---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, January 25, 2005, Vol. 6, No. 17

                            Headlines

A U S T R I A

VA TECHNOLOGIE: Siemens Takeover Hits Snag
VA TECHNOLOGIE: Bidder Improves Offer, But Demands More Shares


D E N M A R K

DANISH CROWN: Abandoning Slaughterhouse in Hjorring


F R A N C E

EURO DISNEY: Capital Hike Subscription Period Starts Jan. 31
GAUDRIOT SA: Books Lower First-half Net Loss
VIVENDI UNIVERSAL: Redeems US$519 Million High Yield Notes


G E R M A N Y

ART OF AESTHETICS: Creditors Meeting Set Mid-February
BIW BETEILIGUNGSGESELLSCHAFT: Succumbs to Bankruptcy
BM BAUMANAGEMENT: Dortmund Court Appoints Administrator
BRANDENBURGISCHES VIERTEL: Creditors Claims Due March
CELANESE AG: Moody's Downgrades Owner's Bank Debt Ratings

GBR OTREMBA: Claims Verification Set Last Week of May
GEMODAT GESELLSCHAFT: Administrator's Report Out March
IFR SYSTEMHAUS: Court to Review Claims Last Week of May
KURT BRAUNER: Provisional Administrator Takes over Helm
METALLINDUSTRIEWERK STAAKEN: Administrator's Report Out February

NORDEX AG: Management Board Outlines Plan of Action
PRINTFACTORY AG: Claims Filing Period Ends March 31
SPORT-NEUGEBAUER: Creditors to Meet Third Week of February
TONI JUNEMANN: Aachen Bankruptcy Court Stays All Pending Suits


H U N G A R Y

STYL CLOTHING: Clothier Faces Involuntary Liquidation Petition


I T A L Y

CIRIO FINANZIARIA: Govt Backs Tan's Bid; Lorenzos Plan to Match
FIAT AUTO: Lancia Sales Improve in 2004
FIAT AUTO: Light Commercial Vehicles Sales Up Year-on-year
PARMALAT U.S.A.: Terminating Supply Agreement with Derle


K Y R G Y Z S T A N

DONG DU: Last Day for Filing of Claims March 18
JASMIN-UG: Gives Creditors Until March to File Claims
KOKDOBO: Public Auction Slated Next Week
KYRGYZAIR: Selling Assorted Office Furnishings Next Week
OSH-TECNOLOGY: Claims Filing Period Expires March
RUSSVET: Gives Creditors Two Months to File Claims
TESKIM: Calls Creditors Meeting


N E T H E R L A N D S

TURANALEM FINANCE: Proposed US$200 Million Notes Rated 'BB-'
UNITEDGLOBALCOM INC.: To Merge with Liberty Media
UNITEDGLOBALCOM INC.: Debevoise & Plimpton to Advise on Merger
UNITEDGLOBALCOM INC.: 'B' Rating on CreditWatch Positive
UNITEDGLOBALCOM INC.: Faruqi & Faruqi Challenges Merger Plans
UNITEDGLOBALCOM INC.: Schiffrin & Barroway Files Class Action


R U S S I A

21 CENTRAL: Public Auction Set February
AMBER: Creditors Have Until March to File Claims
GLAZUNOVSK-AGRO-PROM-SNAB: Declared Insolvent
MONOLITH: Undergoes External Management Procedure
NARTKALINSKIY TINNED: Declared Insolvent

NOVOSPASSKIY WOOD: Undergoes Bankruptcy Supervision Procedure
PODOLSKIY ELECTRO-MECHANICAL: Insolvency Manager Takes over Helm
SEL-MASH: Deadline for Proofs of Claim March
ULVODSTROY: Ulyanovsk Court Appoints Insolvency Manager
VELIKOLUKSTROY: Hires E. Babaev as Insolvency Manager
YUKOS OIL: Supply Disruption Has Little Impact on Refineries


U K R A I N E

* Fitch Upgrades Ukraine to 'BB-'; Outlook Stable


U N I T E D   K I N G D O M

1ST EDINBURGH: Winding up Report Out This Week
ACCALAIDE LIMITED: Calls in Liquidator from Panos Eliades
ADVANCED SECURITY: Members Pass Extraordinary Resolution
AJ TYSON: Members Decide to Wind up Firm
ALLDERS PLC: Former CEO Among Interested Buyers

A M CONTRACTS: Calls in Liquidators from Tait Walker
ARTBOUND LIMITED: Final Meeting of Members Set February
ASHLEY-HUNTER: First Creditors Meeting Set this Week
ASTRO PRINT: Hires Liquidators from Tait Walker
AVENUE INTERNATIONAL: Names Gerald Irwin Liquidator

BELLWATER LIMITED: Call in Administrators from PwC
BENEDICTA LIMITED: Members Final Meeting Set February
BIG FOOD: Shareholders Accept Giant Bidco's Offer
CITY EXECUTIVE: Administrators from Begbies Traynor Move in
CONCORD COURIERS: Appoints BDO Stoy Hayward Administrator

CPC COMPUTERS: Hires Administrators from Bridgestones
DIGITAL WORKSHOP: Creditors Meeting Set February
DUDLEY DEVELOPMENTS: Liquidator Enters Firm
FEDERAL-MOGUL: Proposed Asbestos Trust Is Fatally Flawed
FORTIS BANK: Members Final Meeting Set February

GLC INTERMEDIARIES: Calls Final Meeting of Members
HIGHLAND MEDIA: Appoints Liquidator from Tenon Recovery
HULSE ROAD: Liquidator to Give Update February 25
INVESCO GEARED: Hires Ernst & Young as Liquidator
KELLOGG & BROWN: Top Choice for MoD Aircraft Carrier Order

LEEDS UNITED: Ken Bates Comes to the Rescue
MC ENGINEERS: Joint Liquidators from KPMG Move in
MICHAEL FRASER: Creditors Opt for Liquidation
MONTALT MAINTENANCE: Hires Administrators from Vantis Redhead
OAKDALE FASTENERS: Names PricewaterhouseCoopers Administrator

OAK LODGE: Administrators from Chantrey Vellacott Move in
PARKSIDE PERFORMANCE: Creditors Meeting Set Next Week
SIGMA CRYOTEC: Appoints Administrators from Springfields
SPIN 2: Meeting of Unsecured Creditors Set February
THE INK: Hires Liquidators from Ernst & Young

TRIBUNE RISK: Liquidator's Report Now Available
TST LEISURE: Creditors Bring in Liquidator
VEDANTA RESOURCES: Increases Bond Issuance to US$600 Million

* Large Companies with Insolvent Balance Sheets


                            *********


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


VA TECHNOLOGIE: Siemens Takeover Hits Snag
------------------------------------------
The pressure is on for Siemens to raise its offer for VA
Technologie after shareholders of the Austrian engineering group
refused to change an existing voting rights rule.

Aiming to take a majority control of VA Tech, the German
investor had proposed to change the current rule, which limits
any one shareholder's voting rights to 25% regardless of his
stake.  According to The Scotsman, Siemens needed more than 75%
of shareholder votes to undo the rule, but 26.7% voted against
it during a ballot recently.

Siemens Austria board member Brigitte Ederer, in an interview
with The Scotsman, said the group still has to discuss its next
move following the setback.

Siemens, in an official statement, did not give any indication
that it would improve its offer: "Through this vote, a condition
of Siemens' takeover offer has not been fulfilled.  The success
of the offer now depends on shareholders' reaction to the offer
by February 9."

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


VA TECHNOLOGIE: Bidder Improves Offer, But Demands More Shares
--------------------------------------------------------------
German electronic company Siemens increased Thursday its offer
for engineering group VA Technologie, Die Welt says.

From the previous EUR55 per share, Siemens upped its offer to
EUR65.  It, however, modified the terms of the sale: instead of
acquiring just a little more than 50% of the total VA Tech
shares, Siemens wants to take over at least 90% of the
engineering group.

Siemens' decisions could be attributed to a recent setback, in
which VA Tech's shareholders refused to change a voting rights
rule.  The rule limits a shareholder's voting rights to 25%
regardless of the size of his stake.  Siemens, however, could
gain majority of the voting rights if its stake grows to more
than 75%.  Right now, it owns only 16.5% of VA Tech.

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


=============
D E N M A R K
=============


DANISH CROWN: Abandoning Slaughterhouse in Hjorring
---------------------------------------------------
Danish Crown will shut down its Hjorring slaughterhouse this
May, according to just-food.com.

Workers were not surprised, however, because the closure of the
facility had long been in the works as part of the company's
restructuring.  The company hinted transferring Hjorring's
slaughtering operations to its new slaughterhouse in Horsens as
early as five years ago.

The new facility is now in its running-in phase, with killings
steadily rising to 75,000 pigs per week during the year.  "To
achieve maximum utilization of the new slaughterhouse, current
slaughtering in Hjorring would have to be included," the report
says.

As for the deboning capacity and other activities at Hjorring,
it would likely be transferred to Horsens and Ringsted and to
Danish Crown's German plants and some other facilities abroad.
Maintaining Hjorring as an independent deboning facility would
entail considerable costs, according to the report, while a
transfer will generate savings of approximately DKK41 million
(US$7.16 million) a year.

CONTACT:  Danish Crown
          Marsvej 43
          8900 Randers
          Phone: 8919 1919
          Fax: 8644 8066
          E-mail: dc@danishcrown.dk
          Web site: http://www.danishcrown.dk


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


EURO DISNEY: Capital Hike Subscription Period Starts Jan. 31
------------------------------------------------------------
Euro Disney S.C.A., operator of Disneyland Resort Paris,
announced Friday the launch of the capital increase approved by
its shareholders at the annual meeting of December 17, 2004 in a
total amount of EUR253,347,188 (issue premium included).  This
capital increase is the final step in the Company's financial
restructuring, which is designed to provide liquidity,
protection from business volatility and capital to maintain its
existing asset base and add new attractions to fuel the
Company's growth strategy.

The capital increase will be implemented through the
distribution to existing shareholders of preferential
subscription rights.  The subscription price has been set at
EUR0.09 per share.  Shareholders may use the subscription rights
to participate in the capital increase, or may choose to sell
their rights on the market.  The subscription period will start
on January 31, 2005 and will end on February 8, 2005, inclusive.
At the end of this period, non-exercised preferential
subscription rights will be cancelled.

The Walt Disney Company has committed to cause an affiliate to
subscribe for 1,111,111,112 new shares and a company owned by a
trust for the benefit of H.R.H. Prince Alwaleed Bin Talal Bin
Abdulaziz Al Saud and his family has committed to subscribe for
217,310,879 new shares in the offering.  A bank syndicate has
agreed to underwrite the remaining shares.

The French prospectus relating to this offering has received the
visa of the Autorite des marches financiers (the AMF) under n
05-027 on January 20, 2005.

The French prospectus includes the reference document registered
by the AMF on January 10, 2005 under n R. 05-003, and details of
the share rights offering (note d'operation).  Copies of this
prospectus are available free of charge from institutions
authorized to receive subscriptions and at the registered office
of Euro Disney S.C.A., Immeubles Administratifs, Route Nationale
34, 77700 Chessy, Seine-et-Marne.  The prospectus will be
available on the Web site of the Autorite des marches
financiers: http://www.amf-france.organd at
http://www.eurodisney.com. The legal notice will be published
in the Bulletin des Annonces Legales Obligatoires on January 24,
2005.

The AMF draws the public's attention to these elements:

The paragraph 2.6 of the Note d'Operation describes the
consequences of the issue on the shareholder's position;

(a) The statutory auditors included an observation in their
    report with respect to the change in accounting methods
    concerning the financial statements for fiscal year ended
    September 30, 2004 as well as to the going-concern
    principle, which is presented below:

         "However, we draw your attention to the uncertainty
         about the Group's ability to continue as a going-
         concern, which was the matter of emphasis reported
         above and which will be removed subject to the
         completion in cash of the share capital increase to
         which this Note d'Operation relates.  As mentioned in
         the paragraph 2.2.16 'Use of proceeds' of the present
         'Note d'Operation', the completion of this share
         capital increase is the last step of the restructuring
         of the Group.  As a result, all other components of the
         restructuring agreements will become effective, in
         particular those related to the legal reorganization
         and to the financial debt of the Group;"

(b) The implementation of the restructuring remains subject to,
    and the credit agreements, as amended, will become effective
    upon completion of the share capital increase and the legal
    reorganization, no later than March 31, 2005.  If those
    transactions do not occur by March 31, 2005, the parties to
    the memorandum of agreement will have 30 days to negotiate
    an alternative arrangement.  If such an alternative
    arrangement cannot be agreed, most of the provisions of the
    memorandum of agreement would become null and void;

(c) No dividends were declared or paid in respect of fiscal
    years 1997 through 2004 and Euro Disney S.C.A. does not
    expect to pay dividends for a substantial period of time.

This press release is not an offer to sell or a solicitation to
buy any securities in the rights offering and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale is unlawful.  The rights
offering will be made only by means of an offering document
complying with the applicable securities laws of the
jurisdiction or jurisdictions in which such rights offering
shall be made.  The securities offered in the rights offering
have not been and will not be registered under the United States
Securities Act of 1933 and may not be offered or sold in the
United States or in any other jurisdiction absent registration,
an applicable exemption from registration requirements or
qualification under the applicable securities laws of such
jurisdiction.

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

CONTACT:  EURO DISNEY S.C.A.
          Corporate Communication
          Pieter Boterman
          Phone: +331 64 74 59 50
          Fax: +331 64 74 59 69
          E-mail: pieter.boterman@disney.com

          Fiona Lord Duarte
          Investor Relations
          Phone: +331 64 74 58 55
          Fax: +331 64 74 56 36
          E-mail: fiona.lord.duarte@disney.com


GAUDRIOT SA: Books Lower First-half Net Loss
--------------------------------------------
Environmental consultancy group Gaudriot S.A. reduced its first-
half net loss from EUR10.9 million in 2003 to EUR8.9 million in
2004, Les Echos says.

