/raid1/www/Hosts/bankrupt/TCREUR_Public/050131.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, January 31, 2005, Vol. 6, No. 21

                            Headlines

B U L G A R I A

FIRST INVESTMENT: EUR200 Million Bonds Rated 'B+'


F R A N C E

ALSTOM SA: Sells 'Attached' Cruise ship for Undisclosed Sum
ALSTOM SA: Offers to Exchange New Notes for Bonds Due 2006
EUROTUNNEL SA: Downgraded Ratings Kept on CreditWatch
EUROTUNNEL SA: Chair to Release Restructuring Plan Mid-June


G E R M A N Y

BLECKMANN SPEDITION: Declares Bankruptcy
BM GASTRONOMIE: Heumann und Kollegen Takes over Operations
BRENNTAG HOLDING: 'BB-' Corporate Credit Rating Affirmed
CANNAPE GASTRONOMIE: Claims Verification Set Mid-March
CATALOOM AG: Administrator's Report Out Mid-March

FFO ERLEBNISGASTRONOMIE: Applies for Bankruptcy Proceedings
FORD ALDENHOVEN: Court Accepts Bankruptcy Application
HACKNER AVIMEDIA: Bankruptcy Court Stays All Pending Lawsuits
IBS/BEC: Creditors Claims Due Next Week
KAMPS AG: Overhauls Bakery Business
OPC LOGISTIC: Creditors Meeting Set Third Week of February


I R E L A N D

KANTOHER CHICKEN: Plant Closure to Leave 140 Jobless


I T A L Y

PARMALAT FINANZIARIA: Court Sets Ex-auditors' Trial March 17
PARMALAT FINANZIARIA: Group Demands Early Return to Stock Market


K Y R G Y Z S T A N

B.A.S. CO.: Creditors Claims Due Third Week of March
ELEKTROTERM: Sets Public Auction February 22
KYRGYZKILEM: To Hold Public Auction Next Week
MARKO: Gives Creditors Until March 20 to File Claims
SAMSEUNG CO: Proofs of Claim Due March


N E T H E R L A N D S

IPTE N.V.: Revamps 'Factory Automation' Division


R O M A N I A

ROMPETROL RAFINARE: Petromidia Refinery Posts First ever Profit


R U S S I A

ALFA: Undergoes Bankruptcy Supervision Procedure
AL-KAM: Tatarstan Court Hires Insolvency Manager
BRYANSK-PROM-CONCRETE: Sets Public Auction of Assets Feb. 10
BUILDER-78: Chelyabinsk Court Brings in Insolvency Manager
DECOR: Hires R. Radyno as Insolvency Manager

GOLUBOYE OZERO: Auctioning RUB12 Million Worth of Assets
KHANTY-MANSIYSK-WOOD: Under Bankruptcy Supervision
KRASNOPOLYE: Falls into Bankruptcy
KURSKIY MACHINE: Sets Public Auction February
REM-TEKH-CENTRE: Expects to Raise RUB1 Mln from Public Auction
YUKOS OIL: Has No more Cash to Pay February Export Duties


U K R A I N E

DAVIDIVSKE: Liquidator Takes over Operations
MALGINO-ALKO: Succumbs to Insolvency
MMK: Court Appoints Insolvency Manager
SEMAKIVSKE: Declared Insolvent
SITEK: Donetsk Court Launches Bankruptcy Proceedings
WEST COMPANY: Court Brings in Liquidator


U N I T E D   K I N G D O M

ACUPOLL EUROPE: Hires Liquidator from Geoffrey Martin & Co.
ALDIE DEVELOPMENTS: Appoints Liquidator from Scott & Paterson
ALISWELL LIMITED: Final Meeting Set February 23
ALLDERS PLC: Alexon Group Files GBP1.5 Million Claim
ALLDERS PLC: Administrator Promises to Carry out Sale Promptly

ALLIED SAFETY: Hires PricewaterhouseCoopers as Liquidator
A S G PROPERTY: Names Liquidators from The P&A Partnership
BAE SYSTEMS: More Heads to Roll as Orders Fall
BEAUTY BASICS: Members Decide to Wind up Firm
BERRIDGE & SONS: Hires Joint Administrators from PKF

BMI BRITISH: Lufthansa Considers Divesting Stake
BRITISH AMERICAN: Creditors Meeting Set February
CHUBB (AUSTRALIA): Joint Liquidators from PwC Move in
CH UK LIMITED: Liquidator from Tomlinsons Moves in
CORUS GROUP: Chief Operating Officer Leaving May

C.P.B. ELECTRICAL: Names Tenon Recovery Administrator
D R & B HOLDINGS: Hires Joint Administrators from PKF
EPIC BRAND: Appoints Philip Scales to Board
E P R AZTEC: Hires Grant Thornton as Liquidator
FLAX (UK): Members Pass Winding up Resolutions

GLOW COMMUNICATIONS: Moves Creditors Meeting to February
GWC RALTON: Sets Creditors Meeting this Week
HARECLIVE (BRISTOL): Appoints Moore Stephens Administrator
JAMES PRICE: Joint Administrators from Stoy Hayward Move in
JOSEPH SANDERS: Members Decide to Wind up Company

KELSEY ROOFING: Calls in Joint Administrators from PwC
MEGABOWL LIMITED: Creditors Meeting Set Next Week
PARLISON PROPERTIES: Calls in Liquidator
REEKIE MANUFACTURING: Administrators Take over Helm
RIVERMOON PUB: Creditors Meeting Set Next Week

SANT AGATA: Hires Joint Administrators from PKF
SONAR 1: Hires Liquidator from Tenon Recovery
STODDARD INTERNATIONAL: Gives Creditors 6 Months to File Claims
TECNOPLAS LIMITED: Calls in Joint Administrators from Menzies
TXU EUROPE: U.S. Parent Settles US$220 Million in Claims

WEST CHARTERING: Members Pass Winding up Resolutions
WESTICA LIMITED: Sets Creditors Meeting Today
WESTOIL LIMITED: Winding-up Report Out Mid-February


                            *********


===============
B U L G A R I A
===============


FIRST INVESTMENT: EUR200 Million Bonds Rated 'B+'
-------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating to
Bulgaria-based First Investment Finance B.V.'s EUR200 million
bonds due Feb. 1, 2008, guaranteed by Bulgaria-based First
Investment Bank (FIB; B+/Positive/--).

"The rating on the bonds reflects the ratings on FIB," said
Standard & Poor's credit analyst John Gibling.  The ratings on
FIB are constrained by the bank's continuing rapid loan growth,
fairly high single-party borrower risk concentrations, and small
and declining levels of capital and profitability.

These negative factors are partially mitigated by the bank's
successful implementation of the domestic expansion strategy
with a focus on retail banking, improved funding profile, and
sound asset quality.  FIB benefits from the continuing
improvements in the Bulgarian economic environment and prospects
for Bulgaria to join the EU in 2007.  FIB, which is majority
owned by two wealthy Bulgarian nationals, has quickly grown to
become the fifth-largest bank in Bulgaria with a moderate 6% of
banking assets in the system, however.

The positive outlook on FIB largely reflects Standard & Poor's
opinion that FIB benefits from its expansion strategy by
strengthening its domestic franchise and improving its financial
performance.  Standard & Poor's expects the bank to maintain its
adequate financial profile and diversify revenues despite
increasing competition and growth targets.

"Positive rating development will depend upon improvements in
the bank's financial profile, including the maintenance of good
levels of capitalization to absorb high levels of loan growth,
and further diversification of the loan portfolio that will help
decrease single-party concentrations, especially as a percentage
of ACE.  Deterioration in the Bulgarian economy and worsening in
FIB's capitalization, asset quality, and/or profitability will
be key to any future negative rating development," added Mr.
Gibling.

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

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


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


ALSTOM SA: Sells 'Attached' Cruise ship for Undisclosed Sum
-----------------------------------------------------------
Iberojet Cruceros, the cruising branch of major Spanish tour-
operator IBEROJET, acquired the cruise ship Mistral, which had
been managed by ALSTOM since early 2004 following the default of
the cruise operator Festival.

Mistral will be delivered to Iberojet Cruceros in March 2005 and
start cruising next spring.  The sale of Mistral is an important
step for Alstom in reducing the risks linked with past vendor
financing of some ships.  The agreement with Iberojet is in line
with the market price assumptions used by Alstom to estimate its
exposure.

CONTACT:  ALSTOM S.A.
          3 avenue Andre Malraux
          92300 Levallois (France)
          Phone: 33 (0) 1 41 49 27 13
          Fax: 33 (0) 1 41 49 79 32 1

          Press relations
          S. Gagneraud/G. Tourvieille
          Phone: +33 1 41 49 27 40/+33 1 41 49 27 13)
          E-mail: internet.press@chq.alstom.com

          Investor relations
          E. Chatelain
          Phone: +33 1 41 49 37 38
          E-mail: Investor.relations@chq.alstom.com


ALSTOM SA: Offers to Exchange New Notes for Bonds Due 2006
----------------------------------------------------------
ALSTOM S.A. intends to launch an exchange offer on its EUR650
million bonds due 26 July 2006 and its EUR250 million auction
rate coupon subordinated notes due 29 September 2006 for new
Euro fixed rate unsubordinated notes due 2010.

The exchange offer period is expected to be open to
institutional investors in selected jurisdictions from 8
February 2005 until 15 February 2005 and to individual investors
(in France, Luxembourg and Switzerland only) from 17 February
2005 until 24 February 2005.

Subject to market conditions, Alstom may decide to issue
additional notes, which would have the same terms and conditions
and form part of the same issue as the new notes.

