TCREUR_Public/050207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, February 7, 2005, Vol. 6, No. 26

                            Headlines

F R A N C E

ALCATEL: Fourth-quarter Sales Surge to EUR3.8 Billion


G E R M A N Y

AIG BAU: Claims Verification Set March
AUTO-EXPERTS: Claims Filing Deadline March 1
BAUGESELLSCHAFT SCHALLENKAMP: Succumbs to Insolvency
BREITENKAMP EINRICHTUNGEN: Provisional Administrator Steps in
COLUMBUS IT: Schedules First Creditors Meeting April

FIRST REISEBURO: Hagen Court Appoints Provisional Administrator
FLUMESYS GMBH: Creditors Meeting Next Week
GEBRUDER BURGARTZ: Administrator's Report Out April
HEIDELBERGER DRUCKMASCHINEN: Convertible Bond Placement Complete
HELP TREPPENLIFTE: Claims Filing Period Expires Next Month

IMMO CREATIV: Darmstadt Court Stays All Pending Lawsuits
KARSTADTQUELLE AG: Banks Dispose of Loans at 7% Discount
LYHS MEDIA: Under Bankruptcy Administration
NURMONT GMBH: Collapses into Insolvency
P & W POLSTER: Administrator from Wolff Rapp Takes over Helm

UM PROJEKTBAU: Court Brings in Administrator from Kubler
UNITED PROTECTION: Dortmund Court to Review Claims Next Month
VEREINS JUNIOR: Gives Creditors Until March 14 to File Claims
WALTER BAU: Administrator Opens Some Assets for Bidding


I R E L A N D

ELAN CORPORATION: Awarded NanoCrystal Patent in Japan


I T A L Y

CIRIO FINANZIARIA: San Miguel Not Giving up Yet
IMPREGILO SPA: Banks Submit Alternative Capital Hike Proposal
PARMALAT FINANZIARIA: Emmegi Unions Plea for 'Charity'


N E T H E R L A N D S

KENDRION N.V.: Did not Violate Listing Rules, Euronext Concludes
ROYAL SHELL: Cuts Oil Reserves Despite Record Full-year Income
ROYAL SHELL: Ups Total Dividend by 7.6%
ROYAL SHELL: Rating Lowered to 'AA'; Off CreditWatch


R U S S I A

AGRO-FIRM NIVA: Deadline for Proofs of Claim Next Month
CHEBAR-KUL-AGRO-PROM-ENERGO: Hires Insolvency Manager
DUBENSKIY ENGINEERING: Declared Insolvent
KALININSKIY CONCENTRATED: Sets Deadline for Proofs of Claim
LOGOVAZ-NEVA: Declared Insolvent

NEYSKAYA MOVABLE: Bankruptcy Hearing Resumes April
OREL-TANK-SERVICE: Orel Court Names A. Dezhin Insolvency Manager
PRIMORSKOYE: Appoints A. Ugushev Insolvency Manager
SIBELKOM: Deadline for Proofs of Claim Set
YUKOS OIL: China Denies Hand in Yugansk Deal
ZIMA-LES-PROM: Gives Creditors Until Next Month to File Claims


U N I T E D   K I N G D O M

8128 LIMITED: Liquidators from Elwell Watchorn Move in
ACORN GROWTH: Shareholders Decide to Wind up Firm
ALUMINIUM & ZINC: Appoints Muras Baker Jones & Co. Liquidator
AVIATION CONNECTION: Shareholders Opt for Liquidation
BAMBOO MONKEY: Hires Joint Liquidators from Mazars

BENSON LIMITED: Creditors Meeting Set Next Week
BUTTERLEY CONSTRUCTION: Sets Creditors Meeting Thursday
C4U LIMITED: Calls in Liquidator from Butcher Woods
CAREBANK NURSING: Members Decide to Dissolve Company
CLEARWATER PARK: Hires Liquidator from Mazars

CONTINENTAL SHELF: Hires KPMG to Liquidate Business
CUISINE CLASSIQUE: Liquidator from Robert Day Moves in
DACAR LIMITED: Members Pass Winding-up Resolutions
DAVID INSLEY: Appoints Walletts Insolvency Services Liquidator
DIBOR LIMITED: Hires Administrators from Cooper Parry

DIGITAL DISPLAY: Files for Liquidation
DIRECT RESOURCING: Liquidator from Berley Steps in
EMPTORIUS LIMITED: Meeting of Creditors Friday
ERNCO 100: Cedes Control to Ernst & Young
INNOVATION EVENT: Appoints Liquidator from Moore Stephens

KELLOG BROWN: Partial Sale Likely this Year, Analysts Say
KIKI CATERING: Creditors to Elect Liquidator this Week
LIFESTYLE TREND: Appoints Liquidator from Poppleton & Appleby
MARCONI CORPORATION: Wins GBP150 Million Tube Lines Contract
MOSS BROS: Full-year Sales Up 9%

MOWLEM PLC: Discovers 'Accounting Issues'; Finance Chief Leaves
RGP INTERNATIONAL: Creditors Meeting Today
SCOTIA ENTERPRISES: Liquidator Takes over Operations
SOVEREIGN CAPITAL: Joint Liquidators from Tenon Recovery Move in
STANLEY PRESS: Members Decide to Wind up Firm

THE CARD: Sets Creditors Meeting Next Week
TULLIS & HALL: Liquidator's Report Due Next Week
USP SALES: Names Robson Laidler Administrator
WVB LIMITED: First Liquidation Meeting Set this Week


                            *********


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


ALCATEL: Fourth-quarter Sales Surge to EUR3.8 Billion
-----------------------------------------------------
Fourth quarter highlights:

(a) Sales up 10.7% year-on-year at EUR3,812 million (13.4% at
    constant exchange rate),

(b) Income from operations at EUR393 million, a 10.3% operating
    margin,

(c) Net income pre-goodwill at EUR139 million,

(d) Net cash position at EUR752 million


Full year highlights:

(a) Sales up 5.7% at EUR12,265 million (9.5% at constant
    exchange rate),

(b) Income from operations at EUR978 million, an 8.0% operating
    margin,

(c) Net income pre-goodwill at EUR689 million

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Note: All historical results are restated for optical fiber,
mobile handsets, and power systems, which are accounted for as
"discontinued operations".
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Alcatel's Board of Directors (Paris: CGEP.PA and NYSE: ALA)
reviewed and approved fourth quarter and full year 2004 results.

Fourth quarter sales were up by 10.7% at EUR3,812 million
compared with EUR3,443 million (up 13.4% at constant exchange
rate) in the same period last year. The gross margin was 34.4%.
Income from operations amounted to EUR393 million, a 10.3%
operating return on sales.  Net income pre-goodwill for the
quarter was registered at EUR139 million or diluted EUR0.10 per
share (US$0.14 per ADS) and net income after goodwill at EUR40
million or diluted EUR0.03 per share (USD0.04 per ADS).

For full year 2004, sales amounted to EUR12,265 million, a 5.7%
increase compared to 2003.  At a constant exchange rate, yearly
sales increased by 9.5%.  The gross margin for full year 2004
was 37.3%.  Income from operations was registered at EUR978
million, an 8.0% return on sales.  Net income pre goodwill
amounted to EUR689 million or diluted EUR0.51 per share
(US$0.68 per ADS) and net income after goodwill amounted to
EUR281 million or diluted EUR0.21 per share (US$0.28 per ADS).


  Key Figures      4th   3rd Qtr 4th Qtr  3rd Qtr  4th Qtr
                   Qtr   2004     2003    2004      2003
  In EUR million   2004  restated restated  as       as
  Except
  for EPS                              published   published

  Profit & Loss
   Net Sales      3,812   3,009   3,443   3,044   3,765
   Income from Operations
                    393     270     334     271     331
   Net Income pre-Goodwill
                    139     187    (314)    187    (314)
   EPS Diluted Pre-Goodwill
                   0.10    0.14   (0.23)   0.14   (0.23)
  (in Euro)

  E/ADS* Pre-Goodwill (In USD)
                     0.14   0.19   (0.31)   0.19   (0.31)

  Net Income           40   84      (524)     84    (524)
  EPS Diluted (in Euro)
                     0.03   0.06   (0.39)   0.06   (0.39)
  E/ADS* (In USD)    0.04   0.08   (0.53)   0.08   (0.53)
  Number of shares   1.36   1.36    1.34    1.36    1.34
  (billion)

  Key Figures      Full Year   Full Year   Full Year
  In EUR million     2004        2003        2003
  except for
  EPS              restated      as published

  Profit & Loss
   Net Sales       12,265       11,606      12,513
   Income from Operations
                      978          449         332

  Net Income pre-Goodwill
                      689       (1,377)     (1,366)

  EPS Diluted Pre-goodwill
                     0.51        (1.03)      (1.03)
  (in Euro)
  E/ADS* Pre-Goodwill (in USD)
                    0.68         (1.39)      (1.39)

  Net Income         281        (1,944)     (1,944)

  EPS Diluted (in Euro)
                    0.21         (1.46)      (1.46)
  E/ADS* (in USD)   0.28         (1.97)      (1.97)

  Number of shares (billion)
                    1.36          1.33        1.33

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
*E/ADS has been calculated using the U.S. Federal Reserve Bank
of New York noon euro/dollar buying rate of USD1.35 as of
December 31, 2004.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Serge Tchuruk, Chairman and CEO, summarized the Board's
observations: "2004 has been characterized by a strong
turnaround at Alcatel in both sales and profits.  While carrier
markets showed a modest recovery, Alcatel's sales increased by
close to 10% at a constant Euro/USD exchange rate.  In spite of
very competitive market conditions our operating income came
close to the one billion Euro mark, which is twice last year's
performance.  A positive free cash flow has been registered in
both the fourth quarter and full year, even after financing
restructuring programs.

"We are confident that Alcatel is on the right track.  We have
maintained an aggressive strategy in developing or acquiring
disruptive technologies, like the mobile NGN from Spatial
Wireless, and are now getting the benefits of our applications
and solutions approach.  We are quite encouraged by the 50%
revenue increase in 2004 in fixed/mobile applications and by
major successes in end-to-end solutions integration such as
triple play.

"An aggressive strategy has also been followed in establishing
footprints in certain high potential markets of the emerging
world, accepting temporary losses as an investment for future
growth.  The gross margin of the fourth quarter was particularly
impacted but we nevertheless reached our goal of a double digit
operating margin in that quarter under adverse currency
conditions.

"We will maintain our strategic direction in 2005, closely
monitoring our operations in order to reach our priority target,
which is a 10% operating margin.  In that regard, even if market
conditions are likely to stay very competitive, we are confident
that the required selective commercial strategy will leave room
for revenue growth, given the positioning of our product
offering and our momentum in the market place.  Considering this
operating margin target and the 5% reduction expected in
comparable fixed expenses, we will maintain some flexibility in
the gross margin, permitting investment in new markets or new
technologies as required.  After the execution of reserved
restructuring plans, new restructuring costs are now expected to
be brought down to about 1% of sales in 2005 and to be entirely
financed by capital gains.

"In terms of business trends, we expect a positive inflection in
fixed communications by mid-year, with our sales fuelled by the
triple play momentum, a continuation of our growth in mobile
communications, due to our good positioning in emerging markets,
and significant progress to be achieved in vertical markets for
our private communications group."

