TCREUR_Public/050201.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

             Tuesday, February 1, 2005, Vol. 6, No. 22

                            Headlines

G E R M A N Y

AKTIV BURO: Monchengladbach Court Accepts Bankruptcy Petition
AUTOHAUS JARETZKE: Creditors Meeting Set March
BAUSTOFFHANDEL DITTRICH: Creditors Meeting Set Mid-March
BURGDORF SPORTANLAGENBAU: Provisional Administrator Moves in
FELIX CAT: Bankruptcy Court Stays All Pending Lawsuits

FLIESENLEGER KOHLER: Administrator Calls First Creditors Meeting
FOOD PACK: Claims Filing Period Ends February 16
FRISIA-BACKWAREN: Claims Deadline Nears
GEWOGE IMMOBILIEN: Applies for Bankruptcy Proceedings
HANS-HEINRICH: Magdeburg Court to Verify Claims February 22

HEITERBLICK AUTOMOBILE: Court Appoints Provisional Administrator
KARL LONECKE: Gives Creditors Until February 28 to File Claims
KELCH HANDHABUNGSTECHNIK: Bankruptcy Proceedings Begin
KULTUR-WASSER: Court Accepts Bankruptcy Application
ML MASCHINEN-LEASING: Claims Verification Set March 2

NORDDEUTSCHE FINANZ: Sets Creditors Meeting Mid-February
RPU ELEKTROTECHNIK: Court to Review Claims May 31
SEEBRUCKENPANOPTIKUM HERINGSDORF: Succumbs to Bankruptcy
TOPFER & ROMMEL: Administrator's Report Out Later this Month
WINGEFELD STRASSEN: Creditors Claims Due Next Week


I R E L A N D

AN POST: Delays SDS Closure by Two Weeks


I T A L Y

FIAT SPA: 'Put Option' Mediation Period Expires Today


K Y R G Y Z S T A N

CHUI WOODWORKING: Claims Filing Period Expires March
EDIMEKS: Gives Creditors Until Next Month to File Claims
JANAR: Auctioning KGS24.5 Million Worth of Assets
PATP-2: Sets Public Auction Friday
VOSTOK: Selling Assorted Assets at Public Auction Today


R U S S I A

ASTRAKHAN-TARA: Gives Creditors Until March to File Claims
FRAKOS: Insolvency Manager to Temporarily Oversee Business
HYDROLYSIS PLANT: Bankruptcy Hearings Resume March 31
INDUSTRIAL EXPORT-IMPORT: Declares Bankruptcy
KEMEROVO-LADA-SERVICE: Under Bankruptcy Supervision

KRASNOKAMSKIYE NIVY: Perm Court Hires Insolvency Manager
MONOLITH-1: Appoints M. Mosheev Insolvency Manager
OCTOBER: Undergoes Bankruptcy Supervision Procedure
THERMAL NETWORKS: Declared Insolvent
TROITSKOYE BREAD: Deadline for Proofs of Claim March 1
YUKOS OIL: U.S. Judge Deprives Moscow Access to Bank Accounts
YUKOS OIL: Khodorkovsky's Incarceration Extended to May


U K R A I N E

ANS: Poltava Court Launches Bankruptcy Proceedings
BILA KRINITSYA: Court Grants Debt Moratorium Request
DENTA-LUKS: Temporary Insolvency Manager Takes over Operations
EDEN: Bankruptcy Proceedings Pending Before Zaporizhya Court
GLUHIV' ENTERPRISE: Sumi Court Opens Bankruptcy Proceedings

HRISTINIVSKIJ COMBI: Under Bankruptcy Supervision
LIGO: Undergoes Bankruptcy Supervision Procedure
UKRBUDTEH: Temporary Insolvency Manager Enters Company
YALTUSHKIV' AGROMASH: Declared Insolvent


U N I T E D   K I N G D O M

ALDWAY: Begbies Gives Creditors Until Feb. 21 to File Claims
ALTUS ENGINEERING: Claims Filing Period Ends Later this Month
BALTIMORE TECHNOLOGIES: Earthport Substantiates Fraud Claim
BUSINESS MACHINE: Unsecured Creditors to Meet Tomorrow
CAMPUS VENTURES: Calls in Liquidator from Begbies

CHASE GROUP: Succumbs to Liquidation
CLYDO LIMITED: Shareholders Call in Liquidator
COMMUNICATIONS (123): Liquidators from Vantis Move in
CONCORD COURIERS: In Administrative Receivership
COOKFIRM LIMITED: Liquidator Sets Due Date for Proofs of Claim

CREATIVE ONE: Members Okay Winding-up Resolution
DEAN FOODS: Fitch Affirms 'BB' Senior Unsecured Notes
DELTAFLOW LTD.: Proofs of Claim Deadline Set February 21
DELTA METAL: Urges Creditors to Prove Claims as soon as Possible
DRURYWAY: Proofs of Claim Deadline February

EURODIS ELECTRON: Pre-tax Loss on Ordinary Activities Down 56%
FDE LIMITED: Shareholders Opt for Liquidation
KELLOGG & BROWN: Halliburton Abandoning Loss-making Unit
K & H PACKAGING: Calls in Administrators from Begbies
LATIMER HOUSE: Applies for Voluntary Liquidation

LEGAL PROMOTIONS: Members Decide to Wind up Firm
LIGHTING CONCEPTS: Joint Liquidators Move in
MG ROVER: Govt May Put off VAT Collection to Save Rescue Deal
MILLDENE LIMITED: Calls in Liquidators from Begbies
NEWMAX LIMITED: Falls into Liquidation

NORTH WEST: Hires Campbell Crossley to Liquidate Assets
REVIVAL PROPERTIES: Proofs of Claim Due Friday
TRAVELEX PLC: Buys GWK Bank for EUR17.5 Million
TURNER & NEWALL: U.S. Asbestos Claims Ruling Not Binding in U.K.
TXU EUROPE: Parent's Ratings Unaffected by European Settlement
WATERFORD WEDGWOOD: 90% of Royal Doulton Investors Accept Offer

* Large Companies with Insolvent Balance Sheets


                            *********


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


AKTIV BURO: Monchengladbach Court Accepts Bankruptcy Petition
-------------------------------------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against Aktiv Buro und Objekteinrichtungen GmbH on
Dec. 30, 2004.  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 Betriebswirt Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting on March 9, 2005, 11:00 a.m. at the district court of
Monchengladbach Hauptstelle, Hohenzollernstrasse 157, 41061
Monchengladbach, Erdgeschoss rechts, A 14 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:  AKTIV BURO UND OBJEKTEINRICHTUNGEN GMBH
          Hormesfeld 16, 41748 Viersen
          Contact:
          Werner Feikes, Manager
          Bockerter Strasse 31, 41748 Viersen

          Betriebswirt Wilhelm Klaas, Insolvency Manager
          Eichendorffstrasse 25, 47800 Krefeld
          Phone: 02151/80580
          Fax: +492151805858


AUTOHAUS JARETZKE: Creditors Meeting Set March
----------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against Autohaus Jaretzke GmbH & Co. KG on Jan. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 23, 2005 to
register their claims with court-appointed provisional
administrator Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting on March 23, 2005, 9:30 a.m. at the district court of
Braunschweig, An der Martinikirche 8, 38100 Braunschweig 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:  AUTOHAUS JARETZKE GMBH & CO. KG
          Gesellensteig 39
          38229 Salzgitter
          Contact:
          Karin Jaretzke, Manager

          Torsten Gutmann, Insolvency Manager
          Zum Blauen See 5
          D-31275 Lehrte
          Phone: (05132) 826838
          Fax: (05132) 826896


BAUSTOFFHANDEL DITTRICH: Creditors Meeting Set Mid-March
--------------------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against Baustoffhandel Dittrich Gesellschaft mit beschrankter
Haftung on Jan. 6, 2005.  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 Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting on March 14, 2005, 8:30 a.m. at the district court of
Erfurt, Rudolfstr. 46, 99092 Erfurt 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:  BAUSTOFFHANDEL DITTRICH GESELLSCHAFT MIT BESCHRANKTER
          HAFTUNG
          Heutalsweg 7
          99867 Gotha
          Contact:
          Uwe Dittrich, Manager

          Rolf Rombach, Insolvency Manager
          Magdeburger Allee 159
          99086 Erfurt


BURGDORF SPORTANLAGENBAU: Provisional Administrator Moves in
------------------------------------------------------------
The district court of Neuruppin opened bankruptcy proceedings
against Burgdorf Sportanlagenbau GmbH on Jan. 11, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 7, 2005 to
register their claims with court-appointed provisional
administrator Bert Buske.

Creditors and other interested parties are encouraged to attend
the meeting on April 7, 2005, 10:15 a.m. at the district court of
Neuruppin, Karl-Marx-Strasse 18a, 16816 Neuruppin 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:  BURGDORF SPORTANLAGENBAU GMBH
          Schonfliesser Str. 37
          16567 Muhlenbeck,
          Contact:
          Herrn Andreas Hartmann, Manager

          Bert Buske, Insolvency Manager
          Alt Nowawes 67
          14482 Potsdam


FELIX CAT: Bankruptcy Court Stays All Pending Lawsuits
------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Felix CAT Computer Aided Technologies
Gesellschaft fur Softwaretechnik mbH on Jan. 7, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 7, 2005 to
register their claims with court-appointed provisional
administrator Christoph Rosenmuller.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2005, 9:20 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at which time
the administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on June 7, 2005, 9:25 a.m. while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  FELIX CAT COMPUTER AIDED TECHNOLOGIES GESELLSCHAFT FUR
          SOFTWARETECHNIK MBH
          Nestorstr. 36 a
          10709 Berlin

          Christoph Rosenmuller, Insolvency Manager
          Berliner Str. 117
          10713 Berlin


FLIESENLEGER KOHLER: Administrator Calls First Creditors Meeting
----------------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Fliesenleger Kohler GmbH on Dec. 28, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 15, 2005 to
register their claims with court-appointed provisional
administrator Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting on March 15, 2005, 1:15 a.m. at Saal 1.043,
Justizzentrum, Thuringer Str. 16, 06112 Halle 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:  FLIESENLEGER KOHLER GMBH
          Naumburger Strasse 48, 06667 Weissenfels
          Contact:
          Karsten Kohler, Manager
          Am Kreutzstein 1, 06618

          Dr. Stephan Thiemann, Insolvency Manager
          Schorlemmerstr. 2, 04155 Leipzig
          Phone: 0341/4903650
          Fax: 0341/4903699


FOOD PACK: Claims Filing Period Ends February 16
------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
Food Pack verpackungs GmbH on Jan. 4.  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. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2005, 1:05 p.m. the district court of
Essen Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber
Bereich, Saal 293 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:  FOOD PACK VERPACKUNGS GMBH
          Wilhelm-Tenhagen-Str. 3, 46240 Bottrop

          Dr. Winfrid Andres, Insolvency Manager
          Neuer Zollhof 3, 40221 Dusseldorf
          Phone: 0211/6907 69-69
          Fax: +4921169076970


FRISIA-BACKWAREN: Claims Deadline Nears
---------------------------------------
The district court of Wilhelmshaven opened bankruptcy proceedings
against Frisia-Backwaren GmbH on Jan. 1, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 25, 2005 to register their
claims with court-appointed provisional administrator Jorg Stein.

Creditors and other interested parties are encouraged to attend
the meeting on March 23, 2005, 9:30 a.m. at the district court of
Wilhelmshaven, Marktstrasse 15, 26382 Wilhelmshaven 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:  FRISIA-BACKWAREN GMBH
          Dr.-Peterssen-Str. 1
          26524 Hage
          Contact:
          Adolf Bakker-Bents, Manager

          Jorg Stein, Insolvency Manager
          Borsenstrasse 34
          D-26382 Wilhelmshaven
          Phone: 04421/806460
          Fax: 04421/8064626


GEWOGE IMMOBILIEN: Applies for Bankruptcy Proceedings
-----------------------------------------------------
The district court of Stralsund opened bankruptcy proceedings
against GeWoGe Immobilien Wohnpark Sagard GmbH on Jan. 1, 2005.
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 Christian Langhoff.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005, 9:30 a.m. at the district court of
Stralsund, Frankendamm 17, Haus A, 4. OG, Saal A4 21, 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:  GEWOGE IMMOBILIEN WOHNPARK SAGARD GMBH
          Allenbergstr. 18
          72461 Albstadt-Onstmettingen
          Contact:
          Peter Tillmann, Manager

          Christian Langhoff, Insolvency Manager
          Sarnowstr. 7
          18435 Stralsund


HANS-HEINRICH: Magdeburg Court to Verify Claims February 22
-----------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Hans-Heinrich Doepp und Klaus-Peter Doepp GbR on Dec. 22,
2004.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors had until Jan. 26,
2005 to register their claims with court-appointed provisional
administrator Dr. Nikolaus Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 22, 2005, 9:30 a.m. at the district court of
Magdeburg, Liebknechtstrasse 65-91, 39110 Magdeburg at which time
the administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  HANS-HEINRICH DOEPP UND KLAUS-PETER DOEPP GBR
          Dorfstr. 6
          06449 Winningen
          Contact:
          Hans-Heinrich Doepp, Manager

          Dr. Nikolaus Schmidt, Insolvency Manager
          Hoher Weg 12b
          38820 Halberstadt
          Phone: 03941/624993
          Fax: 03941/624997


HEITERBLICK AUTOMOBILE: Court Appoints Provisional Administrator
----------------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Heiterblick Automobile GmbH on Jan. 5, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 28, 2005 to
register their claims with court-appointed provisional
administrator Heiko Kratz.

