TCREUR_Public/050124.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, January 24, 2005, Vol. 6, No. 16

                            Headlines

F R A N C E

VIVENDI UNIVERSAL: Assures Investors Elektrim Stake Is Intact


G E R M A N Y

BAU-GMBH: Creditors Have Until February to File Claims
DOMAY GMBH: Provisional Administrator Moves in
GAV GEMEINNUTZIGE: Applies for Bankruptcy Proceedings
GLOCKNER & WEBER: Junker & Kollegen Takes over Operations
HEIDELBERGCEMENT AG: Chairman Chooses to Retire Early

HLS-TECHNIK: Chemnitz Court Appoints Provisional Administrator
MG TECHNOLOGIES: Defends Corporate Governance System
REALTECH AG: Sells Unprofitable Aussie Business


G R E E C E

FANCO SA: Posts Changes to Share Capitalization


I R E L A N D

SERCOM SOLUTIONS: Dublin Plant Closure to Render 220 Jobless


I T A L Y

ALITALIA SPA: European Commission Opens Formal Probe
PARMALAT U.S.A.: Modifies, Extends CBA with New Jersey Union


K Y R G Y Z S T A N

AINEK: Sets Public Auction Next Week
ATLAS: Calls Creditors Meeting
BIM-OIL: Proofs of Claim Deadline Expires March
CANET COMPUTERS: Gives Creditors Until March 18 to File Claims
CHOLPONBAI: Selling KGS2 Million Worth of Properties


N E T H E R L A N D S

HAGEMEYER N.V.: Expects Second-half Results to Remain Negative
LAURUS N.V.: 2004 Sales Slightly Down
NUMICO N.V.: Supervisory Board to Name Sixth Member at AGM
SAMAS GROEP: Reorganizes French Sales Operation


P O L A N D

DAEWOO-FSO: Anti-trust Regulator Investigates Support Measures


R U S S I A

ALFA BANK: Proposed Medium-term Notes Get 'B+' Grade from Fitch
BOROVICHSKIY FACTORY: Public Auction Set Wednesday
CHESTER: Selling RUB32 Mln Worth of Assets Wednesday
KASIMOVSKAYA MOVABLE: Under Bankruptcy Supervision
KRASNODARSKIY FACTORY: Undergoes External Management Procedure

LIPETSKIY TRACTOR: Lipetsk Court Appoints Insolvency Manager
MINE KARACHIYANSKAYA: Hires K. Andrusik as Insolvency Manager
PETROPAVLOVSKIY: Proofs of Claim Deadline Set Next Month
SHALUTSKIY MILL: Public Auction of Assets Set Today
VENGEROVSKIY AGRO-SNAB: Declared Insolvent

YASNOPOLYANSKIY FACTORY: Penza Court Appoints Insolvency Manager
YUKOS OIL: Limit Motions to U.S. Issues for Now, Court Rules
YUKOS OIL: Trading Partner Doubts it Can Honor Supply Contract


S P A I N

AVANZIT SA: Caps Turnaround by Installing New Management


U K R A I N E

ARCIZSK' MEAT: Court Appoints Temporary Insolvency Manager
BERDICHIV' MEAT: Succumbs to Bankruptcy
BILOGIRSK' REPAIR: Under Bankruptcy Supervision
GALPRODUKTPOSTACH: Liquidator Enters Firm
GORLIVKA' AUTO: Insolvency Manager to Temporarily Run Business

HOTEL MIKOLAIV: Court Names O. Tomashevskij Insolvency Manager
ORDENA LENINA: Undergoes Bankruptcy Supervision Procedure
TIVER: Insolvency Manager Takes Over Helm
ZAHIDAVTODORBUD: Bankruptcy Case Pending Before Lviv Court


U N I T E D   K I N G D O M

A G REALISATION: Creditors Meeting Set Today
ALPHA FILTRATION: Appoints Joint Liquidators from Baker Tilly
ANDERSON RAND: Liquidator from Stones & Co. Moves in
ANGLO-FRENCH INVESTMENTS: Liquidator's Report out Next Month
ASMRT REALISATIONS: Calls Meeting of Unsecured Creditors

ATR SCAFFOLDING: Hires Joint Liquidators from CBA
CHANNEL MARINE: Shareholders Opt for Liquidation
CHERRYWOOD ENGINEERING: Members Final Meeting Set February 10
CUMBRIA CAREERS: Members Decide to Wind up Firm
EARTH CENTRE: Hires Administrators from Grant Thornton

ECICO FASHION: Members Final Meeting Set February
FILTISAC (UK): Liquidator's Final Report Due Next Month
FILTRONIC PLC: Strengthens Ties with RF Micro Devices
FINE ENGLISH: Members Pass Special Winding up Resolution
FREDIC LIMITED: Sets Creditors Meeting Today

GOURMET INTERNATIONAL: Names Robson Rhodes Administrator
H. HUNTSMAN: Receiver Calls Creditors to a Meeting
HOWE OF BRAMPTON: Hires Liquidator from Armstrong Watson
IBIS (739): Members Meeting Set Next Month
LAURA ASHLEY: Counts on Cost-cutting to Drive Pre-tax Profit Up

LESSBREAKS LIMITED: Claims Filing Period Ends February
LIFECOVER DIRECT.CO.UK: Unsecured Creditors to Meet this Week
MAXIFOTO INTERNATIONAL: Calls General Meeting of Members
MIMAR INSURANCE: Members General Meeting Set February
NEWCO (2A): Bank of Scotland Appoints Ernst & Young Receiver

OPENSHAW GROUP: In Administrative Receivership
OXFORD BIOMEDICA: Investors Thrilled by Third-party Offer
PETER UNDERWOOD: Names Hawdon Bell & Co. Liquidator
QUANDO LIMITED: Administrator from Marlor Walls Moves in
REEKIE MANUFACTURING: Attracts 34 Bidders

RINGDALE U.K.: Exits Company Voluntary Arrangement
ROYAL MAIL: Postcomm Scolds Firm for Anti-competitive Promos
SAFE GARD: Appoints Joint Administrators from Griffins
SUR LA COTE: Final Meeting of Members Set February
UNITED AUCTIONS: Appoints Joint Liquidators from PwC
WASTERUS LIMITED: Sets Deadline for Filing of Claims


                            *********


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


VIVENDI UNIVERSAL: Assures Investors Elektrim Stake Is Intact
-------------------------------------------------------------
During a conference call with investors, Mr. Jacques Espinasse,
Senior Executive Vice President and Chief Financial Officer of
Vivendi Universal, on being asked about the structure of the
group, reiterated that Elektrim Telekomunikacja (Telco), in
which Vivendi Universal is a 49% shareholder, has taken every
measure to legally protect its interest in PTC.

He also stated that Vivendi Universal is looking at every option
for securing its investment in Telco, and has not ruled out a
disposal or an increased stake, which would be accretive for
shareholders.

Vivendi Universal (Paris Bourse:EX FP; NYSE:V) is a leader in
media and telecommunications with activities in television and
film (Canal+ Group), music (Universal Music Group), interactive
games (VU Games) and fixed and mobile telecommunications (SFR
Cegetel Group and Maroc Telecom).

CONTACT:  VIVENDI UNIVERSAL, Paris
          Media:
          Antoine Lefort
          Phone: +33 (0) 1 71 71 11 80
          Agnes Vetillart
          Phone: +33 (0) 1 71 71 30 82
          Alain Delrieu
          Phone: +33 (0) 1 71 71 10 86
          or
          Investor Relations:
          Daniel Scolan
          Phone: +33 (0) 1 71 71 32 91
          Laurence Daniel
          Phone: +33 (0) 1 71 71 12 33
          or

          VIVENDI UNIVERSAL, New York
          Media:
          Flavie Lemarchand-Wood
          Phone: 212-572 1118
          ors
          Investors:
          Eileen McLaughlin
          Phone: 212-572-8961


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


BAU-GMBH: Creditors Have Until February to File Claims
------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Bau-GmbH Hartenstein on Dec. 23, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 10, 2005 to
register their claims with court-appointed provisional
administrator Andreas Schenk.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2005, 9:15 a.m. at Saal 28, im
Gerichtsgebaude Furstenstrasse 21 in Chemnitz 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:  BAU-GMBH HARTENSTEIN
          Lichtensteiner Strasse 2, 08118 Hartenstein
          Contact:
          Dietmar Forster, Manager

          Andreas Schenk, Insolvency Manager
          Franz-Mehring-Str. 15, 08058 Zwickau


DOMAY GMBH: Provisional Administrator Moves in
----------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against DOMAY -- Immobilien + Planen -- GmbH & Co. KG on Dec.
23, 2004.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 8, 2005 to register their claims with court-appointed
provisional administrator Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting on March 22, 2005, 10:30 a.m. at Saal 24, im
Gerichtsgebaude, Furstenstrasse 21, Chemnitz 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:  DOMAY -- IMMOBILIEN+PLANEN -- GMBH & Co. KG
          Leipziger Strasse 214, 09114 Chemnitz
          Contact:
          Martin Domay, Manager

          Dr. Stephan Thiemann, Insolvency Manager
          Leipziger Str. 62, 09113 Chemnitz,
          Web site: http://www.pluta.net


GAV GEMEINNUTZIGE: Applies for Bankruptcy Proceedings
-----------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against GAV Gemeinnutzige Altstoffverwertungs GmbH on Jan. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 25, 2005
to register their claims with court-appointed provisional
administrator Frank Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 28, 2005, 11:15 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, I. Etage, Saal 14 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 4, 2005, 9:00 a.m. at the same venue.

CONTACT:  GAV GEMEINNUTZIGE ALTSTOFFVERWERTUNGS GMBH
          Liebigstr. 50, 52070 Aachen
          Contact:
          Heinz-Dieter Marx, Manager
          Karl-Gierlich-Str. 14, 47877 Willich

          Frank Wiedemann, Insolvency Manager
          Eupener Str. 181, 52066 Aachen
          Phone: 0241/6052800
          Fax: 0241/6052799


GLOCKNER & WEBER: Junker & Kollegen Takes over Operations
---------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Glockner & Weber -- Wekzeugbau -- Gesellschaft mit
beschrankter Haftung on Dec. 22, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 2, 2005 to register their
claims with court-appointed provisional administrator Dr.
Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005, 11:00 a.m. at Saal 28, im
Gerichtsgebaude Furstenstrasse 21 in Chemnitz 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:  GLOCKNER & WEBER -- WERKZEUGBAU -- GESELLSCHAFT MIT
          BESCHRANKTER HAFTUNG
          Contact:
          Weber, G. Glockner, Manager
          Karlsbader Strasse 96, 09465 Sehmatal-Cranzahl

          JUNKER & KOLLEGEN
          Dr. Christoph Junker
          Karcherallee 25a, 01277 Dresden
          Web site: http://www.junker-kollegen.de


HEIDELBERGCEMENT AG: Chairman Chooses to Retire Early
-----------------------------------------------------
Hans Bauer, 60, will resign from his position as Chairman of the
Managing Board of HeidelbergCement AG and is retiring as of 31
January 2005.  The mutually agreed premature termination of his
contract, previously scheduled by the end of 2007, follows on
Mr. Bauer's request.  The Supervisory Board will decide upon his
successor in an extraordinary meeting on Saturday, 22 January
2005.

Heidelberg, 19 January 2005
The Managing Board

CONTACT:  HEIDELBERGCEMENT AG
          Berliner Strasse 6
          69120 Heidelberg, Germany
          Phone: +49-6221-481-227
          Fax: +49-6221-481-217
          Web site: http://www.heidelbergcement.com


HLS-TECHNIK: Chemnitz Court Appoints Provisional Administrator
--------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against HLS-Technik eG on Dec. 28, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 4, 2005 to register their
claims with court-appointed provisional administrator Wolfgang
Hauser.

Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2005, 11:30 a.m. at Saal 24,
Gerichtsgebaude, Furstenstrasse 21, Chemnitz 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.

The firm installs sanitary and heating systems.

CONTACT:  HLS-TECHNIK EG
          Humboldtstrasse 40, 08468 Reichenbach

          Wolfgang Hauser, Insolvency Manager
          Poetenweg 36, 08056 Zwickau


MG TECHNOLOGIES: Defends Corporate Governance System
----------------------------------------------------
The Supervisory Board and Executive Board of Mg technologies AG
strongly reject the statements made in an article featured in
Thursday's edition of CAPITAL magazine.  Having thoroughly
examined the various issues raised in this article, the
company's Supervisory Board had already decided unanimously on
October 15 last year that there was absolutely no truth to these
statements.

"The procedures followed by the Supervisory Board and the
Executive Board in their attempts to clarify the issue of the
separation of functions between individual Supervisory Board
members and the Executive Board were correct at all times.  The
active supporting performed by the Supervisory Board with
respect to the company's business operations is fully consistent
with modern principles of corporate governance," stressed Dr.
Jurgen Heraeus, the chairman of the Supervisory Board.

"The relationship between the Executive Board and the
Supervisory Board functions smoothly and properly and is
characterized by mutual trust.  The Supervisory Board and the
Executive Board strongly condemn any attempts after the fact to
create any impression to the contrary through the one-sided and
selective presentation of documents and statements," said Jurg
Oleas, the chairman of the Executive Board.

CONTACT:  MG TECHNOLOGIES AG
          Communications
          Phone: +49 (0)69 71199 241
          Fax: +49 (0)69 71199 112
          Web site: http://www.mgtechnologies.com


REALTECH AG: Sells Unprofitable Aussie Business
-----------------------------------------------
On January 18, 2005, REALTECH AG sold its Australian subsidiary
REALTECH Australia Pty. Ltd., Sydney, with effect from December
31, 2004, in the context of a management buy out.  REALTECH will
continue to operate under the same company name for the time
being.  The sale relates directly to the unsatisfactory income
situation of REALTECH Australia and represents a step towards a
profitable future for the REALTECH Group.

CONTACT:  REALTECH AG
          69190 Walldorf
          Phone: +49.6227.837.500
          Fax: +49.6227.837.9134
          Volker Hensel
          Investor Relations

          REALTECH AG
          Industriestrasse 39c
          69190  Walldorf
          Deutschland


===========
G R E E C E
===========


FANCO SA: Posts Changes to Share Capitalization
-----------------------------------------------
The Board of Directors of FANCO S.A. announces to shareholders
and investors that the 2nd Recurring Extraordinary General
Meeting of its Shareholders on April 26, 2004, decided, among
other things, on:

(a) The share capital increase of the company by EUR17,584,800,
    through the increase of the par value of its shares, viz.
    from EUR1.54 to EUR3.14 and through the capitalization of
    these reserves:

     (i) by EUR17,538,992.41, reserve deriving from the
         difference arising from a share premium account, and

    (ii) by EUR45,807.59, reserve deriving from extraordinary
         reserves;

(b) The share capital decrease by EUR23,519,670 through the
    offset of accumulated losses, with a respective decrease of
    the par value of the shares, viz. from EUR3.14 to EUR1.00;

(c) The right's share issue of the company in favor of old
    shareholders, through the issue of 54,952,000 new shares, of
    a par value and issue price of EUR1.00, respectively.  Due
    to the non-realization of the right's share issue, in
    accordance with the provisions stipulated in Article 13(a)
    of Codified Law 2190/20, the Extraordinary Shareholders
    General Meeting of Nov. 26, 2004 decided to modify Article 5
    of its Articles of Association, as to indicate the non-
    subscription of the right's share issue of the company.

Therefore, following the aforesaid changes (increase and
decrease), the share capital of the company amounts to
EUR10,990,500 and it is divided into 10,990,500 common
registered shares of a par value of EUR1.00 each.  The Ministry
of Development, by its relevant decision approved the
modification of the relevant article included in the Articles of
Association of the company.  Also, the ATHEX Board of Directors
(session of Jan. 18, 2005) was informed about the aforesaid
changes (increase and decrease) of the par value of the shares
of the company.  Consequently, on Friday, January 24, 2005, the
shares of the company will be traded on the ATHEX under the new
par value, viz. EUR1.00 per share.

CONTACT:  FANCO S.A.
          Kifissou & Constantinoupoleos 1 , 121---32 Peristeri
          Athens
          Phone: +30-210-5708185
          Fax: +30-210-5708200
          Web site: http://www.fanco.gr
          Contact:
          Lambadariou Catherine, Investor Relations
          Thomas Lanaras, President-Executive Member
          Georgios Papaioannou, VP-Independent Non-Executive
                                Member
          Petrus Silvain Mooij, CEO-Executive Member


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


SERCOM SOLUTIONS: Dublin Plant Closure to Render 220 Jobless
------------------------------------------------------------
Approximately 220 employees will lose their jobs when SerCom
Solutions closes its Dublin facility in Clondalkin in three
months, according to Businessworld.

Only 32 employees out of 252 will be relocated in a smaller
facility in Limerick to maintain the support services of the
remaining DCC group operations.  DCC, the parent of SerCom,
plans to extend the Limerick facility and create additional
employment as the Dublin business is transferred.

DCC blames the closure of the Dublin plant to the ongoing trend
to outsource jobs to Eastern European and Asian countries, which
offer cheap labor.  Details of a redundancy package are still
being discussed, according to the report.

DCC, meanwhile, announced it has spent EUR19.3 million on two
new acquisitions.  DCC Energy has acquired Dyneley Holdings, a
British fuel card business; and DCC Healthcare has acquired
Laleham Healthcare, a U.K.-based contract manufacturer.  DCC
expects its business to become profitable and cash generative
after the restructuring of SerCom.

                            *   *   *

DCC is a value-added sales and marketing and support services
group focused on the energy, IT, healthcare and food and
beverage and environmental markets.  Founded in 1976 by Jim
Flavin, Chief Executive and Deputy Chairman, DCC has been listed
on the Irish and London stock exchanges since 1994.  DCC is
headquartered in Ireland and currently employs approximately
3,800 people.  DCC has achieved compound annual growth in
earnings per share of 17.3% over the last ten years.

CONTACT:  SERCOM SOLUTIONS
          Cloverhill Industrial Estate, Clondalkin
          Dublin 22, Ireland
          Phone: +353- 1 405 6500
          Fax: +353- 1 405 6555

          DCC PLC
          DCC House, Brewery Road,
          Stillorgan, Co. Dublin,
          Ireland
          Phone: +353 1 2799 400
          Fax: +353 1 283 1017
          E-mail: info@dcc.ie
          Web site: http://www.dcc.ie


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


ALITALIA SPA: European Commission Opens Formal Probe
----------------------------------------------------
The European Commission formally opened Wednesday an in-depth
investigation on the restructuring plan of ailing national
carrier Alitalia, Reuters says.

The probe will focus on uncovering traces of illegal state aid
in the restructuring plan, which entails splitting the carrier
into two separate business units: AZ Fly and AZ Service.  The
regulator wants to confirm whether AZ Fly's planned EUR1.2
billion capital increase and AZ Service's partial sale to state
holding group Fintecna will violate European Union rules on
state aid.  Under the "one time, last time" principle, Alitalia
cannot avail of further state aid because it received government
assistance in 1996 and 1997.  Italy, however, may provide
financial aid on the same terms as a private investor.

Through the probe, the regulator wants to make sure that
Alitalia's plan will "comply with the principle of a prudent
investor operating in a market economy."  E.C. also wants to
make sure "commercial ties between [AZ Fly and AZ Services] are
in order."

Commission Vice-President Jacques Barrot said the government
presented a "serious industrial plan," but some elements need
clarification to make sure it "does not contain state aid."  The
probe, according to E.U. rules, might last 18 months, but Mr.
Barrot earlier promised a swift investigation so as not to put
Alitalia's future in jeopardy.  E.C. decided to launch the probe
after examining restructuring documents submitted by Italy.

Regarding AZ Fly, E.C. is expected to dig into the details of
the capital increase, including the participation of private
investors and its effect on the government's 62% stake in
Alitalia.  E.C. wants the Italian government to present letters
of intent from banks assuring inflows of private funds.  The
regulator will keep an eye on the government's promise to reduce
its current stake to 49% or less.  To recall, this pledge
enabled Alitalia to gain access last year to a EUR400 million
state-guaranteed bridging loan it needed to continue operations.

E.C. would seek the services of an independent expert to check
the planned takeover by state-owned holding Fintecna of AZ
Services.  The expert would look into AZ Services' operations as
well as its profitability.  The regulator wants to make sure
Fintecna will act as a "prudent investor" in acquiring AZ
Services.

Several airlines, particularly the European Low Fares Airline
Association (ELFAA), have submitted position papers objecting to
further state aid for Alitalia.  ELFAA president Stefan Mr.
Vilner said in a letter to E.C. that further aid will distort
the Italian low-fare travel market, in which association members
operate around 130 routes.

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.: Modifies, Extends CBA with New Jersey Union
------------------------------------------------------------
Farmland Dairies, LLC sought and obtained the authority of the
U.S. Bankruptcy Court for the Southern District of New York to
enter into an agreement modifying and further extending the
terms of a Collective Bargaining Agreement with Local 338,
RWDSU/UFCW, and AFL-CIO, covering 300 employees at Farmland's
Wallington, New Jersey facility.  The agreement extending the
CBA was signed by the Parties on December 22, 2004, and Farmland
has been advised that General Electric Capital Corporation, as
one of the postpetition lenders, supports the CBA modifications.

The salient terms of the December 22 Agreement include:

   -- The CBA will remain in full force and effect through and
      including September 30, 2008;

   -- All full-time Union Employees on the payroll will receive
      a $700 lump-sum wage payment.  All part-time Union
      Employees will receive a lump-sum payment pro rated based
      on their average hours worked.  All Union Employees will
      receive annual wage increases of $15 per week effective
      October 1, 2005, $20 per week effective October 1, 2006,
      and $25 per week effective October 1, 2007.

   -- Effective July 1, 2005, any work on holidays for all
      Union Employees will be considered overtime work, and the
      employee will be paid one and one-half times the regular
      hourly wage for all hours worked, and will be paid for the
      holiday.

   -- Effective October 1, 2006, each Union Employee who has
      successfully completed the probationary period will be
      entitled to receive one additional sick/personal day with
      pay each calendar year.

   -- Farmland will be permitted to utilize owner-operators so
      long as the number of owner-operators as of November 1,
      2004, will not be increased without the Union's consent.

   -- Farmland make these payments to the Local 338 Health and
      Welfare Fund:

      (a) effective December 1, 2004, $550 per month for each of
          its regular full time Union Employees and $115 per
          month for each of its regular part-time Union
          Employees;

      (b) effective October 1, 2005, Farmland will pay them $600
          and $135 per month;

      (c) effective October 1, 2006, Farmland will pay them $650
          and $155 per month; and

      (d) effective October 1, 2007, Farmland will pay them $700
          and $175 per month.

   -- Farmland will make these payments to the Local 338
      Retirement Fund:

      (a) effective December 1, 2004, $160 per month for each of
          its regular full-time Union Employees and $50 per
          month for each of its regular part-time Union
          Employees;

      (b) effective October 1, 2005, Farmland will pay $170 and
          $55 per month;

      (c) effective October 1, 2006, Farmland will pay $190 and
          $60 per month; and

      (d) effective October 1, 2007, Farmland will pay $205 and
          $65 per month.