The company, which has been under court-supervised
administration since July 2, 2004, also managed to cut its
first-half operating loss from EUR11.7 million in 2003 to
EUR7.78 million in 2004.  The firm's turnover, however, dropped
by 28% to EUR24.1 million.

At the end of January, the commercial court of Gueret will rule
on the group's continuation plan, submitted in October 2004.
The 70-year-old consultancy firm employs around 800 staff.

CONTACT:  GAUDRIOT S.A.
          52 Quai des Carrieres
          94227 Charenton Le Pont Cedex
          Phone: 00 331 58 73 63 00
          Fax: 00 331 58 73 63 01
          Web site: http://www.gaudriot.fr


VIVENDI UNIVERSAL: Redeems US$519 Million High Yield Notes
----------------------------------------------------------
Vivendi Universal S.A. (Paris Bourse: EX FP; NYSE:V) announced
that it has redeemed the entire outstanding principal amount of
its high yield notes pursuant to the terms of the respective
indentures governing the Notes.  The Company has redeemed
approximately $106.9 million aggregate principal amount of
outstanding dollar-denominated Notes and EUR315.8 million
(US$411.9 million) aggregate principal amount of outstanding
euro-denominated Notes.

The Company has redeemed its 9.25% Senior Notes due 2010 at the
redemption price of 115.874581%, or $1,183.41181, including
accrued interest, for each $1,000.00 of principal amount
outstanding; its 9.50% Senior Notes due 2010 at the redemption
price of 118.614505%, or EUR1,211.47805, including accrued
interest, for each EUR1,000.00 of principal amount outstanding;
its U.S. dollar-denominated 6.25% Senior Notes due 2008 at the
redemption price of 107.372092%, or $1,074.76258, including
accrued interest, for each $1,000.00 of principal amount
outstanding and its euro-denominated 6.25% Senior Notes due 2008
at the redemption price of 110.068140%, or EUR1,101.72306,
including accrued interest, for each EUR1,000.00 of principal
amount outstanding.

Vivendi Universal 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
          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

          New York
          Flavie Lemarchand-Wood
          Phone: 212-572-1118

          Investor Relations
          Paris
          Daniel Scolan
          Phone: +33 (0) 1 71 71 32 91
          Laurence Daniel
          Phone: +33 (0) 1 71 71 12 33
          New York
          Eileen McLaughlin
          Phone: 212-572-8961


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


ART OF AESTHETICS: Creditors Meeting Set Mid-February
-----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Art of Aesthetics on Jan. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 1, 2005
to register their claims with court-appointed provisional
administrator Rain.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 10:55 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin 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 June 1, 2005, 10:35 a.m. while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  ART OF AESTHETICS DENTALTECHNIK GMBH
          Fellbacher Str. 29
          13467 Berlin

          Rain Vera Mai, Insolvency Manager
          Kurfurstendamm 132 A
          10711 Berlin


BIW BETEILIGUNGSGESELLSCHAFT: Succumbs to Bankruptcy
----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against BIW Beteiligungsgesellschaft fur Industrie-
und Wohnungsbau mbH & Co. Sechzehnte Beteiligungs-KG on Jan. 1,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until April 1,
2005 to register their claims with court-appointed provisional
administrator Peter Leonhardt.

Creditors and other interested parties are encouraged to attend
the meeting on February 15, 2005, 9:50 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin 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 June 7, 2005, 9:35 a.m.
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  BIW BETEILIGUNGSGESELLSCHAFT FUR INDUSTRIE- UND
          WOHNUNGSBAU MBH & CO. SECHZEHNTE BETEILIGUNGS-KG
          Schillerstr. 11 b
          10625 Berlin

          Peter Leonhardt, Insolvency Manager
          Kurfurstendamm 212
          10719 Berlin


BM BAUMANAGEMENT: Dortmund Court Appoints Administrator
-------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against BM Baumanagement GmbH on Dec. 29, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 15, 2005 to
register their claims with court-appointed provisional
administrator Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on March 17, 2005, 9:20 a.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  BM BAUMANAGEMENT GMBH
          Am Rosenpl"tzchen 120, 44269 Dortmund
          Contact:
          Ignatz Bernhard Berling, Manager
          Heinsberger Str. 35, 57399 Kirchhundem-Albaum

          Dr. Winfrid Andres, Insolvency Manager
          Neuer Zollhof 3, 40221 Dusseldorf
          Phone: 0211/69076969
          Fax 69 07 69-70


BRANDENBURGISCHES VIERTEL: Creditors Claims Due March
-----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Brandenburgisches Viertel Grundstucks KG HNW
Duske zweite Grundstucks GmbH & Co. on Jan. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 1, 2005
to register their claims with court-appointed provisional
administrator Peter Leonhardt.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 15, 2005, 9:45 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin 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 June 7, 2005, 9:30 a.m. while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  BRANDENBURGISCHES VIERTEL GRUNDSTUCKS KG HNW DUSKE
          ZWEITE GRUNDSTUCKS GMBH & CO.
          Neue Kreisstrasse 23
          14109 Berlin

          Peter Leonhardt, Insolvency Manager
          Kurfurstendamm 212
          10719 Berlin


CELANESE AG: Moody's Downgrades Owner's Bank Debt Ratings
---------------------------------------------------------
Moody's Investors Service affirmed the ratings (B1 senior
implied) of Crystal U.S. Holdings 3 LLC's (CUSH, a subsidiary of
Celanese Corporation).  Moody's downgraded the senior secured
bank debt BCP Crystal U.S. Holdings Corporation (BCPUS) and
assigned B1 ratings to the new tranches -- a US$220 million U.S.
revolver and US$450 million delayed draw term loan C.

The downgrade is a direct result of the refinancing that is
expected to occur concurrent to the company's planned initial
public offering.  Once the refinancing is complete, senior
secured debt will represent the majority of the outstanding debt
and over 60% of the rated debt at CUSH and its subsidiaries; and
therefore Moody's lowered the rating for the senior secured bank
debt to B1 senior implied rating.

Moody's also downgraded the senior unsecured ratings of CNA
Holdings Inc. as they will remain contractually subordinated to
the secured debt at BCPUS.  Moreover, due to Moody's expectation
that the company's financial performance will continue to
improve in 2005, especially its acetyls business, the outlook
has been changed to stable.

Summary of the ratings activity:

Ratings affirmed:

(a) Crystal U.S. Holdings 3 LLC

    Senior Implied - B1,

    Senior Unsecured Issuer Rating - Caa2,

    Senior Discount Notes due 2014 - Caa2,

(b) BCP Crystal U.S. Holdings Corporation

    Guaranteed senior subordinated notes due 2014 - B3

Ratings assigned:

BCP Crystal U.S. Holdings Corporation

Guaranteed senior secured revolver due 2009 ($220 million) --
B1,

Guaranteed senior secured term loan B (additional increment of
US$935 million) due 2011 -- B1,

Guaranteed senior secured delayed draw term loan C due 2011 --
B1

Ratings downgraded:

(a) BCP Crystal U.S. Holdings Corporation (formerly an
    obligation of BCP Caylux Holdings Luxembourg S.C.A.)

    Guaranteed senior secured revolver due 2009 -- B1 from Ba3,

    Guaranteed senior secured credit-linked revolving facility
    due 2009 -- B1 from Ba3,

    Guaranteed senior secured term loan B due 2011 -- B1 from
    Ba3

(b) CNA Holdings Inc.

    Senior unsecured -- B2 from B1

Ratings withdrawn:

BCP Crystal U.S. Holdings Corporation

Guaranteed senior secured floating rate term loan C due 2011

The B1 senior implied ratings of CUSH take into account its
elevated leverage for a cyclical commodity producer, significant
exposure to volatile petrochemical feedstocks, a financial
structure that allows the company to pursue additional
acquisitions, and continuing concern over the size of the
potential payment to minority shareholders at Celanese AG.

The ratings are supported by Celanese's competitive position in
key businesses, significant opportunities for additional cost
reductions, and the expectation of a cyclical peak in its
acetyls business in 2006.  Although margins continue to improve,
feedstock prices will remain an issue.  The start of an
advantageously priced methanol supply agreement with Southern
Chemical Company in 2005 should positively impact earnings and
mitigate some of the company's feedstock volatility.  The
ratings also recognize significant competitive barriers,
including process know-how and requirements for world scale
production capabilities.

The stable outlook reflects the improving operating performance
and the expectation that earnings and free cash flow will
increase further in 2005 and 2006 due to growth in specialty
products and a tighter supply/demand balance in acetyls.  This
positive earnings outlook is tempered by the company's recent
acquisitions and the further increases in debt that are likely
prior to meaningful debt reduction in net debt.  The stable
outlook also reflects the substantial increase in net debt from
September 30, 2004 levels due to an additional US$375 million
pension payment in the fourth quarter and the possibility that
minority shareholders at Celanese AG may receive over $400
million if any of the litigation pending in the German courts
adversely impacts BCPUS.  Moody's noted that CUSH reported
consolidated cash of over $800 million as of September 30, 2004.

While Moody's noted that the upcoming IPO of Celanese
Corporation will result in lower debt levels, the issuance of
$200-250 million of preferred stock will offset some of this
benefit.  Proceeds from the IPO will be used to repay debt that
is non-cash pay for the next four and a half years; the
preferred stock will likely result in cash dividends, albeit at
a low rate, given the plan to begin paying a dividend to common
stockholders in the second quarter of 2005.

The planned refinancing is contingent upon repayment of the
senior discount notes at CUSH.  In the refinancing, BCPUS will
increase the size of its secured bank facilities by $1.6 billion
and utilize the proceeds to repay roughly $525 million senior
subordinated notes, $350 million of the second lien notes, and
complete the acquisitions of Acetex Corporation and Vinamul
Polymers, which will increase secured debt by $450 million.

Subsequent to the refinancing and acquisitions, secured debt
will be a majority of the consolidated company's outstanding
debt and could represent as much as 60% of total debt, assuming
the credit facilities and letter of credit facility are fully
drawn.  Given the increase in the size of the secured credit
facilities relative to the underlying assets and the fact that
they will constitutes a majority of the company's debt, Moody's
can no longer notch up from the senior implied rating.

However, the refinancing will provide the company with greater
flexibility in managing its debt going forward, using excess
cash and free cash flow from operations to repay outstandings
under the facility while maintaining the ability to borrow
upwards of $500 million (revolving credit facilities will total
roughly $600 million) to pay minority shareholders at Celanese
AG.  The downgrade of the ratings at CNA Holdings Inc. reflects
their contractual subordination to the substantial amount of
secured debt at BCPUS.  The market capitalization of the company
subsequent to the IPO would indicate that the market value of
the assets is significantly higher than the book value, hence
subordinated bondholders could experience a greater recovery
than otherwise implied by the ratings.

The consolidated company's financial metrics continue to
improve.  As of September 30, 2004, pro forma debt to LTM
EBITDA, adjusted for future cash pension payments and minority
shareholder payments of up to $500 million, is 5.2 times
(assumes LTM pro forma EBITDA of $680 million).  Moody's
anticipates that this ratio will decline to less than 5 times by
the end of 2005 and that free cash flow (cash from operations
less capital expenditures) to total debt will increase to the 7-
9% range.

The ratings could be lowered if the company fails to achieve
yearly free cash flow of at least $100 million (excluding
extraordinary items and restructuring costs), if financial
performance is significantly weaker than anticipated or if the
company pursues additional acquisitions that meaningfully
increase leverage.  A quick resolution of the minority
shareholder issue at Celanese AG, a faster expansion of
operating margins, and increases in cost savings could result in
positive pressure on the ratings.

BCP Crystal U.S. Holdings Corporation recently acquired the
assets and liabilities of BCP Caylux Holdings Luxembourg S.C.A.,
which is the majority owner of Celanese AG.  BCP Crystal U.S.
Holdings Corporation is a subsidiary of Crystal U.S. Holdings 3
LLC.  Crystal U.S. Holdings 3 LLC is a subsidiary of Celanese
Corporation.  Celanese Corporation, headquartered in Dallas,
Texas is a leading global producer of acetyls, emulsions
(including vinyl acetate monomer), acetate tow and engineered
thermoplastics.  CNA Holdings Inc. is the holding company that
contains Celanese's North American operating companies.
Celanese reported sales of over $5 billion for the LTM ending
September 30, 2004.


