TCREUR_Public/050127.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

            Thursday, January 27, 2005, Vol. 6, No. 19

                            Headlines

G E R M A N Y

ANLAGEN & KAPITAL: Administrator's Report Out February
BG UNTERHALTUNGSGASTRONOMIE: Helgi Heumann Takes over Helm
GBR RYKESTR: Succumbs to Bankruptcy
INFINEON TECHNOLOGIES: Sells Part of Fiber Optic Business
KABEL BADEN-WURTTEMBERG: Gets 'B' LT Corporate Credit Rating

KREUZWERK E.V.: Applies for Bankruptcy Proceedings
MASTER LOGISTIK: Declares Bankruptcy
MAUSER BETEILIGUNGS: Long-term Corporate Credit Rated 'B+'
ORDALING GMBH: First Creditors Meeting Set February
PANDION GMBH: Neuruppin Court Brings in Administrator

RETTUNGSDIENST SUD: Creditors Have Until April to File Claims
SANGER & LANNINGER: Provisional Administrator Enters Firm
THOMAS COOK: Faces Competition Probe in Belgium
T & T GESELLSCHAFT: Creditors Claims Due Next Week


H U N G A R Y

STYL CLOTHING: Court Orders Liquidation


I R E L A N D

SAEHAN VIDEOTAPE: Abandons Plant in Sligo


I T A L Y

INTERCONFIDI NORDEST: Fitch Affirms 'B' Short-term Rating
PARMALAT FINANZIARIA: Court Snubs BofA's Petition
PARMALAT FINANZIARIA: Bakery Unit Up for Sale


L U X E M B O U R G

MILLICOM INTERNATIONAL: To Discuss 2004 Results February 15


R U S S I A

BUILDING CORPORATION: RUB1 Mln Worth of Assets Up for Auction
EURO-STROY-SERVICE: Rostov Court Appoints Insolvency Manager
FARMING PLUS: Bankruptcy Hearing Resumes Next Month
IPATOVSKOYE AUTO-TRANSPORT: Proofs of Claim Deadline Nears
KAZANSKIY BUTTER: Sets Public Auction Next Week

OAO SIBNEFT: S&P Lifts Ratings; Notes Reduced Exposure to Yukos
PLESHKOVO-REM-TEKH-PRED: Assets up for Auction Next Week
TERSKIY TINNED-FOOD: Undergoes Bankruptcy Supervision Procedure
TRANS-AGRO-SERVICE: Claims Filing Period Expires this Week
VOLZHSKIY MECHANICAL: To Auction Assets Weekend
YUGRA-STROY-SERVICE: Hires A. Zubairov as Insolvency Manager


S L O V A K   R E P U B L I C

SLOVENSKE ELEKTRARNE: Senior Unsecured Rating Affirmed at 'BB+'


S P A I N

CORTEFIEL SA: Pressure to Stay Competitive Costs Firm One Plant


S W E D E N

SCANDINAVIAN AIRLINES: Ratings on Review for Possible Downgrade


U K R A I N E

KALINIVKA' PETROLEUM: Declared Insolvent
KLEMBIVSKIJ SUGAR: Insolvency Manager Takes over Operations
KODER: Court Names Leonid Talan Liquidator
KOVSUG: Under Bankruptcy Supervision
LEOPOL: Lviv Court Opens Bankruptcy Proceedings

RODINA: Court Accepts Bankruptcy Application
SHLYAH: Insolvency Manager to Temporarily Oversee Business
SLAVA: Court Appoints Temporary Insolvency Manager
VELIKIJ VISTOROP: Succumbs to Insolvency
VOLNOVASKIJ AGROBUD: Bankruptcy Proceedings Begin


U N I T E D   K I N G D O M

ABBEY NATIONAL: Trial of Santander Chairman Begins
BCRD INTERNATIONAL: Hires Liquidator from Bulley Davey
BENCHLINE LIMITED: Members Decide to Wind up Firm
BIRMINGHAM HOTEL: Liquidator's Report Out February
BR COTTRELL: Members to Convene for Final Meeting February

CABLE & WIRELESS: Q3 Revenues Slightly Down to GBP808 Million
CITYFRINGE BUSINESS: Members Pass Winding-up Resolutions
CORIM LIMITED: Creditors Claims Due End of February
COVENTRYSOUTH LTD: Final Meeting of Members Set February 22
CROYDON BUILDING: Hires Liquidator from Carter Clark

DD4 LIMITED: Calls Creditors Meeting
EUROTUNNEL PLC: Rethinks Strategy to Cope with Competition
EUROTUNNEL PLC: Fitch Unmoved by Operational Results
EYEDEA LIMITED: Appoints Liquidator from Tomlinsons
GAMAY LIMITED: Creditors Claims Due Next Week

G & R STRUCTURAL: Exec Gets Six-year Directorship Ban
INSENSIA CAPITAL: Goes into Liquidation
IVM INTERNATIONAL: Names PKF Liquidator
LINKFAYRE LIMITED: Director Receives Thirteen-year Ban
LUXFER HOLDING: Moody's Downgrades Ratings on Bleak Outlook

M.J.M.PATTERNS & CASTINGS: Members Final Meeting Set February
NTD U.K.: Director Banned from Occupying Management Post
ORIENTAL CITY: Names B & C Associates Liquidator
QUANTEN LIMITED: Creditors Claims Due Mid-February
RAPID INTERIORS: Liquidator from Moore Stephens Moves in

SHOWSHOPPER LIMITED: Members Pass Winding-up Resolution
SKYLOFT LIMITED: Insolvency Service Disqualifies Top Honcho
SOLOTEX LIMITED: Hires Liquidator from Elwell Watchorn & Saxton
STANDALLIED LIMITED: Members Final Meeting Set February
STORMSEAL 2000: Liquidator from Valentine & Co. Moves in

THE GRANGE: Hires F A Simms & Partners as Liquidator
THE KITCHEN: Brings in Liquidator from A. J. Nichols
THE PLASTIC: Names O'Hara & Co. Liquidator
THORNTONS PLC: Interim Results in Line with Expectations
TRAVELEX PLC: Moody's Puts Four Ratings on Review for Downgrade

TUCUMAN LAND: Administrators from Milner Boardman Step in
TYLER LONDON: Members Decide to Wind up Firm
UK TOOLING: Hires Liquidator from S F Plant+Co.
UNIDOOR KIDS: Hires Grant Thornton as Liquidator
UNIVERSAL PLANNING: Calls in Liquidator from Begbies Traynor


                            *********


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


ANLAGEN & KAPITAL: Administrator's Report Out February
------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Anlagen & Kapital
Immobilienvermittlungsgesellschaft Pavel mbH on Jan. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 1, 2005
to register their claims with court-appointed provisional
administrator Wolfgang Kuhnel.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 10:50 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on June 1, 2005, 10:30 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  ANLAGEN & KAPITAL IMMOBILIENVERMITTLUNGSGESELLSCHAFT
          PAVEL MBH
          Cicerostr. 26,10709 Berlin

          Wolfgang Kuhnel, Insolvency Manager
          Berliner Str. 117, 10713 Berlin


BG UNTERHALTUNGSGASTRONOMIE: Helgi Heumann Takes over Helm
----------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against BG Unterhaltungsgastronomie GmbH & Co. Verwaltungs KG on
Dec. 21, 2004.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until Feb. 2, 2005 to register their claims with court-appointed
provisional administrator Helgi Heumann from Heumann und
Kollegen.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005, 9:20 a.m. at Saal D131,
Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden 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:  BG UNTERHALTUNGSGASTRONOMIE GMBH & CO
          Verwaltungs KG, Bremer Strasse 57 in 01067 Dresden

          HEUMANN UND KOLLEGEN
          Helgi Heumann, Konigsbrucker Str. 31/33, 01099 Dresden
          Web site: http://www.raheumann.de


GBR RYKESTR: Succumbs to Bankruptcy
-----------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against GbR Rykestr. 7 Hans Hauser und Harald Palm
on Dec. 27, 2004.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until March 30, 2005 to register their claims with court-
appointed provisional administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 10:40 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on May 25, 2005, 10:30 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  GBR RYKESTR. 7 HANS HAUSER UND HARALD PALM
          Marienburger Strasse 24,10405 Berlin


INFINEON TECHNOLOGIES: Sells Part of Fiber Optic Business
---------------------------------------------------------
Finisar Corporation and Infineon Technologies AG, Munich
announced that they have entered into a definitive agreement
under which Finisar will acquire certain assets from Infineon's
Fiber Optics Business Unit based in Berlin, Germany.

Under the terms of the agreement, Finisar will issue 34 million
shares for the assets associated with the design, development
and manufacture of all optical transceiver products.

The acquisition implies a valuation of nearly US$50 million
based on the closing price of January 21, 2005.  The transaction
has been approved by Finisar's Board, does not require
shareholder or regulatory approval and will close no later than
January 31, 2005.  Immediately following the close, Infineon
will have an equity interest in Finisar of approximately 13%.

The acquisition will involve the transfer of inventory, fixed
assets and intellectual property associated with the design and
manufacture of fiber optic transceivers including a broad range
of 10 gigabit transceiver designs for XPAK, X2, XENPAK and XFP
form factors.  Infineon will retain ownership of its other
businesses consisting of BIDI components for FTTH applications,
parallel optical components (PAROLI) and plastic optical fiber
(POF) components that are used in automotive applications.

Under separate supply agreements, Infineon will provide Finisar
with contract manufacturing services for up to one year
following the close.

"This acquisition considerably broadens our customer and product
portfolio, particularly our 10Gig product platforms," said Jerry
Rawls, Finisar's President and CEO. "We stand ready to fully
support Infineon's current customer base and look forward to
making this an easy transition for them."

"We are happy to sign this agreement today [Tuesday] with
Finisar for the sale of these assets," stated Dr. Ziebart,
President and CEO of Infineon Technologies AG.  "The transaction
supports the ongoing consolidation of the fiber optic market,
and is the first major step towards the restructuring of our
fiber optic group in order to return to profitability.  The POF
operations which we retain, complements our automotive strategy
and will be now integrated into our Automotive and Industrial
Multi Market (AIM) Business Group."

In the fiscal quarter ended December 31, 2004, Infineon's Fiber
Optics Business Unit recorded revenues of nearly US$12 million
from the sale of optical transceiver products.  Finisar expects
the acquisition to have a positive impact on its financial
results prior to the amortization of any purchased developed
technology included in the acquired assets.  Further financial
information will be provided at Finisar's next regular
conference call regarding quarterly financial results currently
scheduled for March 3, 2005.

Infineon and Finisar have agreed to release each other from any
claims and payments associated with all prior agreements under
which Finisar would have acquired Infineon's entire Fiber Optics
Business Unit.

Deutsche Bank Securities is acting as sole financial advisor to
Finisar.  Citibank is acting as a sole financial advisor to
Infineon.

About Infineon

Infineon Technologies AG (FSE/NYSE: IFX), Munich, Germany,
offers semiconductor and system solutions for automotive,
industrial and multi-market sectors, for applications in
communication, as well as memory products.  With a global
presence, Infineon operates in the U.S. from San Jose, CA, in
the Asia-Pacific region from Singapore and in Japan from Tokyo.
In fiscal year 2004 (ending September), the company achieved
sales of EUR7.19 billion with about 35,600 employees worldwide.
Infineon is listed on the DAX index of the Frankfurt Stock
Exchange and on the New York Stock Exchange (ticker symbol:
IFX).  Further information is available at
http://www.infineon.com.

About Finisar

Finisar Corporation (NASDAQ: FNSR) is a technology leader for
fiber optic subsystems and network performance test systems.
These products enable high-speed data communications for
networking and storage applications over Gigabit Ethernet Local
Area Networks (LANs), Fibre Channel Storage Area Networks
(SANs), and Metropolitan Area Networks (MANs) using IP and
SONET/SDH-based protocols.  The Company's headquarters is in
Sunnyvale, California, USA.  Web site: http://www.Finisar.com.

CONTACT:  INFINEON TECHNOLOGIES AG
          Worldwide Headquarters
          P.O. Box 80 09 49
          D-81609 Muenchen
          Germany
          Web site: http://www.infineon.com
          Phone: +49-89-234-28481
          Fax: +49-89-234-28482
          E-mail: guenter.gaugler@infineon.com

          For Investors and Analysts based in Europe:
          Phone: +49-89-234 26655
          E-mail: investor.relations@infineon.com

          For Investors and Analysts based in North America:
          Phone: +-1-408 501 6800
          E-mail: investor.relations@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


KABEL BADEN-WURTTEMBERG: Gets 'B' LT Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to German cable-TV operator Kabel Baden-
Wurttemberg GmbH & Co. KG (KBW).  The outlook is stable.

In addition, Standard & Poor's assigned its 'CCC+' long-term
rating to related entity Kabel BW Holdings GmbH's offering of
EUR170 million (US$221 million) of senior subordinated notes
maturing in 2015.  The notes are guaranteed on a senior
subordinated basis by KBW.

