkRoccade and the proposal to delegate the
power to issue an increased number of shares to the Management
Board for the intended acquisition of PinkRoccade.  The EGM will
take place on 2 February 2005 and starts at 10.30 hours in the
World Trade Center, room: Place du Tertre, Strawinskylaan 1,
Amsterdam.  The agenda will be available at Getronics,
Rembrandttoren, Amstelplein 1 in Amsterdam, at
http://www.getronics.com/financialcalendar,and at Fortis Bank
Nederland N.V., Rokin 55, Amsterdam.

This is an announcement under article 9b section 1 of the Dutch
Securities Supervision Decree (Besluit toezicht effectenverkeer
1995).

About Getronics

With approximately 22,000 employees in over 30 countries and
ongoing revenues of EUR2.4 billion, Getronics is one of the
world's leading providers of vendor independent Information and
Communication Technology (ICT) solutions and services.
Getronics combines the capabilities of the original Dutch
company with those of Wang Global, acquired in 1999, and of the
systems and services division of Olivetti.  Getronics designs,
integrates and manages ICT infrastructures and business
solutions for many of the world's largest global and local
companies and organizations, helping them maximize the value of
their information technology investments.  Getronics'
headquarters are in Amsterdam, with regional offices in Boston
and Singapore.  Getronics' shares are traded on Euronext
Amsterdam (GTN).

                            *   *   *

Not for release, publication or distribution, in whole or in
part, in or into the United States, Canada, Australia or Japan.

CONTACT:  GETRONICS N.V.
          Media Relations:
          Phone: +31 20 586 1581
          Fax: +31 20 586 1455
          E-mail: media@getronics.com

          Investor Relations:
          Phone: +31 20 586 1964
          Fax: +31 20 586 1455
          E-mail: investor.relations@getronics.com


LAURUS N.V.: Beefs up Group Management Board
--------------------------------------------
Laurus N.V. announces that three appointments have been made to
strengthen the operational management of its three retail
formats, Edah, Konmar and Super de Boer.

Jean-Brice Hernu has been appointed to the Group Management
Board with effect from 1 January 2005 and has assumed
responsibility for shared services, comprising Logistics, Supply
Chain Management, Laurus Central Purchasing & Category
Management, Marketing Research and Quality & Environment.

With Jean-Brice Hernu's appointment, Group Management Board
chairman Harry Bruijniks will be able to devote even closer
attention to the change processes taking place within our
organization.  His appointment will also free Group Management
Board member Willem-Jan Vreezen to focus more intensively on the
repositioning of the Superstores.  Willem-Jan Vreezen will
continue to be responsible for ICT.  The vacancy created on the
Supervisory Board by Mr. Hernu's resignation in connection with
his appointment to the Group Management Board will be on the
agenda of the next General Meeting of Shareholders.

Walter de Wit has been appointed Operations Manager at
Edah/Lekker & Laag with effect from 10 January 2005.  Mr. De Wit
has experience in various management positions, with Philips,
Aldi, Ahold and other employers.  The acting Operations Manager
until Jan. 10 was Gilles Mollard.

Jan Heuving, who has been Logistics Manager at Laurus for
several years, has been appointed Operations Manager at Super de
Boer as from 10 January 2005.  The acting Operations Manager was
Harm-Jan Stoter.

Laurus will continue to work hard on the renewal of its retail
formats in 2005 and is confident that these appointments will
make a valuable contribution to that process.

Laurus and the Road to Recovery

With distinctive retail formats, each with its individual
identity and commercial policy and each independently addressing
its specific market segment, Laurus aims in the coming years to
strengthen significantly its position as the second-largest
player in the Dutch food retailing sector.  The company is
resolutely pursuing its step-by-step recovery plan, which runs
until the end of 2007, while closely monitoring its operating
costs and back-office processes on a continuous basis

CONTACT:  LAURUS N.V.
          Parallelweg 64 5223
          AL Hertogenbosch
          Web site: http://www.laurus.nl


PETROLEUM GEO-SERVICES: Still in Talks Over Pertra's Future
-----------------------------------------------------------
Petroleum Geo-Services A.S.A. announced Thursday that the
Company's Board of Directors has discussed the strategic
alternatives for its wholly owned oil subsidiary Pertra.  The
Company is still in discussions with the different interested
parties and expects to reach a decision in the near future.

Petroleum Geo-Services (OSE: PGS; NYSE: PGS) is a
technologically focused oilfield service company principally
involved in geophysical and floating production services.  PGS
provides a broad range of seismic- and reservoir services,
including acquisition, processing, interpretation, and field
evaluation.  PGS owns and operates four floating production,
storage and offloading units and owns a small oil and gas
company.  PGS operates on a worldwide basis with headquarters at
Lysaker, Norway.  For more information on Petroleum Geo-Services
visit http://www.pgs.com.

CONTACT:  PETROLEUM GEO-SERVICES A.S.A.
          Ola Bosterud
          Sam R. Morrow
          Phone: +47 6752 6400
          Suzanne M. McLeod
          Phone: +1 281-589-7935


ROYAL AHOLD: Low Currency Exchange Rates Hit 4th-qtr. Sales
-----------------------------------------------------------
Highlights of fourth-quarter results:

(a) Consolidated fourth quarter 2004 (13 weeks) net sales
    amounted to EUR12.3 billion, a decline of 3.1% compared to
    the fourth quarter 2003 (12 weeks);

(b) Net sales impacted by lower currency exchange rates and
    divestments; consolidated fourth quarter net sales growth
    excluding currency impact and the impact of divestments was
    7.9%;

(c) Consolidated 2004 (53 weeks) net sales amounted to EUR52.0
    billion, a decline of 7.3% compared to 2003 (52 weeks);

(d) Consolidated 2004 net sales growth excluding currency impact
    and the impact of divestments was 3.1%.

Ahold announced on January 13 the consolidated net sales
(excluding VAT) of EUR12.3 billion for the fourth quarter of
2004, a decline of 3.1% compared to the same period last year
(Q4 2003: EUR12.7 billion).  Net sales were significantly
impacted by lower currency exchange rates, in particular that of
the U.S. dollar.  Net sales excluding currency impact registered
an increase of 3.2% in the fourth quarter of 2004.
Additionally, net sales were impacted by divestments.  Net sales
growth excluding currency impact and the impact of divestments
was 7.9% in the fourth quarter of 2004.

Consolidated net sales in 2004 amounted to EUR52.0 billion, a
decline of 7.3% compared to 2003 (2003: EUR56.1 billion).  Net
sales, excluding currency impact, was reduced by 0.7% 2004.  Net
sales growth excluding currency impact and the impact of
divestments was 3.1% in 2004.

The fourth quarter of 2004 consisted of 13 weeks (October 4,
2004 to January 2, 2005), while the fourth quarter of 2003
consisted of 12 weeks.  Fiscal year 2004 consisted of 53 weeks
(December 29, 2003 to January 2, 2005), while fiscal year 2003
consisted of 52 weeks.  Consolidated net sales in the fourth
quarter of 2004 and the full-year 2004 were positively affected
by the inclusion of the additional week period compared to the
comparable periods of 2003.

In this press release, we include comparisons of the 13-week
fourth quarter of 2004 to a 13-week period consisting of the 12-
week fourth quarter of 2003 plus the first week of 2004
(referred to as the adjusted 2003 fourth quarter).  We also
include comparisons of the 53 weeks of 2004 with a 53-week
period consisting of the 52 weeks of 2003 plus the first week of
2004 (referred to as adjusted 2003).  This is not applicable for
our operations in Central Europe and South America and the
unconsolidated joint ventures.  The fiscal quarter and fiscal
year for these entities corresponds to the calendar quarter and
year, respectively, and ended on December 31, 2004.

The net sales numbers presented in this press release are
preliminary and unaudited.

U.S. Retail

Net sales at our U.S. retail operations in U.S. dollars in the
fourth quarter of 2004 increased by 10.2% to US$6.9 billion (Q4
2003: US$6.3 billion).  Net sales in the fourth quarter of 2004
would have increased by 1.7%, compared to the adjusted 2003
fourth quarter.  Identical sales in U.S. dollars would have
declined by 1.2% and comparable sales in U.S. dollars would have
decreased by 0.7%, in each case comparing the fourth quarter of
2004 to the adjusted 2003 fourth quarter.  Food price inflation
decreased slightly in the fourth quarter of 2004 compared to the
third quarter of 2004.

Our Stop & Shop/Giant-Landover Arena 2004 fourth-quarter net
sales have increased by 10.8% to US$4.1 billion (Q4 2003: US$3.7
billion).  Net sales in the fourth quarter of 2004 would have
increased by 2.2% compared to the adjusted 2003 fourth quarter.
Although continued competitive pressure resulted in a decline in
identical sales, the fourth quarter of 2004 improved versus the
third quarter of 2004.  This was mainly a result of strong
holiday net sales.  During the fourth quarter the Arena resolved
most of the supply chain integration and transitional
difficulties that had impacted net sales.  Peapod continued to
report strong net sales growth.