GBR OTREMBA: Claims Verification Set Last Week of May
-----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against GbR Otremba Grundbesitz
Verwaltungsgesellschaft mbH und Pandion GmbH & Co. Grundbesitz
KG on Dec. 30, 2004.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until March 25, 2005 to register their claims with court-
appointed provisional administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 9:25 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin 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 May 25, 2005, 9:25 a.m.
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  GBR OTREMBA GRUNDBESITZ VERWALTUNGSGESELLSCHAFT MBH
          UND PANDION GMBH & CO. GRUNDBESITZ KG
          Triftstr. 9-11
          13127 Berlin

          Dr. Wolfgang Schroder,
          Genthiner Str. 48
          10785 Berlin


GEMODAT GESELLSCHAFT: Administrator's Report Out March
------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Gemodat Gesellschaft fur Mobile Datentechnik GmbH 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 Joachim Buttner.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2005, 10:25 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  GEMODAT GESELLSCHAFT FUR MOBILE DATENTECHNIK GMBH
          Holzmuhlenstrasse 86, 22041 Hamburg
          Contact:
          Hans-Joachim Henning, Manager

          Joachim Buttner, Insolvency Manager
          Osdorfer Landstrasse 230, 22549 Hamburg
          Phone: 8078810


IFR SYSTEMHAUS: Court to Review Claims Last Week of May
-------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against ifr Systemhaus GmbH on Jan. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 25, 2005
to register their claims with court-appointed provisional
administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 10:45 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin 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 May 25, 2005, 10:35 a.m.
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  IFR SYSTEMHAUS GMBH
          Einemstr. 9
          10787 Berlin

          Dr. Wolfgang Schroder, Insolvency Manager
          Genthiner Str. 48
          10785 Berlin


KURT BRAUNER: Provisional Administrator Takes over Helm
-------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Kurt Brauner Garten-, Landschafts- und
Sportplatzbau GmbH on Dec. 31, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 1, 2005 to register their claims with
court-appointed provisional administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 14, 2005, 9:25 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin 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 May 30, 2005, 9:05 a.m.
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  KURT BRAUNER GARTEN-, LANDSCHAFTS- UND SPORTPLATZBAU
          GMBH
          Margueritenring 39
          12357 Berlin

          Hartwig Albers, Insolvency Manager
          Lutzowstr. 100
          10785 Berlin


METALLINDUSTRIEWERK STAAKEN: Administrator's Report Out February
----------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Metallindustriewerk Staaken GmbH on Jan. 1,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until April 1,
2005 to register their claims with court-appointed provisional
administrator Rudiger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 14, 2005, 9:30 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin 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 May 30, 2005, 9:10 a.m.
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  METALLINDUSTRIEWERK STAAKEN GMBH
          Staakener Feldstr. 39-41
          13591 Berlin

          Rudiger Wienberg, Insolvency Manager
          Giesebrechtstr. 1
          10629 Berlin


NORDEX AG: Management Board Outlines Plan of Action
---------------------------------------------------
Letter to the shareholders of Nordex AG
Norderstedt, 10 January 2005

Dear shareholders,

When Nordex AG first dipped deeply into the red in 2003, this
was a shock for many shareholders.  Up to then everything
pointed to growth and the principal aim was to work more
profitably.  There were many causes for the losses.  Basically,
the old management had been mistaken regarding the further
demand in our main markets and during the growth period had
failed to adapt business processes to the new industrial
standards.

You will be aware of the consequences of this.  In fiscal
2002/03 Nordex recorded an annual loss of EUR154 million.  Of
course, this did not fail to have an effect on the share price.
In mid-February 2003 Nordex became so-called "penny stock".  At
that time we lost many disappointed investors.  What has
happened since then? In the course of the operative
restructuring program launched in the summer of 2003 we have
streamlined the Company to operate at a profit.  Today, now that
we have implemented more than 80% of the total of 1800 measures,
project realization is again in line with price calculations
while follow-up and service costs have decreased considerably.
Nevertheless, we had to contend with a further loss over the
past year -- as planned.

This was some 80% lower than in the previous year, but there is
hardly any room left in our balance sheet for red figures.  The
Group's equity capital thus fell worryingly in the two crisis
years from EUR202 million to a mere EUR10 million, currently
standing at an expected approximately EUR5 million.  Our cash in
banks dropped from EUR48.5 million to a net debt of EUR47
million.

This also had effects on operative business.  Due to the weak
equity base, many banks rejected Nordex as a supplier of larger
wind farms although in the opinion of many customers our
products are top class.  In addition to this, due to a lack of
liquidity for the interim financing of projects, we were not
always in a position to fully exploit our sales potential.
Overall, annual sales for 2003/04 were some EUR30 million short
of target.  Without fresh funds the planned sales volume for
fiscal 2005, and thus the return to profit territory, is at
risk.

Now we have to lay the final stone in building a secure
foundation for the long-term future of the Nordex Group:
refinancing and recapitalization.  Unlike in the case of
operative restructuring, here we are dependent on outside help.
This is why we have approached a number of potential investors.
However, because of the current situation, only a few of them
were prepared to provide the urgently needed risk capital.  The
solution now found with the investor group headed by the private
equity investors CMP Capital Management Partners with the
participation of the Goldman Sachs investment bank is, in our
view, the best one in the current difficult conditions.  There
can be no doubt that some painful consequences will result for
you, our shareholders.

But to date no uninvolved investor has offered us more risk
capital to finance the growth of the Group and thus the return
to profit territory.  Every new investor expects his money to
earn adequate interest.  One condition for this is that the
current asset position is also reflected in subscribed capital.
This is all the capital reduction of 10:1, required by the
investor and essential for restructuring the accounts, amounts
to.  It is based on the development of equity capital, which
will probably amount to no more than one tenth of subscribed
capital at the end of 2004.  This step is therefore intended to
offset the losses and value impairments of the past.
Shareholders who feel that they are being unfairly treated as a
result of this should try to asses the value of a company whose
very existence is not secured in the long term as a result of a
high debt level, low equity and continued losses.  Only new
capital will allow the Company to survive, participate in the
growth of the wind energy market and make profits again.

The recapitalization concept consists of these key points:

(a) the aforementioned capital reduction at a ratio of 10:1 in
    order to cover past losses and offset value impairment;

(b) a subsequent increase in capital of at least 30 and up to
    41.64 million shares at an issue price of EUR1.- per share;

(c) a reduction of loans from banks by EUR27.8 million against
    up to 12 million new shares or a economic comparable
    solution;

(d) an increase in the cash credit line of EUR20 million and of
    the guarantee line of up to EUR40 million.

This shows clearly that our banks are also making a significant
contribution to the refinancing and recovery of the Group.  But
only the cash injection from the cash capital increase will
provide Nordex with sufficient new capital to be able to
continue to work successfully.  This is why the banks will only
significantly increase their credit lines if at least 30 million
shares from the cash capital increase are subscribed to.  We do
not expect our existing shareholders to participate to this
extent.  This assessment is based in experience with comparable
transactions and on the policy of our major shareholder WestLB,
which is geared more to the sale of industrial holdings (for
example, TUI, Klockner).

The two financial investors have undertaken to purchase up to 30
million new shares.  However, this will only be possible if a
corresponding number of shareholders do not exercise their
subscription right because this undertaking is subject to the
investors holding at least 52% of the shares after the cash
capital increase.  Depending on the size of the cash capital
increase, this corresponds to at least 18.3 to 24.3 million
shares.

In view of our difficult financial situation, we regard the
concept that is now to be voted on as feasible, in spite of all
the hardships, and above all we consider it a suitable one to
place the Company on a sound financial basis again for the
future.

Only in this way will Nordex be able to profit from its still
existing strengths in the wind energy growth market.  We have
not received any offer based on better conditions.

We do not have the time to negotiate with further investors as
with every day that passes without additional funds we risk
orders, further losses and thus the existence of the Company.
Our major shareholders, the banks and the new investors have
already promised their support.  Now it is up to you to decide
on the future of the Nordex Group at the Annual General Meeting
on 21 and 22 February 2005.

Yours,
Thomas Richterich
Spokesman for the Management Board


PRINTFACTORY AG: Claims Filing Period Ends March 31
---------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against PrintFactory AG on Jan. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 31, 2005
to register their claims with court-appointed provisional
administrator Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 17, 2005, 10:10 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin 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 May 26, 2005, 10:00 a.m.
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  PRINTFACTORY AG
          Josef-Orlopp-Str. 89
          10365 Berlin

          Dr. Wolfgang Schroder, Insolvency Manager
          Genthiner Str. 48
          10785 Berlin


SPORT-NEUGEBAUER: Creditors to Meet Third Week of February
----------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Sport-Neugebauer Tegel Gerd Neugebauer GmbH
on Jan. 1, 2005.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until March 25, 2005 to register their claims with court-
appointed provisional administrator Christian Kohler-Ma.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 9:45 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin 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 May 25, 2005, 9:35 a.m.
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  SPORT-NEUGEBAUER TEGEL GERD NEUGEBAUER GMBH
          Buddestrasse (Tegel-Center)
          13507 Berlin

          Christian Kohler-Ma, Insolvency Manager
          Kurfurstendamm 212
          10719 Berlin


TONI JUNEMANN: Aachen Bankruptcy Court Stays All Pending Suits
--------------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Toni Junemann GmbH on Jan. 3, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 11, 2005 to register their
claims with court-appointed provisional administrator Johannes
Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting on April 5, 2005, 4:00 p.m. at the district court of
Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070
Aachen 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:  TONI JUNEMANN GMBH
          Nideggener Str. 149
          52349 Duren
          Contact:
          Leo Junemann, Manager

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


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


STYL CLOTHING: Clothier Faces Involuntary Liquidation Petition
--------------------------------------------------------------
Stocks of Styl Clothing Rt were suspended after a third party
initiated liquidation proceedings against the company Friday
last week, Budapest Business Journal said.  The unnamed party
filed its petition with the Vas County Court, prompting banks to
cancel Styl's loans.

Management blames the crisis in the Hungarian light industry,
which has forced the majority of its clients into bankruptcy.
The company has gone through several restructurings but to no
avail.  The clothing manufacturer has accumulated approximately
HUF130 million in debt.

CONTACT:  STYL CLOTHING RT
          H-9700 Szombathely,
          Puskas street 5-7
          Phone: 06 94 311-064
          Fax: 06 94 323-590
          Web site: http://www.styl.hu


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


CIRIO FINANZIARIA: Govt Backs Tan's Bid; Lorenzos Plan to Match
---------------------------------------------------------------
Philippines-based Del Monte Pacific said the Italian government
has already given its blessing to the bid of local businessman
Lucio Tan for Cirio Finanziaria's stake in the company.

The Italian Ministry of Trade and Industry has authorized the
commissioners of Cirio to accept the offer by Basic Holdings
Corp., Del Monte said, citing an advisory from the
administrators.  It was not known whether the bid was for the
entire 40% held by Cirio, or only a part of it, according to
news agency, Inquirer News Service.  Earlier, it was reported
that the whole stake could cost Mr. Tan an estimated US$180-200
million.

Under Singapore takeover rules, Mr. Tan is compelled to make an
offer for the rest of the stake in Del Monte should he make a
bid for the entire 40% shareholding of Cirio.  The commissioners
plan to "negotiate and enter into a definitive agreement" with
Basic Holdings once the bid is formally approved.  Accordingly,
no definite agreement has been signed yet and that even if a
deal is signed, there is no certainty that a mandatory general
offer will be made.

Meanwhile, a report from Asia Intelligence Wire said, the
Lorenzo family, who owns 21.21% of Del Monte through Macondray &
Co. Inc., is looking to make a counter bid.  Martin Lorenzo,
vice-chairman of Del Monte Philippines Inc., reportedly told
BusinessWorld that his family would exercise its right to match
the best price for the Cirio stake.

"We will still match [the best offer].  We are not selling,"
said Mr. Lorenzo who declined to detail ongoing negotiations
involving the Cirio stake.

The remaining stake in Del Monte is owned by minority
shareholders and the public.  Cirio, which defaulted on EUR1.1
billion in bonds in November 2002, has been under liquidation
since its investors rejected a restructuring plan.

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

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


FIAT AUTO: Lancia Sales Improve in 2004
---------------------------------------
Registrations of Lancia cars increased by 14.9% overall in 2004,
and by no less than 20.7% in December, thanks in particular to
the success of the Ypsilon and Musa.

Where the Musa MPV is concerned, we should point out that the
car was only launched on the European markets in January 2005.
Lancia's share of the European market grew from 0.7% to 0.8%
while volumes rose from 100,983 units in 2003 to 115,211 units
in 2004.  European registrations (excluding Italy) leaped by
more than 50%, one of the most significant increases recorded in
2004 by any carmaker in Europe.

If we analyze the performance of the Lancia brand on individual
markets we can see that the strongest growth was in Hungary
(+196.23%), Greece (+108.09% on 2003), Spain (+90.9%), Austria
(+70.18%), France (+55.3%), Holland (+41.38%), Belgium (+25.73%)
and Switzerland (+31.96%).  In countries where the brand is
represented by importers, sales grew by 162.16%, which
underlines the growing appreciation shown by European motorists
for Lancia models.

There was also a significant increase in the number of sales
outlets in Europe.  At the end of 2004 the Lancia network
(excluding Italy) numbered 450 representatives.  In Germany,
Spain and France in particular there was a 30% increase.


FIAT AUTO: Light Commercial Vehicles Sales Up Year-on-year
----------------------------------------------------------
2004 was a very good year for the Fiat Light Commercial Vehicles
brand: over 307,000 vehicles were sold throughout the world,
approximately 32,000 more than in 2003.

In Italy, with about 88,900 vehicles delivered and an overall
market share of 40.2%, Fiat LCV confirmed its undisputed
leadership of all the segments in which it is present.  13,670
units of the Punto Van were sold (a record among car-based
vehicles), the Doblo Cargo recorded about 20,000 deliveries; the
Scudo 8,200 units (up 7.7% on 2003), the Ducato over 35,000 (up
5.9%) and the Strada Pick-ups over 3,100.

In Europe as a whole (including Italy) the brand took outright
third place in the sales league, with over 213,500 units
delivered and an overall share for the year of 10.8%.  Fiat LCV
is the leading imported brand in Germany (28,800 registrations
and a market share of 11.2%) and France (21,300 registrations
and 5.1% of the market).  It also performed well, in terms of
market share, in Poland (26%), Hungary (11.2%), Switzerland
(10.9%), Greece (10.6%), Belgium (9.4%), Austria (8.8%) and
Spain (7.7%).

Outside Europe, Fiat LCV sales increased from 68,500 units in
2003 to over 93,500 in 2004 (up 36.6%).  We should mention the
good results in Turkey and Brazil in particular: in the former,
the brand took 15% of the market, and sales increased from
20,000 in 2003 to over 37,000 last year.  The Doblo is overall
leader in its segment.  44,000 vehicles were delivered in
Brazil, for a market share of 24.3%.

The most significant events for the brand in 2004 included the
introduction of the Multijet engine on the Doblo Cargo in April.
This revived the clientele's interest in the model, which
achieved 45% of its segment in the second half of the year.