At the same time, Standard & Poor's assigned its 'B' long-term
rating to KBW's proposed EUR598 million senior secured credit
facility, with a recovery rating of '2', reflecting substantial
recovery of principal (of 80%-100%) in an event of default.
KBW's proposed EUR78 million second lien loan was also assigned
a 'CCC+' rating.  Pro forma for the proposed transactions, KBW
will have consolidated total debt of EUR756 million, excluding a
mandatory subordinated shareholder loan of EUR106 million.

"The ratings reflect KBW's position as a well-established but
extremely highly leveraged German cable-TV operator, and are
underpinned by the stable revenues and cash flows generated by
the group's utility-like analogue TV business," said Standard &
Poor's credit analyst Simon Redmond.  "The ratings are, however,
weakened by a very aggressive financial policy and by the risks
associated with increasing competition from other technology
platforms and operators, regulation, and potential industry
consolidation."

Standard & Poor's considers KBW's leverage is unlikely to reduce
sufficiently to allow an upgrade in the near term.  In the event
that the business outperforms operationally, it is seen as
likely that new debt would be taken on.  A change to a more
aggressive network modernization strategy in the absence of
clear demand for enhanced services, however, would be seen
negatively.  Sound operational execution and sustainable
deleveraging, on the other hand, could merit a positive outlook
revision in time.

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

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


KREUZWERK E.V.: Applies for Bankruptcy Proceedings
--------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against KreuzWerk e.V. on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 1, 2005 to register their
claims with court-appointed provisional administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 14, 2005, 9:20 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on May 30, 2005 9:00 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218.

CONTACT:  KREUZWERK E.V.
          Gorlitzer Str. 40a, 10997 Berlin


MASTER LOGISTIK: Declares Bankruptcy
------------------------------------
The district court of Baden-Baden opened bankruptcy proceedings
against Master Logistik & Handels GmbH on Jan. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 10, 2005 to
register their claims with court-appointed provisional
administrator Andreas Fischer.

Creditors and other interested parties are encouraged to attend
the meeting on March 21, 2005, 8:45 a.m. at the district court
of Baden-Baden, 76532 Baden-Baden, Gutenbergstr. 17,
Stockwerk/Raum EG/009a 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:  MASTER LOGISTIK & HANDELS GMBH
          Contact:
          Franco Rocca
          Bachstr. 3a, 76474 Au am Rhein

          Andreas Fischer, Administrator
          76133 Karlsruhe, Kriegsstr. 26. 2


MAUSER BETEILIGUNGS: Long-term Corporate Credit Rated 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit ratings to Germany-based packaging manufacturer
Mauser Beteiligungs GmbH (Mauser) and Mauser Werke GmbH & Co. KG
(Mauser Werke), Mauser's main operating subsidiary.  The outlook
is stable.

At the same time, Standard & Poor's assigned its 'B-' long-term
senior unsecured debt rating to Mauser's proposed EUR175 million
(US$228 million) notes due 2013.

"The bond is rated two notches below the corporate credit rating
on Mauser, reflecting its structural and contractual
subordination to the EUR101 million senior credit facility and
operating subsidiary debt," said Standard & Poor's credit
analyst Eve Greb.

Although the bond will benefit from a security package of share
pledges, senior guarantees, and upstream guarantees of Mauser's
main subsidiaries, it will not affect the notching applied by
Standard & Poor's, as these securities are contractually
subordinated to the senior credit facility.  The rating is
subject to final documentation.

The ratings reflect the group's highly leveraged financial
profile and sensitivity to raw-material price fluctuations
(particularly steel and HDPE {a type of resin}), as well as the
fairly mature and fragmented industry in which the group
operates and the integration risk from recent acquisitions.  The
ratings benefit from the group's leading market position in the
industrial packaging industry, global distribution network and
market presence, and focus on growth sectors such as plastic
drums and containers and intermediate bulk containers (IBCs).
At Sept. 30, 2004, the group had pro forma total debt of EUR246
million (including finance leases), and, under German GAAP
reporting, EUR22 million of pension liabilities.

Credit protection measures--such as funds from operations (FFO)
to total adjusted debt of 9% pro forma for the nine months ended
Sept. 30, 2004 -- are weak for the rating category, although
they should improve over the next few years due to profitability
improvements.  Total debt is adjusted for finance and operating
leases and unfunded pension liabilities.  The group's balance
sheet is highly leveraged, with adjusted pro forma total debt to
EBITDA of 4.7x at Sept. 30, 2004.  Standard & Poor's expects the
group to deleverage its balance sheet to an adequate level for
the rating category by using free operating cash flow.

"The stable outlook reflects Standard & Poor's expectation that
the group's credit protection measures will improve gradually in
the foreseeable future and make its financial profile
commensurate with the ratings, with FFO to total debt of about
15% and total debt to EBITDA of about 4x," added Ms. Greb.  The
outlook is also based on the expectation that liquidity will
remain sufficient and that Mauser will remain in compliance with
financial covenants.

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

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          GROUP E-MAIL ADDRESS
          CorporateFinanceEurope@standardandpoors.com


ORDALING GMBH: First Creditors Meeting Set February
---------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Ordaling GmbH on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 25, 2005 to register their
claims with court-appointed provisional administrator Dr.
Christoph Schulte-Kaubrugger.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 9:40 a.m. 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, 9:30 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  ORDALING GMBH
          c/o Juricon, Kurfurstenstr. 79, 10787 Berlin

          Dr. Christoph Schulte-Kaubrugger, Administrator
          Genthiner Str. 48, 10785 Berlin


PANDION GMBH: Neuruppin Court Brings in Administrator
-----------------------------------------------------
The district court of Neuruppin opened bankruptcy proceedings
against Pandion GmbH & Co. Grundbesitz KG on Dec. 30, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 16, 2005
to register their claims with court-appointed provisional
administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on March 18, 2005, 12:00 noon at Karl-Marx-Strasse
18a, 16816 Neuruppin, Saal 325 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:  PANDION GMBH & CO. GRUNDBESITZ KG
          Lindenstr. 5, 16548 Glienicke
          Contact:
          Herrn Kurt Gairing, Manager

          Dr. Wolfgang Schroder, Administrator
          Genthiner Strasse 48, 10785 Berlin


RETTUNGSDIENST SUD: Creditors Have Until April to File Claims
-------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Rettungsdienst Sud/Nord GmbH on Jan. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 1, 2005
to register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubrugger.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 15, 2005, 9:20 a.m. 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 24, 2005, 9:25 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  RETTUNGSDIENST SUD/NORD GMBH
          Gottschedstrasse 4,13357 Berlin

          Dr. Christoph Schulte-Kaubrugger, Administrator
          Genthiner Str. 48, 10785 Berlin


SANGER & LANNINGER: Provisional Administrator Enters Firm
---------------------------------------------------------
The district court of Baden-Baden opened bankruptcy proceedings
against Sanger & Lanninger GmbH on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 10, 2005 to register their
claims with court-appointed provisional administrator Andreas
Fischer.

Creditors and other interested parties are encouraged to attend
the meeting on March 21, 2005, 8:30 a.m. at the district court
of Baden-Baden, 76532 Baden-Baden, Gutenbergstr. 17,
Stockwerk/Raum 022 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:  SANGER & LANNINGER GMBH
          Contact:
          Gunter Weiland, Manager
          Stolzenbergstr. 17, 76532 Baden-Baden

          Andreas Fischer, Administrator
          76133 Karlsruhe, Kriegsstr. 25. 2.


THOMAS COOK: Faces Competition Probe in Belgium
-----------------------------------------------
Belgium's economy minister has requested the competition
watchdog to look into the pricing policies of tour operators
Thomas Cook and TUI, Reuters says.

Marc Verwilghen made the request following a report in a
consumer magazine, which noted that Thomas Cook and TUI have
gained control of the Belgian tour operator market.  Both have
also applied additional charges since May.

Thomas Cook and TUI deny any conspiracy, adding Belgium's travel
sector is highly competitive.  Thomas Cook spokesman Claude
Perignon stressed, "The fact that prices are going down is the
best evidence that there is very strong competition."  He added
that, even though Thomas Cook and TUI seemingly control the
market, they have only sold 30% of the country's tour packages.

TUI spokesman Hans Vanhaelemeesch, for his part, said the
company welcomes the probe and promised full cooperation.

CONTACT:  THOMAS COOK AG
          Zimmersmuhlenweg 55
          61440 Oberursel
          Phone: +49-6171-6500
          Fax: +49-6171-652-125
          Web site: http://www.thomascook.de

          TUI AG
          Karl-Wiechert-Allee 4
          D-30625 Hanover
          Phone: +49-511-566-00
          Fax: +49-511-566-1098
          Web site: http://www.tui.com


T & T GESELLSCHAFT: Creditors Claims Due Next Week
--------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against T & T Gesellschaft fur internationalen Messebau mbH on
Dec. 23, 2004.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until Feb. 3, 2005 to register their claims with court-appointed
provisional administrator Dr. Bruno Kubler.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 22, 2005, 10:45 a.m. at Justizgebaude,
Sitzungssaal 162, Am Alten Einlass 1, 86150 Augsburg at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  T & T GESELLSCHAFT FUR INTERNATIONALEN MESSEBAU MBH
          Krautgartenstr. 8, 86947 Weil-Schwabhausen
          Contact:
          Josef Thoma, Manager

          Dr. Bruno Kubler, Insolvency Manager
          Konrad-Zuse-Platz 1, 81829 Munchen


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


STYL CLOTHING: Court Orders Liquidation
---------------------------------------
The County Vas Court hearing the liquidation petition filed
against Styl Clothing Rt. has declared the company insolvent,
MTI-Econews says.

A Styl spokesman said Monday the court has also appointed a tax
bailiff to act as the group's liquidator.  Styl supplier,
Factum, filed the liquidation petition on December 21 after the
clothing firm failed to pay US$6,000 in debt.  Styl has
accumulated around HUF130 million in debt, according to the
report.

In its disclosure to the Budapest Stock Exchange, the company
said its credit facility has been terminated.  Styl's board
promised to provide more information on the group's financial
condition later this week.

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


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


SAEHAN VIDEOTAPE: Abandons Plant in Sligo
-----------------------------------------
Around 70 workers will lose their jobs when Saehan Videotape
closes its plant in Sligo this April, Business world reports.

The company has been struggling for some time now and in October
it decided to shorten its workweek to three days.  The closure
of the plant will leave the company with one factory in
Hazelwoods, which currently employs 100.  Management hopes this
restructuring will stabilize its operation.


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


INTERCONFIDI NORDEST: Fitch Affirms 'B' Short-term Rating
---------------------------------------------------------
Fitch Ratings affirmed Italy-based Interconfidi Nordest's (ICNE)
ratings at Insurer Financial Strength 'BBB-', Long-term 'BB+'
and Short-term 'B'.  The Outlook for the Long-term rating is
Stable.

The ratings reflect the confidi's improving structural
profitability, adequate capital, good risk management procedures
and sound local reputation.  They also take into account its
small size, geographical concentration and a decline in the
quality of its guarantee book stemming from the economic
slowdown in Italy.  Confidi provide credit guarantees for small
and medium sized enterprises (SMEs).

In response to increased competition and legal changes to the
confidi sector, ICNE has set about strengthening its finances
and internal organization.  It has changed its statute,
bolstered its capital base and made substantial improvements to
risk management practices.  It has also taken steps to address
its structural profitability, and following extensive
discussions with the central bank, Banca d'Italia (BdI), ICNE
expects to qualify as a fully regulated guarantee bank in 2005.
Fitch considers the discipline imposed by the BdI will
ultimately help ICNE strengthen its long-term financial position
and thus enhance the value of its guarantees as a risk
mitigation tool.

ICNE is seeking to increase revenue generation so that it does
not need to rely on external subsidies from the region to report
positive net income.  ICNE was able to raise prices in 2004
without losing significant market share, and revenues for the
first nine months of 2004 rose 6% (ICNE expects year-on-year
revenues to increase by around 40% for full year 2004).  The
confidi is also making significant investments in IT systems and
resources to enable it to meet the supervisory requirements of
the Banca d'Italia.

ICNE's credit risk management benefits from its extensive
knowledge of the local economy.  Rather than relying on the
credit analysis carried out by the banks, the confidi undertakes
its own independent evaluation of each bank loan by using
controls that are more sophisticated than many of its peers'.
Nonetheless, problem guarantees have risen over the past two
years as economic growth slowed and an important local bank
cleaned up its loan portfolio.  At end-September 2004 gross
problem guarantees represented a still manageable 2.3% of total
guarantees.  Moreover, ICNE is partly protected from credit risk
by counter-guarantees granted by the European Investment Fund or
the Italian Central Guarantee Fund and net problem guarantees
were 1.3% of total guarantees at end-September 2004.  Economic
growth is likely to remain slow in the near term.

ICNE increased the size of its equity by converting certain
regional funds into reserves available to cover all risks. Fitch
regards ICNE's capital as adequate.  At end-September 2004 ICNE
estimated its Tier 1 ratio to be around 14% (assuming
residential mortgages are weighted at 50%), which it plans to
maintain.