   -- Effective October 1, 2005, Farmland will increase its
      monthly contribution to the Local 338 Dental and Legal
      Services Fund to $35 per month for each of its regular
      full-time Union Employees.  Effective October 1, 2006,
      Farmland will increase its monthly contribution to $40 per
      month for each of its regular full-time Union Employees
      and to $30 per month for each of its regular part-time
      Union Employees.

Marcia L. Goldstein, Esq. at Weil, Gotshal & Manges, LLP in New
York, relates that in negotiating the December 22 Agreement,
Farmland considered the complexity of its reorganization efforts
and the importance of the Union Employees to its business and
the value of its estate.  The Agreement will promote labor
stability and ensure the continuation of uninterrupted
operations at the New Jersey Facility.  In the absence of an
agreement to extend the CBA, the risk of strike and work
stoppages is greatly increased, which, in turn, may severely
disrupt Farmland's ability to provide products to its customers.

Farmland believes that the terms of the Agreement represent
fair-market increases for the Union and that the four-year
Extension Period is beneficial for both Parties.

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. 41; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


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


AINEK: Sets Public Auction Next Week
------------------------------------
The bidding organizer and insolvency manager of Joint Stock
Company Ainek will sell its properties on Feb. 2, 2005,
10:00 p.m.  The public auction will take place at Kyrgyzstan,
Bishkek, Fatianov Str. 1.

For sale are five lots of technical equipment.  Assets can be
inspected at Kyrgyzstan, Tokmok, Industrial Zone.  To
participate, bidders must submit all necessary documents and
deposit an amount equivalent to 10% of the starting price on or
before Feb. 1, 2005.  For more information, call (0-312) 42-38-
45 or (0-312) 42-39-68.


ATLAS: Calls Creditors Meeting
------------------------------
The Inter-District Court of Bishkek on Economic Issues commenced
bankruptcy supervision procedure on LLC Atlas on December 23,
2004.  The case is docketed as 03-3679/04-C8.  Mr. Almaz
Beisheev (License Number 0124) has been appointed temporary
insolvency manager.

Creditors will meet on February 3, 2005, 2:00 p.m. at Bishkek,
Kulatova Str. 1a, 3rd Floor, Room 11.  They must submit their
proofs of claim and register with the temporary insolvency
manager seven days prior to the meeting.  Proxies must have
authorization to vote.

CONTACT:  Mr. Almaz Beisheev
          Temporary Insolvency Manager
          Phone: (0-312) 42-97-92
                 (0-502) 27-97-90


BIM-OIL: Proofs of Claim Deadline Expires March
-----------------------------------------------
LLC Bim-Oil, which recently became insolvent, will accept proofs
of claim until March 18, 2005 at Bishkek, Tumenskaya Str. 44


CANET COMPUTERS: Gives Creditors Until March 18 to File Claims
--------------------------------------------------------------
LLC Company Canet Computers Limited, which recently became
insolvent, will accept proofs of claim until March 18, 2005 at
Bishkek, Chui Avenue, 113/63


CHOLPONBAI: Selling KGS2 Million Worth of Properties
----------------------------------------------------
The bidding organizer and insolvency manager of Agricultural
Seedage Farm CHolponbai will sell its properties on February 4,
2005, 11:00 a.m.  The public auction will take place at Osh
region, Karabura district, Chymgent.

For sale are:

(a) Lot 1: buildings carrying a starting price of KGS346,000;

(b) Lot 2: transport facilities bearing a starting price of
           KGS24,000; and

(c) Lot 3: hydrotechnical constructions going for a starting
           price of KGS1,764,000.

To participate, bidders must submit the necessary documents and
deposit an amount equivalent to 10% of the starting price to the
insolvency manager.  For more information, call (0-34-22) 5-28-
54 or 5-36-26.


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


HAGEMEYER N.V.: Expects Second-half Results to Remain Negative
--------------------------------------------------------------
Highlights of fourth-quarter results:

(a) Full year 2004 sales: EUR5.4 billion, 3.5% organic growth;

(b) Q4 PPS organic sales growth of 4.7% (same number of working
    days basis);

(c) Q4 sales grew in all major PPS operations except Germany;

(d) Outlook HY2 2004 performance unchanged; and

(e) Full year 2004 results will be presented on February 23,
    2005.

Group sales development

Net sales in      FY       Q4       Q3      HY1     FY[1]     FY
EUR millions    2004     2004     2004     2004     2003    2003

PPS            4,989    1,282    1,278    2,429    4,996   5,062

ITPS               -        -        -        -        -     677

Agencies/CE      438      115      107      216      565     599

Total          5,427    1,397    1,385    2,645    5,561   6,338

Net interest
bearing debt[2]  475      475      669      639     n.a.     927

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Like-for-like: adjusted for the impact of the 2003
    divestments and/or transfer of Tech Pacific, Stokvis Tapes
    Group and Puma

[2] Total net interest bearing debt at the end of the reporting
    period
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Organic Sales Growth [3]

                     FY       Q4       Q3       Q2       Q1
                   2004     2004     2004     2004     2003

PPS                3.8%     5.3%     3.8%     4.9%     1.3%

Agencies/CE        0.5%    -8.4%     4.3%     8.6%    -1.0%

Total Group        3.5%     4.0%     3.8%     5.2%     1.1%

PPS (same number
     of working
     days basis)   3.2%     4.7%     3.5%     3.9%     0.2%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[3] Organic growth: sales growth, not adjusted for number of
    working days, compared to the same period in the prior year
    and excluding the effect of foreign exchange rates and
    divestments and acquisitions.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Rudi de Becker, CEO, said: "In quarter four our core PPS
business realized the highest quarterly sales growth since 2000.
After years of decline, sales growth, on a same number of
working days basis, resumed in the second quarter of 2004 and
continued in the remaining quarters of 2004.  This is a key
indicator of the progress of our turnaround.  Our business has
improved considerably in all operating companies, including the
UK, where the rollout of the new, decentralized logistics model
is on schedule.  With the continuing improvement of our
operations and customer service and the further strengthening of
our organization, I am confident that, if the market does not
deteriorate, we will further grow our sales in 2005.  Positive
also is the reduction of our total net debt by EUR194 million in
the last quarter of the year."

Fourth Quarter and Full Year Sales Evolution

In the fourth quarter of 2004, net sales for the Group were
EUR1,397 million (Q4 2003 EUR1,464 million).  Organic sales
growth for the Group was 4.0% or EUR54 million (first 9 months
of 2004: 3.4%).  The balance of -EUR121 million in the fourth
quarter versus the same period in 2003 is for EUR33 million due
to adverse exchange rate effects and for EUR88 million due to
the net effect of divestments and acquisitions.

Full year 2004 Group sales amounted to EUR5,427 million (FY 2003
EUR6,338 million).  Organic sales growth for the year was 3.5%
or EUR185 million.  The total net effect of divestments and
acquisitions for 2004 is EUR989 million negative.  These mainly
relate to the divestments in 2003 and early 2004 of Tech
Pacific, Stokvis Tapes Group, GPX and the retail activities in
Germany, as well as the termination of the Puma contract.  The
exchange rate effect for the full year was -EUR107 million,
mainly due to the weakening of the USD in the course of 2004.
This was partly offset by a stronger GBP and AUD.

Sales growth for our core Professional Products and Services
(PPS) business accelerated during the fourth quarter.  PPS sales
grew by 4.7% (organic growth on same number of working days
basis) in Q4, which is 120 basis points higher than the 3.5%
growth rate for Q3 and 210 basis points above the 2.6% growth
rate for the first nine months of the year.  The fourth quarter
PPS organic sales growth was the highest quarterly increase
since 2000.

Organic growth for our non-core Agencies/Consumer Electronics
business, not adjusted for number of working days, was 8.4%
negative in the fourth quarter, mainly due to a strong decline
in sales in our consumer electronics markets in the Netherlands.
Full year organic growth was 0.5% positive.

Professional Products and Services (PPS)

All organic sales growth percentages mentioned below are on a
same number of working days basis.  Q4 sales grew in all major
PPS operations with the exception of Germany.  In the U.K.,
organic growth for the fourth quarter was 2.5%.  It was to be
expected that this growth rate would be lower than our Q2 and Q3
sales growth since the rollout of the new decentralized
logistics model was started in the latter part of the year.
Such a project inevitably creates some degree of sales
disruption.  We expect sales growth to accelerate once the new
logistics network will be fully implemented.

Our fourth quarter sales in Germany were still below Q4 2003,
but the rate of decrease has continuously diminished.  Organic
growth in Q4 was 2.7% negative versus 10.0% negative in Q3 and
13.1% negative in Q2.  Our industrial sales show a good
recovery, but the German construction market remains weak.  All
internal causes for our sales decline in Germany have now been
eliminated and the marketing and sales organization has been
considerably strengthened.  We expect sales growth in Germany to
resume in the course of 2005.

Our successful Nordics region continued to grow at a double-
digit rate of 12.0% in the fourth quarter.  This was mainly
driven by continuing high sales levels in the telecom and
utilities segments.  With an organic growth of 6.3%, Spain also
had a strong last quarter of the year.

Fourth quarter sales in the U.S.A. grew by 6.5%.  Adjusted for
sales branch closures and consolidations, this growth is 8.4%.
Throughout the year, a strengthened economy, a continuing
improvement of our service levels and the winning of several new
industrial contracts contributed to our sales growth.  Q4 sales
growth in Asia-Pacific was 4.1% and confirms the recovering
trend of our Australian operation.

Update on U.K. Turnaround

Although considerable progress has been made during 2004, our
U.K. operation remains our biggest turnaround challenge.  As
indicated before, the performance of our National Distribution
Center in Runcorn did not meet our expectations.  Customer
service levels for Newey & Eyre, our main U.K. operation, could
only be maintained by the use of a large number of temporary
staff at Runcorn.  In addition, a high number of emergency
shipments between branches resulted in increased freight costs.
This situation prevented us from reducing our cost base in the
U.K. faster.  It was therefore decided to go for a more
decentralized and simpler logistic model, based on a number of
regional distribution centers.

The implementation of the new model was started during the
latter part of the year and is progressing well.  The full
rollout of the regional distribution centers will be completed
by mid-2005.  This new logistic network will not only result in
a much improved and more stable customer service, but also in a
cost and inventory reduction.  As communicated in a separate
press release, Rod Stoyel has been appointed as the new CEO of
Hagemeyer U.K. and succeeds Angus Fraser, who is leaving the
company.  The appointment of Rod Stoyel will take effect per
January 17, 2005.  Rod Stoyel is an experienced chief executive
and turnaround manager with a broad expertise in leading
logistic operations.  He has a successful track record in
company turnarounds, strategic repositioning and building market
share.  His competence and experience are in line with what we
need in this final stage of the U.K. turnaround.

Outlook HY2 2004 Performance

Hagemeyer's outlook for the second half of 2004 remains
unchanged.  This outlook does not include the 2004 book gain of
approximately EUR56.5 million on the divestment of Hagemeyer's
31.5% participation in Tech Pacific.

In summary, this outlook was and remains:

(a) Group EBITDA before exceptional items will improve in HY2
    2004 (compared to the HY2 2003 like-for-like basis of EUR17
    million positive);

(b) Net exceptional charges are expected to be up to EUR25
    million in HY2 2004;

(c) Net financial expenses in HY2 2004 will be around EUR35
    million;

(d) The HY2 2004 net result will show a substantial improvement
    compared to the HY2 2003 loss, but will still be negative;

(e) Free cash flow (before divestments) will be positive in HY2
    2004, but will still be negative for the full year.

