TCREUR_Public/050118.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, January 18, 2005, Vol. 6, No. 12

                            Headlines

C Z E C H   R E P U B L I C

TELESYSTEM INTERNATIONAL: Acquires Full Ownership of Oskar
UNION BANKA: To Axe More Employees June


G E R M A N Y

AVANT DESIGN: Last Day for Filing of Claims February 7
BDL BAU: Gives Creditors Until Today to File Claims
BETON MARMORWERK: Claims Filing Period Expires Later this Month
BODY & MIND: Administrator's Report Out March
CELANESE AG: 'B+' Corporate Credit Rating Affirmed

DIFFICULT TEXTILHANDELS: Creditors Claims Due Next Week
DOMBRINK ALUMINIUM: Verification of Claims Set March
HANDEL PRELLBERG: Creditors Meeting Set Mid-March
HEINRICH MOLLER: Bielefeld Court Appoints Insolvency Manager
HERMANN STEINWEG: Dortmund Court to Review Claims Mid-April

INFOBALL GMBH: Provisional Administrator Takes over Operations
ISC INFORMATIK: Calls First Creditors Meeting
KUNSTSTOFFE DR.: Under Bankruptcy Administration
LEFFLER MESSE: Applies for Bankruptcy Proceedings
LOEWE DRUCK: Bielefeld Bankruptcy Court Stays All Pending Suits

MOLLER STAHLHOCHBAU: Creditors to Meet First Week of March
MOVIE SUN: Bankruptcy Proceedings Begin
OLYMPIC FILMTHEATERBETRIEBE: Succumbs to Bankruptcy
R. FALKENBERG: Creditors Have Until Mid-February to File Claims
RIX TECHNOLOGY: Proofs of Claim Deadline Expires Next Month
RUHR-GERUSTBAU: Claims Verification Third Week of February


I R E L A N D

JSG FUNDING: Sells New Notes to Refinance Sub-notes Due 2013


I T A L Y

ALITALIA SPA: Low-fare Carriers Urge E.U. to Disallow State Aid
PARMALAT U.S.A.: Parties Revise DIP Credit Agreement
PARMALAT U.S.A.: Court Okays Farmland's Postpetition Financing


L U X E M B O U R G

STOLT-NIELSEN: Wins Provisional Immunity from Antitrust Suits


N E T H E R L A N D S

ROYAL AHOLD: U.S. Unit Vendors Accused of Conspiracy


N O R W A Y

DNO ASA: Rejects Former Adviser's Claims; Files Countersuit


P O L A N D

ELEKTRIM-MEGADEX: Intends to Settle Rafaco Debt this Year


R U S S I A

AGRO-SERVICE: Sets Public Auction Friday
AUTO-TRACTOR: Court Brings in Insolvency Manager
BARLUKSKOYE: Bankruptcy Hearing Resumes April
DIMITROVOGRAD-KHLEB: Auctioning RUB13.5 Million Worth of Assets
ELIOTBANK: Moscow Court Opens Bankruptcy Proceedings

GARMENT SLAVYANKA: Declared Insolvent
NIZHNEGOROD-GRAZHDAN: Insolvency Manager Takes over Helm
REINFORCED-CONCRETE 3: Succumbs to Insolvency
THERMO-ENERGY: Under Bankruptcy Supervision
YUKOS OIL: Russians Forward Incriminating Data to Swiss Court
YURYUZANSKIY ENGINEERING: Sets Proofs of Claims Deadline


S W E D E N

SAAB AB: Rumors of Potential Closure Swirl


S W I T Z E R L A N D

SWISS INTERNATIONAL: Launches New Zurich-New York Jet Service


U N I T E D   K I N G D O M

CI SECURITIES: Creditors Meeting Set First Week of February
COLLINS STEWART: Sets Deadline for Filing of Claims
COSTAIN GROUP: Wins Major Construction Project in Mexico
COSTAIN GROUP: Confident of Meeting Full-year Forecast
DALEOAK PROPERTY: Shareholders Opt to Liquidate Firm

DUPADA LIMITED: Liquidators Take over Helm
FEDERAL-MOGUL: Proponents Insist on Estimation of T&N Claims
NORTHERN FOODS: Christmas Trading Disappoints
PITTARDS PLC: Sells Remaining Factory Site for GBP3.15 Mln
ROYAL & SUNALLIANCE: Pegs Storm Claims at GBP30 Million

* Large Companies with Insolvent Balance Sheets


                            *********


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


TELESYSTEM INTERNATIONAL: Acquires Full Ownership of Oskar
----------------------------------------------------------
Telesystem International Wireless, Inc. (NASDAQ: TIWI)(TSX: TIW)
has completed the transaction to increase its equity and voting
interest in Oskar Holdings N.V. from 27.1% and 52.7%,
respectively, to 100%, in exchange for approximately 46 million
shares of TIW.  Oskar Holdings holds 99.87% of Oskar Mobil a.s.

The 72.9% equity interest in Oskar Holdings was acquired from
certain private equity investors, which include funds advised or
managed by ABN AMRO Capital, Advent International Corporation,
AlpInvest Partners, EMP Europe, the European Bank for
Reconstruction and Development, JP Morgan Partners, Mediatel
Capital and Part'Com.  Funds advised or managed by JP Morgan
Partners and EMP Europe, two significant shareholders of TIW,
will receive respectively 17.4 million and 7.0 million of the
TIW shares issued in the transaction.

The terms of the agreement restrict the selling shareholders'
ability to resell or otherwise dispose of their TIW shares for a
period of 12 months following closing of the transaction.
Partial releases from this lock-up will occur on the first
business day in each successive period of 45 days starting
January 12, 2005, as to 5%, 5%, 18.75%, 18.75%, 7.5%, 7.5%,
18.75% and 18.75%, respectively, of their TIW shares on each
release date.

This transaction increased the number of TIW common shares
issued and outstanding from approximately 169.2 million common
shares to 215.2 million.

                        About the Company

Telesystem International Wireless Inc. -- http://www.tiw.com/--
is a leading provider of wireless voice, data and short
messaging services in Central and Eastern Europe with over 6.1
million subscribers.  TIW operates in Romania through MobiFon
S.A. under the brand name Connex and in the Czech Republic
through Oskar Mobil a.s. under the brand name Oskar.

                            *   *   *

In June, Standard & Poor's Ratings Services placed its 'B-'
long-term corporate credit ratings on MobiFon Holdings B.V. and
Telesystem International Wireless Inc. on CreditWatch with
positive implications.  Telesystem International owns 99.8% of
MobiFon Holdings, which in turn owns 63.5% of MobiFon S.A.,
Romania's largest cellular operator.

"The CreditWatch placement follows Telesystem International's
announcement that it has entered into an agreement in principle,
which will result in MobiFon Holdings increasing its ownership
interest in MobiFon up to 79% from the current 63.5%," said
Standard & Poor's credit analyst Joe Morin.

CONTACT:  TELESYSTEM INTERNATIONAL WIRELESS INC.
          1250 Rene-Levesque Blvd. W., 38th Fl.
          Montreal, Quebec H3B 4W8, Canada
          Phone: 514-673-8497
          Fax: 514-673-8470
          Web site: http://www.tiw.ca

          Jacques Lacroix
          Investor Relations
          Phone: (514) 673-8466
          E-mail: jlacroix@tiw.ca


UNION BANKA: To Axe More Employees June
---------------------------------------
Bankrupt financial institution Union Banka plans to trim down
its workforce from 40 to 20, Czech News Agency says.  Union
Banka spokesman Oldrich Babicky said the reduction is necessary
to lower the cost of the bankruptcy proceedings.  The job-cuts
will be implemented June.

CONTACT:  UNION BANKA a.s.
          Ul. 30 Dubna c. 35
          70200 Ostrava
          Phone: 596108111
          Fax: 596120134
          E-mail: union@union.cz
          Web site: http://www.union.cz


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


AVANT DESIGN: Last Day for Filing of Claims February 7
------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Avant Design-Studio GmbH & Co. KG on Dec. 28, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 7, 2005 to
register their claims with court-appointed provisional
administrator Frank Imberger.

Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2005, 9:30 a.m. at the district court of
Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  AVANT DESIGN-STUDIO GMBH & CO. KG
          Poststr. 108
          44809 Bochum
          Contact:
          Heinz-Jurgen Fritz, Manager

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


BDL BAU: Gives Creditors Until Today to File Claims
---------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against BDL Bau und Dienstleistungs GmbH on Dec. 23, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 18, 2005
to register their claims with court-appointed provisional
administrator Gotz Lautenbach.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 22, 2005, 9:00 a.m. at the district court of
Darmstadt, Landwehrstrasse 48, 64293 Darmstadt 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:  BDL BAU UND DIENSTLEISTUNGS GMBH
          Hardtring 55
          63785 Obernburg
          Contact:
          Martina Schulz, Manager

          Gotz Lautenbach, Insolvency Manager
          Zeilweg 42
          60439 Frankfurt
          Phone: 069/963761-130
          Fax: 069/963761-145


BETON MARMORWERK: Claims Filing Period Expires Later this Month
---------------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Beton- und Marmorwerk Pieper GmbH on Jan. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 31, 2005
to register their claims with court-appointed provisional
administrator Joseph Albers.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 21, 2005, 9:40 a.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  BETON- UND MARMORWERK PIEPER GMBH
          Buschgrundstr. 25
          45894 Gelsenkirchen-Buer

          Rudolf Pieper, Manager
          Nienhofstr. 40
          45894 Gelsenkirchen-Buer

          Joseph Albers, Insolvency Manager
          Von-der-Recke-Str. 5-7
          45879 Gelsenkirchen
          Phone: 0209/179890
          Fax: +492091485096


BODY & MIND: Administrator's Report Out March
---------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Body & Mind Fitness- und Mentaltraining GmbH on Jan. 1,
2005.  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. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2005, 9:15 a.m. at the district court of
Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  BODY & MIND FITNESS- UND MENTALTRAINING GMBH
          Bagelstr. 104
          40479 Dusseldorf
          Contact:
          Hans Halik, Manager
          Kurzestr. 13
          40213 Dusseldorf

          Dr. Biner Bahr, Insolvency Manager
          Jagerhofstrasse 29
          40479 Dusseldorf


CELANESE AG: 'B+' Corporate Credit Rating Affirmed
--------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating and
its recovery rating of '3' to US$2.8 billion of senior secured
credit facilities of Dallas, Texas-based chemical producer BCP
Crystal U.S. Holdings Corp., a subsidiary of Celanese Corp.  The
outlook is revised to positive from negative.

Standard & Poor's also affirmed its 'B+' corporate credit
ratings on BCP Crystal U.S. Holdings and its Germany-based
subsidiary, Celanese AG.  In addition, Standard & Poor's
affirmed its 'B+' corporate credit and senior unsecured debt
ratings on Acetex Corp., which is being acquired by Celanese
Corp., and revised the outlook to positive from negative.