Patrick Kron, Chairman and Chief Executive Officer of ALSTOM,
declared: "This exchange offer to our bondholders is part of
Alstom's strategy to optimize its debt maturity profile, while
taking advantage of the current favorable market conditions."

CONTACT:  ALSTOM S.A.
          3 Avenue Andre Malraux
          92300 Levallois (France)
          Phone: 33 (0) 1 41 49 27 13
          Fax: 33 (0) 1 41 49 79 32 1

          Press relations
          S. Gagneraud/G. Tourvieille
          Phone: +33 1 41 49 27 40/+33 1 41 49 27 13)
          E-mail: internet.press@chq.alstom.com

          Investor relations
          E. Chatelain
          Phone: +33 1 41 49 37 38
          E-mail: investor.relations@chq.alstom.com

          BNP PARIBAS
          Joint Lead Dealer Managers
          Phone: - +33 1 42 98 17 90/+44 20 7595 8668

          MERRILL LYNCH
          Phone: +33 1 53 65 58 76/+44 20 7995 3715


EUROTUNNEL SA: Downgraded Ratings Kept on CreditWatch
-----------------------------------------------------
Standard & Poor's Ratings Services had taken these ratings
actions on the senior debt of Anglo-French Channel Tunnel
infrastructure operator Eurotunnel S.A. and on notes issued by
the special-purpose vehicles Fixed-Link Finance B.V. (FLF) and
Fixed-Link Finance 2 B.V. (FLF2):

(a) The senior secured debt rating on Eurotunnel's GBP240
    million senior secured bank loan was lowered to 'BBB' from
    'BBB+';

(b) The senior secured debt rating on FLF's Class A notes was
    lowered to 'BB-' from 'BBB-';

(c) The subordinated debt rating on FLF's Class B notes was
    lowered to 'CCC+' from 'B';

(d) The junior subordinated debt rating on FLF's Class C notes
    was lowered to 'CCC-' from 'CCC'; and

(e) The senior secured debt rating on FLF2's GBP120 million
    non-guaranteed notes was lowered to 'B' from 'BB'.

All ratings remain on CreditWatch with negative implications,
where they were placed on Feb. 9, 2004.  The ratings are
expected to remain on CreditWatch until details of the
forthcoming debt restructuring and its impact on Eurotunnel's
senior debt are known.

The rating actions reflect the potential for larger-than-
anticipated total debt reductions, the reduction of available
liquidity, and a challenging year ahead combined with the
complexity of the upcoming debt restructuring.

On-balance-sheet cash balances are expected to trend down over
2005 to their minimum level of GBP25 million.  The reduction in
the float is likely to result from an increased shortfall of
unpaid interest on Tier 3 junior debt and payments for
restructuring costs.  The expected reduction of the float
contrasts with the previously expected amount of more than GBP50
million in 2005.

"Based on the current market values of the various debt
instruments, management does not rule out a debt write-off of
50% to about GBP3.1 billion.  This is significantly below our
previous estimates of a debt reduction to about GBP3.7 billion,"
said Standard & Poor's credit analyst Karl Nietvelt.

"Future debt levels are still subject to very high uncertainty
because debt-restructuring negotiations have yet to begin.
These negotiations are likely to be complex and may result in
significant conflicts between debt holders and equity holders."

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
          InfrastructureFinanceEurope@standardandpoors.com


EUROTUNNEL SA: Chair to Release Restructuring Plan Mid-June
-----------------------------------------------------------
Eurotunnel S.A. Chairman Jean-Louis Raymond targets to at least
halve the firm's EUR9.5 billion debt under his restructuring
plan.

"A reduction of the debt by more than half seems conceivable,"
Mr. Raymond told La Tribune.  He promised to deliver the Channel
tunnel operator's debt-restructuring plan by the middle of June.

The company recently reported operating revenue of GBP538
million for 2004, which is 4% down from the previous year's
results.  This is due to the drop of the number of cars and
coaches using its shuttle train service.  Car traffic declined
by 8%, lower than the overall drop in cross-Channel figure,
which is 6%.  Coaches traffic was 12% down, significantly worse
than the business' 4%.

After Eurotunnel delivered its results, Standard & Poor's
downgraded its GBP240 million senior secured bank loan to 'BBB'
from 'BBB+'.  All its ratings are remain on CreditWatch with
negative implications until details of the forthcoming debt
restructuring and its impact on Eurotunnel's senior debt are
known.

CONTACT:  EUROTUNNEL S.A.
          19 Boulevard Malesherbes
          75008 Paris
          UK - Kevin Charles
          Phone: +44(0) 1303 288728
          Fax: 01303 288731
          E-mail: press.uk@eurotunnel.com

          France - Mady Chabrier
          Phone: +33(0) 1 55 27 35 43

          Calais Region - Yves Szrama
          Phone: +33 (0) 3 21 00 69 04


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


BLECKMANN SPEDITION: Declares Bankruptcy
----------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against delivery company Bleckmann Spedition GmbH on Jan. 1.
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. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on March 9, 2005, 9:15 a.m. at the district court of
Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, II. Etage, Zimmer 207 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:  BLECKMANN SPEDITION GMBH
          Am Forderturm 21
          45472 Mulheim an der Ruhr
          Contact:
          Carsten Gudera, Manager
          Helenenstr. 34
          45475 Mulheim an der Ruhr

          Dr. Onno Klopp, Insolvency Manager
          Sternstrasse 58, 40479 Dusseldorf


BM GASTRONOMIE: Heumann und Kollegen Takes over Operations
----------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against BM Gastronomie GmbH & Co. Verwaltungs und Betriebs 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 of Heumann und Kollegen.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005, 9:45 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:  BM GASTRONOMIE GMBH & CO. VERWALTUNGS UND BETRIEBS KG
          Bremer Str. 57 in 01067 Dresden

          Helgi Heumann, Insolvency Manager
          Konigsbrucker Str. 31/33, 01099 Dresden
          Web site: http://www.raheumann.de


BRENNTAG HOLDING: 'BB-' Corporate Credit Rating Affirmed
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Germany-based industrial and
specialty chemicals distributor Brenntag Holding GmbH & Co. KG.
The outlook is stable.

The rating affirmation follows the company's establishment of an
accounts receivable securitization program with proceeds of
about EUR200 million as well as the distribution of EUR200
million to its parent company.

At the same time, the 'BB-' rating and the '3' recovery rating
for the group's senior secured debt facilities and the 'B'
rating for the senior subordinated term loan were affirmed.

"The rating affirmation reflects Standard & Poor's opinion that
Brenntag remains sufficiently capitalized for the rating,
although capitalization is weaker than previously expected,"
said Standard & Poor's credit analyst Martin Amann.  "The
ratings assume that there will not be a further equity
redemption going forward, the group's financial policy is
consistent with the rating, and that the group will deleverage
significantly over time toward levels more in line with the 'BB-
' rating."

Standard & Poor's also expects that free cash flows after
interest and capital expenditures will be mainly used for debt
repayments.

The ratings reflect Brenntag's still high indebtedness following
a leveraged buyout in February 2004 that was sponsored by its
owner Bain Capital Partners.  The leverage will be slightly
higher following the recapitalization than expected earlier in
the year.  Nevertheless, pro forma the recapitalization, debt to
EBITDA leverage at about 4.6x is still expected to be comparable
with our earlier expectations of 4.5x.

The group's aggressive financial profile is partly offset by its
leading positions in the chemical distribution industry.  It is
the market leader in Europe and Latin America, and number three
in the North American market.  The ratings also benefit from
Brenntag's relatively variable cost structure.

For the full-year 2004, Brenntag's non-lease adjusted EBITDA is
expected to exceed EUR240 million.  Brenntag's financial profile
is aggressive.  Total debt to lease-adjusted EBITDA for 2004 is
expected to be high for the ratings at slightly more than 4.5x.
We still expect that total debt to lease-adjusted EBITDA will
improve to approximately 4.0x over the next few years, and to be
more in line with the rating in the medium term.

The outlook is stable.  Standard & Poor' expects that the
financial policy is still consistent with a 'BB-' rating.
"We expect that credit protection measures will improve in the
foreseeable future toward levels more in line with the rating,"
said Mr. Amann.   This is based on the expectation of a further
improvement in the company's profitability, cash flow
generation, and financial profile, as a result of Brenntag's
solid market position, business stability, and proven track
record in improving EBITDA generation.  Standard & Poor's also
expects EBITDA cash fixed-charge cover to exceed 3.0x, and total
debt to EBITDA to decrease to about 4.0x in the medium term.
The outlook is also based on the expectation that liquidity will
remain sufficient and that Brenntag will remain comfortably in
compliance with its 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


CANNAPE GASTRONOMIE: Claims Verification Set Mid-March
------------------------------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against Cannape Gastronomie GmbH on Jan. 3, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 21, 2005
to register their claims with court-appointed provisional
administrator Klaus Siemon.