Outlook

"We anticipate a low to mid single digit growth rate in sales
yoy for the first quarter as well as for the full year 2005.
Earnings per share (pre-goodwill) should grow double digit for
the full year beginning with a positive EPS pre-goodwill in the
seasonally low first quarter.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Note: The above guidance is based on French GAAP.  Restated
accounts in IFRS will be published end March at which time
guidance will be adjusted as appropriate.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Segment Breakdown 4th Qtr 3rd Qtr 4th Qtr Full Year Full Year

In EUR million     2004    2004    2003    2004    2003

                 restated   restated       restated

Sales
Fixed Communications
                  1,533   1,209   1,558   5,131   5,364
Mobile Communications
                  1,076     894     846   3,301   2,929

Private Communications
                  1,236     935   1,103   3,965   3,627

Other & Eliminations
                    (33)    (29)    (64)   (132)   (314)

Total             3,812   3,009   3,443   12,265   11,606

Income from Operations

Fixed Communications
                    149     118     143      429      155

Mobile Communications
                    139     103     124      401      315

Private Communications
                     97      68      95      235      123

Other & Eliminations  8     (19)    (28)     (87)    (144)

Total               393     270      334     978      449

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Note: The following comments are based on year on year
comparisons.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

                  Fourth Quarter Business Update

Fixed communications

Fourth quarter revenues decreased by 1.6% to EUR1,533 million
from EUR1,558 million in the same period last year.  Optical
networks registered a significant increase due to growth in
optical multi-service networks with good traction coming from
new products such as metro core cross connects.

The access business was down due to a continued softness in
North America with the carriers' transition to new triple play
technologies, and to some timing delays in Chinese operators'
decision to deploy equipment.

DSL volume shipments were registered at 4.8 million, bringing
the cumulative total for the year to 19.6 million, a 24%
increase over 2003.  The data business registered a strong
performance in the quarter with continued strength in MSWAN,
driven by broadband aggregation, and with a good ramp-up in IP
service routers.

Fifteen new wins were registered during the quarter for the IP
multi-service edge router solution, including significant wins
in North America and China, bringing the full year cumulative
total to 56 customers.  The traditional voice switching business
decline was somewhat offset by maintenance services and revenue
recognition from NGN replacement business. Twenty new customers
were added during the fourth quarter for the NGN product
portfolio, bringing the cumulative total to 85 customers. Video
solutions registered a strong quarter with revenue coming from
Taiwan, Russia, and various countries in Western Europe.

Income from operations amounted to EUR149 million, representing
a 9.7% return on sales, with significant contribution across the
board and continuing strong performance from the optics and IP
divisions, compared to losses in the same period last year.

Mobile communications

Fourth quarter revenue increased by 27.2% to EUR1,076 million
from EUR846 million in the same period last year.  Continued
strong growth was registered in emerging markets, with revenue
coming from Russia, Brazil, Algeria, Nigeria, and Thailand.  In
3G, Alcatel was selected for a new network in The Netherlands
and a network extension in Austria while commercial services
were launched in France.

An increase in revenues was registered in the mobile core
business driven by NGN solutions with strong deliveries in North
America and packet core offerings in Western Europe, Russia, and
China.  Mobile applications also registered an increase, in
particular, converged voice/data and prepaid/postpaid payment
solutions, bringing the overall customer base to over 150.
Video streaming solutions were successfully deployed in China,
Latin America and 3G video services were deployed and
commercially launched in Europe. Key strategic developments for
the quarter included the completion of the Spatial Wireless
acquisition, strengthening mobile core solutions.

Income from operations amounted to EUR139 million, representing
a 12.9% return on sales, with double digit margins maintained
despite the intense competitive pricing environment.

Private communications

Fourth quarter revenue increased by 12.1% to EUR1,236 million
compared with EUR1,103 million in the same period last year.
The IP telephony business in Enterprise, representing one-third
of the enterprise voice shipments, once again registered a
strong performance in Europe.  Business in Asia, in particular
China, gained momentum due to high-end customer demand for a
wide array of voice services.  Genesys continued its strong
performance, particularly in the U.S., moving more and more into
large accounts as a result of strategic partnerships.
Leveraging its ETCS (European Transport Control System)
technology, rail communications grew its main line revenue,
particularly in Spain, in addition to increasing its sales in
the UK urban sector. Space sales resulted from a strong order
backlog, particularly in the commercial space segment.  The
growth of network end to end integration and services activity
was primarily driven by the increasing business in the vertical
markets of transport and energy.

Income from operations amounted to EUR97 million, representing a
7.8% return on sales. Significant contributions came from
enterprise and rail communication solutions.

The Board of Directors will propose to the Annual Shareholders
Meeting to continue not to pay any dividends to shareholders for
2004.

   Fourth-quarter 2004 Results (historical results restated)

Profit and Loss Statement:

(a) Net Sales: EUR3,812 million vs. EUR3,443 million Q4 03 (up
    10.7%) and vs. EUR3,009 million sequentially (up 26.7%);

(b) Geographical distribution of sales:
    W. Europe:      45%
    Other Europe:    7%
    North America:  11%
    Asia:           14%
    RoW:            23%
    Gross margin: 34.4% (36.0% for Q4 2003);

(c) Selling, general and administration (SG&A) costs: -EUR494
    million (13.0% of sales);

(d) Research and development (R&D) expenses: -EUR424 million
    (11.1% of sales);

(e) Income (loss) from operations: EUR393 million;

(f) Earnings before tax and amortization of goodwill: EUR218
    million and included:

    Interest paid on convertible bonds -EUR11 million
    Net financial loss of -EUR45 million
    Restructuring costs of -EUR159 million
    Net other revenue/(expenses) of EUR40 million;

(g) Net Income Pre-Goodwill: EUR139 million;

(h) Net Income: EUR40 million and included a related tax charge
    of -EUR40 million, share in net income of equity affiliates
    and discontinued activities of -EUR19 million, goodwill

    amortization of -EUR99 million, and minority interests of
    -EUR20 million; and

(i) Diluted EPS: EUR0.03 [USD0.04 per ADS] based on an average
    of 1.36 billion shares.

Balance Sheet Items:

(a) Operating working capital: EUR612 million;

(b) Cash and equivalents: EUR5,111 million, compared to EUR6,269
    million at the end of Q4 2003;

(c) Net Cash: EUR752 million;

(d) Cash from operations: EUR392 million for the fourth quarter.

      Full-year 2004 Results (Historical Results Restated)

Profit and Loss Statement:

(a) Net Sales: EUR12,265 million vs. EUR11,606 million in 2003
    (up 5.7%);

(b) Geographical distribution of sales:
    W. Europe:      42%
    Other Europe:    7%
    North America:  15%
    Asia:           15%
    RoW:            21%
    Gross margin:  37.3% (35.4% for 2003);

(c) Selling, general and administration (SG&A) costs: -EUR2,010
    million (16.4% of sales);

(d) Research and development (R&D) expenses: -EUR1,587 million
    (12.9% of sales);

(e) Income (loss) from operations: EUR978 million;

(f) Earnings before tax and amortization of goodwill: EUR862
    million and included:

    Interest paid on convertible bonds -EUR44 million
    Net financial loss of -EUR132 million
    Restructuring costs of -EUR304 million
    Net other revenue/(expenses) of EUR364 million;

(g) Net Income Pre-Goodwill: EUR689 million;

(h)  Net Income: EUR281 million and included a related tax
     charge of -EUR9 million, share in net income of equity
     affiliates and discontinued activities of -EUR97 million,
     goodwill amortization of -EUR408 million, and minority
     interests of -EUR66 million;

(i) Diluted EPS: EUR0.21 [USD0.28 per ADS] based on an average
    of 1.36 billion shares.

Balance Sheet Items:

(a) Operating working capital: EUR612 million,

(b) Cash and equivalents: EUR5,111 million, compared to EUR6,269
    million at the end of 2003,

(c) Net Cash: EUR752 million,

(d) Cash from operations: EUR944 million

About Alcatel

Alcatel provides communications solutions to telecommunication
carriers, Internet service providers and enterprises for
delivery of voice, data and video applications to their
customers or to their employees.  Alcatel leverages its leading
position in fixed and mobile broadband networks, applications
and services to bring value to its customers in the framework of
a broadband world.  With sales of EUR12.3 billion in 2004,
Alcatel operates in more than 130 countries.


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


AIG BAU: Claims Verification Set March
--------------------------------------
The district court of Essen opened bankruptcy proceedings
against AIG Bau GmbH & Co. KG on Jan. 17, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 2, 2005 to
register their claims with court-appointed provisional
administrator Klaus W. Gerling.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005, 2:00 p.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen 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:  AIG BAU GMBH & CO. KG
          Vikoriastrasse 90
          45772 Marl
          Contact:
          Wilfried Armbruster, Manager
          Seppenraderstrasse 24
          45892 Gelsenkirchen

          Klaus W. Gerling, Insolvency Manager
          Heinrich-Heine-Allee 20
          40213 Dusseldorf


AUTO-EXPERTS: Claims Filing Deadline March 1
--------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Auto-Experts GmbH - Sachverstandige on Jan. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 1, 2005
to register their claims with court-appointed provisional
administrator Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on March 22, 2005, 9:10 a.m. at the district court
of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf,
4. OG. Altbau, A 409 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:  AUTO-EXPERTS GMBH
          Sachverstandige -, Ronsdorfer Str. 143, 40233
          Dusseldorf
          Contact:
          Antonio Tassone, Manager
          Maximilian-Kolbe-Str. 33, 40595 Dusseldorf

          Georg Kreplin, Insolvency Manager
          Berliner Allee 21, 40212 Dusseldorf


BAUGESELLSCHAFT SCHALLENKAMP: Succumbs to Insolvency
----------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Baugesellschaft Schallenkamp mit beschrankter Haftung on
Jan. 17, 2005.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until March 15, 2005 to register their claims with court-
appointed provisional administrator Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on April 15, 2005, 9:45 a.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund 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:  BAUGESELLSCHAFT SCHALLENKAMP MIT BESCHRANKTER HAFTUNG
          Turkisweg 2
          44267 Dortmund
          Contact:
          Dirk Schallenkamp, Manager

          Dr. Sebastian Henneke, Insolvency Manager
          Mulheimer Str. 100
          47057 Duisburg
          Phone: 0203/34840
          Fax: 0203/3484510


BREITENKAMP EINRICHTUNGEN: Provisional Administrator Steps in
-------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Breitenkamp Einrichtungen am Gendarmenmarkt
GmbH on Jan. 13.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until April 10, 2005 to register their claims with court-
appointed provisional administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 22, 2005, 9:40 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on June 7, 2005, 9:40 a.m. at
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218.

CONTACT:  BREITENKAMP EINRICHTUNGEN AM GENDARMENMARKT GMBH
          Charlottenstr. 59,10117 Berlin

          Hartwig Albers, Insolvency Manager
          Lutzowstr. 100, 10785 Berlin


COLUMBUS IT: Schedules First Creditors Meeting April
----------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Columbus IT Partner Deutschland Gesellschaft fur
Informationssysteme mbH on Jan. 14, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 15, 2005 to register their
claims with court-appointed provisional administrator Joachim
Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting on April 5, 2005, 9:30 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld 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:  COLUMBUS IT PARTNER DEUTSCHLAND GESELLSCHAFT FUR
          INFORMATIONSSYSTEME MBH
          Oeynhausener Str. 48-54
          32584 Lohne

          Andreas Palsbroker, Manager
          Sonnenbrink 15
          32584 Lohne

          Joachim Walterscheid, Insolvency Manager
          Am Kurpark 2
          32545 Bad Oeynhausen


FIRST REISEBURO: Hagen Court Appoints Provisional Administrator
---------------------------------------------------------------
The district court of Hagen opened bankruptcy proceedings
against First Reiseburo Richter GmbH on Jan. 18.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 24, 2005 to
register their claims with court-appointed provisional
administrator Uwe Grunert.