Another important novelty during the year was the launch of the
146 bhp Ducato 2.8 JTD Power with a variable geometry turbine,
which took place in May.  This version now accounts for about
15% of the model mix, helping to consolidate its success on the
market in 2004.  The Ducato continues to gain ground all over
Europe and is one of the leaders in its market segment with over
102,000 sales (up 4.6% on 2003).  In 2004, the Fiat Ducato also
confirmed its leadership of the recreational vehicle sector,
accounting for 70% of the market.


PARMALAT U.S.A.: Terminating Supply Agreement with Derle
--------------------------------------------------------
Derle Farms, Inc., and its wholly owned subsidiary Kingsland
Dairies, Inc., asked the U.S. Bankruptcy Court for the Southern
District of New York to compel Farmland Dairies, LLC and
Parmalat U.S.A. Corporation to assume or reject immediately a
supply agreement dated January 1, 1999, as amended on June 2,
2003.

Mark N. Parry, Esq. at Moses & Singer, LLP in New York, informs
the Court that Derle distributes, sells and markets milk and
dairy products to customers principally situated in New York
City.  Derle must deliver fresh products to its customers on a
continuous basis.

             Farmland Will Reject Derle Supply Agreement

Farmland Dairies, LLC states that the Supply Agreement with
Derle Farms, Inc. includes a number of provisions that render it
burdensome to Farmland.  Accordingly, Farmland will reject the
Supply Agreement.

                        Transition Period

After Farmland Dairies, LLC and Parmalat U.S.A. Corp. consented
to the immediate rejection of the Supply Agreement, Derle Farms,
Inc., sought a 60-day transition period.

The parties stipulate that:

   (a) Parmalat U.S.A. will reject the Supply Agreement.

   (b) From December 17, 2004, through and including the
       Rejection Date -- the Transition Period -- Farmland will
       continue to provide Co-Packing Services and otherwise
       perform in accordance with the terms and conditions of
       the Supply Agreement, except as otherwise expressly
       modified:

          (i) Purchase and Sale of Products

              Farmland may provide Derle with products out of
              its facility in Wallington, New Jersey, provided
              that Farmland will continue to load all those
              products onto Derle's or its designees' trucks at
              Farmland's Sunnydale plant in Brooklyn, New York.
              Should Farmland determine to load all products
              from its Wallington Facility, Derle will have the
              right to discontinue taking product from Farmland
              on five-days' notice via facsimile, and the Supply
              Agreement will be deemed to have been rejected by
              Farmland as of that date -- the Termination Date.

         (ii) Labeling

              Farmland agrees to provide products under Derle's
              private label, provided, however, that on the
              Rejection Date, Derle will purchase any and all
              outstanding Derle labels in Farmland's possession
              at Farmland's actual out-of-pocket expense.

   (c) Derle will pay the current outstanding receivable due and
       owing to Farmland for $2,707,087 by the dates and in the
       amounts set forth on the schedule of payments.  In
       addition to the scheduled payments, Derle will pay
       Farmland for all Co-Packing Services provided during the
       Transition Period in the ordinary course of business as
       set forth in the Supply Agreement.

   (d) To secure its obligations under the Supply Agreement,
       Derle will grant Farmland a continuing first priority
       security interest in its present and future accounts
       receivable and all obligations for the payment of money
       arising out of its sale of goods or rendition of
       services, subject, however, to any validly existing
       perfected liens.  Upon full payment of all payments other
       than that pertaining to certain disputed charges totaling
       $87,506, which the parties will make a good faith effort
       to resolve, at Derle's request and expense, Farmland will
       deliver a termination statement on Form UCC-3 to evidence
       the release and termination of Farmland's liens.

   (e) In the event that Derle defaults in any of the Scheduled
       Payments or unreasonably withholds payment in connection
       with any of the Ordinary Course Payments, and that
       default continues for a period of five days after
       notifying Derle, in addition to all rights and remedies
       Farmland may have as a secured party pursuant to
       applicable law, including the possession or disposition
       of the collateral, the full outstanding amount of all
       payments, including payment for all Derle labels in
       Farmland's possession, will be accelerated without any
       further Court order or notice to Derle, and Farmland will
       no longer have further obligation to adhere to the terms
       of the Supply Agreement and the Supply Agreement will be
       deemed rejected.

   (f) Derle or its designee will relinquish to Farmland the
       Provided Facilities and remove from the Sunnydale
       Facility any personal property belonging to Derle or its
       designee presently located on the Provided Facilities, on
       the Rejection Date.

   (g) Derle fully and finally releases and discharges Farmland
       from any and all claims, including any rejection damage
       claim pursuant to Section 365 of the Bankruptcy Code,
       relating to the Supply Agreement.

   (h) Farmland fully and finally releases and discharges Derle
       from any and all claims relating to the Supply Agreement,
       including any claim related to amounts paid to Derle.

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 Nos. 35, 36 & 41;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


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


DONG DU: Last Day for Filing of Claims March 18
-----------------------------------------------
LLC DONG DU, which recently became insolvent, will accept proofs
of claim until March 18, 2005 at Bishkek, Salieva Str. 53.  For
more information, call (0-312) 68-27-96.


JASMIN-UG: Gives Creditors Until March to File Claims
-----------------------------------------------------
LLC Jasmin-Ug, which recently became insolvent, will accept
proofs of claim until March 18, 2005 at Osh region, Karasuisk
district, Mady, Laglan.


KOKDOBO: Public Auction Slated Next Week
----------------------------------------
The bidding organizer and insolvency manager of agricultural
farm Kokdobo 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) buildings carrying a starting price of KGS310,500; and

(b) administrative building with a starting price of KGS128,400.

To participate, bidders must submit the necessary documents and
deposit an amount equivalent to 20% of the starting price to the
insolvency manager.  For more information, call (0-34-22) 5-28-
54 or 5-36-26.


KYRGYZAIR: Selling Assorted Office Furnishings Next Week
--------------------------------------------------------
The bidding organizer and insolvency manager of LLC Kyrgyzair
will sell its properties on February 2, 2005, 10:00 a.m.  The
public auction will take place at Bishkek, Erkindik Avenue, 31A.
For sale are 20 lots of office furniture and equipment.

To participate, bidders must submit the necessary documents and
deposit an amount equivalent to 20% of the starting price to the
insolvency manager.  For more information, call (0-312) 62-67-87
or 66-54-66.


OSH-TECNOLOGY: Claims Filing Period Expires March
-------------------------------------------------
LLC Osh-Tecnology, which recently became insolvent, will accept
proofs of claim until March 18, 2005 at Osh region, Golubeva
Str. 3.  For more information, call (0-32-22) 2-48-80.


RUSSVET: Gives Creditors Two Months to File Claims
--------------------------------------------------
LLC Russvet, which recently became insolvent, will accept proofs
of claim until March 18, 2005 at Bishkek, Tynystanova Str. 189-
43.  For more information, call (0-517) 78-34-29.


TESKIM: Calls Creditors Meeting
-------------------------------
The Inter-District Court of Bishkek on Economic Issues commenced
bankruptcy supervision procedure on Joint Kyrgyz Turkish LLC
Teskim on November 25, 2004.  The case is docketed as 03-602/-
04C5.  Mr. Aitemir Abjanbekov (License Number 0179) has been
appointed temporary insolvency manager.

Creditors will meet on February 2, 2005, 10:00 a.m. at Bishkek,
Sovetskaya Str. 201.  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. Aitemir Abjanbekov
          Temporary Insolvency Manager
          Phone: (0-312) 62-06-41


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


TURANALEM FINANCE: Proposed US$200 Million Notes Rated 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured debt rating to the US$200 million notes to be issued
by TuranAlem Finance B.V., a Netherlands-based special purpose
vehicle, on Jan. 28, 2005.  The proposed notes will be
guaranteed by Kazakhstan-based Bank TuranAlem (BTA; BB-
/Positive/B).

The ratings on BTA reflect its strong market position in
commercial and retail banking and improving core profitability.
"These strengths are offset by the rapid expansion of loans,
which has pressured capital and leaves BTA vulnerable to an
economic downturn," said Standard & Poor's credit analyst Magar
Kouyoumdjian.  "In addition, the Kazakh economic and banking
environment, with limited and concentrated lending opportunities
and a history of high arrears in corporate payments, increases
risks for all banks operating in the country."

BTA is the second-largest bank in the Republic of Kazakhstan
(foreign currency, BBB-/Stable/A-3; local currency,
BBB/Stable/A-3), specializing in both corporate and retail
banking.  It has a growing 20% market share of domestic banking
assets.  Foreign shareholders, having held a minority share in
the bank since 2001, are bringing positive developments in terms
of credit risk management, internal audit processes, and
management controls.

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

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


UNITEDGLOBALCOM INC.: To Merge with Liberty Media
-------------------------------------------------
Liberty Media International, Inc. and UnitedGlobalCom, Inc.
(UGC) (UCOMA) announced that the two companies have reached an
agreement to combine the businesses under a single entity to be
named Liberty Global, Inc.  Liberty Global will be one of the
largest owners and operators of broadband communications systems
outside the United States with ownership interests in companies
serving more than 14 million RGUs in 17 countries.

The merger will be accomplished as a result of a business
combination whereby each of LMI and UGC will become wholly owned
subsidiaries of a new holding company, Liberty Global, Inc.
Each issued and outstanding share of LMI common stock will be
converted into one share of the same series of common stock of
Liberty Global.  Each issued and outstanding share of UGC common
stock, other than shares owned by LMI or its subsidiaries or by
UGC, will be exchanged into 0.2155 of a share of Series A common
stock of Liberty Global.  A cash election alternative of $9.58
per UGC share will be available to the UGC shareholders subject
to proration so that the amount of cash paid does not exceed 20%
of the total consideration received by the unaffiliated UGC
shareholders.

Liberty Global expects to have a 10-member board of directors
with five directors selected from each of the existing boards of
directors of LMI and UGC.  Dr. John C. Malone will be the
Chairman of the Board of Directors and Mr. Michael T. Fries will
assume the post of President and Chief Executive Officer.

Given the substantial liquidity and free cash flow profile of
the combined company, the parties expect that Liberty Global's
board of directors will authorize a substantial stock repurchase
program following the combination.  Any share repurchases would
occur from time to time in the open market or in privately
negotiated transactions, subject to market conditions.

John Malone, LMI's Chairman, President and CEO, stated: "As
demonstrated by the new name of our company, I view this
transaction as a merger of equals creating one of the largest
broadband services companies outside the United States."

Dr. Malone went on to say: "In a very short period of time, we
have disposed of non-strategic businesses and put in place a
simplified structure from which our operating businesses can
focus on their respective markets including Europe, Japan and
Chile.  From this structure, I am confident that Mike Fries and
the rest of the management team can create value for our
shareholders through internal growth and prudent acquisitions."

Mike Fries, President and CEO of UGC, commented: "The benefits
of this transaction to both sets of shareholders are
substantial.  Liberty Global will have one of the strongest
balance sheets in the industry, additional cash to pursue
acquisitions and a simplified and more liquid trading market for
its stock.  In addition to rationalizing our respective
interests in Chile and clarifying future corporate
opportunities, the deal also provides UGC shareholders with an
interest in the fast growing Japanese market at an attractive
valuation.  We are very excited about the global scale this
transaction creates and the benefits that will accrue to both
parties.  Lastly, the management teams from both companies
complement each other extremely well and are dedicated to
continuing our track record of 'best in class' growth."

The merger, which has been negotiated and approved by a special
committee of the independent directors of UGC, is subject to LMI
and UGC stockholder approval, which in the case of UGC will
include an affirmative vote of a majority of the shares not
beneficially owned by LMI and its affiliates, and other
customary consents and approvals.  The transaction is expected
to close in the second quarter of this year.

LMI was advised by Banc of America Securities and Baker Botts
LLP.  The UGC special committee was advised by Morgan Stanley
and Debevoise & Plimpton LLP.

                            *   *   *

In connection with the proposed transaction, LMI and UGC will
file a proxy statement/prospectus with the Securities and
Exchange Commission.

STOCKHOLDERS OF EACH COMPANY AND OTHER INVESTORS ARE URGED TO
READ THE JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING ANY
AMENDMENTS OR SUPPLEMENTS TO THE JOINT PROXY
STATEMENT/PROSPECTUS) REGARDING THE PROPOSED TRANSACTION WHEN IT
BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION.

Stockholders will be able to obtain a free copy of the joint
proxy statement/prospectus, as well as other filings containing
information about LMI and UGC, without charge, at
http://www.sec.gov. Copies of the joint proxy
statement/prospectus and the filings with the S.E.C. that will
be incorporated by reference in the joint proxy
statement/prospectus can also be obtained, without charge, by
directing a request to Liberty Media International, Inc., 12300
Liberty Boulevard, Englewood, Colorado 80112, Attention:
Investor Relations Telephone: (877) 783-7676, or to
UnitedGlobalCom, Inc., 4643 South Ulster Street, Suite 1300,
Denver, Colorado 80237, Attn: Investor Relations Department
Telephone (303) 770-4001.

Participants in Solicitation

The respective directors and executive officers of LMI and UGC
and other persons may be deemed to be participants in the
solicitation of proxies in respect of the proposed transaction.
Information regarding LMI's directors and executive officers is
available in its registration statement on Form S-1/A filed with
the S.E.C. by LMI on July 19, 2004 and in its current report on
Form 8-K filed with the S.E.C. by LMI on November 12, 2004, and
information regarding UGC's directors and executive officers is
available in its proxy statement filed with the S.E.C. by UGC on
October 25, 2004.  Other information regarding the participants
in the proxy solicitation and a description of their direct and
indirect interests, by security holdings or otherwise, will be
contained the joint proxy statement/prospectus and other
relevant materials to be filed with the S.E.C. when they become
available.

About LMI

Liberty Media International, Inc. (LBTYA)(LBTYB) owns interests
in broadband distribution and content companies operating
outside the U.S., principally in Europe, Asia, and Latin
America.  Through its subsidiaries and affiliates, LMI is the
largest cable television operator outside the United States in
terms of video subscribers. LMI's businesses include
UnitedGlobalCom, Inc., Jupiter Telecommunications Co., Ltd.,
Jupiter Programming Co., Ltd., Liberty Cablevision of Puerto
Rico, LLC and Pramer S.C.A.