The outlook revision reflects the potential that improving
earnings, debt reduction, and Celanese Corp.'s financial
policies would enable debt leverage measures to gradually
strengthen to more-than-satisfactory levels within the next few
years.  The 'B+' and the '3' recovery rating indicate that
lenders of the senior secured credit facilities can expect a
meaningful (50%-80%) recovery of principal in the event of
default.

"The ratings incorporate the planned US$1 billion IPO of
Celanese Corp. (parent company of BCP), the US$1.6 billion
incremental increase in the senior credit facilities, as well as
the pending acquisitions of Acetex Corp. for US$492 million and
an emulsion polymer business for US$208 million," said Standard
& Poor's credit analyst Wesley E. Chinn.  "The acquisitions will
result in a modest rise in the already aggressive debt load, so
the continuation of the earnings uptrend is essential to improve
overall credit quality," added Mr. Chinn.

BCP Crystal's credit quality already incorporates considerable
debt that resulted from borrowings in 2004 to fund the
Blackstone Group's tender offer for the shares of Celanese -- a
transaction valued at about $3.4 billion; and aggressive
financial policies of the equity sponsors, as underscored by the
two pending debt-financed acquisitions and dividend payouts.
These weaknesses are only partially offset by the company's
solid business profile as an integrated producer of diverse
commodity and industrial chemicals, improving earnings, and the
financial flexibility resulting from its global asset base.
Significant product market shares and competitive cost
structures support good positions in its major products, and a
product portfolio that includes a balance of commodity,
intermediate, and more specialized industrial chemical products
serving a wide range of end markets.

With annual pro forma revenues of about US$6.0 billion, Celanese
ranks among the larger and more diversified global chemical
businesses.

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. All ratings affected
by this rating action can be found on Standard & Poor's public
Web site at http://www.standardandpoors.com.

CONTACT:  CELANESE AG
          Frankfurter Strasse 111
          61476 Kronberg im Taunus
          Phone: +49-69-305-16000
          Fax: +49-69-305-16006
          Web site: http://www.celanese.com


DIFFICULT TEXTILHANDELS: Creditors Claims Due Next Week
-------------------------------------------------------
The district court of Frankfurt Oder opened bankruptcy
proceedings against Difficult Textilhandels GmbH on Dec. 30,
2004.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Jan. 26,
2005 to register their claims with court-appointed provisional
administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2005, 10:40 a.m. at the district court
of Frankfurt Oder, Logenstrasse 13, 15230 Frankfurt Oder, 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:  DIFFICULT TEXTILHANDELS GMBH
          Fontanestrasse 9
          16227 Eberswalde
          Contact:
          Ralf Tomm, Manager

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


DOMBRINK ALUMINIUM: Verification of Claims Set March
----------------------------------------------------
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 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 p.m.
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  DOMBRINK ALUMINIUM FASSADEN, FENSTER + TUREN GMBH &
          CO. KG
          Ringstr. 127
          33378 Rheda-Wiedenbruck
          Contact:
          Heinrich Dombrink, Manager
          Kirchstr. 17
          33378 Rheda-Wiedenbruck

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


HANDEL PRELLBERG: Creditors Meeting Set Mid-March
-------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Handel Prellberg mbH on Dec. 17, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 18, 2005 to
register their claims with court-appointed provisional
administrator Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting on March 15, 2005, 9:30 p.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg
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:  HANDEL PRELLBERG MBH
          Beimoorstrasse 6
          22081 Hamburg
          Contact:
          Dirk Prellberg, Manager

          Dirk Decker
          Speersort 4-6
          20095 Hamburg
          Phone: 303010
          Fax: 30301435


HEINRICH MOLLER: Bielefeld Court Appoints Insolvency Manager
------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Heinrich Moller GmbH & Co. Kommanditgesellschaft on Jan.
1, 2005.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 14, 2005 to register their claims with court-appointed
provisional administrator Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2005, 9:00 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  HEINRICH MOLLER GMBH & CO. KOMMANDITGESELLSCHAFT
          Breite Str. 25
          32257 Bunde
          Contact:
          Gerhard Soukup, Manager

          Stefan Meyer, Insolvency Manager
          Ostertorstr. 7
          32312 Lubbecke


HERMANN STEINWEG: Dortmund Court to Review Claims Mid-April
-----------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Hermann Steinweg GmbH & Co. Kommanditgesellschaft
Baumaschinenfabrik on Jan. 1, 2005.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 15, 2005 to register their claims
with court-appointed provisional administrator Achim Thomas
Thiele.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 25, 2005, 9:35 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund at which
time the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set
out in the administrator's report on April 15, 2005, 8:30 a.m.
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  HERMANN STEINWEG GMBH & CO. KOMMANDITGESELLSCHAFT
          BAUMASCHINENFABRIK
          Baaken 20
          59368 Werne
          Contact:
          Klaus Steinweg, Manager

          Achim Thomas Thiele, Insolvency Manager
          Bronnerstrasse 7
          44141 Dortmund
          Phone: 54110
          Fax: 5411266


INFOBALL GMBH: Provisional Administrator Takes over Operations
--------------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Infoball GmbH on Jan. 1, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 24, 2005 to register their
claims with court-appointed provisional administrator Georg
Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on March 17, 2005, 9:30 a.m. at the district court
of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  INFOBALL GMBH
          Wallstr. 10
          40213 Dusseldorf
          Contact:
          Dr. Stefan Volck, Manager
          Uhlandstrasse 45
          40237 Dusseldorf

          Georg Kreplin, Manager
          Berliner Allee 21
          40212 Dusseldorf


ISC INFORMATIK: Calls First Creditors Meeting
---------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
ISC Informatik Service und Consulting GmbH on Jan. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 18, 2005
to register their claims with court-appointed provisional
administrator Dirk Obermuller.

Creditors and other interested parties are encouraged to attend
the meeting on March 9, 2005, 12:00 noon at the district court
of Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  ISC INFORMATIK SERVICE UND CONSULTING GMBH
          Poststrasse 67
          53840 Troisdorf

          Wilfried Bienen, Manager
          Wolsdorfer Strasse 67a
          53721 Siegburg

          Wolfgang Brandl, Manager
          Pastoratsweg 23
          53757 Sankt Augustin

          Dirk Obermuller, Insolvency Manager
          Godesberger Allee 125-127
          53175 Bonn
          Phone: 81 000 45
          Fax: 81000820


KUNSTSTOFFE DR.: Under Bankruptcy Administration
------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Kunststoffe Dr. Ing. Hans Jung GmbH on Jan. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 31, 2005
to register their claims with court-appointed provisional
administrator Rolf Otto Neukirchen.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 15, 2005, 9:20 p.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  KUNSTSTOFFE DR. ING. HANS JUNG GMBH
          Flozstr. 50
          45356 Essen
          Contact:
          Hans Heinrich Bente, Manager

          Rolf Otto Neukirchen, Insolvency Manager
          Zweigertstr. 28-30
          45130 Essen
          Phone: (0201) 438740
          Fax: +492014387479


LEFFLER MESSE: Applies for Bankruptcy Proceedings
-------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Leffler Messe- und Ausstellungs-Gesellschaft mit
beschrankter Haftung on Jan. 1, 2005.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 3, 2005 to register their claims with
court-appointed provisional administrator Dr. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 24, 2005, 10:10 a.m. at the district court
of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  LEFFLER MESSE- UND AUSSTELLUNGS-GESELLSCHAFT MIT
          BESCHRANKTER HAFTUNG
          Christinenstr. 11
          40880 Ratingen
          Contact:
          Siegfried Leffler, Manager
          Pappelweg 53
          40885 Ratingen

          Dr. Onno Klopp, Insolvency Manager
          Sternstrasse 58
          40479 Dusseldorf


LOEWE DRUCK: Bielefeld Bankruptcy Court Stays All Pending Suits
---------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Loewe Druck und Verlag GmbH & Co. KG on Jan. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 23, 2005
to register their claims with court-appointed provisional
administrator Dr. Norbert Westhoff.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005 at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  LOEWE DRUCK UND VERLAG GMBH & CO. KG
          Industriestr. 33
          33689 Bielefeld
          Contact:
          Werner Ringel, Manager

          Dr. Norbert Westhoff, Insolvency Manager
          Adenauerplatz 4
          33602 Bielefeld


MOLLER STAHLHOCHBAU: Creditors to Meet First Week of March
----------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Moller Stahlhochbau GmbH on Jan. 1, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 14, 2005 to
register their claims with court-appointed provisional
administrator Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2005, 10:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  MOLLER STAHLHOCHBAU GMBH
          Breite Str. 25
          32257 Bunde
          Contact:
          Gerhard Soukup, Manager

          Stefan Meyer, Insolvency Manager
          Ostertorstr. 7
          32312 Lubbecke


MOVIE SUN: Bankruptcy Proceedings Begin
---------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Movie Sun Activ Braunungsstudio GmbH on Jan. 3, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 31, 2005
to register their claims with court-appointed provisional
administrator Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 4, 2005, 8:30 a.m. at the district court of
Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf at
which time the administrator will present his first report of
the insolvency proceedings.  The court will verify the claims
set out in the administrator's report on Feb. 25, 2005, 8:30
a.m. while creditors may constitute a creditors committee and or
opt to appoint a new insolvency manager.

