TCREUR_Public/050126.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, January 26, 2005, Vol. 6, No. 18

                            Headlines

F R A N C E

RHODIA SA: Adoption of IFRS Has No Material Impact on Covenants
RHODIA SA: Forges Partnership with Geodis, DHL, VOS


G E R M A N Y

GARANT SCHUH: Creditors to Tackle Restructuring Plan February 11
INFINEON TECNOLOGIES: Net Income Surges to EUR142 Million
KABEL BW: Moody's Rates Proposed Floating Rate Notes (P)Caa1
KARSTADTQUELLE AG: DHL Takes over Logistics Operations
NICO GEBAUDEREINIGUNGS: Cologne Court Appoints Administrator

S.A.H.L. AUTOTEILE: Claims Filing Period Expires March
SELF-BERATUNGSGESELLSCHAFT: Under Bankruptcy Administration
SPEDITION SCHARRER: Administrator's Report Out Next Week
S UND W-GASTSTATTEN: Creditors Meeting Set Mid-February
SUPOL GMBH: Gives Creditors Until Friday to File Claims

UDE SANITAR: Hannover Court Stays All Pending Lawsuits
VSB STAHL: Provisional Administrator Takes over Operations
WONDERPIXEL GMBH: First Creditors Meeting Set March


I T A L Y

FIAT AUTO: Arbitrator to Rule on Contentious Put Option Feb. 1
IMPREGILO SPA: Dam Maker Expects Takeover Offers to Pour in


N E T H E R L A N D S

GARANTIBANK INTERNATIONAL: Outlook Changed to Positive


P O L A N D

AGORA SA: Gets PLN2.5 Million for CHI Shares


R U S S I A

IVANOVSKIY COLD-STORE: Declared Insolvent
MOSCOW INDEPENDENT: Sets Public Auction January 31
NOVOOSKOLSKIY ELEVATOR: Under Bankruptcy Supervision
PECHOR-STROY-LES: Komi Court Appoints Insolvency Manager
SARATOV-GAS-STROY: Sets Deadline for Proofs of Claim

SEL-KHOZ-BUR-VOD: Deadline for Proofs of Claim March 1
TEKHNO-CENTRE OKA-GILD: Bankruptcy Hearing Resumes March
THERMAL NETWORKS: Hires I. Malinina as Insolvency Manager
VITA: Undergoes External Management Procedure
VOLOKOLAMSKIY TEXTILE: Moscow Court Hires Insolvency Manager


S P A I N

IZAR: Rescue Plan Gets E.U. Commission's Nod


U K R A I N E

AGROPROMINVEST: Under Bankruptcy Supervision
CHERKASSY' SUGAR: Succumbs to Insolvency
DOLINSKA RAJSILGOSPHIMIYA: Declared Insolvent
GORLIVSKVODBUD: Hires Oleksandr Tihonov as Liquidator
KARYER: Court Appoints Temporary Insolvency Manager

KOLOS: Undergoes Bankruptcy Supervision Procedure
LUTSK AUTO 0201: Insolvency Manager Takes over Helm
NAFTOGAZ: Rating Raised as Ukraine's Political Climate Brightens
NIVA: Urges Creditors to File Claims as soon as Possible
UKRAINIAN PHARMACEUTICAL: Court Brings in Liquidator
ZLAGODA: Ivano-Frankivsk Court Opens Bankruptcy Proceedings

* Ukraine's Ratings Upgrade Lifts Three Local Banks


U N I T E D   K I N G D O M

ABBEY NATIONAL: Mark Pain to Leave Board End of Month
AIM VCT: Members Decide to Wind up Firm
A & P HOLDINGS: Members Final Meeting Set February
ARGONAUT GAMES: Recommends Voluntary Liquidation
AS-C MATERIALS: Hires Administrator from Kay Johnson Gee

ASTAIR LIMITED: Members Decide to Wind up Firm
AVECIA GROUP: Creditors Extend Notes Buyback Timeframe
BAIN FISHING: Calls Final General Meeting
BALTIMORE TECHNOLOGIES: Court Tells Earthport to Support Claim
BENSON INTERIORS: Appoints PricewaterhouseCoopers Liquidator

BLETTESWOOD LIMITED: Calls in Liquidators from Baker Tilly
BORDER POWDERS: Names Crawfords Liquidator
BOX CLEVER: In Administrative Receivership
BRICKTREAT LIMITED: Members Final Meeting Set March
CACTUS PRINT: Creditors Pass Extraordinary Resolution

CAPITAL CHARTER: Liquidator to Present Final Report Next Week
CASSERLY BROTHERS: Members General Meeting Set Next Month
CHANNEL MARINE: Claims Filing Period Expires End of March
CHATTELS (DIDSBURY): Members Call in Liquidator
CHROMATICS LIMITED: Hires Robson Rhodes as Administrator

EBOOKERS PLC: Shareholders Welcome Cendant's Bid
GENESIS (CUMBRIA): Hires Armstrong Watson as Liquidator
GREEN PARK: Liquidator from Moore Stephens Moves in
GWC GROUP: Creditors Meeting Set Next Week
INTASCOT PLC: Creditors Have Until Mid-February to File Claims

INVENSYS PLC: Reiterates Full-year Forecast
INVENSYS PLC: Prices Senior Notes at 108.5% of Principal
INVENSYS PLC: Ratings Affirmed on Additional Notes Issuance
JARVIS PLC: Suppliers Turn to High Court for Compensation
J. B. W. SMITH: Final Creditors Meeting Set Next Week

KARRAN LIMITED: Sets Creditors Meeting Next Week
LAFAYETTE ELECTRONICS: Names Thompson Partnership Administrator
MERCAT LEASING: Winding-up Report Out Next Week
MILLENNIUM CLOSURES: Administrators from Tenon Recovery Move in
PARKSIDE FLEXIBLES: Hires Joint Administrators from PwC

RETAIL SOLUTIONS: Creditors to Meet February
SAMSUNG INSURANCE: Calls in Joint Liquidators from PwC
SATURN GLOBAL: Members Pass Winding up Resolutions
SNAPTEX (SALES): Administrator from Begbies Traynor Moves in
THOMAS PORTER: Proofs of Claim Deadline Set Next Month

TXU EUROPE: Reaches Compensation Deal with Creditors
TXU EUROPE: Parent Pays US$150 Mln to Settle Class Action
VENETTI CLOTHING: Names Sharma & Co. Administrator


                            *********


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


RHODIA SA: Adoption of IFRS Has No Material Impact on Covenants
---------------------------------------------------------------
The Board of Directors of Rhodia S.A. met on 17 January 2005 to
examine the impact of applying the new IFRS accounting standards
and the main exceptional year-end closing items for FY 2004.
Consequently, Rhodia is releasing this information to the market:

(a) Main effects of applying new IFRS accounting standards:

     (i) Recognition of all pension obligations on the balance
         sheet,

    (ii) Consolidation of financial securitization instruments,

   (iii) No impact on Rhodia's liquidity or financial covenants;

(b) Valuation of Rhodia's existing environmental liabilities
    over a longer period of time: no corresponding cash outflows
    expected before 2010;

(c) Review of asset value in the context of the business
    restructuring: no impact on Rhodia's cash position;

(d) Solid Q4-2004 performance confirmed: 2004 EBITDA before
    restructuring costs slightly higher than guidance figures
    released with third-quarter results; and

(e) Confirmation of Rhodia's 2006 targets.

Main Effects of Applying New IFRS Accounting Standards

Rhodia's Board of Directors reviewed the impact of adopting the
new IFRS* (International Financial Reporting Standards), which
the Group will use in presenting its accounts beginning with Q1
2005 results (with comparatives for 2004).

In line with statements made in the 2003 Annual Report and the
interim report for the first half of 2004, Rhodia details the
estimated material impacts resulting from the application of the
new standards on its opening balance sheet as at 1 January 2004.

(a) IAS 19: Pension and Similar Obligations

The Group has chosen the option of booking charges to reserves
for all pension obligations valued in accordance with this
standard at 1 January 2004.  The result of applying this option
is a reduction of EUR620 million (gross amount of EUR668 million
less EUR48 million income tax effect) in shareholders' equity in
the opening balance sheet, which reflects immediate recognition
of actuarial losses that were previously deferred.  As a
consequence, earnings before interest, taxes, depreciation and
amortization (EBITDA) will be increased by approximately EUR30
million for 2004, due to the fact that these actuarial losses
will no longer be amortized under IFRS principles.

Adoption of this standard will have no impact on Rhodia's
consolidated net debt and cash flows.

(b) IAS 32 /39: Financial Instruments

The adoption of this standard by the Group results in the
consolidation of receivables securitization programs at 1 January
2004, with an increase of EUR413 million in consolidated net debt
on Rhodia's opening balance sheet.

The valuation of other financial instruments has no material
impact on Rhodia's consolidated shareholders equity at 1 January
2004.

(c) The application of other IFRS/IAS standards is expected to
    have only a limited impact on Rhodia's consolidated balance
    sheet.

At 1 January 2004, consolidated shareholders' equity including
all effects of IFRS/IAS adoption totaled approximately -EUR340
million.  Pro forma for the April 2004 capital increase,
consolidated shareholders' equity would have been approximately
EUR110 million.

The adoption of IFRS/IAS will have:

(a) no impact on Rhodia's financing resources or liquidity;

(b) no impact on Rhodia's financial covenants.

The statutory financial statements of Rhodia S.A. holding company
are not affected by the changeover to IFRS/IAS.  As at 1 January
2004, Rhodia's S.A shareholders equity was EUR1,018 million.

On 1 March 2005, Rhodia will release its 2004 annual results
prepared according to French accounting standards.  At the end of
April 2005, the Group will publish its 2004 Annual Report, which
will include a description of all the effects of adopting IFRS
with a table showing the effects of transition from French
standards to this new set of standards.

Main Exceptional Year-end Closing Items at 31 December 2004

(a) Environmental

Rhodia periodically assesses its environmental liabilities and
their remediation.  In 2004, this review took into account recent
changes in regulations and in their interpretation and the Group'
s intent to book provisions for projected expenses, depending on
its technical ability to reliably evaluate them, over a 15-year
horizon instead of the 5-year average previously used.

As a result, Rhodia expects to book an additional provision of
approximately EUR70 million, reflecting the present value of
reasonably estimated expenses by 2020 after allocating the
balance of compensation received from Aventis.  This will have no
impact on cash before 2010.

Furthermore, Rhodia has started litigation or preliminary legal
proceedings in the United States of America and Brazil against
Sanofi-Aventis as former owner or operator of the Silver Bow
(United States of America) and Cubatao (Brazil) sites to obtain
compensation for environmental liabilities on these two sites.

(b) Review of Assets Value

The Group confirms that progress has been made in its
restructuring and redeployment plans concerning activities
identified as critical in the last few months.  As a consequence,
the Group has tested the value of assets principally relating to
pharmaceutical and European textile businesses.

As a result, the Group expects to book an asset impairment charge
totaling approximately EUR315 million, which breaks down as:

     (i) Intangible assets (Goodwill): approximately EUR135
         million.  This applies primarily to Rhodia Pharma
         Solution (RPS);

    (ii) Tangible assets: approximately EUR150 million
         These charges reflect the impact of discontinuing
         operations at Holmes Chapel (RPS) and Staveley, along
         with an exceptional write-down of other RPS assets in
         the U.K.;

   (iii) Financial assets: approximately EUR30 million (European
         textiles business).

All these adjustments in book values will be recognized as part
of the 2004 year-end closing.  These exceptional items are
subject to final review by external auditors and will have no
impact on Rhodia's cash position.

Solid Q4-2004 Performance Confirmed

Rhodia's businesses performed well in the final quarter of 2004,
with growth in both volume and value terms.  The plan to reduce
fixed costs is making good progress.

As a result, 2004 EBITDA before restructuring costs (under French
GAAP), should be slightly higher than the guidance (EUR420 to
EUR425 million) provided when third quarter results were
released.

The Group's continued efforts to manage working capital and free
cash flow should lead to 2004 year-end consolidated net debt of
less than EUR2 billion compared with EUR2.567 billion at 31
December 2003.  Total net debt** at 31 December 2004 is expected
to be less than EUR2.5 billion, compared with EUR3.24 billion at
31 December 2003, representing a reduction of more than 20% in
Rhodia's total net debt* during the year.

In addition, the Group strengthened its financing through a new
EUR300 million 5-year securitization program replacing 4 programs
that have matured or that will mature over the next few months.

Outlook:

Projected results for 2004, initial indications for 2005,
together with the impact of business portfolio refocusing and an
aggressive cost reduction program, lead Rhodia to confirm its
targets for 2006 (under French GAAP):

(a) A recurring EBITDA margin of at least 13%;

(b) A net profit in 2006;

(c) A ratio of consolidated net debt to EBITDA of less than 3.5.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* These effects have been calculated based on Rhodia's current
knowledge of the IAS/IFRS standards, which will be applied from
31 December 2005.  These standards are still subject to changes
or interpretations by the IASB (International Accounting
Standards Board) that may require adjustment of the effects
calculated to date.

** Defined as consolidated net debt plus cash impact from
securitizations, plus the guaranteed debt of equity-accounted
associates, plus the guaranteed debt of non-consolidated
subsidiaries, and taking into account future rents under lease
agreements.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Rhodia is a global specialty chemicals company recognized for its
strong technology positions in applications chemistry, specialty
materials & services and fine chemicals.  Partnering with major
players in the automotive, electronics, fibers, pharmaceuticals,
agrochemicals, consumer care, tires and paints & coatings
markets, Rhodia offers tailor-made solutions combining original
molecules and technologies to respond to customers' needs.
Rhodia generated net sales of EUR5.4 billion in 2003 and employs
23,000 people worldwide.  Rhodia is listed on the Paris and New
York stock exchanges.

CONTACT:  RHODIA S.A.
          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


RHODIA SA: Forges Partnership with Geodis, DHL, VOS
---------------------------------------------------
Rhodia S.A. signed service contracts with Geodis, DHL and VOS
Logistics for the creation of a global management system for the
Group's transport operations in Europe.  This solution,
innovative by its cross-functional character, will first concern
all procurement activities.  The purchase of transportation
services will be, in a second step, out sourced to a small number
of Partners acting as first tier suppliers.

This new arrangement will give the Group access to the expertise
of its partners along with the technical resources best suited to
its needs, with a view to optimizing the organization and
management of its transport operations.  This global approach to
the management of transport services replaces a decentralized,
site level organization and represents a first in the chemical
industry.  It allows Rhodia to optimize the management of its
traffic -- both by mode of transport and on a multi-modal
basis -- and reduce its logistics expenses while enhancing the
quality and competitiveness of its customer service.

Consistent with its commitment to sustainable development, Rhodia
has paid particular attention to the human resource aspects of
the agreements with its partners to ensure that the individuals
concerned receive the best possible long-term support within the
framework of the new organization.

Similarly, the Group has placed considerable emphasis on the
environmental aspects of the services offered: the global
management of the transportation service will make it possible to
limit the number of trucks traveling empty as well as to give
preference, wherever possible, the use of the least polluting
means of transport.