Creditors and other interested parties are encouraged to attend
the meeting on March 29, 2005, 1:30 p.m. at the district court of
Leipzig, Saal 101 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:  HEITERBLICK AUTOMOBILE GMBH
          Torgauer Str. 277
          04347 Leipzig
          Contact:
          Udo Haupt, Manager

          Heiko Kratz, Insolvency Manager
          Fregestrasse 29
          04015 Leipzig



KARL LONECKE: Gives Creditors Until February 28 to File Claims
--------------------------------------------------------------
The district court of Wilhelmshaven opened bankruptcy proceedings
against Karl Lonecke KG on Jan. 1, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 28, 2005 to register their
claims with court-appointed provisional administrator Dr. Bernd
Sundermeier.

Creditors and other interested parties are encouraged to attend
the meeting on April 19, 2005, 9:00 a.m. at the district court of
Wilhelmshaven, Marktstrasse 15, 26382 Wilhelmshaven 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:  KARL LONECKE KG
          Dodoweg 29
          26386 Wilhelmshaven
          Contact:
          Peter Wiese, Manager
          Hegelstrasse 12
          26384 Wilhelmshaven

          Dr. Bernd Sundermeier, Administrator
          Alte Wiefelsteder Strasse 3
          26316 Varel
          Phone: 04451/91380
          Fax: 913819


KELCH HANDHABUNGSTECHNIK: Bankruptcy Proceedings Begin
------------------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against Kelch Handhabungstechnik GmbH on Dec. 31, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 16, 2005 to
register their claims with court-appointed provisional
administrator Dr. Tibor Daniel Braun.

Creditors and other interested parties are encouraged to attend
the meeting on March 24, 2005, 9:30 a.m. at the district court of
Stuttgart, Hauffstr. 5 Am Neckartor, Erdgeschoss, Zimmer 13 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:  KELCH HANDHABUNGSTECHNIK GMBH
          Wiesenstr. 64
          73614 Schorndorf

          Dr. Tibor Daniel Braun, Insolvency Manager
          Kriegerstr. 3
          70191 Stuttgart


KULTUR-WASSER: Court Accepts Bankruptcy Application
---------------------------------------------------
The district court of Stralsund opened bankruptcy proceedings
against Kultur-, Wasser- und Tiefbau GmbH Grimmen on Jan. 4,
2005.  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 Uwe Degen-Gellenbeck.

Creditors and other interested parties are encouraged to attend
the meeting on March 9, 2005, 3:45 a.m. at the district court of
Stralsund, Frankendamm 17, Haus A, 4. OG, Saal A4 21, 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:  KULTUR-, WASSER- UND TIEFBAU GMBH GRIMMEN
          Greifswalder Chaussee 3
          18507 Grimmen
          Contact:
          Bernd Erich Jahns, Manager

          Uwe Degen-Gellenbeck, Insolvency Manager
          J.-S.-Bach-Str. 21
          17489 Greifswald


ML MASCHINEN-LEASING: Claims Verification Set March 2
-----------------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against ML Maschinen-Leasing GmbH & Co. KG on Dec. 29, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 8, 2005 to
register their claims with court-appointed provisional
administrator Martin Benzing.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2005, 9:00 a.m. at the district court of
Stuttgart, Hauffstr. 5 Am Neckartor, Erdgeschoss, Zimmer 13 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:  ML MASCHINEN-LEASING GMBH & CO. KG
          Cologneer Str. 7
          70376 Stuttgart

          Martin Benzing, Insolvency Manager
          Charlottenstr. 29
          70182 Stuttgart
          Phone: 0711/2489080


NORDDEUTSCHE FINANZ: Sets Creditors Meeting Mid-February
--------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against NFA Norddeutsche Finanz Akademie AG on Jan.
6, 2005.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 31, 2005 to register their claims with court-appointed
provisional administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 17, 2005, 10:25 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at which time
the administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on May 26, 2005, 10:15 a.m. while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  NORDDEUTSCHE FINANZ AKADEMIE AG
          Chausseestr. 16
          10115 Berlin
          Contact:
          Jan Helming, Manager
          Seumestr. 13
          10245 Berlin

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


RPU ELEKTROTECHNIK: Court to Review Claims May 31
-------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against RPU Elektrotechnik GmbH on Jan. 6, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 6, 2005 to
register their claims with court-appointed provisional
administrator Rudiger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2005, 9:25 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at which time
the administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on May 31, 2005, 9:20 a.m. while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  RPU ELEKTROTECHNIK GMBH
          Zeestower Weg 4-10
          13591 Berlin

          Rudiger Wienberg, Insolvency Manager
          Giesebrechtstr. 1
          10629 Berlin


SEEBRUCKENPANOPTIKUM HERINGSDORF: Succumbs to Bankruptcy
--------------------------------------------------------
The district court of Stralsund opened bankruptcy proceedings
against Seebruckenpanoptikum Heringsdorf GmbH on Jan. 5, 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 Jorg Sievers.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2005, 10:20 a.m. at the district court of
Stralsund, Frankendamm 17, Haus A, 4. OG, Saal A4 21, 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:  SEEBRUCKENPANOPTIKUM HERINGSDORF GMBH
          Strandpromenade 1
          17424 Heringsdorf
          Contact:
          Klaudiusz Golos, Manager

          Jorg Sievers, Insolvency Manager
          R.-Blum-Str. 1
          17489 Greifswald


TOPFER & ROMMEL: Administrator's Report Out Later this Month
------------------------------------------------------------
Creditors and other interested parties in Topfer & Rommel
Polytrans GmbH i.L. are encouraged to attend the meeting on Feb.
24, 2005, 9:55 a.m. at Karl-Marx-Strasse 18a, 16816 Neuruppin for
the administrator's first insolvency proceedings report.

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:  TOPFER & ROMMEL POLYTRANS GMBH I.L.
          Lychener Strasse 13 a
          17268 Templin


WINGEFELD STRASSEN: Creditors Claims Due Next Week
--------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Wingefeld Strassen-, Kanal- und Tiefbau GmbH on Jan. 6,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Feb. 11,
2005 to register their claims with court-appointed provisional
administrator Frank Volger.

Creditors and other interested parties are encouraged to attend
the meeting on March 15, 2005, 9:30 a.m. at the district court of
Darmstadt, Landwehrstrasse 48, 64293 Darmstadt 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:  WINGEFELD STRASSEN-, KANAL- UND TIEFBAU GMBH
          Rontgenstrasse 18
          64291 Darmstadt
          Contact:
          Ilhan Basaran, Manager

          Frank Volger, Insolvency Manager
          Anne-Frank-Strasse 6
          64283 Gross-Umstadt
          Phone: 06078/912313
          Fax: 06078/912314


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


AN POST: Delays SDS Closure by Two Weeks
----------------------------------------
A timely intervention by the National Implementation Body
prevented an industrial action at An Post, the state-owned postal
services company.

The loose employer-union group, which polices national social
partnership, presented both parties a compromise last week: give
the Labour Court two weeks to investigate the plan to close An
Post's loss-making SDS parcels division.

Workers oppose the closure because it will leave 280 jobless and
force the relocation of 170 staff, BizWorld says.  Management
welcomed the opportunity to reach a definitive conclusion on the
matter.

"The company is continuing to work with the Labour Relations
Commission on detailed arrangements for the resumption of work in
SDS," BizWorld quoted An Post Spokeswoman Anna McHugh.

In addition to the probe, the company also agreed to reinstate 68
workers, who had been refusing to cooperate with the rundown of
SDS.  The Labor Court, meanwhile, will also tackle the
non-payment of the Sustaining Progress wage increases to An
Post's 10,000 employees and pensioners, before looking into the
controversy surrounding the SDS closure.

CONTACT:  AN POST
          Phone: 1850 262 362
          E-mail: pressoffice@anpost.ie
          Web site: http://www.anpost.ie


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


FIAT SPA: 'Put Option' Mediation Period Expires Today
-----------------------------------------------------
Today is technically the last day for Fiat and General Motors to
come to an agreement regarding a controversial put option.

Signed in 2000, the pact entitles Fiat the right to force the
U.S. carmaker to buy the 90 percent it does not already own of
Fiat Auto.  This right, after a slight delay caused by the
mediation period, which ends today, is exercisable beginning
tomorrow.  According to Il Sole 24 Ore, the two have not yet
agreed on the amount GM would pay for Fiat not to insist on the
sale.

General Motor, whose board is due to convene today to tackle the
matter, has insisted the deal was voided by Fiat's
recapitalization of Fiat Auto Holding B.V. and the sale of a 51
percent stake in Fiat Auto's consumer finance division.  Fiat
disagrees and it intends to hold on to the option until it
expires on July 24, 2009.

In separate development, Fiat has found a buyer for Palazzo
Grassi, an 18th-century palace it constructed in 1986 on the
Grand Canal in Venice.  According to the Associated Press, this
palace has played host to some of Italy's most popular cultural
exhibits.

"Fiat will sell 51 percent immediately and the remaining 49
percent within 18 months to the city's Casino for a total of
EUR28.9 million (US$37.67 million)," AP says.

"For sure, the great exhibits which can attract hundreds of
thousands of visitors require resources which can't be covered by
ticket sales," AP quoted Fiat official, Ernesto Auci, saying at a
news conference to announce the sale.

Among the popular events previously held at the palace were the
shows on art greats like Picasso and Dali.  Venice Mayor Paolo
Costa promised to maintain "the same level of excellence."  The
lagoon city's Casino is almost entirely controlled by the
municipal government, according to the newswire.

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

          GENERAL MOTORS CORPORATION (NYSE: GM)
          300 Renaissance Center
          Detroit, MI 48265-3000 (Map)
          Phone: 313-556-5000
          Fax: 248-696-7300
          Web site: http://www.gm.com


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


CHUI WOODWORKING: Claims Filing Period Expires March
----------------------------------------------------
Chui Woodworking State Enterprise of the State Forest Agency of
the Kyrgyz Republic, which recently became insolvent, will accept
proofs of claim until March 22, 2005.

CONTACT:  CHUI WOODWORKING STATE ENTERPRISE OF THE STATE FOREST
          AGENCY OF THE KYRGYZ REPUBLIC
          Tokmok, Duboviskogo Str. 136


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

CONTACT:  EDIMEKS
          Bishkek, Kyrgyzstan
          Free Economic Zone Bishkek, Ak-Chee


JANAR: Auctioning KGS24.5 Million Worth of Assets
-------------------------------------------------
The bidding organizer and insolvency manager of JSC Janar will
sell its properties on February 4, 2005, 10:00 a.m. at Bishkek,
VPZ-1, JSC Janar.

For sale are:

(a) Lot 1: three-story building with an area of 17,487 sq. m.
    Starting price is KGS14,500,000.

(b) Lot 2: building, including workshop and equipment, with an
    area of 5,174 sq. m.  Starting price is KGS7,500,000.

(c) Lot 3: Warehouse and shed with land area of 1,359
    hectares.  Starting price is KGS2,500,000.

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 3, 2005.

CONTACT:  JANAR
          Bishkek, VPZ-1
          Phone: (0-312) 23-86-13
          E-mail: aojanar@elcat.kg


PATP-2: Sets Public Auction Friday
----------------------------------
The bidding organizer and insolvency manager of PATP-2 will hold
a second public auction of its properties on February 4, 2005,
10:00 a.m. at Osh region, Zapadnaya Str. 4.  To participate, the
bidder must submit necessary documents to Osh region, Zapadnaya
Str. 4 and deposit an amount equivalent to 10% of the starting to
the cashier of PATP-2.  For more information, call (0-3222)
5-62-39 or (0-502) 38-19-77.