Creditors and other interested parties are encouraged to attend
the meeting on March 14, 2005, 12:00 noon at the district court
of Monchengladbach, Hauptstelle, Hohenzollernstrasse 157, 41061
Monchengladbach 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:  CANNAPE GASTRONOMIE GMBH
          Alter Markt 42
          41061 Monchengladbach
          Contact:
          Carmine Madeo, Manager

          Klaus Siemon, Insolvency Manager
          Homberger Strasse 12
          40474 Dusseldorf
          Phone:0211/479970
          Fax: +492114799750


CATALOOM AG: Administrator's Report Out Mid-March
-------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Cataloom AG on Dec. 23, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 14, 2005 to register their claims with
court-appointed provisional administrator Dr. Andreas
Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting on March 15, 2005, 10:30 a.m. at the district court
of Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  CATALOOM AG
          Cologneer Str. 30
          50859 Cologne

          Bjorn Bayard, Manager
          Garten 23
          50129 Bergheim

          Dr. Andreas Ringstmeier, Insolvency Manager
          Magnusstr. 13
          50672 Cologne
          Phone: 0221/650 660
          Fax: +49221650661


FFO ERLEBNISGASTRONOMIE: Applies for Bankruptcy Proceedings
-----------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against FFO Erlebnisgastronomie GmbH & Co Vermietungs-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 of Heumann und Kollegen.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005, 10:00 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:  FFO ERLEBNISGASTRONOMIE GMBH & CO. VERMIETUNGS-KG
          Bremer Str. 57 in 01067 Dresden

          HEUMANN UND KOLLEGEN
          Helgi Heumann, Insolvency Manager
          Konigsbrcker Str. 31/33, 01099 Dresden
          Web site: http://www.raheumann.de


FORD ALDENHOVEN: Court Accepts Bankruptcy Application
-----------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Ford Aldenhoven GmbH on Dec. 31, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 10, 2005 to
register their claims with court-appointed provisional
administrator Andreas Muller-Stein.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2005, 9:00 a.m. at the district court
of Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  FORD ALDENHOVEN GMBH
          Meisenweg 1
          50181 Bedburg

          Hans Jurgen Petri, Manager
          Fussfall 12
          50374 Erftstadt

          Dr. Harald Molitor, Manager
          Breslauer Strasse 7
          52388 Norvenich

          Andreas Muller-Stein, Insolvency Manager
          Schutzenstr. 5
          50126 Bergheim
          Phone: 02271-7691-0
          Fax +492271769110


HACKNER AVIMEDIA: Bankruptcy Court Stays All Pending Lawsuits
-------------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Hackner avimedia GmbH on Jan. 1, 2005.  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 Hans-Gerd Jauch.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2005, 9:15 a.m. at the district court
of Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  HACKNER AVIMEDIA GMBH
          Daimlerstrasse 47
          50170 Kerpen

          Peter Hackner, Manager
          Buchenhohe 3
          50169 Kerpen

          Hans-Gerd Jauch, Insolvency Manager
          Sachsenring 81, 50677 Cologne
          Phone: 33660130
          Fax: +492213366085


IBS/BEC: Creditors Claims Due Next Week
---------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against IBS/BEC Setzer GmbH on Dec. 28, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 7, 2005 to register their
claims with court-appointed provisional administrator Karl-
Heinrich Lorenz.

Creditors and other interested parties are encouraged to attend
the meeting on March 31, 2005, 9:45 a.m. at the district court
of Mannheim, 68149 Mannheim 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:  IBS/BEC SETZER GMBH
          Burgermeister-Rompert-Str. 16
          68799 Reilingen
          Contact:
          Bernd Setzer, Manager

          Karl-Heinrich Lorenz, Insolvency Manager
          Theodor Heuss-Anlage 12
          68165 Mannheim
          Phone: 0621/422900


KAMPS AG: Overhauls Bakery Business
-----------------------------------
Kamps AG's new management tackles the bolstering of its
profitability.  Europe's largest manufacturer of bakery produce
resists the sustained market weakness by means of a radical
reorganization: regional structures, which came into being in
consequence of acquisitions, were closed by 1 September.  Today,
central capacities support the division's retail (self-service
bakery produce) and bakeries (bakery shops).

The key to success is that tasks referring to products like
market observation, research and development, production and
delivery are concentrated into a modern supply chain: it
supports innovation and quality, concentrates resources and
improves cost structures.

Kamps adopted new ways to use saving potentials found in all
divisions of the group, e.g.: procurement of raw materials,
preparation of the closing of technically obsolete uneconomic
large bakeries and the optimization of logistics.  There are no
plans to cut back capacities.  Kamps invested EUR90 million in
the new site in Ludersdorf to serve the growing bake-off
segment.

Kamps achieved a group turnover of EUR1.04 billion by 30
September 2004 (Q3 2003: EUR1.11 billion), the EBITDA reached
EUR73 million (Q3 2003: EUR95 million).  Kamps expects an
increase in turnover to EUR1.3 billion and an EBITDA of EUR102
million for the whole year.  In 2005 the result shall be clearly
improved with a comparable volume of business.

CONTACT:  KAMPS AG
          Press Office
          Christina Stylianou
          Phone: +49-211-530634-435
          Fax: +49-211-520276-435
          E-mail: pressestelle@kamps.de


OPC LOGISTIC: Creditors Meeting Set Third Week of February
----------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against OPC Logistic World GmbH on Dec. 23, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors had until Jan. 25, 2005 to
register their claims with court-appointed provisional
administrator Dr. Ralf Sinz.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 22, 2005, 10:30 a.m. at the district court
of Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  OPC LOGISTIC WORLD GMBH
          Bruhler Weg 67
          40667 Meerbusch

          Ulrike Seidel, Manager
          Rilkestr. 50
          40668 Meerbusch

          Dr. Ralf Sinz, Insolvency Manager
          Zeughausstr. 28-38
          50667 Cologne
          Phone: 9 21 22 23
          Fax: +492219212221


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


KANTOHER CHICKEN: Plant Closure to Leave 140 Jobless
----------------------------------------------------
Around 140 employees will lose their jobs when Kantoher Chickens
processing plant in west Co Limerick shuts down, according to
Business world.

Management says the closure is due to extreme competition in the
chicken processing industry, making it difficult for the company
to barely earn a profit.

As expected, workers were devastated by the news.  The company
is one of a few companies offering employment in the area.
Affected poultry farmers are expected to transfer their
production to Western Brand in Mayo.


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


PARMALAT FINANZIARIA: Court Sets Ex-auditors' Trial March 17
------------------------------------------------------------
The trial of two former Parmalat Finanziaria auditors has
finally begun more than a year after the financial scandal at
the dairy group blew up.

Lorenzo Penca, chairman of Grant Thornton's erstwhile Italian
unit; and Maurizio Bianchi, Parmalat's lead auditor; appeared at
the Milan courthouse on Thursday.  They face charges of market
rigging, providing false accounting information, and blocking
the work of Italian stock market regulator Consob in a special
fast-track trial.  The process allows them a reduced sentence
upon conviction.  Mr. Bianchi and Mr. Penca deny the charges,
according to their lawyer, Giuseppe Stivala.

In December 2003, Parmalat admitted that a US$4.9 billion
account it claimed to hold at Bank of America did not exist.
Shortly after this revelation, it filed for bankruptcy with debt
amounting to US$18 billion, eight times higher than what it had
reported.

On Thursday, the judge hearing the case accepted requests from
parties wishing to be added to the list of plaintiffs and
adjourned the trial to March 17.

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


PARMALAT FINANZIARIA: Group Demands Early Return to Stock Market
----------------------------------------------------------------
A group of Parmalat Finanziaria bondholders is asking the
Italian government to help expedite the re-listing of the firm's
shares, Reuters reports.

The group, which includes Lehman Brothers and AIG Global
Investment, sent a letter to the Italian Industry Minister
Antonio Marzano last week.   The letter reads: "Since the new
shares in Parmalat represent our primary source of recovery in
this credit, including potential proceeds arising from legal
actions, we would welcome any contribution you may provide to
expedite the confirmation of Parmalat's plan and subsequent
listing of the shares."

According to the report, creditors are originally slated to
decide on a debt-for-equity swap late last year, but a source
said a vote is now likely to happen in the second half of March.
The re-listing of the company on the stock market will now be in
the first half of April.  The request goes contrary to the
position of at least one Parmalat bank creditor, who wants to
settle all legal actions initiated by the company before its re-
listing.

Bank of America Vice-President Jaap Dutry, in an interview with
Italian newspaper Milano Finanza, said the lawsuits could
adversely affect the share's valuation.  Parmalat's court-
appointed administrator, Enrico Bondi, has a pending lawsuit
against Bank of America, Citigroup, and auditors Deloitte &
Touche and Grant Thornton, seeking US$10 billion in damages.
The accused have denied the charges.

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


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


B.A.S. CO.: Creditors Claims Due Third Week of March
----------------------------------------------------
LLC B.A.S. Co., which recently became insolvent, will accept
proofs of claim until March 20, 2005.  For more information,
call (0-502) 52-39-11.


ELEKTROTERM: Sets Public Auction February 22
--------------------------------------------
The State Property Fund under the State Committee of the Kyrgyz
Republic by the Management of the State Property will sell the
assets of JSC Elektroterm on February 22, 2005, 2:00 p.m.  The
public auction will take place at Bishkek, Moskovskaya Str. 151.

For sale are:

(a) Lot 1: Building, constructions, canteen, warehouses, 2
    bridge cranes, frames, external heating system and rail
    facilities.  Starting price is KGS15,926,709.  Guarantee
    deposit is set at KGS1,592,671.

(b) Lot 2: Building, constructions, production workshop, 2
    unfinished workshops, and technical equipment.  Starting
    price is KGS13,595,291.  Guarantee deposit is set at
    KGS1,359,529.

To participate, bidders must submit the necessary documents to
Moskovskaya Str. 151, Room 225 on or before February 21, 2005.
Bishkek, Moskovskaya Str. 151.  Buyer must pay a commission
equivalent to 7% of the final price.

CONTACT:  THE STATE PROPERTY FUND UNDER THE STATE COMMITTEE OF
          THE KYRGYZ REPUBLIC BY THE MANAGEMENT OF THE STATE
          PROPERTY
          Bishkek, Moskovskaya Str. 151,
          Rooms 225 and 208
          Phone: (0-312) 21-67-22
                         21-65-38


KYRGYZKILEM: To Hold Public Auction Next Week
---------------------------------------------
The bidding organizer and insolvency manager of OJSC Kyrgyzkilem
will sell the properties of OJSC Kyrgyzkilem on February 11,
2005, 10:00 a.m.  The public auction will take place at
Karabalta, Tolyati Str. 2, administrative building of JSC
Kyrgyzkilem.  For sale are four lots of repair workshop,
manufacturing facilities, and office equipment.