CONTACT:  MOVIE SUN ACTIV BRAUNUNGSSTUDIO GMBH
          Hamburger Strasse 9
          41540 Dormagen
          Contact:
          Johannes Rosellen, Manager
          Am Romerfeld 20
          41541 Dormagen

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


OLYMPIC FILMTHEATERBETRIEBE: Succumbs to Bankruptcy
---------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Olympic Filmtheaterbetriebe Heinz Riech und Sohn GmbH &
Co. KG on Dec. 30, 2004.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until Feb. 5, 2005 to register their claims with court-
appointed provisional administrator Friedrich Wilhelm Metzeler.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 9, 2005, 9:45 a.m. at the district court of
Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  OLYMPIC FILMTHEATERBETRIEBE HEINZ RIECH UND SOHN GMBH
          & CO. KG
          Graf-Adolf-Str. 96
          40210 Dusseldorf
          Contact:
          Volker Riech, Manager

          Friedrich Wilhelm Metzeler, Insolvency Manager
          Rheinort 1
          40213 Dusseldorf


R. FALKENBERG: Creditors Have Until Mid-February to File Claims
---------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against R. Falkenberg GmbH & Co. KG on Jan. 1, 2005.
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 Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2005, 10:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  R. FALKENBERG GMBH & CO. KG
          Zu den Meerwiesen 10
          32549 Bad Oeynhausen
          Contact:
          Frank Castrup, Manager
          Neulandstr. 42
          33739 Bielefeld

          Hans-Peter Burghardt, Insolvency Manager
          Bunsenstr. 3
          32052 Herford


RIX TECHNOLOGY: Proofs of Claim Deadline Expires Next Month
-----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Rix Technology GmbH on Dec. 20, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 1, 2005 to register their
claims with court-appointed provisional administrator Dr. Gideon
Bohm.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 21, 2005, 12:00 noon at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg
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:  RIX TECHNOLOGY GMBH
          Papenreye 63
          22453 Hamburg
          Contact:
          Hsueh-Chun Chu, Manager
          Krohnskamp 15
          22301 Hamburg

          Dr. Gideon Bohm, Insolvency Manager
          Bachstrasse 85a
          22083 Hamburg
          Phone: 040/3208360
          Fax: 040/32083636


RUHR-GERUSTBAU: Claims Verification Third Week of February
----------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Ruhr-Gerustbau GmbH on Jan. 3, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 31, 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. 21, 2005, 9:00 a.m. at the district court of
Essen, Hauptstelle 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:  RUHR-GERUSTBAU GMBH
          Breloher Steig 5
          45279 Essen
          Contact:
          Andreas Pelmer, Manager

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


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


JSG FUNDING: Sells New Notes to Refinance Sub-notes Due 2013
------------------------------------------------------------
Jefferson Smurfit Group on Friday priced EUR370 million
equivalent of subordinated cash-pay notes to be issued by JSG
Funding plc at 7.75%.  Net proceeds will be used to refinance
JSG Funding plc's existing 15.5% Subordinated Notes due 2013.
The EUR300 million pay-in-kind notes to be issued by JSG
Holdings plc was upsized to EUR325 million and priced at 11.5%,
the low end of price talk.  The net proceeds will be used to
fund a return of capital to shareholders.

Deutsche Bank AG and Citigroup acted 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.

Contacts                                    Information

Gary     Chief     Jefferson             Beech Hill, Clonskeagh
McGann   Executive  Smurfit                 Dublin 4.
         Officer    Group                353-1-202-7000

Ian      Chief      Jefferson
Curley   Financial  Smurfit
         Officer    Group                353-1-202-7000

Mark                K Capital        smurfit@kcapitalsource.com
Kenny               Source               353-1-631-5500

Brian               WHPR
Bell                                     353-1-669-0030

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

                            *   *   *

Standard & Poor's Ratings Services recently lowered its long-
term corporate credit ratings on JSG Packaging Ltd. and related
entities in the Jefferson Smurfit Group to 'B+' from 'BB-',
following the group's announcement of a proposed EUR300 million
(US$397 million) pay-in-kind (PIK) issuance.

SOURCE:  JEFFERSON SMURFIT GROUP
         Gary McGann, Chief Executive Officer
         Phone: +353 1 202 7000
         or
         Ian Curley, Finance Director
         Phone: +353 1 202 7000
         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


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


ALITALIA SPA: Low-fare Carriers Urge E.U. to Disallow State Aid
---------------------------------------------------------------
The association of European low-fare carriers has asked the
European Union to deny any proposal to provide government aid to
ailing Italian flag carrier Alitalia, Reuters says.

The group was reacting to an earlier announcement by the
European Commission to launch an in-depth probe against
Alitalia's restructuring plan.  The investigation will try to
find any traces of illegal state aid in the plan.  Stefan
Vilner, acting president of the European Low Fares Airline
Association (ELFAA), said, "We trust that the Commission's
investigation will conclude that the Italian government's
planned restructuring involves serious amounts of illegal state
aid and should therefore be rejected."

Mr. Vilner added, "Italian taxpayers and visitors to Italy
should not be forced to continue to pay for this failing
dinosaur."

The ELFAA acting president said the association plans to submit
comments to the regulator to express its concerns.  Mr. Vilner
stressed that government aids to Alitalia would "distort" an
Italian travel market, in which association members operate
around 130 routes.  The Italian government is willing to write
off EUR1.6 billion in Alitalia debt and allocate around EUR300
million to finance redundancy payments.

ELFAA is a group of European low-fare carriers commanding around
15% share of inter-European traffic.  Its members include Air
Berlin, Basiqair/Transavia, Flybe, Flying Finn, Hapag Lloyd
Express, Ryanair, Sky Europe, Sterling Europe, Sverige Flyg and
Volareweb.

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


PARMALAT U.S.A.: Parties Revise DIP Credit Agreement
----------------------------------------------------
Parmalat U.S.A. Corporation, Parmalat's U.S. debtor-affiliates,
General Electric Capital Corporation, as agent and lender,
Citibank, N.A., and the Official Committee of Unsecured
Creditors agree to amend the terms of the DIP Credit Agreement
to:

(a) make a letter of credit facility under the DIP Agreement
    available to Farmland; and

(b) allow Farmland to enter into a supplemental facility to
    obtain additional letters of credit.

Farmland is required to provide deposits in the form of cash or
letters of credit to certain "milk boards" of various states and
to post letters of credit in certain other situations.

                    Letter of Credit Facility

The DIP Lenders agree to incur, at Farmland's request and for
Farmland's account, Letter of Credit Obligations by causing
Letters of Credit to be issued by GE Capital or another
financial institution selected by or acceptable to GE Capital in
its sole discretion.  GE Capital will guarantee the Letters of
Credit.

If the Letter of Credit Issuer is a Lender, then GE Capital will
not guarantee the Letters of Credit.  Rather each Lender will
purchase risk participations in all the Letters of Credit issued
with GE Capital's written consent.

The aggregate amount of all Letter of Credit Obligations will
not at any time exceed the least of:

   (a) $15,000,000 -- the Letter of Credit Sublimit;

   (b) as of any date of determination, an amount equal to:

         (i) the aggregate Revolving Loan Commitment of all
             Lenders as of that date; minus

        (ii) (a) the sum of the aggregate Revolving Loans then
             outstanding and (b) the sum of the aggregate Letter
             of Credit Obligations then outstanding; and

   (c) the amounts required in the Approved Cash Budget.

No Letter of Credit will have an expiry date that is more than
12 months following the date of issuance.  A Letter of Credit,
however, may provide for automatic extensions of its expiration
date for one or more one-year periods, so long as the Issuer has
the right to terminate the Letter of Credit at the end of each
one-year period and no extension period extends past January 14,
2010.

With respect to any Letter of Credit which has not expired prior
to the termination of the DIP Credit Agreement, as amended, for
any reason, the applicable Letter of Credit applications, master
issuance agreements and the other provisions of the DIP Credit
Agreement dealing with Letters of Credit will continue to apply
to the Letters of Credit.

The DIP Lenders will continue to provide up to $17,500,000 in
financing to Farmland on a revolving credit basis.

In the event that GE Capital or any DIP Lender will make any
payment on or pursuant to any Letter of Credit Obligation, the
payment will be deemed automatically to constitute a Revolving
Credit Advance to the Borrower (y) regardless of whether a
Default or Event of Default has occurred and is continuing and
(z) notwithstanding the Debtors' failure to satisfy the
conditions precedent.  Each Lender will be obligated to pay its
Pro Rata Share in accordance with the DIP Credit Agreement.

The failure of any DIP Lender to make available to GE Capital
for GE Capital's own account its Pro Rata Share of any Revolving
Credit Advance or payment by GE Capital under or in respect of a
Letter of Credit will not relieve any other Lender of its
obligation to make available to GE Capital its Pro Rata Share,
but no Lender will be responsible for the failure of any other
Lender to make available the other Lender's Pro Rata Share of
any payment.

                             Maturity

The DIP Lenders' commitment to incur Letter of Credit
Obligations will expire on the earliest of:

   (a) January 14, 2005, as the date may be extended by GE
       Capital in its sole discretion;

   (b) the date of termination of the DIP Lenders' obligations
       to make Revolving Credit Advances or permit existing
       Loans to remain outstanding; and

   (c) the date of indefeasible prepayment in full by Farmland
       of the Loans, and the permanent reduction of all
       Revolving Loan Commitments to $0.

All Loans to Farmland and all of the other Obligations of
Farmland arising under the DIP Credit Agreement and the other
Loan Documents will constitute one general obligation of
Farmland secured, until the Termination Date, by all of the DIP
Collateral.

                         Cash Collateral

If Farmland is required to provide cash collateral for any
Letter of Credit Obligations, it will pay to GE Capital for the
ratable benefit of itself and the DIP Lenders cash or cash
equivalents equal to 105% of the maximum amount then available
to be drawn under each applicable Letter of Credit outstanding
for Farmland's benefit.  GE Capital will hold the funds or Cash
Equivalents in a cash collateral account.

Farmland pledges and grants to GE Capital, on behalf of itself
and the DIP Lenders, a security interest in all the funds and
Cash Equivalents held in the Cash Collateral Account from time
to time and all proceeds thereof, as security for the payment of
all amounts due in respect of the Letter of Credit Obligations
and other Obligations, whether or not then due.

If any Letter of Credit Obligations will, for any reason, be
outstanding on the Commitment Termination Date, Farmland will
either:

    -- provide cash collateral;

    -- cause all the Letters of Credit and guaranties thereof,
       if any, to be canceled and returned; or

    -- deliver a stand-by letter or letters of credit in
       guaranty of the Letter of Credit Obligations.  The stand-
       by letter of credit shall be of like tenor and duration -
       - plus 30 additional days -- as, and in an amount equal
       to 105% of, the aggregate maximum amount then available
       to be drawn under, the Letters of Credit to which the
       outstanding Letter of Credit Obligations relate.

                        Fees and Expenses

Farmland will pay GE Capital, for the benefit of the DIP
Lenders, as compensation to the Lenders for the Letter of Credit
Obligations incurred:

     * all costs and expenses incurred by Agent or any Lender on
       account of the Letter of Credit Obligations; and

     * for each month during which any Letter of Credit
       Obligation will remain outstanding, a Letter of Credit
       Fee equal to 4-1/2% per annum multiplied by the maximum
       amount available from time to time to be drawn under the
       applicable Letter of Credit.

Farmland will also pay to any Letter of Credit Issuer, on
demand, the fees (including all per annum fees), charges and
expenses of the Issuer in respect of the issuance, negotiation,
acceptance, amendment, transfer and payment of the Letter of
Credit or otherwise payable pursuant to the application and
related documentation under which the Letter of Credit is
issued.

                            Interest

Farmland will pay interest to GE Capital, for the ratable
benefit of the Lenders in accordance with the various Loans
being made by each Lender, in arrears on each applicable
Interest Payment Date, at the Index Rate plus 3.0%, per annum.

"Index Rate" means, for any day, a floating rate equal to the
higher of:

   (i) the rate publicly quoted from time to time by The Wall
       Street Journal as the "prime rate"; and

  (ii) the Federal Funds Rate plus 50 basis points per annum.