Creditors and other interested parties are encouraged to attend
the meeting on March 17, 2005, 10:15 a.m. at the district court
of Hagen, - Haupthaus (Neubau) -, Heinitzstrasse 42, 58097
Hagen, Etage 2, Raum 251 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:  FIRST REISEBURO RICHTER GMBH
          Bahnhofstr. 7, 58300 Wetter
          Contact:
          Michael Richter, Manager
          Brauhausstr. 9, 58119 Hagen

          Uwe Grunert, Insolvency Manager
          Kaiserstr. 155, 58300 Wetter
          Phone: 02335/17444
          Fax: +4923353890


FLUMESYS GMBH: Creditors Meeting Next Week
------------------------------------------
The district court of Amberg opened bankruptcy proceedings
against Flumesys GmbH Fluidmess und Systemtechnik on Jan. 7,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors had until Jan. 31,
2005 to register their claims with court-appointed provisional
administrator Dr. Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 14, 2005, 10:30 a.m. at the district court
of Amberg, Baustadelgasse 1, Sitzungssaal V, 1. Stock, Zimmer
115 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:  FLUMESYS GMBH FLUIDMESS UND SYSTEMTECHNIK
          Kropfersrichter Strasse 6-8
          92237 Sulzbach-Rosenberg

          Dr. Hubert Ampferl, Insolvency Manager
          Stahlstrasse 17
          90411 Nurnberg
          Phone: 0911/951285-0
          Fax: 0911/951285-10


GEBRUDER BURGARTZ: Administrator's Report Out April
---------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Gebruder Burgartz OHG on Jan. 10, 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 Markus
Lehmkuhler.

Creditors and other interested parties are encouraged to attend
the meeting on April 4, 2005, 10:30 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn 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:  GEBRUDER BURGARTZ OHG
          Allerstrasse 33
          53332 Bornheim

          Ute Burgartz, Manager
          Hohnenstrasse 23
          53332 Bornheim

          Markus Lehmkuhler, Insolvency Manager
          Wilhelmstr. 40
          53111 Bonn
          Phone: 0228/92 66 60
          Fax: 92 66 699


HEIDELBERGER DRUCKMASCHINEN: Convertible Bond Placement Complete
----------------------------------------------------------------
Heidelberger Druckmaschinen AG (Heidelberg), the world's leading
solution provider for the print media industry and the global
leader in sheetfed printing presses, announces the pricing of
its 7-year Euro 260 million convertible bond.  The bond has a
coupon of 0.875% and a conversion premium of 50%.  The
convertible bond cannot be called for the first 4 years, and is
callable thereafter subject to a 130% trigger.  Holders have an
option to redeem the bond at the fifth anniversary.  The bond
issuer is Heidelberg International Finance B.V. and the bond
will be guaranteed by Heidelberg.  Heidelberg will apply for the
listing of the bond on the Luxembourg Stock Exchange.  Listing
is expected to occur in March 2005.

Key data:

ISIN: XS0212139181
Issue size: Euro 260 million
Term: 7 years
Expected settlement date: February 9, 2005
Issue price: 100 percent
Redemption price: 116.28 percent
Conversion price: Euro 39.63
Coupon: 0.875 percent
Conversion premium: 50 percent
Yield to maturity: 3.00 percent
Over-allotment option: up to Euro 20 million aggregate principal
amount exercisable at issue price until February 7, 2005
Stabilisation/FSA

CONTACT:  Heidelberger Druckmaschinen AG
          Corporate Communications
          Thomas Fichtl
          Phone: +49 6221 92 4747
          Fax: +49 6221 92 5069
          E-mail: thomas.fichtl@heidelberg.com
          Web site: http://www.heidelberg.com/


HELP TREPPENLIFTE: Claims Filing Period Expires Next Month
----------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Help Treppenlifte GmbH on Jan. 14, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 4, 2005 to register their
claims with court-appointed provisional administrator Dr.
Andreas Schulte-Beckhausen.

Creditors and other interested parties are encouraged to attend
the meeting on April 4, 2005, 9:00 a.m. at the district court of
Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn 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:  HELP TREPPENLIFTE GMBH
          Brolstr. 30
          53809 Ruppichteroth

          Monika Spieler, Manager
          Pfarrer-Rehrl-Str. 20
          83416 Saaldorf-Surheim

          Dr. Andreas Schulte-Beckhausen, Insolvency Manager
          Oxfordstr. 2
          53111 Bonn
          Phone: 0228/ 98 52 10
          Fax: 0228 / 98 52 122


IMMO CREATIV: Darmstadt Court Stays All Pending Lawsuits
--------------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against IMMO Creativ Bau on Jan. 11, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 22, 2005 to register their
claims with court-appointed provisional administrator Dr. Jan
Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting on March 22, 2005, 10:00 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:  IMMO CREATIV BAU BAUTRAGER UND MAKLER GMBH
          In der Trift 5
          64546 Morfelden-Walldorf
          Contact:
          Jerzy Andrzej Suchomski, Manager

          Dr. Jan Markus Plathner, Insolvency Manager
          Lyoner Strasse 14
          60528 Frankfurt
          Phone: 069/962334-0
          Fax: 069/962334-22


KARSTADTQUELLE AG: Banks Dispose of Loans at 7% Discount
--------------------------------------------------------
Some creditors of KarstadtQuelle have opted not to wait for
their loans to mature and sold around EUR300 million in debt
last week, Reuters says.

The loans are part of KarstadtQuelle's EUR1.75 billion three-
year credit facility arranged by 16 banks to finance its
restructuring.  A KarstadtQuelle spokesman on Thursday said
investment banks and hedge funds were among the buyers of the
debt at 7% discount.

The banks that sold their loans were WestLB, which sold its
entire EUR120 million loan; Hessisch-Thueringische Landesbank,
which sold EUR100 million of its EUR130 million loan; HVB, EUR88
million; and Landesbank Baden-Wuerttemberg, EUR25 million.
Goldman Sachs also sold an undetermined amount of loans last
week.

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com

          BAYERISCHE HYPO- UND VEREINSBANK AKTIENGESELLSCHAFT
          Am Tucherpark 16
          80538 Munich
          Phone: +49-89-378-0
          Fax: +49-89-378-27784
          Web site: http://www.hvbgroup.com

          WESTLB AG
          Herzogstrasse 15
          40217 Dusseldorf
          Phone: +49-211-826-01
          Fax: +49-211-826-6119
          Web site: http://www.westlb.com

          LANDESBANK BADEN-WURTTEMBERG
          Am Hauptbahnhof 2
          70173 Stuttgart
          Phone: +49-711-127-0
          Fax: +49-711-127-3278
          Web site: http://www.lbbw.de

          LANDESBANK HESSEN-THURINGEN GIROZENTRALE
          Neue Mainzer Strasse 52-58
          60311 Frankfurt am Main
          Phone: (+49) 69/91 32-01
          Fax: (+49) 69/29 15 17
          Web site: http://www.helaba.de

          THE GOLDMAN SACHS GROUP, INC.
          85 Broad St.
          New York, NY 10004
          Phone: 212-902-1000
          Fax: 212-902-3000
          Web site: http://www.goldmansachs.com


LYHS MEDIA: Under Bankruptcy Administration
-------------------------------------------
The district court of Frankfurt Oder opened bankruptcy
proceedings against Lyhs Media GmbH & Co. KG on Jan. 17, 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 Susanne Miller.

Creditors and other interested parties are encouraged to attend
the meeting on March 23, 2005, 12:10 p.m. at the district court
of Frankfurt Oder, Logenstrasse 13, 15230 Frankfurt Oder 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:  LYHS MEDIA GMBH & CO. KG
          Budnerweg 7
          15526 Bad Saarow

          Susanne Muller, Insolvency Manager
          Vietmannsdorfer Strasse 23
          17268 Templin


NURMONT GMBH: Collapses into Insolvency
---------------------------------------
Nuremberg-based equipment installation group Nurmont has filed
for insolvency, Frankfuter Allgemeine Zeitung says.

Siegfried Beck, the court-appointed insolvency administrator, is
currently holding talks with Nurmont's creditors to ensure that
the loss-making group has enough cash to keep operating.
Nurmont has hired an expert to draft a restructuring plan aimed
at bringing back the firm to profitability.

Nurmont's insolvency has affected around 500 employees, who will
still receive their salaries for this month, as stipulated in
the German insolvency law.  Nurmont, originally established as a
mechanical engineering company in 1985, specializes in
installation and relocation of machinery and plant.

CONTACT:  NURMONT GMBH
          Am Keuper 14
          90475 Nuremberg
          Phone: (+49) 9128 / 92 55-0
          Fax: (+49) 9128 / 92 55-333
          Web site: http://www.nuermont.de


P & W POLSTER: Administrator from Wolff Rapp Takes over Helm
------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against P & W Polster & Wohnen Pastuschka GmbH on Jan. 11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 22, 2005
to register their claims with court-appointed provisional
administrator Jan Gartner of Wolff, Rapp & Kollegen Dresden.

Creditors and other interested parties are encouraged to attend
the meeting on April 5, 2005, 9:30 a.m. at Saal D131,
Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  P & W POLSTER & WOHNEN PASTUSCHKA GMBH
          Industriegelande, Strasse 11 in 02977 Hoyerswerda
          HRB 18065, AG Dresden
          Contact:
          Henry Pastuschka, Manager

          Jan Gartner, Insolvency Manager
          Weisseritzstrasse 3, 01067 Dresden
          Web site: http://www.WORAKO.de


UM PROJEKTBAU: Court Brings in Administrator from Kubler
--------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against UM Projektbau Pirna GmbH on Jan. 7, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 22, 2005 to
register their claims with court-appointed provisional
administrator Christian Heintze of Kubler.

Creditors and other interested parties are encouraged to attend
the meeting on March 5, 2005, 10:00 a.m. at Saal D131,
Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  UM PROJEKTBAU PIRNA GMBH
          Schlosspark 28 in 01796 Pirna

          Christian Heintze, Insolvency Manager
          Loschwitzer Strasse 3, 01309 Dresden
          Web site: http://www.kuebler-gbr.de


UNITED PROTECTION: Dortmund Court to Review Claims Next Month
-------------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against UP United Protection GmbH on Jan. 17, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 24, 2005
to register their claims with court-appointed provisional
administrator Georg Keplin.

Creditors and other interested parties are encouraged to attend
the meeting on March 17, 2005, 9:40 a.m. at the district court
of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  UP UNITED PROTECTION GMBH
          Fahneburgstr. 19
          40629 Dusseldorf
          Contact:
          Jan Schmied, Manager

          Georg Kreplin, Insolvency Manager
          Berliner Allee 21
          40212 Dusseldorf


VEREINS JUNIOR: Gives Creditors Until March 14 to File Claims
-------------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Vereins Junior Reisedienst e.V. on Jan. 13, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 14, 2005
to register their claims with court-appointed provisional
administrator Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting on April 4, 2005, 11:10 a.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund 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:  VEREINS JUNIOR REISEDIENST E. V.
          Wallstrasse 2
          44137 Dortmund

          Dieter Hymmen, Manager
          Am Willigloh 6
          58509 Ludenscheid

          Michael Kuhnen, Manager
          Am Jahnplatz 1,
          45701 Herten

          Dr. Petra Mork, Insolvency Manager
          Arndtstr. 28
          44135 Dortmund
          Phone: 0231-952063-0
          Fax: 0231-95206316


WALTER BAU: Administrator Opens Some Assets for Bidding
-------------------------------------------------------
The temporary administrator of insolvent construction giant
Walter Bau is selling parts of the group, Die Welt says.