To participate, bidders must submit the necessary documents and
deposit an amount equivalent to 10% of the starting price to the
temporary insolvency manager on or before February 10, 2005.
For more information, call (0-502) 57-85-50 or 35-23-35.


MARKO: Gives Creditors Until March 20 to File Claims
----------------------------------------------------
LLC Marko, which recently became insolvent, will accept proofs
of claim until March 20, 2005.

CONTACT:  MARKO
          Osh, Internasionalnaya 195a/72


SAMSEUNG CO: Proofs of Claim Due March
--------------------------------------
LLC Samseung Co, which recently became insolvent, will accept
proofs of claim until March 20, 2005.  For more information,
call (0-312) 21-67-42 or 65-94-51.


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


IPTE N.V.: Revamps 'Factory Automation' Division
------------------------------------------------
IPTE N.V. announces a restructuring of its automation activity.
Already low in the third quarter, order intake for the 'Factory
Automation' division remained below expectations in the fourth
quarter of 2004, whilst cost overruns for the development and
completion of automation projects led to an operating loss of
EUR2 million for the IPTE Group as a whole.

This evolution in the fourth quarter of 2004 has led the Board
of Directors to adapt its prognosis based on its experience in
the second half of the year.  Steps are taken to make the
automation activity profitable again: loss-making activities and
products are relinquished, staffing levels adjusted and stricter
project acceptance procedures introduced.  The estimated EUR3
million cost of this restructuring was charged in full in the
fourth quarter of 2004 in addition to the operating loss of EUR2
million.

Huub Baren, Managing Director, said: "Since the IPO in 2000 our
strategy has always been to expand IPTE's 'Factory Automation'
division into a market leader in the field of electronics
industry automation.  In the process the company has developed
from a pure test automation firm to a supplier of complete
factory automation solutions, through a mixture of in-house
engineering, purchased know-how, and targeted acquisitions in
the sector.

"In recent years we have invested primarily in extending our
product range, and have launched several new products on the
market.  A good example is our SpeedRouter, a fully automated
PCB de-paneling machine.  Last year we delivered the 100th unit
of this IPTE-developed, state-of-the-art machine, which is now a
standard part of our product range.

"Several large and complex projects have enabled us to
successfully extend our knowledge in several expert fields.  But
both aspects have negatively affected the earnings of the
automation division to a significant degree.

"Recent years have demonstrated the fundamentally unhealthy
state of the global automation market.  Our assumption was
always that a revival was just round the corner, and we have
sought in past years to maintain our competence at maximum level
and gain market share.  We have succeeded, but at a cost of
heavy losses within our automation activity.

"In the second quarter of 2004 we took an initial step with the
strategic divestment of our majority participation in the
Autoveyor group in Singapore.  When we released our third
quarter 2004 figures we mentioned that the Board was concerned
at the evolution of the order book during the year and that
further measures would be taken if orders looked like slowing
further.

"For 2005 we have decided to adjust the strategy we have applied
until now in the 'Factory Automation' division and to refrain
from further competence extensions.  We will be concentrating on
the areas of expertise we are familiar with in order to improve
profitability.  We therefore do not expect any growth in our
automation activity in 2005.

"Our 'Contract Manufacturing' division, Connect Systems, is
doing well.  Internally generated sales growth was 30% in 2004,
not including the acquisition of Infotron GmbH, with profit up
more than 45%.  During the past year our plants at Vrable
(Slovakia) and Oradea (Romania) got off to a good start.  We
will be investing further in them in 2005.  In 2004 we extended
our activity to Germany, by acquiring Infotron GmbH.  In 2005 we
shall be further expanding our 'Contract Manufacturing' activity
in Germany, extending our customer portfolio both horizontally
and vertically.  In 2004 our Connect Systems activity already
represented over 60% of total IPTE Group sales, and this share
is set to grow further in the future."

The company

IPTE (Euronext Brussels: IPT) is a market leader in the supply
of production equipment for the electronics industry.  The
company is sub-divided into two divisions.  IPTE 'Factory
Automation' division is a market leader in the supply of
production equipment for the electronics industry.  The division
develops manual, semi-automatic and turnkey automation systems
for producing, testing and handling of printed circuit boards
and for final assembly work.

The 'Contract Manufacturing' division, under the name of Connect
Systems Group, offers high quality, cost-effective production
services to the professional industry.  Activities include the
production of cables and cable trees, PCB assembly and testing,
production of semi-manufactures and final product assembly.  The
IPTE's Group's references include companies such as Alcatel,
Bosch, Delphi, Ericsson, Flextronics, Jabil, Johnson Controls,
Lear, Mitsubishi, Motorola, Nokia, Philips, Sanmina, Siemens,
Solectron and Visteon.

The company presently employs over 1,400 people in 23 facilities
in Europe, the United States and Asia.

Shares in the company, which was founded in 1992, are traded on
Euronext Brussels.  For more information, visit
http://www.ipte.com)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
All figures are provisional, unaudited figures.


=============
R O M A N I A
=============


ROMPETROL RAFINARE: Petromidia Refinery Posts First ever Profit
---------------------------------------------------------------
The financial results of the S.C. Rompetrol Rafinare S.A. for
the year 2004 show significant increases of its operational
profit and gross revenue.  The refinery obtained a net profit
for the first time in its history.

Rompetrol Rafinare reports 2004 gross revenue of US$1.44
billion, operational profit (EBITDA) of US$76 million and a net
profit of US$4 million.(*) In 2003 the gross revenue was US$1.13
billion and the operational profit (EBITDA) was US$16 million.
By improving the efficiency of the refining and trading
activities, Rompetrol Rafinare registered a five-fold increase
of the operational profit in 2004, compared to the previous
year.

"Rompetrol Rafinare became a successful company four years after
its privatization, due to an aggressive investment program and
to the progressive management applied by the managers of the
company," says Dinu Patriciu, CEO of The Rompetrol Group.

"The operational profit of the company has increased
significantly and we foresee further growth for the most modern
Romanian refinery."

In 2004, Rompetrol Rafinare paid taxes amounting to US$603
million to the Romanian State Budget, and in 2003 the company
paid US$371 million, continuing to be the main private oil
industry taxpayer in Romania.  The gross revenue for The
Rompetrol Group in 2004 stands at US$1.61 billion, compared to
US$1.27 billion in 2003, representing a 26% growth.  The
operational profit (EBITDA) increased by 229%, from US$28
million in 2003 to US$92 million in 2004.

Rompetrol Rafinare is listed on the Bucharest Stock Exchange
index (BSE Symbol RRC).

About Rompetrol

The Rompetrol Group N.V. is an oil company with the majority of
its assets and operations based in Romania and South-East
Europe.  The group is active primarily in refining and
marketing/downstream, with additional operations in exploration
and production, and other oil industry services such as
drilling, ECPM, transportation, etc.  The company's gross
revenue reached US$1.6 billion in 2004.  TRG aims to become one
of the largest integrated oil companies in the region and obtain
a strong position in the Black Sea area.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(*) These are IAS, unaudited figures.


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


ALFA: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on industrial manufacturing enterprise
Alfa.  The case is docketed as A53-22243/2004-S2-7.  Mr. S.
Kapusta has been appointed temporary insolvency manager.

Creditors have until Jan. 29, 2005 to submit their proofs of
claim to 344019, Russia, Rostov-na-Donu, Sholokhova Str. 8a, 2nd
floor.  A hearing will take place on April 25, 2005, 2:00 p.m.

CONTACT:  ALFA
          Russia, Rostov-na-Donu,
          Dobrovolskogo Str. 30, Office 1

          Mr. S. Kapusta
          Temporary Insolvency Manager
          344019, Russia, Rostov-na-Donu,
          Sholokhova Str. 8a, 2nd floor


AL-KAM: Tatarstan Court Hires Insolvency Manager
------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Al-Kam after finding the close joint stock
company insolvent.  The case is docketed as A65-22281/2004-SG4-
26.  Mr. R. Radyno has been appointed insolvency manager.
Creditors may submit their proofs of claim to 423576, Russia,
Tatarstan republic, Nizhnekamsk-6, Post User Box 103.

CONTACT:  Mr. R. Radyno
          Insolvency Manager
          423576, Russia, Tatarstan republic,
          Nizhnekamsk-6, Post User Box 103


BRYANSK-PROM-CONCRETE: Sets Public Auction of Assets Feb. 10
------------------------------------------------------------
The open joint stock company Bryansk-Prom-Concrete will sell its
property on Feb. 10, 2005, 10:00 a.m.  The public auction will
take place at 241017, Russia, Bryansk, Staleliteynaya Str. 20.

The assets for sale are:

Lot 1: immovable properties, equipment and other.  Starting
       price: RUB13,679,450;

Lot 2: building with a starting price of RUB34,000.

The list of documentary requirement is available at 241017,
Russia, Bryansk, Staleliteynaya Str. 20.

CONTACT:  BRYANSK-PROM-CONCRETE
          Russia, Bryansk, Shosseynaya Str. 1.
          Bryansk region, Sevsk

          CENTRE OF BUSINESS SUPPORT
          Bidding Organizer
          241017, Russia, Bryansk,
          Staleliteynaya Str. 20


BUILDER-78: Chelyabinsk Court Brings in Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Builder-78 after finding the limited
liability company insolvent.  The case is docketed as A76-
28631/04-60-21.  Mr. S. Sergeev has been appointed insolvency
manager.  Creditors had until Jan. 29, 2005 to submit their
proofs of claim to 454080, Russia, Chelyabinsk, Lenina Pr. 83,
Office 305.