About UGC

UGC (UCOMA) is a leading international provider of video, voice,
and broadband Internet services with operations in 15 countries,
including 12 countries in Europe.  Based on the Company's
operating statistics at September 30, 2004, UGC's networks
reached approximately 15.5 million homes passed and served over
11.1 million RGUs, including approximately 9.1 million video
subscribers, 761,000 telephone subscribers and 1.3 million
broadband Internet subscribers.

CONTACT:  LIBERTY MEDIA INTERNATIONAL, INC.
          Mike Erickson
          Phone: +1-800-783-7676
          or
          Denver, Richard S. L. Abbott
          Phone: +1-303-220-6682

          or London
          UNITEDGLOBALCOM INC.
          Claire Appleby
          Phone: +44 20 7 838 2004, or Europe
          Bert Holtkamp
          Phone: +31 (0) 778 9447


UNITEDGLOBALCOM INC.: Debevoise & Plimpton to Advise on Merger
--------------------------------------------------------------
Debevoise & Plimpton LLP is advising the Special Committee of
the Board of Directors of UnitedGlobalCom, Inc. (UCOMA) in
connection with UnitedGlobalCom's agreement to merge with
Liberty Media International, Inc. (LBTYA) to form a new company
to be named Liberty Global, Inc., which will be one of the
largest owners and operators of broadband communications systems
outside the United States.  The transaction is valued at
approximately US$3.5 billion.

The terms of the merger were negotiated and approved by the
Special Committee and are subject to stockholder approval of
both companies, which in the case of UnitedGlobalCom will
include an affirmative vote of a majority of the shares not
owned by Liberty Media International and its affiliates, as well
as other customary consents and approvals.

Liberty Media International, Inc. is the largest cable
television operator outside the United States in terms of video
subscribers and owns interests in broadband distribution and
content companies operating outside the U.S., principally in
Europe, Asia, and Latin America. UnitedGlobalCom, Inc. is a
leading international provider of video, voice, and broadband
Internet services with operations in 15 countries, including 12
countries in Europe.  Debevoise & Plimpton LLP is a leading
international law firm with offices in New York, London, Paris,
Frankfurt, Washington, Moscow, Hong Kong and Shanghai.

The Debevoise team is led by partners Franci J. Blassberg and
Paul S. Bird and includes partner Peter A. Furci and associates
Jonathan E. Levitsky, Kyle A. Pasewark and Emily Goldberg.

CONTACT:  DEBEVOISE & PLIMPTON LLP
          Robin Shanzer, Media & Public Relations Manager
          Phone: +1-212-909-1080


UNITEDGLOBALCOM INC.: 'B' Rating on CreditWatch Positive
--------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
European cable TV operator UnitedGlobalCom, Inc. -- UGC,
including the 'B' corporate credit rating, and related entities
on CreditWatch with positive implications.  This action follows
the announced merger agreement between UGC and its approximate
53% economic owner Liberty Media International, Inc. -- LMI.

"If the merger is consummated, ratings on UGC will reflect the
ratings of its new parent, which will incorporate the assets of
LMI," explained Standard & Poor's credit analyst Catherine
Cosentino.  "The rating on the parent entity may be higher than
the current 'B' corporate credit rating on UGC, given its 45%
interest in Japanese cable TV operator Jupiter
Telecommunications Co. Ltd. -- JCOM.  JCOM generates substantial
EBITDA and has good growth prospects relative to that of UGC's
European cable operations, which have been viewed by Standard &
Poor's as being fairly weak."

Standard & Poor's will meet with management to review JCOM's
business strategy, as well as the potential for an initial
public offering at this entity at some point and accompanying
prospects for the post-merger combined company to exert control
of JCOM under terms of the joint venture agreement.  We will
also evaluate the combined company's plans for the significant
cash and non-core monetizable investment balances that are
expected to exist subsequent to the merger, especially in light
of management's indications about prospective share buybacks.


UNITEDGLOBALCOM INC.: Faruqi & Faruqi Challenges Merger Plans
-------------------------------------------------------------
Faruqi & Faruqi, LLP filed a class action lawsuit in the Court
of Chancery in the State of Delaware, on behalf of its client
and all persons or institutions who held shares of
UnitedGlobalCom, Inc. (UCOMA) challenging the fairness of the
recent merger proposal made by Liberty Media International,
Inc., which owns approximately 53% of UnitedGlobal's outstanding
common stock.

Among other things, plaintiff's Complaint alleges that the
consideration to be paid to Class members in the transaction is
unconscionable and unfair and grossly inadequate because the
intrinsic value of UnitedGlobal's common stock is materially in
excess of the amount offered given the stock's current trading
price and the Company's prospects for future growth and
earnings.

Additionally, the Complaint alleges defendants have breached
their duty of loyalty to UnitedGlobal stockholders by using
their control of UnitedGlobal to force plaintiff and the Class
to exchange their equity interest in UnitedGlobal at an unfair
price, and deprive UnitedGlobal's public shareholders of maximum
value to which they are entitled.  The Complaint alleges further
that defendants have also breached their duties of loyalty and
due care by not taking adequate measures to ensure that the
interests of UnitedGlobal's public shareholders are properly
protected from overreaching.

Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm
with extensive experience in prosecuting class actions, and
significant expertise in actions involving corporate fraud.

If you wish to discuss this action, or have any questions
concerning this notice or your rights or interests, please
contact:

ANTHONY VOZZOLO, ESQ.
FARUQI & FARUQI, LLP
320 East 39th Street
New York, NY 10016
Telephone: (877) 247-4292 or (212) 983-9330
E-mail: Avozzolo@faruqilaw.com

CONTACT:  FARUQI & FARUQI LLP
          Anthony Vozzolo, Esq.
          Phone: (877) 247-4292
                 (212) 983-9330
          E-mail: Avozzolo@faruqilaw.com


UNITEDGLOBALCOM INC.: Schiffrin & Barroway Files Class Action
-------------------------------------------------------------
The law firm of Schiffrin & Barroway, LLP gives notice that a
class action lawsuit, challenging the fairness of the recent
merger proposal made by Liberty Media International, Inc., was
filed in the Court of Chancery in the State of Delaware on
behalf of all who held shares of UnitedGlobalCom, Inc. (UCOMA).

The complaint alleges that on January 18, 2005, UnitedGlobal
announced that Liberty Media has made a proposal to acquire all
of the Company's common stock that it does not already own at a
price of approximately US$3.65 billion.  UnitedGlobal
shareholders would receive 0.2155 shares of Liberty Global Inc.,
the successor entity, for each share of UnitedGlobal, and
investors in Liberty Media would get one share of Liberty Global
Inc. for each share they hold.  Liberty Media also offered a
cash alternative of US$9.58 per share UnitedGlobal stock,
limited to 20% of the total offer.

According to the complaint, the consideration offered in the
Buyout is wholly inadequate and fails to offer fair value to the
Company's shareholders for their equity interests in
UnitedGlobal.  In fact, the Company's stock traded in excess of
the Buyout price as recently as the day prior to the
announcement, and has been trading at or over that price for at
least the past month.

Moreover, the complaint alleges that Liberty Media had timed the
proposal to freeze out UnitedGlobal's public shareholders in
order to capture for itself UnitedGlobal's future potential
without paying an adequate or fair price to the Company's public
shareholders and that Liberty Media timed the announcement of
the proposed buyout to place an artificial lid on the market
price of UnitedGlobal's stock so that the market would not
reflect UnitedGlobal's improving potential, thereby purporting
to justify an unreasonably low price.

If you wish to discuss this action or have any questions
concerning this notice or your rights or interests with respect
to these matters, please contact Schiffrin & Barroway, LLP (Marc
A. Topaz, Esq. or Darren J. Check, Esq.) toll free at 1-888-299-
7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.

Plaintiff seeks to recover damages on behalf of class members
and is represented by the law firm of Schiffrin & Barroway,
which prosecutes class actions in both state and federal courts
throughout the country.  Schiffrin & Barroway is a driving force
behind corporate governance reform, and has recovered in excess
of a billion dollars on behalf of institutional and high net
worth individual investors.  For more information about
Schiffrin & Barroway, or to sign up to participate in this
action online, please visit http://www.sbclasslaw.com.

CONTACT:  SCHIFFRIN & BARROWAY, LLP
          Marc A. Topaz, Esq.
          Darren J. Check, Esq.
          Three Bala Plaza East, Suite 400
          Bala Cynwyd, PA 19004
          Phone: 1-888-299-7706 (toll free)
              or 1-610-667-7706
          E-mail: info@sbclasslaw.com


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


21 CENTRAL: Public Auction Set February
---------------------------------------
The bidding organizer of open joint stock company 21 Central
Project Institute will sell its property Feb. 1, 2005, 12:00
noon.  Up for sale is a sports complex.  Starting price:
RUB6,318,212.

Preliminary examination and reception of bids are done daily on
or before Jan. 27, 2005.  The list of documentary requirements
is available at Russia, Moscow, Krasnokholmskaya Quay, 13/15,
Building 1.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price to the bidding organizer's (TIN
7713234163) settlement account 40702810500000001536 in ACB
Univesalniy credit, Moscow, correspondent account
30101810700000000576, BIC 044585576.

CONTACT:  21 CENTRAL PROJECT INSTITUTE
          Russia, Moscow, Mira Pr. 101 V

          CENTRE OF REALIZATION OF DEBTORS' PROPERTY
          Bidding Organizer
          Russia, Moscow, Krasnokholmskaya Quay,
          13/15, Building 1
          Phone: (095) 912-83-07


AMBER: Creditors Have Until March to File Claims
------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Amber after finding the open
joint stock company insolvent.  The case is docketed as A43-
12632/04-18-350.  Mr. E. Eremeyev has been appointed insolvency
manager.  Creditors have until March 1, 2005 to submit their
proofs of claim to 603029, Russia, Nizhniy Novgorod, Pamirskaya
Str. 11.

CONTACT:  AMBER
          607340, Russia, Nizhniy Novgorod region,
          Voznesenskoye, Industrialnaya Str. 1

          Mr. E. Eremeyev
          Insolvency Manager
          603029, Russia, Nizhniy Novgorod,
          Pamirskaya Str. 11
          Phone: (8312) 58-43-24
          Fax: (8312) 58-37-54


GLAZUNOVSK-AGRO-PROM-SNAB: Declared Insolvent
---------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
proceedings against Glazunovsk-Agro-Prom-Snab after finding the
open joint stock company insolvent.  The case is docketed as
A48-1681/04-20b.  Mr. V. Sinegubkin has been appointed
insolvency manager.  Creditors have until March 1, 2005 to
submit their proofs of claim to 302028, Russia, Orel, Gorkogo
Str., 45, office 29.

CONTACT:  GLAZUNOVSK-AGRO-PROM-SNAB
          Russia, Orel region,
          Glazunovka, Lenina Str. 11

          Mr. V. Sinegubkin
          Insolvency Manager
          302028, Russia, Orel,
          Gorkogo Str. 45, Office 29
          Phone: (086-2) 47-49-08
          Fax: (086)-29-50-76


MONOLITH: Undergoes External Management Procedure
-------------------------------------------------
The Arbitration Court of Saratov region has commenced external
management bankruptcy procedure on close joint stock company
Monolith.  The case is docketed as A57-97 B/04-12.  Mr. L.
Aladyshev has been appointed external insolvency manager.

CONTACT:  MONOLITH
          413540, Russia, Saratov region,
          Krasnopartrizanskiy region, Garnyj

          Mr. L. Aladyshev
          External Insolvency Manager
          410031, Russia, Saratov,
          Kuznechnaya Str. 11/21, Apartment 112


NARTKALINSKIY TINNED: Declared Insolvent
----------------------------------------
The Arbitration Court of Kabardino Balkariya republic commenced
bankruptcy proceedings against Nartkalinskiy Tinned Food Factory
after finding the open joint stock company insolvent.  The case
is docketed as A20-3656/01.  Mr. Y. Kartofelnikov has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 360000, Russia, Kabardino Balkariya republic,
Nalchik, Lermontova Str. 54, Apartment 203.

CONTACT:  NARTKALINSKIY TINNED FOOD FACTORY
          361300, Russia, Kabardino Balkariya republic,
          Nartkala, Gorkogog Str. 1

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


NOVOSPASSKIY WOOD: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Novospasskiy Wood Working Plant.  The case is docketed as A72-
6732/04-21/32-B.  Mr. S. Pelevin has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 432011, Russia, Ulyanovsk, Radischeva Str. 28A.

CONTACT:  NOVOSPASSKIY WOOD WORKING PLANT
          433870, Russia, Ulyanovsk region,
          Novospasskoye, Stroiteley Str. 2

          Mr. S. Pelevin
          Temporary Insolvency Manager
          432011, Russia,
          Ulyanovsk, Radischeva Str. 28A


PODOLSKIY ELECTRO-MECHANICAL: Insolvency Manager Takes over Helm
----------------------------------------------------------------
The Arbitration Court of Moscow region has commenced external
management bankruptcy procedure on open joint stock company
Podolskiy Electro-Mechanical Plant.  The case is docketed as
A41-K2-884/04.  Mr. V. Isaychenkov has been appointed external
insolvency manager.

CONTACT:  PODOLSKIY ELECTRO-MECHANICAL PLANT
          142105, Russia, Moscow region, Podolsk,
          Bolshaya Serpukhovskaya Str. 43

          Mr. V. Isaychenkov
          External Insolvency Manager
          123100, Russia, Moscow,
          Post User Box 20


SEL-MASH: Deadline for Proofs of Claim March
--------------------------------------------
The Arbitration Court of Buryatiya republic commenced bankruptcy
proceedings against Sel-Mash after finding the limited liability
company insolvent.  The case is docketed as A10-227/04.  Ms. M.
Matkheeva has been appointed insolvency manager.  Creditors have
until March 1, 2005 to submit their proofs of claim to 670004,
Russia, Buryatiya republic, Ulan-Ude, Post User Box 23.