CONTACT:  FITCH RATINGS
          Matthew Hegarty, London
          Phone: +44 (0) 20 7417 4222

          Christian Scarafia, Milan
          Phone: +39 02 87 90 87 212

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


PARMALAT FINANZIARIA: Court Snubs BofA's Petition
-------------------------------------------------
A Milan court rejected Tuesday the request of Bank of America
(BofA) to be named plaintiff in a fraud case lodged against
collapsed dairy giant Parmalat Finanziaria, Reuters says.

Claiming it was also a victim of fraud, BofA had asked Judge
Cesare Tacconi to grant it a damaged civil party status, which
would allow the bank to claim damages against Parmalat.  Judge
Tacconi ruled, however, that only Parmalat investors and new
managers could register as plaintiffs.

BofA was surprised by the decision: "We reserve the right to
file as a damaged civil party again during the possible future
trial."

The court likewise denied similar petitions by erstwhile
Parmalat auditors Italaudit, a former unit of Grant Thornton,
and Deloitte & Touche.  Both auditors and BofA have been
indicted in a fraud case against Parmalat.

Meanwhile, Marco De Luca, a lawyer pleading for Parmalat, lauded
the court's decision.  "It would have been a scandal if they had
been included on the list," he said.

Enrico Bondi, Parmalat's government-appointed administrator, has
separately lodged a US$10 million lawsuit against auditors Grant
Thornton, Deloitte & Touche, and financial groups Citibank and
BofA.  Mr. Bondi alleged the companies had played a role in the
dairy group's collapse.  The accused deny the charges.

Parmalat's collapse in December 2003 is considered one of
Europe's largest financial scandal.  Prosecutors in Parma and
Milan have launched in-depth probe on the dairy group's
dealings, dragging along several personalities and institutions.
Milan prosecutors have charged around 29 personalities,
including auditors, former Parmalat executives, and bankers, of
market rigging, false auditing and hampering regulators'
actions.  The prosecutors have also charged BofA and the dairy
group's auditors of "failing to ensure internal oversight to
prevent fraud."  The Milan court started preliminary hearings in
October.

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

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


PARMALAT FINANZIARIA: Bakery Unit Up for Sale
---------------------------------------------
The court-appointed administrator of Parmalat Finanziaria is
selling the bakery unit of the dairy group, The Associated Press
reports.

Enrico Bondi is asking potential buyers to lodge a bid for the
division, which includes the Mister Day, Grisbi, Matin, Dolcezze
di Campo and ProntoForno brands, until Feb. 10.  The
announcement was posted on Tuesday on the Web site of KPMG
Italia, Parmalat's financial adviser on disposals.  Any sale is
subject to the approval of the Italian Industry Ministry.

Mr. Bondi is trying to steer the company back into its core
business -- manufacturing of dairy and juice products.  The
group plans to relist on the Milan stock exchange as early as
March.

CONTACT:  PARMALAT FINANZIARIA
          Sede legale: 43044 Collecchio (Pr)
          - Via Oreste Grassi, 26
          Codice fiscale e iscrizione nel Registro delle Imprese
          di Parma 00175250471 - Partita I.V.A. 01938950340 -
          R.E.A. Parma n. 188325 - U.I.C. n. 730

          Sede amministrativa: 20122 Milano
          Piazza Erculea, 9
          Phone: (39) 02.8068801
          Fax: (39) 02.8693863
          E-mail: x_affari_societari_it@parmalat.net


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


MILLICOM INTERNATIONAL: To Discuss 2004 Results February 15
-----------------------------------------------------------
Millicom International Cellular S.A. will announce its financial
results for the fourth quarter and full year 2004 on Tuesday, 15
February 2005.

The company will host a conference call for the global financial
community at 11 a.m. (ET)/4 p.m. (U.K.)/5 p.m. (CET).  Host:
Marc Beuls - President and Chief Executive Officer.

The conference call will be Web cast in listen-only mode on
Millicom's Web site at http://www.millicom.com.

To participate in the conference call, please register at:
http://www.sharedvalue.net/millicom/FY04/default.asp

The dial-in number to join the conference call will be available
upon registration.

You may also register by filling out the information attached
and returning it by fax to Shared Value at +44 (0)20 7321 5020
or contact Shared Value at +44 (0)20 7321 5010 for further
details.

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa.  It currently has a total of 16
cellular operations and licenses in 15 countries.  The Group's
cellular operations have a combined population under license of
approximately 387 million people.

                            *   *   *

In November, Standard & Poor's Ratings Services assigned its 'B-
' senior unsecured debt rating to the proposed US$175 million to
US$200 million convertible bond offering by Millicom.  At the
same time Standard & Poor's affirmed its 'B+' long-term
corporate credit rating and remaining 'B-' senior unsecured debt
ratings on Millicom.  The outlook remains negative.

CONTACTS:  MILLICOM INTERNATIONAL CELLULAR S.A.
           Marc Beuls
           President and Chief Executive Officer
           Phone:  +352 27 759 327
           Web site: http://www.millicom.com

           ANDREW BEST
           Investor Relations
           Telephone:  +44 20 7321 5022


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


BUILDING CORPORATION: RUB1 Mln Worth of Assets Up for Auction
-------------------------------------------------------------
The insolvency manager and bidding organizer of limited
liability company Building Corporation #2 will sell its property
on Feb. 8, 2005, 11:00 a.m.  The public auction will take place
at Russia, Orenburg, Gaya Str. 23A.  Up for sale is a three-
storey building.  Starting price: RUB1,050,000.

Preliminary examination and reception of bids are done from
11:00 a.m. to 2:00 p.m. on or before Feb. 3, 2005.  The list of
documentary requirements is available at Russia, Orenburg, Gaya
Str. 23A, Room 13.  To participate, bidders must deposit
RUB100,000 to the settlement account 40702810304000000582 in
branch "Orenburgskiy" OJSC ACB "AVANGARD", Orenburg, BIC
045354815, correspondent account 30101810700000000815 on or
before Feb. 3, 2005.

CONTACT:  BUILDING CORPORATION #2
          Russia, Orenburg region,
          Yasnyj, Oktyabrskaya Str. 8


EURO-STROY-SERVICE: Rostov Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on limited liability company Euro-Stroy-
Service (TIN 6143046420).  The case is docketed as A53-17559/04-
S2-30.  Mr. A. Sologub has been appointed temporary insolvency
manager.  Creditors may submit their proofs of claim to 344092,
Russia, Rostov-na-Donu, Volkova Str. 31/1, Apartment 20.

CONTACT:  EURO-STROY-SERVICE
          347340, Russia, Volgodonsk,
          Romanovskoye Shosse, 12

          Mr. A. Sologub
          Temporary Insolvency Manager
          344092, Russia, Rostov-na-Donu,
          Volkova Str. 31/1, Apartment 20


FARMING PLUS: Bankruptcy Hearing Resumes Next Month
---------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on limited liability company
Farming Plus.  The case is docketed as A72-8708/04-21/33-B.

Creditors have until Jan. 29, 2005 to submit their proofs of
claim to 432063, Russia, Ulyanovsk, 12 Sentyabrya Str. 101.  A
hearing will take place at the Arbitration Court of Ulyanovsk
region 432063, Russia, Ulyanovsk, Zheleznodorozhnaya Str. 14 on
Feb. 28, 2005, 9:00 a.m.

CONTACT:  Temporary Insolvency Manager
          432063, Russia, Ulyanovsk,
          12 Sentyabrya Str. 101


IPATOVSKOYE AUTO-TRANSPORT: Proofs of Claim Deadline Nears
----------------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on open joint stock company
Ipatovskoye Auto-Transport Enterprise (TIN 2608000255).  The
case is docketed as A63-263/2004-S5.  Mr. A. Zhidenko has been
appointed temporary insolvency manager.

Creditors have until Jan. 29, 2005 to submit their proofs of
claim to 355000, Russia, Stavropol, Lenina Str., 394, 4th floor,
Room 7.  A hearing will take place on Feb. 17, 2005, 10:00 a.m.

CONTACT:  IPATOVSKOYE AUTO-TRANSPORT ENTERPRISE
          Russia, Stavropol region, Ipatovskiy region,
          Ipatovo, Golubovskogo Str. 138

          Mr. A. Zhidenko
          Temporary Insolvency Manager
          355000, Russia, Stavropol,
          Lenina Str. 394, 4th floor, Room 7
          Phone/Fax: (8652) 35-76-88


KAZANSKIY BUTTER: Sets Public Auction Next Week
-----------------------------------------------
The open joint stock company Kazanskiy Butter Factory will sell
its property on Feb. 4, 2005, 2:00 p.m.  The public auction will
take place at Russia, Tyumen region, Kazanskiy region,
Kazanskoye, Pushkina Str. 2.  Up for sale are industrial
building and constructions.  Starting price: RUB3,426,000.

The list of documentary requirements is available at Russia,
Tyumen region, Kazanskiy region, Kazanskoye, Pushkina Str. 2.
To participate, bidders must deposit RUB50,000 to the settlement
account 40702810900090000067, BIC 047102885, TIN 7219000989 in
CJSC Tyumenagroprombank.

CONTACT:  KAZANSKIY BUTTER FACTORY
          Russia, Tyumen region, Kazanskiy region,
          Kazanskoye, Pushkina Str. 2


OAO SIBNEFT: S&P Lifts Ratings; Notes Reduced Exposure to Yukos
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit ratings on Russian oil company OAO Siberian Oil
Co. (Sibneft) to 'B+' from 'B'.  At the same time, Standard &
Poor's raised its Russia national scale rating on Sibneft to
'ruA+' from 'ruA-'.  The outlook is stable.

The rating actions reflect Standard & Poor's opinion that
Sibneft has demonstrated itself to be reasonably distant from
the challenges faced by troubled oil company OAO NK Yukos (D/--
/--) after Yukos transferred its 57.5% stake back to Sibneft's
core shareholders and reduced its holding from 92.0% to 34.5%.
Yukos and its creditors have no access to Sibneft's management
and cash flows.  The return of Sibneft's stock in October 2004
followed the invalidation of Yukos' stock issue, and did not
involve any cash compensation, which is positive for Sibneft's
financial position.

"Standard & Poor's notes that, despite fiscal and legal pressure
on Yukos, the Russian government did not object to its demerger
with Sibneft and allowed Sibneft's oil field licenses to be
extended, while reported tax claims against the company are not
expected to materialize to any significant extent," said
Standard & Poor's credit analyst Elena Anankina.  "The rating on
Sibneft reflects the general risks of the Russian oil industry,
but does not assume company-specific sovereign intervention,
which could potentially create credit constraints for any large
Russian company."

The stable outlook reflects Standard & Poor's opinion that
Sibneft's net debt will not exceed 55% of equity as set out by
Eurobond covenants.  This is despite the significant uncertainty
about the strategy to be pursued by Sibneft's core shareholders
regarding the return of a 34.5% stake in the company (including
the 20% stake that Yukos acquired for US$3 billion in cash,
which is the amount it is now claiming back through courts), and
the resulting impact on Sibneft's financial position.

"The potential for a rating upgrade -- which rests principally
on Sibneft's solid business position and moderate financial
profile -- is, however, currently constrained by the company's
aggressive corporate governance practices and by the uncertainty
concerning its future financial policy," said Ms. Anankina.
"Standard & Poor's will closely monitor the demerger process
with Yukos and Sibneft's financial policy in areas including
dividends, capital expenditures, debt, and acquisitions."

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

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


PLESHKOVO-REM-TEKH-PRED: Assets up for Auction Next Week
--------------------------------------------------------
The open joint stock company Pleshkovo-Rem-Tekh-Pred will sell
its property on Feb. 1, 2005, 11:00 a.m.  The public auction
will take place at Russia, Tyumen region, Pleshkovo, Lugovaya
Str. 4.  Up for sale are three lots of industrial buildings,
technological equipment among others.  Starting price:
RUB1,200,000.

Preliminary examination and reception of bids are done during
office hours until Jan. 31, 2005.  The list of documentary
requirements is available free of charge at Russia, Tyumen
region, Pleshkovo, Lugovaya Str. 4.

To participate, bidders must deposit RUB60,000 to Pleshkovo-Rem-
Tekh-Pred settlement account 40702810500080000257, correspondent
account 30101810100000000885, TIN 7217000143, BIC 047102885 in
CJSC "Tyumenagroprombank", Tyumen.

CONTACT:  PLESHKOVO-REM-TEKH-PRED
          Russia, Tyumen region,
          Pleshkovo, Lugovaya Str. 4


TERSKIY TINNED-FOOD: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Kabardino-Balkaria republic has
commenced bankruptcy supervision procedure on open joint stock
company Terskiy Tinned-Food Factory (TIN 0705000031).  The case
is docketed as A20-9543/2004.  Mr. A. Altuev has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to: 360904, Russia, Kabardino-Balkaria republic,
Kanzhe, Kolkhoznaya Str. 30.