This operation, which represents a new stage in the overall
outsourcing policy pursued by the purchasing function,
corresponds to the Group's strategy of optimizing the costs and
operations of its support functions.

Rhodia is a global specialty chemicals company recognized for its
strong technology positions in applications chemistry, specialty
materials & services and fine chemicals.  Partnering with major
players in the automotive, electronics, fibers, pharmaceuticals,
agrochemicals, consumer care, tires and paints & coatings
markets, Rhodia offers tailor-made solutions combining original
molecules and technologies to respond to customers' needs.
Rhodia generated net sales of EUR5.4 billion in 2003 and employs
23,000 people worldwide.  Rhodia is listed on the Paris and New
York stock exchanges.

CONTACT:  RHODIA S.A.
          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


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


GARANT SCHUH: Creditors to Tackle Restructuring Plan February 11
----------------------------------------------------------------
Insolvent shoe and leather goods retailer Garant Schuh + Mode
remains optimistic it can exit insolvency proceedings by
mid-year, Borsen Zeitung says.

Garant Schuh reiterated this timetable Sunday after renewing
contracts with around 90% of its associated retailers and
suppliers.  Its creditors will also meet on February 11 to tackle
and approve the restructuring plan, which was outlined by
insolvency trustee Friedrich Wilhelm Metzeler.

Garant Schuh filed for insolvency in September after failing to
obtain cash from banks to cover a financing gap.  The district
court of Dusseldorf launched insolvency proceedings against
Garant Schuh in December and likewise placed the group in
administration.  Garant Schuh provides centralized buying
services to around 7,850 European stores.  The firm has 1,910 and
4,850 members in Germany and in the continent, respectively.

CONTACT:  GARANT SCHUH + MODE AG
          Elisabethstr. 70
          D-40217 Dusseldorf
          Phone: +49/(0)211/3386-01
          Fax: ++49/(0)211/3386-297
          E-mail: kontakt@garantschuh.com
          Web site: http://www.garantschuh.de


INFINEON TECNOLOGIES: Net Income Surges to EUR142 Million
---------------------------------------------------------
Highlights of first-quarter report:

(a) First quarter revenues were EUR1.82 billion, down 9%
    sequentially, reflecting reduced sales volumes in all
    segments;

(b) Net income in the first quarter was EUR142 million, up from
    net income of EUR44 million sequentially; first quarter EBIT
    increased to EUR211 million from EUR113 million in the prior
    quarter.  Results of both quarters were affected by non-
    recurring effects.

In the first quarter of financial year 2005, Infineon
Technologies AG (FSE/NYSE:IFX) reported a sequential revenues
decrease in each of its business segments.  Sales volumes in the
three logic segments declined mainly due to lower demand driven
by inventory corrections by customers.  Although bit production
increased slightly in the Memory Products segment, overall sales
volumes declined.  The segment has increased inventory levels
back to normal levels to serve customers more efficiently and
flexibly in the future.

Excluding the impact of non-recurring license income of EUR118
million resulting from the settlement with ProMOS in the first
quarter and the impact of impairment and antitrust related
charges of EUR132 million in the prior quarter, EBIT declined in
all segments except the Wireline Communications segment.  The
company's comparable EBIT decrease was primarily driven by lower
sales volumes, and lower fab utilization in the Secure Mobile
Solutions and Automotive & Industrial segments.  Results were
also negatively impacted by the decline of the US dollar.

"As anticipated in our outlook from last quarter, we have seen a
slowdown in most of our application segments, a further clear
market weakening and lower customer demand during the first
quarter," said Dr. Wolfgang Ziebart, CEO and President of
Infineon Technologies AG.  "We have thus taken necessary measures
to adjust inventory levels, which negatively impacted our first
quarter's results."

Employee Data

As of December 31, 2004, Infineon had approximately 36,000
employees worldwide, including approximately 7,300 engaged in
Research and Development.

      Outlook for the Second Quarter of Financial Year 2005

Based on the ordering behavior of Infineon's customers and
forecasts of market research institutes, Infineon anticipates a
continued slowdown in demand in the overall worldwide
semiconductor market during the second quarter of financial year
2005.  Due to seasonal effects, pricing pressure in all of the
company's application segments, and a further decline in demand
as customers continue to adjust inventory, the company expects
revenues and earnings in the current quarter to decline further.

"While many of the measures we have taken to improve our
competitiveness are a real challenge for our company in the short
term, they are necessary in order to secure our mid and long term
future," commented Dr. Ziebart.  "We have further tightened the
control on cost, investment and working capital and have
identified fixed cost reductions of EUR200 million for the 2005
financial year compared to the original plan."

   Business Groups' 2005 First Quarter Performance and Outlook

Effective January 1, 2005, Infineon has simplified its
organization to create shorter and faster decision paths across
the entire company, a stronger customer orientation, as well as
greater efficiency and flexibility.  The Mobile and Wireline
Communication segments have been combined in the new
Communication business group to reflect market developments.  At
the same time, the security and chip card activities have been
integrated into the extended business group Automotive,
Industrial and Multi-Market.  Infineon will report its financial
position and results of operations under this new organizational
structure starting with the second quarter of the 2005 financial
year.

                     Automotive & Industrial

The sequential revenue decrease resulted primarily from reduced
sales volumes due to softer demand.  Therefore, the segment had
to correct inventories and saw the same behavior at customers in
both the Automotive and the Industrial businesses.  The
sequential EBIT decline was a consequence of lower sales volumes
and increased idle capacity costs.  As the company actively
reduced inventory levels, production and fab utilization
decreased more strongly than sales volumes, resulting in margin
pressure.

                Automotive & Industrial's Outlook

In the automotive industry, Infineon sees no major market changes
in the worldwide demand for semiconductors.  Due to seasonal
effects, the company expects a weaker development in its
Industrial segment.  Since most of the segment's necessary
inventory reductions have been completed, Infineon expects no
further deterioration in fab utilization in the Automotive &
Industrial segment.  Overall, Infineon anticipates revenues in
the second quarter of financial year 2005 to increase slightly.
However, earnings are expected to decrease slightly due to the
annual price reductions in the automotive business.

                     Wireline Communications

The sequential revenue decline was mainly driven by lower sales
of access products due to inventory corrections in the supply
chain, especially in Asia.  The EBIT loss decreased sequentially,
primarily due to continuing cost reductions and the
non-recurrence of impairment charges in the fourth quarter of
financial year 2004.

On January 11, 2005, the Infineon Management Board decided to
terminate the Amended and Restated Master Sale and Purchase
Agreement with Finisar Corporation dated October 11, 2004, due to
circumstances beyond Infineon's control.  The termination of the
agreement with Finisar Corporation and the related planned
restructuring of the Fiber Optics business did not impact the
results of operations and financial position of the segment in
the first quarter of financial year 2005.

                Wireline Communications' Outlook

Despite ongoing pricing pressure, slightly decreasing inventory
levels at customers, and declining demand in traditional telecom,
Infineon expects revenues and operating losses in the second
quarter of financial year 2005 to remain stable.  In addition,
the company is currently in the process of evaluating the impact
that the termination of the agreement with Finisar Corporation
and the related planned restructuring of the Fiber Optics
business will have on the financial position and results of
operations of the company in future periods.

                     Secure Mobile Solutions

While the sequential revenue decline was mainly driven by reduced
volumes resulting from inventory corrections at customers, the
sequential EBIT decrease was primarily caused by increased idle
capacity costs due to lower manufacturing utilization, reduced
sales volumes, and increased pricing pressure.

                Secure Mobile Solutions' Outlook

Due to the usual seasonal slowdown of the mobile phone market in
the first quarter of the calendar year in combination with lower
orders compared to the first quarter of last financial year,
Infineon anticipates a continuing weak development of sales
volumes in the second quarter of financial year 2005.  Because of
the anticipated continuing pricing pressure and lower sales
volumes, the company expects a further decrease in revenues
exceeding the decline of the prior quarter.  The company intends
to reduce inventories during the second quarter by further
reducing production volumes.  Average capacity utilization will
continue to decline and is anticipated to result in a
significantly stronger decline of EBIT margin than in the
previous quarter.

                         Memory Products

In addition to the effects of the sharp decline of the US dollar,
the sequential revenue decrease resulted primarily from lower
sales volumes compared to the previous quarter, with the segment'
s inventory levels increasing as anticipated.  Revenues and EBIT
included non-recurring license income of EUR118 million resulting
from the settlement with ProMOS.  EBIT of the previous quarter
included an accrual of EUR18 million in connection with DRAM
antitrust investigations.  Excluding these amounts, EBIT declined
sequentially, primarily due to the sequential revenue decrease
and partly due to the weaker U.S. dollar.

During December of 2004, Saifun Semiconductors and Infineon
modified their cooperation agreement.  As a consequence, Infineon
acquired Saifun's 30% share in the Infineon Technologies Flash
joint venture and was granted a license for the use of Saifun
NROM technology.  Infineon has sole ownership and responsibility
for the business and will start to account for its entire
financial results effective January 1, 2005.

                    Memory Products' Outlook

For the second quarter of financial year 2005, Infineon expects a
seasonal reduction in DRAM prices.  Bit production is expected to
increase based on additional volumes from the Inotera joint
venture.  In addition, Infineon anticipates an increase in the
number of chips sourced from its foundry partners.  The company
will continue to focus on the reduction of cost per produced bit
and the extension of its product portfolio with higher margin
products.

                    Other Operating Segments

The significant EBIT improvement in the first quarter of
financial year 2005 compared to the previous quarter was mainly
due to impairment charges for the company's venture capital
activities included in the fourth quarter of financial year 2004
that did not recur in the first quarter of financial year 2005.

To focus on the core business, in the first quarter of financial
year 2005 Infineon agreed to sell its venture capital activities
to Cipio Partners, a leading venture capital company in the
German secondary direct market.  The transaction is expected to
close during the second quarter.

                  Corporate and Reconciliation

The sequential EBIT increase was mainly due to license expenses
included in the fourth quarter of financial year 2004 that did
not recur in the first quarter of financial year 2005.

Full copy of Infineon's financial information for the first
quarter of 2005 can be viewed at
http://bankrupt.com/misc/Infineon_1q2005.pdf.

Full copy of Infineon's business highlights for the first quarter
of 2005 can be viewed at
http://bankrupt.com/misc/Infineon_bh_1q2005.pdf.

CONTACT:  INFINEON TECHNOLOGIES AG
          St. Martin Str. 53
          81669 Munich
          Phone: +49-89-234-0
          Fax: +49-89-234-2-84-82
          Web site: http://www.infineon.com

          Barbara Reif
          Corporate Communications
          Worldwide Headquarters
          Phone: +49 -89- 234 20166
          Fax: +49 -89- 234 28482
          E-mail: barbara.reif@infineon.com

          Christoph Liedtke
          U.S.A.
          Phone: +1-408-501 6790
          Fax: +1-408-501 2424
          E-mail: christoph.liedtke@infineon.com

          Kaye Lim
          Asia
          Phone: +65-6840-0689
          Fax: +65-6840-0073
          E-mail: kaye.lim@infineon.com

          Hirotaka Shiroguchi
          Japan
          Phone: +81-3-5449-6795
          Fax: +81-3-5449-6401
          E-mail: hirotaka.shiroguchi@infineon.com

     Investors Relations Europe
          Phone: +49-89-234 26655
          E-mail: investor.relations@infineon.com

     Investors Relations North America
          Phone: +-1-408 501 6800
          E-mail: investor.relations@infineon.com


KABEL BW: Moody's Rates Proposed Floating Rate Notes (P)Caa1
------------------------------------------------------------
Moody's Investors Service assigned a (P)B2 senior implied rating
to Kabel BW Holdings GmbH.

Concurrently, Moody's assigned a (P)Caa1 rating to the company's
proposed EUR170 million issuance of senior subordinated floating
rate notes due 2015.  This is a first-time rating for KBW, the
third largest cable television operator in Germany.  The outlook
for all ratings is stable.

Ratings assigned for Kabel BW Holdings GmbH:

(a) Senior implied rating at (P)B2;

(b) EUR170 million senior subordinated note due 2015 rating at
    (P)Caa1; and

(c) Senior unsecured issuer rating at (P)Caa2.

Transaction Overview:

KBW currently plans to issue EUR170.0 million in senior
subordinated floating rate notes due 2015 as a part of a
refinancing package which also includes up to EUR676 million of
senior secured bank facilities, of which only EUR586 million will
be drawn at the close of the transaction.

The bank facilities include Tranches A, B and C (in total amount
of EUR508 million) as well as an Acquisition facility (EUR35
million) and a Revolving facility (EUR55 million), which together
represent Priority Senior Debt, and a Facility D (EUR78
million) -- a second lien facility.  The senior bank debt
facilities will be raised at an operating subsidiary level --
Kabel Baden-Wurttemberg GmbH & Co. KG.

The priority senior debt and second lien debt will benefit from
the first-priority and second priority pledges of the ownership
interests in Kabel BW and its general partner Kabel Baden
Wurttemberg Verwaltungs GmbH (KBWV) respectively.  The notes will
be secured by a third-priority pledge over the ownership
interests in Kabel BW and KBWV and will benefit from a
subordinated guarantee by Kabel BW and any other future
restricted subsidiaries of KBW.  The total drawdown on the bank
debt package will be EUR586 million as the acquisition and
revolving facilities will not be drawn at the close of the
transaction.

The proceeds from the overall financing package will be used to
repay the existing bank facilities in the amount of EUR425
million and for a shareholder distribution in the amount of
EUR320 million in conjunction with reducing an existing
shareholder loan.  After the repayment, the amount of the
shareholder loan outstanding will be EUR105.7 million.

The assigned ratings assume there will be no material variations
to the draft legal documentation reviewed by Moody's and assume
that these agreements are legally valid, binding and enforceable.

Summary Rating Rationale:

The ratings take into consideration KBW's high leverage at 6.5x
Total Debt/EBITDA before adjusting for financial leases and
excluding a subordinated shareholding loan in the amount of
EUR105.7 million after the transaction close; strong on-going
competition for multi-channel television services from
free-to-air satellite, and, to a lesser extent, digital
terrestrial television and for high-speed and telephony services
from various DSL providers and the incumbent, Deutsche Telekom
AG; on-going competition from NL4 operators for end-customers and
housing associations to provide basic cable services; the
company's revenue and EBITDA growth being underpinned by growth
in high-speed Internet and telephony services in a competitive
market; KBW's interest over the medium term to participate in
consolidation in the German cable market, albeit expected on a
conservative basis; and structural subordination of the notes
with their debt service being dependent on dividends upstreamed
from KBW's operating company, Kabel BW, which itself will have to
service a material amount of the senior bank debt.