CONTACT:  SEL-MASH
          Russia, Buryatiya republic,
          Novaya Bryan, Rusina Str. 38

          Ms. M. Matkheeva
          Insolvency Manager
          670004, Russia, Buryatiya republic,
          Ulan-Ude, Post User Box 23


ULVODSTROY: Ulyanovsk Court Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
proceedings against Ulvodstroy after finding the regional
unitary transport-building enterprise insolvent.  The case is
docketed as A72-5019/04-21/20-B.  Mr. A. Kreyzo has been
appointed insolvency manager.  Creditors have until March 1,
2005 to submit their proofs of claim to 432063, Russia,
Ulyanovsk, Post User Box 1669.

CONTACT:  ULVODSTROY
          432071, Russia, Ulyanovsk region,
          Ulyanovsk, Uritskogo Str. 98

          Mr. A. Kreyzo
          Insolvency Manager
          432063, Russia, Ulyanovsk,
          Post User Box 1669


VELIKOLUKSTROY: Hires E. Babaev as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Pskov region commenced bankruptcy
proceedings against Velikolukstroy after finding the open joint
stock company insolvent.  The case is docketed as
A52/2428/2002/4.  Mr. E. Babaev has been appointed insolvency
manager.  Creditors have until March 1, 2005 to submit their
proofs of claim to 180000, Russia, Pskov, Sovetskaya Str. 52,
Office 23.

CONTACT:  VELIKOLUKSTROY
          182100, Russia, Pskov region,
          Velikiye Luki, Botvina Str. 19

          Mr. E. Babaev
          Insolvency Manager
          180000, Russia, Pskov,
          Sovetskaya Str. 52, Office 23


YUKOS OIL: Supply Disruption Has Little Impact on Refineries
------------------------------------------------------------
Fitch Ratings says that Central European and major Chinese
refineries are likely to be largely unaffected by suspension of
crude oil supplies within long-term contracts with OAO Yukos, a
significant supplier of oil to Central Europe.  A suspension of
supply from Yukos was already experienced by some refineries in
December 2004.  Fitch expects that oil supplies suspended
following the recent force majeure, announced by Yukos in the
wake of the auction of its main production unit Yuganskneftegas,
are being replaced by supplies from other Russian producers or
trading companies.

Central European refining companies to which Yukos is a
significant supplier, including Polish PKN (rated
'BBB'/Stable/'F3'), Hungarian MOL, Slovakian Slovnaft, and
Lithuanian Mazeikiu Nafta, are finding alternative suppliers of
Russian Export Blend crude oil either on the spot market in the
short-term or under longer-term contracts.  Russian producers
are likely to be willing to increase their pipeline exports to
Central Europe given the higher prices that this region fetches
compared to Russia, and for the same reason the new owner of
Yuganskneftegas is also likely to be exporting it's oil to
Central Europe.  Obligatory crude oil inventory held by the CE
companies (at least 30 days of operations) provides further
comfort that any supply suspension is likely to be manageable.

Fitch expects that the potential financial effect on CE refiners
of spot purchases or new term agreements, instead of contracts
with Yukos, will be marginal as prices under new agreements are,
on average, unlikely to differ substantially.  However,
suppliers may try to take advantage of Yukos' supply suspension
and seek to negotiate better terms, especially as refineries
continue to enjoy a high margin environment (3-2-1NW Brent Crack
is at USD5.4/bbl compared to US$4.1/bbl in Q404).

Most CE refiners also have access to non-Russian crude oil
through alternative pipelines, for example PKN is in a position
to replace all crude oil imports from Russia with North Sea oil
through terminals in Gdansk and MOL is able to import oil from
the Adriatic Sea.  However, the import of non-Russian oil is
less likely at present given that most refineries in the region
are able to refine cheaper Russian oil with higher sulphur
content, while still producing fuels in line with EU
specifications.  As a result, they can capitalize on the price
differential between Urals and Brent, now at US$5.0/bbl compared
to US$6.5/bbl in Q404.  They are, therefore, likely to continue
refining mostly Russian oil to capitalize on the competitive
cost advantage arising from this price differential.

One likely outcome of the Yukos crisis may also be a further
diversification of crude oil supplies to CE.  The currently
contemplated extension of the existing Odessa-Brody pipeline,
from Ukraine to the center of Poland and then possibly to the
Baltic Sea thereby enabling transportation of Caspian crude oil
to European Union countries, is one of these possible
developments.

Yukos was also a supplier of oil to China's CNPC.  The Chinese
company is reportedly negotiating a US$6.0 billion loan to
Rosneft in return for crude deliveries of roughly 8 million tons
a year, or 16% of Yuganskneftegas' output, through 2010.
China's CNPC and Sinopec received 3.5 million tons of oil in
2003 by rail from Yukos, which had agreed to up the overall
volume of its exports to China to 10 million tons per year
before the government launched its tax investigation against the
company.

As a result of the tax investigation, Yukos was forced to halt
expensive rail supplies to CNPC last year as it sought extra
cash to pay off its mounting back tax bill, leaving CNPC in a
supply shortage situation similar to MOL and PKN.  Fitch expects
that the new loan deal could actually be beneficial for CNPC as
the company may attempt to secure concessions from Rosneft in
its negotiations to secure the loan.  As such, CNPC may secure
long-term purchase agreements on favorable terms.  CNPC is
likely to set the terms of the deal on a formula based on world
prices; although any long-term contract that sets a fixed price
would be disadvantageous, as prices are likely to fall.

CONTACT:  FITCH RATINGS
          Arkadiusz Wicik, Warsaw
          Phone: +48 22 338 62 86

          Josef Pospisil
          Phone: +44 20 7417 4266

          Jeffrey Woodruff, Moscow
          Phone: +7 095 956 9986

          Andrew Steel
          Phone: +44 (0) 20 7862 4086

          Isaac Xenitides
          Phone: +44 207 417 4300

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


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


* Fitch Upgrades Ukraine to 'BB-'; Outlook Stable
-------------------------------------------------
Fitch Ratings upgraded Ukraine's Long-term foreign and local
currency ratings to 'BB-' from 'B+'.  At the same time the
agency upgraded the Country Ceiling to 'BB-' from 'B+' and
affirmed the Short-term rating at 'B'.  The Outlook on the Long-
term ratings is Stable.

"The prospective presidential inauguration of Viktor Yushchenko
set for 23 January should mark the passing of the period of most
acute and immediate political risk.  At the same time, latest
data indicate that foreign exchange reserves and household bank
deposits have started to stabilize," says Edward Parker, Senior
Director in the Fitch Sovereigns Group. Ukraine's sovereign
ratings had previously been constrained at the 'B+' level by
Fitch's long-standing view that there was a material risk of
significant political instability associated with the
presidential elections.  "Although political risk remains
significant, it is now diminishing as Ukraine emerges from its
political crisis.  In these circumstances, Ukraine's
macroeconomic fundamentals such as moderate public and external
debt ratios and strong growth prospects now merit an upgrade,"
adds Mr. Parker.

The non-violent "orange revolution", Mr. Yushchenko's
presidency, prospective constitutional reforms and the turnover
in power should strengthen democratic institutions, checks and
balances, governance and prospects for long-term political
stability.  Mr. Yushchenko has yet to set out detailed economic
policy goals or make key appointments, but his track record
suggests he will implement prudent macroeconomic policies and
structural reforms, which should improve the business climate.
International goodwill should facilitate accession to the World
Trade Organization, better relations with the IMF and World
Bank, and possibly a roadmap towards EU accession, although
entry itself would remain a distant and uncertain prospect.

Overall, Mr. Yushchenko's policies should be positive for
economic prosperity and Ukraine's creditworthiness.  However, he
faces daunting challenges: to unite the country, repair
relations with Russia, advance economic reforms, cleanse the
establishment and tackle vested interests while building a
political consensus, and to navigate "events".  Moreover,
constitutional reforms will start to dilute his powers from
September 2005 to March 2006.

Despite some adverse impact from the political crisis, the
Ukrainian economy and financial position are underpinned by some
fundamental credit strengths.  GDP is estimated to have grown by
12% in 2004.  Low wages relative to skill levels, scope for
efficiency gains from structural reforms and potential to
improve the business climate and investment suggest medium-term
growth prospects are robust.  Ukraine's moderate level of public
debt is a key rating strength.  Fitch estimates it was just 25%
of GDP at end-2004, down from 60% at end-1999, and well below
both the 'B' range median of 67% and 'BB' range median of 52%.
The external position has been underpinned by rapid export
growth and large current account surpluses, the latter of which
Fitch estimates averaged 6.4% of GDP over the past five years.
This has helped Ukraine to build up its foreign exchange (FX)
reserves to USD9.5 billion at end-2004, from USD7bn at end-2003
and just USD1.5bn at end-2000.

Nevertheless, Ukraine still faces a number of economic and
financial risks. Pre-election pump-priming and the impact of the
crisis will have widened the general government budget deficit
to perhaps 4% of GDP.  A lack of transparency adds to the risk
of surprises when the new government opens the books. It will
need to pass a prudent and realistic budget for 2005.
Nonetheless, Fitch estimates Ukraine's 2005 public sector
financing requirement at only around 6% of GDP, compared, for
example, with 35% for Turkey ('BB-').

The political uncertainty triggered a substitution from Hryvnia
into foreign currency assets, jump in capital flight and USD3bn
drop in FX reserves in the last four months of 2004.
Amortization, short-term debt and capital flight mean that
Ukraine faces significant external financing needs and,
therefore, needs to retain international capital market access.
The hemorrhaging of reserves and political uncertainty caused a
pronounced liquidity squeeze and significant deposit withdrawals
in the banking sector in late 2004.  But encouragingly, FX
reserves, the money supply and household deposits started to
increase again at the end of December.  Contacts with individual
banks and the decision by the National Bank of Ukraine to ease
some restrictions on deposit withdrawals also point to some
improvement in the situation. Nevertheless, the banking system
as a whole remains fragile.

The Stable Outlook reflects the balance between brighter medium-
term prospects for economic prosperity and political stability
under Mr. Yushchenko and on-going risks associated with
political events, the uncertainty over the budget position and
vulnerability of the banking sector.

CONTACT:  FITCH RATINGS
          Edward Parker (Sovereigns), London
          Phone: +44 (0) 20 7417 6340

          Sharon Raj (Sovereigns)
          Phone: +44 (0) 20 7417 6341

          James Watson (Banks), Moscow
          Phone: +7 095 956 9901

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


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


1ST EDINBURGH: Winding up Report Out This Week
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

  IN THE MATTER OF 1st Edinburgh Property Maintenance Limited
                         (In Liquidation)

Notice is hereby given, pursuant to Section 146 of the
Insolvency Act 1986, that a Final Meeting of the Creditors of
1st Edinburgh Property Maintenance Limited will be held at
Bruntsfield House, 6 Bruntsfield Terrace, Edinburgh EH10 4EX, on
January 27, 2005 at 11:00 a.m. for the purpose of showing how
the winding up has been conducted and the property of the
company disposed of, and of hearing an explanation that may be
given by the Liquidator, and also of determining the manner in
which the books, accounts and documents of the company and of
the liquidator shall be disposed of.

T. Ritchie Campbell, Liquidator

CONTACT:  SCOTT & PATERSON
          Bruntsfield House
          6 Bruntsfield Terrace
          Edinburgh EH10 4EX
          Phone: 0131 229 2392
          Fax: 0131 228 5587
          E-mail: mail@scottandpaterson.co.uk
          Web site: http://www.scottandpaterson.co.uk


ACCALAIDE LIMITED: Calls in Liquidator from Panos Eliades
---------------------------------------------------------
At the extraordinary general meeting of Accalaide Limited on
Jan. 13, 2005 held at The Gateway Hotel, Nuthall Road,
Nottingham NG8 6AZ, the subjoined extraordinary resolution to
wind up the company was passed.  Mr. S. Franklin of Panos
Eliades, Franklin & Co., Albany House, 18 Theydon Road, London
E5 9NZ has been appointed liquidator of the company.

CONTACT:  PANOS ELIADES
          Franklin & Co., Albany House,
          18 Theydon Road, London E5 9NZ


ADVANCED SECURITY: Members Pass Extraordinary Resolution
--------------------------------------------------------
At the extraordinary general meeting of the members of Advanced
Security Services Limited on Jan. 7, 2005 held at the offices of
Piper Thompson, Mulberry House, 53 Church Street, Weybridge,
Surrey KT13 8DJ, the extraordinary resolution to wind up the
company was passed.  Tony James Thompson of Piper Thompson,
Mulberry House, 53 Church Street, Weybridge, Surrey KT13 8DJ has
been nominated liquidator of the company.

CONTACT:  PIPER THOMPSON
          Mulberry House,
          53 Church Street, Weybridge,
          Surrey KT13 8DJ
          Phone: 01932855515


AJ TYSON: Members Decide to Wind up Firm
----------------------------------------
At the extraordinary general meeting of the members of AJ Tyson
Construction Services Limited on Jan. 12, 2005 held at Hotel St
Nicholas, St Nicholas Cliff, Scarborough YO11 2ES, the
extraordinary and ordinary resolution to wind up the company
were passed.  Timothy Calverley of Haines Watts, First Floor,
Park House, Park Square West, Leeds LS1 2PS has been appointed
liquidator of the company.

CONTACT:  HAINES WATTS
          First Floor, Park House,
          Park Square West, Leeds LS1 2PS
          Phone: 0113 398 1100
          Fax:   0113 398 1101
          Web site: http://www.hwca.com


ALLDERS PLC: Former CEO Among Interested Buyers
-----------------------------------------------
Former Allders Plc CEO Harvey Lipsith is making a comeback, but
this time as potential owner.