Insolvency administrator Werner Schneider says the group has so
far received one offer from Austrian construction firm Strabag.
He did not rule out the possibility that other groups would bid
for some of Walter Bau's operations.  These groups include
Hochtief and Bilfinger Berger, the country's largest and second-
largest construction firms, respectively.

It is believed that some of Walter Bau's operations like sports
stadium, road and railway building would fit into Hochtief's
businesses.  It is also possible that Hochtief and Bilfinger
Berger would bid for Walter Bau's Australian unit, Walter
Construction, since all three groups operate in the country.
Medium-sized construction group Heitkamp may also bid anew for
Walter Bau's stake in building company Ed Zublin or acquire some
parts of the troubled firm.

Meanwhile, Mr. Schneider assures Walter Bau employees they will
receive their pay until March and the its operative business
will still go on.  The company filed for insolvency on Feb. 1,
2005 after failing to get the nod of 27 banks on its
restructuring plan that would have allowed it to open a EUR1.5
billion credit line.

CONTACT:  WALTER BAU AG
          Boheimstr. 8
          86153 Augsburg
          Phone: +49 (0)8 21/55 82-00
          Fax: +49 (0)8 21/55 82-3 20
          Web site: http://www.walter-bau.de

          BAUHOLDING STRABAG AG
          Ortenburgerstrasse 27
          9800 Spittal/Drau, Austria
          Phone: +43-47-62-62-00
          Fax: +43-47-62-49-62
          Web site: http://www.bauholding.at

          ED ZUBLIN AG
          Albstadtweg 3
          70567 Stuttgart
          Phone: (07 11) 78 83 -5 29
          Fax: (07 11) 78 83 -5 26
          E-mail: zkb@zueblin.de
          Web site: http://www2.zueblin.de

          HOCHTIEF AG
          Opernplatz 2
          45128 Essen
          Phone: +49-201-824-0
          Fax: +49-201-824-2777
          Web site: http://www.hochtief.de

          BILFINGER BERGER AG
          Carl-Reiss-Platz 1-5
          68165 Mannheim
          Phone: +49-621-4590
          Fax: +49-621-459-2366
          Web site: http://www.bilfingerberger.de

          BAUUNTERNEHMUNG E. HEITKAMP GMBH
          D-44652 Herne
          Langekampstrasse 36
          D-44647 Herne
          Postfach 20 03 65
          Phone: +49 (0) 23 25/57-00
          Fax: +49 (0) 23 25/57-37 55
          E-mail: kommunikation@hdh-online.com
          Web site: http://www.heitkamp.de


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


ELAN CORPORATION: Awarded NanoCrystal Patent in Japan
-----------------------------------------------------
Elan Corporation plc on Thursday announced that Japan's Patent
Office has issued a patent certificate for Elan's proprietary
NanoCrystal(TM) Technology.  Japanese Patent Number 36020546,
which expires Jan. 24, 2012, protects intellectual property
related to Elan's NanoCrystal technology.

"This is a significant milestone in the development of new
applications of our NanoCrystal technology and may facilitate
the expansion of our activities in Japan, one of the world's
most significant pharmaceutical markets.  The patent may allow
us to work more closely with Japanese companies to help them
develop and commercialize compounds that exhibit poor water-
solubility," said Paul Breen, Executive Vice President, Global
Services & Operations, Elan.

Three pharmaceutical products have been commercialized in the
U.S. incorporating NanoCrystal Technology to date, with several
additional product launches anticipated over the next two years.

About Elan's NanoCrystal Technology

NanoCrystal technology may enhance the clinical performance of
poorly water-soluble drugs by transforming them into nanometer-
sized particles.  An increasing number of the drug candidates
synthesized each year by pharmaceutical companies are poorly
water-soluble.  Many of these potentially innovative drug
candidates are often abandoned because of poor pharmacokinetic
properties including absorption, distribution, metabolism, and
excretion.

NanoCrystal technology has the potential to rescue a significant
percentage of these chemical compounds. The drug in nano-form
can be incorporated into common dosage forms, including tablets,
capsules, inhalation devices, sterile forms for injection, with
the potential for substantial improvements to clinical
performance.  Elan's NanoCrystal Technology is protected by more
than 130 U.S. and foreign patents and patent applications.  More
information about Elan's NanoCrystal technology is available at
http://www.elan.com/drugdelivery.

About Elan

Elan is a neuroscience-based biotechnology company that is
focused on discovering, developing, manufacturing, selling and
marketing advanced therapies in neurodegenerative diseases,
autoimmune diseases and severe pain.  Elan's (NYSE:ELN) shares
trade on the New York, London and Dublin Stock Exchanges.

NanoCrystal(TM) Technology is a registered trademark owned by
Elan Pharma International Limited Corporation, Ireland

CONTACT:  ELAN CORPORATION PLC
          Investors:
          Emer Reynolds
          Phone: 353-1-709-4000
              Or 800-252-3526

          Media:
          Anita Kawatra
          Phone: 212-407-5740
              Or 800-252-3526


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


CIRIO FINANZIARIA: San Miguel Not Giving up Yet
-----------------------------------------------
Contrary to a report by a Philippine daily, San Miguel Corp.
(SMCB.PH) is pursuing its bid for Cirio Finanziaria's 40% stake
in Del Monte Pacific Ltd. (D03.SG).

In a disclosure to the Philippine Stock Exchange Thursday, San
Miguel belied the report of Philippine Star.  "San Miguel
Corp.'s interest to purchase Del Monte Pacific Ltd. continues
and its bid remains outstanding."

The food and beverage conglomerate lost to Filipino-Chinese
tycoon Lucio Tan, whose bid received the backing of Cirio's
administrators.  The San Miguel disclosure, however, gives the
impression that nothing is final yet.  The Del Monte stake is
valued at US$180 million at current market prices, according to
Dow Jones Newswires.

Since investors rejected a proposed restructuring plan, the
three administrators of Cirio have been selling assets to repay
debt.  Cirio defaulted on more than EUR1 billion of bonds in
late 2002, precipitating its fall into bankruptcy.

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

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

          SAN MIGUEL CORPORATION (OTC: SMGBY [ADR])
          40 San Miguel Ave.
          Mandaluyong, Metro Manila 1550, Philippines
          Phone: +63-2-632-3000
          Fax: +63-2-632-3099
          Web site: http://www.sanmiguel.com.ph


IMPREGILO SPA: Banks Submit Alternative Capital Hike Proposal
-------------------------------------------------------------
Creditor banks favor the drafting of new industrial partners
into Impregilo S.p.A. than accepting a cash injection from main
shareholder Generale Mobiliare Interessenze Azionarie (Gemina).

According to Il Sole 24 Ore, the banks are wary that Gemina's
offer would only increase Impregilo's debt.  Gemina, which had
previously offered to inject EUR100 million into the company,
recently raised this amount to EUR250 million, but only EUR75
million will be go into Impregilo's coffer as capital.  The rest
will be treated as debt.

The banks, on the other hand, want to arrange a loan of EUR350
million and a capital increase of EUR450 million to raise the
EUR800 million the group has estimated it needs this year.  This
banking syndicate reportedly includes Banca Intesa, UniCredit,
Sanpaolo IMI and Capitalia.  They aim to finalize this financing
agreement by the middle of this month, the report states.

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

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

          BANCA INTESA S.p.A.
          Piazza Paolo Ferrari, 10
          20121 Milan
          Phone: +39-02-879-11
          Fax: +39-02-879-42587
          Web site: http://www.bancaintesa.it

          SANPAOLO IMI S.p.A.
          Piazza San Carlo 156
          10121 Turin
          Phone: +39-011-5551
          Fax: +39-011-555-2989
          Web site: http://www.sanpaolo.it

          UNICREDIT S.p.A.
          Via Dante, 1
          16121 Genoa
          Phone: +39-02-8862-1
          Fax: +39-02-8862-8503
          Web site: http://www.credit.it

          CAPITALIA S.p.A.
          Via Marco Minghetti 17
          00187 Rome
          Phone: +39-06-6707-1
          Fax: +39-06-6707-0652
          Web site: http://www.capitalia.it


PARMALAT FINANZIARIA: Emmegi Unions Plea for 'Charity'
------------------------------------------------------
Agricultural Policies Minister Gianni Alemanno will meet unions
of Emmegi, the juice-producing unit of collapsed dairy giant
Parmalat, Agencia Giornalistica Italia says.

The trade unions want the minister to oppose Emmegi's decision
to pull out its products from the market.  Italo Tripi, head of
the regional chapter of Flai CGL trade union, said, "We will
stress that the company is properly equipped to carry on with
production."

Mr. Tripi added Emmegi's products could be used for charity
campaigns, especially to "people in need in South-East Asia."
The union representative stressed the continued production would
help keep jobs at Emmegi before a new industrial plan is
submitted in June.  If the state admits the crisis at the juice
producer, Emmegi could implement its restructuring plan in a
"favorable framework" and without undergoing a sale process.

The Sicilian government and Parmalat representatives would also
attend the meeting between Mr. Alemanno and trade unions.
Emmegi suspended its production in May 2004 and around 83
employees were placed on a social lay-off plan.  The Parma court
declared Emmegi insolvent on Nov. 11 and was placed under
administration on Dec. 2.  Parmalat is currently drafting
Emmegi's rehabilitation plan.

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

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


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


KENDRION N.V.: Did not Violate Listing Rules, Euronext Concludes
----------------------------------------------------------------
In a letter dated 13 July 2004, Euronext Amsterdam N.V. asked
the Listing and Issuing Rules Advisory Committee to investigate
alleged violations of the Listing and Issuing Rules on the part
of the issuer Kendrion N.V.  The Committee discussed this case
on 8 November 2004, and submitted its advice to Euronext on 29
December 2004.

Article 28h of the Listing and Issuing Rules stipulates that the
issuer is obliged to publish forthwith any fact or event
relevant to the issuer, which is likely to have a material
effect on the price of its shares.

On 11 November 2003 Kendrion announced that it had carried out a
strategic analysis during the previous months, which had led it
to conclude that Automotive Plastics did not fit in with its
business strategy and that parts of this division should
therefore be sold.  Kendrion's next press release on 9 January
2004 announced that the German production companies of
Automotive Plastics had experienced much lower production levels
during the last two months of 2003 than initially anticipated,
which had resulted in idle capacity and had an impact on costs.

On Friday 20 February 2004, before the exchange opened, Kendrion
published a press release announcing its preliminary results for
the 2003 financial year.  The press release indicated that the
results for the year as a whole were expected to show a net loss
of approximately EUR105 million.  This forecast was based partly
on an additional charge -- as yet unannounced -- of EUR59
million owing to downward revaluation of its assets, the greater
share of which (EUR42 million) was related to the announced
disposal of Automotive Plastics.

The Committee is of the opinion that no evidence emerged during
the handling of this request to indicate that Kendrion had
concrete, specific information before 19 February 2004 about the
price that it could reasonably expect to receive from the
planned sale of parts of its Automotive Plastics division, or
about the impaired value of its assets, and that under the
provisions of Article 28h of the Listing and Issuing Rules it
therefore should have made a public announcement at an earlier
date.

The Committee notes that it does not rule out the possibility
that on 9 January 2004, Kendrion had already been confronted
with the situation described above.  Nevertheless, it is the
Committee's responsibility to determine whether there was an
evident breach of Article 28h of the Listing and Issuing Rules.