VOSTOK: Selling Assorted Assets at Public Auction Today
-------------------------------------------------------
The bidding organizer and insolvency manager of JV Vostok will
sell its properties on February 1, 2005, 11:00 p.m.  The public
auction will take place at Bishkek, Frunze Str. 282 a.  For sale
are:

(a) Lot 1: filling station with a starting price of KGS279,000
    (exclusive of VAT).

(b) Lots 2-12: Cars.

To participate, bidders must submit the necessary documents to
Bishkek, Frunze Str. 282a and deposit an amount equivalent to 10%
of the starting price to the cashier of the JV Vostok on or
January 31, 2005.  For more information, call (0-312) 900-300,
29-57-96 or (0-502) 32-26-45.


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


ASTRAKHAN-TARA: Gives Creditors Until March to File Claims
----------------------------------------------------------
The Arbitration Court of Astrakhan region commenced bankruptcy
proceedings against Astrakhan-Tara (TIN/KPP 2628037158/262801001)
after finding the close joint stock company insolvent.  The case
is docketed as A06-1026-b/z-18k/2004.  Mr. V. Trapeznikov has
been appointed insolvency manager.  Creditors have until March 1,
2005 to submit their proofs of claim to 414043, Russia,
Astrakhan, Mosina Str. 1, Post User Box 36.

CONTACT:  Mr. V. Trapeznikov
          Insolvency Manager
          414043, Russia, Astrakhan,
          Mosina Str. 1, Post User Box 36


FRAKOS: Insolvency Manager to Temporarily Oversee Business
----------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Frakos after finding the limited liability company
insolvent.  The case is docketed as A40-36055/04-71-24B.  Mr. S.
Perunov has been appointed insolvency manager.  Creditors have
until March 1, 2005 to submit their proofs of claim to 117420,
Russia, Moscow, Nametkina Str. 21, Post User Box 55.

CONTACT:  Mr. S. Perunov
          Insolvency Manager
          117420, Russia, Moscow,
          Nametkina Str. 21, Post User Box 55


HYDROLYSIS PLANT: Bankruptcy Hearings Resume March 31
-----------------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy supervision procedure on open joint stock company
Hydrolysis Plant.  The case is docketed as A05-24437/04-8.  Mr.
Y. Poliychuk has been appointed temporary insolvency manager.
A hearing will take place at the Arbitration Court of Arkhangelsk
region on March 31, 2005.

CONTACT:  HYDROLYSIS PLANT
          164840, Russia, Arkhangelsk region,
          Onega, Lenina Pr. 217

          Mr. Y. Poliychuk
          Temporary Insolvency Manager
          109012, Russia, Moscow,
          Ilyinka Str. 5/2, Office 508


INDUSTRIAL EXPORT-IMPORT: Declares Bankruptcy
---------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Industrial Export-Import Bank after finding the
joint-stock commercial bank insolvent.  The case is docketed as
A40-43008/04-36-22B.  Mr. A. Kolesnikov has been appointed
insolvency manager.  Creditors have until March 1, 2005 to submit
their proofs of claim to 129090, Russia, Moscow, Post User Box
34.

CONTACT:  INDUSTRIAL EXPORT-IMPORT BANK
          103045, Russia, Moscow,
          Sretenskiy Avenue, 7/1, Building 3

          Mr. A. Kolesnikov
          Insolvency Manager
          129090, Russia, Moscow,
          Post User Box 34
          Phone: 544-79-96


KEMEROVO-LADA-SERVICE: Under Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on open joint stock company
Kemerovo-Lada-Service.  The case is docketed as A27-29384/2004-4.
Mr. E. Sanzharevskiy has been appointed temporary insolvency
manager.  A hearing will take place on June 8, 2005.

CONTACT:  KEMEROVO-LADA-SERVICE
          650070, Russia, Kemerovo, 62 Proezd

          Mr. E. Sanzharevskiy
          Temporary Insolvency Manager
          650070, Russia, Kemerovo, 62 Proezd


KRASNOKAMSKIYE NIVY: Perm Court Hires Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Krasnokamskiye Nivy after finding the close
joint stock company insolvent.  The case is docketed as
A50-43189/2004-B.  Ms. S. Galaktionova has been appointed
insolvency manager.

CONTACT:  KRASNOKAMSKIYE NIVY
          Russia, Perm region, Krasnokamskiy region,
          Novo-Ivanovka, Sovkhoznaya Str. 1a

          Ms. S. Galaktionova
          Insolvency Manager
          Russia, Perm, Kommunisticheskaya Str. 76-65


MONOLITH-1: Appoints M. Mosheev Insolvency Manager
--------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on limited liability company
Monolith-1 (TIN/KPP 2628037158/262801001).  The case is docketed
as A63-229/03-S5.  Mr. M. Mosheev has been appointed temporary
insolvency manager.

CONTACT:  MONOLITH-1
          Russia, Pyatigorsk, 1st Bulvarnaya Str. 46-1

          Mr. M. Mosheev
          Temporary Insolvency Manager
          357502, Russia, Pyatigorsk, Ermolova Str. 38

          The Arbitration Court of Stavropol region
          355000, Russia, Stavropol, Mira Str. 458


OCTOBER: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on close joint stock company
October.  The case is docketed as A43-28717/04-33-451.  Mr. A.
Raspopin has been appointed temporary insolvency manager.
Creditors may submit their claims of proof to 603024, Russia,
Nizhniy Novgorod, Sennaya Square, 15.

CONTACT:  OCTOBER
          607400, Russia, Nizhniy Novgorod region,
          Gruditsino, Zavodskoy Per. 22

          Mr. A. Raspopin
          Temporary Insolvency Manager
          603024, Russia, Nizhniy Novgorod,
          Sennaya Square, 15
          Phone/Fax: (8312) 36-36-38


THERMAL NETWORKS: Declared Insolvent
------------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against Thermal Networks after finding the municipal
unitary enterprise insolvent.  The case is docketed as
A05-21968/04-28.  Mr. O. Rezvyj has been appointed insolvency
manager.

CONTACT:  THERMAL NETWORKS
          Russia, Arkhangelsk,
          Troitskiy Pr. 157, Building 1

          Mr. O. Rezvyj
          Insolvency Manager
          163000, Russia, Arkhangelsk,
          Dzerzhinskogo Pr. 25, Building 2, Apartment 207


TROITSKOYE BREAD: Deadline for Proofs of Claim March 1
------------------------------------------------------
The Arbitration Court of Altay region commenced bankruptcy
proceedings against Troitskoye Bread Receiving Enterprise after
finding the open joint stock company insolvent.  The case is
docketed as A03-1621/04-B.  Mr. M. Oleynik has been appointed
insolvency manager.  Creditors have until March 1, 2005 to submit
their proofs of claim to 656065, Russia, Altay region, Barnaul,
Post User Box 2797.

CONTACT:  TROITSKOYE BREAD RECEIVING ENTERPRISE
          659820, Russia, Altay region, Troitskoye

          Mr. M. Oleynik
          Insolvency Manager
          656065, Russia, Altay region,
          Barnaul, Post User Box 2797


YUKOS OIL: U.S. Judge Deprives Moscow Access to Bank Accounts
-------------------------------------------------------------
The controversial bankruptcy filing of Yukos Oil in the United
States has become even more contentious.

On Thursday, U.S. District Judge Letitia Clark granted the oil
giant creditor protection even before she could rule on whether
the U.S. has jurisdiction over its bankruptcy in the first place.
The order effectively cloaks Yukos' remaining assets in the U.S.

Opened in early December, these accounts were established by
Chief Financial Officer Bruce Misamore, who opted not to return
to Russia upon learning that local prosecutors had taken arrest
warrants against company officials.  Since mid-2004, Moscow has
been hounding Yukos for allegedly failing to settle its
multi-billion-dollar tax arrears.  In December, authorities sold
Yuganskneftegaz, the company's main asset responsible for 60% of
production, to Baikal Finance.  A few days later, state-owned
Rosneft took over this little-known company, which coughed up
US$9.4 billion to take home Yugansk.

Mr. Misamore, who owns a house in Houston, applied for Chapter 11
bankruptcy on December 14 in an attempt to prevent Yugansk's
auction.  He cited the bank accounts as basis for the petition
and the fact that he continues to conduct business in the U.S. as
chief financial officer.

Commenting on the decision, Yukos counsel Zack A. Clement, of
Fulbright & Jaworski LLP, said the company may seek a U.S. court
order to close its Russian bank accounts.  Mr. Misamore, however,
told reporters after the hearing that "very, very little" money
remained in those accounts.  To date, Russian authorities have
already seized US$4 billion in deposits.

Judge Clark's decision prevents Moscow from seizing US$27 million
deposited in various U.S. banks.  About US$6 million of this sum
is earmarked to pay Yukos' legal expenses.  The federal judge
will rule on the jurisdiction issue following a hearing on
February 16-17.

Meanwhile, several banks led by France's Societe Generale have
initiated talks with Rosneft about a US$1 billion loan they
granted Yukos.  According to a separate report by Russian daily
Vedomosti, Yukos recently defaulted on the loan, which is backed
by oil export of Yugansk.  Technically, analysts say, the banks
may seize Yugansk's oil exports if Rosneft refuses to pay.

Rosneft's response when reached by Vedomosti to comment on the
issue was cryptic.  It said it will build relations with
Yugansk's creditors according to Russian law and international
business practices.

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

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

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

          Zach A. Clement
          Fulbright & Jaworski LLP
          1301 McKinney, Suite 5100
          Houston, TX  77010-3095
          Phone: (713) 651-5151
          Fax: (713) 651-5246
          Web site: http://www.fulbright.com

          SOCIETE GENERALE (Pink Sheets: SCGLY [ADR])
          29, Boulevard Haussmann
          75009 Paris, France
          Phone: +33-1-42-14-20-00
          Fax: +33-1-42-14-54-51
          Web site: http://www.socgen.com


YUKOS OIL: Khodorkovsky's Incarceration Extended to May
-------------------------------------------------------
Jailed Yukos Oil founder and former CEO Mikhail Khodorkovsky will
stay in detention until May 14, a Moscow judge ordered Friday.

Prosecutors successfully argued the extension citing
apprehensions Mr. Khodorkovsky will flee the country or pressure
witnesses if released.  His trial for fraud and tax evasion is
still ongoing.

Observers were not surprised by the latest ruling, which they
believe is still part of Kremlin's political vendetta.  Prior to
his arrest in October 2003, Mr. Khodorkovsky funded several
opposition parties.  President Vladimir Putin has repeatedly
dismissed the political angle, claiming the corrupt businessman
brought the case upon himself.

Mr. Khodorkovsky's charges center around the privatization of a
fertilizer component maker in 1994.  If convicted he and business
partner Platon Lebedev, who is being tried on similar charges,
face 10 years in prison.

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

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

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


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


ANS: Poltava Court Launches Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against LLC ANS (code EDRPOU 31676201) on December 7,
2004 after finding the limited liability company insolvent.  The
case is docketed as 7/83.  Arbitral manager Mr. Oleksandr Makovij
(License Number AA 250345) has been appointed
liquidator/insolvency manager.  The company holds account number
260012342001 at JSC Ukrinbank, Kremenchuk branch, MFO 331177.

(a) ANS
    39702, Ukraine, Poltava region,
    Kremenchuk district,
    Krivushi, B. Hmelnitskij Str. 5

(b) Mr. Oleksandr Makovij
    Liquidator/Insolvency Manager
    36039, Ukraine, Poltava region,
    Shevchenko Str. 52

(c) ECONOMIC COURT OF POLTAVA REGION
    36000, Ukraine, Poltava region,
    Zigina Str. 1


BILA KRINITSYA: Court Grants Debt Moratorium Request
----------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on Agricultural LLC Bila Krinitsya (code
EDRPOU 30809515) on November 1, 2004 and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as
27/95-B.  Mrs. T. Bichkova (License Number AA 668269) has been
appointed temporary insolvency manager.  The company holds
account numbers 26007303626272/980, 26009301626272/980, and
26043301626272/980 at JSCB National credit, Artemivsk branch, MFO
335708.

Creditors may submit their proofs of claim to:

(a) BILA KRINITSYA
    84531, Ukraine, Donetsk region,
    Artemivsk district,
    Nikiforivka, Timiryazev Str. 47A

(b) Mrs. T. Bichkova
    Temporary Insolvency Manager
    84500, Ukraine, Donetsk region,
    Artemivsk, Lenin Str. 14/22

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


DENTA-LUKS: Temporary Insolvency Manager Takes over Operations
--------------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Denta-Luks (code EDRPOU 31488077) on
November 16, 2004 and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 6/131-04.  Mr.
Sidorenko Genadij has been appointed temporary insolvency
manager.  The company holds account number 26005370303001 at
CB Privatbank, Sumi branch, MFO 337546.