At our Giant-Carlisle/Tops Arena, the fourth quarter 2004 net
sales increased by 15.4% to US$1.7 billion (Q4 2003: US$1.5
billion).  Net sales in the 2004 fourth quarter would have
increased by 6.5% compared to the adjusted 2003 fourth quarter.
The positive net sales growth in the fourth quarter of 2004
reflected higher net sales per customer driven by the impact of
promotional activities, especially during the holidays.

At our BI-LO/Bruno's Arena, the fourth quarter 2004 net sales
increased by 1.5% to US$1.2 billion (Q4 2003: US$1.2 billion).
Net sales in the 2004 fourth quarter would have decreased by
6.3% compared to the adjusted 2003 fourth quarter.  This
decrease was mainly driven by the increase in competitive square
meters and the effect of store closings earlier in the year.  On
December 23, 2004, we announced a definitive agreement to divest
the BI-LO/Bruno's Arena.  We expect to close the transaction in
the first quarter of 2005.

Full-year 2004 net sales in U.S. dollars at our U.S. retail
operations amounted to US$27.4 billion, an increase of 1.6%
compared to last year (2003: US$ 27.0 billion).  Net sales in
U.S. dollars in 2004 would have decreased by 0.4% compared to
adjusted 2003.  Net sales growth in U.S. dollars, excluding the
impact of the divestment of Golden Gallon in 2003, amounted to
approximately 2.8%.  Identical sales in U.S. dollars for 2004
decreased by 1.1% compared to adjusted 2003.  Comparable sales
in U.S. dollars for 2004 declined by 0.5% compared to adjusted
2003.

Europe Retail

In Europe, net sales in the fourth quarter of 2004 amounted to
EUR3.3 billion (Q4 2003: EUR3.2 billion).  Net sales growth
excluding currency impact was 1.2% compared to the fourth
quarter of last year.  The fourth quarter net sales were
negatively impacted by the sale of our Spanish retail
activities, which was completed as of December 2, 2004.  The
Spanish retail activities are reported as part of our Other
Europe retail operations.  Net sales growth for Europe retail
excluding currency impact and the impact from divestments was
7.7% in the fourth quarter of 2004.  Net sales in the 2004
fourth quarter would have decreased by 4.2% compared to the
adjusted 2003 fourth quarter.

In the fourth quarter of 2004, Albert Heijn net sales increased
by 9.9% to EUR1.5 billion (Q4 2003: EUR1.3 billion).  Net sales
in the 2004 fourth quarter would have increased by 1.0% compared
to the adjusted 2003 fourth quarter.  Albert Heijn successfully
continued its repositioning program in the Dutch retail market
with a further reduction of food prices in the fourth quarter of
2004.  Identical sales in the fourth quarter of 2004 would have
increased by 0.7% compared to the adjusted 2003 fourth quarter,
primarily as a result of a higher number of transactions
combined with an accelerated volume growth in a deflationary
market.  Albert Heijn experienced a successful Christmas season.
A record number of visitors visited our Albert Heijn stores in
the week preceding the Christmas weekend.

Our Central Europe operations in the fourth quarter of 2004,
showed net sales growth excluding currency impact of 6.4%
compared to the fourth quarter of 2003.  This growth was
primarily due to store openings.

Net sales in 2004 for our Europe retail operations amounted to
EUR13.0 billion (2003: EUR13.0 billion).  Excluding currency
impact, net sales increased by 0.5% compared to 2003.  Net sales
in 2004 would have decreased by 1.1% compared to adjusted 2003.
Net sales at Albert Heijn in 2004 increased by 3.2% to EUR5.8
billion (2003: EUR5.6 billion).  Net sales at Albert Heijn in
2004 would have increased by 1.1% compared to adjusted 2003 in a
deflationary market.  Identical sales at Albert Heijn in 2004
would have increased by 1.1% compared to adjusted 2003.  Our
Central Europe operations in 2004, showed net sales growth
excluding currency impact of 6.4% compared to 2003.

Foodservice

In the fourth quarter of 2004 U.S. Foodservice net sales in U.S.
dollars increased by 7.8% to US$4.5 billion (Q4 2003: US$4.2
billion).  Net sales in the 2004 fourth quarter would have
increased by 0.6% compared to the adjusted 2003 fourth quarter.
Furthermore, net sales in the fourth quarter of 2004 were
negatively impacted by approximately 3% as a result of our
national account customer rationalization program.  Food
inflation in the fourth quarter of 2004 was lower than in the
previous quarter.

Net sales in 2004 at U.S. Foodservice increased in U.S. dollars
by 5.6% to US$18.8 billion (2003: US$17.8 billion).  This rise
was primarily attributable to the effect of the 53rd week in
2004 and food price inflation.  Net sales in U.S. dollars in
2004 would have increased by 3.9% compared to adjusted 2003.

South America

In South America, net sales in the fourth quarter of 2004,
amounted to EUR122 million (Q4 2003: EUR519 million), a decline
of 76.4% compared to the same period last year, mainly due to
the divestment of Bompreco in Brazil in the first quarter of
2004, Santa Isabel in Chile, Paraguay and Peru in the second
half of 2003 and the deconsolidation of Disco as of November 1,
2004.

Net sales in 2004, decreased by 59.8% to EUR893 million (2003:
EUR2.2 billion) primarily as a result of the divestments
referred to above.

Unconsolidated Joint Ventures

The net sales of our unconsolidated joint ventures in the fourth
quarter of 2004, increased by 1.9% to EUR3.1 billion (Q4 2003:
EUR3.0 billion).  At ICA net sales growth excluding currency
effect was 2.0% compared to the fourth quarter of 2003.  Net
sales at Jeronimo Martins Retail increased by 3.5% in the fourth
quarter of 2004.  In Central America net sales excluding
currency effect increased by 11.9% in the fourth quarter of
2004.

Net sales of our unconsolidated joint ventures in 2004, amounted
to EUR11.2 billion (2003: EUR11.1 billion).

Consolidated 2004 results will be presented on March 29, 2005.

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: Four Basell Bidders Join Forces
--------------------------------------------
The private equity firms bidding for Basell have teamed to
acquire the petrochemicals business jointly owned by BASF and
Royal Dutch/Shell, according to the Financial Times.

Blackstone and Apollo have linked with Bain Capital and Goldman
Sachs Capital Partners, people close to the auction said.
According to the report, the deal is potentially worth EUR4
billion (US$5.2 billion).

In November, John Feldmann, BASF board member and divisional
head, said the group was considering an initial public offering
instead of a sale.  Now, sources said a stock market listing
seemed unlikely.

Shell is planning to dispose US$12 billion of non-core
businesses in the next three years to raise money to fund
expansion.  It has to heal itself from the damage brought by a
scandal that forced it to cut proved oil reserves by 23% last
year.

The company is further reviewing its reserves, and may have to
take more conservative estimates.  Analysts think the firm may
have to make acquisitions to catch up with peers especially with
the general difficulty in finding oil and gas and gaining access
to energy-producing countries.

New chief executive Jeroen van der Veer did not rule out
significant acquisitions at a private speech to Shell's 100 top
executives in the Hague in December, the report noted.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague
          The Netherlands
          Phone: +31 70 377 9111
          Fax: +31 70 377 3115
          Web site: http://www.shell.com


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


DNO ASA: 2004 Production Exceeds Target
---------------------------------------
DNO A.S.A. achieved an oil production of 15.419 BOPD in the
fourth quarter.  This is the highest quarterly production
achieved during 2004 from retained assets.  Due to some
reallocations of the Yemen production the figures for October
and November have been adjusted.

The average production for the 2004 was 13.979 BOPD, which is
well above the target for the year.

Oil Production

The oil production for Norway and Yemen in December, 4th Quarter
and 2004 (BOPD):

             December          4th Quarter                  2004

Norway         2.044              1.336                    1.670
Yemen         13.479             14.083                   12.309

Total         15.523             15.419                   13.979

Due to reallocation of the production from Yemen the actual
production in October and November is higher than previously
reported.  The corrected actual figures are (BOPD):

                          October                    November


Norway            26                                  1.937
Yemen             14.157                             14.613

Total             14.183                             16.550

DNO is very pleased with achieving an average production for
2004 of ca. 14.000 BOPD.  The main reason for reaching a
production level well above the target for the year is the
excellent performance of the Yemeni producing assets following
the implementation of a successful drilling program.

Yemen Drilling Update

Drilling of Nabrajah no. 4 has reached a total depth of 1.742
meters.  Due to various hole problems during drilling of
Nabarajah no. 4, a side-track from the original planned well
track had to be drilled.  Initial interpretation of well logs
confirms the presence of oil in the Qishn S1 and S2 intervals.
No testing will be undertaken of the well, which will be
suspended and prepared as a future Nabrajah producer.  The rig
will now move to drill Nabrajah no. 5, which has a top Qishn S2
target some 1.100 meters south of Nabrajah no. 4.