The Committee is of the opinion that the case submitted to it by
Euronext on 13 July 2004 did not involve an evident breach of
Article 28h of the Listing and Issuing Rules by Kendrion N.V.

Decision by Euronext's Management

The management of Euronext has decided to follow the advice of
the Listing and Issuing Rules Advisory Committee.  The advice of
the Listing and Issuing Rules Advisory Committee was published
on 3 February 2005 on Euronext's Web site
(http://www.euronext.com).

CONTACT:  KENDRION N.V.
          Mr. P. Veenema
          Utrechtseweg 46 Utrechtseweg 33
          3704 HD ZEIST 3704 HA ZEIST
          Phone: 030 - 699.72.50
          Fax: 030 - 695.11.65
          Web site: http://www.kendrion.com


ROYAL SHELL: Cuts Oil Reserves Despite Record Full-year Income
--------------------------------------------------------------
Highlights of Results:

(a) Record 2004 net income of US$18.5 billion,

(b) Strong downstream profits and asset utilization,

(c) Record US$33 billion cash from operations and divestments,

(d) 3.8 million barrels of oil equivalent (boe) per day
    production, at high end of indicated range,

(e) At least US$10 billion cash to shareholders from dividends
    in 2005 subject to exchange rates,

(f) US$3-5 billion buyback program re-launched for 2005,

(g) Proved reserves 2003 restated by 1.4 billion boe,

(h) Proved Reserves Replacement Ratio (RRR) for 2004 expected to
    be in range 45-55% before year-end pricing impact and
    divestments

Jeroen van der Veer, Chief Executive, said: "2004 was a year of
extremes, with the reserves recategorization on one hand and
record net income and cash generation on the other.  Our
performance demonstrates our financial and operational
resilience, and the quality of our people and assets.  We have
taken the steps necessary to close out the reserves issue, made
substantial improvements to our portfolio and are reshaping the
organization.  We expect to pay out at least US$10 billion in
dividends in 2005 and will re-launch our share buyback program.
The proposal to create Royal Dutch Shell plc reflects our
commitment to regain our competitive strength."

Basic net income per share for Royal Dutch in 2004 was EUR4.43
(US$5.50) and for Shell Transport was 42.7p.  Basic CCS earnings
per share for Royal Dutch in 2004 were EUR4.19 (US$5.22) and for
Shell Transport were 40.5p.

Second interim dividends have been announced of EUR1.04 per
share for Royal Dutch (EUR1.79 for the year) and of 10.7p per
share for Shell Transport (16.95p for the year).

A full copy of the financial results is available free of charge
at http://bankrupt.com/misc/Shell_Fullyear2004.htm.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague
          The Netherlands
          Phone: +31 70 377 9111
          Fax: +31 70 377 3115
          Web site: http://www.shell.com


ROYAL SHELL: Ups Total Dividend by 7.6%
---------------------------------------
The Board of The 'Shell' Transport and Trading Company, p.l.c.
on Thursday announced a second interim dividend for the year
2004 of 10.70p per Ordinary share, which, together with the
interim dividend announcement of 6.25p per Ordinary share
announced on July 29, 2004, makes a total dividend for the year
2004 of 16.95p per Ordinary share.  This represents an increase
of 7.6% over the 2003 total dividend of 15.75p.

The total dividend is made up of:

                                   Pence per 25p Ordinary Share

                           Interim    Second Interim      Total

2004                      6.25         10.70             16.95

2003                      6.10          9.65             15.75

The Board does not intend to propose a final dividend in respect
of 2004.

The second interim dividend of 10.70p will be payable on March
15, 2005 to those members whose names are on the Register on
February 11, 2005, and to holders of Bearer Warrants who
surrender Coupon No. 215.  The shares become ex-dividend on
February 9, 2005.

Taxation

Shareholders resident in the United Kingdom are entitled to a
tax credit.  This tax credit is not repayable.  Non-residents
may also be entitled to a tax credit, if double tax arrangements
between the United Kingdom and their country of residence so
provide, or if they are eligible for relief given to non-
residents with certain special connections with the United
Kingdom or to nationals of states in the European Economic Area.

From April 6, 1999 the amount of tax credit is 10/90ths of the
cash dividend, the tax credit referable to the interim dividend
of 10.70p is 1.189p per Ordinary share and the dividend and tax
credit together amount to 11.889p.

February 3, 2005

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague
          The Netherlands
          Phone: +31 70 377 9111
          Fax: +31 70 377 3115
          Web site: http://www.shell.com


ROYAL SHELL: Rating Lowered to 'AA'; Off CreditWatch
----------------------------------------------------
Standard & Poor's Ratings Services lowered to 'AA' from 'AA+'
and removed from CreditWatch its long-term corporate credit
ratings on the Royal Dutch/Shell Group of Companies (Shell) and
its fully owned subsidiaries U.S.-based Shell Oil Co.,
Netherlands-based Shell Petroleum N.V., and U.K.-based Shell
Petroleum Co., Ltd. At the same time, the 'A-1+' short-term
corporate credit ratings on all of these entities were affirmed.
The outlook is stable.

The long-term ratings were placed on CreditWatch on Oct. 29,
2004, following the group's announcement that it was considering
an additional downward adjustment of 900 million barrels of oil
equivalent (boe) to its year-end 2003 14.35 billion boe
hydrocarbon proven-reserves total.  This came in addition to its
first-half 2004 4.45 billion boe aggregate recategorizations of
year-end 2002 proven reserves.

"Today [February 4], in addition to record full-year earnings,
Shell announced that the group replaced proven reserves by a
poor 45%-55% during 2004, excluding the impact of the period's
divestments and year-end pricing.  During the 2004-2008 period,
the expected full reserve replacement is to be backloaded," said
Standard & Poor's credit analyst Emmanuel Dubois-Pelerin.

Mr. Dubois-Pelerin continued, "The audit of reserves--launched
in 2004 and now completed with unparalleled prudence--will lead
to a recategorization (Shell's fifth in less than a year) of the
group's year-end 2003 proven reserves by a significant 1.4
billion boe."

"Accordingly, we estimate that proven reserves amounted to only
some 12 billion boe, or about 8.5 years of production, at Dec.
31, 2004, a level significantly below that of most oil companies
globally."

This implies that Shell will have replaced only about 70% of its
reserves during 2001-2005.

In contrast, our affirmation of the ratings on Shell on July 8,
2004, with a negative outlook, included the assumptions that
reserves would not be significantly restated, and that they
would be fully replaced during 2004-2005.

The stable outlook factors in a gradual improvement in Shell's
organic reserve replacement rate, as reflected in the company's
full-replacement target over 2004-2008.

It also takes into account the absence of major upstream project
overruns and delays, so that production objectives are met, and
moderate shareholder distributions--including US$3 billion- US$5
billion share repurchases in 2005--should hydrocarbon prices
remain high.

Funds from operations, adjusted for leases and employee post-
retirement and asset-retirement obligations, are expected to
continue to exceed 70% of adjusted debt, net of cash tied to
operations.

We will continue to closely monitor the extent and pace of
Shell's progress in addressing its corporate governance issues.

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

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


          ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague
          The Netherlands
          Phone: +31 70 377 9111
          Fax: +31 70 377 3115
          Web site: http://www.shell.com


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


AGRO-FIRM NIVA: Deadline for Proofs of Claim Next Month
-------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Agro-Firm Niva after finding the
open joint stock company insolvent.  The case is docketed as
A43-8090/04-33-208.  Mr. N. Chertanovskiy has been appointed
insolvency manager.  Creditors have until March 1, 2005 to
submit their proofs of claim to 603086, Russia, Nizhniy
Novgorod, Mira Avenue, 12, Office 201.

CONTACT:  AGRO-FIRM NIVA
          Russia, Nizhniy Novgorod region,
          Gagino, Kommunisticheskaya Str. 75

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


CHEBAR-KUL-AGRO-PROM-ENERGO: Hires Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Chebar-Kul-Agro-Prom-Energo after finding
the close joint stock company insolvent.  The case is docketed
as A76-13250/03-52-463.  Mr. M. Motorin has been appointed
insolvency manager.  Creditors have until March 1, 2005 to
submit their proofs of claim to 456440, Russia, Chelyabarkul,
Energetikov Str. 6.

CONTACT:  CHEBAR-KUL-AGRO-PROM-ENERGO
          456440, Russia,
          Chelyabarkul, Energetikov Str. 6

          Mr. M. Motorin
          Insolvency Manager
          456440, Russia,
          Chelyabarkul, Energetikov Str. 6


DUBENSKIY ENGINEERING: Declared Insolvent
-----------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Dubenskiy Engineering Plant after finding
the limited liability company insolvent.  The case is docketed
as A41-K2-21810/04.  Ms. Y. Zvyagintseva has been appointed
insolvency manager.  Creditors have until March 1, 2005 to
submit their proofs of claim to 141983, Russia, Moscow region,
Dubna, Zhukovskogo Str. 2.

CONTACT:  Ms. Y. Zvyagintseva
          Insolvency Manager
          141983, Russia, Moscow region,
          Dubna, Zhukovskogo Str. 2


KALININSKIY CONCENTRATED: Sets Deadline for Proofs of Claim
-----------------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Kalininskiy Concentrated after finding the
milk factory insolvent.  The case is docketed as A-57-141B/04-
31.  Mr. A. Aleksandrov has been appointed insolvency manager.
Creditors have until March 1, 2005 to submit their proofs of
claim to Russia, Saratov, Sovetskaya Str. 57, Apartment 1.

CONTACT:  KALININSKIY CONCENTRATED
          Russia, Saratov region,
          Kalininsk, Zavodskaya Str. 44

          Mr. A. Aleksandrov
          Insolvency Manager
          Russia, Saratov,
          Sovetskaya Str. 57, Apartment 1

          The Arbitration Court of Saratov region
          Russia, Saratov,
          Pervomayskaya Str. 74


LOGOVAZ-NEVA: Declared Insolvent
--------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against Logovaz-Neva
after finding the close joint stock company insolvent.  The case
is docketed as A56-47266/04.  Mr. V. Bashkatov has been
appointed insolvency manager.  Creditors have until March 1,
2005 to submit their proofs of claim to 196247, Russia, Saint-
Petersburg, Leninskiy Pr. 146.

CONTACT:  LOGOVAZ-NEVA
          196105, Russia, Saint-Petersburg,
          Moskovskiy Pr. 184, Letter A

          Mr. V. Bashkatov
          Insolvency Manager
          196247, Russia, Saint-Petersburg,
          Leninskiy Pr. 146


NEYSKAYA MOVABLE: Bankruptcy Hearing Resumes April
--------------------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
proceedings against Neyskaya Movable Mechanized Column 123 after
finding the open joint stock company insolvent.  The case is
docketed as A31-4813/18.  Mr. A. Rufanov has been appointed
insolvency manager.

Creditors have until March 1, 2005 to submit their proofs of
claim to 157260, Russia, Kostroma region, Antropovo, Belousova
Str. 40.  A hearing will take place on April 7, 2005, 9:40 a.m.