The ratings positively reflect KBW's scale as the third largest
cable operator in Germany; its strong regional position in
Baden-Wurttemberg with a market share of 58% and the region's
relatively robust economic fundamentals within Germany; favorable
characteristics of the German cable market such as high
penetration and utility-like characteristics which provide for
stable recurring revenue; the company's positive cash flow
generation and its ability to meet its capital expenditure and
mandatory debt amortization requirements from internally
generated cash flow; the company's focused strategy to leverage
off its stable business model of basic cable services by
providing a bundled offer of high-speed Internet and telephony
services; and the discretionary nature of the company's capital
expenditure requirements which could be curtailed to increase
financial flexibility in the case of need.

KBW is strongly positioned in its rating category at this time.
The stable outlook reflects Moody's expectation that KBW will
generate sufficient cash flow to service its mandatory debt
repayments and should be able to gradually reduce leverage levels
through cash flow generation.  Sustained de-leveraging to levels
below 6.0x (on a total debt/EBITDA basis) could result in upward
rating pressure, however, also subject to the development of the
total adjusted debt ratio.

Key Credit Risks:

Pro forma for the pending transaction, KBW's debt leverage is
high with Total Debt/EBITDA for the twelve months ending 30
September 2004 of approximately 6.5x while Adjusted debt /
EBITDAR for the same period amounted to approximately 7.2x
(adjusted for the financial leases).  Going forward, Moody's
expects KBW to generate sufficient operating cash flow to meet
its mandatory debt amortization and capital expenditure
requirements.

The German cable television industry continues to face
substitution risk from existing technologies -- in particular,
free-to-air satellite which has more channel offerings (albeit,
for a number of lower demand channels) and no-ongoing
subscription fees (but higher installation costs).  To a lesser
extent, the industry also faces potential competition from new
technologies such as digital terrestrial television (DTT), which
is still at an early stage of development.

KBW also faces competition in the provision of its high-speed
Internet and telephony services from Deutsche Telekom AG (Baa1)
and various DSL providers.  A potential threat of this
competition is of a particular importance given that KBW's
revenue and EBITDA growth over the medium term is largely
underpinned by growth in its high-speed Internet services and
telephony business.

Furthermore, KBW's offering of high-speed Internet and telephony
services relies on the company's progress in its network
modernization to ensure its bi-directionality.  As of 30
September 2004, KBW had approximately 20% of the homes passed
modernized.  KBW's ability to modernize the network to meet
competitive demands for broadband services in light of
competitive considerations contributes to the execution risk
associated with its growth strategy.

As is typical for NL3 operators in the German market, KBW also
competes with NL4 providers for the direct relationship with
end-customers and housing associations.  Moody's, however, views
this competition as comparatively benign given that KBW also
provides its basic cable services (as well as in some cases
high-speed Internet and telephony services) through NL4
operators.  As of 30 September 2004, KBW serviced approximately
22% of its subscribers through re-sellers (NL 4 operators).
Moody's, however, notes that KBW's ARPU are materially lower for
the services provided through the re-sellers than those for
direct services to the end-customers.

The German cable market is still in a process of consolidation
after the regulatory body failed to approve KDG's acquisition of
three NL3 operators (KBW, ish and iesy).  Moody's notes KBW's
interest to participate in the market consolidation through
potential mergers and acquisitions.  The current rating factors
in modest event risk largely driven by the limitations in the new
bank facilities and the company's limited acquisition appetite in
the near term.

The servicing of the bond will be dependent on dividends from
Kabel BW and an adequate level of positive net equity at Kabel BW
to effect such distributions.  At the close of the transaction,
the operating company will have sufficient equity to make
dividend payments to the holding company to service the notes
debt.

Key Credit Positives:

KBW is the third largest cable television operator in Germany in
terms of subscriber numbers with a 58% market share in the
federal region of Baden-Wurttemberg.  The ratings positively
reflect KBW's position as a leading cable operator in the region
and the region's relative economic affluence within Germany.

The rating also factors in the overall favorable characteristics
of the German cable market such as high-cable penetration; e.g.
in Baden-Wurttemberg the cable penetration stands at 67.5%, and
stable utility-like revenue.  Moody's notes that the German cable
industry's ARPU is comparatively low, c. EUR8/month, and the
subscriptions fees are regarded as ongoing cost of living, often
included with rent.

For the twelve months ending 30 September 2004, KBW generated
EUR55 million of cash flow from operations while the cash flow
from operating activities used EUR35 million.  Moody's expects
that KBW will continue to generate sufficient amount of cash flow
from operations to meet its mandatory debt service requirements
and its capital expenditures.

The assigned ratings positively reflect the company's focused
strategy to leverage off its basic cable services to provide
high-speed Internet and telephony services.  At the same time
Moody's notes execution risk associated with implementation of
the strategy as well as uncertainty as regards future customer
uptake and KBW's ability to achieve the growth embedded in its
business plan.  The rating agency, however, notes KBW's gradual
progress in securing high-speed Internet and telephony
subscribers; e.g. in Q4 2004, the company added 5,714 new
Internet access subscribers and 5,406 additional users of the
telephony services.

In order to implement its broadband strategy, KBW is in a process
of modernizing its network for which it plans to spend
approximately EUR50 million annually over the next several years.
The ratings are positively affected by the discretionary nature
of these capital expenditures as they are driven by future
customer uptake.  The ratings rely on the expectations that the
company will be able to materially reduce its capital
expenditures in the case of need to free up its financial
flexibility.

Structural Issues:

The (P)Caa1 rating of the notes reflects their structural,
effective, and contractual subordination to a substantial amount
of subsidiary indebtedness, including existing and potential
future drawings under the company's senior bank facilities
(EUR586 million at the transaction close).  The notes will
benefit from a subordinated guarantee from the issuer's primary
subsidiary, Kabel BW, and a third priority pledge over the
ownership interest in Kabel BW and KBWV.

The currently outstanding shareholder loan in the amount of
EUR105.7 million is deeply subordinated to the existing and
future senior indebtedness including the notes and is treated as
quasi-equity for the purposes of covenant compliance.  Moody's
acknowledges the equity-like characteristics of this debt such as
non-cash interest accrual, its longer maturity than that of the
notes and the absence of any covenants.  Moody's also notes the
explicit waiver of any acceleration rights by the lenders of the
shareholder loan prior to the maturity of the loan in 2016, one
year after the maturity of the notes, as enshrined in the draft
shareholder agreement.  Any future changes in the status or
rights of the shareholder loans vis-a-vis other creditors
relative to these assumptions could have a negative impact on the
ratings.

The (P)Caa2 senior unsecured issuer rating reflects the
subordinated status of any potential unsecured creditors at KBW's
level absent any other credit enhancements.

Company Summary:

Based in Germany, KBW is the third largest cable television
provider in Germany located in the federal region of
Baden-Wurttemberg.  For the twelve months ending 30 September
2004, the company reported pro forma revenues of approximately
EUR250 million.


KARSTADTQUELLE AG: DHL Takes over Logistics Operations
------------------------------------------------------
Deutsche Post World Net, with its express and logistics
subsidiary DHL, will be taking over large parts of the
KarstadtQuelle Group's logistics operation starting April 1,
2005.  This was announced by Deutsche Post World Net and
KarstadtQuelle AG at a joint press conference held Monday in
Essen.

As Dr. Christoph Achenbach, Chairman of the KarstadtQuelle AG
Management Board, stated, agreement has basically been reached on
the sale of the department store logistics and large- and
part-load operations: "The sale of these logistics operations is
a major step in the reorganization of our group.  I am pleased
that in the Deutsche Post we have found a partner which will
operate large parts of our department store and dispatch
logistics operations to the highest professional standard."

Dr. Klaus Zumwinkel, Chairman of the Management Board of Deutsche
Post World Net, emphasized the importance of the transaction,
which with annual sales of about EUR500 million and a contract
term of ten years means a total value of EUR5 billion: "The
Deutsche Post World Net, by its takeover of what is at present
Europe's largest logistics contract, is once more demonstrating
its competence in the area of supply chain management.  No other
company is in a position at present to take over so complex a
structure and immediately guarantee a smooth supply to the
department stores and delivery to mail order customers."

With effect from April1, 2005 DHL Solutions, a Deutsche Post
subsidiary, will be taking over distribution logistics for
Karstadt Warenhaus AG, together with staff.  This operation
includes the Unna/Holzwickede goods distribution center, the
jewelry warehouse in Essen, the industry centers in
Essen-Vogelheim and Brieselang, Brandenburg, and the regional
logistics centers in Hamburg, Berlin, Kirchheim b. Munchen,
Dusseldorf and Karlsruhe.  The logistics real estate comprises
useful space totaling over 700,000 sq. m.

Altogether 2,650 staff are employed in this sector.  The sales
volume amounts to EUR260 million per annum.

Likewise, the bulky-goods and part-load operation (e.g. TV-sets
and furniture) of the mail-order suppliers Quelle and Necker-mann
will be run by DHL Solutions in future.  Here the sales volume
comes to about EUR270 million; some 1,000 staff are employed at
11 locations.  These include Nuremberg, Ettlingen, Gross-Gerau,
Bochum, Oranienburg, Niederau, Lehrte, Bucknitz, Heideloh,
Brieselang and Rennerod.  Useful space here totals 470,000 sq. m.

The transfer of all staff is planned for April 1, 2005.  The
transaction is as usually subject to the approval by the
supervisory bodies and the relevant authorities.

KarstadtQuelle AG based in Essen is Europe's largest department
store and mail-order group.  The group's business segments
include Over-the-counter retail, Mail order, Services and Real
estate.  The KarstadtQuelle Group employs about 95,000 people
(situation: September 2004).

Deutsche Post World Net is one of the world's largest and most
competent logistics service providers.  With its Deutsche Post,
DHL, and Postbank brands, the group offers its customers a global
letter and express delivery and logistics service and a broad and
varied range of financial services.  The company is thus
excellently positioned to become World Number 1 in the express
and logistics sector.  About 380,000 staff achieved sales of over
EUR40 billion worldwide in 2003.  Deutsche Post World Net is
quoted on the Frankfurt Stock Exchange and represented on the
German Share Index, DAX 30 for short.

CONTACT:  KARSTADTQUELLE AG
          Detlef Neveling, Head of Investor Relations
          Phone: +49 2 01 / 7 27 - 9817
          Web site: http://www.karstadtquelle.com


NICO GEBAUDEREINIGUNGS: Cologne Court Appoints Administrator
------------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Nico Gebaudereinigungs-Serviceges mbH on Dec. 28, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 7, 2005 to
register their claims with court-appointed provisional
administrator Joachim Klein II.

Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2005, 9:10 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1. Etage,
Saal 142 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:  NICO GEBAUDEREINIGUNGS-SERVICEGES MBH
          Wurselener Str. 1, 50933 Koln
          Contact:
          Martina Nickel, Manager
          Wurselener Str. 1, 50933 Koln

          Joachim Klein II, Administrator
          Hansaring 79 - 81, 50670 Koln
          Phone: 91267777
          Fax: +4922191267799


S.A.H.L. AUTOTEILE: Claims Filing Period Expires March
------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against S.A.H.L. Autoteile GmbH on Jan. 6, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 1, 2005 to
register their claims with court-appointed provisional
administrator Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting on April 14, 2005, 10:10 a.m. at the district court
of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  S.A.H.L. AUTOTEILE GMBH
          Augustastr. 20
          40477 Dusseldorf

          Peter William Meyer, Manager
          Paul-Lobe Strasse 31
          40595 Dusseldorf

          Dr. Frank Kebekus, Insolvency Manager
          Scheibenstrasse 45
          40479 Dusseldorf


SELF-BERATUNGSGESELLSCHAFT: Under Bankruptcy Administration
-----------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against SELF-Beratungsgesellschaft fur Angewandte Informatik mbH
on Jan. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 21, 2005 to register their claims with court-appointed
provisional administrator Dr. Carsten M. Wirth.

Creditors and other interested parties are encouraged to attend
the meeting on March 14, 2005, 9:00 a.m. at the district court of
Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster, I., Saal 101 B at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  SELF-BERATUNGSGESELLSCHAFT FUR ANGEWANDTE INFORMATIK
          MBH
          Mendelstrasse 11, 48149 Munster
          Contact:
          Stefan Wilhelm Schneider, Manager
          Karl-Wetzel-Strasse 18, 44319 Dortmund

          Dr. Carsten M. Wirth, Administrator
          von-Steuben-Strasse 20, 48143 Munster
          Phone: 0251/53599-0
          Fax: +492515359910


SPEDITION SCHARRER: Administrator's Report Out Next Week
--------------------------------------------------------
The district court of Furth opened bankruptcy proceedings against
Spedition Scharrer GmbH & Co. KG Intern Transporte und Lagerhaus
on Dec. 30, 2004.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
Feb. 25, 2005 to register their claims with court-appointed
provisional administrator Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 3, 2005, 2:00 p.m. at the district court of
Furth, Dienstgebaude, Baumenstrasse 28, Prufungstermin am
Dienstag 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 April 21, 2005, 2:00
p.m. while creditors may constitute a creditors committee and or
opt to appoint a new insolvency manager.

CONTACT:  SPEDITION SCHARRER GMBH & CO. KG INTERN. TRANSPORTE
          UND LAGERHAUS
          Hafenstr. 85
          90768 Furth

          Joachim Exner, Insolvency Manager
          Stahlstrasse 17
          90411 Nurnberg
          Phone: 0911/9512850
          Fax: 0911/95128510



S UND W-GASTSTATTEN: Creditors Meeting Set Mid-February
-------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against S und W-Gaststatten 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 Christoph Rosenmuller.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 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 May 25, 2005, 9:40 a.m. while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  S UND W-GASTSTATTEN GMBH
          Wilkestrasse 1
          13507 Berlin

          Christoph Rosenmuller, Insolvency Manager
          Berliner Str. 117
          10713 Berlin


SUPOL GMBH: Gives Creditors Until Friday to File Claims
-------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Supol GmbH on Dec. 23, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 28, 2005 to register their claims with
court-appointed provisional administrator Andreas Kienast.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 28, 2005, 11:00 a.m. at Saal D,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg 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:  SUPOL GMBH
          Paul-Ecke-Str. 4, 39114 Magdeburg
          Contact:
          Torsten Manthey, Manager
          Seedorfer Weg 9, 39307 Genthin

          Andreas Kienast, Insolvency Manager
          Lennestr. 10, 39112 Magdeburg , Tel
          Phone: 0391/5973322
          Fax: 0391/5973333


UDE SANITAR: Hannover Court Stays All Pending Lawsuits
------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against UDE Sanitar- & Heizungsbau GmbH on Dec. 30, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 7, 2005 to
register their claims with court-appointed provisional
administrator Wilfried Koller.

Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2005, 10:30 a.m. at the district court of
Hannover, Dienstgebaude Hamburger Allee 26, 30161 Hannover 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:  UDE SANITAR- & HEIZUNGSBAU GMBH
          Am Sperrtor 2
          30823 Garbsen
          Contact:
          Kerstin Ude, Manager

          Wilfried Koller, Insolvency Manager
          Schiffgraben 59
          30175 Hannover
          Phone: 0511/342129
          Fax: 0511/3480645


VSB STAHL: Provisional Administrator Takes over Operations
----------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against VSB Stahl- und Anlagenbau GmbH on Jan. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 24, 2005 to
register their claims with court-appointed provisional
administrator Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting on March 17, 2005, 11:00 a.m. at the district court
of Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster, I., Saal 101 B at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  VSB STAHL- UND ANLAGENBAU GMBH
          Hansestrasse 22, 46325 Borken
          Contact:
          Helmuth Heinrich Gehling, Manager
          Burgerm-Ellers-Strasse 13, 48703 Stadtlohn

          Horst Piepenburg, Insolvency Manager
          Heinrich-Heine-Allee 20, 40213 Dusseldorf
          Phone: 0211/492240
          Fax: +492114922487


WONDERPIXEL GMBH: First Creditors Meeting Set March
---------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Wonderpixel GmbH on Dec. 30, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 10, 2005 to register their
claims with court-appointed provisional administrator Joachim
Klein II.

Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2005, 9:20 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne 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:  WONDERPIXEL GMBH
          Hansaring 97
          50670 Cologne

          Roland Metz, Manager
          Schillerstsr. 2
          50733 Cologne

          Joachim Klein II, Insolvency Manager
          Hansaring 79 - 81
          50670 Cologne
          Phone: 91267777
          Fax +4922191267799


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


FIAT AUTO: Arbitrator to Rule on Contentious Put Option Feb. 1
--------------------------------------------------------------
Fiat S.p.A. held off exercising a put option to sell its
loss-making car division to General Motors on Monday.  It is
suspending a decision until it settles the put's validity with
the U.S. company in the coming days.

The put option was signed in 2000 when General Motors bought 20%
of Fiat Auto in exchange for 6% of General Motors shares worth
US$2.4 billion.  Under the deal, Fiat can sell its stake in Fiat
Auto to General Motors any time between Jan. 24, 2004, and July
24, 2009.  Last year, Fiat and General Motors shifted the
exercise period back by one year.

General Motors is accusing Fiat of breaching the terms of the
2000 Master Agreement by changing the parameters of Fiat Auto
when it sold 51% of its financing arm Fidis.  It refused to take
part in the EUR3 billion recapitalization of Fiat Auto, diluting
its stake to 10%.  Fiat argues the recapitalization was required
by law and says a call option to buy back Fidis means that the
parameters have not changed.  General Motors has already written
down its Fiat Auto investment to US$220 million.

The two said the mediation process would end Feb. 1.  Until then,
Fiat would not compel General Motors to honor the commitment.
Analysts believe the two are out to strike a deal that would save
both firms lengthy and costly court time.  Speculations run that
Fiat Chief Executive Sergio Marchionne and General Motors CEO
Rick Wagoner may have met last week for them to have set the
February 1 target.  But neither company would confirm a meeting.

Fiat assured its 2005-2007 targets, which include a return to
operating profit at Fiat Auto in 2006, remained unchanged despite
the row.

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


IMPREGILO SPA: Dam Maker Expects Takeover Offers to Pour in
-----------------------------------------------------------
Two groups reportedly have taken interest in taking over troubled
construction group Impregilo S.p.A., Il Sole 24 Ore says.

A consortium comprised of investment bank Efibanca, motorway
operator Gavio and engineering group Condotte will reportedly bid
for a 20-25% stake in Impregilo.  Sources close to Gavio
confirmed the motorway operator is interested in acquiring a
stake in Impregilo, but has yet to review Efibanca's offer.
Condotte vice-chairman Duccio Astaldi said his group is eager to
review Efibanca's proposal, but has yet to receive a formal
offer.  The other group is comprised of French investors.  Both
groups have offered to inject capital into Impregilo and allow
Gemini, the construction group's largest shareholder, to retain a
minority stake in the company.

Meanwhile, Generale Mobiliare Interessenze Azionarie S.p.A.
(Gemina), Impregilo's holding company and largest shareholder,
confirmed reports that a consortium of local investors has
expressed interests to acquire a stake in the construction group,
but refused to divulge their identities.

Impregilo is planning to raise EUR800 million to repay EUR550
million in bonds, which are due in May and June, and maintain its
operations.  Roberto Poll and Paolo Colombo, Impregilo's legal
advisors, are reportedly planning to launch a EUR400 million
capital increase and acquire loans from banks.

Impregilo employs about 13,000 people and regards itself as one
of the world's leading companies in building dams and
hydroelectric plant.

CONTACT:  IMPREGILO S.p.A.
          Viale Italia 1,
          Sesto S. Giovanni
          20099 Milan
          Phone: +39-02-244-22111
          Fax: +39-02-244-22293
          Web site: http://www.impregilo.it

          GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A.
          Via Turati n. 16/18
          Milan
          Phone: +39-02-444-23121
          Fax: +39-02-444-23120
          E-mail: investor.relator@gemina.it
          Web site: http://www.gemina.it


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


GARANTIBANK INTERNATIONAL: Outlook Changed to Positive
------------------------------------------------------
Fitch Ratings revised Netherlands-based GarantiBank International
N.V.'s (GBI) Long-term rating Outlook to Positive from Stable.
At the same time the agency has affirmed GBI's ratings at
Long-term 'BB+', Short-term 'B', Individual 'C/D' and Support
'4'.

The Positive Outlook reflects the improvement in GBI's
profitability and risk profile.  Fitch expects Turkish risk on
the balance sheet to further decline and the bank's core
profitability to continue its improving trend.

GBI's profitability improved during 2004, driven by a combination
of higher core revenues and improved efficiency. Fitch further
notes that GBI has been successful in diversifying its risk
exposure away from Turkey in recent years.  However, given
Turkey's sub-investment grade Long-term rating of 'BB-', GBI's
Turkish exposure is still relatively high at 45% of total assets
at end-2004.

The Long-term, Short-term and Individual ratings reflect GBI's
healthy asset quality, growing and resilient retail deposit base,
comfortable capitalization and enhanced risk management systems.
The ratings also take into account the bank's small size, its
good but specialized trade finance franchise and reduced, albeit
still high Turkish risk exposure.

GBI is 100%-owned by Garanti Bankasi (also see separate Fitch
report on http://www.fitchratings.com),a premier Turkish private
sector bank, which, in turn, is majority owned by Dogus Group
(also see separate Fitch report), a Turkish conglomerate. GBI
focuses on trade finance, private banking and retail deposit
taking.

CONTACT:  FITCH RATINGS
          Jeroen Julius, London
          Phone: +44 20 7862 4115

          Banu Saracci
          Phone: +44 20 7417 4222

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


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


AGORA SA: Gets PLN2.5 Million for CHI Shares
--------------------------------------------
The Management Board of Agora S.A. disposes of 9,000 shares
constituting 100% of the share capital of 'Centrum Handlu
Internetowego' Sp. z o.o. based in Warsaw.  The asset made up the
whole stake held by Agora in CHI.  The sale price totaled
PLN2,544,400.

Additional information:

Disposal of shares took place on the basis of share disposal
agreement entered into on 24 January 2005 by Agora and the
purchaser of shares -- Milenium Inwestycje Sp. z o.o. with its
seat in Torun.  Total nominal value of sold shares equals
PLN9,000,000.  The book value of sold shares in the issuer's
books amounted to PLN1,298,800.  The transaction does not
constitute a related-entity one.  Sold assets make up over 20% of
CHI share capital thus meeting the criterion.

                            *   *   *

The magazine, radio and outdoor advertising subsidiaries of
Poland's leading media group, Agora S.A., continue to absorb
mounting losses.  The company's remaining profitable business is
its Gazet Wyborcza, Poland's largest newspaper.


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


IVANOVSKIY COLD-STORE: Declared Insolvent
-----------------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings against Ivanovskiy Cold-Store Combine after finding
the open joint stock company insolvent.  The case is docketed as
1203/1-B.  Ms. Z. Barinova has been appointed insolvency manager.
Creditors may submit their proofs of claim to 6030153000, Russia,
Ivanovo, Stroitelnaya Str. 10, Apartment 21.

CONTACT:  IVANOVSKIY COLD-STORE COMBINE
          Russia, Ivanovo, 11, Proezd, 13

          Ms. Z. Barinova
          Insolvency Manager
          153000, Russia, Ivanovo,
          Stroitelnaya Str. 10, Apartment 21


MOSCOW INDEPENDENT: Sets Public Auction January 31
--------------------------------------------------
The insolvency manager and bidding organizer of close joint stock
company Moscow Independent Broadcasting Corporation will sell its
property on Jan. 31, 2005, 1:00 p.m.  The public auction will
take place at Russia, Moscow, Ilyinka Str. 15, building 1.

The assets for sale are:

Lot 1: 64 units of movable property.  Starting price: RUB
2,374,544;

Lot 2: Four units of rights to films and TV programs.  Starting
price: RUB100,000.

The list of documentary requirements is available free of charge
at Russia, Moscow, Ilyinka Str. 15, Building 1.  To participate,
bidders must deposit an amount equivalent to 15% of the starting
price to Moscow Independent Broadcasting Corporation (TIN
7704082740), settlement account 40702810500070032986 in OJSC ACB
"Moscow Business World", BIC 044525466, correspondent account
30101810900000000466.

CONTACT:  MOSCOW INDEPENDENT BROADCASTING CORPORATION
          Russia, Moscow,
          Ilyinka Str. 15, Building 1

          Mr. S. Shulzhenko
          Insolvency Manager/Bidding Organizer
          103070, Russia, Moscow,
          Ilyinka Str. 15, Building 1
          Phone/Fax: (095) 925-07-67, 206-02-85


NOVOOSKOLSKIY ELEVATOR: Under Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
supervision procedure on open joint stock company Novooskolskiy
Elevator.  The case is docketed as A08-15944/04-2 B.  Mr. V.
Krotov has been appointed temporary insolvency manager.

Creditors have until Jan. 30, 2005 to submit their proofs of
claim to 308023, Russia, Belgorod, Promyshlennyj Pr., 3,
Apartment 23.  A hearing will take place at Russia, Belgorod,
Narodnaya Str. 135 on March 4, 2005, 11:00 a.m.

CONTACT:  NOVOOSKOLSKIY ELEVATOR
          309600, Russia, Belgorod region,
          Novyj Oskol, Bondareva Str. 2

          Mr. V. Krotov
          Temporary Insolvency Manager
          308023, Russia, Belgorod,
          Promyshlennyj Pr. 3, Apartment 23
          Phone/Fax: (0722) 34-13-74


PECHOR-STROY-LES: Komi Court Appoints Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Komi republic commenced bankruptcy
proceedings against Pechor-Stroy-Les (TIN 1101036164) after
finding the limited liability company insolvent.  The case is
docketed as A29-9641/04-3B.  Mr. A. Ragozin has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 167000, Russia, Komi republic, Syktyvkar, Babushkina Str., 31.

CONTACT:  PECHOR-STROY-LES
          Russia, Komi republic, Syktyvkar,
          Morozova Str. 100, Office 170

          Mr. A. Ragozin
          Insolvency Manager
          167000, Russia, Komi republic,
          Syktyvkar, Babushkina Str. 31


SARATOV-GAS-STROY: Sets Deadline for Proofs of Claim
----------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Saratov-Gas-Stroy after finding the
hydro-electric power station operator insolvent.  The case is
docketed as A57-47B/04-31.  Mr. E. Bessonov has been appointed
insolvency manager.  Creditors have until March 1, 2005 to submit
their proofs of claim to 107078, Russia, Moscow, Post User Box
281.

CONTACT:  SARATOV-GES-STROY
          413840, Russia, Saratov region,
          Balakovo, Titova Str. 2A, Building 1

          Mr. E. Bessonov
          Insolvency Manager
          107078, Russia, Moscow,
          Post User Box 281


SEL-KHOZ-BUR-VOD: Deadline for Proofs of Claim March 1
------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Sel-Khoz-Bur-Vod after finding the
open joint stock company insolvent.  The case is docketed as
A43-8091/04-33-207.  Mr. N. Chertanovskiy has been appointed
insolvency manager.  Creditors have until March 1, 2005 to submit
their proofs of claim to 603086, Russia, Nizhniy Novgorod, Mira
Avenue, 12, Officer 201.

CONTACT:  SEL-KHOZ-BUR-VOD
          Russia, Nizhniy Novgorod,
          Larina Str. 8A

          Mr. N. Chertanovskiy
          Insolvency Manager
          603086, Russia, Nizhniy Novgorod,
          Mira Avenue, 12, Officer 201


TEKHNO-CENTRE OKA-GILD: Bankruptcy Hearing Resumes March
--------------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on close joint stock company Tekhno-Centre
Oka-Gild (TIN 7717032231).  The case is docketed as
A40-51888/04-123-42B.  Mr. A. Sergovskiy has been appointed
temporary insolvency manager.

Creditors have until Feb. 10, 2005 to submit their proofs of
claim to 101000, Russia, Moscow, Lubyanskiy Proezd, 5, building
1.  A hearing will take place on March 31, 2005, 10:00 a.m.

CONTACT:  TEKHNO-CENTRE OKA-GILD
          107014, Russia, Moscow,
          Egerskaya Str. 1, Building 1

          Mr. A. Sergovskiy
          Temporary Insolvency Manager
          101000, Russia, Moscow,
          Lubyanskiy Proezd, 5, Building 1


THERMAL NETWORKS: Hires I. Malinina as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Kareliya republic commenced bankruptcy
proceedings against Thermal Networks after finding the
state-owned enterprise insolvent.  The case is docketed as
A26-4083/04-18.  Ms. I. Malinina has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 185035,
Russia, Kareliya republic, Petrozavodsk, Kuybysheva Str. 13,
Apartment 11.

CONTACT:  THERMAL NETWORKS
          Russia, Kareliya republic,
          Sortovala, Sadovaya Str.

          Ms. I. Malinina
          Insolvency Manager
          185035, Russia, Kareliya republic,
          Petrozavodsk, Kuybysheva Str. 13, Apartment 11


VITA: Undergoes External Management Procedure
---------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced external
management bankruptcy procedure on open joint stock company Vita
(TIN 7308000359).  The case is docketed as A72-4121/04-17/14-B.
Mr. A. Kreyzo has been appointed external insolvency manager.

CONTACT:  VITA
          Russia, Ulyanovsk region, Kutuzovatovskiy region,
          Kutuzovatovo, Sovestkaya Str. 1

          Mr. A. Kreyzo
          External Insolvency Manager
          433513, Russia, Ulyanovsk region,
          Dimitrovograd, Post User Box 969


VOLOKOLAMSKIY TEXTILE: Moscow Court Hires Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Volokolamskiy Textile after finding the close
joint stock company insolvent.  The case is docketed as
A41-K2-3424/04.  Ms. L. Mochalina has been appointed insolvency
manager.  Creditors have until March 1, 2005 to submit their
proofs of claim to 115432, Russia, Moscow, Trofimova Str. 21,
Building 2.