The Nabrajah Field Development Plan has been submitted to the
Yemeni authorities for approval.

The Sharyoof North-East no. 1 was drilled on a structure
separate to the main Sharyoof field.  The well did not encounter
hydrocarbons.  The rig has now moved back to Block 32 to drill
the Tasour no. 15 well, which is located east of the main Tasour
Field.

DNO ASA
13 January 2005

                            *   *   *

DNO A.S.A. achieved an operating profit of NOK121.0 million and
a net loss of NOK96.7 million in the third quarter.  Successful
drilling and exploration in Yemen contributed to an increase in
both production and reserves for the quarter.  High exploration
expenses and unfavorable development in foreign exchange rates
contributed to negative net profit in the quarter.

CONTACT:  DNO A.S.A.
          Helge Eide
          Managing Director
          Phone: (+47) 55 22 47 00/(+47) 23 23 84 80
          Web site: http://www.dno.no


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


BUTURLINSKIY DISTILLERY: Declared Insolvent
-------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Buturlinskiy Distillery (TIN
5205000794) after finding the limited liability company
insolvent.  The case is docketed as A43-7045/02-18-188.  Ms. T.
Talanova has been appointed insolvency manager.  Creditors have
until Feb. 10, 2005 to submit their proofs of claim to 603002,
Russia, Nizhniy Novgorod, Revolyutsii Square, 7-a.

CONTACT:  BUTURLINSKIY DISTILLERY
          607440, Russia, Nizhniy Novgorod region,
          Buturlinskiy region, Selkhoztekhnika

          Ms. T. Talanova
          Insolvency Manager
          603002, Russia, Nizhniy Novgorod,
          Revolyutsii Square, 7-a


EDVINSK-AUTO-TRANS: Sets Deadline for Proofs of Claim
-----------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Edvinsk-Auto-Trans after finding the open
joint stock company insolvent.  The case is docketed as A45-
8320/04-SB/109.  Mr. S. Zhukov has been appointed insolvency
manager.  Creditors have until Feb. 10, 2005 to submit their
proofs of claim to 630087, Russia, Novosibirsk, Post User Box
116.

CONTACT:  EDVINSK-AUTO-TRANS
          632290, Russia, Novosibirsk region,
          Zdvinsk, Zdvinskogo Str. 85

          Mr. S. Zhukov
          Insolvency Manager
          630087, Russia, Novosibirsk,
          Post User Box 116


GOTNYANSKIY BRICKWORKS: Hires V. Reznikov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy supervision procedure on close joint stock company
Gotnyanskiy Brickworks (TIN 3116000936).  The case is docketed
as A08-9904/04-11.  Mr. V. Reznikov has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 308034, Russia, Belgorod-34, Post User Box 716.

CONTACT:  GOTNYANSKIY BRICKWORKS
          309300, Russia, Belgorod region,
          Rakityanskiy region, Gotnya

          Mr. V. Reznikov
          Temporary Insolvency Manager
          308034, Russia, Belgorod-34,
          Post User Box 716


KAMENSK-URALSKIY BAKERY: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on open joint stock Kamensk-
Uralskiy Bakery.  The case is docketed as A60-34282/2004-S4.
Mr. Z. Khaberdiya has been appointed temporary insolvency
manager.  Creditors may submit their proofs of claim to 623406,
Russia, Sverdlovsk region, Kamensk-Uralskiy, Uralskaya Str. 4.

CONTACT:  KAMENSK-URALSKIY BAKERY
          623406, Russia, Sverdlovsk region,
          Kamensk -Uralskiy, Uralskaya Str. 4

          Mr. Z. Khaberdiya
          Temporary Insolvency Manager
          623406, Russia, Sverdlovsk region,
          Kamensk-Uralskiy, Uralskaya Str. 4


MELEKESSKAYA SPINNING-WEAVING: Sets Public Auction Jan. 20
----------------------------------------------------------
The bidding organizer of open joint stock company Melekesskaya
Spinning-Weaving Manufacture will sell its property on Jan. 20,
2005, 2:00 p.m.  The public auction will take place at Russia,
Ulyanovsk region, Dimitrovograd, Kujbysheva Str. 235.  Up for
sale is the company's production base with a starting price of
RUB3,500,000 (inclusive of VAT).

Preliminary examination and reception of bids are done from 9:00
a.m. to 4:00 p.m. on or before Jan. 19, 2005.  The list of
documentary requirements is available at Russia, Ulyanovsk
region, Dimitrovograd, Kujbysheva Str. 235.  To participate,
bidders must deposit an amount equivalent to 15% of the starting
price to OJSC MELEKESSKAYA SPINNING-WEAVING MANUFACTURE
settlement account 40702810000003000537, correspondent account
30101810800000000886 in brunch Dimitrovogradskiy ACB "GasBank",
Dimitrovograd, BIC 047311886.

CONTACT:  MELEKESSKAYA SPINNING-WEAVING MANUFACTURE
          Russia, Ulyanovsk region,
          Dimitrovograd, Kujbysheva Str.

          TOP-AUDIT (TIN 7710469223)
          Bidding Organizer
          123056, Russia, Moscow,
          B. Gruzinskaya Str. 60, Building 1


PARTNERSHIP ILMENSKOYE: Bankruptcy Hearing Resumes Next Month
-------------------------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision procedure on limited liability company
Partnership Ilmenskoye.  The case is docketed as A14-
9984/2004/65/20b.  Mr. A. Butenko has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 394029, Russia, Voronezh, Merkulova Str., 7a, room 301.  A
hearing will take place on Feb. 10, 2005, 11:20 a.m.

CONTACT:  PARTNERSHIP ILMENSKOYE
          397400, Russia, Voronezh region,
          Novokhperskiy region, Ozyernyj

          Mr. A. Butenko
          Temporary Insolvency Manager
          394029, Russia, Voronezh,
          Merkulova Str. 7a, Room 301


POBEDA: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision procedure on close joint stock company
Pobeda.  The case is docketed as A14-9983/2004/64/20b.  Mr. A.
Butenko has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 394029, Russia,
Voronezh, Merkulova Str. 7a, room 301.  A hearing will take
place on Feb. 10, 2005, 10:40 a.m.

CONTACT:  POBEDA
          397400, Russia, Voronezh region,
          Elan-Koleno, Krasnykh Partizan Str. 50

          Mr. A. Butenko
          Temporary Insolvency Manager
          394029, Russia, Voronezh,
          Merkulova Str. 7a, Room 301


ROSTEK-AGRO: Belgorod Court Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy supervision procedure on close joint stock company
Rostek-Agro.  The case is docketed as A08-14743/04-2 B.  Mr. S.
Taranov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 308000, Russia,
Belgorod, Vatutina Str. 3 b.  A hearing will take place on Jan.
20, 2005.

CONTACT:  ROSTEK-AGRO
          Russia, Belgorod region,
          Korochanskiy region, Zayachye

          Mr. S. Taranov
          Temporary Insolvency Manager
          308000, Russia, Belgorod,
          Vatutina Str. 3 b


SHUSHENSKIY BAKERY: Deadline for Proofs of Claim Set
----------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Shushenskiy Bakery after finding the state-
owned enterprise insolvent.  The case is docketed as A33-
7087/04-s4.  Mr. V. Manzhula has been appointed insolvency
manager.  Creditors have until Feb. 10, 2005 to submit their
proofs of claim to 655004, Russia, Khakasiya republic, Abakan,
Sovetskaya Str. 180.

CONTACT:  SHUSHENSKIY BAKERY
          Russia, Krasnoyarsk region, Shushenskoye

          Mr. V. Manzhula
          Insolvency Manager
          655004, Russia, Khakasiya republic,
          Abakan, Sovetskaya Str. 180
          Phone: 5-14-67


TROYAN-BEER: Creditors Have Until February to File Claims
---------------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Troyan-Beer (TIN 2632059355) after finding
the limited liability company insolvent.  The case is docketed
as A63-160/04-S5.  Mr. N. Zarutskiy has been appointed
insolvency manager.  Creditors have until Feb. 10, 2005 to
submit their proofs of claim to 357600, Russia, Stavropol
region, Essentuki, Ermolova Str. 123.

CONTACT:  TROYAN-BEER
          357500, Russia, Stavropol region,
          Pyatigorsk, Nezhnova Str. 21

          Mr. N. Zarutskiy
          Insolvency Manager
          357600, Russia, Stavropol region,
          Essentuki, Ermolova Str. 123 Code 87934
          Phone: 2-99-76
          Fax: 2-99-74


YUKOS OIL: Wins Temporary Banking Waiver in U.S.
-------------------------------------------------
To recall, Yukos Oil Company asked the United States Bankruptcy
Court for the Southern District of Texas waive the investment
and deposit requirements under Section 345 of the Bankruptcy
Code in light of the unusual circumstances it finds itself
regarding its bank accounts.