Financial Position

At the end of 2004, the Group's total net interest bearing debt,
including EUR150 million subordinated convertible debt, stood at
EUR475 million, a decrease of EUR194 million compared to EUR669
million as at September 30, 2004, which is mainly the result of
lower working capital.  This decrease also includes the net cash
consideration of EUR83.4 million which Hagemeyer received as a
result of the sale of its 31.5% stake in Tech Pacific.  The
financing facilities available to Hagemeyer were reduced
accordingly.  Hagemeyer's unutilized senior loan facilities at
December 31, 2004, were approximately EUR250 million.

Hagemeyer will have to meet certain financial covenants for its
senior loan facilities as from the end of the financial year
2005.  These covenants are calculated on a 12-months rolling
basis.  As per December 31, 2005, Hagemeyer's net senior debt
versus EBITDA before exceptional items should not exceed a
multiple of 5.5.  The interest cover ratio (EBITDA excluding
exceptional items (after cash exceptional) divided by total net
interest costs) should not be lower than 1.5.  Based on current
projections, Hagemeyer expects to meet its financial covenants
in 2005.

Naarden, January 14, 2005

CONTACT:  HAGEMEYER N.V.
          Rijksweg 69
          1411 GE Naarden
          The Netherlands
          Phone: +31 (0) 35 6957676
          Fax: +31 (0) 35 6944395
          Web site: http://www.hagemeyer.com

          Emilie de Wolf
          Phone: +31 (0) 35 6957676
          E-mail: press@hagemeyer.com


LAURUS N.V.: 2004 Sales Slightly Down
-------------------------------------
Laurus N.V. reports disappointing sales in last year's extremely
competitive market, with net sales in 2004 (53 weeks) of
EUR3.446 billion, compared with EUR3.807 billion in 2003 (52
weeks).  Consumer sales in 2004 (53 weeks) amounted to EUR4.105
billion, compared with EUR4.485 billion in 2003 (52 weeks).
Total like-for-like consumer sales (based on 52 weeks) for Edah,
Konmar Superstores and Super de Boer were down 8.2% compared
with 2003.

The Laurus retail formats are at a transitional stage.  The
process of renewal was started in 2004 at the Edah and Super de
Boer stores, but the remodeled stores were not operational for
long enough last year to reverse the downward trend in total
sales.

The decline in sales manifested itself most clearly at the 'old
style' Edah stores, which have not yet been converted to Edah
Lekker & Laag stores.  Compared with the existing Edah stores,
sales were higher at the 40 stores which were converted to the
Edah Lekker & Laag format in the third and fourth quarters of
2004.  A further 15 stores will be converted over the next three
months, accompanied by further fine-tuning of the Edah Lekker &
Laag format.

The 'old style' Super de Boer stores (those which have not yet
undergone the Refresh revitalization program) are performing
better than the 'old style' Edah stores in the current price
war.  The Super de Boer stores also reported strong
Christmas sales.  A good level of sales is being achieved by the
stores, which have been fully remodeled under the Refresh
program.

The Konmar Superstores are showing signs of a tentative
recovery, reflected mainly in rising volume, but the evidence is
not yet strong enough to be convincing.  A new 'every day low
prices' concept for the Superstores is to be launched shortly.
The first pilot store based on this concept is expected to be
opened in the current quarter and a second in the next quarter.

The success of any retail format depends to a large extent on
its operation at store level -- the most important elements of
which are clean stores, fresh produce, a comprehensive product
range, no long queues at the checkout and 'service with a smile'
- and Laurus shall strongly focus on improving its store
operation in 2005.  The appointments announced in the press
release of 10 January 2005 will undoubtedly contribute to
achieving this goal.

Renewal of the store formats will continue to be a priority in
2005.  As announced in its press release of 15 October 2004,
Laurus expects to invest approximately EUR263-273 million in the
renewal of its store formats up to the end of 2006.  Around
EUR114 million will be invested in Edah (over the period 2004-
2006), around EUR70-80 million in Konmar (over the period 2005-
2006) and approximately EUR79 million in Super de Boer (over the
period 2004-2006).

Number of stores in the Netherlands

                   Dec. 31, 2004   June 30, 2004  Dec. 31, 2003
Edah                  286              287             269
Of which affiliated
independent retailers  58               58              58

Konmar                 43               43              90
Of which affiliated
independent retailers   4                4               4

Super de Boer         392              392             369
Of which affiliated
independent retailers 206              206             214

Total                 721              722             728
Of which affiliated
independent retailers 268              268             276

Laurus and the road to recovery

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

CONTACT:  LAURUS N.V.
          Press:
          F. Kremer
          Phone: 00 31 (0)73 622 37 14/00 31 (0)6


NUMICO N.V.: Supervisory Board to Name Sixth Member at AGM
----------------------------------------------------------
The Supervisory Board of Royal Numico N.V. intends to nominate
Mr. Steven Schuit as a new Supervisory Board member.  His
nomination will be made to the Annual General Meeting of
Shareholders on 11 May 2005.  With the addition of Steven
Schuit, the Supervisory Board will consist of 6 members.  Under
the provisions of the Dutch corporate governance code all but
one member are fully independent.

Steven R. Schuit (62), of Dutch nationality, is partner of the
international law firm Allen & Overy, having specialized in the
fields of corporate governance and corporate finance.  He is
also part-time professor of International Commercial and
Financial Law at the Faculty of Law of the University of
Utrecht.  On 1 May 2005, Steven Schuit will retire from Allen &
Overy as a partner, but will remain in an advisory role.

Rob Zwartendijk, Chairman of Numico's Supervisory Board: "We are
very pleased that Steven Schuit is willing to join our
Supervisory Board.  With his knowledge and worldwide experience
in corporate law and corporate governance, he will provide us
with substantial expertise in these areas."

In further improving its corporate governance policy, Numico has
decided to establish a new Supervisory Board committee
comprising of Nominations, Corporate Governance and the
Corporate Social Responsibility Policy of the company.  It is
the intention that Mr. Schuit will play an important role in
this new committee.

Royal Numico is a high-growth, high-margin specialized nutrition
company with leading positions in Baby Food and Clinical
Nutrition.  The company operates in over 100 countries and
employs approximately 10,500 people (see also:
http://www.numico.com).

CONTACT:  ROYAL NUMICO N.V.
          Corporate Communications
          Phone: +31 20 456 9077

          Investor Relations
          Phone: +31 20 456 9003 0501


SAMAS GROEP: Reorganizes French Sales Operation
-----------------------------------------------
Within the framework of the rationalization of the activities in
France announced on 1 December 2004, Samas Groep made an initial
important step in regard to the new set up of the French sales
operation.

The sales organizations of Roneo and Sansen, which have hitherto
operated separately, will be merged into a new, single
organization called Samas Office.  The new commercial
organization structure will ensure greater synergy between the
Roneo and Sansen brands.  Both brands can then be offered in a
wider product portfolio, thus increasing client choice and
boosting the effectiveness of the sales organization.

As a result of this the sales organizations in the ten largest
cities of France, where both Roneo and Sansen are present, will
be reduced by a total of 74 personnel.  This reorganization will
be effective as of 1st of February.  The costs involved will be
fully covered by previously formed provisions.

Further announcements in regard to restructuring of production
and logistical activities at the French organization are
expected within the next months.

Samas-Groep is an international group targeting the European
office furnishing market.  Annual turnover is about EUR360
million and the Group has around 2,700 permanent employees.
Samas-Groep has some 20 operating companies.  With strong local
brands these have leading market positions in the Benelux area,
Germany, France, the United Kingdom, Switzerland and several
countries in Eastern Europe.  This gives Samas-Groep a leading
position in Europe.  Around 80% of the total workforce is
positioned outside the Netherlands.  Depositary receipts of
shares of Samas-Groep N.V. have been listed on the Euronext
Amsterdam N.V. stock exchange since 1986.  At the end of March
2004 some 70% of these depositary receipts were held by Dutch
investors.  The financial year is from 1 April to 31 March
inclusive.

CONTACT:  SAMAS-GROEP N.V.
          Baarnsche Dijk 10
          3741 LS Baarn
          P.O. Box 427
          3740 AK Baarn
          Phone: 035-5487654
          Fax: 035-5411017
          Web site: http://www.samas.nl
                    http://www.samas.com


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


DAEWOO-FSO: Anti-trust Regulator Investigates Support Measures
--------------------------------------------------------------
The European Commission has opened a formal probe into the
compatibility with E.C. Treaty state aid rules of a series of
public authority measures for the restructuring of Fabryka
Samochodow Osobowych S.A. (FSO ex DAEWOO).  According to the
Commission's preliminarily assessment, some of these measures
have not been granted yet.  E.C. Treaty state aid rules require
Member States not to grant aids or subsidies, which distort or
threaten to distort competition within the E.U.'s Single Market.
The Commission will not examine several other aid measures
granted by the Polish authorities before accession.

The Commission has decided to open a formal investigation into a
number of state aid measures to restructure FSO.  The Commission
considers that the majority of the measures (of about EUR135
million) were not granted yet.  These measures therefore have to
be analyzed by the Commission under the EC Treaty state aid
rules, notably in the light of the 1999 Community Guidelines on
rescue and restructuring aid.

At this stage, the Commission has doubts that the current
restructuring plan meets all conditions laid down in these
guidelines.  In particular, it has doubts that the measures of
the restructuring plan are actually capable of restoring long-
term viability of the firm within a reasonable timescale and
that the aid is limited to the minimum necessary and does not
unduly distort competition.  It is requesting Poland to provide
detailed information and inviting third parties to submit
comments.

It is the first time that the Commission opens the formal
investigation procedure on State aid measures notified by a new
Member State, which have not yet been granted.

Certain other aid measures (worth about EUR35 million) were
actually granted before accession, according to the Commission's
preliminary assessment, and so will not be examined by the
Commission.

The Commission's preliminary assessment focused on determining
whether the proposed aid measures fell into one of three
categories:

(a) were granted before accession but are not applicable after
    accession -- these measures cannot be examined by the
    Commission either under the procedures laid down in Article
    88 EC Treaty or under the Accession Treaty (Annex VI.3);

(b) were granted before accession and are applicable after
    accession -- these measures are subject to a lighter
    assessment under the so-called interim mechanism provided
    for in Annex IV.3 of the Accession Treaty and can become
    "existing aid" if found compatible with the common market;
    or
(c) were not granted before accession; these measures constitute
    new aid and the Commission assesses their compatibility with
    EC Treaty state aid rules.

In the present case all measures fall only under (a) or (c), as
they have been either granted before accession and are not
applicable after accession or have not been granted yet and
therefore constitute new aid.

FSO is a large Polish producer of passenger cars and other
mechanical vehicles, trailers, spare parts and accessories.  It
is located in Warsaw and employs more than 3000 people.  The
difficult economic situation of FSO started in 2000 mainly due
to the bankruptcy of its biggest shareholder Daewoo Motor
Corporation Ltd.  The restructuring program of the company
includes cutting capacity and restructuring its activities.

CONTACT:  DAEWOO-FSO MOTOR
          00-992 Warszawa
          Jagiellonska 88
          Web site: http://www.daewoo.com.pl/


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


ALFA BANK: Proposed Medium-term Notes Get 'B+' Grade from Fitch
---------------------------------------------------------------
Fitch Ratings assigned Alfa MTN Markets Limited's upcoming issue
of medium-term notes an expected Long-term 'B+' rating.  The
rating is contingent upon receipt of final documentation
conforming materially to information already received and the
final rating will be confirmed at that time.