CONTACT:  TERSKIY TINNED-FOOD FACTORY
          361200, Russia, Kabardino-Balkaria republic,
          Terek, Lermontova Str. 18

          Mr. A. Altuev
          Temporary Insolvency Manager
          360904, Russia, Kabardino-Balkaria republic,
          Kanzhe, Kolkhoznaya Str. 30


TRANS-AGRO-SERVICE: Claims Filing Period Expires this Week
----------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on limited liability company
Trans-Agro-Service.  The case is docketed as A12-25002/04-s57.
Mr. O. Pankov has been appointed temporary insolvency manager.
Creditors have until Jan. 29, 2005 to submit their proofs of
claim to 400074, Russia, Volgograd, Post User Box 24.

CONTACT:  TRANS-AGRO-SERVICE
          404130, Russia, Volgograd region,
          Volzhskiy, Lenina Str. 46-316

          Mr. O. Pankov
          Temporary Insolvency Manager
          400074, Russia,
          Volgograd, Post User Box 24


VOLZHSKIY MECHANICAL: To Auction Assets Weekend
-----------------------------------------------
The bidding organizer of open joint stock company Volzhskiy
Mechanical Plant will sell its property on Jan. 29, 2005, 9:00
a.m.  The public auction will take place at Russia, Volgograd
region, Volzhskiy, Aleksandrova Str. 71.  Up for sale are 19
lots of buildings, garages, equipment, and transport carriers
among others.

The list of documentary requirements is available at 404103,
Russia, Volgograd region, Volzhskiy, Aleksandrova Str. 71.  To
participate, bidders must deposit an amount equivalent to 10% of
the starting price to Volzhskiy Mechanical Plant OKPO 00148932,
TIN 3435000361, settlement account 40702810900000000235 in
Volzhskiy branch ACB "Volgoprombank", Volzhskiy, correspondent
account 30101310000000000739, OGRN 1023402021521, KPP 343501001,
BIC 041856739.

CONTACT:  VOLZHSKIY MECHANICAL PLANT
          404103, Russia, Volgograd region,
          Volzhskiy, Aleksandrova Str. 71

          ARIOROSA (TIN 3444110106)
          Bidding Organizer
          400131, Russia, Volgograd,
          Krasnoznamennaya Str. 15A


YUGRA-STROY-SERVICE: Hires A. Zubairov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Yugra-Stroy-Service
after finding the limited liability company insolvent.  The case
is docketed as A75-244-B/04.  Mr. A. Zubairov has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to Russia, Khanty-Mansiysk, Chekhova Str. 12A, Room 106.

CONTACT:  YUGRA-STROY-SERVICE
          628300, Russia, Tyumen region,
          Nefteyugansk, Promzona, Basw YuNA

          Mr. A. Zubairov
          Insolvency Manager
          Russia, Khanty-Mansiysk,
          Chekhova Str. 12A, Room 106
          Phone: (3452) 308092
          Mobile: 8-922-258-16-11
          Fax: (3452) 308092


=============================
S L O V A K   R E P U B L I C
=============================


SLOVENSKE ELEKTRARNE: Senior Unsecured Rating Affirmed at 'BB+'
---------------------------------------------------------------
Fitch Ratings affirmed Slovakia-based Slovenske elektrarne,
a.s.'s (SE) EUR200 million senior notes due 2011 at 'BBB-' (BBB
minus).  At the same time, the agency has affirmed SE's Senior
Unsecured 'BB+' rating.  The Outlook for the ratings remains
Stable.

The affirmation follows SE's progress in its financial
restructuring and related changes in the EUR200 million note's
terms and conditions.  The most recent refinancing consists of a
new EUR500 million revolving facility that is being drawn to
retire state-guaranteed historical debt.  As a result, the
proportion of state-guaranteed debt on SE's total debt has
decreased to below 50%, giving lenders and noteholders of EUR350
million and EUR20 million facilities, and EUR200 million notes
(all without state guarantee) an option of early redemption.
This put option has been waived by the banks participating in
the aforementioned EUR500 million revolving facility that also
represent 90% of the noteholders, and removal of this covenant
has been pre-agreed.  However, a change of control put option
remains.

It is important to note that the state-guarantees are withdrawn
not as a sign of a weakening government support to SE.  SE
remains 100% state-owned, strategically important to the country
(supplying around 85% of electricity consumption) and enjoys
implicit support from the government.  Although the state-
guarantees are viewed by Fitch as a sign of the government's
support to SE and the put option was beneficial to distinguish
between the stand-alone 'BB+' and notes' 'BBB-' (BBB minus)
ratings, the decision to forgo these guarantees was driven by
benefits such as pricing, flexibility, timing and tenor offered
in the restructuring.

The Slovak government has selected Italy's ENEL
('A+'/'F1'/Stable) as the winner of a tender for a 66% stake in
SE, but the privatization agreement has not yet been signed.
Final closing of the deal is expected six to 12 months after the
agreement is signed.  While a number of issues (including
Gabcikovo power plant, Mochovce nuclear plant construction,
other capital expenditure commitments, stranded costs relating
to market liberalization) remain to be addressed within the
privatization transaction, the implications for SE are expected
to be favorable.

Positively for SE, the Slovak government has, as of 1 January
2005, imposed a national tax on all electricity bills over the
next 10 years that will cover previously identified SKK15
billion nuclear decommissioning shortfalls, effectively
resolving the largest decommissioning issue, as well as
partially addressing the stranded cost issue.  SE is also no
longer subject to any price regulation, whereas the electricity
distributors still have some price caps.

SE generated EBITDA of SKK19 billion (EUR455 million) on
revenues of SKK48 billion (EUR1.15 billion) in FY03.  Total
debt-to-EBITDA ratio improved markedly to 2.8x at YE03 from 4.4x
at YE02 on the back of both stronger EBITDA generation and lower
debt.  EBITDA over interest paid was at 3.8x for FY03, up from
2.4x in FY02.  Financial profile is expected to have slightly
improved in FY04 with estimated total debt at YE04 at SKK47
billion (EUR1.22 billion), compared to SKK53 billion (EUR1.28
billion) at YE03.  Liquidity in the form of cash and committed
unused facilities is expected to be comfortable at around SKK8
billion (EUR200 million) after the financial restructuring.

SE is the largest electricity generator and supplier in the
Slovak Republic (rated local currency 'A+' and foreign currency
'A-' (A minus)), commanding 6.9GW or 83% of Slovakia's installed
capacity.

CONTACT:  FITCH RATINGS
          Josef Pospisil, London
          Phone: +44 20 7417 4266
          Larissa Malycheva +44 20 7417 4207

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


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


CORTEFIEL SA: Pressure to Stay Competitive Costs Firm One Plant
---------------------------------------------------------------
Clothing retailer Cortefiel has decided to concentrate its
production in its main plant in Malaga, in southern Spain, just-
style.com says.

This means the company will abandon its plant in Madrid, which
employs 150 workers.  According to management, the shutdown is
necessary to make the company efficient and competitive.  The
company employs 9,000 workers.

                            *   *   *

Cortefiel owns the Guinness record for the most number of suits
and sport jackets sold in a day, according to
http://www.hoovers.com. The company operates retail chains,
with each specializing in clothing, perfume, or lingerie.  The
company operates about 730 stores, mostly under the Cortefiel
and Springfield banners.  Aside from Spain, which accounts for
70% of its sales, the company also operates in about 15
countries.  The Hinojosa family owns about 48% of Cortefiel,
which was founded in 1950.

CONTACT:  Cortefiel Group
          Avenida del Llano Castellano 51
          28034 Madrid, Spain
          Phone: (+34) 913873400
          Web site: http://www.grupocortefiel.com


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


SCANDINAVIAN AIRLINES: Ratings on Review for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service placed the long-term debt ratings of
Scandinavian Airlines System Denmark-Norway-Sweden (SAS) and SAS
AB on review for possible downgrade.  Despite noting an
improvement in yields in the recent months, Moody's review was
prompted by concerns regarding the development of revenues and
load factors in light of the challenges facing SAS, in
particular the intensified competition from the low cost
airlines, the general overcapacity, and the persistent high cost
of fuel.

Ratings placed on review are:

(a) Senior Implied Rating of SAS AB: B1,

(b) Senior Unsecured Issuer Rating of SAS AB: B2,

(c) Senior Unsecured EMTN programme rating of Scandinavian
    Airlines System Denmark-Norway-Sweden: B2,

(d) Perpetual Subordinated Bonds of Scandinavian Airlines System
    Denmark-Norway-Sweden: B3

Moody's review will focus on:

     (i) SAS' strategy to further lower its cost structure to
         withstand the pressure on revenues and yield
         experienced across the group;

    (ii) the group's future financing needs while it works on
         improving its credit metrics; and

   (iii) its ability to maintain an adequate liquidity position,
         including flexibility for additional asset disposals to
         cover potential operating cash shortfalls and capital
         expenditures.  The review will also focus on the
         likelihood of additional shareholders support should it
         be required as well as on the relative positioning of
         the respective debt holders in the capital structure.

SAS AB, headquartered in Stockholm, Sweden, is a large
international airline group with SEK57.7 billion (EUR6.4
billion) revenues in fiscal year 2003.


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


KALINIVKA' PETROLEUM: Declared Insolvent
----------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Kalinivka' Petroleum Base (code EDRPOU
30229965) on November 18, 2004 after finding the limited
liability company insolvent.  The case is docketed as 5/515-04.
State Tax Inspection of Kalinivka district has been appointed
liquidator/insolvency manager.  The company holds account number
26008352194001 at CB Privatbank, Vinnitsya branch, MFO 302689.

Creditors may submit their proofs of claim to:

(a) KALINIVKA' PETROLEUM BASE
    22400, Ukraine, Vinnitsya region,
    Kalinivka

(b) STATE TAX INSPECTION OF KALINIVKA DISTRICT
    Liquidator/Insolvency Manager
    22400, Ukraine, Vinnitsya region,
    Kalinivka, Dzerzhinskij Str. 28

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


KLEMBIVSKIJ SUGAR: Insolvency Manager Takes over Operations
-----------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
proceedings against Klembivskij Sugar Plant (code EDRPOU
00373304) after finding the limited liability company insolvent.
The case is docketed as 2/186-B.  Arbitral manager Mr. Viktor
Zagraj (License Number AA 250080) has been appointed
liquidator/insolvency manager.

CONTACT:  KLEMBIVSKIJ SUGAR PLANT
          Ukraine, Hmelnitskij region,
          Izyaslavskij district, Klubivka

          Mr. Viktor Zagraj,
          Liquidator/Insolvency Manager
          29002, Ukraine, Hmelnitskij region,
          Zaliznichna Str. 4

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


KODER: Court Names Leonid Talan Liquidator
------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against KODER (code EDRPOU 13430506) on November 11,
2004 after finding the close joint stock company insolvent.  The
case is docketed as B 29/87/04.  Arbitral manager Mr. Leonid
Talan has been appointed liquidator/insolvency manager.

CONTACT:  KODER
          49003, Ukraine, Dnipropetrovsk region,
          Koksohimichna Str. 7a

          Mr. Leonid Talan
          Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region, a/b 158

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


KOVSUG: Under Bankruptcy Supervision
------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC Kovsug (code EDRPOU 3128801).
The case is docketed as 20/45 b.  Arbitral manager Mr. Oleksij
Voronko (License Number AA 630079) has been appointed temporary
insolvency manager.  The company holds account numbers
260423022290, 260093012290 at OJSC Oshadbank, Stanichno-Luganske
branch 3119, MFO 364122, and account number 260048556 at JSPPB
Aval, MFO 304007.

Creditors may submit their proofs of claim to:

(a) KOVSUG
    93311, Ukraine, Lugansk region,
    Stanichno-Luganskij district,
    Velika Chernigivka

(b) Mr. Oleksij Voronko
    Temporary Insolvency Manager
    91000, Ukraine, Lugansk region,
    Vedenin Str. 58

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


LEOPOL: Lviv Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Leopol (code EDRPOU 13796590) after finding
the limited liability company insolvent.  The case is docketed
as 6/157-8/94.  Mrs. Ludmila Shandra (License Number AA 783128
of May 21, 2004) has been appointed liquidator/insolvency
manager.

Creditors may submit their proofs of claim to:

(a) LEOPOL
    79000, Ukraine, Lviv region,
    Tchaikovsky Str. 8

(b) Mrs. Ludmila Shandra,
    Liquidator/Insolvency Manager
    79021, Ukraine, Lviv region,
    Kulparkivska Str. 130a/20

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


RODINA: Court Accepts Bankruptcy Application
--------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Rodina (code EDRPOU 03750753) on November
29, 2004 after finding the limited liability company insolvent.
The case is docketed as 19/113(04).  Arbitral manager Mr. V.
Ishenko (License Number AA 719771) has been appointed
liquidator/insolvency manager.  The company holds account number
26008325102530 at JSCB Ukrsocbank, Melitopol branch, MFO 313463.