Section 345(a) authorizes deposits or investments of money of a
bankruptcy estate, like cash, in a manner that will "yield the
maximum reasonable net return on such money, taking into account
the safety of such deposit or investment."  For deposits or
investments that are not "insured or guaranteed by the United
States or by a department, agency or instrumentality of the
United States or backed by the full faith and credit of the
United States," Section 345(b) provides that the estate must
require from the entity with which the money is deposited or
invested a bond in favor of the United States secured by the
undertaking of an adequate corporate surety.

                            *   *   *

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

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


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


BARRY CALLEBAUT: Maintains Forecast Despite Lackluster 1st Qtr.
---------------------------------------------------------------
First-quarter results for fiscal year 2004/2005:

(a) Satisfactory result in light of lower margins in Cocoa and
   Consumer businesses,

(b) Sales volumes up 3% to 293,620 tons,

(c) Sales revenue down 6% to CHF1,154.8 million, primarily as a
    result of lower underlying cocoa bean prices and negative
    currency effects,

(d) Continued strong result in Food Manufacturers and Gourmet &
    Specialties businesses,

(e) Operating profit before amortization (EBITA) at CHF90.1
    million (-6%), due to expected lower margins on semi-
    finished products and lower profitability in Consumer
    Products Europe,

(f) Cost savings from current restructuring in Germany will only
    materialize later in the year,

(g) Net profit (PAT) down 3% to CHF55.2 million,

(h) Barry Callebaut maintains financial targets for full fiscal
    year

A full copy of the financial result is available free of charge
at: http://bankrupt.com/misc/BarryCallebaut_Q12005.pdf

With annual sales of more than CHF4 billion for fiscal year
2003/04, Zurich-based Barry Callebaut is the world's leading
manufacturer of high-quality cocoa, chocolate and confectionery
products -- from the cocoa bean to the finished product on the
store shelf.  Barry Callebaut operates more than 30 production
facilities in 22 countries and employs approximately 9,000
people.  The company serves the entire food industry, from food
manufacturers to professional users of chocolate (such as
chocolatiers, pastry chefs or bakers), to global retailers.  It
also provides a comprehensive range of services in the fields of
product development, processing, training and marketing.

                            *   *   *

Barry Callebaut is rated BB+/Stable/-- by Standard & Poor's.

CONTACT:  BARRY CALLEBAUT AG
          For investors and financial analysts:
          Dieter A. Enkelmann, CFO
          Phone: +41 1 801 61 43
          Fax: +41 1 801 61 53
          E-mail: dieter_enkelmann@barry-callebaut.com
          Web site: http://www.barry-callebaut.com

          For the media:
          Gaby Tschofen
          Phone: +41 1 801 61 60
          Fax: +41 1 801 61 53
          E-mail: gaby_tschofen@barry-callebaut.com


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


ARTEL: Urges Creditors to File Claims
-------------------------------------
The Economic Court of Lugansk region has commenced bankruptcy
supervision procedure on LLC Sport-Commercial Centre Artel (code
EDRPOU 21771463).  The case is docketed as 9/11 b.  Mr.
Oleksandr Sedlyar (License Number AA 147874) has been appointed
temporary insolvency manager.  The company holds account number
26000565968559 at JSCB Ukrsocbank, Lugansk branch, MFO 304018.

Creditors have to submit their proofs of claim to:

(a) ARTEL
    Ukraine, Lugansk region,
    Rubizhne, Vizvoliteliv Str. 75a/1

(b) Mr. Oleksandr Sedlyar
    Temporary Insolvency Manager
    Ukraine, Lugansk region,
    Krasnodon district, Vlasivka,
    Oktyabrskij Avenue, 4

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


PROMIS: Court Appoints Liquidator
---------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Promis (code EDRPOU 31200664) on November
24, 2004 after finding the limited liability company insolvent.
The case is docketed as 43/191.  Mr. Kabayev Glib (License
Number AA 719773) has been appointed liquidator/insolvency
manager.

CONTACT:  PROMIS
          Ukraine, Kyiv region,
          40-Richya Zhovtnya Avenue, 21

          Mr. Kabayev Glib
          Liquidator/Insolvency Manager
          01054, Ukraine, Kyiv region,
          Oles Gonchar Str. 73, a/b 6

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


SLOVYANSKIJ CERAMIC: Insolvency Manager Takes over Operations
-------------------------------------------------------------
The Economic Court of Donetsk region has commenced bankruptcy
proceedings against Slovyanskij Ceramic Plant (code EDRPOU
00293574) after finding the open joint stock company insolvent.
The case is docketed as 33/41 B.  Mrs. T. Zhevnova (License
Number AA 783138) has been appointed liquidator/insolvency
manager.

Creditors have to submit their proofs of claim to:

(a) Mrs. T. Zhevnova
    Liquidator/Insolvency Manager
    Phone: 345-27-02

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


TEHNEFTEROS: Declared Insolvent
-------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Tehnefteros (code EDRPOU 30288423) on
December 1, 2004 after finding the limited liability company
insolvent.  The case is docketed as B-25/51-04.  Arbitral
manager Mr. V. Zarivajko (License Number AA 668332) has been
appointed liquidator/insolvency manager.

CONTACT:  Mr. V. Zarivajko
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Petrovskij Str. 6/8-15
          Phone: (057) 700-55-97

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


TEOFIPOL' AGROPOSLUGI: Under Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on OJSC Teofipol' Enterprise Agroposlugi
(code EDRPOU 05491422) on November 11, 2004.  The case is
docketed as 2/295-B.  Mr. Vasil Kunashenko (License Number AA
783088) has been appointed temporary insolvency manager.  The
company holds account number 2600801011750 at OJSC Oshadbank,
Teofipol branch 2907, MFO 311654.

Creditors have to submit their proofs of claim to:

(a) TEOFIPOL' ENTERPRISE AGROPOSLUGI
    30600, Ukraine, Hmelnitskij region,
    Teofipol, Lenin Str. 84

(b) Mr. Vasil Kunashenko
    Temporary Insolvency Manager
    Ukraine, Hmelnitskij region,
    Shepetivka, Sheshukov Str. 10/30

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


ULYANOVA: Dnipropetrovsk Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Ulyanova on November 23, 2004 after finding
the limited liability company insolvent.  The case is docketed
as B29/70/04.  Mr. V. Aksyuk (License Number AA 487816) has been
appointed liquidator/insolvency manager.

CONTACT:  ULYANOVA
          53161, Ukraine, Dnipropetrovsk region,
          Sofijskij district, Vishneve,
          Tatartsya Str. 123

          Mr. V. Aksyuk
          Liquidator/Insolvency Manager
          50027, Ukraine, Dnipropetrovsk region,
          Krivij Rig, a/b 1222

          ECONOMIC COURT OF DNIPROPETROVSK REGION
          49600, Ukraine, Dnipropetrovsk region,
          Kujbishev Str. 1a


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


ANDERSON BUILDING: Winding-up Report Due Today
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Anderson Building Specialists Ltd.
                   (In Compulsory Liquidation)

Notice is hereby given, pursuant to Rule 4.31 of the Insolvency
(Scotland) Rules 1986, that the Final Meeting of Creditors of
the Anderson Building Specialists Ltd. will be held within the
offices of Campbell Dallas, Sherwood House, 7 Glasgow Road,
Paisley PA1 3QS, on January 17, 2005, at 10:00 a.m. for the
purposes of receiving the liquidator's account of the winding-up
together with any explanations that may be given.  The
Liquidator will be seeking his release at the meeting.

A Resolution at the Meeting will be passed if a majority of
those voting have voted in favor of it.

A creditor will be entitled to attend and vote at the Meeting
only if a claim has been lodged with me at or before the Meeting
and it has been accepted for voting purposes in whole or in
part.  Proxies may also be lodged with me at or before the
meeting at my office.

David K. Hunter, Liquidator
December 14, 2004

CONTACT:  CAMPBELL DALLAS
          Sherwood House
          7 Glasgow Road
          Paisley PA1 3QS
          Phone: 0141 887 4141
          Fax: 0141 887 1103
          E-mail: psly@camdal.com
          Web site: http://www.camdal.com


BRANDCOM LIMITED: Insolvency Service Bans Former Director
---------------------------------------------------------
The director of an alarm systems business that failed with total
debt estimated at around GBP110,000 has given an undertaking not
to hold directorship or take any part in company management for
three years.

The undertaking by Keith Peter George Grimley, 57, of Capenhurst
Lane, Chester, was given in respect of his conduct as director
of Brandcom Limited, which carried out business from premises at
Rossfield Road, Rossmoor Trading Estate, in Ellesmere Port,
Wirral.

Acceptance of the undertaking on January 7, 2005 prevents Mr.
Grimley from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for the
above period.  Brandcom Limited was placed into voluntary
liquidation on November 28, 2002 with estimated deficiency of
GBP109,773 owed to creditors.