The interest rates applicable to the Loans and the Letter of
Credit Fees will be increased by 2% per annum above the rates of
interest or the rate of the Fees otherwise applicable, in the
event of a default by the Debtors.  Interest at the Default Rate
will accrue from the initial date of the Event of Default until
that Event of Default is cured or waived, and will be payable
upon demand.

                           Stipulation

The Debtors, the DIP Lenders, Citibank and the Committee further
stipulate that nothing in the amendment to the DIP Credit
Agreement and the Exiting Final DIP Order affects the claims,
liens, rights and priorities granted to Citibank under the
Receivables Purchase Agreement or any previous orders of the
United States Bankruptcy Court for the Southern District of New
York, including, without limitation, the Final DIP Order, nor
expand or modify any Collateral securing any of the DIP Loans.

The parties agree that all proceeds of the sale, collection or
other disposition of the DIP Lenders' Postpetition Collateral
will be applied by GE Capital to the reduction of the DIP Loans.

If the proceeds from the sale, collection or other disposition
of Postpetition Collateral exceed the DIP Loans, then, at the
time of receipt of the proceeds, the amount by which the
proceeds exceed the greater of (y) 105% of the amount of the
commitment to make DIP Loans, or (z) 105% of the face amount of
the letters of credit outstanding under the DIP Credit Agreement
-- such amount up to $36,750,000 -- will be available for use by
the Debtors as Cash Collateral in accordance with a Budget
approved by GE Capital.

GE Capital will hold the Postpetition Commitment Reserve as
additional Postpetition Collateral until these events have
occurred:

   (a) Indefeasible repayment in full of the DIP Loans;

   (b) Expiration or cancellation of all letters of credit
       issued under the DIP Credit Agreement; and

   (c) Termination of the commitments to make DIP Loans.

If, after the commitment to make DIP Loans has been terminated
and the Letters of Credit have expired or been cancelled, there
remains Postpetition Collateral or proceeds thereof, after
repayment in full of the DIP Loans, and the Prepetition
Indebtedness to the extent of the Adequate Protection Liens and
the Section 507(b) Claim, the Postpetition Collateral and the
proceeds thereof will be retained by the Debtors, subject to
further Court order.

A full-text copy of the Amended DIP Credit Agreement is
available for free at:

        http://bankrupt.com/misc/Amended_DIP_Agreement.pdf

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

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

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


PARMALAT U.S.A.: Court Okays Farmland's Postpetition Financing
--------------------------------------------------------------
Farmland Dairies, LLC sought and obtained the United States
Bankruptcy Court for the Southern District of New York's
authority to obtain supplemental postpetition financing pursuant
to Sections 363 and 364 of the Bankruptcy Code by entering into
a Supplemental Postpetition Credit Agreement dated Dec. 9, 2004,
with General Electric Capital Corporation, as administrative
agent, for itself and any lenders.

The Court authorizes Farmland to grant mortgages, security
interests, liens, and super-priority claims to GE Capital for
the benefit of the Supplemental Postpetition Lenders, including
a priority claim pursuant to Section 364(c)(1) and subordinated
primary liens pursuant to Sections 364(c)(3) and 364(d).

              Farmland's Need for Additional Funding

On March 30, 2004, the Court entered a final order:

   (1) authorizing Farmland to enter into a postpetition
       financing agreement and obtain postpetition financing;

   (2) authorizing Farmland to enter into an amendment to a
       receivables purchase agreement and sell interests in
       accounts receivable; and

   (3) providing adequate protection and granting liens,
       security interests and super-priority claims for both
       transactions.

Pursuant to the Existing Final DIP Order, Farmland and its
affiliates were authorized to borrow up to $35 million under a
Secured Super-Priority DIP Credit Agreement dated February 23,
2004, from a consortium of lenders syndicated by GE Capital, as
Agent.  Parmalat U.S.A. Corp. and Milk Products of Alabama
L.L.C., served as Guarantors.

Farmland was also authorized to continue to sell receivables
interests to Citibank, N.A., London Branch pursuant to a
Parmalat Receivables Purchase Agreement dated as of November 2,
2000, among Farmland and Milk Products, as Sellers; Initial
Servicers and Eureka Securitisation Plc, as Purchasers; and
Citibank, N.A., London Branch, as Agent.

Farmland anticipates emerging from Chapter 11 by the end of
March 2005.  Farmland, however, finds that an immediate and
critical need exists to obtain additional credit to continue the
operation of its business through the effective date of its Plan
of Reorganization.  Without additional credit, Farmland will not
have enough cash to obtain milk in an amount sufficient to carry
on its business, pay its payroll and other operating expenses,
or obtain other goods and services needed to carry on its
business in a manner that will avoid irreparable harm to its
estate.

Farmland currently has made cash deposits in the aggregate
amount of approximately $5.2 million with various state
regulatory milk boards, which deposits are required to be posted
under state law to secure its payments for its milk supply in
various states.  In addition, Farmland has made a cash deposit
of approximately $4.5 million with American Insurance Group,
Inc., to secure payment of Farmland's deductible obligations on
its workman's compensation and automobile insurance policies.
Farmland would like to access the cash deposits and use the cash
to fund the operations of its business.

The Milk Boards have agreed to release the cash deposits they
hold to Farmland if Farmland replaces them with letters of
credit issued by a reputable lender.  In addition, Farmland is
in discussions with AIG to release a cash deposit it is holding
if Farmland replaces it with a letter of credit.

Farmland was also required to post a cash deposit or LC of
approximately $2 million with the New York Milk Board.  In
addition, Farmland is currently required to prepay for milk
purchased from Michigan milk suppliers and could improve its
cash position by approximately $500,000 by posting a $1 million
letter of credit with the Michigan Milk Board.  Overall,
Farmland could improve its cash position by approximately $12.2
million by posting LCs of approximately $12.7 million with the
Milk Boards and AIG.

Farmland is pursuing other means of generating additional cash
to fund its operations.  Under the terms of the Existing Final
DIP Order, the U.S. Debtors are authorized to borrow and re-
borrow postpetition loans, and required to repay those loans
with the proceeds of any non-ordinary course transactions.
Farmland currently anticipates that it will conduct one or more
sales of non-core assets prior to the Plan Effective Date, the
proceeds of which would be used to supplement the additional
credit being provided.  Nonetheless, the timing of those sales
remains uncertain, and in any event, they will not occur in
sufficient time to meet Farmland's cash needs for December 2004
and January 2005, giving rise to a short-term liquidity need
that could not be met by the Existing Postpetition Loans.

Stephen B. Selbst, Esq., at McDermott Will & Emery, LLP, in New
York, the U.S. Debtors' Conflicts Counsel, relates that Farmland
has been otherwise unable to obtain the required funds in the
form of unsecured credit or unsecured debt allowable under
Section 503(b)(1), as an administrative expense, as unsecured
debt having the priority afforded by Section 364(c)(1), or as
debt secured as described in Section 364(c)(2).

The Supplemental Postpetition Agent, however, agreed to meet
those short-term liquidity needs under the terms of the
Supplemental Postpetition Financing Documents, but conditioned
it on Farmland's willingness to repay the Supplemental
Postpetition Loans by replacing or canceling the LCs in the
event a sale or other liquidity event makes that replacement
possible.  To that end, the supplemental financing is contingent
on the Court approving a stipulation designed to permit the
issuance of LCs under the Existing Final DIP Order.

             $15,000,000 GECC Supplemental Financing

The salient terms of the Supplemental Postpetition Credit
Agreement are:

   (a) Letters of Credit

       * Farmland may request the issuance of LCs for the
         benefit of the Milk Boards and, to the extent approved
         by the Supplemental Postpetition Agent in its sole
         discretion, any other person, in an aggregate amount up
         to $15,000,000.

       * If the Supplemental Postpetition Credit Agreement
         terminates or matures prior to the expiration of any
         LC, that LC must be replaced or returned.  To the
         extent that Farmland is unable to replace or return any
         of the LCs, the LC must be secured by a back-to-back LC
         or cash collateralized in an amount equal to 105% of
         the face amount of that LC.

       * The LCs may be replaced by Farmland at any time.

       * If Farmland receives proceeds of any non-ordinary
         course transaction in excess of $1,000,000 that are
         used to repay the Existing Postpetition Loans, Farmland
         may be required to replace the LCs with the ones issued
         under the Existing Postpetition Loans if sufficient
         availability under the Existing Postpetition Loans
         exists to replace one or more of the LCs.

       * Farmland may not agree to enter into an agreement to
         sell any assets outside the ordinary course of
         business, unless the buyer of those assets agrees to
         replace any LCs that have previously been delivered to
         any Milk Board to secure the supply of goods or
         services to that Facility, and unless that condition is
         waived by the Supplemental Postpetition Agent.

   (b) Use of Proceeds

       * The proceeds of the Supplemental Postpetition Loans or
         the collateral may only be used as permitted in the
         Existing Final DIP Order or in the Supplemental
         Postpetition Financing Documents.

       * All proceeds of the sale, collection or other
         disposition of Supplemental Postpetition Collateral are
         to be applied in accordance with the payment priorities
         set forth in the Existing Final DIP Order except that,
         following termination of the Supplemental Postpetition
         Credit Agreement, proceeds that would otherwise be made
         available to Farmland must first be used to repay or
         secure any obligations under the Supplemental Post-
         petition Credit Agreement.

       * Except for certain permitted professional fees and
         expenses, no expenses of administration of the Chapter
         11 case or any future proceeding that may result from
         it are to be charged against the Supplemental
         Postpetition Collateral pursuant to Section 506(c)
         without the prior written consent of the Supplemental
         Postpetition Agent.

       * Farmland is enjoined from granting liens in the
         Supplemental Postpetition Collateral or any portion to
         any other parties pursuant to Section 364 or otherwise,
         which liens are senior, or on a parity with, the liens
         being granted to the Supplemental Postpetition Agent.

       * The Supplemental Postpetition Agent is not to be
         subject to the equitable doctrine of "marshaling" with
         respect to any of the Supplemental Postpetition
         Collateral.

   (c) Grant of Liens

       * The Supplemental Postpetition Loan will be secured by
         priming liens under Sections 364(c)(3) and 364(d) in
         all the Supplemental Postpetition Collateral, which
         includes substantially all of Farmland's assets, except
         certain leased equipment that is owned by the
         Prepetition Lessor and avoidance actions.

       * The Supplemental Postpetition Liens will be subject and
         subordinate to the Postpetition Liens, the Adequate
         Protection Liens, the Citibank Adequate Protection
         Liens, the Second Mortgages, the Junior Liens, and the
         Permitted Fee Expenses -- each as defined in the
         Existing Final DIP Order -- but will be senior and
         superior to all other existing liens.