CONTACT:  RODINA
          72444, Ukraine, Zaporizhya region,
          Priazovskij district,
          Georgiyeva, Lenin Str. 46

          V. Ishenko
          Liquidator/Insolvency Manager
          Ukraine, Zaporizhya region,
          Melitopol, a/b 21

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


SHLYAH: Insolvency Manager to Temporarily Oversee Business
----------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Industrial-Building Enterprise Shlyah (code
EDRPOU 20362805) on November 16, 2004 after finding the limited
liability company insolvent.  The case is docketed as 27/42b.
Arbitral manager Mrs. Oksana Gnedova (License Number AA 249607)
has been appointed liquidator/insolvency manager.  The company
holds the company holds account Number 26002301525334 at
Prominvestbank, Makiyivka branch, MFO 334516.

CONTACT:  SHLYAH
          86101, Ukraine, Donetsk region,
          Makiyivka Str. Stara Himkoloniya, 1

          Mrs. Oksana Gnedova
          Liquidator/Insolvency Manager
          83050, Ukraine, Donetsk region,
          Vatutin Avenue, 3/60
          Phone: 8 (062) 311-11-71

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


SLAVA: Court Appoints Temporary Insolvency Manager
--------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on Agricultural LLC Slava (code EDRPOU
03792496) on December 6, 2004.  The case is docketed as 01/3939.
Mr. S. Pshenichnij (License Number AA 250313) has been appointed

temporary insolvency manager.  The company holds account number
260011099 at JSPPB Aval, Cherkassy regional branch, MFO 354411.

Creditors may submit their proofs of claim to:

(a) SLAVA
    19426, Ukraine, Cherkassy region,
    Korsun-Shevchenkivskij district, Drabivka

(b) Mr. S. Pshenichnij
    Temporary Insolvency Manager
    Ukraine, Cherkassy region,
    Sumgayitska Str. 17/1-916-920

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


VELIKIJ VISTOROP: Succumbs to Insolvency
----------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Velikij Vistorop (code EDRPOU 05524363) on
November 25, 2004 after finding the limited liability company
insolvent.  The case is docketed as 7/97-04.  Mr. Volodimir
Pidgornij (License Number AA 719779) has been appointed
liquidator/insolvency manager.  The company holds account number
26003310162 at Oshadbank, Lebedinske branch 3233, MFO 337687.

CONTACT:  Mr. Volodimir Pidgornij
          Liquidator/Insolvency Manager
          40022, Ukraine, Sumi region,
          Psilska Str. 4/9


VOLNOVASKIJ AGROBUD: Bankruptcy Proceedings Begin
-------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Volnovaskij Agrobud (code EDRPOU 03583686)
on December 2, 2004 after finding the close joint stock company
insolvent.  The case is docketed as 42/184 B.  Mr. Anatolij
Grinko (License Number AA 779155) has been appointed
liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) VOLNOVASKIJ AGROBUD
    85700, Ukraine, Donetsk region,
    Volnovaha, 100-Richya Chervonogo Hresta Str. 3

(b) Mr. Anatolij Grinko
    Liquidator/Insolvency Manager
    83086, Ukraine, Donetsk region, Artema Str. 27

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


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


ABBEY NATIONAL: Trial of Santander Chairman Begins
--------------------------------------------------
The chairman of Spain's biggest bank, Grupo Santander, is facing
trial allegedly misusing shareholders fund to win a boardroom
power struggle, The Guardian reports.  Emilio Botin, who has
chaired the company for 20 years, is being accused of using the
money to buyoff rivals who challenged his leadership.

For decades the Botins family controlled Banco Santander, but in
1999 this hold was threatened by the bank's merger with Banco
Central Hispano.  This combination brought in two Central
Hispano directors Jose Maria Amusategui and Angel Corcostegui,
who were to become co-chairman and chief executive of the new
bank together with Mr. Botin.  Two years later, the two left the
bank, taking with them a total of EUR164 million in severance
packages.

Mr. Botin, whose trial before the National Court in Madrid
started on January 26, faces up to 12 years in prison and
disqualification from his chairmanship of the bank if convicted.
This could trigger a succession crisis and further destabilize
Abbey National, a British high street bank it took over three
months ago for GBP9 billion.  Last week, a group of rebel
Santander shareholders asked the Financial Services Authority to
investigate the Spanish bank.

CONTACT:  ABBEY NATIONAL
          Media enquiries:
          Christina Mills
          Abbey Media Relations
          Phone: 020 7756 4212
          Matt Young
          Abbey Media Relations
          Phone: 020 7756 4232


BCRD INTERNATIONAL: Hires Liquidator from Bulley Davey
------------------------------------------------------
At the extraordinary general meeting of BCRD International
Limited on Jan. 12, 2004 held at 38-40 Stapledon Road, Orton
Southgate, Peterborough PE2 6TD, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
Alan Keith Thornton of Bulley Davey, 69-75 Lincoln Road,
Peterborough PE1 2SQ has been appointed liquidator of the
company.

CONTACT:  BULLEY DAVEY
          69-75 Lincoln Road,
          Peterborough PE1 2SQ
          Phone: 01733 569494
          Fax: 01733 565250
          Web site: http://www.bulleydavey.co.uk


BENCHLINE LIMITED: Members Decide to Wind up Firm
-------------------------------------------------
At the extraordinary general meeting of the members of Benchline
Limited on Jan. 18, 2005 held at Egypt Mill Hotel, Nailsworth,
Gloucester GL6 0AE, the extraordinary and ordinary resolutions
to wind up the company were passed.  Alison M. Byrne of Byrne
Associates, the Coach House, Folleigh Lane, Long Ashton, Bristol
BS41 9JB has been appointed liquidator of the company.

CONTACT:  BYRNE ASSOCIATES
          Coach House, Folleigh Lane,
          Long Ashton, Bristol BS41 9JB


BIRMINGHAM HOTEL: Liquidator's Report Out February
--------------------------------------------------
The final meeting of Birmingham Hotel Ltd. will be on Feb. 22,
2005 at 10:10 a.m.  It will be held at the offices of Griffins,
Russell Square House, 10-12 Russell Square, London WC1B 5EH.

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 submitted
together with written debt claims to Griffins, Russell Square
House, 10-12 Russell Square, London WC1B 5EH not later than
12:00 noon, Feb. 21, 2005.

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


BR COTTRELL: Members to Convene for Final Meeting February
----------------------------------------------------------
The final meeting of the members of BR Cottrell Limited will be
on Feb. 23, 2005 at 10:30 a.m.  It will be held at the offices
of Baker Tilly, 1st Floor, 46 Clarendon Road, Watford,
Hertfordshire WD17 1JJ.

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 Baker Tilly, 1st Floor, 46 Clarendon Road, Watford,
Hertfordshire WD17 1JJ not later than 12:00 noon, Feb. 22, 2005.

CONTACT:  BAKER TILLY
          1st Floor,
          46 Clarendon Road, Watford,
          Hertfordshire WD1 1JJ
          Phone: 01923 816400
          Fax:   01923 253402
          Web site: http://www.bakertilly.co.uk


CABLE & WIRELESS: Q3 Revenues Slightly Down to GBP808 Million
-------------------------------------------------------------
Cable and Wireless plc on Jan. 25, 2005 issued its third quarter
trading statement, for the three months to 31 December 2004,
with revenue from continuing businesses of GBP808 million and a
net cash balance of GBP1,384 million.

Francesco Caio, Chief Executive of Cable and Wireless plc, said:
"The results this quarter contain no surprises and demonstrate
solid progress in our transformation of the business.  Across
all our businesses we continue to pursue profitable revenue
streams and cash generative margins, with a strong focus on
control of operating costs and capital expenditure.  In the U.K.
we are starting to exploit the growth in broadband through local
loop unbundling, enabling full service differentiation and
margin improvement from network cost reductions.  In the
National Telcos we are continuing to develop our mobile and IP
services, in order to complement our strengths as the incumbent
operator and help sustain margins.

"Revenue in the U.K. Business and Enterprise businesses was
stable in the third quarter over the prior quarter.  In our
Carrier Services business revenue was impacted by the reduction
in mobile termination rates, which has a negligible profit
impact.  As anticipated, market conditions across the Group
remained challenging in the third quarter, especially in the
U.K. business segment where pricing pressure continues.

"In the third quarter the U.K. Enterprise segment won a number
of substantial contracts, including contracts with Volkswagen
Group, the Go-Ahead Group plc and Scottish Courage for the
provision of IP VPN services.

"Bulldog Communications we have focused on execution of our
local loop strategy, announcing and launching the implementation
of our broadband rollout with 68 exchanges unbundled at the end
of December and an additional 317 exchanges selected for
unbundling and now at different stages of the planning and
installation process.  We are encouraged by the response within
our London market and will be ready to move to a full commercial
launch by mid 2005, when we intend to report key metrics on
Bulldog Communication's development.  This is in line with our
initial plan to unbundle 400 exchanges by the end of 2005.

"The reorganization of the U.K. business, Corporate Centre and
European operation is progressing in line with our timetable.
To date the U.K. business has achieved operating cost
reductions, primarily in the area of staff and other operating
cost reductions.  As announced in November, we are now targeting
additional cost reductions in the areas of operations and
networks and this remains a focus for the newly appointed team
in the U.K.

"National Telcos performance in the third quarter was in line
with our expectations, with a robust performance in a number of
our mobile operations.

"The impact of Hurricane Ivan on the Caribbean results to date
is in line with estimates provided at our interim results in
November.  We are still assessing the trading impact of the
Indian Ocean Tsunami on our business in the Maldives but at this
stage we do not expect it to be large.  The reported results of
a number of our National Telcos were further impacted by the
decline in the U.S. dollar against sterling in the quarter.

"At the interim results we announced a GBP250 million share
repurchase over the next eighteen months.  To date we have
bought back 24.8 million shares, at an average price of 117
pence."

Trading review

In the three months ended 31 December 2004, Group revenue from
continuing businesses was GBP808 million, a decrease of one
percent at actual rates and two percent at constant currency
when compared to the prior quarter (Q2 2004/5: GBP 820 million).
When compared to the third quarter of the prior year, revenue
from continuing businesses showed a decrease of four percent at
actual rates, but was flat at constant currency.  The businesses
acquired this year, Monaco Telecom and Bulldog Communications,
contributed revenue of GBP30 million in the quarter (Q2 2004/5:
GBP29 million).

In the U.K., third quarter revenue of GBP390 million was down
four percent against the prior quarter and six percent against
the prior year.  This trend was principally attributable to the
reduction in mobile termination rates (introduced by Ofcom from
1 September 2004) on revenue from the Carrier Services segment.
Revenue in the Business and Enterprise segments was stable in
the third quarter over the prior quarter.

Third quarter revenue in the National Telcos of GBP306 million
increased four percent against the prior quarter and 14% against
the prior year at constant currency.  Adjusting for Monaco
Telecom, there is an increase of four percent at constant
currency against the prior year.  Within National Telcos, at
constant currency Caribbean revenue of GBP139 million increased
two percent against the prior quarter and was four percent lower
against the prior year.  Cayman mobile revenues supported
Caribbean revenue growth over the previous quarter.  The decline
against the prior year was due in large part to more intense
competition in international services, particularly in Cayman
and Jamaica.  Elsewhere in National Telcos, revenue was in line
with management's expectations.

Based on our third quarter results, management maintains its
expectation that Group profit before exceptional items and tax
in the second half of the year will be a reasonable reflection
of that achieved in the first half.  This is before taking into
account our initial investment in local loop unbundling,
amortization of intangibles and the impact of both Hurricane
Ivan and the Indian Ocean Tsunami.

Net Cash

Cable & Wireless' net cash balance at 31 December 2004 was
GBP1,384 million (Sept. 30 2004: GBP1,386 million).  The level
of net cash maintained reflects continued tight operational cash
control less the cash flow associated with the share repurchase
program and the investment in local loop unbundling.  Gross cash
was GBP2,228 million (including GBP12 million of treasury
instruments) and gross debt was GBP844 million, of which long
term debt was GBP814 million (Sept. 30 2004: gross cash GBP2,245
million and gross debt GBP859 million).

In the third quarter cash capital expenditure was GBP108 million
(Q2 2004/5: GBP74 million, Q3 2003/4: GBP94 million).  The
increase in capital expenditure in the quarter reflects the
unbundling of further exchanges and the upgrade in capacity and
functionality of the backhaul network by Bulldog Communications
and the phasing of capital expenditure across the Group.  Cash
capital expenditure in the nine months to 31 December 2004
totaled GBP232 million (Nine months to 31 December 2003 GBP266
million).  Capital expenditure for the full year 2004/5 is now
expected to be between GBP350 million and GBP370 million,
including investment in local loop unbundling and capital
expenditure by Monaco Telecom.

As indicated in November, in anticipation of the triennial
valuation of the U.K. defined benefit pension scheme at 31 March
2005, the company will make an interim contribution of GBP100
million in the final quarter of the year.