The notes are unconditionally and irrevocably guaranteed jointly
and severally by Alfa-Bank, (rated Long- and Short-term foreign
currency 'B+' and 'B', respectively) and ABH Financial Limited.
The proceeds from the issue will be on-lent to Alfa Bank or ABH
Financial Limited.  The issue is the second under the US$400
million euro medium-term note program (rated Long-term 'B+' for
notes with maturities in excess of one year and Short-term 'B'
for notes with maturities of less than one year).  Further
details on the structure of the transaction can be found in
Fitch's announcement dated 20 October 2004 on
http://www.fitchratings.com.

Alfa Bank is the 100%-owned principal subsidiary of ABH
Financial Limited.  Alfa Bank's principal activity is commercial
and retail banking.  It is also active in investment banking,
trade finance, insurance and asset management.  ABH Financial
Limited also owns Alfa Capital Holdings Limited, which provides
a wide range of investment banking services, such as corporate
finance, securities (mainly equity) brokerage, asset management,
private equity, research and proprietary trading.

CONTACT:  ALFA BANK
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

          James Watson
          Phone: +7 095 956 9901

          Media Relations:
          Campbell McIlroy, London
          Phone: +44 20 7417 4327


BOROVICHSKIY FACTORY: Public Auction Set Wednesday
--------------------------------------------------
The insolvency manager of limited liability company Borovichskiy
Factory Of Wood Working Equipment Company Vector will sell its
property on Jan. 26, 2005, 3:00 p.m.  The public auction will
take place at Russia, Novgorod region, Borovichi, K. Libknekhta
Str. 28.

The assets for sale are:

(a) 20 Buildings. Starting price: RUB22,000,000;

(b) Stock of raw materials, equipment, instruments and others.
    Starting price: RUB5,500,000.

The list of documentary requirements is available at 174411,
Russia, Novgorod region, Borovichi, K. Libknekhta Str. 28.  To
participate, bidders must deposit an amount equivalent to 15% of
the starting price at LLC BZDS COMPANY VECTOR (TIN 5320013390)
settlement account 40702810343050100555 IN Novgorodskiy OSB #
8629 in V. Novgorod, BIC 044959698, correspondent account
30101810100000000698, KPP 532001001.

CONTACT:  BOROVICHSKIY FACTORY OF WOOD WORKING EQUIPMENT
          COMPANY VECTOR
          174411, Russia, Novgorod region,
          Borovichi, K. Libknekhta Str. 28
          Phone/Fax: (81664) 207-63


CHESTER: Selling RUB32 Mln Worth of Assets Wednesday
----------------------------------------------------
The open joint stock company Chester will sell its nominal
shares worth RUB32,000,000 on Jan. 26, 2005, 11:00 a.m.  The
public auction will take place at Russia, Cheboksary, Petrova
Str. 6, 4th floor.

Preliminary examination and reception of bids are done until
5:00 p.m. today.  The list of documentary requirements is
available at Russia, Cheboksary, Petrova Str. 6, 4th floor.

To participate, bidders must deposit an amount to equivalent to
10% of the starting price to TIN 2129030911/KPP 212901001,
settlement account 40702810375020100215 in Chuvashskoye OSB
#8613, BIC 049706609, correspondent account
30101810300000000609.

CONTACT:  CHESTER
          Russia, Cheboksary, Petrova Str. 6, 4th floor
          Phone: (8352) 21-21-00, 21-17-61


KASIMOVSKAYA MOVABLE: Under Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Ryazan region has commenced bankruptcy
supervision procedure on close joint stock company Kasimovskaya
Movable Mechanized Column.  The case is docketed as A54-4308/04-
S1.  Mr. G. Safronov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 390023, Russia,
Ryazan, Novaya Str. 102.  A hearing will take place at the
Arbitration Court of Ryazan region on March 16, 2005.

CONTACT:  KASIMOVSKAYA MOVABLE MECHANIZED COLUMN
          Russia, Ryazan region,
          Kasimov, Sovetskaya Str. 197A

          Mr. G. Safronov
          Temporary Insolvency Manager
          390023, Russia,
          Ryazan, Novaya Str. 102


KRASNODARSKIY FACTORY: Undergoes External Management Procedure
--------------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced external
management bankruptcy procedure on open joint stock company
Krasnodarskiy Factory Of Reinforced-Concrete Goods #1 (TIN
2311011320).  The case is docketed as A-32-12361/2004-1/79-B.
Mr. Z. Shaulov has been appointed external insolvency manager.

CONTACT:  KRASNODARSKIY FACTORY OF REINFORCED-CONCRETE GOODS #1
          Russia, Krasnodar, Repina Pr. 1

          Mr. Z. Shaulov
          External Insolvency Manager
          350007, Russia, Krasnodar-7,
          Post User Box 5973


LIPETSKIY TRACTOR: Lipetsk Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Lipetsk region commenced bankruptcy
proceedings against Lipetskiy Tractor Works (TIN 4824020669)
after finding the open joint stock company insolvent.  The case
is docketed as A36-54-B/9-04.  Mr. A. Golubev has been appointed
insolvency manager.  Creditors have until Feb. 17, 2005 to
submit their proofs of claim to 398006, Russia, Lipetsk,
Krasnozavodskaya Str. 1.

CONTACT:  LIPETSKIY TRACTOR WORKS
          Russia, Lipetsk,
          Krasnozavodskaya Str. 1

          Mr. A. Golubev
          Insolvency Manager
          398006, Russia, Lipetsk,
          Krasnozavodskaya Str. 1


MINE KARACHIYANSKAYA: Hires K. Andrusik as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Mine Karachiyanskaya (OGRN 1024202126882,
TIN 4238012257) after finding the limited liability company
insolvent.  The case is docketed as A27-4290/2004-4.  Mr. K.
Andrusik has been appointed insolvency manager.  Creditors have
until Feb. 17, 2005 to submit their proofs of claim to 650023,
Russia, Kemerovo, Post User Box 2132.

CONTACT:  MINE KARACHIYANSKAYA
          652813, Russia, Kemerovo region,
          Novokuznetskiy region, Nikolaevka

          Mr. K. Andrusik
          Insolvency Manager
          650023, Russia, Kemerovo,
          Post User Box 2132


PETROPAVLOVSKIY: Proofs of Claim Deadline Set Next Month
--------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Petropavlovskiy (TIN 2339000938) after
finding the hemp factory insolvent.  The case is docketed as A-
32-11385/2004-46/82-B.  Mr. Z. Shaulov has been appointed
insolvency manager.  Creditors have until Feb. 17, 2005 to
submit their proofs of claim to 350007, Russia, Krasnodar-7,
Post User Box 5973.

CONTACT:  PETROPAVLOVSKIY
          Russia, Krasnodar region, Kurganinskiy region,
          Petropavlovskaya St. Mira Str. 1

          Mr. Z. Shaulov
          Insolvency Manager
          350007, Russia, Krasnodar-7,
          Post User Box 5973


SHALUTSKIY MILL: Public Auction of Assets Set Today
---------------------------------------------------
The limited liability company Shalutskiy Mill Combine will sell
its property on Jan. 24, 2005, 11:00 a.m.  The public auction
will take place at Russia, Buryatiya republic, Ulan-Ude,
Solnechnaya Str. 7A, Room 306.

The assets for sale are:

Lot 1: Canteen building.  Starting price: RUB500,000;

Lot 2: Production complex with building constructions.  Starting
price: RUB1,850,000.

The list of documentary requirements is available at Russia,
Buryatiya republic, Ulan-Ude, Solnechnaya Str. 7A, Room 306.

CONTACT:  SHALUTSKIY MILL COMBINE
          Russia, Buryatiya republic, Tarbagatayskiy region,
          Shaluty, Dorozhnaya Str. 2

          Insolvency Manager/Bidding Organizer
          Russia, Buryatiya republic, Ulan-Ude,
          Solnechnaya Str. 7A, Room 306


VENGEROVSKIY AGRO-SNAB: Declared Insolvent
------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Vengerovskiy Agro-Snab after finding the
open joint stock company insolvent.  The case is docketed as
A45-8254/04-SB/119.  Mr. S. Izyurov has been appointed
insolvency manager.  Creditors have until Feb. 17, 2005 to
submit their proofs of claim to 632090, Russia, Novosibirsk
region, Severnyj region, Chuvashi, Shkolnaya Str. 4.

CONTACT:  VENGEROVSKIY AGRO-SNAB
          632240, Russia, Novosibirsk region,
          Vengerovo, Lenina Str. 221

          Mr. S. Izyurov
          Insolvency Manager
          632090, Russia, Novosibirsk region,
          Severnyj region, Chuvashi, Shkolnaya Str. 4


YASNOPOLYANSKIY FACTORY: Penza Court Appoints Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Penza region commenced bankruptcy
proceedings against Yasnopolyanskiy Factory Of Silicate Walling
Materials (TIN 5319000488) after finding the open joint stock
company insolvent.  The case is docketed as A49-4286/04-73b/10.
Mr. V. Sedov has been appointed insolvency manager.  Creditors
may submit their proofs of claim to Russia, Penza, Pushkina Str.
3, Office 76.

CONTACT:  YASNOPOLYANSKIY FACTORY OF SILICATE WALLING MATERIALS
          Russia, Penza, Plekhanova Str. 5

          Mr. V. Sedov
          Insolvency Manager
          Russia, Penza,
          Pushkina Str. 3, Office 76


YUKOS OIL: Limit Motions to U.S. Issues for Now, Court Rules
------------------------------------------------------------
A U.S. court on Thursday did not allow Yukos Oil to seek data
supporting its allegation that oil monopoly Gazprom illegally
joined in the sale of its main production unit in December.

Judge Letitica Clark ruled Yukos' fact-finding motions must only
focus on issues related to whether the U.S. court has
jurisdiction in its bankruptcy filing, Reuters reports.

Yukos applied for Chapter 11 in the U.S. in December in an
attempt to block the sale of Yuganskneftegaz, which accounts for
more than 60% of its oil production.  The court banned Gazprom
from participating from the auction, but the unit was
nonetheless sold.

Yukos lawyer Zack Clement argued that Gazpromneft, a unit of
Gazprom, violated the court's ruling by putting up a US$1.2
billion deposit and attending the auction on Dec. 19, even if it
did not bid.  Deutsche Bank, one of the banks which planned to
support Gazprom's bid, is challenging Yukos' bankruptcy filing.
It said Yukos had no operations or employees in the U.S. before
CFO Bruce Misamore arrived there in December.

Gazpromneft lawyer Michael Goldberg said the court must first
decide on the legality of Yukos' bankruptcy filing abroad before
deciding on the merits of the firm's case against Gazprom.
Yukos plans to seek US$20 billion in damages from Gazpromneft.
The court will hear on Feb. 16-17 Deutsche Bank's arguments.

Yugansk was sold to a little-known Russian group Baikal Finance
for US$9.4 billion.  Baikal was eventually bought by state-run
oil producer Rosneft.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

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

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


YUKOS OIL: Trading Partner Doubts it Can Honor Supply Contract
--------------------------------------------------------------
Petroval, the oil-trading unit of Yukos Oil in Geneva, may fail
to honor supply contracts after the sale of Yuganskneftegaz,
according to Bloomberg News.

Petroval chief executive John Lush in a telephone interview said
his company has declared a so-called force majeure, a legal
clause that allows it to suspend shipments because of reasons
outside its control.

The government sold Yuganskneftegaz, which accounts for more
than 60% of Yukos' oil production, in September in an effort to
collect part of US$27.5 billion in back taxes.