   (d) Superpriority Claim

       * The Supplemental Postpetition Loans will be secured by
         an allowed claim in accordance with the provisions of
         Section 364(c)(1) with priority over all other
         administrative expenses, subject and subordinate only
         to the Permitted Fee Expenses, the Super-priority
         Claim, and the Section 507(b) Claim, the Citibank
         Adequate Protection Claim, and any Junior Reimbursement
         Claims -- each, as defined in the Existing Final DIP
         Order.

       * The Supplemental Super-priority Claim will not be
         payable from the proceeds of any avoidance actions.

   (e) Termination Event

       * Subject to the providing of notice, Farmland is not
         authorized to use cash collateral, request the issuance
         of LCs, or use any proceeds of the Supplemental
         Postpetition Collateral already received on the
         earliest to occur of any of these events if the
         Supplemental Postpetition Agent, in its sole
         discretion, terminates the Supplemental Postpetition
         Credit Agreement:

           (i) Material non-compliance by Farmland with any of
               the terms or provisions of the Supplemental
               Postpetition Financing Documents;

          (ii) Entry of an order authorizing the use of the
               Supplemental Postpetition Collateral in any way
               that is inconsistent with the Supplemental
               Postpetition Financing Documents, or to grant any
               liens or claims senior to the Supplemental
               Postpetition Liens or the Supplemental Super-
               priority Claim;

         (iii) Farmland files any Plan of Reorganization other
               than one providing for the indefeasible
               cancellation of the LCs;

          (iv) The entry of an order modifying the validity,
               priority, or extent of any liens of the
               Supplemental Postpetition Agent, or the validity
               and enforceability of the claims of the
               Supplemental Postpetition Agent without its
               consent; or

           (v) The occurrence of any absolute termination event
               or Citibank Absolute Termination Event under the
               Existing Final DIP Order.

   (f) Maturity Date

       * The maturity date for the Supplemental Postpetition
         facility will be the earliest of:

           (i) January 14, 2005;

          (ii) the consummation, pursuant to Section 363, of the
               sale of substantially all of Farmland's assets;

         (iii) the effective date of any plan of reorganization;

          (iv) conversion of the Chapter 11 case to a case under
               Chapter 7 of the Bankruptcy Code; or

           (v) dismissal of the Chapter 11 case.

   (g) Lenders' Exercise of Rights

       The automatic stay under Section 362(a) will be modified
       to allow the Supplemental Postpetition Agent to take
       certain actions with respect to Farmland's postpetition
       indebtedness following a Termination Event or the
       Maturity Date, provided, however, that the Supplemental
       Post-petition Agent must provide Farmland and the
       Official Committee of Unsecured Creditors with five
       business days' notice, during which time Farmland or the
       Committee may ask the Court to find that no Termination
       Event or Maturity Date has occurred.

   (h) Costs

       * Farmland is required to reimburse the Supplemental
         Post-petition Agent for its costs and expenses relating
         to the Supplemental Postpetition Credit Agreement.
         None of those costs and expenses will be subject to
         Court approval or the U.S. Trustee guidelines, and no
         interim or final fee application need be filed with the
         Court, provided, however, that Farmland, the U.S.
         Trustee, and the Committee will be provided with a
         summary of those fees and expenses 10 days prior to the
         payment.

       * Farmland, the Committee, or the U.S. Trustee may object
         to those fees, provided, however, that if no objection
         is filed within the 10-day period, then those fees must
         be paid.

   (i) Fees to Supplemental Postpetition Lenders

       * Farmland is required to pay a $237,500 arrangement fee
         to the Supplemental Postpetition Agent, deemed earned
         on the Agreement's effective date and due and payable
         on the earlier to occur of the Maturity Date or the
         Termination Date.

       * Farmland is required to pay a fee equal to 4-1/2% per
         year multiplied by the maximum amount available from
         time to time to be drawn under the applicable LC for
         each month during which any LC obligation is
         outstanding.

Mr. Selbst notes that the January 14 Maturity Date under the
Supplemental Postpetition Credit Agreement is the same as the
maturity date for the Existing Postpetition Loan and the
Receivables Purchase Agreement.  Farmland anticipates, however,
that each of those facilities will be further extended through
the effective date of the Plan.  Assuming these facilities are
extended as anticipated, the funds made available from the Milk
Boards and AIG as a result of the issuance of the letters of
credit contemplated by the Supplemental Postpetition Credit
Agreement should be sufficient to fund Farmland's operations
through the confirmation and effective date of the Plan.
Farmland does not anticipate a need for further postpetition
financing.

The Supplemental Postpetition Loan Agreement also provides that,
except with respect to a carve-out for certain permitted
expenses of professionals, the surcharge provisions of Section
506(c) will not be imposed on the Supplemental Postpetition
Agent or Supplemental Postpetition Lenders or any of their
property or collateral.

             Supplemental Financing Must Be Approved

Farmland's management has concluded after appropriate
investigation and analysis that the Supplemental Postpetition
Credit Agreement was the best and only viable alternative
available to it for supplemental postpetition financing.  Given
the complexity and immediacy of its financing needs, Farmland
moved quickly to ensure that it would be able to negotiate an
additional financing facility.  There is no reason to believe
that Farmland could have located a different postpetition lender
offering terms more favorable than the Supplemental Postpetition
Lenders, and certainly not before all of Farmland's limited cash
resources were depleted by the search.

In the absence of immediate access to cash and credit,
Farmland's suppliers and third party vendors could refuse to
continue to sell critical supplies to Farmland on reasonable
trade terms, and absent which Farmland will be unable to meet
its current obligations.  In turn, many of Farmland's otherwise
loyal customers could turn to competitors' products, thus
eroding Farmland's valuable customer base and with it its going
concern value.

The Court modifies the automatic stay to the extent necessary to
permit the Supplemental Postpetition Agent to retrieve, collect,
and apply payments and proceeds in accordance with the terms and
provisions of the Supplemental Postpetition Financing Documents.

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


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


STOLT-NIELSEN: Wins Provisional Immunity from Antitrust Suits
-------------------------------------------------------------
Stolt-Nielsen S.A. reports Friday that the United States
District Court for the Eastern District of Pennsylvania "ORDERED
that the United States of America is ENJOINED from indicting or
prosecuting Stolt-Nielsen S.A., Stolt-Nielsen Transportation
Group Ltd. and Richard B. Wingfield for any violations of the
Sherman Act, 15 U.S.C. 1, up to and including January 15, 2003,
in the parcel tanker industry involving transportation to and
from the United States."

In February 2004, Stolt-Nielsen sued in federal court to enforce
the Amnesty Agreement it had entered with the Antitrust Division
on January 15, 2003.  Through this order, the Court enforces the
Amnesty Agreement entered into by Stolt-Nielsen and the
Department of Justice Antitrust Division on January 15, 2003.

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.
          Reid Gearhart
          U.S.
          Phone: 1 212.922.0900
          E-mail: rgearhart@dgi-nyc.com

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


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


ROYAL AHOLD: U.S. Unit Vendors Accused of Conspiracy
----------------------------------------------------
Nine people who worked for U.S. Foodservice's suppliers were
charged of falsifying documents that helped Royal Ahold N.V.'s
unit inflate earnings, Bloomberg News reports.

Prosecutors said the accused conspired to create false
accounting records.  They signed letters to the unit's auditors
overstating promotional allowances -- money that food makers
paid to Ahold for promotions and prime shelf space.  The scheme
enabled the firm to inflate earnings by more than US$800
million.  The nine includes staff from General Mills Inc. and
Tyson Foods Inc.

U.S. Attorney David Kelley said he expects "most, if not all,
will plead guilty."  The nine men surrendered to authorities
Thursday.  They face a maximum 5-year prison term once proven
guilty.

Ahold admitted in 2003 it overstated profit by EUR970 million
(US$1.28 billion) mostly related to fraud involving promotional
allowances at the U.S. unit.  It settled the case with the U.S.
S.E.C. without paying a fine after a 20-month investigation.

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


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


DNO ASA: Rejects Former Adviser's Claims; Files Countersuit
-----------------------------------------------------------
DNO A.S.A. has received legal claims amounting to approximately
US$5 million plus damages from the U.S. company Cambridge
Securities LLC.  Cambridge advised DNO during its attempt to
secure high yield bond financing in U.S.A. during the second
half of 2003.

The claim is filed with New York, United States as venue, and
under U.S. jurisdiction.

DNO is of the opinion that the claims are groundless and
strongly rejects the claims.  DNO has engaged U.S. legal
counsel.

DNO is currently preparing to file a claim in Norway and/or
U.S.A. against Cambridge in the amount of approximately US$6
million for incurred losses plus damages related to the high
yield bond process in 2003.

DNO ASA
14 January 2005

CONTACT:  DNO A.S.A.
          Helge Eide
          Managing Director
          Phone: (+47) 55 22 47 00/(+47) 23 23 84 80


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


ELEKTRIM-MEGADEX: Intends to Settle Rafaco Debt this Year
---------------------------------------------------------
Elektrim-Megadex has promised to pay part of its liabilities to
Rafaco, according to Warsaw Business Journal.

"I cannot reveal any details, but the agreement was signed,
which means that Rafako will not create reserves for our debt,"
said Tomasz Holc, president of Elektrim-Megadex.  Polish
newspaper Parkiet said the figure stands at PLN8 million.  The
report said the payment will be part in cash and part in real
estate.

As at the end of 2004, the firm's debt to Rafaco stood at PLN50
million, PLN43 million of which was related to investment in
power plant ZE PAK, of which Elektrim-Megades is general
contractor.

Meanwhile, banks EBRD, EDC and WestLB, have recommended a loan
to the firm to enable it to conclude investment in ZE PAK.   BPH
and Pekao will decide next week, while BRE Bank will make its
decision by the end of the month.

ZE PAK shareholders are also due to decide on January 24 whether
to sell 9.7 million of shares to Polsat, Elektrim's largest
shareholder.  An approval will enable work to restart at the
plant in April.


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


AGRO-SERVICE: Sets Public Auction Friday
----------------------------------------
The insolvency manager of OJSC Agro-Service (BIC 043807606, TIN
4616002965, KPP 461601001) will sell its property on January 21,
2005, 2:00 p.m.

Up for sale are four lots of vacant buildings and equipment.
Total start price is RUB3,137,000.

Preliminary examination and reception of bids are done from 3:00
p.m. to 6:00 p.m. on or before Jan. 19, 2005.  To participate,
bidders must deposit an amount equivalent to 20% of the starting
price to settlement account number 40702810633310100081,
correspondent account 30101810300000000606, in Kurskoye OSB
8596, Kursk on or before Jan. 19, 2005.

CONTACT:  AGRO-SERVICE
          Russia, Kursk region,
          Oboyan, Lenina Str. 94
          Phone: (0712) 56-22-02


AUTO-TRACTOR: Court Brings in Insolvency Manager
------------------------------------------------
The Arbitration Court of Altay region commenced bankruptcy
proceedings against Auto-Tractor Electro-Equipment after finding
the close joint stock company insolvent.  The case is docketed
as A03-5804/04-B.  Mr. T. Shmakov has been appointed insolvency
manager.  Creditors have until Feb. 10, 2005 to submit their
proofs of claim to 656049, Russia, Barnaul, Post User Box 3503.