Cable & Wireless - Group Revenue and Cash

GBP million                 Q3          Q2         Q3
(unaudited and
at actual rates)          2004/5      2004/5     2003/4

Revenue

UK                        390         405         413

CWAO                        5           4           6

Europe                     46          47          62

Japan & Asia               66          65          71

Bulldog Communications      4           3           -

UK Group                  511         524         552

National Telcos (excluding
Caribbean                141         134         134
and Monaco)

Caribbean                 139         136         159

Monaco Telecom             26          26           -

National Telcos           306         296         293
Inter-group eliminations  (9)          -          (6)

Revenue from continuing
businesses                808         820         839

Group Revenue             808         820         917

Cash

Gross Cash              2,228       2,245       2,547

Gross Debt               (844)       (859)       (946)

Net Cash                1,384       1,386       1,601

Notes to the Quarterly Trading Statement

Revenue from continuing businesses excludes the U.S. domestic
businesses that were deconsolidated from the Group accounts on 8
December 2003 and TeleYemen that ceased operating following the
expiry of its license on 31 December 2003.

The analysis of revenue in the table above is based on existing
disclosure.  From the year ending 31 March 2005, the geographies
comprising the U.K. Group will be analyzed as Enterprise,
Business, Carrier Services and Bulldog Communications (For
comparative purposes geographic analysis will be retained for
the 2004/5 full year results only).

The sale of Cable & Wireless IDC Inc ('C&W IDC Japan') is
expected to complete in the fourth quarter of 2004/5.  Until
completion of the transaction, results from C&W IDC Japan will
be classified within continuing businesses.  C&W IDC Japan
revenue for the three months ended 31 December 2004 was GBP57
million (Q2 2004/5: GBP55 million, Q3 2003/4: GBP61 million).

Shares purchased under the share repurchase programme have not
been cancelled but are instead being held as Treasury stock:

                   2004/5          2004/5          2003/4

                  31 Dec 04       30 Sep 04       30 Sep 03

Number of shares  2,365,410,136   2,388,599,080   2,383,596,194
outstanding

Average and period end US and Jamaican dollar exchange rates
used in the current period and prior year are shown below:

Against Sterling    2004/5          2004/5          2003/4

                    Q3 YTD          Q2 YTD          Q3 YTD

US$
- Average            1.8185          1.8073          1.6338

- Period end         1.9355          1.8027          1.7629

Jamaican$

- Average            110.4882        109.3445         95.0725

- Period end         118.6460        110.5020        105.6860

Final Results

Cable & Wireless will announce its results for the full year to
31 March 2005 on 26 May 2005.

About Cable & Wireless

Cable & Wireless is one of the world's leading international
communications companies.  It provides voice, data and IP
(Internet Protocol) services to business and residential
customers, as well as services to other telecoms carriers,
mobile operators and providers of content, applications and
Internet services.

Cable & Wireless' principal operations are in the United
Kingdom, continental Europe, Asia, the Caribbean, Panama, and
the Middle East.

For more information about Cable & Wireless, go to
http://www.cw.com.

CONTACT:  CABLE & WIRELESS PLC
          Investor Relations:
          Louise Breen Director
    Phone: +44 20 7315 4460

          Virginia Porter
          VP, Investor Relations +1 212 551 3563

          Craig Thornton
          Manager, Investor Relations
          Phone: +44 20 7315 6225

          Media:
          Lesley Smith Group
          Director of Corporate & Public Affairs
          Phone: +44 20 7315 4410

          Steve Double Group
          Head of Media Communications
          Phone: +44 20 7315 6759

          Peter Eustace
          Head of Media Relations
          Phone: +44 20 7315 4495


CITYFRINGE BUSINESS: Members Pass Winding-up Resolutions
--------------------------------------------------------
At the extraordinary general meeting of the members of
Cityfringe Business Centre Limited on Jan. 14, 2005 held at 4
Shakespeare Road, London N3 1XE, the extraordinary and ordinary
resolutions to wind up the company were passed.  Stewart Trevor
Bennett of Berg Kaprow Lewis LLP, 35 Ballards Lane, London N3
1XW has been appointed liquidator of the company.

CONTACT:  BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121
          Web site: http://www.bergkaprowlewis.co.uk


CORIM LIMITED: Creditors Claims Due End of February
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Corim Limited
                         (In Liquidation)

Notice is hereby given that by a Written Special Resolution of
the shareholders of Corim Limited effective from January 7,
2005, it was resolved that the company be placed in Voluntary
Liquidation and that Mr. Timothy Ian Cumming of Suites 13 and
15, Sarnia House, Le Truchot, St. Peter Port, Guernsey GY1 4NA
be appointed liquidator.

All persons owing money to the company are requested to settle
the amounts concerned directly with the liquidator.  All persons
having any claims against the company are requested to send a
detailed account thereof to the Liquidator on or before February
28, 2005.

CONTACT:  T. I. Cumming, Liquidator
          Suites 13 and 15, Sarnia House
          Le Truchot, St. Peter Port
          Guernsey, GY1 4NA


COVENTRYSOUTH LTD: Final Meeting of Members Set February 22
-----------------------------------------------------------
The final meeting of Coventrysouth Ltd. will be on Feb. 22, 2005
at 10:00 a.m.  It will be held at the offices of Griffins,
Russell Square House, 10-12 Russell Square, London WC1B 5EH.

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 submitted
together with Griffins, Russell Square House, 10-12 Russell
Square, London WC1B 5EH not later than 12:00 noon, Feb. 21,
2005.

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


CROYDON BUILDING: Hires Liquidator from Carter Clark
----------------------------------------------------
At the extraordinary general meeting of the members of the
Croydon Building Services Limited on Jan. 14, 2005 held at
Meridian House, 62 Station Road, North Chingford, London E4 7BA,
the extraordinary and ordinary resolutions to wind up the
company were passed.  A. J. Clark of Carter Clark, Meridian
House, 62 Station Road, North Chingford, London E4 7BA has been
appointed liquidator of the company.

CONTACT:  CARTER CLARK
          Meridian House 62 Station Road,
          North Chingford, London E4 7BA


DD4 LIMITED: Calls Creditors Meeting
------------------------------------
The creditors of DD4 Limited will meet on Feb. 7, 2005 at 11:00
a.m.  It will be held at Sargent & Company, 36 Clare Road,
Halifax HX1 2HX.  Creditors who want to be represented at the
meeting may appoint proxies.  Proxy forms must be submitted
together with written debt claims to Sargent & Company, 36 Clare
Road, Halifax HX1 2HX not later than 12:00 noon, Feb. 4, 2005.

CONTACT:  SARGENT & COMPANY
          36 Clare Road,
          Halifax HX1 2HX


EUROTUNNEL PLC: Rethinks Strategy to Cope with Competition
----------------------------------------------------------
Eurotunnel plc, operator of the Channel Tunnel, on Jan. 25, 2005
reported revenue and traffic figures for the year-ended 31
December 2004.

Jean-Louis Raymond, Chief Executive, said: "The cross-Channel
market has remained difficult for all operators, as it has for
Eurotunnel.  The improvement in Eurostar traffic over the last
year has certainly been encouraging, but competitive pressure
remains strong and the impact on the market of the development
of 'no-frills' airlines is being felt ever more strongly.

"Making sure that Eurotunnel remains competitive in the future
has required a radical change in commercial policy.  This is why
a new commercial strategy has been in place in the Truck
business since 1 January 2005.  It reinforces the Eurotunnel
shuttles' specific strengths to the market: speed, frequency and
reliability.  The new Passenger strategy will be launched in
time for the summer.

"At the same time, the policy of controlling costs continues to
bear fruit.  By combining these initiatives, Eurotunnel has
given itself the means to stabilize revenues and to restore
margins."

Traffic
                2004        2003      %change    %market change*

Truck
Shuttles     1,281,207    1,284,875
               trucks        trucks      0%              + 6%

Passenger
Shuttles     2,101,323    2,278,999      -8%              -6%
               cars**        cars**

               63,467        71,942      -12%             -4%
               coaches       coaches

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Short Straits market: Folkestone-Dover/Boulogne-Calais-
Dunkerque-Zeebrugge

[**]Including motorcycles, cars with trailers, caravans and
campervans
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Revenue

GBP million       2004      2003         2004/2003     2003
               unaudited   restated[1]   % change     published
Exchange rate
EUR/GBP          1.466         1.466                    1.435

Shuttle Services   285            306       -7%          309

Railways           234            230       +2%          232

Transport
activities         519            536       -3%          541

Non-transport
activities          19             24      -23%           25

Operating revenue  538            560       -4%          566

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] 2003 operating revenue has been restated at an exchange rate
of GBP1=EUR1.466 to permit a direct comparison with 2004.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

                        Shuttle Services

Truck Shuttles

Overall, the Short Straits truck market returned to growth in
2004.  Eurotunnel carried 1,281,207 trucks in 2004, a similar
result to that achieved in 2003.  Eurotunnel did not benefit
from the growth in the market stimulated, predominantly, by
increased trade from the former Eastern bloc countries following
their accession to the E.U. in May 2004, and by the continuing
shift from trucks to containerised units which benefits the
northern part of the overall U.K.-Continental market.  The
benefits of a faster crossing via the Channel Tunnel make less
impact on such long-distance logistics chains.

Passenger Shuttles

The Short Straits car market fell by 6% in 2004.  Eurotunnel
carried 2,101,323 cars, representing an 8% fall in traffic.  The
car market continued to contract throughout 2004, whilst
traditional ferry operators, new entrants, and the "no-frills"
airlines maintained strong competitive pressure.

The Short Straits coach market fell by 4% in 2004 as scheduled
cross-Channel coach services continued to contract.
Eurotunnel's greater dependence on the scheduled coach market
together with continued expansion from "no-frills" airlines
resulted in a 12% fall in volume to 63,467 coaches in 2004.

Railways (Eurostar & Rail Freight)

The Channel Tunnel is also used by rail services not managed by
Eurotunnel -- Eurostar for high-speed passenger-only services on
London/Paris and London/Brussels, and EWS and SNCF for
international rail freight services.

Eurostar

The number of passengers carried through the Channel Tunnel by
Eurostar rose by 15% in 2004 to 7,276,675 passengers (excludes
domestic passengers between Paris/Calais and Brussels/Lille.)

Rail Freight

Rail freight tonnage carried through the Channel Tunnel
increased by 8% to 1,889,175 tonnes in 2004.

Revenues from Eurostar and rail freight services through the
Tunnel are protected by the Minimum Usage Charge (MUC) paid to
Eurotunnel by the Railways.  Despite these increases, traffic
from the Railways remains significantly below levels required to
exceed MUC payments.  Consequently, the revenue increase in this
sector was only 2% to GBP234 million.  Payments under the MUC
continue until the end of November 2006.

Non-transport Activities

Revenue of GBP19 million from non-transport activities was 23%
lower than in 2003 due to lower revenues from telecoms, land
sales and retail.

CONTACT:  EUROTUNNEL PLC
          Media Inquiries:
          John Keefe
          Kevin Charles
          Phone: + 44 (0) 1303 288728

          Investor Inquiries:
          Xavier Clement
          Phone: + 33 1 55 27 36 27


EUROTUNNEL PLC: Fitch Unmoved by Operational Results
----------------------------------------------------
Fitch Ratings says Eurotunnel's 2004 operational results
published on Tuesday are historical and do not signal the new
management's agenda for the group.  The agency adds that
Eurotunnel creditors are in a "phoney war" with the company over
negotiations on the group's debt, which have to be reduced
relative to the profitability of operations.  Fitch is keeping
the unwrapped tranches of Eurotunnel-related debt on Rating
Watch Negative, while it has affirmed the monoline MBIA-wrapped
tranches at 'AAA'.

The 12 months ended December 2004 operational results, which
show declining yields amid stable and falling volumes in car and
HGV traffic respectively, are not reflective of new management's
pricing strategy or the contract base for shuttle traffic
through the tunnel.  As part of the management's three-year plan
announced in October 2004, targeted hauliers are being presented
with agreements matching minimum usage with assured service at a
certain price.

Eurotunnel's own capacity, and thereby its costs, are being
reduced accordingly.  This strategy will require a mindset
change amongst disparate haulier users who opportunistically
choose between ferry and tunnel for their regular cross-channel
journeys, squeezing uneconomic tariffs out of both modes of
transport.  It is not yet clear how the P&O Ferries and
SeaFrance operators are going to react during 2005, thus it is
difficult to forecast Eurotunnel's own volume or turnover and
profits.  In this respect Eurotunnel made an overt pricing
policy announcement (the first of its kind) in October 2004 that
"Eurotunnel's objective is to increase yield by 8-10% in 2005".
However, it is difficult to predict participants' future
behavior as ferry operators have continued to defy rational
financial discipline.

Fitch believes that there could be a convenient agenda here for
the new management.  If Eurotunnel creditors are waiting until
deadlines (some in 2005, but the real crunch looms by 2007 when
junior debt amortizations become burdensome) for earnest debt
negotiations to get underway, the operational side of the
business can use this interim period to test this new strategy
and return to the previous management's wish to restore some
pricing discipline to the market.

Eurotunnel's new management could have either chosen volume at
the expense of prices or vice versa.  It has chosen the latter.
Furthermore, by the end of 2006, any potential change, if any,
in parameters for the Eurostar train usage contract (around 45%
of Eurotunnel's turnover) may be clearer.