CONTACT:  VOLOKOLAMSKIY TEXTILE
          Russia, Volokolamsk,
          Fabrichnaya Str. 16

          Ms. L. Mochalina
          Insolvency Manager
          115432, Russia, Moscow,
          Trofimova Str. 21, Building 2


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


IZAR: Rescue Plan Gets E.U. Commission's Nod
--------------------------------------------
The European Commission (E.C.) has finally approved the rescue
plan of troubled shipbuilder Izar, El Pais says.

E.C. ruled Izar's rescue plan, which entails splitting Izar's
military and civilian units to repay state aids deemed illegal by
the regulator, is acceptable with respect to European laws after
reviewing clarifications from finance minister Pedro Solbes.  The
European competition commissioner Neelie Kroes, however,
reiterated Izar should still repay around EUR376 million in
illegal state aid granted five years ago.

Sociedad Estatal De Participaciones Industriales (SEPI), Izar's
holding company, said the government still has to request the
European Commission that the New Izar, a purely military
shipbuilder, be exempted from competition procedures and laws.
Spain is expected to invoke article 296 of the European Union
Treaty, which does not require competition in procurement of
supplies, works and services intended specifically for military
purposes and crucial to national security.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


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


AGROPROMINVEST: Under Bankruptcy Supervision
--------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Agroprominvest (code EDRPOU
30887064).  The case is docketed as 25/238.  Arbitral manager Mr.
Buryak Igor (License Number AA 783131) has been appointed
temporary insolvency manager.  The company holds account number
26006301058 at JSCB MT-Bank, Zaporizhya branch, MFO 313816.

Creditors may submit their proofs of claim to:

(a) AGROPROMINVEST
    7100, Ukraine, Zaporizhya region,
    Kujbishevo, Illich Str. 127

(b) Mr. Buryak Igor
    Temporary Insolvency Manager
    69039, Ukraine, Zaporizhya region,
    Kujbishev Str. 71

(c) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,
    Shaumyana Str. 4


CHERKASSY' SUGAR: Succumbs to Insolvency
----------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Cherkassy' Sugar-Rafinade Plant (code EDRPOU
00373480) on November 23, 2004 after finding the open joint stock
company insolvent.  The case is docketed as 01-10-14-10/3674.
Mr. V. Lagutin has been appointed liquidator/insolvency manager.

CONTACT:  CHERKASSY' SUGAR-RAFINADE PLANT
          Ukraine, Cherkassy region,
          Dobrovolskij Str. 1

          Mr. V. Lagutin
          Liquidator/Insolvency Manager
          Ukraine, Cherkassy region,
          Gajdar Str. 14/121
          Phone: (0472) 64-84-88

          ECONOMIC COURT OF CHERKASSY REGION
          18005, Ukraine, Cherkassy region,
          Shevchenko Avenue, 307


DOLINSKA RAJSILGOSPHIMIYA: Declared Insolvent
---------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced bankruptcy
proceedings against Dolinska Rajsilgosphimiya (code EDRPOU
05489052) on October 18, 2004 after finding the open joint stock
company insolvent.  The case is docketed as B-7/147.  Arbitral
manager Mr. Vasil Stelmah (License Number AA 419492) has been
appointed liquidator/insolvency manager.  The company holds
account number 26009301925 at OJSC State Savings Bank of Ukraine,
MFO 336536.

Creditors may submit their proofs of claim to:

(a) DOLINSKA RAJSILGOSPHIMIYA
    Ukraine, Ivano-Frankivsk region,
    Dolinskij district, Debelivka, Knyazholuki

(b) Mr. Vasil Stelmah
    Liquidator/Insolvency Manager
    76000, Ukraine, Ivano-Frankivsk region,
    Zaklinskih Str. 13/20
    Phone: 8 (03436) 2-14-91

(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76000, Ukraine, Ivano-Frankivsk region,
    Shevchenko Str. 16a


GORLIVSKVODBUD: Hires Oleksandr Tihonov as Liquidator
-----------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Gorlivskvodbud (code EDRPOU 05474346) on
December 1, 2004 after finding the open joint stock company
insolvent.  The case is docketed as 42/65b.  Arbitral manager Mr.
Oleksandr Tihonov (License Number AA 250446) has been appointed
liquidator/insolvency manager.  The company holds account number
26001302500082 at JSCB National credit, Gorlivka branch, MFO
335797.

Creditors may submit their proofs of claim to:

(a) GORLIVSKVODBUD
    84606, Ukraine, Donetsk region,
    Gorlivka, Miru Str. 44

(b) Mr. Oleksandr Tihonov,
    Liquidator/Insolvency Manager
    84627, Ukraine, Donetsk region,
    Gorlivka, Gagarin Str. 51a/40

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


KARYER: Court Appoints Temporary Insolvency Manager
---------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on LLC Karyer (code EDRPOU 31348755) on
November 26, 2004.  The case is docketed as 5/544-04.  State Tax
Inspection of Kalinivka' district has been appointed temporary
insolvency manager.  The company holds account number
260093014262 at Prominvestbank, Vinnitsya central branch, MFO
302571.

Creditors may submit their proofs of claim to:

(a) KARYER
    22400, Ukraine, Vinnitsya region,
    Kalinivskij district,
   Cherepashintsi, Karyerna Str. 40

(b) STATE TAX INSPECTION OF KALINIVKA' DISTRICT
    Temporary Insolvency Manager
    22400, Ukraine, Vinnitsya region,
    Kalinivka district, Dzerzhinskij Str. 28
    Phone: (04333) 2-19-52

(c) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


KOLOS: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on Agricultural LLC Kolos (code EDRPOU
30903012) on October 18, 2004.  The case is docketed as 7/131-04.
Mr. Sergij Gajdukov (License Number AA 250477) has been appointed
temporary insolvency manager.  The company holds account number
260056210 at JSPPB Aval, Velikopisarivske branch.

Creditors may submit their proofs of claim to:

(a) KOLOS
    42813, Ukraine, Sumi region,
    Velikopisarivskij district,
    Rozsoshi, Centralna Str. 81

(b) Mr. Sergij Gajdukov
    Temporary Insolvency Manager
    40030, Ukraine, Sumi region,
    Psilska Str. 4, Room 9

(c) ECONOMIC COURT OF SUMI REGION
    40477, Ukraine, Sumi region,
    Ribalko Str. 2


LUTSK AUTO 0201: Insolvency Manager Takes over Helm
---------------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Lutsk Auto Transport Enterprise-0201 (code
EDRPOU 05383997) on November 29, 2004 after finding the open
joint stock company insolvent.  The case is docketed as 7/118-B.
Mr. Lubomir Cherevatij (License Number AA 630123) has been
appointed liquidator/insolvency manager.  The company holds
account number 26000000868001 at JSC Ukrinbank.

Creditors may submit their proofs of claim to:

(a) LUTSK AUTO TRANSPORT ENTERPRISE-0201
    43000, Ukraine, Lutsk region,
    Lvivska Str. 154

(b) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, Lutsk region,
    Voli Avenue, 54-a


NAFTOGAZ: Rating Raised as Ukraine's Political Climate Brightens
----------------------------------------------------------------
Fitch Ratings upgraded Naftogaz of Ukraine's Senior Unsecured
rating to 'BB-' from 'B+'.  The Outlook is Stable.

The rating action follows the recent upgrade of Ukraine's
sovereign rating to 'BB-'/Stable from 'B+'/Stable.  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.

The Stable Outlook foresees continued stability in Ukraine's
macroeconomic environment, which has benefited Naftogaz.
Additionally, Ukraine's increasing level of oil and gas
transportation and the country's significant geographical
position mean that Naftogaz will continue to play a key role in
Ukraine's energy policy.  Its importance to the state also
indicates that Naftogaz is likely to be able to rely on a
favorable regulatory framework that will ensure sufficient export
revenues to cover its financing and operating costs.

Against this, Naftogaz currently operates solely in Ukraine, and
is therefore constrained by the domestic economic environment.
Furthermore, it plays a significant social role that still
requires it to sell gas at artificially low prices domestically
that are regulated by the National Commission on Regulation of
Power Energy of Ukraine.  In Fitch's opinion, such regulations
and heavy state control potentially limit the company's cash
flow-generating ability.  Naftogaz has, however, recently
announced plans to ask for approval of an increase in gas prices
for individual consumers by 25% in 2005, but this price increase
is not yet certain.

Additionally, Naftogaz has recently negotiated to purchase 36
billion cubic meters (bcm) of Turkmen gas in 2005 at US$58 per
1000 cm., up from US$44 per 1000 cm. last year.  This cost
increase, however, was viewed as necessary in order to prevent
gas supply shortages in Ukraine; an event which would have
significantly more negative rating implications than the
additional costs incurred as a result of the price increase.

Downward rating pressure on Naftogaz would likely result from any
additional debt-financed acquisitions or capital spending beyond
those already planned by the company.  Naftogaz has recently
announced its intention to borrow between US$300 million and
US$500 million from the capital markets in 2005 to fund upcoming
projects.  However, deputy CEO Igor Voronin has indicated that
the success of the company's fundraising will depend directly on
changes in the domestic gas price policy. Fitch will continue to
closely monitor these developments.

Key factors supporting the ratings include Naftogaz's close link
to the state, as it generates approximately 10% of GDP and 11% of
the government's budget revenues.  Additionally, the company
enjoys a monopoly position in supplying natural gas and crude oil
to the country's consumers, and has a strategic role in the
transportation of oil and gas to western markets.  This dominant
position helps to ensure the company's strategic importance to
the state (since gas represents 40-45% of primary energy
consumption in the country), and prevents new market entrants
from directly competing with Naftogaz.

CONTACT:  FITCH RATINGS
          Jeffrey Woodruff, Moscow
          Phone: +7 095 956 9901

          Josef Pospisil, London
          Phone: +44 (0) 207 417 4266

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


NIVA: Urges Creditors to File Claims as soon as Possible
--------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Niva (code EDRPOU 31555064) on
October 19, 2004.  The case is docketed as 7/132-04.  Mr. Igor
Filenko (License Number AA 783199) has been appointed temporary
insolvency manager.  The company holds account number 260044674,
260047671, 26004724 at JSPPB Aval, Velikopisarivske branch.

Creditors may submit their proofs of claim to:

(a) NIVA
    42843, Ukraine, Sumi region,
    Velikopisarivskij district,
    Ryabina, Krasina Str. 20

(b) Mr. Igor Filenko
    Temporary Insolvency Manager
    40030, Ukraine, Sumi region,
    Bortsiv Revolutsiyi Str. 2

(c) ECONOMIC COURT OF SUMI REGION
    40477, Ukraine, Sumi region,
    Ribalko Str. 2


UKRAINIAN PHARMACEUTICAL: Court Brings in Liquidator
----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukrainian Pharmaceutical Group (code EDRPOU
22966039) on October 12, 2004 after finding the joint stock
company insolvent.  The case is docketed as 23/105.  Mr.
Denisenko Viktor (License Number AA 485267) has been appointed
liquidator/insolvency manager.

CONTACT:  UKRAINIAN PHARMACEUTICAL GROUP
          03164, Ukraine, Kyiv region,
          Pidlisna Str. 5/154

          Mr. Denisenko Viktor
          Liquidator/Insolvency Manager
          03113, Ukraine, Kyiv region,
          Peremogi Avenue, 57 (10th floor)

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


ZLAGODA: Ivano-Frankivsk Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced bankruptcy
proceedings against Zlagoda (code EDRPOU 03753119) on October 1,
2004 after finding the limited liability company insolvent.  The
case is docketed as B-13/207.  Arbitral manager Mr. Vasil Stelmah
(License Number AA 419492) has been appointed
liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) ZLAGODA
    Ukraine, Ivano-Frankivsk region,
    Dolinskij district, Roztochki

(b) Mr. Vasil Stelmah
    Liquidator/Insolvency Manager
    76000, Ukraine, Ivano-Frankivsk region,
    Zaklinskih Str. 13/20
    Phone: 8 (03436) 2-14-91

(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76000, Ukraine, Ivano-Frankivsk region,
    Shevchenko Str. 16a


* Ukraine's Ratings Upgrade Lifts Three Local Banks
---------------------------------------------------
Fitch Ratings upgraded the ratings of three Ukrainian banks
following the recent upgrade of Ukraine's Long-term foreign and
local currency ratings and Country Ceiling to 'BB-' from 'B+'.

JSC The State Export-Import Bank of Ukraine (Ukreximbank):
Long-term rating upgraded to 'BB-' from 'B+', Support changed to
'3' from '4'.  The Short-term rating is affirmed at 'B' and the
Individual at 'D/E'.  The Long-term Outlook is Stable.

The upgrade of the Long-term rating and the change in Support
rating reflect the government's improved ability to support
Ukreximbank should the bank run into any financial difficulty.
Ukreximbank is 100%-owned by the Ukrainian state (represented by
the Cabinet of Ministers of Ukraine) and has received liquidity
and regulatory support from the National Bank of Ukraine in the
past, following asset quality problems with several, large
government-directed or related loans in the 1990s.

CJSC ProCredit Bank (ProCredit Ukraine):
Long-term foreign currency to 'BB-' from 'B+', Long-term local
currency to 'BB' from 'BB-', Support changed to '3' from '4'. The
Short-term foreign and local currency are affirmed at 'B' and the
Individual at 'D/E'.  The Long-term Outlook is Stable.

The Long-term, Short-term and Support ratings of ProCredit
Ukraine are based on Fitch's view of the potential support the
bank is likely to receive from its owners, in particular,
Internationale Micro Investitionen (IMI, Long-term rating 'BBB-')
in case of need.  The Support rating now fully reflects Fitch's
belief that the owners have a strong propensity to support
ProCredit Ukraine.  However, such support could be limited by
factors relating to the Ukraine, therefore the Long-term foreign
currency rating continues to be constrained by Ukraine's Country
Ceiling.

CJSC Privatbank's (Privat):

Long-term rating to 'B' from 'B-', Support changed to '4' from
'5'.  The Short-term rating is affirmed at 'B' and the Individual
at 'D'.  The Long-term Outlook is Stable.

The upgrade in Privat's Long-term rating and change in Support
rating reflect the increased, although still limited, ability of
the Ukrainian authorities to provide support, as reflected in the
upgrade of Ukraine's Long-term ratings.  In view of Privat's size
and importance to the Ukrainian banking sector, Fitch believes
there would be some propensity of the Ukrainian authorities to
support the bank in case of need.

Ukreximbank was founded in 1992.  By assets, Ukreximbank was the
sixth largest Ukrainian bank at end-2003, with a network of 73
branches and outlets across Ukraine.  In addition to its
commercial banking activities, Ukreximbank is the only Ukrainian
bank that acts as a financial agent of the Ukrainian government
in attracting and servicing international loans to Ukrainian
corporates, which are extended under state guarantee.

Founded in early 2001, ProCredit Ukraine forms part of a global
network of 18 banks, which were set up by private and public
sector investors to provide financing to micro- and SME customers
in developing markets.  ProCredit Ukraine's current shareholders
are: Frankfurt-based IMI, which is responsible for the bank's
administrative and risk management functions (20%); US-based
Western NIS Enterprise Fund (20%); the EBRD (19.99%); World Bank
Group member IFC (19.99%); KfW (7.28%); and the German-Ukrainian
Fund (GUF) (12.71%).  By mid-2005, IMI is set to acquire the
stakes currently held by KfW and IFC (both key shareholders of
IMI) and GUF, as a result of which IMI is set to become ProCredit
Ukraine's majority shareholder with around a 60% stake.