A hearing is set on April 27, 2005 1:30 a.m. at 656015, Russia,
Barnaul, Lenina Pr. 76.

CONTACT:  AUTO-TRACTOR ELECTRO-EQUIPMENT
          658204, Russia, Altay region
          Rubtsovsk, Traktornaya Str. 21

          Mr. T. Shmakov
          Insolvency Manager
          656049, Russia, Barnaul
          Post User Box 3503
          Phone: 8 (3852) 366065


BARLUKSKOYE: Bankruptcy Hearing Resumes April
---------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Barlukskoye after finding the close joint
stock company insolvent.  The case is docketed as A19-12025/01-
38.  Ms. E. Timofeeva has been appointed insolvency manager.
hearing is set on April 27, 2005, 11.00 a.m. at the Arbitration
Court of Irkutsk region, 664025, Russia, Irkutsk, Gagarina
Avenue, 70, Room 319.

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

(a) BARLUKSKOYE
    665334, Russia, Irkutsk region,
    Kuytunskiy region, Barluk

(b) Ms. E. Timofeeva
    Insolvency Manager
    664025, Russia, Irkutsk region,
    Post User Box 103

(c) THE ARBITRATION COURT OF IRKUTSK REGION
    664025, Russia, Irkutsk region,
    Gagarina Avenue, 70


DIMITROVOGRAD-KHLEB: Auctioning RUB13.5 Million Worth of Assets
---------------------------------------------------------------
OJSC Dimitrovograd-Khleb-Produkt (BIC 047311818, TIN 7302017998,
KPP 730201001) will sell its properties on January 20, 2005,
12:00 noon at Russia, Ulyanovsk region, Dimitrovograd,
Kuybysheva Str. 235.

For sale are:

(a) Lot 1: Constructions, buildings, machinery and equipment.
    Starting price is RUB11 million (inclusive of VAT); and

(b) Lot 2: Constructions, buildings, machinery and equipment.
    Starting price is RUB3.5 million (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.  To participate,
bidders must deposit an amount equivalent to 15% of the starting
price to settlement account number 40702810400000000818,
correspondent account number 30101810700000000818.

CONTACT:  DIMITROVOGRAD-KHLEB-PRODUKT
          Russia, Ulyanovsk region,
          Dimitrovograd, Kuybysheva Str. 235
          Phone: 8 84235-26701

          BUSINESS-CLUB
          Bidding Organizer
          105066, Russia, Moscow,
          Olkhovskaya Str. 45, Building 1, Office 4


ELIOTBANK: Moscow Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Eliotbank after finding the joint stock company
insolvent.  The case is docketed as A40-49099/04-74-32B.  Mr. R.
Skvortsov has been appointed insolvency manager.
Creditors may submit their proofs of claim to the insolvency
Manager 115035, Russia, Moscow, M-35, Balchug Str. 2, Room 860.

CONTACT:  ELIOTBANK
          121471, Russia, Moscow,
          Mozhayskoye Shosse, 25, Building 1

          Mr. R. Skvortsov
          Insolvency Manager
          115035, Russia, Moscow,
          M-35, Balchug Str. 2, Room 860
          Phone: 747-11-93


GARMENT SLAVYANKA: Declared Insolvent
-------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Garment Factory Slavyanka after finding the
limited liability company insolvent.  The case is docketed as A-
57-208B/04-31.  Mr. A. Volkov has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 412311,
Russia, Saratov region, Balashov, Entuziastov Str. 1.

CONTACT:  GARMENT FACTORY SLAVYANKA
          412311, Russia, Saratov region,
          Balashov, Entuziastov Str. 1

          Mr. A. Volkov
          Insolvency Manager
          412311, Russia, Saratov region,
          Balashov, Entuziastov Str. 1


NIZHNEGOROD-GRAZHDAN: Insolvency Manager Takes over Helm
--------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Nizhnegorod-Grazhdan-Stroy after
finding the open joint stock company insolvent.  The case is
docketed as A43-5095/02-18-130.  Mr. E. Kotkov has been
appointed insolvency manager.  Creditors have until February 17,
2005 to submit their proofs of claim to 603159, Russia, Nizhniy
Novgorod region, Post User Box 76.

CONTACT:  NIZHNEGOROD-GRAZHDAN-STORY
          606440, Russia, Nizhniy Novgorod region
          Bor, Ostrovskogo Str. 14A

          Mr. E. Kotkov
          Insolvency Manager
          603159, Russia, Nizhniy Novgorod region
          Post User Box 76


REINFORCED-CONCRETE 3: Succumbs to Insolvency
---------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Reinforced-Concrete Goods 3 after finding
the open joint stock company insolvent.  The case is docketed as
A08-8980-02-14-24.  Mr. E. Feoktistov has been appointed
insolvency manager.

Creditors may submit their proofs of claim to:

(a) REINFORCED-CONCRETE GOODS 3
    309070, Russia, Belgorod region,
    Yakovlevskiy, Stroitel,
    3rd Zavodskaya Str. 4

(b) Mr. E. Feoktistov
    Insolvency Manager
    308002, Russia, Belgorod-2,
    Post User Box 36

(c) THE ARBITRATION COURT OF BELGOROD REGION
    308000, Russia, Belgorod region,
    Narodnaya Str. 135


THERMO-ENERGY: Under Bankruptcy Supervision
-------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
supervision procedure on CJSC Joined Thermo-Energy Enterprise
(TIN 5753030483).  The case is docketed as A48-7901/04-20B.  Mr.
V. Solomatin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 302036, Russia,
Orel, Komsomolskaya Str. 88, Office 11.

A hearing is set on February 2, 2005.

CONTACT:  JOINED THERMO-ENERGY ENTERPRISE
          302028, Russia, Orel region,
          Furtyeva Str. 27

          Mr. V. Solomatin
          Temporary Insolvency Manager
          302036, Russia, Orel region,
          Komsomolskaya Str. 88, office 11
          Phone: (0862) 77-77-15


YUKOS OIL: Russians Forward Incriminating Data to Swiss Court
-------------------------------------------------------------
The Russian Prosecutor-General's Office has provided Swiss
authorities more materials on the case relating to the arrest of
Yukos Oil's bank accounts, Itar-Taas reports.

According to First Deputy Prosecutor-General Yuri Biryukov, the
document includes a letter from the chief of the law department
of Yukos, Dmitry Gololobov, to former Yukos senior executive
Semyon Kukes.  Mr. Biryukov cited the letter as saying the
company was asking explanation from the Prosecutor-General's
Office for the seizure of US$4.5 billion account of the fund
Veteran founded by Yukos in Switzerland.  The communication was
seized during investigation on money laundering cases.

Mr. Biryukov said: "The letter was dated March 17, 2004, when
the case was already in court.  That is, associates of YUKOS
actively counteracted the investigation."

The Basmanny Court ordered the seizure of the accounts in March.
In July, Interfax News reported that the frozen accounts include
that of Yukos' main stock exchange trader, Petroval, as well as
Yukos lawyers Anton Drel and Vasiliy Aleksanyan.

Investigators believe the accounts hold money that Yukos
allegedly embezzled from the government, lawyer Genrikh Pavda
told the news agency.  The Russian General Prosecutor's Office
believes the deposits amounted to US$5 billion.  The accounts
are included in the assets confiscated by Russia to force the
oil company to pay its US$3.4 billion tax for 2000.

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

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

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

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


YURYUZANSKIY ENGINEERING: Sets Proofs of Claims Deadline
--------------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Yuryuzanskiy Engineering Plant after finding
the open joint stock company insolvent.  The case is docketed as
A76-13745/03-36-487.  Mr. A. Naydenov has been appointed
insolvency manager.   Creditors have until Feb. 10, 2005 to
submit their proofs of claim to 454091, Russia, Chelyabinsk,
Svobody Str. 76-2.

CONTACT:  YURYUZANSKIY ENGINEERING PLANT
          Russia, Chelyabinsk region,
          Yuryuzan, Varganova Str. 1

          Mr. A. Naydenov
          Insolvency Manager
          454091, Russia, Chelyabinsk region,
          Svobody Str. 76-2


===========
S W E D E N
===========


SAAB AB: Rumors of Potential Closure Swirl
------------------------------------------
A business review on how much investment does General Motor's
Saab subsidiary need is fanning fears the plant could be closed,
despite denial from the parent company.

According to the Financial Times, the Swedish car brand could be
axed "if the heavy investment required to revive it is deemed
unjustified."  Yet the report also quoted General Motors
executives and people familiar with the study saying there was
little chance of this happening.

General Motors introduced two new models to the Saab line-up
last year to improve sales, but chairman and chief executive
Rick Wagoner recently admitted that the new 9-2X small Saab had
not met sales targets.

According to chief financial officer John Devine the question is
not whether the brand has a future, but how big.  He also
mentioned the problem of currency risk.  Saab's Trollhattan
factory badly suffered from the strength of the Swedish krona.
It has been losing money for the past 10 years, and General
Motors is in recent months gradually taking control of its
manufacturing, engineering and most design decisions.  The
review is to be completed within three months.

General Motors is also deciding on whether to build its new Opel
Vectra saloon and the replacement for the Saab 9-3 at the
Trollhattan factory.  The plant is vying for the work alongside
Opel's Russelsheim.  Trade unions fear the lose of these
contracts might force the closure of the Trollhattan factory,
which employs 6,000 people.  General Motors denies this.

The Saab factory has a pending contract to produce small
Cadillac, but it is thought the cars would not generate enough
demand to keep the plant open.

CONTACT:  SAAB AB
          Broderna Ugglas gata
          SE-581 88 Linkoping
          Phone: +46-13-18-00-00
          Fax: +46-13-18-00-11
          Web site: http://www.saab.se


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


SWISS INTERNATIONAL: Launches New Zurich-New York Jet Service
-------------------------------------------------------------
Swiss International on Sunday introduced its new Boeing Business
Jet service on the route between Zurich and New York/ Newark.
This attractive product is especially tailored to the needs of
business travelers.  The Boeing 737-800 in service on this
route, which is operated by PrivatAir, can accommodate 56
passengers.

From, Sunday, January 16, the Boeing Business Jet operates as
flight LX 18/19 six times weekly in both directions between
Zurich and New York/Newark.  This service gives Swiss an
attractive, competitive product that is specially designed to
suit business travelers.  A carefully selected schedule and
swift boarding and de-boarding are among its features.

With only 56 seats on board these flights, Swiss passengers can
look forward to a distinctive club-like atmosphere.  Other
comfort-oriented elements are lie-flat seats and a generous seat
pitch of 152 cm (60 inches).  The in-flight meal and beverage
product corresponds to that offered in Swiss Business on long-
haul flights.