CONTACT:  NEYSKAYA MOVABLE MECHANIZED COLUMN 123
          157330, Russia, Kostroma region,
          Neya, Lyubimova Str. 92

          Mr. A. Rufanov
          Insolvency Manager
          157260, Russia, Kostroma region,
          Antropovo, Belousova Str. 40

          The Arbitration Court of Kostroma region
          156961, Russia,
          Kostroma, Shagova Str. 20


OREL-TANK-SERVICE: Orel Court Names A. Dezhin Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
proceedings against Orel-Tank-Service (TIN 5751009415) after
finding the open joint stock company insolvent.  The case is
docketed as A48-5307/04-17B.  Mr. A. Dezhin has been appointed
insolvency manager.  Creditors have until March 1, 2005 to
submit their proofs of claim to 302010,Russia, Orel,
Aviatsionnaya Str. 5.

CONTACT:  OREL-TANK-SERVICE
          Russia, Orel,
          Novosilskoye Shosse, 18

          Mr. A. Dezhin
          Insolvency Manager
          302010,Russia, Orel,
          Aviatsionnaya Str. 5


PRIMORSKOYE: Appoints A. Ugushev Insolvency Manager
---------------------------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against Primorskoye after finding the close joint
stock company insolvent.  The case is docketed as A05-3230/04-6.
Mr. A. Ugushev has been appointed insolvency manager.  Creditors
have until March 1, 2005 to submit their proofs of claim to
163061, Russia, Arkhangelsk, Lomonosova Pr. 119, Office 15.

CONTACT:  PRIMORSKOYE
          163061, Russia, Arkhangelsk region,
          Lomonosova Pr. 119, Office 15

          Mr. A. Ugushev
          Insolvency Manager
          163061, Russia, Arkhangelsk,
          Lomonosova Pr. 119, Office 15


SIBELKOM: Deadline for Proofs of Claim Set
------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Sibelkom (TIN 4202004446, KPP 420201001)
after finding the open joint stock company insolvent.  The case
is docketed as A27-12984/2002-4.  Mr. V. Kranoperov has been
appointed insolvency manager.  Creditors have until March 1,
2005 to submit their proofs of claim to 652600, Russia, Kemerovo
region, Belovo, Chkalova Str. 14.

CONTACT:  SIBELKOM
          652600, Russia, Kemerovo region,
          Belovo, Chkalova Str. 14
          Phone: 8-252-225-15

          Mr. V. Kranoperov
          Insolvency Manager
          652600, Russia, Kemerovo region,
          Belovo, Chkalova Str. 14


YUKOS OIL: China Denies Hand in Yugansk Deal
--------------------------------------------
China denied Thursday it lent local bank Vnesheconombank around
US$6 billion that was eventually used in the purchase of
Yuganskneftegaz, rediff.com says.

Chinese foreign ministry spokesman Kong Quan said, "China has
not provided any fund for the Russian company for the purchase
of the assets of Yukos."

Mr. Kong's denial contradicts the admission of Russian Finance
Minister Alexei Kudrin last week that Chinese banks indeed
provided the money used by state-owned Rosneft to purchase
Yugansk.

Rosneft reportedly arranged the US$6 billion loan as prepayment
for oil shipments through 2010.  The Russian finance ministry
"clarified" Mr. Kudrin's statement, saying he was talking not
about the Yugansk deal, but the Vnesheconombank loan for
Rosneft.  Rosneft also dismissed any link between the loan and
the Yuganskneftegaz acquisition.  The oil group said the loan
will be used for "capital-intensive projects," but did not give
further information.

Bailiffs auctioned off Yuganskneftegaz in December as part of
the Russian government's goal to collect around US$28 billion in
back-tax bill from Yukos.

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

          VNESHECONOMBANK
          Akademika Sakharova Prospekt
          9, Moscow B-78
          GSP-6 107996
          Web site: http://www.veb.ru

          Credit and Guarantee Operations
          Phone: +7 (095) 721-97-14
          Fax: +7 (095) 721-96-72

          Press Office
          Phone: 208-46-93
                 204-69-55
          Fax: 975-21-34
          E-mail: press@veb.ru


ZIMA-LES-PROM: Gives Creditors Until Next Month to File Claims
--------------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Zima-Les-Prom after finding the close joint
stock company insolvent.  The case is docketed as A19-1440/04-
49.  Mr. N. Kuzakov has been appointed insolvency manager.
Creditors have until March 1, 2005 to submit their proofs of
claim to 664025, Russia, Irkutsk, Post User Box 3262.

CONTACT:  ZIMA-LES-PROM
          664035, Russia, Irkutsk region,
          Zima, Kirzavod

          Mr. N. Kuzakov
          Insolvency Manager
          664025, Russia, Irkutsk,
          Post User Box 3262


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


8128 LIMITED: Liquidators from Elwell Watchorn Move in
------------------------------------------------------
At the extraordinary general meeting of 8128 Limited on Jan. 27,
2005 held at 8-12 Priestgate, Peterborough PE1 1JA, the
subjoined extraordinary resolution to wind up the company was
passed.  Graham Stuart Wolloff and David John Watchorn of Elwell
Watchorn & Saxton, 2 Axon, Commerce Road, Peterborough PE2 6LR
have been appointed liquidators of the company.

CONTACT:  ELWELL WATCHORN & SAXTON
          2 Axon, Commerce Road,
          Lynchwood, Peterborough PE2 6LR
          Phone: (+44) 01733 235253
          Fax: (+44) 01733 236391
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


ACORN GROWTH: Shareholders Decide to Wind up Firm
-------------------------------------------------
At the extraordinary general meeting of the members of Acorn
Growth Associates Limited on Jan. 26, 2005 held at 116 Pall
Mall, London SW1Y 5ED, the special and ordinary resolutions to
wind up the company were passed.  Martin Dominic Pickard has
been appointed liquidator of the company.


ALUMINIUM & ZINC: Appoints Muras Baker Jones & Co. Liquidator
-------------------------------------------------------------
At the extraordinary general meeting of the members of Aluminium
& Zinc Die Castings Ltd. on Jan. 26, 2005 held at Regent House,
Bath Avenue, Wolverhampton WV1 4EG, the extraordinary resolution
to wind up the company was passed.  Mark Jonathan Botwood of
Muras Baker Jones & Co., Regent House, Bath Avenue,
Wolverhampton WV1 4EG has been appointed liquidator of the
company.

CONTACT:  MURAS BAKER JONES & CO.
          Regent House, Bath Avenue,
          Wolverhampton WV1 4EG


AVIATION CONNECTION: Shareholders Opt for Liquidation
-----------------------------------------------------
At the extraordinary general meeting of the members of Aviation
Connection Limited on Jan. 26, 2005 held at St Andrews House, 26
Brighton Road, Crawley, West Sussex RH10 6RA, the special
resolution to wind up the company was passed.  Michael Young of
Vantis Business Recovery, Torrington House, 47 Holywell Hill, St
Albans, Hertfordshire AL1 1HD has been appointed liquidator of
the company.

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


BAMBOO MONKEY: Hires Joint Liquidators from Mazars
--------------------------------------------------
At the extraordinary general meeting of Bamboo Monkey Limited on
Jan. 21, 2005 held at Mazars, Mazars House, Gelderd Road,
Gildersome, Leeds LS27 7JN, the extraordinary and ordinary
resolutions to wind up the company were passed.  Paul Charlton
and Timothy Askham of Mazars, Mazars House, Gelderd Road,
Gildersome, Leeds LS27 7JN have been appointed joint liquidators
of the company.

CONTACT:  MAZARS LLP
          Mazars House
          Gelderd Road, Gildersome
          Leeds LS27 7JN
          Phone: 0113 204 9797
          Fax: 0113 387 8760
          Web site: http://www.mazars.co.uk


BENSON LIMITED: Creditors Meeting Set Next Week
-----------------------------------------------
The creditors of Benson Limited will meet on Feb. 18, 2005 at
11:00 a.m.  It will be held at Devon Room, New Connaught Rooms,
61-65 Great Queen Street, Covent Garden, London WC2B 5DA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT not later than 12:00 noon, Feb. 17, 2005.

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


BUTTERLEY CONSTRUCTION: Sets Creditors Meeting Thursday
-------------------------------------------------------
The creditors of Butterley Construction Limited will meet on
Feb. 10, 2005 at 2:30 p.m.  It will be held at Pine Lodge Hotel,
Kidderminster Road, Bromsgrove, Worcestershire B61 9AB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Moore Stephens Corporate Recovery, Beaufort
House, 94-96 Newhall Street, Birmingham B3 1PB not later than
12:00 noon, Feb. 9, 2005.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House, 94-96 Newhall Street,
          Birmingham B3 1PB
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.co.uk


C4U LIMITED: Calls in Liquidator from Butcher Woods
---------------------------------------------------
At the extraordinary general meeting of C4U Limited on Jan. 21,
2005 held at 29 Tamworth Street, Lichfield, Staffordshire WS13
6JP, the extraordinary and ordinary resolutions to wind up the
company were passed.  Roderick Graham Butcher of Butcher Woods,
79 Caroline Street, Birmingham B3 1UP has been appointed
liquidator of the company.

CONTACT:  BUTCHER WOODS
          79 Caroline Street,
          Birmingham B3 1UP


CAREBANK NURSING: Members Decide to Dissolve Company
----------------------------------------------------
David Leighton Cockshott and Gary Edgar Blackburn (IP Nos 8974,
6234) have been appointed joint administrators for Carebank
Nursing Services Limited.  The appointment was made Jan. 26,
2005.  The company offers nursing services.  Its registered
office is located at BWC Business Solutions, 8 Park Place, Leeds
LS1 2RU.

CONTACT:  BWC Business Solutions,
          8 Park Place, Leeds LS1 2RU


CLEARWATER PARK: Hires Liquidator from Mazars
---------------------------------------------
At the extraordinary general meeting of Clearwater Park Limited
on Jan. 21, 2005 held at the offices of Scarborough Property
Company Plc, Forsyth House, Alpha Business Park, Monks Cross,
York YO32 9LD, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Tim Alan Askham
of Mazars LLP, Merchant Exchange, Whitworth Street West,
Manchester M1 5WG has been appointed liquidator of the company.

CONTACT:  MAZARS LLP
          Merchant Exchange
          Whitworth Street West
          Manchester M1 5WG
          Phone: 0161 209 5050
          Fax: 0161 236 6068
          Web site: http://www.mazars.co.uk


CONTINENTAL SHELF: Hires KPMG to Liquidate Business
---------------------------------------------------
At the meeting of Continental Shelf 319 Limited on Jan. 19,
2005, the special resolution to wind up the company was passed.
Jeremy Simon Spratt and Finbarr Thomas O'Connell of KPMG LLP
have been appointed joint liquidators of the company.


CUISINE CLASSIQUE: Liquidator from Robert Day Moves in
------------------------------------------------------
At the extraordinary general meeting of the members of Cuisine
Classique Limited on Jan. 26, 2005 held at Regus, Hygeia
Building, 66-68 College Road, Harrow, Middlesex HA1 1BE, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Robert Day of Robert Day and Company, Garfield,
Church Lane, Oving, Aylesbury, Buckinghamshire HP22 4HL has been
appointed liquidator of the company.

CONTACT:  ROBERT DAY AND COMPANY
          Garfield, Church Lane, Oving,
          Aylesbury, Buckinghamshire HP22 4HL


DACAR LIMITED: Members Pass Winding-up Resolutions
--------------------------------------------------
At the extraordinary general meeting of the members of Dacar
Limited on Jan. 28, 2005 held at Mountview Court, 1148 High
Road, Whetstone, London N20 0RA, the extraordinary and ordinary
resolutions to wind up the company were passed.  Kikis Kallis
has been appointed liquidator of the company.