Privat is the largest bank in Ukraine with an approximately 11%
share of sector's assets, 14% of retail and 11% of corporate
funding at end-2004.  Privat is based in Dnepropetrovsk, a large
city in southeast Ukraine.

CONTACT:  FITCH RATINGS
          James Watson
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

          Lindsey Liddell, London
          Phone: +44 207 417 4395

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


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


ABBEY NATIONAL: Mark Pain to Leave Board End of Month
-----------------------------------------------------
Further to the announcement on 24 November 2004, Mark Pain will
be resigning from the Abbey Board with effect from 28 January
2005.

                            *   *   *

Mark Pain, Customer Sales Director, is leaving Abbey as part of
the revamp of the company following its acquisition by Banco
Santander Central Hispano.  Abbey said the reorganization is
designed to help the company achieve the revenue benefits and
cost savings previously announced, and to keep business
disruption to a minimum during the transition period following
new ownership.

CONTACT:  ABBEY NATIONAL
          Media Inquiries
          Christina Mills
          Phone: 020 7756 4212

          Matt Young
          Phone: 020 7756 4232


AIM VCT: Members Decide to Wind up Firm
---------------------------------------
At the extraordinary general meeting of the members of Aim VCT
Managers Limited on Jan. 17, 2005 held at 32 Harbour Exchange
Square, London E14 9JX, the subjoined special and ordinary
resolutions to wind up the company were passed.  S. R. Thomas and
S. J. Parker of Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD have been appointed joint liquidators of the
company.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


A & P HOLDINGS: Members Final Meeting Set February
--------------------------------------------------
The final meeting of the members of A & P Holdings Limited will
be on Feb. 24, 2005 at 10:00 a.m.  It will be held at the offices
of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

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

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


ARGONAUT GAMES: Recommends Voluntary Liquidation
------------------------------------------------
Argonaut Games plc said in a statement on 18 November 2004 that
the Board was awaiting a more accurate indication of any dividend
receivable by Argonaut from Argonaut Software Ltd. (in
administration) and that once this had been received the board
would be in a position to further assess the financial position
of the Company.

The administrators have now confirmed that, after settlement of
preferential claims and the costs of the administration, any
dividend is likely to be nominal and is unlikely to be paid for
several months.

In the light of this information the Board has been advised that
the Company cannot, by reason of its liabilities, continue and it
should therefore be wound-up voluntarily.  The Company will be
writing to its shareholders in the near future to convene an
Extraordinary General Meeting for the purposes of considering,
and if thought fit, passing a resolution to this effect.


AS-C MATERIALS: Hires Administrator from Kay Johnson Gee
--------------------------------------------------------
Jonathan Elman Avery-Gee (IP No 001549) has been appointed
administrator for AS-C Materials Handling Limited.  The
appointment was made Jan. 18, 2005.  Its registered office is
located at Griffin Court, 201 Chapel Street, Manchester M3 5EQ.

CONTACT:  KAY JOHNSON GEE
          Griffin Court, 201 Chapel Street,
          Salford, Manchester M3 5EQ


ASTAIR LIMITED: Members Decide to Wind up Firm
----------------------------------------------
At the extraordinary general meeting of the members of Astair
Limited on Jan. 14, 2005 held at Mountview Court, 1148 High Road,
Whetstone, London N20 0RA, the extraordinary and ordinary
resolutions to wind up the company were passed.  Elizabeth
Arakapiotis has been appointed liquidator of the company.


AVECIA GROUP: Creditors Extend Notes Buyback Timeframe
------------------------------------------------------
In connection with its previously announced cash tender offer and
solicitation of related consents (the Amended Offer) relating to
its outstanding 11% Senior Notes due July 1, 2009 (the Bonds)
pursuant to an Amended and Restated Offer to Purchase and Consent
Solicitation Statement dated January 18, 2005 (as supplemented on
January 21, 2005, the "Amended and Restated Offer to Purchase"),
Avecia Group plc announces that it has reached a further
agreement with an unofficial committee (the "Committee") of
holders representing approximately 64% of its Bonds to:

(a) supplement the terms of the Amended Offer so as to permit
    hedging of the proceeds from the sale of its NeoResins
    business (the "Transaction") in light of recent exchange
    rate movements; and

(b) extend each of the Consent Payment Deadline and the
    Withdrawal Deadline to 5:00 p.m., New York City time, on
    January 25, 2005, and extend the Expiration Time to 12:00
    Midnight on February 3, 2005.

The Lock-Up agreement between the Company and the Bondholders
dated January 16, 2005 was amended on January 20, 2005 to
memorialize this agreement with the Committee (the "Amended
Agreement").

All capitalized terms not defined herein have the meanings
ascribed to them in the Amended and Restated Offer to Purchase.

As a result of hedging the proceeds from the Transaction, the
Company will make available the full amount of U.S.$447,307,000
to fund the Amended Offer (such amount is made available upon the
terms and subject to the conditions of the Amended Offer) and,
consequently, the Company will solicit tenders for up to 77%
(U.S.$415,912,000) aggregate principal amount of outstanding
Bonds.

As a consequence of amending the Amended Offer, each of the
Consent Payment Deadline and the Withdrawal Deadline has been
extended by the Company to 5:00 p.m. New York City time, on
January 25, 2005, unless further extended.

Also as a consequence of amending the Amended Offer, the Company
has extended the Expiration Time to 12:00 Midnight, New York City
time, on February 3, 2005, unless extended or earlier terminated
by the Company by press release or notice to the Tender Agent in
the manner provided in the Amended and Restated Offer to
Purchase.  If the Amended Offer is consummated, the Settlement
Date will be on a date promptly after the acceptance by the
Company of tendered Bonds.  On the basis of this extension to the
Expiration Time, the Company now expects the Settlement Date
(subject to any extension thereof) to be February 8, 2005.

The Company on Friday issued a supplement (dated January 21,
2005) to the Amended and Restated Offer to Purchase to reflect
the terms of the amendments to the Amended Offer agreed with the
Committee.  The Amended Offer is being made solely pursuant to
the Amended and Restated Offer to Purchase, as supplemented,
which, among other things, (a) more fully sets forth and governs
the terms and conditions of the Amended Offer, (b) contains
additional information about the terms of the Amended Offer, (c)
sets forth how to tender Bonds and deliver Consents and (d)
contains the conditions to the Amended Offer.

Bonds tendered and Consents delivered to date pursuant to the
terms of the Amended and Restated Offer to Purchase will remain
valid for the purposes of the Amended Offer, unless withdrawn in
accordance with the terms of the Amended and Restated Offer to
Purchase, as supplemented.

The Amended and Restated Offer to Purchase, as supplemented,
contains important information that should be read carefully
before any decision is made with respect to the Amended Offer. In
deciding whether to participate in the Amended Offer, each holder
should carefully consider the factors set forth under "Risks to
Non-Tendering Holders" and "Risks to Tendering Holders" in the
Amended and Restated Offer to Purchase, as supplemented.

Goldman, Sachs & Co. is acting as the exclusive dealer manager
for the Amended Offer.  The tender agent for the Amended Offer is
Bondholder Services Corporation and the Luxembourg tender agent
for the Amended Offer is Kredietbank S.A. Luxembourgeoise
(together, the "Tender Agents").

Copies of the Supplement to the Amended and Restated Offer to
Purchase (dated January 21, 2005), as well as copies of the
Amended and Restated Offer to Purchase, can be obtained (as well
as information about the terms of the Amended Offer, how to
tender Bonds and the conditions to the Amended Offer) by
contacting Goldman, Sachs & Co. at 85 Broad Street, New York, New
York 10004, Attn: Liability Management Group on (212) 357 3019.

Copies of the Supplement to the Amended and Restated Offer to
Purchase (dated January 21, 2005), as well as copies of the
Amended and Restated Offer to Purchase, (as well as information
about the terms of the Amended Offer, how to tender Bonds and the
conditions to the Amended Offer) may also be obtained from the
Tender Agents, Global Bondholder Services Corporation, at 65
Broad Street - Suite 704, New York, New York 10006, Attn:
Corporate Actions on (212) 430 3774 or Kredietbank S.A.
Luxembourgeoise, at 43 Boulevard Royal, L 2955 Luxembourg, Attn:
Cecilia Guichart, Corporate Trust and Agencies Department, +352
47 97 39 35.

This announcement does not constitute a recommendation regarding
the Amended Offer.  Bondholders should seek advice from an
independent financial adviser as to the suitability of the
transactions described herein for the individual concerned.

UNDER NO CIRCUMSTANCES SHALL THIS NOTICE CONSTITUTE AN INVITATION
OR OFFER TO SELL OR THE SOLICITATION OF AN INVITATION OR OFFER TO
BUY THE BONDS.  THIS COMMUNICATION IS ONLY FOR CIRCULATION TO
BONDHOLDERS AND TO OTHER PERSONS TO WHOM IT MAY LAWFULLY BE
ISSUED IN ACCORDANCE WITH THE FINANCIAL SERVICES AND MARKETS ACT
2000 (FINANCIAL PROMOTION) ORDER 2001, ANY SUCH PERSON BEING A
"RELEVANT PERSON". THIS COMMUNICATION MAY NOT BE ACTED UPON BY
ANYONE WHO IS NOT A RELEVANT PERSON.

This announcement is neither an offer to purchase nor a
solicitation of an offer to sell any securities.  The offer
described below is made only pursuant to the Amended and Restated
Offer to Purchase (as defined below) in those jurisdictions where
the securities or other laws require the offer to be made on
behalf of the Company (as defined below) by the dealer manager or
one or more brokers or dealers licensed or registered under the
laws of such jurisdiction.  Bondholders (as defined below) should
seek advice from an independent financial adviser as to whether
they should tender Bonds.

                            *   *   *

In December, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on U.K.-based specialty
chemicals producer Avecia Group PLC to 'CCC' from 'B-', due to
increased liquidity concerns.  The outlook remains negative.

In addition, Standard & Poor's lowered its preference stock
rating on Avecia to 'C' from 'CCC-' and its senior unsecured debt
rating on the group to 'CC' from 'CCC'.


BAIN FISHING: Calls Final General Meeting
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Bain Fishing Company Limited
                         (In Liquidation)

Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Final General Meeting of Bain Fishing Company
Limited will be held at Bishop's Court, 29 Albyn Place, Aberdeen,
on February 8, 2005, at 10:00 a.m. for the purpose of having a
final account laid before it, showing the manner in which the
winding-up has been conducted and the property of the Company
disposed of, and of hearing any explanation that may be given by
the Liquidator.

Members are entitled to attend in person or by proxy.

Gordon Malcolm MacLure, Liquidator

CONTACT:  JOHNSTON CARMICHAEL
          Bishop's Court
          29 Albyn Place
          Aberdeen AB10 1YL
          Phone: 01224 212222
          Fax: 01224 210190
          E-mail: info@jcca.co.uk
          Web site: http://www.jcca.co.uk


BALTIMORE TECHNOLOGIES: Court Tells Earthport to Support Claim
--------------------------------------------------------------
On Friday 21 January 2005, Baltimore Technologies plc secured a
High Court order that, unless earthport plc serves a response to
the Company's Request for Further Information, which it had
agreed to supply by 14 January, by Friday 28 January 2005, its
claim will be struck out.

Furthermore, earthport must serve any evidence in respect of
Baltimore's applications for security for costs and to strike-out
earthport's claim for fraudulent misrepresentation, being heard
on 1 February 2005, by Wednesday 26 January 2005.

The High Court order also requires that earthport must pay a
further GBP1,595 to Baltimore towards its costs for securing the
order on 21 January by 4 February 2005.

                            *   *   *

In July, Earthport issued a High Court claim against Baltimore
Technologies.  The claim relates to a series of agreements
entered into in March 2001 and claims the return of GBP4.5
million paid under contracts, as well as damages for breach of
contract and misrepresentation estimated at a figure in excess of
GBP9 million.

CONTACT:  BISHOPSGATE COMMUNICATIONS LTD.
          Phone: 020 7430 1600
          Maxine Barnes
          Dominic Barretto
          E-mail: maxine@bishopsgatecommunications.com

          SHORE CAPITAL AND CORPORATE LTD.
          Phone: 020 7408 4090
          Guy Peters
          Simon Edwards


BENSON INTERIORS: Appoints PricewaterhouseCoopers Liquidator
------------------------------------------------------------
At the general meeting of Benson Interiors Limited, the
resolutions to wind up the company were passed.  Michael David
Gercke and Ian Christopher Oakley Smith of PricewaterhouseCoopers
LLP, Plumtree Court, London EC4A 4HT have been nominated joint
liquidators of the company.

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


BLETTESWOOD LIMITED: Calls in Liquidators from Baker Tilly
----------------------------------------------------------
At the extraordinary general meeting of Bletteswood Limited on
Jan. 7, 2005 held at Baker Tilly, Hanover House, 18 Mount Ephraim
Road, Tunbridge Wells, Kent TN1 1ED, the extraordinary resolution
to wind up the company was passed.  John David Ariel and Andrew
John Tate of Baker Tilly, 12 Gleneagles Court, Brighton Road,
Crawley RH10 6AD have been appointed liquidators of the company.

CONTACT:  BAKER TILLY
          9-12 Gleneagles Court
          Brighton Road, Crawley,
          West Sussex
          Phone: 01293 565165
          Fax:   01293 532695
          Web site: http://www.bakertilly.co.uk


BORDER POWDERS: Names Crawfords Liquidator
------------------------------------------
At the extraordinary general meeting of the members of Border
Powders Limited on Jan. 14, 2005 held at Crawfords, Stanton
House, 41 Blackfriars Road, Salford, Manchester M3 7DB, the
extraordinary resolution to wind up the company was passed.
David Norman Kaye of Crawfords, Stanton House, 41 Blackfriars
Road, Salford, Manchester M3 7DB has been nominated liquidator of
the company.

CONTACT:  CRAWFORDS
          Stanton House, 41 Blackfriars Road,
          Salford, Manchester M3 7DB


BOX CLEVER: In Administrative Receivership
------------------------------------------
JP Morgan Chase Bank, London Branch (as successor Security Agent
to WestLB AG (formerly WestDeutsche Landesbank Girozentrale))
called in Anthony Victor Lomas and Julian Guy Parr (Office Holder
Nos 912, 995) joint administrative receivers for holding company
Box Clever Holdings Limited (Reg No 03866274, Trade
Classification: 38).  The application was filed Dec. 21, 2004.

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


BRICKTREAT LIMITED: Members Final Meeting Set March
---------------------------------------------------
The final meeting of the members of Bricktreat Limited will be on
March 2, 2005 at 2:30 p.m.  It will be held at Prospect House, 2
Athenaeum Road, London N20 9YU.