According to The Scotsman, Mr. Lipsith was expected to table an
offer as early as Monday this week.  Aside from Mr. Lipsith, who
quit in 2003, private equity firms Alchemy and Sun European
Partners have expressed interest in buying Allders as a going
concern.  Retailers Debenhams, Primark and House of Fraser are
interested in a small number of stores.  Arcadia chain owner
Philip Green is also reportedly interested in buying some
outlets.

Commenced in December, the sale process was disrupted after
Lehman Brothers sold to turnaround specialist Hilco its GBP90
million stake in Scarlett Retail, Allders' holding company.
This spawned speculations that Hilco would place Allders into
administration like Ciro Citterio, the menswear chain it bought
in September 2003.  Hilco has not taken any firm position on the
matter, sources to the restructuring group said.  A "clearer
picture" on Allders' prospect could be seen in the next few
days, the source said.

Scarlett Retail is an investment group owned by Minerva, Lehman
Brothers and senior managers.  Minerva controls 60% of the
group.  The 47-strong chain of Allders stores was brought by
Scarlet Retail for GBP158 million two years ago, the report
says.

Scarlett Retail has tried several strategies, including changing
store layouts and recruiting new buyers and merchandisers, to
revive the ailing company, but to no avail.  Former Bhs chief
Terry Green, who assumed leadership at Allders following the
takeover, has only succeeded in writing off old stock and
reducing prices.  Allders currently employs 8,000 people at 47
strategically located stores across the U.K.

CONTACT:  ALLDERS PLC
          131 Park St.
          London W1K 7BB
          Phone: +44-20 7855 3800
          Fax: +44-20 7855 3809
          Web site: http://www.allders.com

          HILCO TRADING CO., INC.
          5 Revere Dr.
          Ste. 206
          Northbrook
          IL 60062
          Phone: 847-509-1100
          Fax: 847-509-1150
          Web site: http://www.hilcotrading.com

          ALCHEMY PARTNERS LLP
          20 Bedfordbury
          London WC2N 4BL
          Phone: +44-20-7240-9596
          Fax: +44-20-7240-9594
          Web site: http://www.alchemypartners.co.uk

          DEBENHAMS PLC
          1 Welbeck St.
          London W1G 0AA
          Phone: +44-20-7408-4444
          Fax: +44-20-7408-3366
          Web site: http://www.debenhams.com

          PRIMARK STORES LTD.
          Primark House, 41 West St.
          Reading RG1 1TT
          Phone: +44-118-960-6300
          Web site: http://www.primark.co.uk


A M CONTRACTS: Calls in Liquidators from Tait Walker
----------------------------------------------------
At the extraordinary general meeting of A M Contracts Newcastle
Limited on Jan. 5, 2005 held at Tait Walker, the extraordinary
and ordinary resolutions to wind up the company were passed.
Gordon Smythe Goldie and Allan David Kelly of Tait Walker,
Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3
3LS have been appointed liquidators of the company.

CONTACT:  TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


ARTBOUND LIMITED: Final Meeting of Members Set February
-------------------------------------------------------
The final meeting of Artbound Limited will be on Feb. 25, 2005
at 10:00 a.m.  It will be held at 4 Shakespeare Road, London N3
1XE.  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.


ASHLEY-HUNTER: First Creditors Meeting Set this Week
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Ashley-Hunter Limited
                         (In Liquidation)

I, John Michael Hall, Chartered Accountant hereby give notice
that I was appointed Interim Liquidator of Ashley-Hunter Limited
on December 20, 2004, by Interlocutor of the Sheriff of Lothian
and Borders at Selkirk.

Notice is also given that the First Meeting of Creditors of the
company will be held at 9 Coates Crescent, Edinburgh EH3 7AL on
January 28, 2005, 11:00 a.m. for the purposes of choosing a
Liquidator and of determining whether to establish a Liquidation
Committee.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims and proxies have been submitted and accepted at the
meeting or lodged beforehand at the address below.  A Resolution
will be passed when a majority of those voting have voted in
favor of it.

For the purpose of formulating claims, creditors should note
that the date of commencement of the liquidation is August 19,
2004.

J. M. Hall, Interim Liquidator

CONTACT:  HAINES WATTS
          9 Coates Crescent
          Edinburgh EH3 7AL
          Phone: 0131 225 4661
          Fax: 0131 225 4663
          Web site: http://www.hwca.com


ASTRO PRINT: Hires Liquidators from Tait Walker
-----------------------------------------------
At the extraordinary general meeting of Astro Print Limited on
Jan. 13, 2005, held at Robson Laidler, Fernwood House, Fernwood
Road, Jesmond NE2 1TJ, the extraordinary and ordinary
resolutions to wind up the company were passed.  Gordon Smythe
Goldie and Allan David Kelly of Tait Walker, Bulman House,
Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS have been
appointed liquidators of the company.

CONTACT:  TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


AVENUE INTERNATIONAL: Names Gerald Irwin Liquidator
---------------------------------------------------
At the extraordinary general meeting of Avenue International
Limited (t/a Mac Express) on Jan. 14, 2005 held at Irwin &
Company, Station House, Midland Drive, Sutton Coldfield, West
Midlands B72 1TU, the extraordinary and ordinary resolutions to
wind up the company were passed.  Gerald Irwin has been
appointed liquidator of the company.


BELLWATER LIMITED: Call in Administrators from PwC
--------------------------------------------------
Michael David Gercke (IP No 2360) and Michael Colin John Sanders
(IP No 8698) have been appointed administrators for construction
company Bellwater Limited.  The appointment was made Jan. 14,
2005.

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

          BN JACKSON NORTON
          1 Gray's Inn Square,
          Gray's Inn, London WC1R 5AA
          Phone: 02074302321


BENEDICTA LIMITED: Members Final Meeting Set February
-----------------------------------------------------
The final of the members of Benedicta Limited will be on Feb.
18, 2005 at 10:00 a.m.  It will be held at Camomile Court, 23
Camomile Street, London EC3A 7PP.

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 Risborough House, 38-40 Sycamore Road, Amersham,
Buckinghamshire HP6 5DZ not later than 12:00 noon, Feb. 17,
2005.


BIG FOOD: Shareholders Accept Giant Bidco's Offer
-------------------------------------------------
The Big Food Group plc announced that the resolutions to approve
the recommended acquisition of the Group by Giant Bidco Limited
for 95 pence cash per share by means of a Scheme of Arrangement
were duly passed at a Court Meeting and Extraordinary General
Meeting held Friday in London.

The Court Hearings of BFG's petition to sanction the Scheme and
to confirm the reduction of BFG's share capital are expected to
take place on 8 February and 10 February respectively.  Subject
to the Scheme receiving the sanction and confirmation of the
Court on those dates, the effective date of the Scheme is
expected to be 11 February and consideration due to shareholders
is expected to be sent by 25 February.  On that basis, the last
day for dealings in BFG Shares on the London Stock Exchange is
expected to be 10 February and no transfers of BFG Shares will
be registered after 6.00 p.m. on that date.  If the Scheme
becomes effective on 11 February, the listing of BFG shares will
be cancelled on 11 February.

Terms used in this announcement shall have the same meanings as
set out in the Scheme document dated 22 December 2004.

A copy of the resolutions to approve the Scheme of Arrangement
has been submitted to the U.K. Listing Authority and will
shortly be available for inspection at the U.K. Listing
Authority's Document Viewing Facility, situated at:

Financial Services Authority
25 The North Colonnade, Canary Wharf, London E14 5HS.
Phone: 020 7676 1000

(Documents will usually be available for inspection within six
normal business hours of this notice being given).

                            *   *   *

In December, Fitch Ratings placed Big Food Group's Senior
Unsecured rating 'BB-' and Short-term 'B' ratings on Rating
Watch Negative.  It has also placed the 'B' rating on BFG's
GBP150 million 9.75% senior subordinated notes due 2012 on
Rating Watch Negative following BFG's recommendation to its
shareholders of the offer made by Baugur via an investment
vehicle.

CONTACT:  GCG HUDSON SANDLER
          Phone: 020 7796 4133
          Andrew Hayes
          Noemie de Andia
          Sandrine Gallien


CITY EXECUTIVE: Administrators from Begbies Traynor Move in
-----------------------------------------------------------
Nigel Geoffrey Atkinson and Nicholas Roy Hood (IP Nos 9, 8350)
have been appointed administrators for City Executive Centres
Limited.  The appointment was made Jan. 12, 2005.  The company's
registered office is located at Beckett House, 14 Billing Road,
Northampton, Northamptonshire NN1 5AW.

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


CONCORD COURIERS: Appoints BDO Stoy Hayward Administrator
---------------------------------------------------------
Dermot Justin Power and Martha Hanora Thompson (IP Nos 6006/01,
8678) have been appointed administrators for Concord Couriers
Limited.  The appointment was made Jan. 13, 2005.

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


CPC COMPUTERS: Hires Administrators from Bridgestones
-----------------------------------------------------
Jonathan Lord and Robert Cooksey (IP Nos 9041, 9040) have been
appointed administrators for CPC Computers Limited.  The
appointment was made Jan. 5, 2005.

CONTACT:  BRIDGESTONES
          125-127 Union Street,
          Oldham OL1 1TE


DIGITAL WORKSHOP: Creditors Meeting Set February
------------------------------------------------
The creditors of Digital Workshop (Group) Limited will meet on
Feb. 8, 2005 at 11:00 a.m.  It will be held at the offices of
BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings Road, Reading,
Berkshire RG1 3EX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings
Road, Reading, Berkshire RG1 3EX not later than 12:00 noon, Feb.
7, 2005.

CONTACT:  BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


DUDLEY DEVELOPMENTS: Liquidator Enters Firm
-------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Dudley Developments Limited
                       (In Liquidation)

I, Ian William Wright, 403 Holburn Street, Aberdeen AB10 7GS
hereby give notice pursuant to Rule 4.19 of the Insolvency
(Scotland) Rules 1986 that I was appointed Liquidator of Dudley
Developments Limited by resolution of the First Meeting of
Creditors held on December 24, 2004.  A Liquidation Committee
was not established.

Accordingly, I hereby give notice that I do not intend to summon
a further meeting for the purpose of establishing a Liquidation
Committee unless one-tenth in value of the Creditors require me
to do so in terms of section 142(3) of the Insolvency Act 1986.

Ian W. Wright, Liquidator

CONTACT:  HAINES WATTS (ABERDEEN INSOLVENCY)
          403 Holburn Street
          Aberdeen AB10 7GS
          Phone: 01224 252850
          Fax: 01224 595659
          Web site: http://www.hwca.com


FEDERAL-MOGUL: Proposed Asbestos Trust Is Fatally Flawed
--------------------------------------------------------
Federal-Mogul Corporation (OTC Bulletin Board: FDMLQ) and the
Official Committee of Unsecured Creditors of Federal-Mogul
submitted a joint letter to the U.S. Senate strongly opposing
the creation of a national asbestos trust fund, citing the
extremely inequitable and adverse impact such a proposal would
have on Federal-Mogul and its future viability.

While Federal-Mogul and the Creditors Committee support efforts
to reform the asbestos litigation crisis through passage of a
medical criteria bill and also support enactment of meaningful
tort reform measures, the Company and Creditors cannot support a
national trust that imposes a grossly disproportionate payment
obligation on Federal-Mogul while providing a bailout to a small
number of companies that are responsible for the lion's share of
the most serious asbestos claims in the tort system.

In a process strikingly reminiscent of the "taxation without
representation" that the American Revolution was fought over,
the trust fund would compel mandatory annual payments for a
period of nearly 30 years from companies, a number of whom have
joined a new coalition of defendant companies opposing the
legislation.  These payments threaten the viability of countless
companies, bear no relevance to their asbestos exposure or
costs, and have been developed in the absence of consultation
with or input from the companies.  Compounding the devastating
effect of the payments, the trust fund would strip companies of
their insurance coverage for asbestos claims -- coverage on
which premiums have been paid and that would be forfeited,
perhaps unconstitutionally.

Through this manifestly unfair and undemocratic process, the
legislation would make Federal-Mogul the largest proposed
contributor to the national asbestos trust, requiring the
Company to pay a far greater amount to the trust fund than it
would under its reorganization plan, while simultaneously
eliminating the company's ability to access its insurance assets
to compensate foreign asbestos claimants.

In their letter, the Company and Creditors Committee again
outlined the dire business consequences that passage of
legislation creating a national asbestos trust would have on the
Company, and urged Senators to consider alternative legislation
establishing medical criteria as a more equitable solution to
the asbestos litigation crisis.

This joint Company and Creditors Committee letter follows a
Jan. 3, 2005, business coalition letter to Senate Judiciary
Committee Chairman Arlen Specter (R-PA) signed by Exxon Mobil,
DuPont, Federal-Mogul and the Creditors Committee, and other
U.S. businesses opposing the national trust.  As in the case of
the other companies signing the coalition letter, Federal-Mogul
can demonstrate that it fares far worse under the legislation
than under the existing tort system or if allowed to confirm its
reorganization plan.

                         *     *     *

Federal-Mogul Corporation and the Official Committee of
Unsecured Creditors assert that the concept of a national no-
fault asbestos claims trust, as incorporated in the Federal
Activities Inventory Reform Act, is fatally flawed, despite the
best efforts of the U.S. Senate and business, insurance and
organized labor stakeholders.

A full-text copy of Federal-Mogul and the Committee's joint
letter is available for free at:

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

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


FORTIS BANK: Members Final Meeting Set February
-----------------------------------------------
The final meeting of the members of Fortis Bank Nominees (UK)
Limited will be on Feb. 18, 2005 at 10:00 a.m.  It will be held
at Camomile Court, 23 Camomile Street, London EC3A 7PP.

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 Risborough House, 38-40 Sycamore Road, Amersham,
Buckinghamshire HP6 5DZ not later than 12:00 noon, Feb. 17,
2005.