CONTACT:  BUILDER-78
          456080, Russia, Chelyabinsk region,
          Tryekhgornyj, Stroiteley Str. 15-24

          Mr. S. Sergeev
          Insolvency Manager
          454080, Russia, Chelyabinsk,
          Lenina Pr. 83, Office 305


DECOR: Hires R. Radyno as Insolvency Manager
--------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Decor after finding the limited liability
company insolvent.  The case is docketed as A65-22283/2004-SG4-
26.  Mr. R. Radyno has been appointed insolvency manager.
Creditors may submit their proofs of claim to 423576, Russia,
Tatarstan republic, Nizhnekamsk-6, Post User Box 103.

CONTACT:  Mr. R. Radyno
          Insolvency Manager
          423576, Russia, Tatarstan republic,
          Nizhnekamsk-6, Post User Box 103


GOLUBOYE OZERO: Auctioning RUB12 Million Worth of Assets
--------------------------------------------------------
Open Joint Stock Company Goluboye Ozero will sell its property
on Jan. 31, 2005, 11:00 a.m.  The public auction will take place
at Russia, Moscow, Staryj Razumovskiy Proezd, 1/23, Office 307.
Up for sale are various buildings and constructions.  Starting
price: RUB12,450,000.  The list of documentary requirements is
available at 143075, Russia, Moscow region, Odintsovskiy region,
Kubinka, GOLUBOYE OZERO.

CONTACT:  GOLUBOYE OZERO
          143075, Russia, Moscow region,
          Odintsovskiy region, Kubinka, GOLUBOYE OZERO


KHANTY-MANSIYSK-WOOD: Under Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy supervision procedure on open joint stock
company Khanty-Mansiysk-Wood.  The case is docketed as A75-321-
B/04.  Mr. Y. Zholudev has been appointed temporary insolvency
manager.

Creditors had until Jan. 29, 2005 to submit their proofs of
claim to 628007, Russia, Khanty-Mansiyskiy autonomous region,
Tyumen region, Khanty-Mansiysk, Mira Str. 51.  A hearing will
take place at the Arbitration Court of Khanty-Mansiyskiy
autonomous region, Hall 317 on April 5, 2005, 9:00 a.m.

CONTACT:  KHANTY-MANSIYSK-WOOD
          628012, Russia, Khanty-Mansiyskiy autonomous region,
          Khanty-Mansiysk, Borovaya Str. 9

          Mr. Y. Zholudev
          Temporary Insolvency Manager:
          628007, Russia, Khanty-Mansiyskiy autonomous region,
          Tyumen region, Khanty-Mansiysk, Mira Str. 51


KRASNOPOLYE: Falls into Bankruptcy
----------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Krasnopolye after finding the close joint
stock company insolvent.  The case is docketed as A60-
10695/2004-S4.  Mr. D. Mityushev has been appointed insolvency
manager.

Creditors had until Jan. 29, 2005 to submit their proofs of
claim to:

(a) Krasnopolye
    622913, Russia, Sverdlovsk region,
    Prigorodnyj region, Pervomayskiy, Lenina Str. 42;

(b) Insolvency Manager
    620041, Russia, Ekaterinburg,
    Post User Box 16;

(c) The Arbitration Court of Sverdlovsk region
    620219, Russia, Ekaterinburg, Lenina Pr. 34


KURSKIY MACHINE: Sets Public Auction February
---------------------------------------------
Close joint stock company Kurskiy Machine Tool Factory will sell
various properties amounting to RUB8,554,700 (inclusive of VAT)
on Feb. 15, 2005, 12:00 noon.  The public auction will take
place at 305001, Russia, Kursk, 1st Kozhevennaya Str. 31.

Preliminary examination and reception of bids are done daily
from 10:00 a.m. to 1:00 p.m. until Feb. 12, 2005.  The list of
documentary requirements is available at 305001, Russia, Kursk,
1st Kozhevennaya Str. 31.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to CJSC Kurskiy Machine Tool Factory
(TIN/KPP 4629029594/463201001) settlement account
40702810332000000347 at the Kurskiy regional branch of OJSC
"Ros-sel-khoz-bank", BIC 043807798, correspondent account
30101810700000000798.

CONTACT:  KURSKIY MACHINE TOOL FACTORY
          305001, Russia, Kursk,
          1st Kozhevennaya Str. 31
          Phone: 8 (0712) 2-36-59


REM-TEKH-CENTRE: Expects to Raise RUB1 Mln from Public Auction
--------------------------------------------------------------
The bidding organizer of open joint stock company Rem-Tekh-
Centre will sell its property on Jan. 31, 2005, 2:00 p.m.  The
public auction will take place at 640027, Russia, Kurgan region,
Kurgan, Dzerzhinskogo Str. 40.  Up for sale are various
buildings and constructions with a starting price of
RUB1,005,000.  The list of documentary requirements is available
at 640027, Russia, Kurgan region, Kurgan, Dzerzhinskogo Str. 40.

CONTACT:  REM-TEKH-CENTRE
          Russia, Kurgan region, Tselinnyj region,
          Tselinnoye, Promyshlennaya Str. 7

          PODDERZHKA
          Insolvency Manager
          640027, Russia, Kurgan region,
          Kurgan, Dzerzhinskogo Str. 40


YUKOS OIL: Has No more Cash to Pay February Export Duties
---------------------------------------------------------
The ongoing seizure of Yukos Oil's bank accounts is beginning to
squeeze company operations.  Last week Deputy Chairman Alexander
Temerko said the company will stop exporting oil because it has
no more cash to pay the export duties.

"We will not export oil in February because we cannot pay the
export duties since our accounts are frozen," Interfax quoted
Mr. Temerko.

Under its oil concession, Yukos is supposed to export 2.48
million tonnes of oil in the first quarter.  But a source at the
Russian energy ministry told Agence France-Presse, Yukos has not
been exporting since the start of the year.

The government seized Yukos' accounts late last year after
assessing the company billions of rubles in tax arrears.  In
December, Moscow ordered the auction of Yuganskneftegaz for US$9
billion to pay the bill.  This unit used to account for 60% of
production.

Rosneft, which eventually acquired Yugansk, is now expected to
fill the gap in oil export that Yukos will leave, along with
LUKoil and the Russian-British joint venture TNK-BP.

"The three companies . . . would make up the five-million-tonne
difference due to the absence of Yukos in the market," Agence
France-Presse says.

Yukos used to be Russia's largest oil exporter.

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

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

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


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


DAVIDIVSKE: Liquidator Takes over Operations
--------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Davidivske (code EDRPOU 31581906) on
November 8, 2004 after finding the limited liability company
insolvent.   The case is docketed as 19/92(04).  Ms. Nataliya
Chursina (License Number AA 783018) has been appointed
liquidator/insolvency manager.  The company holds account number
26003211928001 at CB Privatbank, Zaporizhya regional branch,
MFO 313399.

CONTACT:  Mrs. Nataliya Chursina
          Liquidator/Insolvency Manager
          72319, Ukraine, Zaporizhya region,
          Melitopol, Post Office 19, a/b 6
          Phone: (0619) 42-08-72
          Fax: (0619) 42-08-72

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


MALGINO-ALKO: Succumbs to Insolvency
------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Malgino-Alko (code EDRPOU 32372930) on
December 21, 2004 after finding the limited liability company
insolvent.  The case is docketed as 24/956-b.  Mr. V. Krikun has
been appointed liquidator/insolvency manager.

CONTACT:  Mr. V. Krikun
          Liquidator/Insolvency Manager
          Phone: 201-90-82

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


MMK: Court Appoints Insolvency Manager
--------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC TRADE HOUSE MMK (code EDRPOU 31663302)
after finding the limited liability company insolvent.  The case
is docketed as 23/739.  Arbitral manager Mr. O. Agafonof has
been appointed liquidator/insolvency manager.

CONTACT:  MMK
          03055, Ukraine, Kyiv region,
          Ostap Vishnya Str. 5a

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


SEMAKIVSKE: Declared Insolvent
------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against Semakivske (code EDRPOU 05442263)
on November 29, 2004 after finding the limited liability company
insolvent.  The case is docketed as B-7/173.  Arbitral manager
Mr. Taras Savyuk (License Number AA 419479) has been appointed
liquidator/insolvency manager.

CONTACT:  SEMAKIVSKE
          78200, Ukraine, Ivano-Frankivsk region,
          Kolomijskij district, Semakivtsi

          Mr. Taras Savyuk
          Liquidator/Insolvency Manager
          Ukraine, Ivano-Frankivsk region,
          Kolomiya, Kvitkova Str. 20


SITEK: Donetsk Court Launches Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Sitek (code EDRPOU 20372078) on November 24,
2004 after finding the limited liability company insolvent.  The
case is docketed as 15/126 B.  Arbitral manager Mr. V. Paterilov
(License Number AA 783055) has been appointed
liquidator/insolvency manager.  The company holds account number
26001175190300 at JSCB Ukrsocbank, Donetsk regional branch, MFO
334011.

CONTACT:  SITEK
          83041, Ukraine, Donetsk region,
          Rudokopiv Str. 1

          Mr. V. Paterilov
          Liquidator/Insolvency Manager
          83050, Ukraine, Donetsk region, a/b 6915
          Phone: 8 (050) 360-80-66

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


WEST COMPANY: Court Brings in Liquidator
----------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against West Company (code EDRPOU 32121573) on
October 25, 2004 after finding the limited liability company
insolvent.  The case is docketed as 19/65(04).   Mrs. 0. Kretova
(License Number AA 487803) has been appointed
liquidator/insolvency manager.