Matters of unfit conduct, not disputed by Mr. Grimley, were
that:

(a) He failed to ensure Brandcom Limited submitted statutory VAT
    returns or remitted monies to the Crown on time; and

(b) The Inland Revenue's claim represented 94% of the total
    liabilities upon the company's liquidation, but although Mr.
    Grimley purchased Brandcom assets for GBP22,500, none of the
    proceeds of sale were paid to the Inland Revenue as part
    settlement of this claim.

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

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

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

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


BRITISH ENERGY: Court Sanctions Restructuring Plan
--------------------------------------------------
British Energy announces that on Friday the Court approved the
Creditors' Scheme and the Members' Scheme and, following
satisfaction of all the other conditions, the Company is
proceeding to complete the Agreed Restructuring.  This follows
meetings of shareholders and creditors held on 22 December 2004,
at which the requisite majorities of creditors and shareholders
approved the Creditors and Members' Scheme.

Adrian Montague, Chairman of British Energy, said: "Court
approval has enabled us to implement the restructuring plan
agreed two years ago.  The support shown by all of our
stakeholders, notably shareholders, creditors and the Government
has allowed us to successfully complete one of the most
complicated Restructurings in U.K. corporate history.  I am also
hugely grateful to our staff who have shown extraordinary
determination to safeguard British Energy's future."

Mike Alexander, Chief Executive of British Energy, said: "The
restructuring has been successfully implemented but our job is
far from over.  The new management team has started to address
the past under-investment and unacceptable output.  We must put
that right but it will not be easy and it will take time.
British Energy's staff have made a massive effort to deliver the
restructuring and are hugely enthusiastic about the new
opportunity to develop the company again.  Together, we are
determined to focus all of our energies on making British Energy
an efficient and competitive player in the U.K. electricity
market."

                            *   *   *

THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN THE
UNITED STATES, AND THE NEW SHARES AND WARRANTS MAY NOT BE
OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN
EXEMPTION FROM REGISTRATION.  ANY PUBLIC OFFERING OF SECURITIES
TO BE MADE IN THE UNITED STATES WILL BE MADE BY MEANS OF A
PROSPECTUS THAT MAY BE OBTAINED FROM THE COMPANY AND THAT WILL
CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND MANAGEMENT,
AS WELL AS FINANCIAL STATEMENTS.  NOT FOR DISTRIBUTION INTO
AUSTRALIA, CANADA, GERMANY, ITALY, JAPAN AND THE UNITED STATES

CONTACT:  BRITISH ENERGY
          Andrew Dowler
          Phone: 020 7831 3113
          (Media Enquiries)

          John Searles
          Phone: 01506 408 715
          (Investor Relations)


BRITISH ENERGY: Resumes Trading Today
-------------------------------------
Further to British Energy's announcement that the agreed
restructuring has become effective, the Company expects the New
Shares and Warrants of British Energy Group plc and New Bonds of
British Energy Holdings plc to be admitted to the Official List
of the U.K.L.A. and trading on the London Stock Exchange to
commence at 8.00 a.m. on 17 January 2005.

British Energy shareholders who so elected will receive one New
Share and 2.1 Warrants for every 50 British Energy Ordinary or A
Shares held at 6 p.m. on 13 January 2005.  British Energy
shareholders who did not elect to receive their entitlement of
New Shares and Warrants will instead receive the net proceeds of
sale of such New Shares and Warrants.  The Appendix contains
further information on the terms and conditions of such sale.

                            *   *   *

THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN THE
UNITED STATES, AND THE NEW SHARES AND WARRANTS MAY NOT BE
OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN
EXEMPTION FROM REGISTRATION.  ANY PUBLIC OFFERING OF SECURITIES
TO BE MADE IN THE UNITED STATES WILL BE MADE BY MEANS OF A
PROSPECTUS THAT MAY BE OBTAINED FROM THE COMPANY AND THAT WILL
CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND MANAGEMENT,
AS WELL AS FINANCIAL STATEMENTS.  NOT FOR DISTRIBUTION INTO
AUSTRALIA, CANADA, GERMANY, ITALY, JAPAN AND THE UNITED STATES

CONTACT:  BRITISH ENERGY
          Andrew Dowler
          Phone: 020 7831 3113
          (Media Enquiries)

          John Searles
          Phone: 01506 408 715
          (Investor Relations)


DAC PUBLISHING: Exec Receives 8-year Directorship Ban
-----------------------------------------------------
The director of a business that raised sponsorship from other
businesses to distribute drugs education leaflets in schools,
which failed with unknown total debt, has given an undertaking
not to take any part in company management for eight years.

The undertaking by Kike Atinuke Giwa, 29, of Chandlers Mews,
Greenhithe, Kent, was given in respect of her conduct as
director of DAC Publishing Limited, which carried on business
from premises at Skillion Business Centre, 49 Greenwich High
Street, London, SE10 8JL.

Acceptance of the undertaking on January 7, 2005 prevents Kike
Atinuke Giwa from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for the
agreed period.  DAC Publishing Limited was placed into
compulsory liquidation by Order of the High Court on June 4,
2003 on the petition of the Secretary of State for Trade and
Industry as it was considered in the interest of the public that
the company should be wound up.  It is not possible to establish
to the total liability of the company.

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

Matters of unfit conduct, not disputed by Kike Atinuke Giwa,
were that:

(a) She failed to maintain, preserve or deliver up proper
    accounting records for the total period of trading from
    November 21, 2001 to September 19, 2002;

(b) She caused the company to charge VAT at a time when it was
    not registered for VAT;

(c) She failed to fully cooperate with the investigations by the
    Department of Trade and Industry;

(d) She failed to cooperate with the Official Receiver following
    the making of the winding-up order; and

(e) She mislead an Insolvency Service Inspector about her
    identity in the course of his duties.

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

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

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


DESIGNREALM LIMITED: Hires Joint Liquidators from PKF
-----------------------------------------------------
Name of companies:
Designrealm Limited
Paxdata Networks Limited

At the meeting of these companies on Dec. 14, 2004, the special
and ordinary resolutions to wind up the companies were passed.
Frederick Charles Satow and Stephen Paul Holgate of PKF,
Farringdon Place, 20 Farringdon Road, London EC1M 3AP have been
appointed joint liquidators of the companies.

CONTACT:  PKF
          Farringdon Place,
          20 Farringdon Road, London EC1M 3AP
          Phone: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk


DRAX: Names Gordon Boyd Finance Director
----------------------------------------
Yorkshire-based power station Drax has appointed a new finance
director 16 months after its rescue by creditors, the Financial
Times reports.

Britain's biggest power station named to the post Gordon Boyd, a
former group treasurer for nuclear generator British Generator.
He was in recent times finance director of the nuclear company's
generating arm.  Mr. Boyd also helped author British Energy's
financial restructuring.

Drax's troubles started after its biggest customer, TXU Europe,
fell into administration in 2002.  It is expected to recover
GBP211 million from TXU administrators by end of April, and
potentially GBP137 million more in the future.

Drax recently reported GBP107.3 million in turnover for the
three months to the end of September, up from GBP89 million in
2003.  At the EBITDA level, losses fell from GBP87.9 million in
2003 to just GBP2.3 million. Earnings for the first nine months
of 2004 were GBP46.6 million, compared with a loss of GBP70.2
million in 2003.

CONTACT:  DRAX GROUP LIMITED
          PO Box 3 Selby
          North Yorkshire YO8 8PQ, United Kingdom
          Phone: +44-17-5761-8381
          Fax: +44-17-5761-8504
          Web site: http://www.draxpower.com


DUNCANS OF SCOTLAND: Sets Final Meeting of Members, Creditors
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Duncans of Scotland Limited
                         (In Liquidation)

Notice is hereby given, pursuant to Section 106 of the
Insolvency Act 1986, that the Final Meeting of Members and
Creditors of Duncans of Scotland Limited will be held on January
27, 2005 at 10:00 a.m. within the offices of Cowan & Partners,
60 Constitution Street, Leith, Edinburgh EH6 6RR, for the
purpose of receiving the Liquidator's final report showing how
the winding-up has been conducted and of hearing any
explanations that may be given by the Liquidator.

All Creditors are entitled to attend in person or by proxy, and
a Resolution will be passed when the majority of those voting
have voted in favor of it.  Creditors may vote where claims and
proxies have been submitted and accepted at the Meeting or
lodged beforehand at the above offices.

David F. Rutherford, Liquidator

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


EAST DOCK: Brings in Liquidator from Mazars
-------------------------------------------
At the extraordinary general meeting of East Dock Engineering
Works Limited on Dec. 15, 2004 held at Brown and Vautier, Ken
House, Cork Street, Frome, Somerset BA11 1BL, the special and
ordinary resolutions to wind up the company were passed.
Timothy Colin Hamilton Ball of Mazars LLP has been appointed
liquidator of the company.