Creditors may submit their proofs of claim to:

(a) DENTA-LUKS
    42034, Ukraine, Sumi region,
    Romenskij district, Hmeliv

(b) Mr. Sidorenko Genadij
    Temporary Insolvency Manager
    42000, Ukraine, Sumi region,
    Romni, Proletarskoyi Solidarnosti Str. 37a

(c) ECONOMIC COURT OF SUMI REGION
    Ukraine, Sumi region,
    Shevchenko Str. 18/1



EDEN: Bankruptcy Proceedings Pending Before Zaporizhya Court
------------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Ukrainian-English Joint Enterprise LLC Eden
(code EDRPOU 22141126) on December 8, 2004 after finding the
limited liability company insolvent.  The case is docketed as
21/257.  Arbitral manager Mr. O. Zabrodin (License Number AA
630146) has been appointed liquidator/insolvency manager.  The
company holds account number 26004004060001 at JSCB
Industrialbank, MFO 313377.

CONTACT:  EDEN
          69000, Ukraine, Zaporizhya region,
          Turgenev Str. 27

          Mr. O. Zabrodin
          Liquidator/Insolvency Manager
          69121, Ukraine, Zaporizhya region, a/b 6335

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


GLUHIV' ENTERPRISE: Sumi Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on Gluhiv' Enterprise Agrotechservice (code
EDRPOU 03760473) on November 10, 2004.  The case is docketed as
6/127-04.  Arbitral manager Mr. Oleksandr Malyovanij (License
Number AA 250426) has been appointed temporary insolvency
manager.  The company holds account number 260089300 at JSPPB
Aval, Sumi regional branch, MFO 337483.

Creditors may submit their proofs of claim to:

(a) GLUHIV' ENTERPRISE AGROTECHSERVICE
    Ukraine, Sumi region,
    Gluhiv, 40-Rokiv Peremogi Str. 42

(b) Mr. Oleksandr Malyovanij
    Temporary Insolvency Manager
    40030, Ukraine, Sumi region,
    Kirov Str. 25, 4th floor

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


HRISTINIVSKIJ COMBI: Under Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on LLC Hristinivskij Combi Provender Plant
(code EDRPOU 00687863) on December 14, 2005.  The case is
docketed as 01/3893.  Arbitral manager Mr. Grigorij Kovalenko has
been appointed temporary insolvency manager.  The company holds
account number 260067001 at JSPPB Aval, Cherkassy regional
branch, MFO 354411.

Creditors may submit their proofs of claim to:

(a) HRISTINIVSKIJ COMBI PROVENDER PLANT
    20000, Ukraine, Cherkassy region,
    Hristinivskij district,
    Rozsishki, Polyova Str. 3

(b) Mr. Grigorij Kovalenko
    Temporary Insolvency Manager
    Ukraine, Cherkassy region,
    Blagovisna Str. 299/55

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


LIGO: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
supervision procedure on LLC Ligo (code EDRPOU 22601042) on
December 1, 2004.  The case is docketed as 9/B-516.  Mr. Vasil
Taras (License Number AA 047966) has been appointed temporary
insolvency manager.  The company holds account number 260091611
at JSPPB Aval, Ternopil regional branch, MFO 338501.

Creditors may submit their proofs of claim to:

(a) LIGO
    48240, Ukraine, Ternopil region,
    Gusyatinskij district,
    Horostkiv, Nezalezhnosti Str. 2

(b) Mr. Vasil Taras
    Temporary Insolvency Manager
    46000, Ukraine, Ternopil region,
    Rodini Barvinskih Str. 7

(c) ECONOMIC COURT OF TERNOPIL REGION
    46000, Ukraine, Ternopil region,
    Ostrozski Str. 14a


UKRBUDTEH: Temporary Insolvency Manager Enters Company
------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Ukrbudteh (code EDRPOU 32829470) The
case is docketed as 24/955.  Arbitral manager Mr. I. Mihno
(License Number AA 668303) has been appointed temporary
insolvency manager.  The company holds account number
260020287000 at JSB Brokbiznesbank, Kyiv region branch, MFO
300249.

CONTACT:  UKRBUDTEH
          01032, Ukraine, Kyiv region,
          Saksaganskij Str. 115 a

          Mr. I. Mihno
          Temporary Insolvency Manager
          03087, Ukraine, Kyiv region,
          Umanska Str. 35

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


YALTUSHKIV' AGROMASH: Declared Insolvent
----------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against OJSC Yaltushkiv' Specialized Enterprise
Agromash (code EDRPOU 260063017062) after finding the limited
liability company insolvent.  The case is docketed as 5/310-04.
Mr. Leshenko Anatolij (License Number AA 484190) has been
appointed liquidator/insolvency manager.  The company holds
account number 260063017062 at JSCB Mriya, Vinnitsya regional
branch, MFO 302559.

CONTACT:  YALTUSHKIV' SPECIALIZED ENTERPRISE AGROMASH
          Ukraine, Vinnitsya region,
          Barskij district, Yaltushkiv

          Mr. Leshenko Anatolij,
          Liquidator/Insolvency Manager
          Phone: 8 (0432) 46-43-28
          Fax: 8 (0432) 46-43-28


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


ALDWAY: Begbies Gives Creditors Until Feb. 21 to File Claims
------------------------------------------------------------
The Creditors of Aldway Cables and Plastics Ltd., Aldway Five
Ltd., Aldway Industrial Products Ltd., and Aldway NVSP Ltd.
Aldway Stamping Ltd., are required, on or before 21 February
2005, to send their names and addresses and particulars of their
debt or claims and the names and addresses of the Solicitors (if
any), to Paul Michael Davis, the Joint Liquidator of the said
Companies, at Begbies Traynor (South) LLP, Chiltern House, 24-30
King Street, Watford, Hertfordshire WD18 0BP, and, if so required
by notice in writing from the said Liquidators, by their
Solicitors or personally, to come in and prove their said debt or
claims at such time and place as shall be specified in such
notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debt are proved.

CONTACT:  BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0BP
          Phone: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com
          Contact: Paul Michael Davis, Liquidator


ALTUS ENGINEERING: Claims Filing Period Ends Later this Month
-------------------------------------------------------------
The Creditors of Altus Engineering Co. (Corsham) Ltd., are
required, on or before 21 February 2005, to send their names and
addresses and particulars of their debt or claims and the names
and addresses of the Solicitors (if any), to Paul Michael Davis,
the Joint Liquidator of the said Companies, at Begbies Traynor
(South) LLP, Chiltern House, 24-30 King Street, Watford,
Hertfordshire WD18 0BP, and, if so required by notice in writing
from the said Liquidators, by their Solicitors or personally, to
come in and prove their said debt or claims at such time and
place as shall be specified in such notice, or in default thereof
they will be excluded from the benefit of any distribution made
before such debt are proved.

CONTACT:  BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0BP
          Phone: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com
          Contact: Paul Michael Davis, Liquidator


BALTIMORE TECHNOLOGIES: Earthport Substantiates Fraud Claim
-----------------------------------------------------------
In the matter of earthport's claim against Baltimore, earthport
has complied with the Court Order issued on January 21, 2005,
which ordered that in the event earthport wished to serve
evidence in opposition to Baltimore's application to strike out
that part of earthport's Claim Form based on Fraudulent
Misrepresentation it was to serve its evidence by a final
deadline of 4:00 p.m. on January 26, 2005.

earthport complied with that deadline by serving evidence and an
amendment to its Particulars of Claim setting out the detail of
its claim based on Fraudulent Misrepresentation.  On Tuesday,
February 1, the Court will be asked to grant formal permission to
earthport to amend its case.

In submitting further evidence and an amended claim in draft,
earthport considers that it has significantly substantiated its
claim for Fraudulent Misrepresentation.

CONTACT:  EARTHPORT PLC
          7-10 Chandos Street
          London W1G 9DQ
          Phone: +44-20-7907-1100
          Fax: +44-20-7907-1101
          Web site: http://www.earthport.com

          Rob Cunningham
          Chief Executive Officer
          Phone: +44(0) 207 907 1100

          NABARRO WELLS
          David Nabarro
          Nigel Atkinson
          Phone: +44(0) 207 710 7400

          FINANCIAL DYNAMICS
          James Melville-Ross
          Juliet Clarke
          Phone: +44(0) 207 831 3113


BUSINESS MACHINE: Unsecured Creditors to Meet Tomorrow
------------------------------------------------------
A Meeting of the unsecured Creditors of Business Machines
Realisations Limited will be held at Four Brindleyplace,
Birmingham B1 2HZ, on Wednesday 2 February 2005, at 10.30 a.m.,
for the purposes mentioned in sections 48 and 49 of the
Insolvency Act 1986.  Forms of proxy are available.  Creditors
wishing to vote at the Meeting must lodge details of their debt
and proxies at the offices of Deloitte & Touche LLP, Four
Brindleyplace, Birmingham B1 2HZ, by 12.00 noon on the day before
the Meeting.  Creditors whose claims are wholly secured are not
entitled to attend or be represented at the Meeting.

CONTACT:  DELOITTE & TOUCHE LLP
          Four Brindleyplace, Birmingham B1 2HZ
          Contact:
          L A Manning, Joint Administrative Receiver


CAMPUS VENTURES: Calls in Liquidator from Begbies
-------------------------------------------------
At the Extraordinary General Meeting of the Members of Campus
Ventures Mmu Limited held at Elliot House, 151 Deansgate,
Manchester M3 3BP, on 12 January 2005, the resolution to wind up
the company was passed.  P Stanley, of Begbies Traynor, Elliot
House, 151 Deansgate, Manchester M3 3BP, has been appointed
Liquidator.

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


CHASE GROUP: Succumbs to Liquidation
------------------------------------
At an Extraordinary General Meeting of the Members of Chase Group
Printing and Stationery Limited held at Sheraton Heathrow Hotel,
Colnbrook By Pass, Longford, West Drayton, Middlesex UB7 0HJ, on
12 January 2005, a resolution to wind up the company was passed.
Barry P. Knights, of Knights & Company, Milford House has been
appointed Liquidator.

CONTACT:  KNIGHTS & COMPANY
          Milford House
          43-55 Milford Street,
          Salisbury, Wiltshire SP1 2BP


CLYDO LIMITED: Shareholders Call in Liquidator
----------------------------------------------
At an Extraordinary General Meeting of Clydo Limited held at
105-111 Euston Street, London NW1 2EW, on 14 January 2005, the
subjoined Extraordinary Resolution to wind up the company was
passed.  Salman Saud, of Saud & Company has been appointed
Liquidator.

CONTACT:  SAUD & COMPANY
          105-111 Euston Street London NW1 2EW


COMMUNICATIONS (123): Liquidators from Vantis Move in
-----------------------------------------------------
At an Extraordinary General Meeting of Communications (123)
Limited, duly convened, and held at 82 St John Street, London
EC1M 4JN, on 10 January 2005 a subjoined Extraordinary Resolution
to liquidate the firm was passed.  James Bradney and Nigel
Hamilton-Smith, of Vantis Business Recovery have been appointed
Joint Liquidators.  Communications (123) is formerly Warrior
Communications (London) Limited.

CONTACT:  VANTIS BUSINESS RECOVERY
          Torrington House,
          47 Holywell Hill, St Albans,
          Hertfordshire AL1 1HD
          Liquidator:
          Michael Young
          Web site: http://www.vantismt.com


CONCORD COURIERS: In Administrative Receivership
------------------------------------------------
Dermot Justin Power and Martha Hanora Thompson of BDO Stoy
Hayward LLP have been appointed administrators for Concord
Couriers (Welwyn Garden City) Limited.  Concord Couriers manages
a storage and warehouse.

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


COOKFIRM LIMITED: Liquidator Sets Due Date for Proofs of Claim
--------------------------------------------------------------
Creditors of Cookfirm Limited, which is being voluntarily wound
up, are required, on or before 22 February 2005, to prove their
debt by sending to the undersigned, R Bajjon of Benedict
Mackenzie, 3-4 The Courtyard, East Park, Crawley, West Sussex
RH10 6AG, the Joint Liquidator of the Company, written statements
of the amounts they claim to be due to them from the Company and,
if so requested, to provide such further details or produce such
documentary or other evidence as may appear to the Liquidators to
be necessary. A Creditor who has not proved his debt before the
declaration of any Dividend is not entitled to disturb, by reason
that he has not participated in it, the distribution of that
dividend or any other dividend declared before his debt was
proved.