Yukos spokesman Alexander Shadrin said Petroval handles a
"significant" part of the company's exports, without citing
figures.  Mr. Lush said the declaration lasts as long as Yugansk
is outside of Yukos' control, but declined to comment further.

Petroval supplies oil to customers including PKN Orlen S.A. of
Poland, Mol Rt of Hungary and AB Mazeikiu Nafta of Lithuania.
In 2003, MOL ordered 7.2 million tons of oil a year for 10 years
from Yukos.  Mazeikiu is due a yearly supply of at least 4.8
million metric tons of oil through 2012 according to an
agreement signed in 2002.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

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

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


=========
S P A I N
=========


AVANZIT SA: Caps Turnaround by Installing New Management
--------------------------------------------------------
The extraordinary shareholders meeting of IT group Avanzit S.A.
on Wednesday approved the appointment of Ramon Soler as its
group chairman.  Former defense and health minister Julian
Garcia Vargas was appointed board member.

According to Cinco Dias, Mr. Soler and the firm's auditors will
widen its inquiry into the conduct of the former administration.
Initially, the probe focused only on how ex-chairman Juan Perez
Aparicio spent EUR1.42 million of funds.  Now it will include
other misappropriations.

Avanzit emerged from a two-year receivership last year.
According to the report, it has already commenced negotiations
for a EUR56 million-participative loan to pay the debt of its
audiovisual subsidiary, Telson.

CONTACT:  AVANZIT S.A.
          C/Alcala 518  28027 Madrid
          Phone: +34 91 754 67 00
          Fax: +34 91 754 67 24
          E-mail: info.avanzit@avanzit.com
                  rrhh@avanzit.com
          Web site: http://www.avanzit.com/


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


ARCIZSK' MEAT: Court Appoints Temporary Insolvency Manager
----------------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on LLC Arciz' Meat Combine (code EDRPOU
00443915).  The case is docketed as 2/138-04-5099.  Arbitral
manager Mrs. Dukovska Inna (License Number AA 249861) has been
appointed temporary insolvency manager.  The company holds
account number 26005315811 at JSB Pivdennij, MFO 328209.

Creditors may submit their proofs of claim to:

(a) ARCIZSK' MEAT COMBINE
    Ukraine, Odesa region,
    Arciz, Bondarev Str. 33

(b) Mrs. Dukovska Inna
    Temporary Insolvency Manager
    65114, Ukraine, Odesa region, a/b 175
    Phone: 8 (067) 485-02-62

(c) ECONOMIC COURT OF ODESA REGION
    65032, Ukraine, Odesa region,
    Shevchenko Avenue, 4


BERDICHIV' MEAT: Succumbs to Bankruptcy
---------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on OJSC Berdichiv' Meat Combine (code
EDRPOU 00443430) on November 11, 2004.  The case is docketed as
3/176 B.  Arbitral manager Mr. Oleg Martinov (License Number AA
779325) has been appointed temporary insolvency manager.  The
company holds account number 26003699 at JSPPB Aval, Berdichiv
branch.

Creditors may submit their proofs of claim to:

(a) BERDICHIV' MEAT COMBINE
    Ukraine, Zhitomir region, Berdichiv,
    Lenin Str. 82

(b) Mr. Oleg Martinov
    Temporary Insolvency Manager
    Ukraine, Zhitomir region,
    Putyatinski Square, 3/65

(c) ECONOMIC COURT OF ZHITOMIR REGION
    10002, Ukraine, Zhitomir region,
    Putyatinski Square, 3/65


BILOGIRSK' REPAIR: Under Bankruptcy Supervision
-----------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on OJSC Bilogirsk' Repair-Transport
Enterprise.  The case is docketed as 2-8/13341-2004.  Mr.
Volodimir Bida (License Number AA 719884) has been appointed
temporary insolvency manager.  The company holds account number
2600931657221 at Oshadbank, Bilogirsk branch 4556, MFO 384191.

Creditors may submit their proofs of claim to:

(a) BILOGIRSK' REPAIR-TRANSPORT ENTERPRISE
    97600, Ukraine, AR Krym region,
    Bilogirsk, Lunacharskij Str. 56

(b) Mr. Volodimir Bida
    Temporary Insolvency Manager
    95000, Ukraine, AR Krym region,
    Simferopol, Molodih Podpolshikov Str. 7

(c) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


GALPRODUKTPOSTACH: Liquidator Enters Firm
-----------------------------------------
The Economic Court of Lviv region declared Galproduktpostach
(code EDRPOU 31526604) insolvent.  The case is docketed as
6/354-29/288.  Mr. Andrij Sibal (License Number AA 485266) has
been appointed liquidator/insolvency manager.

CONTACT:  GALPRODUKTPOSTACH
          Ukraine, Lviv region,
          M. Rilskij Str. 10a/6

          Mr. Andrij Sibal
          Liquidator/Insolvency Manager
          79000, Ukraine, Lviv region,
          P. Doroshenko Str. 61/5

          ECONOMIC COURT OF LVIV REGION
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81


GORLIVKA' AUTO: Insolvency Manager to Temporarily Run Business
--------------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Gorlivka' Auto Base (code EDRPOU 01236064)
on December 7, 2004 after finding the open joint stock company
insolvent.  The case is docketed as 42/107 B.  Arbitral manager
Mr. Dmitro Galunets (License Number AA 419467) has been
appointed liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) GORLIVKA' AUTOBASE
    84619, Ukraine, Donetsk region,
    Gorlivka, Minin i Pozharskij Str. 3 B

(b) Mr. Dmitro Galunets
    Liquidator/Insolvency Manager
    Phone: (0624) 12-31-83
    Mobile Phone: (050) 164-31-38

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


HOTEL MIKOLAIV: Court Names O. Tomashevskij Insolvency Manager
--------------------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Hotel Mikolaiv (code EDRPOU 30282987) on
November 30, 2004 after finding the open joint stock company
insolvent.  The case is docketed as 5/475.  Mr. O. Tomashevskij
(License Number AA 669672) has been appointed
liquidator/insolvency manager.  The company holds account number
260088919 at JSPPB Aval, Mikolaiv regional branch.

Creditors may submit their proofs of claim to:

(a) HOTEL MIKOLAIV
    Ukraine, Mikolaiv region,
    Lenin Avenue, 107

(b) Mr. O. Tomashevskij
    Liquidator/Insolvency Manager
    Phone: (0512) 23-12-61

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


ORDENA LENINA: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on OJSC Ordena Lenina Bird Factory
Pivdenna (code EDRPOU 00952520) on December 9, 2004.  The case
is docketed as 2-6/15437-2004.  Arbitral manager Mr. G. Vudud
(License Number AA 249853) has been appointed temporary
insolvency manager.  The company holds account number 2600773134
at JSPPB Aval, Krym regional branch, MFO 324021.

Creditors may submit their proofs of claim to:

(a) ORDENA LENINA BIRD FACTORY PIVDENNA
    97560, Ukraine, AR Krym region,
    Simferopol district, Perovo, Shkilna str.

(b) Mr. G. Vudud
    Temporary Insolvency Manager
    95048, Ukraine, AR Krym region,
    Simferopol, a/b 2769
    Phone: 8 (050) 669-70-77

(c) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


TIVER: Insolvency Manager Takes Over Helm
-----------------------------------------
The Economic Court of Lviv region declared LLC Tiver (code
EDRPOU 31442949) insolvent.  The case is docketed as 6/343-
29/284.  Mr. Andrij Sibal (License Number AA 485266) has been
appointed liquidator/insolvency manager.

CONTACT:  TIVER
          Ukraine, Lviv region,
          Mechnikov Str. 39a

          Mr. Andrij Sibal
          Liquidator/Insolvency Manager
          79000, Ukraine, Lviv region,
          P. Doroshenko Str. 61/5

          ECONOMIC COURT OF LVIV REGION
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81


ZAHIDAVTODORBUD: Bankruptcy Case Pending Before Lviv Court
----------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Zahidavtodorbud (code EDRPOU 32970625) on
December 10, 2004 after finding the open joint stock company
insolvent.  The case is docketed as 6/397-4/208.  Arbitral
manager Mr. Igor Shimchishin has been appointed
liquidator/insolvency manager.  The company holds account number
26006000469001 at OJSC CB Nadra, Lviv regional branch, MFO
325978.

Creditors may submit their proofs of claim to:

(a) ZAHIDAVTODORBUD
    79035, Ukraine, Lviv region,
    Zelena Str. 238

(b) Mr. Igor Shimchishin
    Liquidator/Insolvency Manager
    79069, Ukraine, Lviv region,
    Shevchenko Str. 400/8

(c) ECONOMIC COURT OF LVIV REGION
    79010, Ukraine, Lviv region,
    Lichakivska Str. 81


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


A G REALISATION: Creditors Meeting Set Today
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF A G Realisation Limited
                       (In Receivership)

A meeting of the creditors of A G Realisation Limited is to be
held at the Palm Court Hotel, 81 Seafield Road, Aberdeen,
Aberdeenshire AB15 7YX, at 11:30 a.m. on Monday, January 24,
2005 under the provisions of Section 67 of the Insolvency Act
1986.

The purpose of this Meeting is to receive the report of the
joint receivers and if the Creditors wish to do so, to appoint a
committee of creditors.  Creditors who have not received notice
of the meeting and wish to attend should contact the receivers'
office.

Any Creditors requiring a copy of the report, which is available
free of charge, should write to PricewaterhouseCoopers, Kintyre
House, 209 West George Street, Glasgow G2 2LW.  Creditors whose
claims are wholly secured are not entitled to attend or be
represented at the meeting.

G. I. Bennet, Joint Receiver

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Kintyre House
          209 West George Street
          Glasgow G2 2LW
          Phone: [44] (0) 131 5242233
          Fax: [44] (0) 131 2604008
          Web site: http://www.pwc.com

          Nicola Morrison
          Phone: 0141 245 2185


ALPHA FILTRATION: Appoints Joint Liquidators from Baker Tilly
-------------------------------------------------------------
At the extraordinary general meeting of the members of Alpha
Filtration Limited on Jan. 6, 2005 held at Baker Tilly,
International House, Queens Road, Brighton, East Sussex BN1 3XE,
the extraordinary and ordinary resolutions to wind up the
company were passed.  Susan Agnes Maund and Andrew White of
Baker Tilly International House, Queens Road, Brighton, East
Sussex BN1 3XE have been appointed joint liquidators of the
company.

CONTACT:  BAKER TILLY
          International House
          Queens Road, Brighton BN1 3XE
          Phone: 01273 223400
          Fax: 01273 223401
          E-mail: jonathan.ericson@bakertilly.co.uk
          Web site: http://www.bakertilly.co.uk


ANDERSON RAND: Liquidator from Stones & Co. Moves in
----------------------------------------------------
At the extraordinary general meeting of the members of Anderson
Rand Limited on Jan. 12, 2005 held at 63 Walter Road, Swansea
SA1 4PT, the extraordinary and ordinary resolutions to wind up
the company were passed.  Gary Sones of Stones & Co., 63 Walter
Road, Swansea SA1 4PT has been nominated liquidator of the
company.

CONTACT:  STONES & CO.
          63 Walter Road, Swansea SA1 4PT


ANGLO-FRENCH INVESTMENTS: Liquidator's Report out Next Month
------------------------------------------------------------
The final meeting of Anglo-French Investments Limited will be on
Feb. 22, 2005 commencing at 11:00 a.m.  It will be held at
Hazlewoods, Windsor House, Barnett Way, Barnwood, Gloucester GL4
3RT.