E C WINDOWS: Hires Joint Liquidators from CBA
---------------------------------------------
At the extraordinary general meeting of E C Windows Limited on
Dec. 23, 2004 held at 39 Castle Street, Leicester LE1 5WN, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Neil Charles Money and Geoff Robbins of CBA,
Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS
have been appointed joint liquidators of the company.

CONTACT:  CBA
          Lichfield Place, 435 Lichfield Road,
          Aston, Birmingham B6 7SS


EDGLEY AERONAUTICS: Members Decide to Wind up Firm
--------------------------------------------------
At the extraordinary general meeting of the members of Edgley
Aeronautics Limited on Dec. 23, 2004 held at First Floor,
Milford House, 43-55 Milford Street, Salisbury, Wiltshire SP1
2BP, the extraordinary and ordinary resolutions to wind up the
company were passed.  Barry P. Knights of Knights & Company,
Milford House, 43-55 Milford Street, Salisbury, Wiltshire SP1
2BP has been appointed liquidator of the company.

CONTACT:  KNIGHTS & COMPANY
          Milford House, 43-55 Milford Street,
          Salisbury, Wiltshire SP1 2BP


ETAP LIMITED: KPMG Liquidator Moves in
--------------------------------------
At the meeting of Etap Limited on Dec. 21, 2004, the special,
ordinary and extraordinary resolutions to wind up the company
were passed.  Richard John Hill of KPMG Corporate Recovery,
Arlington Business Park, Theale, Reading RG7 4SD has been
appointed liquidator of the company.

CONTACT:  KPMG
          Corporate Recovery, Arlington Business Park,
          Theale, Reading RG7 4SD
          Phone: (0118) 9642000
          Fax:   (0118) 9642222
          Web site: http://www.kpmg.co.uk


FIELDING LIMITED: Hires Grant Thornton as Liquidator
----------------------------------------------------
At the extraordinary general meeting of Fielding Limited on Dec.
20, 2004 held at TFG House, Eyncourt Road, Woodside Estate,
Dunstable LU5 4TS, the special resolution to wind up the company
was passed.  Samantha Keen of Grant Thornton U.K. LLP, 1
Westminster Way, Oxford OX2 0PZ has been appointed liquidator of
the company.

CONTACT:  GRANT THORNTON
          1 Westminster Way,
          Oxford OX2 0PZ
          Phone: 01865 799899
          Fax: 01865 724420
          Web site: http://www.grant-thornton.co.uk


GLOWMARK LIMITED: Liquidator from Marks Bloom Enters Firm
---------------------------------------------------------
At the extraordinary general meeting of the members of Glowmark
Limited on Dec. 13, 2004 held at 133 Leighton Road, Kentish
Town, London NW5 2RB, the special resolution to wind up the
company was passed.  Andrew John Whelan, of Marks Bloom, 60-62
Old London Road, Kingston upon Thames KT2 6QZ has been appointed
liquidator of the company.

CONTACT:  MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames, Surrey KT2 6QZ
          Phone: +44 (0) 20 85499951
          Fax:   +44 (0) 20 85496218
          Web site: http://www.marksbloom.co.uk


GM AUTOMOTIVE: Hires KPMG as Liquidator
---------------------------------------
At the extraordinary general meeting of GM Automotive UK (No. 3)
Limited on Dec. 20, 2004 held at Osborne Road, Luton,
Bedfordshire LUI 3YT, the special and ordinary resolutions to
wind up the company were passed.  Jeremy Spratt and Finbarr
O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have
been appointed joint liquidators of the company.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


GTE INFORMATION: Owners Opt for Liquidation
-------------------------------------------
At the meeting of GTE Information Services (UK) Limited on Dec.
16, 2004, the special resolution to wind up the company was
passed.  Andrew Conquest of Grant Thornton UK LLP, Grant
Thornton House, Melton Street, Euston Square, London NW1 2EP has
been appointed liquidator of the company.

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


HIGHBRIGHT HOLDINGS: Members Decide to Liquidate Firm
-----------------------------------------------------
At the extraordinary general meeting of the members of
Highbright Holdings Limited on Dec. 14, 2004 held at Emerald
House, 20 Anchor Road, Aldridge, Walsall WS9 8PH, the special
resolution to wind up the company was passed.  C. H. I. Moore
has been appointed liquidator of the company.


JOSEPH MASON: Claims Filing Period Ends Second Week of March
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

    IN THE MATTER OF Joseph Mason Paints (Scotland) Limited
                         (In Liquidation)

Notice is hereby given that the Creditors of Joseph Mason Paints
(Scotland) Limited are required on or before March 9, 2005 to
send their names and addresses and particulars of their debt or
claims and the names and addresses of the Solicitors, if any, to
Paul Finnity and Peter Andrew Blair, joint liquidators of the
company, at Begbies Traynor, Regency House, 21 The Ropewalk,
Nottingham NG1 5DU and, if so required by notice in writing from
the said Liquidators, by their Solicitors or personally, to come
in and prove their said debt or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debt are proved.

Paul Finnity, Joint Liquidator
December 8, 2004

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

                               and

   IN THE MATTER OF Kennedy Industrial Textiles (1990) Limited
                        (In Liquidation)

Notice is hereby given that the Creditors of Kennedy Industrial
Textiles (1990) Limited are required on or before March 9, 2005
to send their names and addresses and particulars of their debt
or claims and the names and addresses of the Solicitors, if any,
to Paul Finnity and Peter Andrew Blair, joint liquidators of the
company, at Begbies Traynor, Regency House, 21 The Ropewalk,
Nottingham NG1 5DU and, if so required by notice in writing from
the said Liquidators, by their Solicitors or personally, to come
in and prove their said debt or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debt are proved.

Paul Finnity, Joint Liquidator
December 8, 2004

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


LATSEL NO. 2: Appoints KPMG Liquidator
--------------------------------------
At the general meeting of Latsel No. 2 Limited on Dec. 16, 2004,
the special resolution to wind up the company were passed.
Jeremy Simon Spratt and Finbarr Thomas O'Connor of KPMG LLP, 8
Salisbury Square, London, EC4Y 8BB have been appointed joint
liquidators of the company.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


LONDON SCENE: Hires Liquidator from Critchleys
----------------------------------------------
At the extraordinary general meeting of London Scene Properties
Limited on Dec. 6, 2004 held at Hill Place House, 55A High
Street, London SW19 5BA, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Anthony John
Harris of Critchleys, Greyfriars Court, Paradise Square, Oxford
OX1 1BE has been appointed liquidator of the company.

CONTACT:  CRITCHLEYS
          Greyfriars Court,
          Paradise Square, Oxford OX1 1BE
          Phone: +44 (0) 1865 261100
          Fax:   +44 (0) 1865 261201
          E-mail: Oxford@critchleys.co.uk
          Web site: http://www.critchleys.co.uk


MACROTRON (U.K.): Calls in Liquidator from Bernard Harrington
-------------------------------------------------------------
At the extraordinary general meeting of Macrotron (U.K.) Limited
on Dec. 20, 2004 held at 77 Shrivenham Hundred Business Park,
Majors Road, Watchfield, Swindon SN6 8TY, the special and
ordinary resolutions to wind up the company were passed.  Alex
Twitchen of Bernard Harrington and Company, Blandford House, 77
Shrivenham Hundred Business Park, Majors Road, Watchfield,
Swindon SN6 8TY has been appointed liquidator of the company.


MARCOH ENGINEERING: Liquidator's Final Report Out January 26
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Marcoh Engineering Limited
                        (In Liquidation)

Notice is hereby given, pursuant to section 106 of the
Insolvency Act 1986, that the Final General Meetings of Members
and Creditors of Marcoh Engineering Limited will be held on 26
January 2005, 11:00 a.m. and 11:15 a.m. respectively, at
Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee,
for the purpose of having a final account laid before them,
showing how the winding-up has been conducted and the property
of the company disposed of, and of hearing any explanations that
may be given by the Liquidator.

Members and Creditors are entitled to attend in person or by
proxy.  Proxies must be lodged with the Liquidator at or before
the Meeting.

Alan B. Wright, Liquidator

CONTACT:  DAND CARNEGIE & CO.
          Stannergate House
          41 Dundee Road West
          Broughty Ferry
          Dundee DD5 1NB
          Phone: 01382 480488
          Fax: 01382 736768
          E-mail: dundee@dand-carnegie.co.uk
          Web site: http://www.dand-carnegie.co.uk


MCA COFFEE: Hires Smith & Williamson as Administrator
-----------------------------------------------------
Stephen Cork (IP No 8627) has been appointed administrator from
MCA Coffee Shops Ltd.  The appointment was made Dec. 20, 2004.
The company owns and operates coffee shops.