Eurotunnel's financial creditors, of whom the monoline MBIA is
one of the most significant vote-holders, are a disparate array
of entities with different instruments and different time
horizons, and thus hold different agendas.  Some entities also
have stakes in more than one tranche of debt, which will make
their agendas very interesting.  Although Eurotunnel's financing
documentation shows one hierarchy of creditor status, once talks
are underway this may be negotiated away.  "Eurotunnel's
management and creditors know that these negotiations are going
to be tortuous in every respect.  Meanwhile, the first grenade
has yet to be lobbed," says John Hatton of Fitch's Corporate
team.

Until the negotiations start, Fitch reiterates that Eurotunnel-
related debt is rated according to projected profits and the
agency's understanding of the tranches of debt's contractual
base.  Should this change the ratings may change.  Fitch's
ratings relate to the Fixed Link Finance vehicles' repackaged
debt linked to Eurotunnel's senior and junior debt (the top
GBP4.3 billion of Eurotunnel's debt), and not the subordinated
equity-like instruments lower down the group's capital
structure.

The unwrapped tranches of debt issued by the Eurotunnel-related
SPV, Fixed-Link Finance B.V. ("FLF1") are rated, as:

(a) GBP200 million Class A1 notes due 2025: 'BBB' On Rating
    Watch Negative,

(b) EUR103 million Class A2 notes due 2025: 'BBB' On Rating
    Watch Negative,

(c) GBP0.05 million Class B1 notes due 2025: 'BB' On Rating
    Watch Negative,

(d) EUR135 million Class B2 notes due 2025: 'BB' On Rating Watch
    Negative,

(e) EUR142 million Class C2 notes due 2025: 'B+' On Rating Watch
    Negative

FLF1's GBP232 million Class G1 notes due 2025 and EUR365 million
Class G2 notes due 2025 (both wrapped by MBIA) are affirmed at
'AAA'.  Fitch's undisclosed ratings of Eurotunnel's underlying
junior debt (Tier 1, Tier 2 and Tier 3) form the collateral for
the FLF1 notes.

Fixed-Link Finance 2 B.V.'s ("FLF2") unwrapped GBP120m Class A
notes due 2026, rated 'BBB-' (BBB minus), are also on Rating
Watch Negative.  The GBP620 million guaranteed notes due 2027/28
(wrapped by MBIA) are affirmed at 'AAA'.

CONTACT:  FITCH RATINGS
          John Hatton, Corporates, London
          Phone: +44 (0)20 7417 4283
          Philip Walsh, Structured Finance
          Phone: +44 (0)207 417 3556

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


EYEDEA LIMITED: Appoints Liquidator from Tomlinsons
---------------------------------------------------
At the extraordinary general meeting of Eyedea Limited on Jan.
13, 2005 held at Tomlinsons, St John's Court, 72 Gartside
Street, Manchester M3 3EL, the resolutions to wind up the
company were passed.  Alan H. Tomlinson of Tomlinsons, St John's
Court, 72 Gartside Street, Manchester M3 3EL has been appointed
liquidator of the company.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


GAMAY LIMITED: Creditors Claims Due Next Week
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                   IN THE MATTER OF Gamay Limited
                         (In Liquidation)

At an Extraordinary General Meeting of the company held on
January 14, 2005 these resolutions were adopted:

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

(b) That IPES Trustees Limited of Alexander House, 13-15
    Victoria Road, St. Peter Port, Guernsey be and is hereby
    appointed liquidator of the company.

All persons having claims against the above Company are
requested to submit details thereof to the liquidator on or
before January 31, 2005 and all persons indebted to the company
are requested to settle with the undersigned before the
aforementioned date.

CONTACT:  IPES TRUSTEES LIMITED
          Liquidator
          Alexander House
          13-15 Victoria Road
          St. Peter Port, Guernsey


G & R STRUCTURAL: Exec Gets Six-year Directorship Ban
-----------------------------------------------------
A director of a steel fabrication business that failed with
total debt estimated at around GBP317,000 has given an
undertaking not to hold directorship or take any part in company
management for six years.

John Gilbert, 48, of Gypsy Lane, Nuneaton, Warwickshire, gave
the undertaking in respect of his conduct as director of G & R
Structural Limited, which carried out business from premises at
Unit 10, Hales Industrial Estate, Coventry.

Acceptance of the Undertaking on January 14, 2005, effective
from February 4, 2005, prevents Gilbert from being a director of
a company or, in any way, whether directly or indirectly, being
concerned or taking part in the promotion, formation or
management of a company for the above period.  G & R Structural
Limited was placed into voluntary liquidation on January 31,
2003 with estimated debt of GBP316,562 owed to creditors.

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

Matters of unfit conduct, not disputed by John Gilbert, were
that:

(a) He failed to ensure G & R Structural Limited complied with
    its statutory obligations to pay taxes and submit returns to
    the Inland Revenue on time; and

(b) He also caused the Inland Revenue to be treated in a manner
    detrimental to the Inland Revenue.

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

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

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


INSENSIA CAPITAL: Goes into Liquidation
---------------------------------------
Glasgow-based Insensia Capital Limited has collapsed into
liquidation after a reverse takeover failed, The Scotsman
reports.

The financial information services provider experienced
difficulties as early as two years ago.  It leaves 100 private
investors with GBP250,000 in debt.  The company floated on the
Ofex market in 2001 and had a market value of GBP1 million then.

CONTACT:  INSENSIA CAPITAL LIMITED
          82 West Nile Street
          Glasgow G1 2QH


IVM INTERNATIONAL: Names PKF Liquidator
---------------------------------------
At the meeting of IVM International Limited on Dec. 10, 2004,
the special and ordinary resolutions to wind up the company were
passed.  Frederick Charles Satow and Stephen Paul Holgate of
PKF, Farringdon Place, 20 Farringdon Road, London EC1M 3AP have
been appointed joint liquidators of the company.

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


LINKFAYRE LIMITED: Director Receives Thirteen-year Ban
------------------------------------------------------
A director of a mobile telephone and computer components retail
business that failed with total debt estimated at around
GBP2,634,000 has given an undertaking not to hold directorships
or take any part in company management for 13 years.

The Undertaking by Saghir Ahmad Qureshi, 37, of Brenthurst Road,
Willisden, London, was given in respect of his conduct as
director of Linkfayre Limited which carried out business from
premises at Blue Box, Unit 9-10, Station Approach,
Rickmansworth, Watford, WD18 7FR.

Acceptance of the Undertaking on January 12, 2005 prevents
Saghir Ahmed Qureshi from being a director of a company or, in
any way being concerned in or taking part in the promotion,
formation or management of a company for the above period.
Linkfayre Limited was placed into voluntary liquidation on
February 5, 2003 with estimated debt of GBP2,633,644.08 owed to
its creditors.

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

The matter of unfit conduct, not disputed by Saghir Ahmed
Qureshi solely for the purpose of the undertaking, was that he
disregarded the suspicious circumstances surrounding a number of
transactions involving the supply of computer equipment and
mobile telephones which should have alerted him to the risk that
the VAT payable to HM Customs & Excise in respect of the
supplies would go unpaid in that:

(a) On December 12 and 19 December 2001, HM Customs and Excise
    visited Linkfayre's premises and removed eleven invoices.
    On January 17, 2002 HM Customs & Excise wrote to Linkfayre
    providing advice as to future trading and requesting further
    information.  Mr. Qureshi informed HM Customs & Excise that
    he received this letter on January 25, 2002.  Between
    January 25, 2002 and December 12, 2002 there were six
    subsequent visits or letters to Linkfayre by HM Customs &
    Excise;

(b) Mr. Qureshi failed to provide to HM Customs & Excise
    sufficient books and records to enable HM Customs & Excise
    to satisfy themselves that transactions as described and
    claimed in a VAT Return, which claimed input tax of
    GBP1,592,449, actually took place and as a result such input
    tax was disallowed; and

(c) Following the disallowance of its input VAT, Linkfayre was
    unable to pay a total liability of GBP2,637,584.65 to HM
    Customs & Excise that remained unpaid at liquidation.

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

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

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


LUXFER HOLDING: Moody's Downgrades Ratings on Bleak Outlook
-----------------------------------------------------------
Moody's Investors Service downgraded the senior implied rating
of Luxfer Holdings Plc to Caa1 from B3 and placed all ratings
under review for further possible downgrade.  Affected ratings
are:

(a) Senior implied rating downgraded from B3 to Caa1,

(b) Senior unsecured issuer rating from Caa1 to Caa2,

(c) GBP160.0 million 10.125% senior notes due 2009 lowered from
    Caa1 to Caa2 (outstanding principal reduced to approximately
    GBP131.4 million as of 30 September 2004)

The downgrade reflects:

     (i) the company's weak cash generation and liquidity
         profile, with very limited flexibility to absorb
         potential future negative credit events;

    (ii) Luxfer's highly challenging operating environment and
         limited scope for operating performance improvements as
         profitability is likely to continue to be adversely
         impacted by the unfavorable US$/GBP exchange rate,
         increasing competition from the Chinese producers and
         softening products demand in some specific end-user
         markets; and

   (iii) Moody's growing concerns as to Luxfer's ability to grow
         cash flows and meet its operating and financial
         obligations over the near-term.

During the first nine months of 2004, Luxfer continued to face
difficult trading conditions as the company's performance was
negatively affected by:

     (i) a weakening US$/GBP exchange rate;

    (ii) lower-than-expected sales of gas cylinders to the
         beverage and fire extinguisher markets and zirconium
         chemical products to the paper industry;

   (iii) rising raw material prices, especially aluminium,
         magnesium and chemical inputs; and

    (iv) significant pricing pressure from Chinese producers in
         more commodity-like zirconium-based products.

Although Moody's recognizes for the first nine months 2004:

     (i) the company's higher sales volumes in the gas cylinders
         division, especially sustained by a recovery in the
         U.S. medical market;

    (ii) an improved product mix in the Elektron division,
         following the introduction of the new G4 zirconium
         catalyst products and a strong performance in the
         magnesium business; and

   (iii) encouraging margin improvements, mainly reflecting the
         benefits of its cost restructuring initiatives,
         Luxfer's operating profitability remains weak with
         GBP21.2 million adjusted EBITDA reported for the last
         twelve months to September 2004 compared to GBP 18.8
         million for full year 2003.

Moody's expects also the company's EBITDA for full year 2004 to
be mainly in line with prior year level after adjusting 2003
reported EBITDA for GBP2.0 million costs related to the launch
of the new G4 zirconium products.

The downgrade also reflects Luxfer's weak cash generation and
the resulting tight liquidity position.  Luxfer has absorbed
cash since the beginning of financial year 2003 and reported
negative GBP6.0 million free cash flow for the first nine months
of 2004 (despite GBP4.3 million cash inflow from assets
disposals) reflecting limited cash contribution from operating
activities, increasing working capital requirements and material
cash interest costs in the magnitude of approximately GBP13-14
million per year.

At the end of September 2004, the company reported GBP5.5
million cash on balance sheet (cash and cash equivalents
amounted to GBP9.9 million as of 31 December 2003 and GBP16.8
million as of 31 December 2002) with approximately GBP2.0
million utilization under its revolving credit facility.
Moody's expects the company's very modest liquidity cushion to
be further reduced at the end of financial year 2004 with
limited flexibility left to the company to absorb further
potential negative credit events.

Importantly, Moody's notes that the company relies for its on-
going financing requirements solely on the continuing
availability of its twelve-month GBP30.0 million revolving
credit facility (providing GBP20.0 million short-term borrowings
with the rest available for letter of credits, performance bonds
and forward foreign currency contracts).

Moody's review for further possible downgrade will focus
primarily on Luxfer's ability to successfully turn around
operating performance in light of a more favorable business
environment, potential for future increases in the company's
cash flow generation and management's funding plans.

Headquartered in Manchester, United Kingdom, Luxfer specializes
in the design and manufacture of high-pressure aluminum gas
cylinders, as well as aluminum, zirconium, and magnesium-based
engineering products for use in the aerospace, automotive,
medical, and general engineering industries.  During the first
nine months of financial year 2004, Luxfer reported consolidated
revenues of GBP174.1 million and EBITDA of approximately GBP17.7
million, for total debt of GBP133.6 million (before issue
costs).  Luxfer reported LTM net debt/EBITDA of 6.0x as of 30
September 2004.


M.J.M.PATTERNS & CASTINGS: Members Final Meeting Set February
-------------------------------------------------------------
The final meeting of the members of M.J.M.Patterns & Castings
Ltd. will be on Feb. 24, 2005 at 2:30 p.m.  It will be held at
the offices of Poppleton & Appleby, 35 Ludgate Hill, Birmingham
B3 1EH.

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 submitted
together with written debt claims to Poppleton & Appleby, 35
Ludgate Hill, Birmingham B3 1EH not later than 12:00 noon, Feb.
23, 2005.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH


NTD U.K.: Director Banned from Occupying Management Post
--------------------------------------------------------
A director of a shutter doors manufacturing business that failed
with total debt estimated at around GBP643,000 has given an
undertaking not to hold a directorship or take any part in
company management for six years.

Eric Andrew Green, 55, of Bowling Green Road, Stourbridge, West
Midlands, gave the undertaking in respect of his conduct as a
director of NTD (U.K.) Limited, which carried out business from
premises at Broadglass House, Timmis Road, Stourbridge, West
Midlands.