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

CONTACT:  HAZLEWOODS
          Windsor House, Barnett Way,
          Barnwood, Gloucester GL4 3RT
          Phone: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk


ASMRT REALISATIONS: Calls Meeting of Unsecured Creditors
--------------------------------------------------------
The unsecured creditors of ASMRT Realisations Limited (formerly
Aquasmart Limited) will meet on Jan. 31, 2005 commencing at 2:30
p.m.  It will be held at the Institute of Chartered Accountants
in England and Wales, Chartered Accountants Hall, Moorgate
Place, London EC2R 7EF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to the Institute of Chartered Accountants in England
and Wales, Chartered Accountants Hall, Moorgate Place, London
EC2R 7EF not later than 12:00 noon, Jan. 28, 2005.


ATR SCAFFOLDING: Hires Joint Liquidators from CBA
-------------------------------------------------
At the extraordinary general meeting of ATR Scaffolding Limited
on Jan. 14, 2005 held at 39 Castle Street, Leicester LE1 5WN,
the extraordinary and ordinary resolutions to wind up the
company were passed.  Neil Charles Money and Neil Richard Gibson
of CBA, 39 Castle Street, Leicester LE1 5WN have been appointed
joint liquidators of the company.

CONTACT:  CBA
          39 Castle Street,
          Leicester LE1 5WN


CHANNEL MARINE: Shareholders Opt for Liquidation
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Channel Marine (Sales) Limited

At an Extraordinary General Meeting of the above-named Company,
convened and held at 44 Fullarton Drive, Cambuslang G32 8FA, on
December 17, 2004, at 9:15 a.m. these Special Resolutions were
passed:

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

(b) That Samantha Keen of Grant Thornton U.K. LLP, 31 Carlton
    Crescent, Southampton SO15 2EW, be appointed Liquidator of
    the company for the purposes of the voluntary winding-up.

N. O. Chalmers, Chairman

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


CHERRYWOOD ENGINEERING: Members Final Meeting Set February 10
-------------------------------------------------------------
The final meeting of the members of Cherrywood Engineering
Limited will be on Feb. 10, 2005 commencing at 10:00 a.m.  It
will be held at the offices of K. J. Watkin & Co, Emerald House,
20-22 Anchor Road, Aldridge, Walsall WS9 8PH.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with K. J. Watkin & Co, Emerald House, 20-22 Anchor Road,
Aldridge, Walsall WS9 8PH not later than 12:00 noon, Feb. 9,
2005.

CONTACT:  K. J. WATKIN & CO.
          Emerald House, 20-22 Anchor Road,
          Aldridge, Walsall WS9 8PH


CUMBRIA CAREERS: Members Decide to Wind up Firm
-----------------------------------------------
At the extraordinary general meeting of the members of Cumbria
Careers Limited on Jan. 6, 2005 held at The South Range,
Hackthorpe Hall Business Centre, Hackthorpe, Penrith, Cumbria
CA10 2HX, the special resolution to wind up the company was
passed.  Arthur C. Custance of Armstrong Watson, Fairview House,
Victoria Place, Carlisle, Cumbria CA1 1HP has been appointed
liquidator of the company.

CONTACT:  ARMSTRONG WATSON
          Fairview House, Victoria Place,
          Carlisle, Cumbria CA1 1HP


EARTH CENTRE: Hires Administrators from Grant Thornton
------------------------------------------------------
Keith Hinds and Joseph P. McLean (IP Nos 6745, 8903) have been
appointed administrators for Earth Centre Opportunities Limited.
The appointment was made Jan. 13, 2005.

CONTACT:  GRANT THORNTON
          St John's Centre,
          110 Albion Street,
          Leeds LS2 8LA
          Phone: 0113 245 5514
          Fax: 0113 246 5055
          Web site: http://www.grant-thornton.co.uk


ECICO FASHION: Members Final Meeting Set February
-------------------------------------------------
The final meeting of the members of Ecico Fashion Limited will
be on Feb. 7, 2005 commencing at 11:00 a.m.  It will be held at
24 Bedford Square, London WC1B 3HN.

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


FILTISAC (UK): Liquidator's Final Report Due Next Month
-------------------------------------------------------
The final general meeting of the Filtisac (UK) Limited will be
on Feb. 21, 2005 commencing at 10:00 a.m.  It will be held at
the offices of Elwell Watchorn & Saxton, 109 Swan Street,
Sileby, Leicestershire LE12 7NN.

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

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street, Sileby,
          Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax:   (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


FILTRONIC PLC: Strengthens Ties with RF Micro Devices
-----------------------------------------------------
Filtronic plc announces the signing of a supply agreement for
the manufacture of high volume pHEMT GaAs products on the
Filtronic 6 inch processing facility based in Newton Aycliffe.

RFMD will incorporate Filtronic's pHEMT GaAs products into its
own modules aimed at mobile handset and WLAN applications.
Under the terms of the agreement Filtronic has become RFMD's
Tier 1 supplier for GaAs pHEMT technology, where RFMD will use
Filtronic as its preferred supplier of pHEMT integrated products
for all its requirements.  Multi throw GaAs pHEMT switches are
required in handsets to enable band/mode switching and these are
optimally manufactured using pHEMT GaAs technology.

Filtronic and RFMD have been collaborating to develop and
qualify a range of multi-throw switch products.  Volume
production is due to commence Q2 2005 with initial pre-
production already underway.

Commenting, Professor David Rhodes, Chairman, said: "The
addition of RFMD as customer for the foundry at Newton Aycliffe
is a major step in delivering our strategy of merchant and
custom semiconductor product sales.  Filtronic looks forward to
supporting RFMD in their many projects going forward."

Filtronic plc is a leading global designer and manufacturer of
customized microwave electronic subsystems and components for
the wireless telecommunications and defense industries, and RF
Micro Devices, Inc., (RFMD) a world-leading manufacturer of
proprietary radio frequency integrated circuits (RFICs) for
wireless communications products, based on RFMD's leading HBT
GaAs technology.

CONTACT:  FILTRONIC PLC
          Professor JD Rhodes
          Phone: 01274 231021
          Mobile:  07850 827 280

          Professor JF Roulston
          Phone: 01274 231017
          Mobile:  07800 706 318

          Professor CM Snowden
          Phone: 01274 231452
          Mobile: 07887 651 822

          BINNS & CO. PLC
          Peter Binns
          Phone: 020 7786 9600
          Paul McManus
          Phone: 020 7153 1485
          Mobile: 07980 541 893


FINE ENGLISH: Members Pass Special Winding up Resolution
--------------------------------------------------------
At the extraordinary general meeting of the members of Fine
English Inns Limited on Jan. 12, 2005 held at Brentmead House,
Britannia Road, London N12 9RU, the special resolution to wind
up the company was passed.  Martin Henry Linton has been
appointed liquidator of the company.


FREDIC LIMITED: Sets Creditors Meeting Today
--------------------------------------------
The creditors of Fredic Limited will meet on Jan. 24, 2005
commencing at 3:00 p.m.  It will be held at Smith & Williamson
Limited, Prospect House, 2 Athenaeum Road, London N20 9YU.
Creditors who want to be represented at the meeting may appoint
proxies.

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


GOURMET INTERNATIONAL: Names Robson Rhodes Administrator
--------------------------------------------------------
Geoffrey Paul Rowley and Simon Peter Bower (IP Nos 8919, 8338)
have been appointed joint administrators for Gourmet
International Limited.  The appointment was made Jan. 10, 2005.
The company offers in-catering services.  Its registered office
is located at Unit 24, Airlinks Industrial Estate, Spitfire Way,
Heston, Middlesex TW5 9NR.

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


H. HUNTSMAN: Receiver Calls Creditors to a Meeting
--------------------------------------------------
The creditors of H. Huntsman And Sons Limited will meet on Jan.
28, 2005 commencing at 10:00 a.m.  It will be held at David
Rubin & Partners, Pearl Assurance House, 319 Ballards Lane,
London N12 8LY.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to David Rubin & Partners, Pearl Assurance House,
319 Ballards Lane, London N12 8LY not later than 12:00 noon,
Jan. 27, 2005.

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


HOWE OF BRAMPTON: Hires Liquidator from Armstrong Watson
--------------------------------------------------------
At the extraordinary general meeting of the members of Howe Of
Brampton Limited on Nov. 5, 2004 held at Fairview House,
Victoria Place, Carlisle CA1 1HP, the special resolution to wind
up the company was passed.  Arthur C. Custance of Armstrong
Watson, Fairview House, Victoria Place, Carlisle, Cumbria CA1
1HP has been appointed liquidator of the company.

CONTACT:  ARMSTRONG WATSON
          Fairview House, Victoria Place,
          Carlisle, Cumbria CA1 1HP


IBIS (739): Members Meeting Set Next Month
------------------------------------------
Name of companies:
Ibis (739) Limited
Mellon Fund Administration Limited
Mellon UK Limited
MGIC-UK Limited

The meeting of the members of these companies will be on Feb. 8,
2005 commencing at 10:00 a.m. and thereafter at 15-minute
intervals.  It will be held at Begbies Traynor, Chiltern House,
24-30 King Street, Watford WD14 0BP.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Begbies Traynor, Chiltern House, 24-30 King Street, Watford
WD14 0BP not later than 12:00 noon, Feb. 7, 2005.

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


LAURA ASHLEY: Counts on Cost-cutting to Drive Pre-tax Profit Up
---------------------------------------------------------------
Laura Ashley Holdings plc on Thursday released its trading
update for the 24 weeks to 15 January 2005.

Our Home Furnishings and Fashion businesses have experienced an
improving margin rate, although both have experienced a decline
in turnover.  In the 24 weeks to 15 January 2005, total like-
for-like sales in the U.K. were down 11.6%.  U.K. Home
Furnishings, like-for-like sales decreased 4.1%.  U.K. Fashion
like-for-like sales decreased 28.2 %.

In the 50 weeks to 15 January 2005, total like-for-like sales in
the U.K. were down 10.1%, with U.K. Home Furnishings up 0.1% and
U.K. Fashion down 31.2%.  Over the 50 week period margin rates
in the U.K. have experienced sustained improvement.

In line with the Home Furnishings sector as a whole, we have
experienced a difficult trading environment and increased
competitiveness.  The decline in our Home Furnishings sales is
in part due to this and in part due to a strategy of reduced
reliance on promotional activity.  It is expected that, through
a program of cost cutting and margin improvement, profit before
tax for the full year will be within the range of brokers'
forecasts.

In line with last year, we do not provide Christmas trading
information to the market.  Laura Ashley's Home Furnishings
business represents three quarters of U.K. retail turnover.
Customers tend to make large purchases of furnishings outside
the Christmas period and therefore Christmas trading statistics
do not serve as a useful indication of overall trading
performance.

CONTACT:  LAURA ASHLEY HOLDINGS PLC
          Tom Buchanan

          BRUNSWICK
          Phone: 020 7404 5959
          James Olley


LESSBREAKS LIMITED: Claims Filing Period Ends February
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Lessbreaks Limited

On 21 December 2004, Lessbreaks Limited was placed into Members'
Voluntary Liquidation and James Robert Drummond Smith and
Nicholas James Dargan, of Deloitte & Touche LLP, Athene Place,
66 Shoe Lane, London EC4A 3WA, were appointed joint liquidators.
The company was able to pay all known creditors in full.

Notice is hereby given, pursuant to Rule 4.182A of the
Insolvency Rules 1986, that the joint liquidators of the company
intend making a final distribution to Creditors.