GLC INTERMEDIARIES: Calls Final Meeting of Members
--------------------------------------------------
The final meeting of the members of GLC Intermediaries Limited
will be on Feb. 15, 2005 at 11:00 a.m.  It will be held at
Wilkins Kennedy, Gladstone House, 77-79 High Street, Egham,
Surrey TW20 9HY.

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 Wilkins Kennedy, Gladstone House, 77-79 High Street, Egham,
Surrey TW20 9HY not later than 12:00 noon, Feb. 14, 2005.

CONTACT:  WILKINS KENNEDY
          Gladstone House, 77-79 High Street,
          Egham, Surrey TW20 9HY
          Phone: +44 (0) 1784 435561
          Fax:   +44 (0) 1784 430584
          E-mail: egham@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


HIGHLAND MEDIA: Appoints Liquidator from Tenon Recovery
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Highland Media Links Ltd.

Notice is hereby given that on Dec. 21, 2004, I, Alexander Iain
Fraser, Tenon Recovery, 10 Ardross Street, Inverness IV3 5NS,
was appointed liquidator of Highland Media Links Ltd., which
registered office is located at 10 Ardross Street, Inverness IV3
5NS.

Alexander Iain Fraser, Liquidator

CONTACT:  TENON RECOVERY
          10 Ardross Street
          Inverness IV3 5NS
          Phone: 01463 235321
          Fax: 01463 231040
          E-mail: inverness@tenongroup.com
          Web site: http://www.tenongroup.com


HULSE ROAD: Liquidator to Give Update February 25
-------------------------------------------------
The general meeting of the members of Hulse Road Social Club
(Southampton) Limited will be on Feb. 25, 2005 at 11:00 a.m.  It
will be held at 6A The Gardens, Broadcut, Fareham, Hampshire
PO16 8SS.

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.


INVESCO GEARED: Hires Ernst & Young as Liquidator
-------------------------------------------------
At the extraordinary general meeting of Invesco Geared
Opportunities Trust Plc on Jan. 14, 2005 held at 30 Finsbury
Square, London EC2A 1AG, the subjoined resolution to wind up the
company was passed.  Patrick Joseph Brazzill and Margaret
Elizabeth Mills of Ernst & Young LLP, 1 More London Place,
London SE1 2AF have been appointed liquidators of the company.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


KELLOGG & BROWN: Top Choice for MoD Aircraft Carrier Order
----------------------------------------------------------
Ministry of Defense Secretary Geoff Hoon is expected to award
the U.K. unit of U.S. defense group Halliburton a GBP4 contract
to construct two aircraft carrier, reports say.

The announcement, most likely to be revealed this week, will
come with the news that the government has retained a veto over
the choice of the assembly site.  The move will almost guarantee
the endorsement of the Babcock yard at Rosynth for the job.
There were fears, earlier, that the job could be taken somewhere
else if Halliburton's U.K. arm, Kellogg, Brown & Root (KBR) is
chosen as management contractor.

The carrier project is being managed by an alliance between the
ministry of defense, BAE Systems, and France's Thales.

U.S. energy services and logistics group Halliburton is cutting
jobs and employee benefits at KBR as part of a wider plan to cut
operating costs.  It intends to cut US$80-100 million from KBR's
operating expenses alone.

The streamlining is reportedly in preparation for the possible
sale of the subsidiary as its parent struggles to contain its
troubles.  Halliburton is facing significant asbestos-related
claims, which it inherited from the acquisition of Dresser
Industries in 1998.  It is also weighed down by unprofitable
contracts and problems about its work for the U.S. government
and Iraq and Kuwait.


LEEDS UNITED: Ken Bates Comes to the Rescue
-------------------------------------------
The former chairman of Chelsea, Ken Bates, on Friday bought 50%
of debt-ridden soccer club Leeds United for US$10 million,
saving it from imminent collapse, Reuters reports.

"I recognize that Leeds United is a great club that has fallen
on hard times," Bates said in a statement.  "We have a lot of
hard work ahead of us to get the club back to where it belongs
in the Premiership."

Leeds United was relegated from Premier League to second
division after finishing second from last in the previous
season.  According to the report, Mr. Bates also plans to buy
back the club's Ellan Road stadium and Thorp Arch training
ground.

Leeds United narrowly escaped administration last year after
being sold to a consortium led by outgoing chairman Gerald
Krasner.  Mr. Krasner now said the company's debt -- which rose
to GBP100 million after a shopping spree by former chairman
Peter Ridsdale and manager David O'Leary -- is now down to GBP24
million.

The Telegraph cited sources saying the debt included about GBP8
million to former players and managers such as Mr. O'Leary and
Peter Reid.  A further GBP8 million may be owed to the Inland
Revenue and there is also GBP4 million to other creditors plus a
further GBP4 million of directors' loans.  It remains uncertain
whether the GBP4 million loan to the directors is part of the
GBP25 million debt.

Leeds United had overestimated the money they could raise from
selling tickets.  Mr. Krasner admitted: "We made one fundamental
mistake.  We expected to sell GBP9 million of 20-year debenture
seats to the fans.  But we only sold a GBP1 million."

CONTACT:  LEEDS UNITED
          Elland Road,
          Leeds LS11 OES
          Phone: 0113 367 6000
          Fax: 0113 367 6050
          Web site: http://www.leedsunited.com


MC ENGINEERS: Joint Liquidators from KPMG Move in
-------------------------------------------------
At the extraordinary general meeting of MC Engineers And
Constructors Limited on Jan. 5, 2005 held at 16-3 Konan 2-Chome,
Minato-Ku, Tokyo 108-8228, Japan, the special and ordinary
resolutions to wind up the company were passed.  Jeremy Simon
Spratt and Finbarr Thomas O'Connell of KPMG LLP, 8 Salisbury
Square, London EC4Y 8BB, United Kingdom have been appointed
joint liquidators of the company.

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


MICHAEL FRASER: Creditors Opt for Liquidation
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Michael Fraser Associates Limited
                        (In Liquidation)

I, Ian William Wright, 98 West George Street, Glasgow G2 1PJ,
hereby give notice, pursuant to Rule 4.19 of the Insolvency
(Scotland) Rules 1986, that I was appointed Liquidator of
Michael Fraser Associates Limited by resolution of the First
Meeting of Creditors held on December 6, 2004.  A Liquidation
Committee was not established.

Accordingly, I hereby give notice that I do not intend to summon
a further meeting for the purpose of establishing a Liquidation
Committee unless one-tenth in value of the Creditors require me
to do so in terms of section 142(3) of the Insolvency Act 1986.

Ian W. Wright, Liquidator

CONTACT:  HAINES WATTS (GLASGOW INSOLVENCY)
          James Miller House
          98 West George Street
          Glasgow G2 1PJ
          Phone: 0141 342 1600
          Fax: 0141 342 1616
          Web site: http://www.hwca.com


MONTALT MAINTENANCE: Hires Administrators from Vantis Redhead
-------------------------------------------------------------
J. S. French and G. Mummery (IP Nos 003862, 100898) have been
appointed administrators for Montalt Maintenance Limited.  The
appointment was made Jan. 13, 2005.

CONTACT:  VANTIS REDHEAD FRENCH LIMITED
          43-45 Butts Green Road,
          Hornchurch, Essex RM11 2JX


OAKDALE FASTENERS: Names PricewaterhouseCoopers Administrator
-------------------------------------------------------------
Mark E. Bowen and Stuart D. Maddison (IP Nos 8711 and 1338) have
been appointed administrators for Oakdale Fasteners Limited.
The appointment was made Jan. 12, 2005.  The company
manufactures metal fasteners, screw etc.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Donington Court
          Pegasus Business Park,
          Castle Donington CE74 2UZ
          Phone: [44] (1509) 604 000
          Fax:   [44] (1509) 604 010
          Web site: http://www.pwc.com


OAK LODGE: Administrators from Chantrey Vellacott Move in
---------------------------------------------------------
David Anthony Ingram and David John Oprey (IP Nos 8015, 5814)
have been appointed administrators for Oak Lodge Salmon Limited.
The appointment was made Jan. 10, 2005.  The company sells,
processes and preserves fish.

CONTACT:  CHANTREY VELLACOTT DFK
          16-17 Boundary Road,
          Hove, East Sussex BN3 4AN
          Phone: 01273 421200
          E-mail: info_hove@chantrey-vellacott.com
          Web site: http://www.cvdfk.com


PARKSIDE PERFORMANCE: Creditors Meeting Set Next Week
-----------------------------------------------------
The creditors of Parkside Performance Films Limited will meet on
Jan. 31, 2005 at 10:30 a.m.  It will be held at The Queens
Hotel, City Square, Leeds LS1 1PL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP not late than Jan. 28, 2005.

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


SIGMA CRYOTEC: Appoints Administrators from Springfields
--------------------------------------------------------
Situl Devji Raithatha and John Patrick Thomas Redmond (IP Nos
8927, 8998) have been appointed administrators for Sigma Cryotec
Limited.  The appointment was made Jan. 12, 2005.  The company's
registered office is located at 80 Hinckley Road, Leicester LE3
0RD.

CONTACT:  SPRINGFIELDS
          80 Hinckley Road,
          Leicester LE3 0RD


SPIN 2: Meeting of Unsecured Creditors Set February
---------------------------------------------------
The unsecured creditors of Spin 2 Weaving Limited will meet on
Feb. 2, 2005 at 10:00 a.m.  It will be held at Crowne Plaza
Hotel, Wellington Street, Leeds LS1 1RF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP not later than 12:00 noon, Feb.
1, 2005.

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


THE INK: Hires Liquidators from Ernst & Young
---------------------------------------------
At the extraordinary general meeting of The Ink Group Publishers
Limited on Jan. 6, 2005 held at Ernst & Young LLP, 14 King
Street, Leeds LS1 2JN, the special resolutions to wind up the
company were passed.  R. H. Kelly and G. Wilson of Ernst & Young
LLP, PO Box 61, 14 King Street, Leeds LS1 2JN have been
appointed liquidators of the company.

CONTACT:  ERNST & YOUNG
          PO Box 61, Cloth Hall Court
          14 King Street, Leeds LS1 2JN
          Phone: +44 [0] 113 298 2200
          Fax:   +44 [0] 113 298 2201
          Web site: http://www.ey.com


TRIBUNE RISK: Liquidator's Report Now Available
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

  IN THE MATTER OF Tribune Risk and Insurance Services Limited
                         (In Liquidation)

I, J. Bruce Cartwright, CA, PricewaterhouseCoopers LLP, 68-73
Queen Street, Edinburgh EH2 4NH, liquidator of Tribune Risk and
Insurance Services Limited, advise creditors that in terms an
interlocutor issued by Lord MacDonald dated November 4, 2004, I
have prepared a report providing an update on the conduct of the
liquidation.

Creditors of the company may obtain a copy of the report from
the offices of PricewaterhouseCoopers LLP, Erskine House, 68-73
Queen Street, Edinburgh, between 9:00 a.m. and 5:30 p.m. on any
normal business day excluding bank or public holidays.

J. B. Cartwright, Joint Liquidator

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


TST LEISURE: Creditors Bring in Liquidator
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF TST Leisure Limited
                         (In Liquidation)

In terms of Rule 4.19(4)(b) of the Insolvency (Scotland) Rules,
notice is hereby given that on December 22, 2004, Donald
McKinnon, 168 Bath Street, Glasgow G2 4TP was appointed
Liquidator of TST Leisure Limited by a resolution of the First
Meeting of Creditors held in terms of Section 138(3) of the
Insolvency Act 1986.

A liquidation committee was established.

Donald McKinnon, Liquidator

CONTACT:  WYLIE & BISSET
          168 Bath Street
          Glasgow G2 4TP
          Phone: +44 (0) 141 566 7000
          Fax: +44 (0) 141 566 7001
          E-mail: info@wyliebisset.com
          Web site: http://www.wyliebisset.com


VEDANTA RESOURCES: Increases Bond Issuance to US$600 Million
------------------------------------------------------------
Vedanta Resources plc has successfully re-opened its 6.625%
Bonds due 2010 and is issuing an additional US$100 million,
bringing the total issue size to US$600 million.  Once this
issue is completed, Vedanta Resources plc has no further plans
at this time to raise additional funds in the international bond
market.

The bonds referred to herein have not been, and will not be,
registered under the U.S. Securities Act of 1933, as amended and
may not be offered or sold in the United States (as defined in
Regulation S under the U.S. Securities Act, absent registration
under the U.S. Securities Act or an applicable exemption from
the registration requirements.  There will be no public offering
of the Bonds in the United States.

Vedanta is a London listed diversified metals and mining group.
Our principal operations are located throughout India, with
further operations in Zambia and Australia.  The major metals
produced are aluminum, copper, zinc and lead.

This release does not constitute an offer of securities for sale
in the United States.

Neither this release nor any copy of it is for distribution,
directly or indirectly, in or into the United States (as defined
in Regulation S).

                            *   *   *

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION INTO OR IN THE
UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN. THIS
RELEASE IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE
AN OFFER OR AN ADVERTISEMENT OF AN OFFER OF SECURITIES FOR SALE
IN THE UNITED STATES OR IN ANY OTHER JURISDICTION.

                            *   *   *

Standard & Poor's Ratings Services has assigned its 'BB' long-
term foreign currency corporate credit rating to Vedanta
Resources.  It also assigned its BB' foreign currency debt
rating to the company's proposed senior unsecured bond, which is
subject to documentation.  The outlook is positive.

CONTACT:  VEDANTA RESOURCES PLC
          Peter Sydney-Smith, Finance Director
          Phone: +44 20 7499 5900
          John Smelt, Head of Investor Relations
          Phone: +44 787 964 2675

          James Murgatroyd
          Phone: +44 20 7251 3801

          FINSBURY
          Robin Walker


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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



                            *********


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

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

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

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

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

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


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