PrivatAir operates the Boeing 737-800 on behalf of Swiss.  The
in-flight product is designed by Swiss while the aircraft itself
flies in PrivatAir livery.  PrivatAir is responsible for
aircraft, crew, maintenance and insurance.  Swiss looks after
all commercial aspects such as fuel, handling, catering and all
marketing activities.  With 27 years of experience in the
business aviation industry, PrivatAir, headquartered in Geneva,
is the ideal partner for Swiss in this operation.

Schedule
LX018  12345-7           ZRH 16:45       EWR 20:15
LX019 12345-7            EWR 21:45       ZRH 11:30

The Airbus A330 hitherto used on the Zurich - New York / Newark
route will no longer be deployed.  Daily flights connecting
Zurich and Geneva with New York JFK remain unchanged.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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


CI SECURITIES: Creditors Meeting Set First Week of February
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF CI Securities Limited
                         (In Liquidation)

Notice is hereby given that a meeting of creditors of CI
Securities Limited will be held on Friday, February 4, 2005,
12:30 p.m. in Royal Court Library, Royal Court House, St. Peter
Port, Guernsey for the purposes of the examination and
verification of the Joint Liquidators' financial statement and
creditors claims and preferences by the Commissioner of the
Court and to fix a date for the distribution of the Company's
assets.

Proxies should be lodged with me during the meeting

CONTACT:  Patrick Joseph Brazzill
          Andrew James Offen
          Joint Liquidators


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

                               and

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

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

(a) That Collins Stewart No. II Fund PCC Limited be placed into
    liquidation; and

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

All persons having claims against or who are indebted to the
company are hereby requested to send details thereof in writing
to the liquidator on or before February 10, 2005

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


COSTAIN GROUP: Wins Major Construction Project in Mexico
--------------------------------------------------------
China Harbour-Costain*, an international 50-50 joint venture,
has been awarded a US$170 million contract by Sempra LNG's
Energia Costa Azul to design and construct the breakwater for a
liquefied natural gas (LNG) receipt terminal at Baja California
in Mexico.

The 600-meter breakwater will serve to protect the receipt
terminal's LNG off-loading jetty.

Commencing in January 2005 and lasting 35 months, construction
of the breakwater will involve towing pre-cast concrete
caissons, which will then be sunk to sit on a prepared granular
bed.  In all, there will be 16 caissons, each being 36 meters in
length, 26 meter high and weighing about 9000 tons.  There will
also be 14,140 pre-cast concrete armor blocks weighing up to 43
tons each, with rock/ granular material of some 930,000 tons.
At the peak of construction 800-1,000 workers could be on site.
The hiring of local, qualified workers will be a priority.

"This is a significant contract award for the China Harbour-
Costain joint venture," said Stuart Doughty, Costain Chief
Executive.  "We have a formidable combination of expertise and
experience and we are delighted to be involved in such a
prestigious global project.

"It is testament to the strength of the joint-venture team that
the China Harbour-Costain construction methodology was judged by
the client as the best technical and environmental solution.  We
defeated strong competition from countries such as the U.S.A.,
France and Italy and have now established China Harbour-Costain
as a considerable force in the international market."

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* China Harbour (CHEC), one of China's largest construction
groups and Costain Group PLC, the international construction and
civil engineering company, formed a global alliance in 2004 to
pursue opportunities in international markets, specifically in
the area of marine development and port construction.

The complementary skills base of the CHEC and Costain Joint
Venture makes it a global leader in marine works.  CHEC has one
of the largest marine fleets in the world, whilst Costain has an
international brand with high caliber civil engineering
experience and a global reputation for quality.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

                            *   *   *

In September, Fitch Ratings affirmed Costain Group's ratings at
Senior Unsecured 'B' and Short-term 'B'.  The Outlook is Stable.

The ratings reflect Costain's established market position in the
U.K. engineering and construction sector.  They also reflect
management's progress in adopting a more risk-averse approach in
its business model and towards meeting previously stated
financial targets of 15% annual sales growth and 3% pre-tax
profit margins by 2006.

The ratings also reflect Costain's weak financial profile,
evident in low profitability, negative operational cash flow, a
reliance on profits from joint ventures in overseas property
development, together with a continued sizeable net pension
liability.

CONTACT:  COSTAIN GROUP PLC
          Phone: 01628 842 444
          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director
          Graham Read, Public Relations

          COLLEGE HILL
          Phone: 020 7457 2020

          Mark Garraway
          Matthew Gregorowski


COSTAIN GROUP: Confident of Meeting Full-year Forecast
------------------------------------------------------
Trading Update

Costain Group PLC will be releasing preliminary results for the
year ended 31 December 2004 on Wednesday 16 March 2005.

The Chairman commented: "We are pleased to announce the
continued progress of the Group in the second half of the year
and that the results for the year will be in line with
expectations.  At the end of the year the forward order book is
in excess of GBP1 billion."

Of particular note was the success in water asset management,
securing 5 to 10 year contract wins with Thames, Yorkshire,
Welsh Water and Severn Trent and negotiations are continuing
with United Utilities and Southern Water.  Turnover in the
Building Division continues to increase with a large number of
high profile schemes including ISIS -- another complex high-tech
scientific facility at Harwell, Kingston Hospital, Ealing
Schools and the St. Martins-in-the-Fields re-development.

Our new financial year has got off to an encouraging start with
the announcement of the first contract win by our joint venture
with China Harbour.  This contract, valued at US$170 million
over 3 years with the construction of the breakwater for a
liquefied natural gas (LNG) receipt terminal, is a significant
step forward for both the joint venture and for Costain as the
Group rebuilds its international portfolio of major contract
work.

Our Building Division, as construction partner to Serco Group
plc, has also been selected as preferred bidder for the Ministry
of Defense's (MoD) Defence Academy Campus Integrator contract in
Shrivenham, Wilts.  Costain will be responsible for the
management and integration of the design and build of a new
center of excellence worth a potential GBP85 million.

Stuart Doughty, Chief Executive, commented: "Costain made
further, and significant, progress during the year.  These
recent contract wins and those in the utilities sector underline
the recognition that Costain is a leading contractor, having
significantly de-risked the business and focusing on key areas
of operation in both building and civil engineering.  I look
forward to presenting the outcome for the year."

13 January 2005

CONTACT:  COSTAIN GROUP PLC
          Phone: 01628 842444
          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director

          COLLEGE HILL
          Phone: 020 7457 2020
          Mark Garraway
          Matthew Gregorowski


DALEOAK PROPERTY: Shareholders Opt to Liquidate Firm
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Daleoak Property Limited

Notice is hereby given that at an Extraordinary General Meeting
of the members of Daleoak Property Limited, duly convened and
held on January 10, 2005, these special resolutions were duly
passed:

(a) That the Company be placed in voluntary liquidation; and

(b) That Mr. Stafford Drake Challis of P.O. Box 344, Longue
    Hougue House, St Sampson, Guernsey be and is hereby
    appointed liquidator.

All persons having claims against and all persons indebted to
Daleoak Property Limited are required to submit details thereof
to the liquidator on or before February 22, 2005.

CONTACT:  S. D. Challis, Liquidator
          P.O. Box 344
          Longue Hougue House
          St. Sampson, Guernsey


DUPADA LIMITED: Liquidators Take over Helm
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Dupada Limited
                        (In Liquidation)

Notice is hereby given that on January 5, 2005, these special
resolutions was passed by the holders of the entire issued share
capital of Dupada Limited:

(a) That Dupada Limited be placed in voluntary liquidation; and

(b) That Mr. Geoffrey Allez should be appointed as sole
    liquidator for the purpose of winding up the affairs of the
    company.

All persons having claims against or indebted with the company
are hereby requested to send details thereof to the liquidator
on or before January 26, 2005.

CONTACT:  G. W. ALLEZ, Liquidator
          Babbe Le Pelley Tostevin
          18-20 Smith Street,
          St. Peter Port
          Guernsey, GY1 4BL


FEDERAL-MOGUL: Proponents Insist on Estimation of T&N Claims
------------------------------------------------------------
As previously reported, Federal-Mogul Corporation and its
debtor-affiliates, the Official Committee of Unsecured
Creditors, the Official Committee of Asbestos Claimants, the
Official Committee of Equity Security Holders, the Legal
Representative of Future Asbestos Claimants, and JPMorgan Chase
Bank, as Administrative Agent for the Debtors' prepetition
lenders, asked the United States Bankruptcy Court for the
District of Delaware to estimate the claims of T&N Pension
Trustee Limited and Alexander Forbes Trustee Services Limited
relating to the T&N Pension Scheme for the purpose of:

   -- voting on the Third Amended Joint Plan of Reorganization;
      and

   -- distributions in the Debtors' cases on account of their
      claims.

But the T&N Trustees argued that the Plan Proponents' request is
aimed at an English creditor's English-law-governed claims
against English Debtors in plenary English insolvency
proceedings.

According to the T&N Trustees, the Plan Proponents have
acknowledged that the Third Amended Joint Plan does not affect
the sole and exclusive jurisdiction of the English Court in
conducting the administration of the U.K. Debtors under English
law and in relation to any Scheme of Arrangement or Company
Voluntary Arrangement affecting any of the U.K. Debtors.  The
Proposed Plan further states that if the U.K. Debtors were
liquidated, the Pension Trustees' claims would be treated in
accordance with applicable English insolvency laws.

Thus, T&N Pension Trustees asked the Court to deny the Plan
Proponents' Estimation Motion.

                          *     *     *

The Plan Proponents point out that with respect to the U.K.
Debtors, the Third Amended Plan provides in:

    -- Section 8.16.1 that the Plan Proponents will work toward
       an agreement with the Administrators to recommend
       parallel Schemes of Arrangement and Voluntary
       Arrangements or toward Consensual Marketing Procedures;

    -- Section 8.16.2 that in case the efforts stated in Section
       8.16.1 do not succeed, the Plan Proponents will solicit
       proxies from creditors to direct the Administrators to
       recommend parallel Schemes of Arrangement and Voluntary
       Arrangements or discharge the U.K. administration
       Proceedings; and

    -- Section 8.16.4 that holders of claims against the U.K.
       Debtors, other than holders of Asbestos Personal Injury
       Claims, will receive no distributions under the Plan, but
       instead will receive any and all distributions on account
       of their claims pursuant to the U.K. administration
       proceedings in accordance with U.K. insolvency laws.

Representing JPMorgan Chase Bank, one of the Plan Proponents,
Mark D. Collins, Esq., Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that only if the efforts provided
in Sections 8.16.1 and 8.16.2 fail will the Non-Consensual
Marketing Procedures be implemented and only then will the
provisions of Section 8.16.4 be operative.