CREATIVE ONE: Members Okay Winding-up Resolution
------------------------------------------------
At an Extraordinary General Meeting of the Members of Creative
One Limited, duly convened, and held at the offices of David
Horner & Co, 11 Clifton Moor Business Village, James Nicolson
Link, York YO30 4XG, on 10 January 2005 a resolution to wind up
the company was passed.  David Anthony Horner, of David Horner &
Co has been appointed Liquidator.

CONTACT:  DAVID HORNER & CO
          11 Clifton Moor Business Village
          James Nicolson Link, Clifton Moor, York YO30 4XG
          Web site: http://www.davidhornerandco.co.uk


DEAN FOODS: Fitch Affirms 'BB' Senior Unsecured Notes
-----------------------------------------------------
Fitch Ratings has affirmed the ratings for Dean Foods Company
following the announcement that Dean will pursue a tax-free
spin-off of its Specialty Foods Group to Dean shareholders. Fitch
rates Dean's senior secured credit facility 'BBB-'; Senior
unsecured notes 'BB'; and Rating Outlook Positive.

As of Sept. 30, 2004, Dean had approximately US$3.3 billion of
debt.  For the latest 12 months ended Sept. 30, 2004, Dean's
total debt-to-earnings before interest taxes depreciation and
amortization (EBITDA) was 3.8 times, its EBITDA-to-interest
incurred was 5.0x, and its net cash from operating
activities-to-total debt was 13.6%.  The Specialty Foods Group is
estimated to have approximately US$700 million in sales, US$100
million in earnings before interest taxes depreciation and
amortization (EBITDA), and US$45 million-US$50 million in free
cash flow in 2005.  The division consists primarily of private
label and regionally branded pickles, powdered nondairy coffee
creamers, puddings, and sauces.

The transaction is expected to close in the third quarter of 2005
and will result in a new publicly traded company, for which Dean
will have no ownership.  Improvement in Dean's credit measures
will be delayed as a result of the spin-off of approximately
US$100 million in EBITDA and US$45 million-US$50 million of cash
flow.  In addition, Dean is not expected to place any debt at the
new entity nor is the company expecting to receive a dividend.
Fitch anticipates that the overall operating environment will
improve due to more stable class I milk prices, the company will
focus on debt reduction, and the company will refrain from large
debt-financed acquisitions in the near-term.  Consequently, Dean
should be capable of sustaining credit metrics within its rating
category for the foreseeable future.

Dean Foods Company is the largest processor of milk and the third
largest producer of ice cream in the U.S. In addition, Dean is
the leading producer, distributor, and marketer of value-added
dairy and nondairy products and the largest processor of private
label pickles in the U.S. Dean also has several joint ventures
and sells products under partnerships and licensed brands such as
Land O'Lakes, Hershey's, and Folgers Jakada.  Dean has operations
in 39 states, Spain, and the U.K.

CONTACT:  FITCH RATINGS
          Carla Norfleet Taylor
          (Chicago)
          Phone: 312-368-3195

          Wesley E. Moultrie II
          (Chicago)
          Phone: 312-368-3186

          Brian Bertsch
          (Media Relations, New York)
          Phone: 212-908-0549


DELTAFLOW LTD.: Proofs of Claim Deadline Set February 21
--------------------------------------------------------
The Creditors of Deltaflow Ltd. are required, on or before 21
February 2005, to send their names and addresses and particulars
of their debt or claims and the names and addresses of the
Solicitors (if any), to Paul Michael Davis, the Joint Liquidator
of the said Companies, at Begbies Traynor (South) LLP, Chiltern
House, 24-30 King Street, Watford, Hertfordshire WD18 0BP, and,
if so required by notice in writing from the said Liquidators, by
their Solicitors or personally, to come in and prove their said
debt or claims at such time and place as shall be specified in
such notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debt are proved.

CONTACT:  BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0BP
          Phone: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com
          Contact: Paul Michael Davis, Liquidator


DELTA METAL: Urges Creditors to Prove Claims as soon as Possible
----------------------------------------------------------------
The Creditors of Delta Metal Products Ltd. are required, on or
before 21 February 2005, to send their names and addresses and
particulars of their debt or claims and the names and addresses
of the Solicitors (if any), to Paul Michael Davis, the Joint
Liquidator of the said Companies, at Begbies Traynor (South) LLP,
Chiltern House, 24-30 King Street, Watford, Hertfordshire WD18
0BP, and, if so required by notice in writing from the said
Liquidators, by their Solicitors or personally, to come in and
prove their said debt or claims at such time and place as shall
be specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debt are proved.

CONTACT:  BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0BP
          Phone: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com
          Contact: Paul Michael Davis, Liquidator


DRURYWAY: Proofs of Claim Deadline February
-------------------------------------------
The Creditors of Druryway 250 Ltd., and Druryway Manufacturing
Ltd., are required, on or before 21 February 2005, to send their
names and addresses and particulars of their debt or claims and
the names and addresses of the Solicitors (if any), to Paul
Michael Davis, the Joint Liquidator of the said Companies, at
Begbies Traynor (South) LLP, Chiltern House, 24-30 King Street,
Watford, Hertfordshire WD18 0BP, and, if so required by notice in
writing from the said Liquidators, by their Solicitors or
personally, to come in and prove their said debt or claims at
such time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debt are proved.

CONTACT:  BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0BP
          Phone: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com
          Contact: Paul Michael Davis, Liquidator


EURODIS ELECTRON: Pre-tax Loss on Ordinary Activities Down 56%
--------------------------------------------------------------
Key Statistics (in millions)

                          Euro     Euro     Sterling   Sterling
                          2004     2003         2004       2003

Sales                    154.6    171.4        105.1      119.2

Operating loss before
non-recurring costs
& exceptional items,
goodwill and
non-operating items       (7.8)   (10.7)        (5.3)      (7.4)

Loss before tax          (13.2)   (29.8)        (9.0)     (20.7)

Basic loss per
ordinary share          (1.42c) (13.19c)      (0.96p)    (9.17p)

Adjusted loss per
Ordinary share          (1.11c)  (6.20c)      (0.75p)    (4.13p)

Highlights:

(a) Results in line with expectations

(b) Pre-tax loss on ordinary activities reduced by 56% to
    EUR13.2 (2003: EUR29.8 million);

(c) Continuing progress in operating cost reduction-now reduced
    to annualized EUR63 million (2003: EUR77.2 million);

(d) Sales in six months to November 30, 2004; stable compared
    with six months ended May 31, 2004;

(e) Net debt EUR56.8 million (2003: EUR82.4 million) within
    market expectations;

(f) Bill Alexander, currently Senior Non-executive Director, to
    be appointed Group Finance Director.

Commenting on the results and prospects, Doug Rogers, Chairman,
said: "The Group continues to make progress.  The level of
trading losses is substantially reduced from the prior year.
Notwithstanding the competitive environment, we expect to gain
some business from new franchise arrangements, from our
increasing participation in high growth areas such as wireless
and power supply technologies, and from the alliances with our
business partners ATeG and WPG.

"The reduction in operating costs has materially reduced the
breakeven point and this will assist in returning the business to
profitability in due course.  Bill Alexander has made an
excellent contribution since he joined the Board last year and I
am delighted that he is joining the executive team."

                         Operating Review

Summary

The refinancing has created a more stable environment for the
Group, which in turn has given customers more confidence,
enabling us to compete for business, especially annual contracts,
better than a year ago.  The level of trading losses has been
substantially reduced from the prior year and we are confident of
gaining business from net new franchise arrangements, our
increasing participation in high growth areas such as wireless
and power supply technologies, and the alliances with our
business partners Advanced Technology Group (ATeG) and World
Peace Group (WPG).  The cost reductions announced on 25 November
2004 have lowered the breakeven point and helped offset the
short-term effects of the global inventory correction.

Results and Dividends

Sales for the six months ended November 30, 2004 were EUR154.6
(2003: EUR171.4 million), a similar level to that achieved in the
six months ended May 31, 2004.

Gross profit margin was in line with expectations at 17.1% (2003:
15.9% before non-recurring costs).

Operating expenses (before goodwill, non operating items and
non-recurring costs) for the six months ended November 30, 2004
totaled EUR34.3 (2003: EUR38.0), a decrease of 10%, reflecting
the benefit of cost reduction actions taken in the previous year.
Further to our announcement of November 25, 2004 we are
continuing to review the operating cost base to ensure it is
aligned with the Group's requirements without affecting sales
reach and additional savings of EUR6 per annum are being
implemented to reduce the operating cost base to an annual run
rate of below EUR63.  Exceptional and non-recurring costs arising
in respect of these cost reductions total approximately EUR5
million, of which EUR2.7 million has been charged in the six
months, ended November 30, 2004.

Net finance costs totaled EUR2.5 million (2003: EUR3.1 million).
The reduction of 19% reflects the lower levels of debt during the
period.

The total loss on ordinary activities before taxation reduced by
56% to EUR13.2 compared with a loss of EUR29.8 last year.  This
result is after charging goodwill amortization of EUR0.2 million
(2003: EUR0.6) and no losses on disposals of fixed assets (2003:
EUR0.3 million).

Net borrowings at November 30, 2004 were EUR56.8 (2003: EUR82.4),
a reduction of 31% due mainly to the equity issue in March 2004.
Net borrowings were EUR9.3 higher than at May 31, 2004 due to
operating and interest outflows in the period to November 30,
2004.  Net debt levels are within market expectations and it is
expected that there will be adequate headroom going forward.

The Directors are not recommending any dividend for the period
and do not anticipate paying any dividend on the preference
shares for the foreseeable future.  The dividends on the
preference shares accumulate and must be paid before any payment
of dividends to holders of Ordinary Shares.  The unpaid
preference share dividends are disclosed as non-equity interests
in the Group's balance sheet within capital and reserves.

The Market, Customers, Suppliers and Collaborations

We provide a comprehensive distribution network throughout Europe
from our state-of-the-art advanced logistics center in the
Netherlands and are, therefore, an attractive route to market for
component manufacturers.  We continue to sign new franchises to
offset terminations and we have made some progress with extending
geographically our existing franchises.

The co-operation with ATeG has now been implemented and has
effectively increased Eurodis' sales team by approximately 20%
without any material increase in fixed costs.  This will provide
our customers with the benefit of being able to fulfill more of
their requirements through one sales contact and is expected to
lead to increased sales over the medium term.  Suppliers will
also benefit from increased sales out of existing franchised
distribution channels.

Establishing a Hong Kong-based joint venture company, Eurodis WPG
Asia Limited, has further strengthened the alliance with World
Peace Group in Asia.  This will provide a seamless logistics
service for production transfers from Europe to Asia Pacific,
enabling us to tap into the rapidly growing Chinese market.

Under its 'Safe Passage' program, Eurodis is now able to provide
customers with a service to assure continuity of supply when
transferring production to Eastern Europe or to Asia.  This
enables customers to reduce the risk of production transfers by
outsourcing their component supply arrangements throughout the
transfer period.

Working Capital

The Group continues to pay close attention to working capital.
Debtor days have been further reduced through close management
and days sales outstanding (DSO) were 65 at November 30, 2004
compared with 66 in November 2003 and 68 in May 2004.  Suppliers
have continued to be paid in line with agreed terms.  Further
steps have been taken to reduce inventory levels whilst
maintaining good customer service levels and net inventory at
November 30, 2004 was nearly EUR4 million lower than at May 31,
2004, with turns increased from 4.5 to 5.0.

Board Changes and Staff

On November 5, 2004 Nick Jefferies, Executive Director and Vice
President for Sales, resigned from the Board by mutual consent as
part of a review of the Group organization and cost structure.

Peter Grant, Group Finance Director, has stepped down from the
Board and, after a handover period, will leave the Company on 12
February 2005 due to family health reasons.  Current Senior
Non-Executive Director Bill Alexander, will replace Mr. Grant
with effect from February 7, 2005.

The Board would like to thank Peter for his contribution to the
Company, in particular for his support during the Company's
restructuring, and wishes him well for the future.

Mr. Alexander, 45, a Chartered Accountant, was previously Group
Finance Director for United Carriers Plc and then Metroline Plc.
Prior to that he worked as a senior manager at Mars Inc. and
Guinness Plc.  He was appointed to the Board of Eurodis on June
7, 2004 as a Non-Executive Director.  At the same time, he was
appointed Chairman of the Audit Committee, a post he will
relinquish on his appointment as Group Finance Director.  The
Group intends to appoint a new Non-Executive Director in due
course.

Our employees and agents have worked with great dedication in
challenging circumstances and we thank them for their efforts.
As part of the review of Group organization and cost structure we
have had to make the difficult decision to let some people go.
We thank them also.

Outlook

On September 28, 2004 we stated that we believed a short-term
global inventory correction was occurring.  This continues to be
the case.  We also expect pricing pressures to continue, at least
for the short term, although we continue to take steps to
counteract this effect where possible.

Notwithstanding the competitive environment, we expect to gain
some business from new franchise arrangements, our increasing
participation in high growth areas such as wireless and power
supply technologies, and the alliances with our business partners
ATeG and WPG.  Additionally we will continue to target improved
margins through better product mix.

The reduction in operating costs has materially reduced the
breakeven point and this will assist in returning the business to
profitability in due course.

                 Forthcoming announcements

Results' announcements Timetable:

(a) Ten months to March 31, 2005: Late May 2005,

(b) Sixteen months to September 30, 2005: Late November 2005

Doug Rogers
Chairman
January 27, 2005

CONTACT:  EURODIS ELECTRON PLC
          Electron House
          43 London Rd.
          Reigate
          Surrey RH2 9PW
          Phone: +44-1737-242-464
          Fax: +44-1737-229-600
          Web site: http://www.eurodis.com
          Contact:
          Doug Rogers, Chairman
          Phone: 01737242464

          Steven Swayne, Chief Executive
          Phone: 01737242464

          BELL POTTINGER
          David Rydell
          Zoe Sanders
          Phone: 020 78613232


FDE LIMITED: Shareholders Opt for Liquidation
---------------------------------------------
At the Extraordinary General Meeting of FDE Limited held at
Poppleton & Appleby, The Old Barn, Caverswall Park, Caverswall
Lane, Stoke on Trent ST3 6HP, on 10 January 2005, a resolution to
wind up the firm was passed.  Ian Michael Rose and Robert Michael
Young, of Poppleton & Appleby, were appointed Joint Liquidators.

CONTACT:  THE P&A PARTNERSHIP
          The Old Barn, Caverswall Park, Caverswall Lane
          Stoke on Trent ST3 6HP
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


KELLOGG & BROWN: Halliburton Abandoning Loss-making Unit
--------------------------------------------------------
Controversial U.S. oil giant Halliburton is planning to divest
its U.K. subsidiary Kellogg, Brown and Root (KBR), reports Agence
France-Presse

Halliburton Chairman and CEO Dave Lesar made the announcement on
Friday during a conference with investors, where he also
disclosed that Halliburton is ending its activities in Iran.

Once chaired by U.S. Vice President Dick Cheney, Halliburton has
been under investigation in the United States since July for its
dealings with Iran through a Cayman Islands subsidiary in breach
of a U.S. embargo.

According to Mr. Lesar, he would "recommend to the board" to
separate Halliburton from the loss-making U.K. arm.  The U.S.
firm had already announced as early as September last year that
it planned to rid itself of KBR, either by curtailing its
operations or floating it.

"It may and will take some time," Mr. Lesar said. "When we're
ready, we'll make an announcement on it."

Like its parent firm, Kellogg, Brown and Root is also the subject
of several probes relating to allegations it overcharged for
services to the U.S. military in Iraq where it supplies food to
troops, does their laundry and houses them, among others.


K & H PACKAGING: Calls in Administrators from Begbies
-----------------------------------------------------
At the Extraordinary General Meeting of K & H Packaging Limited
at the Holiday Inn Bexley, Black Prince Interchange, Southwold
Road, Bexley, Kent DA5 1ND, on 12 January 2005, the resolution to
wind up the firm was passed.  G W Rhodes, of Begbies Traynor, has
been appointed liquidator.

CONTACT:  BEGBIES TRAYNOR
          2-3 Pavilion Buildings, Brighton
          East Sussex BN1 1EE
          Web site: http://www.begbies.com


LATIMER HOUSE: Applies for Voluntary Liquidation
------------------------------------------------
At the Extraordinary General Meeting of Latimer House Realisation
Limited at Latimer House, Cumberland Place, Southampton SO15 2BH,
on 6 January 2005 the resolutions to voluntarily wind up the firm
was passed.  Peter Whalley and Peter Hall, of Buchanans plc have
been appointed Liquidators.  Latimer House is formerly CPG
Packaging Services Limited.

CONTACT:  BUCHANANS PLC
          Latimer House,
          5 Cumberland Place,
          Southampton SO15 2BH
          Phone: 023 8022 1222
          Fax: 023 8033 1333
          E-mail: advice@buchanans.com
          Web site: http://www.buchanans.com


LEGAL PROMOTIONS: Members Decide to Wind up Firm
------------------------------------------------
At an Extraordinary General Meeting of the Members of Legal
Promotions U.K. Limited at 26-28 Goodall Street, Walsall, West
Midlands WS1 1QL, on 14 January 2005, the resolution to wind up
the firm was passed.  Timothy Frank Corfield, of Griffin & King,
26-28 Goodall Street, Walsall, West Midlands WS1 1QL has been
appointed liquidator.

CONTACT:  GRIFFIN & KING
          26-28 Goodall Street Walsall WS1 1QL
          Contact: Timothy Frank Corfield, Liquidator
          Phone: 01922722333


LIGHTING CONCEPTS: Joint Liquidators Move in
--------------------------------------------
At an Extraordinary General Meeting of Lighting Concepts Europe
Limited at the office of Elwell Watchorn & Saxton, Cumberland
House, 35 Park Row, Nottingham NG1 6EE, on 12 January 2005, the
subjoined Extraordinary Resolution to liquidate the firm was
passed.  John Michael Munn and Richard John Elwell, of Elwell
Watchorn & Saxton have been appointed Joint Liquidators.

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


MG ROVER: Govt May Put off VAT Collection to Save Rescue Deal
-------------------------------------------------------------
The government is reportedly preparing a rescue package to
salvage a GBP1 billion takeover of MG Rover by Shanghai
Automotive Industry Corp (SAIC).

The Scotsman reported on Monday that officials from the Treasury,
the Department of Trade and Industry and the Office of the Deputy
Prime Minister are considering extending MG Rover a possible
grant, investment or tax relief to help seal the deal.

The most likely scenario, analysts say, is the government will
defer for a year MG Rover's VAT payments worth GBP50 million.
Other possible tax breaks may include research and development
tax credits, regional selective assistance, or learning and
skills grants targeted towards training and planning assistance.

The government played down last week reports that it had promised
the Chinese investor a GBP100 million "dowry" just to save the
deal.  Union leaders are demanding the government provide at
least as much aid as the GBP150 million it extended BMW when it
sold Rover to current owner, Phoenix.

Based in Longbridge, Bickenhill, MG Rover employs 6,500 workers.

CONTACT:  MG Rover Group Limited
          Longbridge, Bickenhill
          Birmingham B31 2TB
          United Kingdom
          Phone: +44 121 475 2101
          Fax: +44 121 482 2403
          Web site: http://www1.mg-rover.com


MILLDENE LIMITED: Calls in Liquidators from Begbies
---------------------------------------------------
At an Extraordinary General Meeting of the Members of Milldene
Limited at Begbies Traynor, 30 Park Cross Street, Leeds LS1 2QH,
on January 12, 2005 the resolutions to wind up the firm were
passed.  Rob Sadler and Michael Edward George Saville, of Begbies
Traynor, were appointed Joint Liquidators.

CONTACT:  BEGBIES TRAYNOR
          30 Park Cross Street, Leeds LS1 2QH
          Web site: http://www.begbies.com


NEWMAX LIMITED: Falls into Liquidation
--------------------------------------
At the Extraordinary Meeting of the Members of Newmax Limited at
the offices of David Rubin & Partners, Pearl Assurance House, 319
Ballards Lane, London N12 8LY, on 10 January 2005, the resolution
to wind up the firm was passed.

Asher Miller, of David Rubin & Partners, has been appointed
Liquidator.

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


NORTH WEST: Hires Campbell Crossley to Liquidate Assets
-------------------------------------------------------
At the Extraordinary General Meeting of North West Promotions
Limited at The Rhinewood Inn and Hotel, Glazebrook Lane,
Glazebrook, near Warrington, Cheshire WA3 5BB, on 6 January 2005,
the subjoined Resolutions to wind up the firm was passed. Richard
Ian Williamson, of Campbell Crossley and Davis, has been
appointed liquidator.

CONTACT:  CAMPBELL CROSSLEY AND DAVIS
          348-350 Lytham Road, Blackpool FY4 1DW


REVIVAL PROPERTIES: Proofs of Claim Due Friday
----------------------------------------------
Creditors of Revival Properties Limited are required, on or
before Friday 4 February 2005, to send in their full names,
addresses and descriptions, full particulars of their debt or
claims, and the names and addresses of their solicitors (if any),
to Shirley Angela Jackson of BN Jackson Norton, 40 Princess
Street, Manchester M1 6DE, the Liquidator of the Company, and, if
so required by notice in writing from the said Liquidator, are,
personally or by their Solicitors, to come in and prove their
debt or claims at such time and place as shall be specified in
such notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debt are proved.


TRAVELEX PLC: Buys GWK Bank for EUR17.5 Million
-----------------------------------------------
On October 29, 2004 Travelex Plc and Banque Travelex S.A.
(together referred to as Travelex) acquired the entire issued
share capital of a Dutch bank named GWK Bank N.V.  Travelex Plc
acquired 64.13% whilst Banque Travelex S.A. acquired the
remaining 35.87%.  The purpose of this report is to summarize the
acquisition of GWK and its incorporation into the Travelex Group
(being Travelex Holdings Limited and its subsidiaries) on a pro
forma basis.

The Acquired Company

GWK was established in 1927 and began business with two bureaux
de change at Dutch railway stations.  In the 1950s, GWK developed
a network of exchange offices; strategically located at the
busiest railway stations, border crossings and tourist centers in
The Netherlands.

In 1974, GWK became a bank when it acquired CDK Bank.  GWK was
then part owned by a member of the Fortis Group (87%) and by the
Dutch railways (13%).  In 1997, Fortis bought the remaining
shares in GWK from the Dutch railways.  Fortis remained the 100%
shareholder in GWK until the acquisition by Travelex.

The core activity of GWK is to provide money services in both the
consumer and the business markets.  GWK's four main products
currently account for approximately 80% of turnover and consist
of retail foreign exchange services, international money
transfer, coupon services and ATMs.

GWK is active in The Netherlands.  The consumer activities are
provided through 33 branches at the largest Dutch railway
stations, 5 branches in city centers and immigrant districts and
7 branches located at the national borders with Belgium and
Germany.

                            Key Contracts

These contracts are key drivers of GWK's business:

(a) Dutch Railway Stations

GWK has a contract with the Dutch Railway Company to offer its
services in railway stations.  The contract was renewed on an
exclusive basis at the end of 2004 and will run until at least
2013.

(b) MoneyGram and Travelex Money Transfer (TMT)

GWK has entered into a contract with MoneyGram, the number two
player in the world-wide money transfer services market, to
facilitate international money transfer services to the general
public in The Netherlands using the MoneyGram system until 30
June 2008.  In June 2004 GWK also started to sell Travelex's
proprietary money transfer product-TMT.

(c) Postbank

GWK has a longstanding contract with the Postbank to utilize
Postbank cash dispensers in GWK branches and 'off-premises'
locations.  GWK entered into this contract in September 1990 and
it will continue to run until terminated by either party.

(d) Others

GWK also acts as an agent selling several tourism and telecom
products.  Tourism products include city trips, tickets services,
hotel bookings and travel insurance.  Telecom products include
pre-paid phone cards.  These products are mainly used to generate
traffic in the branches and for client service purposes.

(e) Real Property

GWK owns six freehold properties.  Of these, the headquarters at
Diemen is the most significant asset and is valued at
approximately EUR3 million.  The others are retail premises each
valued at between EUR0.25 million to EUR0.8 million.

Financing

The Purchase Price for GWK was EUR17,490,000 reduced for agreed
reorganization and other costs related to the separation of GWK
from Fortis, the exact amount of which is not known at present.
Travelex purchased GWK using its own cash resources without
recourse to external financing.  However, Fortis has extended a
loan facility for up to EUR41 million to GWK for a period of up
to 12 months to finance GWK's working capital requirements and
also to fund GWK's pension provision.  Fortis has taken a pledge
over GWK's real property, equipment, stock and receivables
pending repayment of the facility.

Barclays Bank Plc, in its capacity as provider of a working
capital facility and overdraft facility to Travelex Holdings
Limited has consented to the loan facility between GWK and
Fortis.  GWK is a Restricted Subsidiary and, after completion of
various corporate actions in The Netherlands, is expected to
execute a Supplemental Indenture and become a Guarantor as such
terms are defined in the Indenture governing the senior notes.