CONTACT:  WEST COMPANY
          69093, Ukraine, Zaporizhya region,
          Zachinyayev 158a

          Mrs. 0. Kretova
          Liquidator/Insolvency Manager
          69006, Ukraine, Zaporizhya region, a/b 123
          Phone: 8 (0612) 13-32-14
          Mobile phone: 8 (067) 614-47-49

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


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


ACUPOLL EUROPE: Hires Liquidator from Geoffrey Martin & Co.
-----------------------------------------------------------
At the extraordinary general meeting of Acupoll Europe Limited
on Jan. 20, 2005 held at Geoffrey Martin & Co, 7-8 Conduit
Street, London W1S 2XF, the extraordinary and ordinary
resolutions to wind up the company were passed.  Stephen
Goderski of Geoffrey Martin & Co, 7-8 Conduit Street, London W1S
2XF has been appointed liquidator of the company.

CONTACT:  GEOFFREY MARTIN & CO.
          7-8 Conduit Street, London W1S 2XF


ALDIE DEVELOPMENTS: Appoints Liquidator from Scott & Paterson
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

IN THE MATTER OF Aldie Developments Limited

Notice is hereby given that on Jan. 5, 2005, I, Keith Veitch
Anderson, Scott & Paterson, Bruntsfield House, 6 Bruntsfield
Terrace, Edinburgh EH10 4EX, was appointed liquidator of Aldie
Developments Limited, which registered office is located at
Ruailos, Ness Castle, Dores Road, Inverness IV3 6DJ.

Keith Veitch Anderson, Liquidator

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


ALISWELL LIMITED: Final Meeting Set February 23
-----------------------------------------------
The final meeting of the members and creditors of Aliswell
Limited will be on Feb. 23, 2005 at 11:00 a.m.  It will be held
at Smith & Williamson Limited, No 1 Bishops Wharf, Guildford,
Surrey GU1 4RA.

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 or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Smith & Williamson Limited, No 1 Bishops
Wharf, Guildford, Surrey GU1 4RA not later than 12:00 noon, Feb.
22, 2005.

CONTACT:  SMITH & WILLIAMSON LIMITED
          1 Bishops Wharf, Walnut Tree Close,
          Guildford, Surrey GU1 4RA
          Phone: 01483 407 100
          Fax:   01483 301 232
          Web site: http://www.smith.williamson.co.uk


ALLDERS PLC: Alexon Group Files GBP1.5 Million Claim
----------------------------------------------------
This statement is being made in response to the announcement
that Allders Department Stores Limited has been placed into
administration.

Alexon Group currently trades from 118 concessions within the
Allders Group, across all four clothing and footwear divisions.
As at Thursday, the balance due to Alexon Group from Allders, in
respect of concession takings net of commission and VAT is
approximately GBP1.5 million.

Whilst the full consequences of the Allders administration on
the Alexon Group are not yet clear, a further update will be
given at the time of the announcement of the preliminary results
for the year ending 29 January 2005, on Monday 4 April.

CONTACT:  ALEXON GROUP PLC
          Phone: 01582 723131
          John Osborn, Chief Executive
          Robin Piggott, Finance Director

          BUCHANAN COMMUNICATIONS
          Phone: 020 7466 5000
          Richard Darby
          Nicola Cronk


ALLDERS PLC: Administrator Promises to Carry out Sale Promptly
--------------------------------------------------------------
Risk consultancy firm Kroll, administrators of Allders Plc, is
optimistic it could sell the troubled department store group
within weeks, Reuters says.

Kroll partner Alastair Beveridge said they would put a "for
sale" notice in The Financial Times on Friday to allow anyone to
bid for Allders.  Mr. Beveridge added they have already received
around ten expressions of interest, including original bidders,
which are keen on acquiring Allders.

Private equity firms Alchemy and Sun European Partners have
reportedly expressed interest in buying Allders as a going
concern, while retailers Debenhams, Primark and House of Fraser
have offered to acquire a small number of stores.  Arcadia chain
owner Philip Green has offered to buy some outlets.  Chief
executive Terry Green and commercial director Phil Cox, who both
own Allders through a 20% stake in holding company Scarlett
Retail, are also considered potential bidders for the troubled
group.

"A shortlist of three or four bidders would be good," Mr.
Beveridge said.

Allders will continue to trade to allow Kroll to sell the group
as a going concern.  The group has already paid its rent until
March, though the administrators expect to complete the sale
within a few weeks. The sale process, which started in December
2004, had been disrupted after Lehman Brothers sold GBP90
million in unlisted retailer's debt to turnaround specialist
Hilco.  Hilco will reportedly gain over GBP20 million from the
deal, after a source revealed the turnaround expert might
receive 50p as repayment while paying only 26p.

Aside from Hilco, Allders also owes a number of creditors: GBP50
million to Barclays; GBP10 million to Minerva; and around GBP1.5
million to Alexon.

Scarlett Retail, a holding group comprised of property firm
Minerva, investment bank Lehman Brothers, Mr. Cox and Mr. Green,
bought Allders as a going concern in 2003 in a bid to turn
around the ailing retailer.  Allders, however, went into trouble
after expanding too quickly.

GBP60 Million Pension Liability

Despite the ongoing sale process, it remains unclear who will
take responsibility for around GBP60 million in pension
liability, as it is unlikely that bidders would acquire it.
Minerva said it had no liability for the pension fund, which
continues to shell out cash to former and current Allders
employees.

Mr. Beveridge said, "The pension scheme will get an independent
trustee very quickly.  They have no one yet but discussions are
ongoing."

Allders operates in the U.K. through 45 strategically located
department stores.  The group, which was set up in 1862 by
Joshua Allders, employs around 5,700 people.

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

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

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

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

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


ALLIED SAFETY: Hires PricewaterhouseCoopers as Liquidator
---------------------------------------------------------
Name of companies:
Allied Safety Co. Limited
Minimax Limited
Scotbury Limited
T G Products (Export) Limited
The Y & V Pension Trust Limited
Vono Limited
Williams Home Improvement Limited

At the extraordinary general meeting of these companies on Jan.
20, 2005, the extraordinary and ordinary resolutions to wind up
the companies were passed.  Jonathan Sisson and Richard Setchim
of PricewaterhouseCoopers LLP, 12 Plumtree Court, London EC4A
4HT have been appointed joint liquidators of these companies.

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


A S G PROPERTY: Names Liquidators from The P&A Partnership
----------------------------------------------------------
At the extraordinary general meeting of A S G Property
Maintenance Limited on Jan. 20, 2005 held at The Renaissance
Hotel, Carter Lane East, South Normanton, Derbyshire DE55 2EH,
the extraordinary resolutions to wind up the company were
passed.  John Russell and Philip Andrew Revill of The P&A
Partnership, 93 Queen Street, Sheffield S1 1WF have been
appointed liquidators of the company.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street, Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


BAE SYSTEMS: More Heads to Roll as Orders Fall
----------------------------------------------
The axe continues to fall at BAE Systems.  After cutting
thousands of jobs last year, the aerospace group plans to lay
off 1,400 more this year, reports Times Online.

The firing will affect sites across the U.K., in particular
Edinburgh, Rochester, Chadderton near Manchester, Luton,
Southampton and Basildon, Essex.  Unions fear losses at the
company's electronics business will cost BAE its pivotal place
in the global aerospace market.

Secretary of Amicus John Wall, who talked to Times Online, said:
"The U.K. is the second most successful country in aerospace in
the world behind the U.S.  It is crucially important that we
retain the critical mass and the technological capability to be
able to be competitive globally."

BAE says the axing has become necessary because of falling
orders.  Before sending home 2,000 workers from 70 units last
year, the company employed 45,000.

CONTACT:  BAE SYSTEMS plc (OTC: BAESY [ADR])
          Warwick House, Farnborough Aerospace Center
          Farnborough
          Hampshire GU14 6YU, United Kingdom
          Phone: +44-1252-373-232
          Fax: +44-1252-383-000
          Web site: http://www.baesystems.com


BEAUTY BASICS: Members Decide to Wind up Firm
---------------------------------------------
At the meeting of Beauty Basics Limited on Jan. 12, 2005, the
subjoined special resolution to wind up the company was passed.
Peter M. Levy has been appointed liquidator of the company.


BERRIDGE & SONS: Hires Joint Administrators from PKF
----------------------------------------------------
Edward Terence Kerr (IP No 9020) and Kerry Franchina Bailey (IP
No 8780) have been appointed joint administrators for Berridge &
Sons (Waste Products) Limited.  The appointment was made Dec.
16, 2004.  The company's registered office is located at Regent
House, Clinton Avenue, Nottingham NG5 1AZ.

CONTACT:  PKF
          Pannell House,
          159 Charles Street,
          Leicester LE1 1LD
          Phone: 0117 906 4000
          Fax: 0117 974 1238
          E-mail: info.bristol@uk.pkf.com
          Web site: http://www.pkf.co.uk

          PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk


BMI BRITISH: Lufthansa Considers Divesting Stake
------------------------------------------------
German carrier Lufthansa is peddling its stake in BMI British
Midlands, the U.K. carrier which is fast becoming a burden to
its finances.

According to the Financial Times, senior European airline
executives confirmed Lufthansa had approached several other
carriers on a possible sale late last year.  The targets include
Virgin Atlantic and British Airways.

The road towards a deal promises to be long-winding with Sir
Michael Bishop, chairman and controlling shareholder of BMI,
blocking the way.  Sir Michael believes Lufthansa could only
sell the BMI stake if it has his backing.  Lufthansa, meanwhile,
believes it is free to proceed if it finds a buyer.  Lufthansa
holds a 30% minus one share in BMI; Sir Michael has 50% plus
one.  The remaining 20% is held by SAS Scandinavian Airlines.