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
Smith & Williamson, Prospect House, 2 Athenaeum Road, London N20
9YU not later than 12:00 noon, March 1, 2005.

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


CACTUS PRINT: Creditors Pass Extraordinary Resolution
-----------------------------------------------------
At the extraordinary general meeting of Cactus Print And Creative
Services Limited on Jan. 13, 2005 held at Sanderlings LLP,
Sanderling House, 1071 Warwick Road, Acocks Green, Birmingham B27
6QT, the extraordinary resolutions to wind up the company were
passed.  Andrew Fender of Sanderlings LLP, Sanderling House, 1071
Warwick Road, Acocks Green, Birmingham B27 6QT has been nominated
liquidator of the company.

CONTACT:  SANDERLINGS LLP
          Sanderling House, 1071 Warwick Road,
          Acocks Green, Birmingham B27 6QT


CAPITAL CHARTER: Liquidator to Present Final Report Next Week
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Capital Charter Limited

Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that the Final Meeting of Members of Capital Charter
Limited will be held at the offices of PricewaterhouseCoopers
LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP, on
February 4, 2005, commencing at 9:30 a.m. for the purpose of
having an account laid before the members, showing how the
winding-up has been conducted, and the property of the company
disposed of, and hearing any explanation that may be given by the
liquidator.

A member entitled to attend and vote at the meeting may appoint a
proxy, who need not be a member, to attend and vote instead of
him or her.

Tim Walsh, Joint Liquidator

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


CASSERLY BROTHERS: Members General Meeting Set Next Month
---------------------------------------------------------
The final general meeting of the members of Casserly Brothers
will be on Feb. 17, 2005 at 2:00 p.m.  It will be held at the
offices of SPW Poppleton & Appleby, Gable House, 239 Regents Park
Road, London N3 3LF.

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

CONTACT:  SPW Poppleton & Appleby
          Gable House
          239 Regents Park Road
          London N3 3LF


CHANNEL MARINE: Claims Filing Period Expires End of March
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Channel Marine (Sales) Limited
                         (In Liquidation)

Pursuant to Rule 4.182A of the Insolvency Rules 1986, notice is
hereby given that the Liquidator intends to make a first and
final distribution to Creditors of Channel Marine (Sales) Limited
and that the last date for proving debt against the company,
which is being voluntarily wound up, is March 31, 2005, by which
date claims must be sent to the undersigned, Samantha Keen, of
Grant Thornton U.K. LLP, 31 Carlton Crescent, Southampton SO15
2EW, the Liquidator of the Company.

After March 31, 2005, the liquidator may make that distribution
without regard to the claim of any person in respect of a debt
not already proved.

This notice refers to Company Number SC155022, which is solvent
and dormant.  The notice does not refer to other Companies
bearing the Channel Marine name, which are trading and are not in
liquidation.

Samantha Keen, Liquidator
December 31, 2004

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


CHATTELS (DIDSBURY): Members Call in Liquidator
-----------------------------------------------
At the extraordinary general meeting of the members of Chattels
(Didsbury) Limited on Jan. 17, 2005 held at Jones Lowndes Dwyer
LLP, John Swift Building, 19 Mason Street, Manchester M4 5FT, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Claire L. Dwyer has been appointed liquidator of
the company.


CHROMATICS LIMITED: Hires Robson Rhodes as Administrator
--------------------------------------------------------
G. P. Rowley and S. P. Bower (IP Nos 8919, 8338) have been
appointed joint administrators for Chromatics Limited.  The
appointment was made Jan. 13, 2005.

The company provides digital media for display and exhibition.
Its registered office is located at 79-80 Western Road, Hove,
East Sussex BN3 2JQ.

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


EBOOKERS PLC: Shareholders Welcome Cendant's Bid
------------------------------------------------
The Board of ebookers announces that at the Court Meeting held
Monday, ebookers Shareholders have voted by the requisite
majority to approve the Scheme to implement the recommended
Acquisition of ebookers by Cendant Bidco.

In addition, the special resolution proposed at the subsequent
ebookers EGM was duly passed.  In accordance with the Scheme,
ebookers Shareholders will, within 14 days of the Scheme becoming
effective, receive 320 pence in cash for each ebookers Share held
at 6:00 p.m. on the Business Day immediately prior to the
Effective Date of the Scheme.

The hearing of the petition to the Court to sanction the Scheme
and to confirm the Capital Reduction is expected to take place on
24 February 2005.  Subject to the Court sanctioning the Scheme
and confirming the Capital Reduction, and the satisfaction of
certain other outstanding Conditions, the Effective Date of the
Scheme is expected to be 28 February 2005.

Listing and dealings in ebookers Shares on the London Stock
Exchange are expected to be suspended and ebookers Shares are
expected to cease to settle in CREST as of 4.30 p.m. (London
time) on 25 February 2005.  Dealings in ebookers ADSs on NASDAQ
are expected to be suspended with effect from close of business
(New York time) on 25 February 2005 and the ebookers ADS register
is also expected to close on that date.

Copies of the special resolution passed at the ebookers EGM have
been submitted to the U.K. Listing Authority and are available
for inspection by the public at the U.K. Listing Authority's
Document Viewing Facility, which is situated at: Financial
Services Authority, 25 The North Colonnade, Canary Wharf, London
E14 5HS (Phone: +44 (0)20 7676 1000) during normal business hours
on any weekday (except public holidays) until the completion of
the Acquisition.

Unless otherwise stated, all references to time in this
announcement are to London time. The dates in this announcement
are indicative only.  These dates depend, amongst other things,
on the date upon which the Court sanctions the Scheme and
confirms the Capital Reduction, the date on which the Court Order
is delivered to the Registrar and whether the Conditions are
satisfied or, if capable of waiver, waived.

Capitalized terms used and not otherwise defined in this
announcement have the meanings ascribed to them in the Scheme
Document.

CONTACT:  EBOOKERS PLC
          Latasha Malik
          Phone: +44 (0) 207 489 2451

          CUBITT CONSULTING
          Media Relations Adviser

          Simon Brocklebank-Fowler
          Michael Henman
          Phone: +44 (0) 20 7367 5100

          CREDIT SUISSE FIRST BOSTON
          Financial Adviser
          Andrew Christie
          Simon Taurins
          Ian Brown
          Phone: +44 (0) 20 7888 8888

          ERNST & YOUNG

          Independent Financial Adviser
          John Stephan
          Steve Taylor
          Phone: +44 (0) 20 7951 2000

          CENDANT
          Media Relations
          Neil Bennet

          MAITLAND
          U.K.
          David Sturken

          European
          Phone: +44 (0) 20 7379 5151

          CENDANT
          Investor Relations
          Sam Levenson
          Henry A. Diamond
          Phone: +1 (212) 413 1832
                 +1 (212) 413 1920

          CITIGROUP GLOBAL MARKETS LIMITED
          Financial Adviser
          Peter Tague
          Iain Robertson
          Grant Kernaghan
          Phone: +44 (0) 20 7986 4000


GENESIS (CUMBRIA): Hires Armstrong Watson as Liquidator
-------------------------------------------------------
At the extraordinary general meeting of the members of Genesis
(Cumbria) Limited on Jan. 11, 2005 held at 6 Victoria Place,
Carlisle CA1 1ES, the special resolution to wind up the company
was passed.  Arthur C. Custance of Armstrong Watson, Fairview
House, Victoria Place, Carlisle, Cumbria CA1 1HP has been
appointed liquidator of the company.

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


GREEN PARK: Liquidator from Moore Stephens Moves in
---------------------------------------------------
At the extraordinary general meeting of Green Park Station (Bath)
Limited on Jan. 12, 2005 held at 1 Snow Hill, London EC1A 2EN,
the special and ordinary resolutions to wind up the company were
passed.  Colin Prescott of Moore Stephens, 1/2 Little King
Street, Bristol BS1 4HW has been appointed liquidator of the
company.

CONTACT:  MOORE STEPHENS
          1/2 Little King Street,
          Bristol BS1 4HW
          Web site: http://www.moorestephens.co.uk


GWC GROUP: Creditors Meeting Set Next Week
------------------------------------------
The creditors of GWC Group Limited will meet on Feb. 3, 2005 at
11:00 a.m.  It will be held at the office of UHY Hacker Young, at
St Alphage House, 2 Fore Street, London EC2Y 5DH.

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

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


INTASCOT PLC: Creditors Have Until Mid-February to File Claims
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                  IN THE MATTER OF Intascot Plc

Notice is hereby given that the Liquidator intends to make a
first and final distribution to Creditors of Intascot Plc and
that the last date for proving debt against the company, which is
being voluntarily wound up, is February 15, 2005, by which date
claims must be sent to the undersigned, Samantha Keen, of Grant
Thornton U.K. LLP, 31 Carlton Crescent, Southampton SO15 2EW, the
Liquidator of the Company.

After February 15, 2005, the Liquidator may make that
distribution without regard to the claim of any person in respect
of a debt not already proved.

Samantha Keen, Liquidator
January 6, 2005

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


INVENSYS PLC: Reiterates Full-year Forecast
-------------------------------------------
Invensys plc on Monday announced an offer to acquire the
remainder of its 5.500% Notes due 2005 issued under its EUR2
billion Euro Medium Term Note Program (the Euro Notes) and its
7.125% Notes due 2007 (the Dollar Notes).  Currently EUR47.9
million of Euro Notes and $97.1 million of Dollar Notes are
outstanding and the maximum amounts payable under the terms of
the Offer are EUR41.2 million and $103.2 million, respectively;
the company already owns EUR6.9 million of the Euro Notes.

The tender offer will be financed partly from cash and partly
from an offering of 9.875% Senior Notes due 2011 (the Senior
Notes).

Full details are contained in the Offer to Purchase for Cash
relating to the Euro Notes and the Dollar Notes dated 24 January
2005 and the Offering Memorandum for the Senior Notes dated 24
January 2005.

The Board believes that these transactions, which take advantage
of the strong market in the company's debt securities, are a cost
effective means of retiring its remaining short-term debt and
replacing it with debt of longer maturity.

The Offering Memorandum for the Senior Notes contains this
trading update: "The Board anticipates that the Group's overall
third quarter earnings to 31 December 2004, which will be
announced on 24 February 2005, will be in line with market
expectations.  The Controls business group's performance was
affected by some short-term operational issues, the impact of
which was offset by generally better performances by the other
four business groups.  Overall, expectations for the year as a
whole remain unchanged."

                            *   *   *

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION IN OR INTO THE
UNITED STATES OF AMERICA OR THE REPUBLIC OF ITALY

CONTACT:  INVENSYS PLC
          Steve Devany
          Phone: +44 (0) 20 7821 3758

          Nina Delangle
          Phone: +44 (0) 20 7821 2121

          MAITLAND
          Emma Burdett/Fiona Piper
          Phone: +44 (0) 20 7379 5151


INVENSYS PLC: Prices Senior Notes at 108.5% of Principal
--------------------------------------------------------
Invensys plc announces that on Monday it agreed with Deutsche
Bank AG London for the pricing of its offering of EUR65 million
in aggregate principal amount of 9.875% senior notes due 2011.

The Senior Notes will be issued at 108.5% of their principal
amount plus accrued interest from and including 15 September
2004.  Settlement is expected to occur on 27 January 2005 and
admission of the Senior Notes to the Official List and to trading
on London Stock Exchange plc's market for listed securities is
expected to occur on 28 January 2005.

A copy of the purchase agreement for the Senior Notes will be
available for inspection during normal business hours on any
weekday (Saturdays and public holidays excepted) at the offices
of Freshfields Bruckhaus Deringer, 65 Fleet Street, London EC4Y
1HS up to and including 8 February 2005.

                            *   *   *

In the first quarter, Invensys was able to reduce net debt by
GBP273 million from 31 March to GBP713 million.  Other legacy
liabilities, including pension deficits, was reduced by GBP48
million.

CONTACT:  INVENSYS PLC
          Steve Devany
          Phone: +44 (0) 20 7821 3758

          Nina Delangle
          Phone: +44 (0) 20 7821 2121

          MAITLAND
          Emma Burdett/Fiona Piper
          Phone: +44 (0) 20 7379 5151


INVENSYS PLC: Ratings Affirmed on Additional Notes Issuance
-----------------------------------------------------------
Moody's Investors Service affirmed the B1 senior implied rating
of Invensys plc and assigned a B3 rating to the proposed add-on
issuance of its senior notes due 2011.  The outlook for all
ratings is stable

(a) Ratings affirmed are:

     (i) Invensys plc

         Senior implied rating at B1;

         Unsecured issuer rating at B3;

         Approximately EUR50 million medium term notes due 2005
         at B3 (to be prepaid following which the rating will be
         withdrawn);

         Approximately US$97 million notes due 2007 at B3 (to be
         prepaid following which the rating will be withdrawn);

         US$200 million 6.5% notes due 2010 at B3; and

         US$550 million and EUR475 million 9.875% senior notes
         due 2011 at B3.

    (ii) Invensys International Holdings Ltd.

         GBP1.35 billion senior secured credit facilities at
         Ba3;

         GBP250 million second lien facility at B1;

(b) Ratings assigned are:

    Invensys plc

    GBP51.0 million equivalent of additional 9.875% senior
    notes due 2011 rated B3.

The rating affirmation follows the company's announcement that it
intends to issue GBP51.0 million equivalent of additional notes
to its existing 9.875% senior notes due 2011.  The additional
notes are assigned a B3 rating, consistent with the rating of the
existing senior notes.  The proceeds will be used to prepay the
remaining outstanding US$97 million of 7.125% notes due 2007 and
thus remove near-term refinancing risk.

Structurally, the new notes will be deemed Additional Notes under
the indenture governing the existing 9.875% senior notes due
2011; the incurrence of these new notes is permitted under the
indenture's Limitation on Indebtedness covenant, in particular
that its purpose is to refinance debt that existed on the issue
date of the initial 9.875% 2011 senior notes.  As a result, the
ranking, maturity and terms and conditions of the new notes will
be largely identical to those of the existing senior notes.
Consent from the company's bank lenders is not required for this
transaction.  The incurrence of further debt beyond the proposed
issuance will be subject to either certain bond indenture
additional permitted indebtedness provisions or the Consolidated
Coverage Ratio of 2.0x.

Rating Outlook

The stable outlook reflects Moody's opinion that Invensys'
ratings are underpinned by the company's current improving
trading results which are mainly in line with original
expectations, modest rises in operating margins, reflecting
successful implementation of operational restructuring
initiatives during the past two years and robust market
positions.  However, the ratings still remain constrained by
continuing high-adjusted debt leverage and significant
outstanding legacy liabilities.

Company Summary

Headquartered in London, England, Invensys is a leading global
electronics and engineering company.  For the twelve months ended
30 September 2004, Invensys reported total revenues from
continuing operations of approximately GBP3.35 billion.