Creditors of the company are required to prove their debt,
before February 8, 2005, by sending to J. R. D. Smith, Joint
Liquidator, at Athene Place, 66 Shoe Lane, London EC4A 3WA,
written statements of the amount they claim to be due to them
from either company.  They must also, if so requested, provide
such further details or produce such documentary or other
evidence as may appear to the joint liquidators to be necessary.

A Creditor who has not proved his debt on or before February 8,
2005, or who increases the claim in his proof after that date,
will not be entitled to disturb the intended final
distributions.  The joint liquidators may make the intended
distributions without regard to the claim of any person in
respect of a debt not proved or claim increased by that date.

The joint liquidators intend that, after paying or providing for
a final distribution in respect of the claims of all creditors
who have proved their debt, the funds remaining in the hands of
the joint liquidators shall be distributed to Shareholders
absolutely.

J. R. D. Smith, Joint Liquidator

January 4, 2005

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


LIFECOVER DIRECT.CO.UK: Unsecured Creditors to Meet this Week
-------------------------------------------------------------
The unsecured creditors of Lifecover Direct.Co.UK Limited will
meet on Jan. 27, 2005 at 10:00 a.m.  It will be held at 43-45
Milford Street, Salisbury, Wiltshire SP1 2BP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Knights and Co, 43-45 Milford Street, Salisbury,
Wiltshire SP1 2BP not later than 12:00 noon, Jan. 26, 2005.

CONTACT:  KNIGHTS AND CO.
          43-45 Milford Street,
          Salisbury, Wiltshire SP1 2BP


MAXIFOTO INTERNATIONAL: Calls General Meeting of Members
--------------------------------------------------------
The general meeting of Maxifoto International Limited will be on
Feb. 24, 2005 at 10:00 a.m.  It will be held at 60-62 Old London
Road, Kingston upon Thames, Surrey KT2 6QZ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Marks Bloom, 60-62 Old London Road, Kingston upon Thames,
Surrey KT2 6QZ not later than 12:00 noon, Feb. 23, 2005.

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


MIMAR INSURANCE: Members General Meeting Set February
-----------------------------------------------------
The general meeting of Mimar Insurance Services Limited will be
on Feb. 16, 2005 at 10:00 a.m.  It will be held at 3-5
Rickmansworth Road, Watford, Hertfordshire WD18 0GX.

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


NEWCO (2A): Bank of Scotland Appoints Ernst & Young Receiver
------------------------------------------------------------
Bank of Scotland called in Simon Allport and Roy Bailey (Office
Holder Nos 8763, 8357) joint administrative receivers for Newco
(2A) Limited (Reg No 4032494, Trade Classification: 10).  The
application was filed Jan. 10, 2005.  The company manufactures
and distributes inks and coatings for the print industry.

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


OPENSHAW GROUP: In Administrative Receivership
----------------------------------------------
Bank of Scotland called in Simon Allport and Roy Bailey (Office
Holder Nos 8763, 8357) joint administrative receivers for
Openshaw Group Limited (Reg No 00358077, Trade Classification:
10).  The application was filed Jan. 10, 2005.  The company
manufactures and distributes of inks and coatings for the print
industry.

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


OXFORD BIOMEDICA: Investors Thrilled by Third-party Offer
---------------------------------------------------------
Shares of Oxford Biomedica jumped 18% after news of a possible
merger came out Tuesday last week, according to The Scotsman.

The company confirmed it had been approached by a third party to
discuss a merger, but refused to identify the party.  It said
the new investor is willing to finance its project to develop
potential blockbuster drugs like TroVax.

Oxford BioMedica has failed to become a profitable company since
being span-out from Oxford University in 1995. It under-
performed the rest of the biotechnology sector last year,
according to the paper.

CONTACT:  Oxford BioMedica plc
          Medawar Centre
          Robert Robinson Avenue
          The Oxford Science Park
          Oxford OX4 4GA
          United Kingdom
          Phone: +44 (0) 1865 783000
          Fax: +44 (0) 1865 783 001
          E-mail: enquiries@oxfordbiomedica.co.uk
          Web site: http://www.oxfordbiomedica.co.uk


PETER UNDERWOOD: Names Hawdon Bell & Co. Liquidator
---------------------------------------------------
At the extraordinary general meeting of the members of Peter
Underwood Limited on Jan. 12, 2005, the subjoined special
resolution to wind up the company was passed.  Simon John Lundy
and John Bell of Hawdon Bell & Co, 4 Northumberland Place, North
Shields NE30 1QP have been appointed joint liquidators of the
company.

CONTACT:  HAWDON BELL & CO.
          4 Northumberland Place,
          North Shields NE30 1QP


QUANDO LIMITED: Administrator from Marlor Walls Moves in
--------------------------------------------------------
A. R. Marlor (IP No 005674) has been appointed administrator for
electrical and mechanical contractors Quando Limited.  The
appointment was made Jan. 13, 2005.  Its registered office is
located at 353-355 Old Durham Road, Gateshead, Tyne & Wear NE9
5LA.

CONTACT:  MARLOR WALLS
          C12 Marquis Court, Marquis Way,
          Team Valley, Gateshead NE11 0RU


REEKIE MANUFACTURING: Attracts 34 Bidders
-----------------------------------------
The Joint Administrators of Reekie Manufacturing Ltd. sets the
closing date for offers for the business and assets of the
Forfar-based agricultural firm at 5:00 p.m. on Tuesday 25
January 2005.

Joint Administrator, Blair Nimmo, head of KPMG Corporate
Recovery in Scotland, said: "We are pleased with the level of
interest expressed in the business and assets to date.  34
parties have expressed specific interests, many of whom have
requested further details and have visited the premises.  On
that basis, we are confident of receiving a number of offers.

Reekie manufactures, supplies and maintains quality agricultural
machinery specifically used by potato and root crop growers
across the U.K. and the European Union.  It also distributes
associated spare parts.  With a staff of 18 employees based at
its Forfar premises, Reekie has, in the past, achieved annual
turnover levels of approximately GBP6 million.  Any interested
party who has not already advised the Joint Administrators of
their interest should contact the KPMG Corporate Recovery team
on Tel: 0141 226 5511 as a matter of urgency.

CONTACT:  KPMG Corporate Communications
          Wilma Littlejohn
          Phone: 0131 527 6818/07789 922521
          E-mail: wilma.littlejohn@kpmg.co.uk


RINGDALE U.K.: Exits Company Voluntary Arrangement
--------------------------------------------------
In November 1999, Network Technology PLC announced that its
subsidiary, Ringdale U.K. Limited, had come out of
administration and had entered into a CVA.

Further to a meeting of the members and creditors of Ringdale
U.K. Limited in the High Court on 7 January 2005, Network
Technology is pleased to announce that Ringdale U.K. Limited is
no longer in CVA.

Klaus Bollmann, Chief Executive of Network Technology commented:
"We are very pleased that agreement has been with the creditors
of Ringdale U.K. Limited.  Ringdale is one of our principal
subsidiaries, which has supplied and marketed our network
connectivity products for more than 25 years.  Interest in
Ringdale's new product ranges has been growing and new
partnerships have been formed over the last year.  This lifting
of the CVA will allow Ringdale to progress its product range and
further develop in a more certain business environment."

CONTACT:  TAVISTOCK COMMUNICATIONS LTD.
          Lulu Bridges
          Phone: 020 7920 3150


ROYAL MAIL: Postcomm Scolds Firm for Anti-competitive Promos
------------------------------------------------------------
Royal Mail promised to orient its sales staff about current
competition laws enforced in the U.K. and Europe after receiving
a reprimand from mail regulator Postcomm, The Telegraph says.

Postcomm recently issued an enforcement order requiring Royal
Mail to refrain from departing from its published tariffs
without notifying it.  According to the regulator, Royal Mail's
discount offer to selected customers to tempt them to send more
catalogues violated two of its license conditions.

"Postcomm is being very watchful that Royal Mail, which
currently has over 99% of the letters market, is not using its
dominance, perhaps unwittingly, to freeze out competitors,"
Postcomm Chairman Nigel Stapleton, who deems the promotional
scheme anti-competitive, told the Telegraph.

Royal Mail pledged to train its entire sales staff:

(a) in European competition law;

(b) in U.K. competition law; and

(c) in its license obligations.

Royal Mail's compliance officer will also be more involved in
promotional activities.  Every new promotion will undergo a
"promotion approval process," which will entail regulatory and
competition law approval at a senior level.  Royal Mail stressed
its promotional activities had been conforming to its license
obligations.

CONTACT:  ROYAL MAIL HOLDINGS PLC
          148 Old St.
          London EC1V 9HQ
          Phone: +44-20-7250-2888
          Fax: +44-20-7250-2244
          Web site: http://www.royalmailgroup.com


SAFE GARD: Appoints Joint Administrators from Griffins
------------------------------------------------------
Stephen Hunt and Martin Freeman (IP Nos 9183, 3844) have been
appointed joint administrators for Safe Gard Europe Limited.
The appointment was made Jan. 6, 2005.  The company offers
security filming services.  Its registered office is located at
Russell Square House, 10-12 Russell Square, London WC1B 5EH.

CONTACT:  GRIFFINS
          Russell Square House,
          10-12 Russell Square, London WC1B 5EH


SUR LA COTE: Final Meeting of Members Set February
--------------------------------------------------
The final meeting of the members of Sur La Cote Limited will be
on Feb. 7, 2005 commencing at 11:30 a.m.  It will be held at 24
Bedford Square, London WC1B 2HN.

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


UNITED AUCTIONS: Appoints Joint Liquidators from PwC
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF United Auctions (Eastern) Limited

Notice is hereby given that on Dec. 29, 2004, we, Tim Walsh and
G. I. Bennet of PricewaterhouseCoopers LLP, 32 Albyn Place,
Aberdeen AB10 1YL, were appointed joint liquidators of United
Auctions (Eastern) Limited, which registered office is located
at Perth Agricultural Centre, East Huntingtower, Perth PH1 3JJ.

Tim Walsh, Joint Liquidator
December 31, 2004

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          32 Albyn Place
          Aberdeen AB10 1YL
          Phone: [44] (1224) 210100
          Fax: [44] (1224) 253318
          Web site: http://www.pwcglobal.com


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

                               and

                IN THE MATTER OF Wasterus Limited

On 21 December 2004, Wasterus Limited was placed into Members'
Voluntary Liquidation and James Robert Drummond Smith and
Nicholas James Dargan, of Deloitte & Touche LLP, Athene Place,
66 Shoe Lane, London EC4A 3WA, were appointed joint liquidators.
The company was able to pay all known creditors in full.

Notice is hereby given, pursuant to Rule 4.182A of the
Insolvency Rules 1986, that the joint liquidators of the company
intend making a final distribution to Creditors.

Creditors of the company are required to prove their debt,
before February 8, 2005, by sending to J. R. D. Smith, Joint
Liquidator, at Athene Place, 66 Shoe Lane, London EC4A 3WA,
written statements of the amount they claim to be due to them
from either company.  They must also, if so requested, provide
such further details or produce such documentary or other
evidence as may appear to the joint liquidators to be necessary.

A Creditor who has not proved his debt on or before February 8,
2005, or who increases the claim in his proof after that date,
will not be entitled to disturb the intended final
distributions.  The joint liquidators may make the intended
distributions without regard to the claim of any person in
respect of a debt not proved or claim increased by that date.

The joint liquidators intend that, after paying or providing for
a final distribution in respect of the claims of all creditors
who have proved their debt, the funds remaining in the hands of
the joint liquidators shall be distributed to Shareholders
absolutely.

J. R. D. Smith, Joint Liquidator

January 4, 2005

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


                            *********


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

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

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

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