Acceptance of the Undertaking on January 5, 2005 prevents Eric
Andrew Green from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for the
above period.  NTD (U.K.) Limited was placed into voluntary
liquidation on January 10, 2003 with estimated debt of
GBP643,000 owed to creditors.

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

Matters of unfit conduct, not disputed by Eric Andrew Green,
were that:

(a) He caused NTD to transfer plant, machinery, office
    furniture, a Mitsubishi Canter vehicle and two Peugeot 206's
    to an associated company, Gaposa (U.K.) of which he was a
    director and shareholder;

(b) No monies were received by NTD as a result of these
    transactions, which were to the detriment of NTD's creditors
    generally and to Mr. Green's benefit and to the benefit of
    an associated company, of which he was a director and
    shareholder;

(c) He, at a time when NTD was failing to pay its suppliers
    caused NTD to enter into a lease for premises at Timmis
    Road, Lye, Stourbridge at twice the annual rent of NTD's
    previous premises, the landlord being the trustee of a
    pension fund and the beneficiaries of that pension fund
    being Mr. Green and his wife; and

(d) He caused NTD to pay dividends of GBP27,708 to himself,
    GBP35,755 to members of his family and GBP3,124 to a non-
    shareholder these advances being to the detriment of the
    company's creditors.

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

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

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


ORIENTAL CITY: Names B & C Associates Liquidator
------------------------------------------------
At the extraordinary general meeting of the members of Oriental
City Business Centre Limited on Jan. 13, 2005 held at Trafalgar
House, Grenville Place, Mill Hill, London NW7 3SA, the
extraordinary resolution to wind up the company was passed.
Jeffrey Brenner of B & C Associates, Trafalgar House, Grenville
Place, Mill Hill, London NW7 3SA has been appointed liquidator
of the company.

CONTACT:  B & C ASSOCIATES
          Trafalgar House, Grenville Place,
          Mill Hill, London NW7 3SA


QUANTEN LIMITED: Creditors Claims Due Mid-February
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Quanten Limited
                         (In Liquidation)

Notice is hereby given that at an Extraordinary General Meeting
of the Shareholders of Quanten Limited held on December 31,
2004, these resolutions were passed special resolutions:

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

(b) That Andrew John Taberner, Chartered Accountant, of Canada
    Court, Upland Road, St. Peter Port, Guernsey be appointed
    sole liquidator of the company.

All persons having claims against or indebted to the company are
hereby requested to send details thereof to the liquidator at
Canada Court, Upland Road, St. Peter Port, Guernsey, on or
before February 14, 2005.

CONTACT:  Andrew John Taberner, Liquidator
          Canada Court, Upland Road,
          St. Peter Port, Guernsey


RAPID INTERIORS: Liquidator from Moore Stephens Moves in
--------------------------------------------------------
At the extraordinary general meeting of Rapid Interiors Limited
on Jan. 18, 2005 held at the offices of Moore Stephens,
Corporate Recovery, Victory House, Admiralty Place, Chatham
Maritime, Kent ME4 4QU, the subjoined extraordinary resolution
to wind up the company was passed.  David Ronald Elliott of
Moore Stephens, Corporate Recovery, Victory House, Admiralty
Place, Chatham Maritime, Kent ME4 4QU has been appointed
liquidator of the company.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Victory House
          Admiralty Place
          Chatham Maritime
          Kent ME4 4QU
          Phone: +44 (01634) 895100
          Fax: +44 (01634) 895101
          Web site: http://www.moorestephens.com


SHOWSHOPPER LIMITED: Members Pass Winding-up Resolution
-------------------------------------------------------
At the extraordinary general meeting of Showshopper Limited on
Jan. 12, 2005 held at 76 New Cavendish Street, London W1G 9TB,
the subjoined extraordinary resolution to wind up the company
was passed.  David Wald of D. Wald & Co., 18 Sapcote Trading
Centre, Dudden Hill Lane, London NW10 2DH has been appointed
liquidator of the company.

CONTACT:  D. WALD & CO.
          18 Sapcote Trading Centre,
          Dudden Hill Lane, London NW10 2DH


SKYLOFT LIMITED: Insolvency Service Disqualifies Top Honcho
-----------------------------------------------------------
The director of a public house tenancy brokers business that
failed with total debt estimated at around GBP112,000 has given
an Undertaking not to hold a directorship or take any part in
company management for four years.

The Undertaking by Robert Christopher Platts, 34, of Friargate,
Derby, was given in respect of his conduct as a director of
Skyloft Limited, which carried out business from premises at 29
Friargate, Derby, DE1 1BX.

Acceptance of the Undertaking on January 12, 2005 prevents
Robert Christopher Platts from being a director of a company or,
in any way, whether directly or indirectly, being concerned or
taking part in the promotion, formation or management of a
company for the above period.  Skyloft Limited was wound up by
Order of the High Court on October 30, 2002 on the Petition of
the Commissioner for the Inland Revenue for GBP64,584.15 in
respect of Income Tax, National Insurance Contributions and
interest; the company has an estimated total deficiency of
GBP112,000.

The Official Receiver at Nottingham had conduct of the
investigation and disqualification procedure.

Matters of unfit conduct, not disputed by Robert Christopher
Platts, were:

(a) He caused Skyloft to trade whilst insolvent to the detriment
    of the Inland Revenue between November 2000 and January
    2002.  He should have known of the company's insolvent
    position by November 2000 at the latest, and by causing or
    allowing the company to continue to trade until January
    2002, the debt to the Inland Revenue increased from
    GBP38,245 in November 2000 to GBP49,124 in January 2002.

(b) He caused Skyloft to trade to the detriment of HM Customs &
    Excise between October 1999 and January 2002, with a result
    that between those dates the company's liability to HM
    Customs & Excise increased by GBP45,702.

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

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

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


SOLOTEX LIMITED: Hires Liquidator from Elwell Watchorn & Saxton
---------------------------------------------------------------
At the extraordinary general meeting of Solotex Limited on Jan.
14, 2005 held at the offices of Elwell Watchorn & Saxton, 109
Swan Street, Sileby, Leicestershire LE12 7NN, the subjoined
extraordinary resolution to wind up the company was passed.
Paul Anthony Saxton of Elwell Watchorn & Saxton, 109 Swan
Street, Sileby, Leicestershire LE12 7NN has been appointed
liquidator of the company.

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


STANDALLIED LIMITED: Members Final Meeting Set February
-------------------------------------------------------
The final meeting of the members of Standallied Limited will be
on Feb. 25, 2005 at 10:00 a.m.  It will be held at RSM Robson
Rhodes LLP, 186 City Road, London EC1V 2NU.

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 submitted
together with written debt claims to Robson Rhodes, 186 City
Road, London EC1V 2NU not later than 12:00 noon, Feb. 24, 2005.

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


STORMSEAL 2000: Liquidator from Valentine & Co. Moves in
--------------------------------------------------------
At the extraordinary general meeting of Stormseal 2000 Limited
on Jan. 13, 2005 held at the offices of Valentine & Co., 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Robert Valentine of 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS has been appointed liquidator of the
company.

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


THE GRANGE: Hires F A Simms & Partners as Liquidator
----------------------------------------------------
At the extraordinary general meeting of The Grange Hair & Beauty
Limited on Jan. 12, 2005 held at Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP, the subjoined
extraordinary resolution to wind up the company was passed.
Richard Frank Simms of Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP has been appointed
liquidator of the company.

CONTACT:  F A SIMMS & PARTNERS PLC
          Insol House, 39 Station Road,
          Lutterworth, Leicestershire LE17 4AP


THE KITCHEN: Brings in Liquidator from A. J. Nichols
----------------------------------------------------
At the extraordinary general meeting of The Kitchen Company (GB)
Limited on Jan. 14, 2005 held at The Scotch Corner Hotel, Scotch
Corner Junction A1/A66, Richmond, near Darlington, North
Yorkshire DL10 6NR, the extraordinary and ordinary resolutions
to wind up the company were passed.  Andrew James Nichols of
Redman Nichols has been appointed liquidator of the company.


THE PLASTIC: Names O'Hara & Co. Liquidator
------------------------------------------
At the extraordinary general meeting of the Members of The
Plastic People Company (UK) Limited on Jan. 13, 2005 held at
Sentinel House, 1 Ashley Road, Tottenham Hale, London N17 9LP,
the extraordinary and ordinary resolutions to wind up the
company were passed.  Peter O'Hara and Simon Weir of O'Hara &
Co, Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ
have been appointed joint liquidators of the company.


THORNTONS PLC: Interim Results in Line with Expectations
--------------------------------------------------------
Thorntons PLC, the speciality retailer and manufacturer of high
quality chocolate, toffee and other sweet foods, reports sales
figures for the 28 weeks ended 8 January 2005.

(a) Total company sales increased by 9.5% to GBP119.7 million;

(b) Own shop sales declined by 0.3% to GBP85.4 million on an
    estate of 377, eleven fewer shops than last year;

(c) Own Shop like-for-like sales for the half-year were up 0.8%.
    Sales in the four weeks to Christmas, on a like for like
    basis, were down by 0.5%;

(d) Franchise sales were up by 9.3% to GBP8.6 million but there
    were 20 more outlets than in the first half last year.  On a
    like-for-like basis sales were down 4.1%;

(e) Commercial sales accounted for almost all of the increase in
    Group sales in the first half.  Thorntons products sold to
    other retailers increased by GBP9.8 million to GBP13.4
    million, an increase of 270% on last year.  Private label
    commercial sales rose by 2.7% to GBP9.1 million;

(f) Thorntons Direct sales declined by 2.1% to GBP3.2 million.

Christopher Burnett, Chairman, commented: "Christmas trade in
our own shops began slowly compared with last year, but picked
up strongly in the final few days.  Significant growth in the
sale of Thorntons products into other retailers was anticipated
by management and factored into our plans.

"Based on our expected interim results, and barring any
unforeseen circumstances, we would anticipate the results for
the full year to be in line with management's expectations."

Thorntons PLC will be announcing its Interim Results on Tuesday,
22 February 2005.

To see tables:
http://bankrupt.com/misc/Thorntons_Trading_Jan_2005.htm

CONTACT:  THORNTONS PLC
          Christopher Burnett, Executive Chairman
          Phone: 01773 542339
          Peter Burdon, Chief Executive
          John Wall, Finance Director

          BUCHANAN COMMUNICATIONS
          Charles Ryland/Nicola Cronk
          Phone: 020 7466 5000


TRAVELEX PLC: Moody's Puts Four Ratings on Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service placed the ratings of Travelex plc on
review for possible downgrade following the January 21
announcement that four financial investors have been identified
as bidders for the company.  Moody's expects that a purchase by
any of the four firms, Apax Partners, BC Partners, Permira, and
Kohlberg Kravis Roberts, would increase Travelex' leverage above
current levels.  These ratings have been placed on review for
possible downgrade:

(a) Senior implied rating of B1,

(b) Senior secured bank credit facility of Ba3,

(c) Senior unsecured notes rated B2,

(d) Senior unsecured issuer rating of B2

Moody's ratings review will focus on Travelex' financial
position, its capital structure, and its strategic and
operational focus following any decision about a sale.  Ratings
will also continue to consider Travelex' existing strengths and
challenges, including its strong position in a highly
competitive industry; the complexity of its operations; and its
exposure to air travel and tourism.

Travelex plc, based in London, United Kingdom, provides foreign
exchange currency services in Europe, the U.S., Australasia, and
Asia.


TUCUMAN LAND: Administrators from Milner Boardman Step in
---------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed administrators for Tucuman Land Holdings Limited.  The
appointment was made Jan. 14, 2005.  The holding company's
registered office is located at Spridlington Road, Faldingworth,
Lincolnshire LN83SQ.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


TYLER LONDON: Members Decide to Wind up Firm
--------------------------------------------
At the extraordinary general meeting of the members of Tyler
London Limited on Jan. 12, 2005 held at Russell Square House,
10-12 Russell Square, London WC1B 5EH, the extraordinary and
ordinary resolutions to wind up the company were passed.  Martin
Freeman has been appointed liquidator of the company.


UK TOOLING: Hires Liquidator from S F Plant+Co.
-----------------------------------------------
At the extraordinary general meeting of UK Tooling And Moulds
Limited on Jan. 12, 2005 held at Lutomer House, 100 Prestons
Road, London E14 9SB, the extraordinary and ordinary resolutions
to wind up the company were passed.  Daniel Plant of S F
Plant+Co, Lutomer House, 100 Prestons Road, London E14 9SB has
been appointed liquidator of the company.

CONTACT:  S F PLANT+CO
          Lutomer House,
          100 Prestons Road, London E14 9SB


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

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


UNIVERSAL PLANNING: Calls in Liquidator from Begbies Traynor
------------------------------------------------------------
At the extraordinary general meeting of Universal Planning
Services Limited on Jan. 11, 2005 held at The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, the subjoined
extraordinary resolution to wind up the company was passed.
Mark Robert Fry of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG has been
appointed liquidator of the company.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange
          234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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