CONTACT:  INVENSYS PLC
          Steve Devany
          Phone: +44 (0) 20 7821 3758

          Nina Delangle
          Phone: +44 (0) 20 7821 2121

          MAITLAND
          Emma Burdett/Fiona Piper
          Phone: +44 (0) 20 7379 5151


JARVIS PLC: Suppliers Turn to High Court for Compensation
---------------------------------------------------------
Private finance initiative group Jarvis plc is facing several
high court lawsuits for unpaid deliveries to suppliers, according
to The Guardian.

Laboursite Ltd. of North Harrow, Middlesex, is one of the firms
suing the cash-strapped group.  It is claiming GBP500,000 for 103
different items that came due as far as a year back.  No one from
Laboursite was immediately available for comment.  Jarvis
confirmed the litigation but refused to go into detail.  A
spokesman said no one should immediately jump to the conclusion
it was based on an inability to pay.

"The construction industry is very litigious.  We have said that
there are issues with payment and we are seeking to address those
but sometimes there are disputes over quality of work," he said.

Jarvis is facing difficulties finishing its projects lately.
Work on its PFI contracts had stalled for lack of funds.
According to the report, Alan Lovell, Jarvis chief executive, has
admitted that work is still at a standstill on 14 significant
projects.  This follows a month after he claimed the "crisis is
over" at the company.

It is in talks to revamp the contract, but negotiations promise
to be lengthy as Jarvis shares the deal with other firms that
must agree to the plan.

Jarvis has racked up interim losses of GBP283 million.  It plans
to emerge as a relatively small provider of road and rail
services after its restructuring.


J. B. W. SMITH: Final Creditors Meeting Set Next Week
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF J. B. W. Smith Limited
                        (In Liquidation)

Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Final General Meeting of J. B. W. Smith Limited
will be held at the offices of Thomson Cooper, Castle Court,
Carnegie Campus, Dunfermline, Fife KY11 8PB, on Thursday February
3, 2005, at 10:00 a.m. for the purpose of having an account laid
before the Members, showing how the winding-up has been conducted
and the property of the Company disposed of, and hearing any
explanations that may be given by the Liquidator.

A Member entitled to attend and vote at the Meeting may appoint a
proxy to attend and vote on their behalf.

Alan C Thomson, CA, Liquidator

CONTACT:  THOMSON COOPER
          Castle Court
          Carnegie Campus
          Dunfermline
          Fife KY11 8PB
          Phone: 01383 722815


KARRAN LIMITED: Sets Creditors Meeting Next Week
------------------------------------------------
The general meeting of the unsecured creditors of Karran Limited
will be on Jan. 31, 2005 at 10:00 a.m.  It will be held at the
offices of BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL.

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, 8 Baker Street, London W1U
3LL not later than 12:00 noon, Jan. 28, 2005.

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


LAFAYETTE ELECTRONICS: Names Thompson Partnership Administrator
---------------------------------------------------------------
Andrew W. Thompson and Daniel P. Hennessy (IP Nos 5807, 1388)
have been appointed joint administrators for Lafayette
Electronics Europe Limited.  The appointment was made Jan. 13,
2005.  The company imports electrical goods.

CONTACT:  THE THOMPSON PARTNERSHIP
          The Old Halsall Arms,
          2 Summerwood Lane, Halsall L39 8RJ


MERCAT LEASING: Winding-up Report Out Next Week
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Mercat Leasing Limited

Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that the Final Meeting of Members of Mercat Leasing
Limited will be held at the offices of PricewaterhouseCoopers
LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP, on
February 4, 2005, commencing at 9:30 a.m. for the purpose of
having an account laid before the members, showing how the
winding-up has been conducted, and the property of the company
disposed of, and hearing any explanation that may be given by the
liquidator.

A member entitled to attend and vote at the meeting may appoint a
proxy, who need not be a member, to attend and vote instead of
him or her.

Tim Walsh, Joint Liquidator

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


MILLENNIUM CLOSURES: Administrators from Tenon Recovery Move in
---------------------------------------------------------------
A. J. Pear and I. Cadlock (IP Nos 9016, 8174) have been appointed
administrators for Millennium Closures & Packaging Limited.  The
appointment was made Jan. 11, 2005.

The company manufactures plastic packing goods.  Its registered
office is located Lyndean House, 43-46 Queens Road, Brighton,
East Sussex BN1 3XB.

CONTACT:  TENON RECOVERY
          Lyndean House, 43-46 Queens Road,
          Brighton, East Sussex BN1 3XB
          Phone: 01273 725566
          Fax: 01273 724502
          Web site: http://www.tenongroup.com


PARKSIDE FLEXIBLES: Hires Joint Administrators from PwC
-------------------------------------------------------
Name of companies:
Parkside Flexibles Limited
Parkside Flexible Packaging Limited
Parkside International Limited

Edward Klempka, Stephen Andrew Ellis and Ian David Stokoe (Office
Holder Nos 5791, 8843, 6587) have been appointed joint
administrators for these printing companies.  The appointment was
made Dec. 23, 2004.

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


RETAIL SOLUTIONS: Creditors to Meet February
--------------------------------------------
The creditors of Retail Solutions & Recruitment Ltd. will meet on
Feb. 9, 2005 commencing at 11:00 a.m.  It will be held at 3-5
Rickmansworth Road, Watford, Hertfordshire WD18 0GX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Moore Stephens, 3-5 Rickmansworth Road, Watford,
Hertfordshire WD18 0GX not later than 12:00 noon, Feb. 8, 2005.

CONTACT:  MOORE STEPHENS
          3-5 Rickmansworth Road,
          Watford, Hertfordshire WD18 0GX
          Web site: http://www.moorestephens.co.uk


SAMSUNG INSURANCE: Calls in Joint Liquidators from PwC
------------------------------------------------------
At the Extraordinary General Meeting of Samsung Insurance Company
of Europe Limited on Dec. 24, 2004, the special and ordinary
resolutions to wind up the company were passed.  Jonathan Michael
Sisson and Richard Victor Yerburgh Setchim of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT has
been appointed joint liquidators of the company.

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


SATURN GLOBAL: Members Pass Winding up Resolutions
--------------------------------------------------
At the meeting of Saturn Global Network Services Holdings Limited
were passed on Dec. 28, 2004, the special and ordinary resolution
to wind up the company were passed.  Richard Setchim and Jonathan
Sisson of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A
4HT have been appointed joint liquidators of the company.

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


SNAPTEX (SALES): Administrator from Begbies Traynor Moves in
------------------------------------------------------------
D. Bailey (IP No 006739) has been appointed administrator for
Snaptex (Sales) Limited.  The appointment was made Jan. 18, 2005.

The company sells ladies clothing by wholesale and retail.  Its
registered office is located at Begbies Traynor, Elliot House,
151 Deansgate, Manchester M3 3BP.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


THOMAS PORTER: Proofs of Claim Deadline Set Next Month
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Thomas Porter & Sons (Glasgow) Ltd.
                         (In Liquidation)

Notice is hereby given that the Creditors of Thomas Porter & Sons
(Glasgow) Ltd. are required, on or before February 21, 2005, to
send their names and addresses and particulars of their debt or
claims, and the names and addresses of the Solicitors (if any),
to Paul Michael Davis, the Joint Liquidator of the said company,
at Begbies Traynor (South) LLP, Chiltern House, 24-30 King
Street, Watford, Hertfordshire WD18 0BP, and, if so required by
notice in writing from the said Liquidators, by their Solicitors
or personally, to come in and prove their said debt or claims at
such time and place as shall be specified in such notice, or in
default thereof will be excluded from the benefit of any
distribution made before such debt are proved.

P. M. Davis, Joint Liquidator
January 5, 2005

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


TXU EUROPE: Reaches Compensation Deal with Creditors
----------------------------------------------------
U.K.'s power producers hit by the collapse of TXU Europe have
reached a milestone in their effort to claim compensation for
loss of supply contracts two years ago.

Energy giants Drax Power, International Power, Barking and
Scottish and Southern Energy, on Friday reached a deal on claims
with Ernst & Young and KPMG, TXU Europe's administrator.  Under
the agreement, they are in line to receive a total of GBP1.2
billion in compensation.

Drax, the operator of Britain's biggest power station, may
receive between GBP285 million to GBP348 million.  It used to
supply TXU Europe 60% of its output, and was hit hardest when the
energy group went bust in November 2002.

Scottish and Sourthern, which agreed to a GBP294.2 million
compensation, expects to receive more than 75% of that amount.

International Power would receive between GBP73 million and GBP84
million in compensation if proposals were agreed.  The plans
still needed the blessing of lenders.  It could materialize
within two months once approval is obtained.

Ian Whitlock, an energy partner at Ernst & Young, said the
proposals would save some of the creditors time in court.

TXU Europe is a subsidiary of Texas integrated energy group TXU
Corp.  It was once one of Britain's biggest power suppliers.


TXU EUROPE: Parent Pays US$150 Mln to Settle Class Action
---------------------------------------------------------
TXU Corp. (TXU) announced on Jan. 21, 2005 that it reached a
comprehensive settlement regarding the consolidated amended
securities class action lawsuit initially filed against the
company in October 2002.  The agreement, in which TXU Corp.
denies any liability, includes a one-time payment of US$150
million to the class members, which are purchasers of TXU Corp.
securities between April 26, 2001 and October 11, 2002, and,
subject to Board of Directors approval, the adoption of certain
corporate governance initiatives.

TXU Corp. has reached agreement with certain of its directors'
and officers' insurance carriers for the payment of US$66 million
of the settlement amount and expects to recover additional
amounts from other carriers.  The remaining US$84 million is less
than the amount previously reserved for the settlement of
litigation cases.  As a result, the expense accrual of US$100
million (US$65 million after tax) recorded in the second quarter
will be reduced by US$16 million (US$10 million after tax) in the
fourth quarter of 2004.  As with the second quarter 2004 expense,
the benefit resulting from the reduction in the accrual will not
affect the company's operational earnings[1] expectations.  The
accrual could be reduced further if additional amounts are
received under insurance policies as expected.  The payment is
expected to be placed in trust within 60 days and will be sourced
from the insurance carriers and from TXU Corp. cash on hand and
available credit facility capacity.

Table 1 provides a recap of the settlement amounts before any
additional insurance recoveries.

Table 1: Recap of Settlement Payment and Expense Calculations
$millions

Description                         Before Tax    After Tax

Settlement amount                      150
Less: minimum to be paid by
insurance carriers                      66
Maximum to be paid by TXU Corp.         84           55

Litigation resolution
expense accrued in Q2 04               100           65
Less: actual settlement
expense (subject to reduction
for added insurance recovery)           84           55
Benefit (reduced expense)
to be recorded in Q4 04                 16           10

Table 2 provides a recap of the estimated sources of funds and
uses of funds in the settlement.

Table 2: Recap of Estimated Sources and Uses of Settlement Funds
$millions

Description                                     Amount
Minimum to be paid by insurance carriers         66
Maximum to be paid by TXU Corp.                  84
Total sources                                   150

Estimated plaintiff attorney fees[2]             30
Estimated total distribution to
class members (shareholders)                    120
Total uses                                      150

As part of the settlement, TXU Corp.'s Board of Directors will
consider for adoption several new corporate governance
initiatives, consistent with the Company's ongoing commitment to
governance excellence. The governance initiatives to be
considered by TXU Corp.'s Board of Directors as part of the
settlement include:

(a) Criteria for determining director independence that are more
    stringent than the current NYSE criteria previously adopted
    by the Company;

(b) Annual review of director compensation by TXU Corp.'s
    Organization and Compensation Committee;

(c) A policy requiring majority shareholder approval prior to
    the adoption of any stock option plan; and

(d) Establishment of stock ownership guidelines for directors.

Additionally, consistent with TXU Corp.'s ongoing governance
initiatives, the TXU Corp. Board of Directors will replace at
least two directors no later than May 2006 with candidates who
meet pre-defined independence criteria.

C. John Wilder, TXU Corp.'s Chief Executive Officer, stated:
"Settling this litigation now removes the distractions, expense
and uncertainty that accompany such litigation and enables us to
look ahead and focus on delivering on our restructuring plan and
improving the performance and competitiveness of our core
businesses.  Shareholders will also benefit from governance
initiatives that are adopted as part of this settlement.  These
initiatives will complement TXU's ongoing commitment to
governance excellence."

The parties are finalizing the settlement agreement before
submitting it to the Court.  The settlement agreement is subject
to various conditions, including preliminary approval by the
Court, notice to the class, and final approval and judgment by
the Court.  TXU Corp. denies any liability or violation of law
but has agreed to settle to avoid the burden, distractions, costs
and uncertainties of such litigation.  Terms of the settlement
and the procedures which class members may follow will be set
forth in a notice to be sent to the class by their attorneys.

TXU Corp., a Dallas-based energy company, manages a portfolio of
competitive and regulated energy businesses in North America,
primarily in Texas.  In TXU Corp.'s unregulated business, TXU
Energy Retail provides electricity and related services to more
than 2.5 million competitive electricity customers in Texas, more
customers than any other retail electric provider in the state.

TXU Power has over 18,300 megawatts of generation in Texas,
including 2,300 MW of nuclear-fired and 5,837 MW of
lignite/coal-fired generation capacity.  TXU Corp. is also the
largest purchaser of wind-generated electricity in Texas and
among the top five purchasers in North America.  TXU Corp.'s
regulated electric distribution and transmission business, TXU
Electric Delivery Company, complements the competitive
operations, using asset management skills developed over more
than one hundred years, to provide reliable electricity delivery
to consumers.

TXU Electric Delivery operates the largest distribution and
transmission system in Texas, providing power to 2.9 million
electric delivery points over more than 98,000 miles of
distribution and 14,000 miles of transmission lines.  Visit
http://www.txucorp.comfor more information about TXU Corp.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Operational earnings is a non-GAAP measure defined as per
share (diluted) income from continuing operations, excluding
special items and net of preference share dividends.  TXU
believes that operational earnings is a useful measure of
underlying results because of the magnitude and scope of TXU
Corp.'s performance improvement program and the significant
effect of the special items on reported results.  TXU relies on
operational earnings for evaluation of performance and believes
that analysis of the business by external users is enhanced by
visibility to both reported GAAP earnings and operational
earnings.  Special items are unusual charges related to the
implementation of the performance improvement program and other
charges, credits or gains that are unusual or nonrecurring.

[2] Plaintiff attorney fees estimated at 20% of settlement
amount.

Actual amount will be set by the Court.

CONTACT:  TXU EUROPE
          Media
          Chris Schein
          Phone: +1-214-875-8329

          Kimberly Morgan
          Phone: +1-214-875-8016

          Investor Relations
          Tim Hogan
          Phone: +1-214-875-9275

          Bill Huber
          Phone: +1-214-875-8301


VENETTI CLOTHING: Names Sharma & Co. Administrator
--------------------------------------------------
Mrs. G. D. Sharma (IP No 9145) has been appointed administrator
for Venetti Clothing Company Limited.  The appointment was made
Jan. 11, 2005.

The company sells clothing and footwear by wholesale and retail.
Its registered office is located at Unit 196 Praed Street,
Paddington, London W2 1NS.

CONTACT:  SHARMA & CO.
          50 Newhall Street,
          Birmingham B3 3QE


                            *********


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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