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


M M & S (3019): Joint Liquidators from Begbies Traynor Move in
--------------------------------------------------------------
At the general meeting of M M & S (3019) Limited, the special
and ordinary resolutions to wind up the company were passed.
Timothy John Edward Dolder and Paul Michael Davis of Begbies
Traynor, 32 Cornhill, London EC3V 3LJ have been appointed joint
liquidators of the company.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


OCCASIONAL FURNITURE: Directors Banned for 18 Years
---------------------------------------------------
The directors of a furniture manufacturers business that failed
with total debt estimated at around GBP1.2 million have given
undertakings not to hold directorships or take any part in
company management for a combined 18 years.

The undertakings by Gordon William Dye, 69, Mary Alexandrina
Dye, 69, and Victoria Dye, 45, all of Stormont Park, Scone,
Perth, was given in respect of their conduct as directors of
Occasional Furniture (Manufacturing) Limited, which carried out
business from premises at Mitchell Building, Eastfield
Industrial Estate, Woodside Way, Glenrothes KY9 4ND.

The acceptance of the undertakings on December 15, 2004 prevents
Gordon William Dye, Mary Alexandrina Dye and Victoria Dye, from
being a director of a company or, in any way, whether directly
or indirectly, being concerned in or taking part in the
promotion, formation or management of a company for nine, four
and five years respectively.

The Insolvency Service, on behalf of the secretary of state for
Trade & Industry, has responsibility (under section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.  Occasional Furniture (Manufacturing) Limited was placed
into receivership on September 1999 with an estimated deficiency
of GBP1.2 million owed to its creditors.

The matter of unfit conduct, not disputed by Victoria Dye,
Gordon William Dye and Mary Alexandrina Dye was that they traded
to the detriment of the crown by under declaring GBP117,078.72
worth of tax owed to Customs & Excise in relation to nine
quarterly VAT periods between April 1996 and June 1999.

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

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

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


POSIVA DRIVES: Calls in Liquidator from Begbies Traynor
-------------------------------------------------------
At the extraordinary general meeting of Posiva Drives Limited on
Dec. 21, 2004 held at Planet House, Centre Park, Warrington WA1
1QX, the special, ordinary and extraordinary resolutions to wind
up the company were passed.  Paul Stanley of Begbies Traynor has
been appointed liquidator of the company.


QUADRANGLE RESEARCH: Falls into Administration
----------------------------------------------
Julie Anne Palmer and Michael Francis Stevenson (IP Nos 8835,
8154) have been appointed joint administrators for Quadrangle
Research Limited.  The appointment was made Dec. 22, 2004.  Its
registered office is located at The Butlers Wharf Building, 36
Shad Thames, London SE1 2YE.

CONTACT:  MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury, Wiltshire SP1 1EF
          Web site: http://www.middletonpartners.co.uk


RAMCO ENERGY: Posts Latest Update on Seven Heads Exploration
------------------------------------------------------------
Ramco Energy plc, the Aberdeen based exploration and production
company, announces an update for the Seven Heads gasfield in the
Celtic Sea and the completion of a farm-out of a part of its
acreage onshore Bulgaria.  Ramco Seven Heads Limited (RSHL), a
wholly owned subsidiary of Ramco, is Operator of the Seven Heads
gas field.

The Seven Heads field has been Ramco's priority over much of the
past year, but we have also been actively negotiating a series
of farm-out agreements with the objective of reducing the
Group's future capital expenditure requirements whilst retaining
an interest in the exploration upside.  During the first half of
last year we announced the farm-out of a part of Ramco's
interest in the Seven Heads oil potential and we have now
concluded a farm-out deal over a part of our onshore interests
in Bulgaria.

                         Seven Heads

Technical Review

A comprehensive technical review of the geophysical, geological
and recent production data from the Seven Heads gas field has
been completed and assessed by the Seven Heads partners, RSHL's
Bankers and the Petroleum Affairs Division of the Irish
Government.

The key finding of the study is the Seven Heads reservoir is
significantly more compartmentalized than had been anticipated
and the production wells are connected to a smaller volume of
gas bearing rock than had been expected.  Consequently each well
is draining a significantly smaller reservoir area than
originally interpreted.  It is believed this is a result of the
presence of more severe faulting and stratigraphic
compartmentalization than was apparent prior to development

New pressure data, collected during the development drilling
program and production phase, has illustrated subtle pressure
differences between some of the sands.  This demonstrates the
sands are isolated from one another.  Analysis of production
data confirms some of the gas in the lower permeability sands is
being produced, but at rates significantly lower than
anticipated by even our most cautious predictions.  The
technical review has concluded the water accumulation
experienced in some of the well bores is the result of
condensation of water vapor naturally contained in the gas.
This only occurs because the gas is being produced at a much
lower rate and pressure than had been expected, due to the
greater compartmentalization.  The water build up is being
controlled by shutting in each well and allowing a pressure
build up before reopening the well to unload the water.

The technical review has identified a number of sands in two of
the existing wells which appear to contain gas and which are
currently not open to the wells.  We are therefore assessing the
possibility of opening these sands for production by adding new
perforations in these wells during 2005.  The precise timing and
the economic viability of such work depends on the availability
of a suitable vessel.  Options, including the use of a drilling
rig or a dynamically positioned well intervention vessel, are
currently being evaluated and discussed with partners.  The
earliest the work could be undertaken is May 2005.

The technical review has also indicated it is likely substantial
additional gas may be present elsewhere in the field.  However,
this would require to be substantiated through acquisition of 3D
seismic, which would also be critical to ensuring the optimal
placement for drilling new wells.

Current Production and Gas Sales

Since the field first failed to produce sufficient gas to meet
RSHL's obligations under its Gas Sales Agreement (GSA), RSHL has
been suffering the additional cost burden of importing the
shortfall quantities of gas from Scotland.  This situation ended
at the start of the new gas sales year on 1 October 2004.  At
that point our contractual commitments under our GSA with RWE
Ireland Limited (RWE) changed and we are now nominating sales
volumes that match field deliverability.  The commercial
arrangements necessary to enable us to sell the additional
volumes of gas that we anticipate following the completion of
the perforations during the current gas sales year are in place.

A further improvement in the commercial situation has been
achieved through profiling the field's gas production.  In order
to maximize gas sales revenue, the production profile of the
field is being managed to maximize production during the winter
months when gas prices are normally highest.  Currently the
field is producing 12 mmscf/d and forecasts indicate that
without the perforation program, the likely volume of production
in the current gas sales year will be approximately 2 bcf.

Reserves

As stated above, the technical report indicates the field is
significantly more compartmentalized than originally anticipated
and this obviously has a material impact on the field's
recoverable reserves.  It is currently Ramco's view that
approximately 19 bcf is recoverable from the existing wells in
addition to the 9 bcf produced to-date.  If additional wells are
successfully drilled and produced then the recoverable reserves
figure could rise to approximately 83 bcf.  Whilst extremely
disappointing, these figures are within the range of downside
possibilities identified in the original Plan of Development.

Ramco effectively wrote off its interest in the field when it
made a substantial impairment provision in its 2003 accounts,
the outcome of the technical review confirms that to be the
appropriate treatment.

Banking

RSHL's bankers have temporarily waived certain rights under the
banking agreements in order to allow RSHL to progress detailed
negotiations with a number of third parties interested in
providing the additional investment necessary to undertake both
the perforation program and 3D seismic survey work.  A separate
announcement will be made once these arrangements are finalized.

BULGARIA

Ramco also announces that its wholly owned subsidiary, Ramco
Bulgaria Limited (RBL) and its partner Anschutz Bulgaria Limited
(Anschutz) have agreed a farm-out with Chimimport JSC over their
A-Lovech acreage onshore Bulgaria.

The A-Lovech block lies approximately 80 km. to the north east
of Sofia and covers 3,558 sq. km.  RBL (20%) and Anschutz (80%)
have been working together on the acreage over the past three
years and have agreed that Chimimport, a Bulgarian company with
a subsidiary specializing in seismic acquisition, will join them
for the next phase of exploration.  Chimimport will earn a 45%
interest in the acreage by completing 570 sq. km. of 3D seismic.
Once completed, the farm-out will result in the group's
interests being Chimimport 45%, Anschutz 44% and RBL 11%.

The seismic acquisition program will be aimed at multiple
geological targets and is likely to be carried out between July
and November 2005.

OTHER FARM-OUTS

Ramco is also at an advanced stage of negotiations of other
farm-out agreements over its exploration acreage.  Further
announcements will follow if these negotiations are concluded
successfully.

The Seven Heads partners are RSHL (Operator) 82.5%, Northern
Exploration Limited (a wholly owned subsidiary of Ramco) 4%,
Lundin Ireland Limited 12.5% (sale to Island Oil & Gas pending)
and Sunningdale Oils (Ireland) Limited 1.0%.