DAVID INSLEY: Appoints Walletts Insolvency Services Liquidator
--------------------------------------------------------------
At the extraordinary general meeting of David Insley Limited on
Jan. 24, 2005 held at the offices of Walletts Insolvency
Services, Adventure Place, Hanley, Stoke-on-Trent, Staffordshire
ST1 3AF, the extraordinary resolution to wind up the company was
passed.  Michael Francis McCarthy of Walletts Insolvency
Services, 2-6 Adventure Place, Hanley, Stoke-on-Trent,
Staffordshire ST1 3AF has been appointed liquidator of the
company.

CONTACT:  WALLETTS INSOLVENCY SERVICES
          2-6 Adventure Place, Hanley,
          Stoke-on-Trent, Staffordshire ST1 3AF


DIBOR LIMITED: Hires Administrators from Cooper Parry
-----------------------------------------------------
Tyrone Shaun Courtman and Shaun Neil Adams (IP Nos 7237, 8568)
have been appointed administrators for Dibor Limited.  The
appointment was made Jan. 27, 2005.  The company is into
retailing sale via mail order houses.

CONTACT:  COOPER PARRY LLP
          14 Park Row, Nottingham NG1 6GR
          Phone: +44 (0) 1332 295544
          Fax: +44 (0) 1332 295600
          Web site: http://www.cooperparry.com


DIGITAL DISPLAY: Files for Liquidation
--------------------------------------
At the extraordinary general meeting of the members of Digital
Display Solutions Limited on Jan. 27, 2005 held at 7 St
Petersgate, Stockport, Cheshire SK1 1EB, the extraordinary and
ordinary resolutions to wind up the company were passed.
Vincent A. Simmons has been appointed liquidator of the company.


DIRECT RESOURCING: Liquidator from Berley Steps in
--------------------------------------------------
At the extraordinary general meeting of Direct Resourcing
Limited on Jan. 27, 2005 held at 76 New Cavendish Street, London
W1G 9TB, the subjoined extraordinary resolution to wind up the
company was passed.  Mark Levy of Berley, 76 New Cavendish
Street, London W1G 9TB has been appointed liquidator of the
company.

CONTACT:  BERLEY
          76 New Cavendish Street,
          London W1G 9TB


EMPTORIUS LIMITED: Meeting of Creditors Friday
----------------------------------------------
Name of companies:
Emptorius Limited
Enigma Information Systems Limited
Trac Operations Limited

The creditors of these companies will meet on Feb. 11, 2005 at
11:00 a.m.  It will be held at the offices of Mercer & Hole, 3rd
Floor, 76 Shoe Lane, London EC4A 3JB.  Creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be submitted together with written debt claims to Mercer &
Hole, 3rd Floor, 76 Shoe Lane, London EC4A 3JB not later than
12:00 noon, Feb. 10, 2005.

CONTACT:  MERCER & HOLE
          International Press Centre,
          76 Shoe Lane, London EC4A 3JB
          Phone: +44 (0) 20 7353 1597
          Fax: +44 (0) 20 7353 1748
          DX: 469 London/Chancery Lane
          E-mail: london@mercerhole.co.uk
          Web site: http://www.mercerhole.co.uk


ERNCO 100: Cedes Control to Ernst & Young
-----------------------------------------
Name of companies:
ERNCO 100 PLC
SCOTIA HOLDINGS PLC
SCOTIA PHARMACEUTICALS LIMITED

Colin P. Dempster (IP No 008909) has been appointed
administrator for these companies.  The appointment was made
Jan. 10, 2005.  Their registered offices are located at Mitre
House, 160 Aldersgate Street, London EC1A 4DD.

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


INNOVATION EVENT: Appoints Liquidator from Moore Stephens
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Innovation Event Management Ltd.

Notice is hereby given that on Jan. 14, 2005, I, Douglas B
Jackson, Moore Stephens Corporate Recovery, Allan House, 25
Bothwell Street, Glasgow G2 6NL, was appointed liquidator of
Innovation Event Management Ltd., which registered office is
located at 19 Munro Way, Livingston EH54 8LP.

Douglas B Jackson, Liquidator

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          25 Bothwell Street
          Glasgow G2 6NL
          Phone: 0141 567 4500
          Fax: 0141 567 4535
          E-mail: info@scott-moncrieff.com
          Web site: http://www.moorestephens.co.uk


KELLOG BROWN: Partial Sale Likely this Year, Analysts Say
---------------------------------------------------------
The widely anticipated spin-off of Kellogg Brown & Root from
Halliburton may happen within the year.  Analysts interviewed by
Reuters agree the only detail left unresolved is the method the
Texas-based oil field services group will employ to carry out
the split.

There are several options available to Halliburton: a carve-out
via an IPO, a full or partial sale, or a separate stock listing.
As things stand right now, an IPO is the least likely to be
pursued, according to Prabhas Panigrahi, director of research at
broker and dealer Ehrenkrantz King Nussbaum.

"They would not go for an IPO because they're not going to get
it done quickly," Reuters quoted him saying in an interview last
week.  He added a sale before the end of 2005 is probably the
preferred scenario, since it would be the simplest and most
cost-effective option.

A wholesale looks promising, but challenging.  Although KBR
booked fourth-quarter revenues of more than US$3 billion, this
only yielded US$13 million in profits for a 0.8% margin.  A
partial sale, especially involving KBR's construction unit is
the most attractive option right now.

According to Reuters, following a revamp last year, KBR now
operates two arms: the government service operations, currently
the largest private contractor for the U.S. military in Iraq;
and the construction business, which stands to benefit from the
"global scramble to build liquefied natural gas facilities in
both energy producing and consuming countries."

Possible buyers for the government services operations include
defense contractors Lockheed Martin Corp, L-3 Communications
Holdings, and Northrop Grumman Corp., analysts told Reuters.
The construction arm could attract interest from Bechtel Corp.,
French Technip S.A., Chiyoda Corp., or Chicago Bridge & Iron Co.

"But if no suitors emerge to buy the business, in whole or part,
KBR's international reach and nearly US$10 billion in revenues
could allow it to go it alone," Reuters said.

During a conference call recently, Halliburton Chief Executive
and Chairman Dave Lesar did not give any sign as to which
direction his company is heading.  He only said Halliburton
would let KBR "establish a track record of solid earnings for
several quarters" before the split.  Also, Halliburton will see
to the resolution of ongoing investigations into possible
overcharges by KBR for meal services and fuel in Iraq.

Analysts value KBR between US$1.5 billion and US$4 billion.  Its
sale will save Halliburton US$80 million to US$100 million
annually.

CONTACT:  HALLIBURTON COMPANY (NYSE: HAL)
          5 Houston Center, 1401 McKinney, Ste. 2400
          Houston, TX 77020
          Phone: 713-759-2600
          Fax: 713-759-2635
          Web site: http://www.halliburton.com

          KELLOGG BROWN & ROOT, INC.
          601 Jefferson St.
          Houston, TX 77002
          Phone: 713-753-2000
          Fax: 713-753-5353

          KELLOGG BROWN & ROOT (U.K.) LIMITED
          Hill Park Court, Springfield Drive
          Leatherhead
          Surrey KT22 7NL, United Kingdom
          Phone: +44-1372-865-000
          Fax: +44-1372-864-440


KIKI CATERING: Creditors to Elect Liquidator this Week
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Kiki Catering Limited
                         (In Liquidation)

I, Donald McKinnon, 168 Bath Street, Glasgow G2 4TP, hereby give
notice that I was appointed Interim Liquidator of Kiki Catering
Limited on December 31, 2004 by Interlocutor of the Sheriff of
Glasgow & Strathkelvin at Glasgow.

Notice is hereby given pursuant to section 138 of the Insolvency
Act 1986 and Rule 4.12 of the Insolvency (Scotland) Rules 1986,
that the First Meeting of Creditors of the Company will be held
within 168 Bath Street, Glasgow G2 4TP, on Thursday February 10,
2005, 11:00 a.m. for the purpose of choosing a Liquidator and
determining whether to establish a Liquidation Committee.  The
Meeting may also consider other Resolutions referred to in Rule
4.12(3).

A Resolution at the Meeting is passed if a majority of those
voting have voted in favour of it.

A Creditor will be entitled to vote at the Meeting only if a
claim has been lodged with me at the Meeting or before the
Meeting at my office and it has been accepted for voting
purposes in whole or in part.  For the purpose of formulating
claims, Creditors should note that the date of commencement of
the Liquidation is November 25, 2004.  Proxies may also be
lodged with me at the Meeting or before the Meeting at my
office.

Donald McKinnon, Interim Liquidator

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


LIFESTYLE TREND: Appoints Liquidator from Poppleton & Appleby
-------------------------------------------------------------
At the extraordinary general meeting of Lifestyle Trend Centre
Stores Ltd. on Jan. 26, 2005 held at 35 Ludgate Hill, Birmingham
B3 1EH, the resolution to wind up the company was passed.  M. D.
Hardy of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH
has been appointed liquidator of the company.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


MARCONI CORPORATION: Wins GBP150 Million Tube Lines Contract
------------------------------------------------------------
Marconi Corporation plc's Transportation group, part of Marconi
Value Added Services (VAS), announced it has won a 13-year
upgrade and maintenance contract from Tube Lines, the company
responsible for upgrading and maintaining the infrastructure on
the Jubilee, Northern and Piccadilly lines of the London
Underground.

Working in partnership with Amey Infrastructure Services, a
division of Amey plc, a leading provider of support services,
Marconi will be responsible for upgrading and maintaining the
communications infrastructure on the Jubilee, Northern and
Piccadilly Lines.  The two companies will share the revenue.

This integrated whole-life contract includes the station
communications and Supervisory Control and Data Acquisition
public address system as well as CCTV and security systems,
customer help points and visual information displays.  Marconi
will also provide Tube Lines with the software for a central
management system, which will monitor other station assets such
as lifts and ventilation systems.

"This agreement with Marconi represents yet another step in our
massive program of investment to rebuild and modernize the
Jubilee, Northern and Piccadilly lines," said Terry Morgan,
Chief Executive of Tube Lines.

"This investment will provide London Underground with the
capability to communicate directly to passengers with up to the
minute, accurate information.  [The] agreement reflects a joint
commitment between Tube Lines and Marconi over the next 13
years.  Yet another example of progress towards our long-term
goal to deliver an outstanding Tube for London."

The contract builds on Marconi's existing relationship with Tube
Lines and consists of two elements: a six-year upgrade program
covering 74 stations; and a maintenance contract supporting 100
stations over 13 years.

During the past two years, Marconi has developed new
transportation-focused communications network management systems
that have allowed it to deliver improved efficiency to Tube
Lines' asset management and maintenance work.  This management
system will be key to its success in meeting the revised, higher
standards set by the new Tube Lines contract.

"The big drive from government is to make transportation
investment more effective," said Steve Harris, Managing Director
of Marconi Transportation.  "Our Asset and Whole Life Management
Systems are leading the way in achieving this. They will enable
Tube Lines to get more out of their assets, boost performance
and enable infrastructure spending and maintenance to be more
focused than ever before."

According to Mark Plato, Managing Director of Marconi VAS, the
contract award demonstrates the confidence Tube Lines has in
Marconi.  "Our relationship with Tube Lines has been fostered
over the past few years as we worked together on delivering
continual improvements in the performance of the Jubilee Line
communications assets," he said.  "This deal also underpins our
decision to make significant ongoing investment in our
transportation business that is a key part of our VAS
activities."

About Marconi Corporation plc

Marconi Corporation plc (London: MONI and NASDAQ:
MRCIY) is a global telecommunications equipment, services and
solutions company.  The company's core business is the provision
of innovative and reliable optical networks, broadband routing
and switching, broadband access technologies and services.  The
company's customer base includes many of the world's largest
telecommunications operators.