The T&N Pension Trustees concluded and would like the Bankruptcy
Court to conclude that the provisions of Section 8.16.4 will be
operative, so that they can boot strap into the argument that
the Court need not and should not estimate their claims in aid
of confirmation, Mr. Collins remarks.

Mr. Collins tells Judge Lyons that the Plan Proponents will
continue to proceed pursuant to Sections 8.16.1 and 8.16.2 of
the Plan and expect to continue to do so after the Plan is
confirmed.

                  Estimation Will Aid Confirmation

An estimation of the T&N Pension Trustees' claims is necessary
to aid the Court at the Confirmation Hearing in its:

    -- feasibility determinations; and

    -- determinations whether the Unsecured Claims classes have
       accepted the Plan.

In arguing that the liquidation of their claims will not unduly
delay the bankruptcy proceedings, the Pension Trustees presented
an incomplete picture of the time period required to wind up the
T&N Pension Scheme, if indeed that is their eventual course of
action.  Even assuming a wind-up occurs, the process for winding
up the T&N Pension Scheme and liquidating the T&N Pension
Trustees' claims will only just have begun in early 2005,
contrary to the T&N Pension Trustees' assertions in the
Objection.  "It would be extraordinary, if not impossible, for
the T&N Pension Trustees to have received pricing quotes and to
have identified an insurer willing to provide annuities
sufficient to cover the liabilities of the Pension Scheme at any
point in the near future," Mr. Collins points out.

The Plan Proponents believe that even in the event of a wind-up,
the T&N Pension Trustees' claims will need to be appropriately
discounted and estimated to account for the likelihood that the
T&N Pension Trustees would have to purchase annuities over a
protracted period of time.

The T&N Pension Trustees' assertion that a wind-up of the
Pension Scheme is the appropriate course and should be assumed
in determining their claim at the Confirmation Hearing is
fraught with inconsistencies and contradictions.  The T&N
Pension Trustees have taken several positions that are
irreconcilable:

    (1) The T&N Pension Trustees would run the Pension Scheme as
        a closed fund, rather than winding it up, if they
        received from the Debtors an amount commensurate with
        what they expect to receive in a controlled realization;

    (2) While the Administrator is performing a controlled
        realization, the T&N Pension Trustees will wind up the
        Pension Scheme; and

    (3) A wind-up is independent of commercial reasonableness
        and is mandated by U.K. law.

The T&N Pension Trustees said that a wind-up is mandated by U.K.
law if the T&N Pension Trustees receive a lesser value from the
Plan Proponents than that provided by the "Let it Run" proposal.
But the T&N Pension Trustees refused to take an alternative
settlement offer to the U.K. Court to ask for directions as to
whether the Plan Proponents' monetary proposal was sufficient to
avoid a wind-up.  The T&N Pension Trustees would like to debate
critical legal and factual issues related to their alleged $1.5
billion claim through an exchange of letters.  The only way to
get to the bottom of the issues plaguing a determination of the
T&N Pension Trustees' claims is through a formal discovery and
briefing process, Mr. Collins says.

In addition, the absence of a claims bar date does not indicate
that the request for estimation is not necessary or warranted,
Mr. Collins notes.  A bar date, as it pertains to the T&N
Pension Trustees' claims, would serve no purpose because the
Plan Proponents are fully aware of the existence of the claims.
However, the estimation proceeding is necessary to aid
confirmation and to force the parties' hands in an effort to
achieve resolution.

              U.K. Pension Law v. U.S. Bankruptcy Law

The primary problem of the T&N Pension Trustees' primary
obligor, Turner & Newall, is its U.S. asbestos exposure.  Mr.
Collins reiterates that the only resolution of that problem
requires a Section 524(g) trust mechanism and that is only
available through the insolvency proceeding with the level of
support from asbestos claimants required by Section 524(g).
That level of support requires the support of U.S. asbestos
claimants whose claims constitute 95% of total asbestos claims
against T&N.  Accordingly, Mr. Collins asserts, the U.S.
bankruptcy process is not the source of the problem, but the
solution.

The Debtors have not asked the Court to displace UK pension law
in estimating the T&N Pension Trustees' claims under U.S.
bankruptcy law.  Instead, in accordance with applicable U.S.
bankruptcy principles, the Plan Proponents ask the U.S. Court to
make a determination as to the allowability and amount of those
claims.

The Pension Trustees allege that their claims can only be
estimated after a Scheme of Arrangement or Voluntary Arrangement
is promoted or liquidation occurs.  However, they have sought to
stop the promotion of any Scheme of Arrangement and Voluntary
Arrangements that parallel the Plan unless the Plan Proponents
meet their demands.

                Full Hearing on Estimation is a Must

The T&N Pension Trustees make a number of arguments that require
a full and fair hearing on the estimation of their claims.  By
this motion, the Plan Proponents seek procedures to address each
of these issues so that the Plan Proponents and the Pension
Trustees can fully evaluate the claim after discovery and
briefing and the Court can carefully consider the arguments and
evidence presented by each party.

"If the T&N Pension Trustees desire a candid exchange of
information then they should welcome a discovery process where
questions are answered under oath and documents are exchanged.
And as 'fiduciaries who have no pecuniary interest in augmenting
the size of their claims,' the T&N Pension Trustees should have
no objection to a court process that determines their claims,"
Mr. Collins contends.

For these reasons, the Plan Proponents ask Judge Lyons to
overrule the T&N Pension Trustees' objection to claims
estimation.

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


NORTHERN FOODS: Christmas Trading Disappoints
---------------------------------------------
At our interim results in November, we stressed the challenges
we faced in our critical third quarter trading period due to the
competitive environment.  Christmas trading did not meet
expectations.  Sales levels overall in the Chilled Division in
December were lower than expected, reflecting in particular our
trading with Marks & Spencer.

Sales Data

                                    % change vs 2003
                         13 weeks to   13 weeks to   13 weeks to
                         30 Jun 2004   30 Sep 2004    1 Jan 2005

Underlying sales             +1.6         +5.6           +1.3

Underlying sales to
  five largest customers     +1.5         +4.5           +2.3

Northern Foods 5 largest customers are Marks & Spencer, Tesco,
Asda, Sainsburys and Morrisons.

Underlying sales exclude the effect of disposals and
acquisitions

As at the half-year, we continued to trade a little ahead of the
equivalent 2003/4 profits.  However, the more difficult
Christmas trading and the continuing tough business environment
mean that we now expect the profit before tax and exceptional
items for the year ending 31 March 2005 will be around GBP80
million.

This result compares to a 53-week period in 2003/4 of GBP86
million.

Northern Foods is in the process of significant change and a
clear strategy to support this was outlined in November.  We
continue to make good progress on our short-term priorities,
such as factory rationalization, divisional restructuring and
central procurement.

Although the market place remains challenging and highly
competitive, we are confident that the actions already taken and
those planned will have medium and long- term benefits for the
Group.

There will be a conference call for investors and analysts at
11h00 a.m.  Details will be available from Lara Meinertzhagen at
lara.meinertzhagen@hsgcg.com or 020 7796 4133, after 9h30 a.m.

CONTACT:  NORTHERN FOODS
          Pat O'Driscoll, Chief Executive
          Ian Ellis, Head of Finance
          Phone: 01482 325432 (Anna Coghlan)

          GCG HUDSON SANDLER
          Michael Sandler/Jessica Rouleau
          Phone: 020 7796 4133


PITTARDS PLC: Sells Remaining Factory Site for GBP3.15 Mln
----------------------------------------------------------
Pittards plc announced the sales of both of its former Raw
Material Division's factory sites in Scotland.  The sale of the
factory in Langholm, near Dumfries, for GBP0.12 million was
completed on 17 December 2004.  Conditional contracts have been

exchanged for the sale of the Division's remaining former
factory site at Kinghorn, Fife, for a price of GBP3.15 million.
Completion of the sale is conditional upon receipt of an outline
planning consent satisfactory to the purchaser.

Sheepskin production at the Langholm factory ceased in October
2004 and at Kinghorn in January 2002.  The Kinghorn site, which
is approximately 25 acres in area, has a book value of GBP0.64
million.  Approximately 10 acres is zoned for residential
development in the Kirkcaldy Area Local Plan.  An application
for outline planning consent in conformity with the Local Plan
was submitted in August 2003.

The proceeds of these sales will be primarily applied to the
reduction of bank borrowings.

The difficult trading conditions to which we referred in our
announcement on 3 November continued throughout the second half
of 2004.  The international market for leather is not expected
to recover much before the second quarter of 2005.

Pittards plc produces technically advanced leather for many of
the world's leading brands of gloves, shoes, luxury leathergoods
and sports equipment.

CONTACT:  PITTARDS PLC
          Sherborne Road, Yeovil
          Somerset BA21 5BA, England
          Phone: +44 (0) 1935 474321
          Fax: +44 (0) 1935 427145
          E-mail: glovenquire@pittards.com
          Web site: http://www.pittardsleather.co.uk

          Knowsthorpe Road, Cross Green
          Leeds LS9 0NP, England
          Phone: +44 (0) 113 2495737
          Fax: +44 (0) 113 2481812
          E-mails: shoenquire@pittards.com
                   leathergoods@pittards.com
          Web site: http://www.pittardsleather.co.uk


ROYAL & SUNALLIANCE: Pegs Storm Claims at GBP30 Million
-------------------------------------------------------
Royal & SunAlliance Insurance Group plc announces a preliminary
estimate of GBP30 million, net of reinsurance recoveries, for
claims arising from the recent storms and floods in the U.K. and

Scandinavia.  Some degree of flood and storm damage is expected
in the winter season, and the impact on the first quarter
results will be dependent on weather for the rest of the period.
Royal & SunAlliance's staff provided immediate on-the-ground
assistance and rapid claims processing:

U.K.

Royal & SunAlliance/MORE TH>N loss adjusters were the first
insurers on the ground in Carlisle, arriving within 24 hours.
Operating out of the Royal & SunAlliance Emergency Response
Unit, a 10-strong team coordinated customer advice, fast-tracked
emergency payments and motor claims, and ensured that all known
affected personal and commercial customers were contacted within
5 days.

Scandinavia

The efficiency of Codan and Trygg-Hansa's call centers and
claims handling staff and infrastructure ensured that despite
the large volume of calls no customer had to wait more than 33
seconds to reach a qualified claims handler.

CONTACT:  ROYAL & SUN ALLIANCE INSURANCE GROUP PLC
          9th Floor, 1 Plantation Place, 30 Fenchurch Street
          London EC3M 3BD
          Phone: +44 (0)20 7111 7134

          Analysts
          Helen Pickford
          Phone: +44 (0) 20 7111 7212

          Press Press
          Phil Wilson-Brown
          Phone: +44 (0) 20 7111 7047
          Julius Duncan (Finsbury)
          Phone: +44 (0) 20 7251


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


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