CONTACT:  RAMCO ENERGY - Aberdeen
          Steven Bertram, Group Financial Director
          Phone: 01224 352 200

          COLLEGE HILL - London
          Nick Elwes
          Phone: 020 7457 2020

          FLEISHMAN - HILLLARD SAUNDERS - Dublin
          Michael Parker
          Phone: 00353 1 618 8450

          RAMCO ENERGY PLC
          62 Queen's Road
          Aberdeen
          AB15 4YE
          United Kingdom
          Phone: +44 1224 352 200
          Fax: +44 1224 352 211


ROYAL MAIL: Books Unprecedented GBP800 Mln 'Christmas Revenues'
---------------------------------------------------------------
Royal Mail announced a record Christmas trading performance with
a 10.6% revenue increase across the company compared to the
previous year.  The GBP80 million increase in sales in the four
weeks to December 25 is one of the best performances so far
announced by a large U.K. company over this Christmas trading
period.

Royal Mail Chairman Allan Leighton said: "Royal Mail has had a
stunning Christmas.  A 10.6% increase in sales at Christmas in a
four-week period by a mature business in a mature market is a
staggering performance.

"Our people have done a fantastic job and they deserve the
credit for Royal Mail's record trading performance."

Mr. Leighton said preliminary figures were also indicating that
quality of service to customers during the Christmas period was
among the best levels in at least a decade.

Christmas trading figures show that, for the first time, Royal
Mail's revenue across the company exceeded GBP800 million in one
month.  Total sales were some GBP80 million higher in December
2004 than in the same month a year ago.  In December:

(a) Royal Mail's letters business recorded an 8% growth in
    revenue -- some GBP46 million higher than a year ago, helped
    by a record Christmas mail bag containing over 100 million
    more letters and cards than in 2003, and a surge in e-
    tailing/home shopping in which Royal Mail played a major
    part;

(b) Post Office Ltd. grew its business by more than 17% -- up
    some GBP17 million compared to December 2003, with the Post
    Office's growing range of financial and banking services
    helping to fuel the rise;

(c) GLS, Royal Mail's European parcels business saw its turnover
    increase by over 25% with a GBP16 million rise in revenue;

(d) Parcelforce Worldwide's sales rose by more than 12% with a
    GBP4 million rise in revenue in a market which -- like GLS's
    -- is hugely competitive.

Adam Crozier, Royal Mail's Chief Executive, said the Christmas
trading performance put the company on course to make a profit
on day-to-day operations of more than GBP400 million in the
financial year to March 2005, which will allow Royal Mail to
achieve its plan of giving its people a Share in Success payment
of at least GBP800.

"We are determined to reward employees for their part in the
success of Royal Mail," said Mr. Crozier.  He added that Royal
Mail had recently announced it was making more than GBP1 million
a day on its operations -- a turnaround from the losses of well
over GBP1 million a day it was recording just three years ago.

But Mr. Crozier cautioned: "Royal Mail must perform even better
as we go forward.  There can be no let-up in our drive to
deliver high quality services to our customers, day-in, day-out,
while generating profits to reinvest in our future and give our
shareholder an acceptable return.

"Royal Mail is making remarkable progress.  But the biggest
challenges lie ahead as we compete in a market that is set to be
open to full competition in less than a year's time in January
2006.  Improving quality of service must remain our number one
priority."

January Weather and Quality of Service

Mr. Crozier paid tribute to the efforts postmen and women were
making to transport and deliver the mail in northern England,
Northern Ireland and Scotland where gales, heavy rain and floods
have seriously hampered operations since last week.

"The severe weather has inevitably slowed some mail deliveries
and seriously affected Quality of Service over the past few
days.  Royal Mail's people are once again showing extraordinary
dedication and commitment in doing all they can to deliver the
mail despite the atrocious weather which has hit some parts of
the country."


TECNOMARE (UK): Shareholders Decide to Wind up Firm
---------------------------------------------------
At the extraordinary general meeting of the members of Tecnomare
(UK) Limited on Dec. 16, 2004 held at Enterprise House, 21
Buckle Street, London E1 8NN, the special resolution to wind up
the company was passed.  Melvyn Julian Carter and John Alexander
have been appointed joint liquidators of the company.

CONTACT:  Royal Mail Holdings plc
          148 Old St. London EC1V 9HQ,
          United Kingdom
          Phone: +44-20-7250-2888
          Fax: +44-20-7250-2244
          Web site: http://www.royalmailgroup.com


TOYS "R" US: Liquidator from Grant Thornton Moves in
----------------------------------------------------
At the extraordinary general meeting of Toys "R" Us (IFSC) on
Dec. 15, 2004 held at Citigroup, 1 North Wall Quay, Dublin D1,
Ireland, the special resolution to wind up the company was
passed.  Andrew Conquest of Grant Thornton UK LLP, Grant
Thornton House, Melton Street, Euston Square, London NW1 2EP has
been appointed liquidator of the company.

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


TRUMPVEDA LIMITED: Hires Deloitte & Touche as Liquidator
--------------------------------------------------------
At the general meeting of Trumpveda Limited on Dec. 17, 2004,
the special and ordinary resolutions to wind up the company were
passed.  J. R. D. Smith and N. J. Dargan of Deloitte and Touche
LLP, 66 Shoe Lane, London EC4A 3WA have been appointed joint
liquidators of the company.

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


* FSCS Declares 16 Firms in Default
-----------------------------------
The Financial Services Compensation Scheme (FSCS) is encouraging
consumers to get in touch if they may have lost money as a
result of their dealings with any one of 16 firms recently
declared in default by the Scheme.

Declaring a firm in default opens the way for customers who have
lost money, as a result of dealings with such a firm, to make a
claim for compensation to FSCS.  The limit for investment
compensation is GBP48,000.  Consumers who believe they may have
a claim should contact the Scheme on 020 7892 7300.  The service
is free to consumers.

"It is important that consumers know there is a fund of last
resort if they have a claim against a financial services firm,
and the firm can't pay," says Loretta Minghella, Chief
Executive.  "Without FSCS, many consumers would have nowhere to
turn."

The declaration of default is the final part of a process
whereby a regulated firm (for example, an independent financial
adviser) is deemed by FSCS to be unable to pay claims for
compensation against it.

FSCS is the U.K.'s statutory compensation scheme covering
investments, deposits, insurance and, with effect from 31
October 2004, mortgage advice and arranging.  It provides a fund
of last resort for consumers who have claims against regulated
firms that are unable to pay them.  Financial services firms are
regulated by the U.K.'s independent financial watchdog, the
Financial Services Authority (F.S.A.).

A list of the 16 investment firms is included, and a list
containing the full address of each of the firms is available at
http://www.fscs.org.uk. Consumers can also use the default
database on the Web site to check to see if a firm they have
dealt with previously has already been declared in default.

Protection extended to general insurance

From 14 January 2005 advice about general insurance and the
arranging of general insurance policies will also be protected.
From that date these types of activities will be regulated by
the F.S.A.

FSCS became the single compensation scheme in the financial
services sector on 1 December 2001, when the Financial Services
and Markets Act came into force.  All previous compensation
schemes, including the Investors Compensation Scheme, ceased to
operate at this time.  Web site: http://www.fscs.org.uk

                  Default Declarations by FSCS
                       17 December 2004

(a) East England

    Leon Menzies Limited, Buckhurst Hill 1G9 6EV

    Stigenace Financial Services Limited, formerly MIA
    Financial Services Limited, Stevenage SG1 3WX


(b) Midlands

    Earl Kenneth Derrick, formerly trading as Derrick
    Consultancy, Nottingham NG5 8RY

    Oaktree Financial Services Limited, trading as White
    Head & Reynolds Financial, Nottingham NG1 5BS

    The Insurance Centre Limited, Northhampton NN1 4DP

(c) North East

    Brian Thompson, formerly trading as Brian Thompson
    Insurance Consultants, Newcastle NE3 1HP

    H R Wilson & Partners Limited, Hartlepool TS24 8AU

(d) North West

    Henry Knott Associates Limited, Bolton BL1 4AP

(e) Scotland

    Wemyssfield Insurance Brokers Limited, Kirkcaldy KY1 1XZ

(f) South East (including London)

    Bone & Company (International) Limited, Farnham GU9 7LP

    Lloyd Bentley PLC, London W4 1QP

(g) South West

    Bartlett Davies Bicks (Financial) Limited, formerly trading
    as BartlettDavies Bicks (Insurance Brokers) Limited and
    Bartlett Davies Bicks, Torquay TQ2 5UN and Paignton TQ3 3EN

    Miltonash Limited, Swindon SN5 9SJ

    Whitechurch Investment Services Limited, Bristol BS11 0UR

(h) Wales

    David Williams, Martin Chidley, Leslie Smith, Kevin Davies,
    Garfield Lewis, Christopher Hemmings, Leslie Hill, John
    Ford, formerly trading as Tudor House Financial Services,
    Wrexham LL13 8AH

(i) Yorkshire and Humberside

    Askham Financial Services (Humberside) Limited, Scunthorpe
    DN15 6LD


                            *********


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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