Sir Michael has a put option to sell a further 10% stake to
Lufthansa up to December 2008 at agreed minimum exercise prices.
He has another option to sell Lufthansa additional shares in the
period from December 2005 to June 2009.  Sources say Sir Michael
is not interested in considering a deal for his stake in the
wake of a drive to return the business to profit; no opportunity
is opened either.  As to Lufthansa's fishing expedition, it is
understood he got negative answers for a sale of a minority
stake.

Virgin Atlantic has been open about its intention to a full
merger with BMI, but it is not keen on acquiring a minority
stake.  Virgin Atlantic confirmed its plan, but declined to
comment.  British Airways, while interested in a possible deal,
is wary of attracting competition investigations.

BMI contributed to Lufthansa's losses in 2002 and 2003, not only
through its operating losses but also through write-offs on the
book value of the stake.


BRITISH AMERICAN: Creditors Meeting Set February
------------------------------------------------
The creditors of British American Racing (Holdings) Limited will
meet on Feb. 14, 2005 at 11:00 a.m.  It will be held at Grant
Thornton UK LLP, Grant Thornton House, Melton Street, Euston
Square, London NW1 2EP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Grant Thornton UK LLP, Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP not later than
12:00 noon, Feb. 11, 2005.

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


CHUBB (AUSTRALIA): Joint Liquidators from PwC Move in
-----------------------------------------------------
Name of companies:
Chubb (Australia) Limited
Chubb International Management Services Limited
I.S.G. (Guarding) Limited
Reportclass II Limited
Williams Australian Holdings Limited

At the extraordinary general meetings of these companies on Jan.
20, 2005 the special and ordinary resolutions to wind up the
companies were passed.  Jonathan Sisson and Richard Setchim of
PricewaterhouseCoopers LLP, 12 Plumtree Court, London EC4A 4HT
have been appointed joint liquidators of these companies.

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


CH UK LIMITED: Liquidator from Tomlinsons Moves in
--------------------------------------------------
At the extraordinary general meeting of CH UK Limited on Dec.
22, 2004 held at Istikhal Cad No2 Uzunciftlik 41180, Izmit,
Turkey, 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


CORUS GROUP: Chief Operating Officer Leaving May
------------------------------------------------
Corus Group plc announces that Stuart Pettifor, Chief Operating
Officer, will be retiring on 31 May 2005, having reached the age
of 60.

Corus Group plc is headquartered in London and was created
through the merger of British Steel plc and Koninklijke
Hoogovens N.V. The group is among the world's largest steel
producers and generated annual sales of approximately GBP8
billion and an operating loss of GBP208 Million in
2003.

CONTACT:  CORUS GROUP PLC
          30 Millbank
          London SW1P 4WY, United Kingdom
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com


C.P.B. ELECTRICAL: Names Tenon Recovery Administrator
-----------------------------------------------------
Duncan Beat (IP No 008161) has been appointed administrator for
C.P.B. Electrical Limited.  The appointment was made Jan. 14,
2005.

CONTACT:  TENON RECOVERY
          1 Bede Island Road
          Bede Island Business Park
          Leicester LE2 7EA
          Phone: 0116 222 1101
          Fax: 0116 222 1102
          E-mail: leicester@tenongroup.com
          Web site: http://www.tenongroup.com


D R & B HOLDINGS: Hires Joint Administrators from PKF
-----------------------------------------------------
Keith R. Morgan and Brian J. Hamblin (IP Nos 6831, 2085) have
been appointed joint administrators for D R & B Holdings
Limited.  The appointment was made Dec. 15, 2004.  Its
registered office is located at 5 Lincolns Inn Field, London
WC2A 3BT.

CONTACT:  PKF
          Pannell House, 6-7 Litfield Place,
          The Promenade, Clifton, Bristol BS8 3LX
          Phone: 0117 906 4000
          Fax:   0117 974 1238
          E-mail: info.bristol@uk.pkf.com
          Web site: http://www.pkf.co.uk


EPIC BRAND: Appoints Philip Scales to Board
-------------------------------------------
The directors of EPIC Brand Investments PLC (EBI) would like to
welcome Philip Peter Scales, 55 to the board of the Company.
Philip Scales is an employee of Barings (Isle of Man) and has
agreed to join the Board on the same terms as Vincent Campbell.
He will therefore receive no remuneration for this position.

                            *   *   *

An Extraordinary General Meeting has been convened by the Board
of EBI to consider on 17 February 2005, noontime, a resolution
to liquidate the Company.

Background

On 30 September 2004 the Board of EBI announced that it had
received a takeover approach from a subsidiary of the Company's
co-investment partner, Lornamead.  On 19 November 2004 the Board
announced that these takeover discussions had been terminated
but that discussions would continue regarding a possible sale of
assets.  On 29 December 2004 the Board announced that it had
agreed in principle to dispose of the Company's investment
portfolio to Lornamead and on 11 January 2005 completion of the
disposal took place.

Under the terms agreed, EBI has received an initial
consideration of GBP13.6 million in cash, the repayment in full
of a short-term loan of GBO351,200 to CD Brand Holdings Limited
and the payment of all interest accrued at that date on the
shareholder, mezzanine and other loans made by EBI to the
investment portfolio companies.  In addition, deferred
consideration may become payable dependent upon the future
performance of the portfolio companies: should the combined
sales of the portfolio companies in the year to 31 March 2006
exceed GBO52.141 million, Lornamead is required to pay to
EBI a sum equal to 20% of the excess above GBP52.141m as
deferred consideration.  If applicable, such a payment is
expected to be made on or by 31 August 2006.

Following this disposal, the Company is essentially a cash shell
and the Board is therefore seeking to wind up the Company.


E P R AZTEC: Hires Grant Thornton as Liquidator
-----------------------------------------------
Name of companies:
E P R Aztec Limited
EPR Developments Limited
EPR Waste Management Limited
Fibrotrading Limited
Nowport Limited
Renewgen Limited

At the meeting of these companies held on Jan. 13, 2005, the
special resolution to wind up the companies was passed.
Samantha Jane Keen of Grant Thornton UK LLP, 31 Carlton
Crescent, Southampton SO15 2EW has been appointed liquidator of
the companies.

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


FLAX (UK): Members Pass Winding up Resolutions
----------------------------------------------
At the extraordinary general meeting of the members of Flax (UK)
Limited on Jan. 21, 2005 held at Lovewell Blake, 89 Bridge Road,
Oulton Broad, Lowestoft NR32 3LN, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
Christopher Robin Ashe and Andrew John Turner both qualified
Insolvency Practitioners of the firm of Lovewell Blake, 89
Bridge Road, Oulton Broad, Lowestoft NR32 3LN have been
appointed joint liquidators of the company.

CONTACT:  LOVEWELL BLAKE
          89 Bridge Road, Oulton Broad,
          Lowestoft NR32 3LN


GLOW COMMUNICATIONS: Moves Creditors Meeting to February
--------------------------------------------------------
Glow Communications plc said the meeting of creditors that was
scheduled to take place on 21 January 2005 has been adjourned
until 3 February 2005.  A further announcement will be made in
due course.

                            *   *   *

A summary of the proposal to be discussed in the meeting:

"That Anthony Batty & Co remain in office as Administrator for
the purpose of realizing the assets of the company and prior to
31 March 2005 making Company Voluntary Arrangement (CVA)
proposals to creditors for a debt for equity swap, plus a
distribution of any assets which would be available to creditors
in a liquidation.  If creditors do not agree to such CVA
proposals the Company will proceed into creditor's voluntary
liquidation in accordance with Paragraph 83 of Schedule B1 of
the Insolvency Act 1986 and it is proposed that Antony Batty &
Company would be appointed Liquidator although creditors are
able to nominate a different person as the proposed liquidator
provided that any such nomination is received prior to the
meeting of creditors."

CONTACT:  ANTONY BATTY & COMPANY
          New House Suite 24
          67-68 Hatton Garden
          London
          EC1N 8JY
          Contact:
          Antony Batty
          Phone: 020 7831 1234


GWC RALTON: Sets Creditors Meeting this Week
--------------------------------------------
The creditors of GWC Ralton Limited will meet on Feb. 3, 2005 at
2:00 p.m.  It will be held at the offices of UHY Hacker Young,
St Alphage House, 2 Fore Street, London EC2Y 5DH.

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

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


HARECLIVE (BRISTOL): Appoints Moore Stephens Administrator
----------------------------------------------------------
Colin Prescott and Nigel Price (IP Nos 9056, 8778) have been
appointed joint administrators for Hareclive (Bristol) Limited.
The appointment was made Jan. 14, 2005.  The company is engaged
in vehicle leasing.

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


JAMES PRICE: Joint Administrators from Stoy Hayward Move in
-----------------------------------------------------------
Dermot Justin Power and David Swaden (IP Nos 6006/01 5495/01)
have been appointed joint administrators for James Price Glass &
Glazing Systems.  The appointment was made Dec. 21, 2005.  The
company is a contractor of glass and glazing systems.

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


JOSEPH SANDERS: Members Decide to Wind up Company
-------------------------------------------------
At the extraordinary general meeting of the members of Joseph
Sanders & Partners Limited on Dec. 21, 2005 held at Harben
House, Harben Parade, Finchley Road, London NW3 6LH, the special
resolution to wind up the company was passed.  Michael L. Marks
of The K. B. S. P. Partnership, Harben House, Harben Parade,
Finchley Road, London NW3 6LH has been nominated liquidator of
the company.

CONTACT:  THE K. B. S. P. PARTNERSHIP
          Harben House, Harben Parade,
          Finchley Road, London NW3 6LH


KELSEY ROOFING: Calls in Joint Administrators from PwC
------------------------------------------------------
Mark Hopkins, Alistair Grove and Robert Hunt (IP Nos 8597, 7913
8365) have been appointed joint administrators for Kelsey
Roofing Industries Limited.  The appointment was made Jan. 17,
2005.

The company refurbishes and constructs industrial and commercial
roofs.  Its registered office is located at Kelsey House, Paper
Mill Drive, Redditch, Worcestershire B98 8QJ.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court, 19 Cornwall Street,
          Birmingham B3 2DT
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com


MEGABOWL LIMITED: Creditors Meeting Set Next Week
-------------------------------------------------
The creditors of Megabowl Limited will meet on Feb. 8, 2005 at
11:00 a.m.  It will be held at Whittlebury Hall, Whittlebury,
near Towcester, Northamptonshire NN12 8QH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Grant Thornton UK LLP, Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP not later than
12:00 noon, Feb. 7, 2005.

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


PARLISON PROPERTIES: Calls in Liquidator
----------------------------------------
At the extraordinary general meeting of Parlison Properties
(Birmingham) Limited on Jan. 20, 2005 held at 94 Mount Street,
London W1K 2SZ, the subjoined special resolution to wind up the
company was passed.  Anthony Murphy and Roger Tulloch (both
licensed by the Institute of Chartered Accountants in England
and Wales) of Smith & Williamson Limited have been appointed
joint liquidators of the company.


REEKIE MANUFACTURING: Administrators Take over Helm
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Reekie Manufacturing Limited

Notice is hereby given that on Jan. 6, 2005, we, Blair Carnegie
Nimmo, and Gerard Anthony Friar, both of KPMG LLP, 191 West
George Street, Glasgow G2 2LJ, were appointed joint
administrators of Reekie Manufacturing Limited by notice of
appointment lodged in the Court of Session.

Blair Carnegie Nimmo, Joint Administrator

CONTACT:  KPMG LLP
          191 West George Street
          Glasgow G2 2LJ
          Phone: (0141) 226 5511
          Fax: (0141) 204 1584
          Web site: http://www.kpmg.co.uk


RIVERMOON PUB: Creditors Meeting Set Next Week
----------------------------------------------
The creditors of Rivermoon Pub Company Limited will meet on Feb.
7, 2005 at 12:00 noon.  It will be held at Price & Co, PO Box
5895, Wellingborough, Northamptonshire NN8 4LQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Price & Co, PO Box 5895, Wellingborough,
Northamptonshire NN8 5ZD not later than 12:00 noon, Feb. 4,
2005.

CONTACT:  PRICE & CO.
          PO Box 5895, Wellingborough,
          Northamptonshire NN8 5ZD
          Phone: 01933 270918
          Fax: 01933270919


SANT AGATA: Hires Joint Administrators from PKF
-----------------------------------------------
Kerry Bailey and Jonathan Newell (IP Nos 8780, 6419) have been
appointed joint administrators for Sant Agata Classics Limited.
The appointment was made Dec. 22, 2005.  The company sells
prestige motor vehicles.  Its registered office is located at
Sovereign House, Queen Street, Manchester M2 5HR.

CONTACT:  PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk


SONAR 1: Hires Liquidator from Tenon Recovery
---------------------------------------------
At the extraordinary general meeting of the members of Sonar 1
Plc on Jan. 13, 2005 held at the offices of SPV Management
Limited, Level 11, Tower 42, International Financial Centre, 25
Old Broad Street, London EC2N 1HQ, the special resolution to
wind up the company was passed.  Ian Cadlock of Tenon Recovery,
Lyndean House, 43-46 Queens Road, Brighton, East Sussex BN1 3XB
has been appointed liquidator of the company.

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


STODDARD INTERNATIONAL: Gives Creditors 6 Months to File Claims
---------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Stoddard International Plc
                         (In Receivership)

I, Colin Peter Dempster, Ernst & Young LLP, George House, 50
George Square, Glasgow G2 1RR, give notice that on January 6,
2005, Thomas Merchant Burton, and I were appointed Joint
Receivers of Stoddard International Plc.  The property over
which we were appointed Joint Receivers is the whole or
substantially the whole of the company's property.

In terms of Section 59 of the Insolvency Act 1986, preferential
creditors should lodge their claims with me within six months of
the date of this notice.

C. P. Dempster, Joint Receiver
January 6, 2005

CONTACT:  ERNST & YOUNG LLP
          George House
          50 George Square
          Glasgow G2 1RR
          Phone: +44 [0] 141 626 5000
          Fax: +44 [0] 141 626 5001
          Web site: http://www.ey.com


TECNOPLAS LIMITED: Calls in Joint Administrators from Menzies
-------------------------------------------------------------
Name of companies:
Tecnoplas Limited
Tecnograv Derby Limited
Tecnograv Limited

Jason James Godefroy and Paul John Clark (IP Nos 9097, 8570)
have been appointed joint administrators for these companies.
Its registered office is located at 17-19 Foley Street, London
W1W 6DW.  The appointment was made Jan. 17, 2005.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Phone: 020 7291 9750
          Fax: 020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


TXU EUROPE: U.S. Parent Settles US$220 Million in Claims
--------------------------------------------------------
TXU Corp. on Thursday announced that it reached a comprehensive
agreement resolving potential claims relating to TXU Europe Ltd.
and its affiliates and major creditor groups.  The agreement,
under which TXU Corp. denies any liability, consists of a one-
time payment to TXU Europe Ltd. of $220 million, which will be
distributed to creditors.

C. John Wilder, TXU Corp.'s Chief Executive Officer, stated:
"This comprehensive agreement benefits all parties.  It provides
additional funds for creditors of TXU Europe, eliminates the
potential distractions, costs and uncertainty of a protracted,
adversarial claim proceeding that could have included claims of
billions of dollars and closes a difficult chapter in TXU's
history.

"TXU has made tremendous strides in the past two years.  Both
our business prospects and financial position are strong and
will be stronger with this issue behind us," Wilder concluded.

As a result of the one-time payment, a charge of approximately
$220 million ($143 million after-tax) will be reflected in
results from discontinued operations in the fourth quarter of
2004.  While TXU Corp. expects to recover a substantial portion
of the payment through insurance policies, the charge has not
been reduced because TXU Corp. has not yet reached agreements
with the insurance carriers.  The benefits of insurance proceeds
will be recognized in earnings from discontinued operations when
agreements are reached.  The payment is expected to be made in
the second quarter of 2005 and sourced from insurance proceeds,
cash on hand and available credit facility capacity.

The settlement agreement is contingent upon creditor approval
and the formal delivery to TXU Corp. of releases from existing
or potential claims.  A majority of creditors have already
confirmed their approval.  The process is expected to be
completed in the second quarter of 2005.

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

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

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

CONTACT:  TXU CORPORATION
          Web site: http://www.txucorp.com/
          Media:
          Chris Schein
          Phone: +1-214-875-8329
          Mobile: +1-214-534-0087
          or
          Kimberly Morgan
          Phone: +1-214-875-8016
          Mobile: +1-214-543-1251

          Investor Relations
          Tim Hogan
          Phone: +1-214-875-9275
          or
          Bill Huber
          Phone: +1-214-875-8301


WEST CHARTERING: Members Pass Winding up Resolutions
----------------------------------------------------
At the extraordinary general meeting of the members of West
Chartering Agency Limited on Jan. 18, 2005 held at 11-13 Avenue
Robert Schumann, Boulogne S/Seine, 92100, France, the special
and ordinary resolutions to wind up the company were passed.
Martin Pickard has been appointed liquidator of the company.


WESTICA LIMITED: Sets Creditors Meeting Today
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Westica Limited
                       (In Administration)

John C. Reid and James B. Stephen of Deloitte & Touche LLP were
appointed Joint Administrators of Westica Limited on November
23, 2004.

Notice is hereby given that a Meeting of Creditors in the above
matter is to be held at The Merchants House of Glasgow, 7 West
George Street, Glasgow on January 31, 2005 at 10:00 a.m. to
consider proposals under paragraph 51 of Schedule 1B of the
Insolvency Act 1986 and to consider establishing a Creditors'
Committee.

Members of the company may obtain, free of charge, a copy of the
statement of the Administrators' proposals by writing to James
B. Stephen, Deloitte & Touche LLP, Lomond House, 9 George
Square, Glasgow G2 1QQ.

James B. Stephen, Joint Administrator
January 12, 2005

CONTACT:  DELOITTE & TOUCHE LLP
          Lomond House
          9 George Square
          Glasgow G2 1QQ
          Phone: +44 (0) 141 204 2800
          Fax: +44 (0) 141 314 5893
          Web site: http://www.deloitte.com


WESTOIL LIMITED: Winding-up Report Out Mid-February
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Westoil Limited
                         (In Liquidation)

Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a General Meeting of Westoil Limited will be held
at 10:00 a.m. on February 17, 2005 at the offices of PKF, 78
Carlton Place, Glasgow G5 9TH for the purpose of having an
account laid before the members showing the manner in which the
winding-up has been conducted and the property of the Company
disposed of, and of hearing any explanation that may be given by
the liquidator; and also to consider a resolution to allow the
liquidator to dispose of both his own and the company's books,
accounts and documents three months after the date of the
meeting.

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

Bryan Jackson, CA, FABRP, Liquidator
January 1, 2005

CONTACT:  PKF
          78 Carlton Place
          Glasgow G5 9TH
          Phone: 0141 4295900
          Fax: 0141 4295901
          E-mail: info.glasgow@uk.pkf.com
          Web site: http://www.pkf.co.uk


                            *********


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

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

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

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

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

The TCR Europe subscription rate is US$575 per half-year,
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