Management

Following the acquisition of GWK by Travelex, GWK has a statutory
Management Board consisting of:

(a) Saskia van Opijnen-Zwart - Chief Executive Officer, and

(b) Andre Stougie - Finance Director

GWK as a bank also has a Supervisory Board consisting of:

(a) Erik van de Merwe,

(b) Clive Kahn, and

(c) Sylvain Pignet

Saskia van Opijnen -Zwart studied marketing and business
communications and worked with two PR agencies before joining
Fortis in 1991 where she had different roles, the last being
Director of Corporate Communications and Brand Management.  She
joined GWK in 2000 as the Manager of Retail.

Andre Stougie studied Econometrix at the Erasmus University in
The Netherlands and joined GWK in 1992 where he worked initially
as Financial Controller and then as Assistant Finance Director
before being promoted to his current position of Finance Director
in 2004.

Erik van de Merwe has held a number of very senior positions in
the banking industry including Chairman of the Executive Board of
MeesPierson and member of the Executive Board of the Fortis Bank
Group.  He resigned these posts in 2000 to start his own
consultancy business specializing in banking, venture capital,
risk management and accounting standards for financial
institutions.  He retained his membership of the Supervisory
Board of GWK, which he has held since 1998.  He is also Chairman
or Member of the Supervisory Board of various banks and other
companies.

Clive Kahn, a chartered accountant, joined Travelex in 1985 as
Finance Director and a member of the Board of Directors.  Prior
to joining Travelex he worked in several capacities for BDO Stoy
Hayward, including Audit Manager from 1981 to 1984.

Sylvain Pignet has the position of Group Company Secretary.  He
is the Secretary to the Board of each of the U.K. companies in
the Travelex Group and has been with Travelex since 1997.

The Combined Dutch Businesses

Since the acquisition, Travelex's Dutch entities and GWK have
been trading in The Netherlands under the name GWK Travelex.
Further corporate integration is planned whereby Travelex
Nederland B.V. and Travelex Currency Exchange Limited will be
sold to GWK as will the principal trading activities of Travelex
Dealing Services Netherlands B.V.  This will lead to management
and administrative efficiencies.  The acquisition of GWK combines
the unique attributes of both GWK and Travelex:

(a) Travelex's global presence and reputation;

(b) Travelex's systems;

(c) Travelex's products;

(d) GWK's name and reputation in The Netherlands;

(e) GWK's network of branches across The Netherlands; and

(f) GWK's experience in The Netherlands' market place.

Travelex intends to grow the GWK Travelex business and intends to
retain and grow the branch network through the creation of
additional revenue streams, and by further enhancing the products
of the business to become less reliant on consumer services.  GWK
Travelex expects to benefit from the synergies of the integration
of Travelex's existing Dutch business with GWK producing a
potential lower cost base.  GWK Travelex's work force of 368 full
time employees at the time of acquisition will be reduced to 272
full time employees.  Approval of the staff reductions by the
trade unions and works council has been obtained and the
reorganization process is already underway.

GWK Travelex aims to be the cash money and payment expert in The
Netherlands, offering a wide variety of cash money products and
services through various channels to both consumers and
businesses.  Core elements of the company strategy will be:

(a) Efficient, cost effective and productive processes and
    systems;

(b) High service levels;

(c) Offering value for money; and

(d) An entrepreneurial approach.

GWK Travelex's key business streams will be:

(a) Retail foreign exchange services, travelers cheques and
    pre-paid cards;

(b) International money transfers;

(c) Coupon services;

(d) ATMs;

(e) Cash money services wholesale;

(f) Cash payments;

(g) Travel money outsourcing; and

(h) Commercial foreign exchange.

        Detailed Description of GWK'S Business Streams

Retail Foreign Exchange Services

Retail foreign exchange is the exchange of domestic currency for
foreign currency and vice versa for business and leisure
travelers.  Currency is sold and purchased with an exchange
spread, which means that it is sold at a higher price than the
cost to acquire it.

Travelex dealing operations hedged foreign currency stocks to
eliminate most of the currency exposure.  Customers are normally
charged commissions, either a percentage or a fee for the
transaction.  Retail locations also offer AMEX travelers cheques
and the Travelex pre-paid card.  Travelers cheques and pre-paid
cards are both convenient alternatives to carrying cash.  The
travelers cheque is a negotiable instrument, has no expiration
date and is payable by the issuer in the currency of issuance
when presented for the purchase of goods and services or for
redemption.

Cheques are encashed by the customer through a wide variety of
accepting outlets.  The pre-paid card is a PIN protected prepaid
debit card that is refundable and can be loaded in a variety of
currencies.  Cash is dispensed in the local currency through
ATMs.  Increasingly, the pre-paid card may be used to purchase
goods and services at the point of sale.  Retail foreign exchange
services are purchased by a variety of individuals and companies.
Though the business does not target any specific demographic
group or geographic location, the railway retail branches service
business and leisure travelers.  The business is not dependent on
any single customer and no single customer accounts for more than
1% of the retail foreign exchange net revenues.

International Money Transfers

This service enables a customer to transfer money all over the
world within 10 minutes, to a maximum of EUR8,200.  The customer
does not need a bank account to transfer money and only needs to
provide valid identification.  GWK is connected to both the
MoneyGram and the Travelex Money Transfer networks, which
together contain more than 50,000 agents and cover 150 countries.
This activity generates around 15% of GWK's revenues.  Customers
are often migrant workers sending money home to family.
Important send corridors include the Dutch Antilles, Morocco,
Surinam, Colombia, the Dominican Republic and Indonesia.

Coupon Services

Coupon services allow customers to redeem bond coupons for cash.
Due to expected fiscal harmonization in the European Union in
2005 this revenue stream will be under pressure as of this year.
This service is especially popular with German and Belgian
customers who make use of GWK's branches located at the national
borders.

ATMs

GWK operates and manages 50 ATMs for Postbank.  GWK also manages
26 ATMs for Fortis Bank.  GWK receives a fee per transaction from
the relevant bank.  GWK is in the process of starting a pilot
program with around 10 of its own ATMs using a surcharging model
whereby GWK will charge the customer EUR2.50 for each withdrawal.
If the pilot program is successful, GWK plans to expand the
surcharging model and will increase the number of its own and
managed ATMs.

Cash Money Services Wholesale

This comprises the provision of foreign exchange cash to
corporate customers, primarily for the use of traveling
executives, but also the provision of Euro cash to corporate
customers for petty cash and wages.  This service is delivered
through an Internet or Intranet service.

Cash Payments and Other Counter Services

This service enables customers to take advantage of the
convenient locations and extended opening hours of the GWK
Travelex bureaux in order to make and receive payments such as
payment of utility bills or receipt of welfare payments.

Travel Money and Other Outsourced Services to Banks

This is the provision in bulk and individualized pre-packaged
amounts to travel agents, retail banks and other financial
institutions for onward sale to their customers.  GWK Travelex
earns an exchange spread, a portion of which is rebated to the
outsourcing customer.  The existing Travelex Rabobank business
that is currently handled from Germany will be transferred to
GWK.

Commercial Foreign Exchange

This business provides foreign exchange services (spot and
forward contracts) and makes cross border payments using drafts
and wires in foreign currencies on behalf of its corporate
clients.  Clients can access the services by phoning or faxing
their dedicated commercial foreign exchange dealer or by using
the innovative online portal 'FX Paynet'.  Customers are expected
to be mostly middle-market corporations.  Large multinationals
may also use the service to process their smaller foreign
currency payments.  GWK is working towards introducing this
service in the 2nd quarter of 2005.

CONTACT:  TRAVELEX PLC
          Group Head Office
          65 Kingsway
          London WC2B 6TD
          Phone: +44 (0)20 7400 4000
          Fax: +44 (0)20 7400 4001

          European Head Office
          Worldwide House
          Thorpe Wood
          Peterborough PE3 6SB
          Phone: +44 (0)1733 502000
          Fax: +44 (0)1733 502033
          Web site: http://www.travelex.co.uk


TURNER & NEWALL: U.S. Asbestos Claims Ruling Not Binding in U.K.
----------------------------------------------------------------
As previously reported, Federal-Mogul Corporation and its
debtor-affiliates, the Official Committee of Unsecured Creditors,
the Official Committee of Asbestos Claimants, the Official
Committee of Equity Security Holders, the Legal Representative of
Future Asbestos Claimants, and JPMorgan Chase Bank, as
Administrative Agent for the Debtors' prepetition lenders, ask
the U.S. Bankruptcy Court for the District of Delaware to
estimate the claims of T&N Pension Trustee Limited and Alexander
Forbes Trustee Services Limited relating to the T&N Pension
Scheme for the purpose of:

(a) voting on the Plan; and

(b) distributions in the Debtors' cases on account of their
    claims.

U.K. Administrators Won't Participate in the Estimation Hearing

Christopher S. Sontchi, Esq., at Ashby & Geddes, in Wilmington,
Delaware, tells the Bankruptcy Court that the Joint
Administrators of the U.K. Debtors will be present at the
estimation hearing, but will not participate substantively in the
estimation process itself.

If the Plan is confirmed in its current form, the Administrators
assert that they would not propose parallel Schemes or Company
Voluntary Arrangements, which are stated to be a condition to the
effectiveness of the Plan.  Even if that condition were waived,
the Plan would not be effective in the United Kingdom.  Rather, a
process of controlled realization, in which businesses and assets
are sold in the manner judged by the Administrators likely to
achieve the best realization, would better serve their
constituents.

The Administrators are not challenging the Estimation, but
believe it necessary to make their position clear that the
Bankruptcy Court's rulings concerning the estimation could not be
accepted as binding on:

(a) the Administrators acting under U.K. insolvency laws in
    reaching their best judgments concerning distributions or
    reserves; or

(b) the U.K. Court should it ever be called upon to review the
    Administrators' actions.

Mr. Sontchi relates that in the United Kingdom, the
responsibility of determining the likely level of asbestos
liabilities affecting the U.K. Debtors, whether regarding
distributions or in analyzing the fairness of a Scheme or CVA,
falls in the first instance to the Administrators.  Any
estimation of the Bankruptcy Court will not, and cannot, relieve
the Administrators of their responsibility under U.K. law.

Furthermore, in the event that a dispute arose that required the
U.K. Court to take a view on the likely extent of asbestos
liabilities, the U.K. Court would be required to exercise its
jurisdiction de novo and could not simply accept and apply a
pre-existing decision without further inquiry.

Accordingly, the Administrators believe their active
participation in the estimation hearing would be unwarranted and
inappropriate.

   PI Claims Against T&N is US$2.4 Billion, PD Committee Says

The Official Committee of Property Damage Claimants will
demonstrate at the estimation hearing that the Asbestos Claimants
Committee's USUS$11 billion estimate is by far out of the line
among a range of estimates previously done by other
parties-in-interest:

                         Range of Estimates
                   Asbestos Personal Injury Claims
                           (In Billions)

Debtors' Most Recent 10-Q                         US$1.4
Debtors' Disclosure Statement (NERA)(Pre-petition)   1.6
Property Damage Committee (Nov. 2004)                2.4
T&N Pension Trustees [1]                             3.8
U.K. Administrators [2]                              5.3
Asbestos Claimants Committee (Feb. 2004)             5.7
Asbestos Claimants Committee (Oct. 2004)             6.6
Asbestos Claimants Committee (Nov. 2004)            11.0

[1] The U.K. Pension Trustees' estimate ranges from US$2.1 to
    US$5.5 billion.  The US$3.8 figure is the average.

[2] The U.K. Administrators' estimate is an effort to replicate
    Mark Peterson's methodology, and thus the actual estimate
    may be lower.

                  Eagle-Picher Method of Estimation

The decision of the bankruptcy court in In re Eagle-Picher
Industries, Inc. 189 B.R. 681 (Bankr. S.D. Ohio 1995), aff'd,
1996 U.S. Dist. LEXIS 22742 (S.D. Ohio 1996) provides a
comprehensive framework for the estimation of pending asbestos
personal injury claims and future demands.  The basic methodology
for estimating asbestos personal injury claims is not
complicated.

The exercise requires:

(a) determination of the value of claims for each type of
    disease;

(b) determination of the numbers of pending claims, and
    anticipated future demands of each disease type that likely
    will be entitled to compensation;

(c) multiplication of the value for each disease by the number
    of projected compensable claims; and

(d) adjustment upward for inflation to the date of anticipated
    payment, and then a discounting of the inflated amount back
    to present value.

In Eagle-Picher case, the asbestos personal injury claims "are to
be valued as of the filing date of the petition."  Thus, any
estimation methodology used in the Debtors' case must value
pending claims and future demands as of the October 1, 2001, the
Petition Date.  The Eagle-Picher court explicitly rejected the
suggestion that claims could be estimated based upon the value
they might receive through some bankruptcy mechanism, like the
Section 524(g) trust.

Eagle-Picher also established a basic principle for determining
claim values for pending claims, finding that claim value should
be based on the closed prepetition claims in the Debtor's claims
database.

As to future claims, the Eagle-Picher court identifies [seven]
considerations that should inform the estimate:

(a) The estimate should be based primarily on the history of
    the company, particularly where there is no definitive
    showing that any other company had a product line identical
    to that of the debtor.  However, this consideration does not
    rule out the desirability of considering trends general to
    the industry, particularly regarding the rate of filing of
    claims;

(b) The total number of claims should be estimated;

(c) The estimation of claims should categorize them by disease
    and occupation, as well as other factors;

(d) Valuation of claims should be based upon settlement values
    for claims close to the filing date of the bankruptcy case;

(e) A reasonable rate for indemnity increase with time must be
    determined so that a future value of filing date indemnity
    values can be comparable;

(f) A lag time gleaned from the tort system must be determined
    in order that there be accuracy in projecting future values;
    and

(g) A discount rate must then be applied to bring the future
    nominal value of claims back to the filing date.

                    Peterson v. Cantor Estimates

Robin Cantor, the Property Damage Committee's expert, has a Ph.D.
in economics and has been a teacher, economist, and consultant
for more than 20 years, specializing in liability claims
analysis, environmental and energy economics, statistical
modeling, and risk management.  She has served previously as the
Program Director for Decision, Risk, and Management Sciences, a
research program of the National Science Foundation.  She
currently serves as the Director of the Insurance and Financial
Services practice of Navigant Consulting, Inc., a publicly traded
consulting firm.

Theodore J. Tacconelli, Esq., at Ferry, Joseph & Pearce, P.A., in
Wilmington, Delaware, relates that Dr. Cantor analyzed and found
108,240 pending claims and 275,550 closed claims.  Dr. Cantor
found that the Debtors' historic claim values in the years prior
to the bankruptcy were increasing for mesothelioma, but
essentially were flat or declining for lung cancer, other
cancers, asbestosis and pleural disease.  Accordingly, she
assumed a 14% annual increase in claim value for mesothelioma for
the first five years of her forecast, starting from the weighted
average value for 1998-2001, and no increase thereafter.  Claims
values for other diseases were hold at the 1998-2001 weighted
average for the entire forecast period.  The logic of Dr.
Cantor's methodology is compelling and is completely consistent
with the framework set forth in Eagle-Picher, Mr. Tacconelli
remarks.

                     Dr. Cantor's Claim Values
        (First Five Years of Forecast Compared to 1998-2001)

                      Lung     Other                Pleural
Year   Mesothelioma   Cancer   Cancers  Asbestosis  Disease
----   ------------   ------   -------  ----------  -------
1998-
2001   US$68,886   US$13,011  US$5,664    US$2,600   US$915

2002      81,502      13,011     5,664       2,600      915

2003      96,456      13,011     5,664       2,600      915

2004     114,153      13,011     5,664       2,600      915

2005     135,098      13,011     5,664       2,600      915

2006     159,886      13,011     5,664       2,600      915

In contrast, Mark Peterson is trained as a lawyer and social
psychologist.  He is retained regularly as an expert on claims
estimation by asbestos claimants committees and has reliably
produced the highest estimates among all parties, in case after
case.  In the Debtors' case, Dr. Peterson has rung up over
US$800,000 in fees, and this was before the preparation of his
report for estimation hearing.

Mr. Tacconelli notes that contrary to the instruction of
Eagle- Picher, the ACC's estimate ignores the Debtors' claims
history and derives claim values instead from the scheduled
values established in the trust distribution procedures.  The
TDPs, however, are nothing more than a set of values agreed by
the ACC and the Futures Representative, based on Dr. Peterson's
own recommendations.

The potential for manipulation is self-evident in Federal-Mogul's
case, Mr. Tacconelli contends.  Representatives of claimants who
will recover from the trust set the TDP schedule values.  These
representatives have a self-interest in setting claim values as
high as possible to drive down the distribution ratios for other
creditors under the Plan, thereby increasing the value of the
stock that the trust will receive.

Dr. Peterson makes two fundamental errors in his estimate --
overstating the claim value for mesothelioma and the claiming
rate or the propensity to sue for that disease.  Then, because
Dr. Peterson links the values for other diseases to the skewed
mesothelioma forecast, Mr. Tacconelli says, Dr. Peterson's errors
cascade through the entire forecast resulting in his preposterous
estimate of more than US$11 billion.

                       Peterson Claim Values
                     (Forecast v. 2001 Actual)

                               Lung        Other          Non-
Year     Mesothelioma        Cancer      Cancers      malignant
----     ------------        ------      -------      ---------20
01       US$102,361     US$13,065     US$3,937       US$1,021
(actual)

2002          163,711        27,630       13,170          6,604
(forecast)
         ------------        ------      -------      ---------
DIFFERENCE        +59%         +211%        +334%          +647%

Dr. Peterson's estimate is premised on the speculative and
unprovable allegation that plaintiffs' lawyers would have
successfully "racheted up" the litigation pressure on T&N due to
the disclosure of certain company documents in 1995 and the
publication of a muckraking book in England in 2000, alleging
that T&N failed to acknowledge in a timely manner the health
risks to its U.K. employees caused by asbestos exposure.

"This is not science or anything remotely admissible as expert
testimony under Rule 702; it is creative advocacy by a
lawyer-turned-expert witness in an effort to provide post hoc
justification for massive increases in liability not supported by
the company's own claims history," Mr. Tacconelli remarks.

Mr. Tacconelli asserts that Dr. Cantor's estimates are far more
reasonable than that of Dr. Peterson's.  For these reasons, the
PD Committee contends, the Court should conclude that asbestos
personal injury claims by U.S. claimants against T&N Limited be
valued at US$2.4 billion.

             Adopt Dr. Peterson's US$11 Billion Estimate,
                  Asbestos Claimants Committee and
                    Futures Representative Insist

The only challenge to Dr. Peterson's estimate comes in the
proposed expert testimony of Dr. Cantor.  Maribeth L. Minella,
Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington,
Delaware, asserts that Dr. Cantor is inexperienced in calculating
asbestos liabilities.  Dr. Cantor employed an untested and
non-standard methodology to support her opinion that T&N's
asbestos liabilities in the United States are not likely to
exceed US$2.4 billion.

"Dr. Cantor has brought little more to her task than her
background in mathematics, and even those skills have failed her
at some points.  Her analysis is devoid of any statistical or
epidemiological method, and her background and work history are
devoid of any experience or knowledge that would support the very
aggressive assumptions she makes to support her calculations.
The result is an expert report that strays from accepted
methodology and generates an absurd result," Ms. Minella remarks.

Ms. Minella explains that an estimation of T&N's asbestos
personal injury liability is not intended to fix the amount of
specific claims, but is merely a "best estimate" for the purpose
of permitting the Debtors' cases to go forward.

"Unlike Dr. Cantor's opinion," Ms. Minella says, "Dr. Peterson's
opinion is based on sound statistical methodologies that capture
T&N's empirical data and forecasts an accurate estimate of T&N's
future asbestos personal injury liability."

Accordingly, the Official Committee of Asbestos Claimants and the
Legal Representative for Future Asbestos Claimants ask the Court
to adopt Dr. Peterson's estimate of T&N's asbestos personal
injury liability.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
is one of the world's largest automotive parts companies with
worldwide revenue of some US$6 billion.  The Company filed for
chapter 11 protections on October 1, 2001 (Bankr. Del. Case No.
01-10582).  Lawrence J. Nyhan, Esq., James F. Conlan, Esq., and
Kevin T. Lantry, Esq., at Sidley Austin Brown & Wood, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed US$10.15 billion in assets and US$8.86 billion in
liabilities. (Federal-Mogul Bankruptcy News, Issue No. 71;
Bankruptcy Creditors' Service, Inc., 215/945-7000)

CONTACT:  TURNER & NEWALL LIMITED
          T&N Limited
          Manchester International Office
          Centre Styal road
          Manchester M22 5TN

          FEDERAL-MOGUL CORPORATION
          26555 Northwestern Hwy.
          Southfield, MI 48034 (Map)
          Phone: 248-354-7700
          Fax: 248-354-8950
          Web site: http://www.Federal-Mogul.com


TXU EUROPE: Parent's Ratings Unaffected by European Settlement
--------------------------------------------------------------
TXU Corp. securities rated by Fitch Ratings remain unchanged
following the announcement that TXU reached a comprehensive
settlement agreement resolving potential claims relating to TXU
Europe.  The ratings are:

--Senior unsecured 'BBB-';

--Preferred stock 'BB+';

--Commercial paper 'F3'.

Under the terms of the settlement, TXU will make a $220 million
one-time payment to creditors.  A charge of $220 million ($143
million after tax) will be taken for the fourth quarter of 2004,
and TXU expects a portion of the payment to be recovered from
insurance proceeds.  In Fitch's view, this loss will not
materially affect TXU's credit profile or liquidity.
Additionally, the possibility of this event was incorporated in
current ratings.

TXU Corp., through its subsidiaries TXU Energy LLC and TXU
Electric Delivery, is engaged in the generation, sale,
distribution, and transmission of electricity primarily within
Texas.

CONTACT:  FITCH RATINGS
          Denise Furey (New York)
          Phone: +1-212-908-0672

          Media Relations
          Brian Bertsch (New York)
          Phone: +1-212-908-0549


WATERFORD WEDGWOOD: 90% of Royal Doulton Investors Accept Offer
---------------------------------------------------------------
On 17 January 2005 Waterford Wedgwood U.K. plc announced that the
recommended cash Offer to acquire the entire issued and to be
issued ordinary share capital of Royal Doulton plc, other than
(i) any Royal Doulton Shares held, or which become held, in
treasury by Royal Doulton; and (ii) the 70,339,352 Royal Doulton
Shares already owned by the Waterford Wedgwood Group, had been
declared unconditional in all respects.

As at 3:00 p.m. on 18 January 2005 Waterford Wedgwood U.K. had
received valid acceptances in respect of 237,741,559 Royal
Doulton Shares, representing approximately 90.73% in value of the
Royal Doulton Shares to which the Offer relates.

Consequently, Waterford Wedgwood U.K. is implementing the
procedure under sections 428 to 430F of the Companies Act 1985,
as amended, to acquire compulsorily all of the outstanding Royal
Doulton Shares which it does not already hold or has not already
acquired, contracted to acquire or in respect of which it has not
already received valid acceptances.

The Offer, as set out in the Offer Document, will remain open for
acceptance until further notice.

Further to the announcement by Waterford Wedgwood U.K. on 17
January 2005, application has now been made to the U.K. Listing
Authority and the London Stock Exchange for the cancellation of
admission to listing and admission to trading of Royal Doulton
Shares.  This cancellation will be effective on 15 February
2005.

This announcement should be read in conjunction with the Offer
Document dated 15 December 2004.  Terms defined in the Offer
Document have the same meaning in this announcement.

Lazard & Co., Limited, which is regulated in the United Kingdom
by the Financial Services Authority, is acting for Waterford
Wedgwood and Waterford Wedgwood U.K. in connection with the Offer
and no one else and will not be responsible to anyone other than
Waterford Wedgwood and Waterford Wedgwood U.K. for providing the
protections afforded to clients of Lazard & Co., Limited nor for
providing advice in connection with the Offer.

                            *   *   *

The Offer is not being made, directly or indirectly, in or into
Canada, Australia or Japan.  Accordingly, copies of this
announcement, the Offer Document, the Form of Acceptance and
other related documents are not being, and must not be, mailed or
otherwise distributed or sent (directly or indirectly) in, into
or from Canada, Australia or Japan.

The availability of the Offer to Royal Doulton Shareholders who
are not resident in the United Kingdom may be affected by the
laws of the relevant jurisdictions.

Royal Doulton Shareholders who are not resident in the United
Kingdom should inform themselves about and observe any applicable
requirements.

Not for release, publication or distribution in or into Canada,
Australia or Japan.

CONTACT:  LAZARD & CO., LIMITED
          Nicholas Shott
          Phone: +44 20 7187 2000
          David Reitman

          POWERSCOURT (U.K./International)
          Rory Godson
          Phone: +44 20 7236 5615
          Phone: +44 7909 926 020

          DENNEHY ASSOCIATES (Ireland)
          Michael Dennehy
          Phone: +353 1 676 4733
          Phone: +353 87 255 6923


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


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