The company is listed on the London Stock Exchange under the
symbol MONI and on NASDAQ under the ticker MRCIY.  Additional
information about Marconi Corporation can be found at
http://www.marconi.com.

About Marconi Transportation

Marconi Transportation, part of Marconi Corporation plc's Value
Added Services business, is an integrated communications
business with over 30 years of transportation experience.  Its
professional staff are currently delivering a number of high
profile communications projects that continue to set standards
in Rail, Road, and Air industries.  Its consultants and design
engineers are committed to delivering tailored solutions based
on complex network integration, high performance service
provision and best of breed products.  Its customer services
division is committed to providing the best possible support for
our customers' systems and networks on a 24x7x365 basis.

About Tube Lines

Tube Lines is responsible for the maintenance and upgrade of the
infrastructure on the Jubilee, Northern and Piccadilly lines.
London Underground is responsible for operating the Underground,
for employing drivers and station staff, for ticketing and
fares, and for the Tube's safety regime.

CONTACT:  MARCONI CORPORATION PLC
          4th Floor Regents Place
          338 Euston Rd
          London NW1 3BT
          Phone: +44-20-7493-8484
          Fax: +44-20-7493-1974
          Web site: http://www.marconi.com

          Press Enquiries
          David Beck
          Phone: 0207 306 1490;
          E-mail: david.beck@marconi.com

          Investor Enquiries
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com


MOSS BROS: Full-year Sales Up 9%
--------------------------------
Moss Bros Group PLC, the U.K. menswear retailer, released its
trading report Thursday last week ahead of entering a close
period for the financial year ended 29 January 2005.

Highlights:

(a) Like-for-like sales for the full year ended 29 January 2005
    were up 9% on last year;

(b) Like-for-like sales were up 10% for the 26 weeks ended 29
    January 2005.

Each of the three core fascia achieved sales growth in the
second half with like-for-like sales at Moss up 9%, Cecil Gee up
10% and Hugo Boss up 15%.

The Company traded in line with plan over the key last 9 weeks
of the year with like-for-like sales up 7% and gross margin a
full percentage point up on last year.

Philip Mountford, Chief Executive, commented: "The Company
continued to make good progress in the second half, with like
for like sales for the year up by 9% and each of our three core
fascia delivering sales growth.  The Company has benefited from
improved product and increased service levels in stores.

"Gross margin percentage continued to strengthen reflecting
improvements made in product ranges, supply chain efficiencies,
better buying terms, and more effective sales promotions.  We
expect profits in the year to be not less than market
expectations.

"There remains further unrealized potential in existing stores
and we are focused on further developing the Company."

The Company will announce its preliminary results on 12 April
2005.

CONTACT:  MOSS BROS GROUP PLC
          Phone: 020 7353 4200
          Philip Mountford
          Roddy Murray

          TULCHAN COMMUNICATIONS
          Phone: 020 7353 4200
          Alexia Latham


MOWLEM PLC: Discovers 'Accounting Issues'; Finance Chief Leaves
---------------------------------------------------------------
As a result of the comprehensive ongoing review of our
businesses, which resulted in the announcement of 6 December
2004, Mowlem plc has identified further matters that will impact
on its 2004 profitability.

These relate principally to our mechanical & electrical
business, Mowlem Technical Services, where a number of historic
accounting issues have been uncovered.  We have discovered
several work in progress and debtor balances within this
business, which are unlikely to be recoverable.  The causes of
these problems go back as far as 2001.  These adjustments have
no implications for the cash position of the Group or its main
banking facilities, but could give rise to technical breaches
under certain of its bonding facilities.  The Board does not
consider this to be material and expects the matter to be
resolved shortly.  The Group's net debt at year-end was better
than our expectations.

The Group Finance Director, Gerald Brown, will leave Mowlem at a
time yet to be determined.  The Board has identified a
replacement and anticipates making an announcement in the near
future.

The overall impact of the problems identified by the review is
that Mowlem now expects to report a loss before interest and tax
(after exceptionals) in the region of GBP7.5 million for 2004.
The review is continuing and the outcome is subject to the
annual audit process.

A further development is that it is now apparent that freight
volumes on the Alice to Darwin railway project in Australia,
which we built and of which we are part owner/operator, are not
growing as quickly as anticipated.  This has generated lower
than projected revenues and a requirement for additional capital
of which Mowlem's share will be up to AU$10 million.  Our
investment has not been impaired but we believe the future value
has been reduced.

Commenting on the current position, Mowlem Chief Executive,
Simon Vivian, said: "I have been forced to take some very tough
decisions in respect of balance sheet issues across the business
but have felt it was in the best interests of Mowlem and its
shareholders to take a prudent view.

"While the issues in Mowlem Technical Services will take some
months to resolve, I am confident that we will be able to
deliver improved performance and a good result in 2005, with a
much clearer focus on better cash generation and cash management
across the Group.  I will present a full update of my ongoing
review of the Group at the time of the announcement of our
Preliminary Results for the year ended 31 December 2004."

CONTACT:  MOWLEM PLC
          Brian O'Neill
          Phone: 020 8568 9111 or 07803 261816

          CARDEW GROUP
          Jonathan Rooper
          Phone: 020 7930 0777 or 07740 099868


RGP INTERNATIONAL: Creditors Meeting Today
------------------------------------------
The creditors of RGP International Freight Limited will meet on
Feb. 7, 2005 at 11:00 a.m.  It will be held at Begbies Traynor,
No 1 Old Hall Street, Liverpool L3 9HF.  Creditors who want to
be represented at the meeting may appoint proxies.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


SCOTIA ENTERPRISES: Liquidator Takes over Operations
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Scotia Enterprises Limited

Notice is hereby given that I, David Forbes Rutherford, Cowan &
Partners CA, 60 Constitution Street, Leith, Edinburgh EH6 6RR,
was appointed liquidator of Scotia Enterprises Limited, which
registered office is located at 45 Niddry Street, Edinburgh EH1
1LG.

David Forbes Rutherford, Liquidator

CONTACT:  COWAN & PARTNERS
          60 Constitution Street
          Edinburgh EH6 6RR
          Phone: 0131 554 0724
          Fax: 0131 553 2267
          E-mail: mail@cowanandpartners.co.uk


SOVEREIGN CAPITAL: Joint Liquidators from Tenon Recovery Move in
----------------------------------------------------------------
At the extraordinary general meeting of the members of Sovereign
Capital Limited on Jan. 24, 2005 held at 25 Buckingham Gate,
London SW1E 6LD, the subjoined special and ordinary resolutions
to wind up the company were passed.  S. R. Thomas and S.
Burkett-Coltman of Tenon Recovery, Sherlock House, 73 Baker
Street, London W1U 6RD have been appointed joint liquidators of
the company.

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


STANLEY PRESS: Members Decide to Wind up Firm
---------------------------------------------
At the extraordinary general meeting of the members of Stanley
Press Equipment Limited on Jan. 26, 2005 held at Graphic House,
Bank Street, Macclesfield, Cheshire SK11 7BR, the special
resolution to wind up the company was passed.  Mark Terence
Getliffe has been appointed liquidator of the company.


THE CARD: Sets Creditors Meeting Next Week
------------------------------------------
The creditors of The Card Department Limited will meet on Feb.
17, 2005 at 2:00 p.m.  It will be held at Numerica, 66 Wigmore
Street, London W1U 2HQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Numerica, 81 Station Road, Marlow,
Buckinghamshire SL7 1SX not later than 12:00 noon, Feb. 16,
2005.

CONTACT:  NUMERICA
          81 Station Road, Marlow,
          Buckinghamshire SL7 1SX
          Phone: 01628 478100
          Fax:   01628 472629
          Web site: http://www.numerica.biz


TULLIS & HALL: Liquidator's Report Due Next Week
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Tullis & Hall Ltd.
                        (In Liquidation)

Notice is hereby given, pursuant to section 106 of the
Insolvency Act 1986, that a Final Meeting of the Members of
Tullis & Hall Ltd. will be held at Sherwood House, 7 Glasgow
Road, Paisley PA1 3QS, on February 15, 2005, at 10:00 a.m. to be
followed at 10:30 a.m. by a Final Meeting of Creditors, for the
purpose of having an account laid before them by the Liquidator
showing the manner in which the winding-up has been conducted
and the property of the Company disposed of, and of hearing any
explanation that may be given by the Liquidator, and also of
determining the manner in which the books, accounts and
documents of the Company and of the Liquidator shall be disposed
of and for the Liquidator to seek sanction for his release from
office.

A Resolution at the Meeting will be passed if a majority of
those voting have voted in favor of it.

A member or creditor will be entitled to attend and vote at the
meeting only if a claim has been lodged with me at or before the
meeting and it has been accepted for voting purposes in whole or
in part.  Proxies may also be lodged with me at the meeting or
before the meeting at my office.

Derek Forsyth, Liquidator
January 12, 2005

CONTACT:  CAMPBELL DALLAS
          Sherwood House
          7 Glasgow Road
          Paisley PA1 3QS
          Phone: 0141 887 4141
          Fax: 0141 887 1103
          E-mail: psly@camdal.com
          Web site: http://www.camdal.com


USP SALES: Names Robson Laidler Administrator
---------------------------------------------
William Paxton (IP No 8825) has been appointed administrator for
USP Sales And Marketing Services Limited.  The appointment was
made Jan. 25, 2005.  The company sells household furniture.  Its
registered office is located at Unit 6, Crowther Industrial
Estate, Washington, Tyne and Wear NE8 0AD.

CONTACT:  ROBSON LAIDLER LLP
          Fernwood House,
          Fernwood Road, Jesmond,
          Newscastle upon Tyne
          Liquidator:
          W Paxton
          Phone: 0191 281 8191
          Fax:   0191 281 6279
          Web site: http://www.robson-laidler.co.uk


WVB LIMITED: First Liquidation Meeting Set this Week
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                  IN THE MATTER OF WVB limited
                         (In Liquidation)

I, Graham C Tough, Licensed Insolvency Practitioner hereby give
notice that by Interlocutor of the Sheriff at Hamilton Sheriff
Court dated December 30, 2004, I was appointed to act as Interim
Liquidator of WVB Limited.  The First Meeting in this
Liquidation, called in terms of s.138 (4) of the Insolvency Act
1986 and in terms of Rule 4.12 of the Insolvency (Scotland)
Rules 1986, will be held within the offices of Martin Aitken &
Co, Caledonia House, 89 Seaward Street, Glasgow G41 1HJ, on 10
February 2005, at 10:00 a.m. for the purposes of choosing a
Liquidator, appointing a Liquidation Committee and considering
other Resolutions specified in Rule 4.12(3) of the
aforementioned Rules.

Creditors whose claims are unsecured, in whole or in part are
entitled to vote or attend in person or by proxy, providing that
their claims and proxies have been submitted and accepted at the
Meeting or lodged beforehand at the address.  A Resolution will
be passed when a majority of those voting have voted in favor of
it.  For the purpose of formulating claims, Creditors should
note that the date of commencement of the liquidation is
November 24, 2004.

Graham C. Tough, Interim Liquidator

CONTACT:  MARTIN AITKEN & CO.
          Caledonia House
          89 Seaward Street
          Glasgow G41 1HJ
          Phone: 0141 332 0488
          Fax: 0141 272 0011
          E-mail: ca@maco.co.uk
          Web site: http://www.maco.co.uk


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *