TCREUR_Public/050208.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, February 8, 2005, Vol. 6, No. 27

                            Headlines

B E L A R U S

BELARUSBANK: Fitch Affirms 'CCC+' Long-term Rating


G E R M A N Y

BREITENKAMP EINRICHTUNGEN: Creditors Claims Due April
CDI DEUTSCHE: Munich Court Accepts Bankruptcy Application
DERSA SANITATSHAUS: Sets Creditors Meeting March
DRUCK & MEDIA: Provisional Administrator Takes over Operations
FD VERWALTUNGSGESELLSCHAFT: Under Bankruptcy Administration

FIRST REISEBURO: Falls into Bankruptcy
FRIEDRICH THAU: Cedes Control to Court-appointed Administrator
G+S KUNSTSTOFFTECHNIK: Creditors Meeting Next Week
HEIDELBERGCEMENT AG: Bares EUR700 Million One-time Charge
HEIDELBERGCEMENT AG: Ratings Unaffected by Extraordinary Loss

IESY REPOSITORY: Moody's Rates Proposed Senior Notes (P)Caa1
MATHIAS WUNDERLICH: Gera Court Appoints Administrator
P&W POLSTER: Calls in Administrator from Wolff, Rapp & Kollegen
SCHEFENACKER AG: Moody's Sees Gloomy Outlook


I T A L Y

ALITALIA SPA: Berlusconi Offering Air France 20% Stake
ALITALIA SPA: Parliament Okays Privatization
PARMALAT FINANAZIARIA: Prosecutors Grill Founder Anew
PARMALAT U.S.A.: Intends to Put up Insurance Programs


N E T H E R L A N D S

KONINKLIJKE AHOLD: Terminates Credit Facility to Reduce Cost
KONINKLIJKE AHOLD: Unsecured Debt Ratings Raised
LAURUS N.V.: Supervisory Board Chairman to Step down May 12
ROYAL SHELL: Relaunches Buyback Program
ROYAL SHELL: Senior Unsecured Rating Affirmed at 'AA+'


R O M A N I A

S.C. HIDROELECTRICA: Takes EUR66 Mln Loan to Upgrade Power Plant


R U S S I A

GELNOS: Proofs of Claim Deadline Expires Next Month
IRKUTSK-FISH: Creditors Have Until Next Month to File Claims
LES-TORG-TRANS: Moscow Court Appoints Insolvency Manager
NIVA: Deadline for Proofs of Claim March 21
NOVO-KURILOVSKOYE: Undergoes Bankruptcy Supervision Procedure

OB-NEFTE-MONTAZH: Hires R. Shafikov as Insolvency Manager
PRIMOR-ZOLOTO: Appoints N. Dutova Insolvency Manager
STROY-MODUL: Gives Creditors Until March to File Claims
TERMINAL SOLNECHNOGORSKIY: Declared Insolvent
UST-LABINSK-AGRO-PROM-SNAB: Court Appoints Insolvency Manager
YUKOS OIL: Rosneft Not Paying Yugansk's Tax Arrears


S P A I N

IZAR: Liquidation Process Takes off


S W I T Z E R L A N D

AVIREAL AG: Sold for CHF262 Million to Burgring-led Group
CONVERIUM AG: Expects US$132 Million Pre-tax Net Loss


U K R A I N E

APOSTOLIVAGROMASH: Applies for Bankruptcy Proceedings
AVTOTRANS: Temporary Insolvency Manager Steps in
CONSULTANT-PLUS: Succumbs to Bankruptcy
GEKA LTD.: Kyiv Court Appoints Insolvency Manager
GUTYANSKIJ ELEVATOR: Applies for Bankruptcy Proceedings

PROMSTANDART: Declared Insolvent
SLAVUTSKO-POLYANSKA: Bankruptcy Supervision Begins
TEST TECHNICS: Insolvency Manager Takes over Helm
YAROSLAV: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

AB2 LTD: Hires O'Hara & Co. as Liquidator
ACTION CLEANING: Appoints Liquidator from Harris Lipman
AGENCY SOLUTIONS: Names William Antony Batty Administrator
AIMERS MCLEAN: Sets Final Creditors, Members Meeting March
ALLDERS PLC: Joint Administrators Ditch Bulk Sale

AMBER U.P.V.C.: Members Decide to Dissolve Firm
APOLLO INSULATION: Applies for Liquidation
APPLEBY & MATTY: Names David Rubin & Partners Liquidator
ASA TRAINING: Calls in Liquidators from CBA
BMI BRITISH: 'Winter' Stats Defy Glum Forecast

BOURNEHILL SERVICES: Sets General Members Meeting March
COX PLANT: Calls in Administrator from Ernst & Young
EDENBALLYMORE LODGE: PwC Expects Sale Within Weeks
ESOUK.COM LIMITED: Members Final Meeting Set Next Month
ESSEX ELECTRICAL: Hires Begbies Traynor as Liquidator

FLS REAL: Liquidator's Final Report Out Next Month
GARDINER BROS: Members Decide to Wind up Firm
GRANT JAMES: Hires Liquidator from Tenon Recovery
HOLSWORTHY BIOGAS: Appoints BDO Stoy Hayward Administrator
KELLOGG BROWN: Nets US$146 Million in December

LONDON AND HALIFAX: Calls Final General Meeting
LOXA FINANCE: Hires Deloitte & Touche as Liquidator
M A HOLDINGS: Hires Joint Liquidators from Baker Tilly
MASTER DISTRIBUTORS: Liquidator to Give Final Report Next Month
OSPREY KITCHENS: First Creditors Meeting Next Week

PARKER GRAPHICS: Creditors to Meet Next Week
RENTOKIL INITIAL: Drafts Veteran Aegis Executive Doug Flynn
RUTLAND PRESS: Creditors Meeting Set Next Week
SERIF SOFTWARE: Claims Filing Period Expires June
SOUTHAMPTON AND SOLENT: Calls in Liquidators from Buchanans

STEEL FRAME: Joint Administrators Take over Operations
TEC TRADING: Calls in Receivers
WIRRAL RE-HAB: Creditors Meeting Wednesday

* Fourth-quarter Company Liquidations Slightly Down

* Large Companies with Insolvent Balance Sheets


                            *********


=============
B E L A R U S
=============


BELARUSBANK: Fitch Affirms 'CCC+' Long-term Rating
--------------------------------------------------
Fitch Ratings upgraded Belarus-based Belarusbank's Individual
rating to 'D/E' from 'E'.  Its other ratings have been affirmed
at Long-term 'CCC+', Short-term 'C' and Support '5'.

The upgrade reflects BBK's better asset quality, following
improvements in the, albeit still very weak and volatile,
operating environment in Belarus.  BBK's equity base has grown,
largely due to periodical injections from the Belarusian
authorities, and its capitalization, while still weak, is
stronger now than it was several years ago.

At the same time, BBK's Individual rating considers its well-
diversified and historically stable funding base, which
partially mitigates substantial negative liquidity gaps
(mismatch between the maturities of liabilities and assets).  It
also reflects the bank's concentrated loan book, the risks
associated with rapid loan book growth, a low level of loan-loss
reserves and the bank's susceptibility to state interference.

The Council of Ministers of the Republic of Belarus owns around
65% of BBK, while various city and regional authorities own the
remaining 35%.  The Belarusian government has stated its
intention to remain majority owner of the bank until 2010 at the
earliest.  BBK is the largest bank by assets in Belarus.  It was
founded in 1922, but has been in its current form only since
1995, when a merger took place between State Belarus Savings
Bank (the former regional office of Sberbank of the USSR) and
Joint-Stock Commercial Bank Belarusbank.  BBK dominates the
retail market, where it benefits from an extensive nationwide
branch network.  BBK is also very active in the corporate
sector.

CONTACT:  BELARUSBANK
          220050 Minsk, 32 Myasnikova Str.
          Phone: +375 (17) 289 38 14
          Fax: +375 (17) 226 47 50
          E-mail: info@belarusbank.minsk.by
          Web site: http://www.belarusbank.minsk.by

          FITCH RATINGS
          James Longsdon, London
          Phone: +44 (0) 20 7417 4309

          Lindsey Liddell
          Phone: +44 (0) 20 7417 3495

          James Watson, Moscow
          Phone: 007 095 956 9901

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


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


BREITENKAMP EINRICHTUNGEN: Creditors Claims Due April
-----------------------------------------------------
The district court of Berlin-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 the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

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

          Hartwig Albers
          Lutzowstr. 100, 10785 Berlin


CDI DEUTSCHE: Munich Court Accepts Bankruptcy Application
---------------------------------------------------------
The district court of Munich opened bankruptcy proceedings
against CDI Deutsche Private Akademie fur Wirtschaft GmbH on
Jan. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 28, 2005 to register their claims with court-appointed
provisional administrator Dr. Kurt Bruder.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 22, 2005, 9:45 a.m. at Infanteriestr. 5,
Sitzungssaal 101 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 March
31, 2005, 9:00 a.m. at the same venue.

CONTACT:  CDI DEUTSCHE PRIVATE AKADEMIE FUR WIRTSCHAFT GMBH
          Taunusstr. 38 in 80807 Munchen

          Dr. Kurt Bruder, Insolvency Manager
          Herzog-Wilhelm-Str. 17, 80331 Munchen
          Phone: 089/236858-0
          Fax: 089/2603440


DERSA SANITATSHAUS: Sets Creditors Meeting March
------------------------------------------------
The district court of Munich opened bankruptcy proceedings
against DERSA Sanitatshaus + Orthopadietechnik GmbH on Jan. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 21, 2005
to register their claims with court-appointed provisional
administrator Andree Wernicke.

Creditors and other interested parties are encouraged to attend
the meeting on March 22, 2005, 9:20 a.m. at Infanteriestr. 5,
Sitzungssaal 102 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:  DERSA SANITATSHAUS + ORTHOPADIETECHNIK GMBH
          MUnchener Str. 16 in 85221 Dachau

          Andree Wernicke, Insolvency Manager
          Ohmstr. 13, 80802 Munchen
          Phone: 089/3838710
          Fax: 089/338308


DRUCK & MEDIA: Provisional Administrator Takes over Operations
--------------------------------------------------------------
The district court of Coburg opened bankruptcy proceedings
against Druck & Media GmbH on Jan. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 28, 2005 to register their claims with
court-appointed provisional administrator Jurgen Wittmann.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 28, 2005, 10:00 a.m. at the district court
of Sitzungssaal G, I. Stock, Nebengebaude 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 March 21, 2005, 9:45 a.m. at the same
venue.

CONTACT:  DRUCK & MEDIA GMBH KRONACH
          Guterstr. 8-9 in 96317 Kronach
          Contact:
          Lorenz Wachtler, Manager
          Am Flugelbahnhof 48, 96317 Kronach

          Jurgen Wittmann, Insolvency Manager
          Adolf-Kolping-Strasse 1, 96317 Kronach
          Phone: 09261/62200
          Fax: 09261/622020


FD VERWALTUNGSGESELLSCHAFT: Under Bankruptcy Administration
-----------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against FD Verwaltungsgesellschaft mbH on Jan. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 21, 2005
to register their claims with court-appointed provisional
administrator Manuel Sack.

Creditors and other interested parties are encouraged to attend
the meeting on March 22, 2005, 9:10 a.m. at Saal 226, 2.
Obergeschoss, Amtsgericht Hannover, Dienstgebaude Hamburger
Allee 26, 30161 Hannover at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  FD VERWALTUNGSGESELLSCHAFT MBH
          Delitzscher Str. 70, 06112 Halle/Saale
          Contact:
          Jochen Binsau, Manager
          Delitzscher Str. 70, 06112 Halle/Saale

          Manuel Sack, Insolvency Manager
          Theaterstr. 3, 30159 Hannover
          Phone: 0511/36602-0
          Fax: 0511/36602-55


FIRST REISEBURO: Falls into Bankruptcy
--------------------------------------
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


FRIEDRICH THAU: Cedes Control to Court-appointed Administrator
--------------------------------------------------------------
The district court of Coburg opened bankruptcy proceedings
against Friedrich Thau Elektrogrosshandlung GmbH on Dec. 29,
2004.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Feb. 28,
2005 to register their claims with court-appointed provisional
administrator Jurgen Wittmann.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 28, 2005, 9:30 a.m. at the district court of
Sitzungssaal G, I. Stock, Nebengebaude 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 March 21, 2005, 9:30 a.m. at the same
venue.

CONTACT:  FRIEDRICH THAU ELEKTROGROSSHANDLUNG GMBH
          Judengasse 49/51 in 96450 Coburg
          Contact:
          Hans-Joachim Michael Thau, Manager
          Hohe Str. 16 a, 96450 Coburg

          Jurgen Wittmann, Insolvency Manager
          Adolf-Kolping-Strasse 1, 96317 Kronach
          Phone: 09261/62200
          Fax: 09261/622020


G+S KUNSTSTOFFTECHNIK: Creditors Meeting Next Week
--------------------------------------------------
Creditors of G+S Kunststofftechnik GmbH are called for a
meeting on Feb. 14, 2005, 2:00 p.m. at the district court of
Aalen, Stuttgarter Str. 9, Erdgeschoss, Saal 0.09 to examine the
claims filed after the expiry of the filing period and discuss
the insolvency administrator's report.  The insolvency plan is
available for viewing at the insolvency court of Aalen,
Stuttgarter Str. 7, Zimmer 2.10.

CONTACT:  G+S KUNSTSTOFFTECHNIK GMBH
          Osterlangstr. 60, 73529 Schwabisch Gmund-Lindach
          Contact:
          Jurgen W. Strobel, Manager

          Wolfgang Hauser, Insolvency Manager
          Mohringer Landstr. 5, 70563 Stuttgart
          Phone: 0711/90134-20


HEIDELBERGCEMENT AG: Bares EUR700 Million One-time Charge
---------------------------------------------------------
As part of the pre-audit of the 2004 annual accounts, the
Managing Board in close cooperation with the auditor, the
auditing company Ernst & Young, Stuttgart/Germany, has decided
on a thorough revaluation of balance sheet items, which will
lead to one-time extraordinary charges in the region of up to
EUR700 million.

Most of the extraordinary charges are due to the revaluation of
goodwill for the Western Europe and Northern Europe regions, as
well as for Indocement.  Other significant amounts result from
the laying of restructuring provisions for the Belgian-Dutch
cement business and valuation adjustments for deferred tax
assets.

The impairment test, to be carried out for the first time
following the discontinuation of ordinary depreciation, leads to
a correction in the amounts recognized on the balance sheet.
The valuation of Indocement takes into account the risk of an
investment in Indonesia.  In view of the restructuring in the
Benelux countries, HeidelbergCement lays the foundation for a
dramatic improvement of the cost structure in this region.  The
impairment of deferred tax assets takes place as a result of the
decreased possibility of using the losses carried forward, due
to the change in the German tax laws.

The extraordinary charges are mainly non-cash items.  They will
result in a loss for the Group for the 2004 financial year.  The
Managing Board and Supervisory Board will make a decision
regarding the proposed dividend for the HeidelbergCement AG at a
later date.

On the basis of a risk-free balance sheet and strengthened
unimpaired goodwill, the whole package puts HeidelbergCement in
a position to consistently take advantage of attractive growth
opportunities in the future.

Operating activities developed within expectations in the fourth
quarter.  The company will announce details of the development
of sales volumes and turnover on 22 February 2005.  The 2004
annual accounts will be published on 23 March 2005 on the
occasion of the press conference on annual accounts.

Heidelberg, 3 February 2005
The Managing Board

HeidelbergCement AG
Berliner Strasse 6
69120 Heidelberg
Deutschland


HEIDELBERGCEMENT AG: Ratings Unaffected by Extraordinary Loss
-------------------------------------------------------------
Standard & Poor's Ratings Services said the announcement of
Germany-based cement producer HeidelbergCement AG (BB+/Stable/B)
of an extraordinary loss of up to EUR700 million after tax at
the fiscal year ended Dec. 31, 2004, has no impact on the
ratings or outlook on the company.  Most of the charges reflect
impairment of goodwill related to cement assets in Northern and
Western Europe, as well as Indocement.  Included in the charges
are restructuring provisions for the group's Belgian-Dutch
cement business and a revaluation of deferred tax assets.

Although the magnitude of the extraordinary charges is very
material, the cash outflow is limited to about EUR50 million
over several years, and is expected to be partly compensated by
cost reductions.  In addition, the ratings on the group do not
critically rely on any specific assumption of improved
performance by the assets affected, and already take into
account a below-industry-average return on capital.  Therefore,
we do not believe the write-downs cast doubt on our expectation
that credit protection measures will remain in line with the
rating category, with a ratio of funds from operations to net
debt of about 20%.

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


IESY REPOSITORY: Moody's Rates Proposed Senior Notes (P)Caa1
------------------------------------------------------------
Moody's Investors Service assigned a (P)B2 senior implied rating
to Iesy Repository GmbH.  Concurrently, Moody's assigned a
(P)Caa1 rating to the company's proposed EUR215 million issuance
of senior subordinated notes due 2015.  This is a first-time
rating for iesy, the largest cable television operator in
Hessen, Germany.  The outlook for all ratings is stable.

These ratings have been assigned:

Iesy Repository GmbH:

  - Senior implied rating at (P)B2;

  - EUR215 million senior subordinated note due 2015 at (P)Caa1;
    and

  - Senior unsecured issuer rating assigned at (P)Caa2.

Transaction Overview:

Iesy currently plans to issue EUR215.0 million in senior
subordinated notes due 2015 as a part of a refinancing package
which also includes up to EUR230 million of senior secured bank
facilities, of which only EUR200 million will be drawn at the
close of the transaction.

The bank facilities include a Tranche B in the amount of EUR200
million and a Revolving facility in the amount of EUR30 million.
The senior bank debt facilities will be raised at an operating
subsidiary level -- iesy Hessen GmbH & Co. KG.  The senior bank
debt will benefit from the first-priority pledge of the
ownership interests in iesy Hessen and any high yield proceeds
loan made to the operating company while the notes will be
secured by a second-priority pledge of the capital stock in New
iesy GmbH (an intermediate holding company), iesy Hessen and
iesy Hessen Finanz-Management GmbH (a general partner of Iesy
Hessen) and of any inter-company loan made by the issuer to iesy
Hessen with proceeds from the issuance of the notes.  The notes
will also benefit from a subordinated guarantee by iesy Hessen
and New iesy GmbH.

The proceeds from the overall financing package excluding any
transaction costs will be used to repay the existing bank
facilities in the amount of EUR93.8 million and for a
shareholder distribution of around EUR350 million.  However,
Moody's notes that iesy is currently bidding for ish, a Level 3
cable operator located in the adjacent federal region of
Northern Westphalia.  In the event, the transaction is
consummated, iesy will use the funds raised primarily to finance
the transaction in conjunction with additional debt financing.

Due to the drafting constraints, Moody's was not able to review
either a draft inter-creditor agreement or a draft Proceeds Loan
agreement (governing the mechanism of high yield proceeds on-
lending to the operating company).  In its documentation review,
the rating agency relied on the inter-creditor agreement's
proposed terms and conditions as outlined in the draft Offering
Memorandum while for the Proceeds Loan -- on a brief description
in the draft terms and conditions of the notes.

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

Summary Rating Rationale:

The ratings take into consideration

(a) iesy's relatively modest scale in comparison to its rated
    peers Kabel Deutschland GmbH (Ba3) and Kabel BW Holdings
    GmbH ((P)B2);

(b) iesy's pro-forma high leverage at 6.2x Total Debt/EBITDA
    before adjusting for operating leases;

(c) competition for multi-channel television services from free-
    to-air satellite, and, to a lesser extent, digital
    terrestrial television and for high-speed Internet services
    from various DSL providers including the incumbent, Deutsche
    Telekom AG;

(d) on-going competition from Level 4 operators for end-
    customers and housing associations to provide basic cable
    services;

(e) a reasonably high likelihood of changes in corporate and
    capital structures;

(f) the company's active interest to participate in
    consolidation in the German cable market being manifested by
    its current bid for another Level 3 operator; and

(g) structural subordination of the notes with their debt
    service being dependent on interest payments on the inter-
    company loan (the proceeds loan) and/or dividends upstreamed
    from iesy's operating company, iesy Hessen, which itself
    will have to service a material amount of the senior bank
    debt.

The ratings positively reflect

(a) iesy's position as the largest cable operator in the federal
    region of Hessen with the penetration of homes passed of 63%
    and the region's relatively robust economic fundamentals
    within Germany;

(b) favorable characteristics of the German cable market such as
    high penetration and utility-like characteristics which
    provide for stable recurring revenue;

(c) a significant progress the company has made to streamline
    its cost structure and increase its EBITDA level;

(d) the company's positive cash flow generation and its ability
    to meet its capital expenditure and mandatory debt
    amortization requirements from internally generated cash
    flow; and

(e) a moderate level of capital expenditures.

The company is currently weakly positioned in its rating
category largely due to the uncertainties surrounding the
potential acquisition of ish.  The stable outlook reflects
Moody's expectation that iesy will generate sufficient cash flow
to service its debt obligations and should be able to gradually
reduce leverage levels through cash flow generation.  In the
event the ish transaction is consummated, iesy's capital
structure is likely to change to accommodate further debt
financing of the acquisition.  Given a limited visibility of
such funding, the rating relies on the expectation that the
consolidated leverage for the combined group will not exceed
6.75x EBITDA.

Key Credit Risks:

The (P)B2 rating reflects a relatively modest scale of iesy's
operations versus its closest peers, Kabel Deutschland GmbH
(KDG) and Kabel BW Holdings GmbH.  For the twelve months ending
30 September 2004, iesy generated EUR137.2 million of revenue
while Kabel BW generated approximately EUR250 million and KDG --
approximately EUR1.1 billion for the twelve months ending 30
June 2004.

Pro forma for the pending transaction, iesy's debt leverage is
high with pro forma Total Debt/EBITDA for the twelve months
ending 30 September 2004 of approximately 6.2x while Adjusted
debt/EBITDAR for the same period amounted to approximately 6.8x
(adjusted for operating leases).  Going forward, Moody's expects
iesy to generate sufficient operating cash flow to meet its debt
service and capital expenditure requirements.

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

Iesy also faces vigorous competition in the offering of its
high-speed Internet services from Deutsche Telekom AG (Baa1) and
various DSL providers.  The company is expecting these services
to become a meaningful revenue contributor over the medium term,
which underscores a potential threat of the competition.

Furthermore, iesy's offering of high-speed Internet services
relies on the company's progress in its network modernization to
ensure its bi-directionality.  Iesy's ability to modernize the
network to meet competitive demands for broadband services in
light of competitive considerations contributes to the execution
risk associated with its growth strategy.

As is typical for Level 3 operators in the German market, iesy
also competes with Level 4 providers for the direct relationship
with end-customers and housing associations.  Moody's notes that
in 2004 iesy experienced disconnects from two of the Level 4
operators which raised a churn rate to 7.1% while the normalized
churn rate without the disconnects was at 4.4%.  Moody's notes
that these Level 4 operators did not secure any new contracts
with end customers in 2004.

The German cable market is still in a process of consolidation
after the regulatory body failed to approve KDG's acquisition of
three Level 3 operators (KBW, ish and iesy).  Moody's notes
iesy's active interest to participate in the market
consolidation through potential mergers and acquisitions.  The
company is currently bidding for another Level 3 operator -- ish
- materially larger in scale.

As a result of this event risk, Moody's notes a risk associated
with potential changes in the capital structure and a likely
increase in the level of indebtedness.  The current rating
relies on the expectation that the consolidated leverage of the
combined entity will not exceed approximately 6.8x EBITDA and
will be well within the 7.0x debt incurrence test as per the
proposed terms and conditions of the notes for iesy standalone.
The rating agency notes that the debt incurrence test does not
include shareholder loans.

In the event the ish acquisition does not materialize, iesy will
establish a new wholly owned partnership within the restricted
group into which it will contribute a significant ownership
interests in New iesy.  This is to implement an asset step-up to
increase the group's distributable assets to ensure the proposed
shareholder distribution.  Moody's believes that this change in
the corporate structure should not affect the dividend
upstreaming and/or the interest payments on the proceeds loan.

The servicing of the bond will be dependent on the interest to
be received from the Proceeds Loan made to iesy hessen by iesy
by a way of downstreaming the high yield proceeds.  The loan
could be fully or partially repaid to fund the shareholder
distribution.  In this event, the debt service of the notes will
be either fully or partially dependent on the dividends to be
upstreamed from the operating company, iesy Hessen, and its
intermediate holding company, New iesy subject to the
distributing entities having positive net equity.  At the close
of the transaction, the operating and the intermediate holding
companies will have sufficient equity to make dividend payments
to the holding company to service the notes debt; e.g. as of 30
September 2004, iesy Hessen had net equity of EUR102.7 million
and New Iesy -- EUR114.2 million.

Key Credit Positives:

iesy is the largest cable television operator in the federal
region of Hessen with a 41% market share including all
households and with a 63% penetration of homes passed.  The
ratings take into consideration the region's relative economic
affluence within Germany.

The ratings also factor in the overall favorable characteristics
of the German cable market such as high-cable penetration; e.g.
in Hessen the cable penetration stands at 65.5%, and stable
utility-like revenue.  Moody's notes that the German cable
industry's ARPU is comparatively low, c. EUR8/month, and the
subscriptions fees are regarded as ongoing cost of living, often
included with rent.

Since its financial restructuring in 2003, iesy was able to make
a significant progress in streamlining its cost structure and
increasing its EBITDA from EUR36.5 million to EUR44.2 million
for the fist nine months of 2003 and 2004 respectively.  The
company also improved its EBITDA margin from 36.0% to 43.9%.
For the twelve months ending 30 September 2004, EBITDA margin
was at 46.4%.

For the nine months ending 30 September 2004, iesy generated
EUR34.5 million of cash flow from operations while the cash flow
from investing activities used EUR3 million.  Moody's expects
that iesy will continue to generate sufficient amount of cash
flow from operations to meet its debt service requirements and
its capital expenditures.

To implement its high-speed Internet offering, iesy will
continue to modernize its network for which it plans to spend
approximately EUR14 million annually over the next couple years.
The ratings recognize the moderate level and scalable nature of
these capital expenditures.

Structural Issues:

The (P)Caa1 rating of the notes reflects their structural,
effective, and contractual subordination to a substantial amount
of subsidiary indebtedness, including existing and potential
future drawings under the company's senior bank facilities
(EUR200 million at the transaction close).  The rating does not
allow for any further layering of debt instruments.

At present, iesy's consolidated capital structure does not
contain any inter-company debt but has a modest shareholder loan
in the amount of EUR75,000, which is deeply subordinated to the
notes.  Any future incurrence of the shareholder loans will be
outside of the proposed debt incurrence test of 7.0x.  Moody's
notes that under the outlined in the draft offering memorandum
terms and conditions of the inter-creditor agreement, any inter-
company (excluding the proceeds loan) and shareholder loans will
be subordinated to the notes.

Furthermore, to ensure a status of deep subordination of any
shareholder loans, Moody's relies on the proposed conditions of
the shareholder lending as described in the draft terms and
conditions of the notes such as that it does not mature or
require any amortization, redemption or other repayment of
principal prior to the first anniversary of the notes (including
sinking fund payments); it provides for non-cash interest
accrual and contains no change of control and does not
accelerate and has no right to declare a default or event of
default.  It does not allow for any security encumbrances and
does not contain any financial or any other covenants and it is
fully subordinated and junior in right of payment to the notes.

Any future changes in the status or rights of the shareholder
loans vis-a-vis other creditors relative to these assumptions
could have a negative impact on the ratings.

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

Company Summary:

Based in Germany, iesy is the largest cable television provider
in the federal region of Hessen.  For the twelve months ending
30 September 2004, the company reported pro forma revenues of
approximately EUR137.2 million.

CONTACT:  IESY HESSEN GMBH & CO. KG
          Kleyerstrasse 88
          60326 Frankfurt/Main
          Phone:  +49 69 973240
          Fax: +49 69 97324159
          E-mail: thorsten.keissner@iesy.de
          Web site: http://www.iesy.de


MATHIAS WUNDERLICH: Gera Court Appoints Administrator
-----------------------------------------------------
The district court of Gera opened bankruptcy proceedings against
Mathias Wunderlich und Joachim Wunderlich GbR Dachdeckerei on
Jan. 13.  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 Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting on March 22, 2005, 9:30 a.m. at the district court
of Gera, Rudolf-Diener-Str. 1, Zimmer 317 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:  MATHIAS WUNDERLICH UND JOACHIM WUNDERLICH GBR
          DACHDECKEREI
          Gruntalstrasse 2, 04626 Schmolln

          Rolf Rombach, Insolvency Manager
          Magdeburger Allee 159, 99086 Erfurt


P&W POLSTER: Calls in Administrator from Wolff, Rapp & Kollegen
---------------------------------------------------------------
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 4, 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 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
          Contact:
          Henry Pastuschka, Manager

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


SCHEFENACKER AG: Moody's Sees Gloomy Outlook
--------------------------------------------
Moody's Investors Service has downgraded all the ratings of
Schefenacker AG following the severe and sustained
intensification of the competitive environment in the North
American and European automotive markets and the company's weak
operating performance and cash flow generation compared with
original expectations.

Ratings affected by the action are:

(a) The Ba3 rating on the EUR150 million senior secured
    facilities at Schefenacker AG is downgraded to B2;

(b) The B2 rating on the EUR200 million 9 ½ % Senior
    Subordinated Notes due 2014 issued by Schefenacker AG is
    downgraded to Caa1;

(c) The Ba3 senior implied rating on Schefenacker AG is
    downgraded to B2; and

(d) The B2 unsecured issuer rating on Schefenacker AG is
    downgraded to Caa2.

The ratings downgrade reflects:

Schefenacker's weak operating performance during the first nine
months of 2004 and Moody's concern vis-a-vis the company's
financial flexibility given its low level of headroom under the
financial covenants of its senior credit facility, as at the
last reported financial figures.  Going forward, the rating
agency is concerned about the ongoing difficult market
conditions for Tier 1 suppliers, such as Schefenacker, where
lower volumes from OEMs and higher raw material costs are
resulting in material profit deterioration for component
manufacturers.  This has resulted in free cash flow
significantly below expectations.

The ratings also reflect the likelihood that the company's
operating margins and key credit metrics will remain under
pressure throughout 2005 and that continuing adverse industry
trends are likely to inhibit any marked improvement in operating
margins in the near term.  Furthermore, credit statistics
materially deteriorated during 2004.  As at 30 September 2004,
Net Debt/EBITDA was 3.8x this does not compare favorably with a
Net Debt/EBITDA ratio of only 2.8x at the initial rating
assignment in January 2004.

Alternate liquidity also remains a concern.  As at 30 September
2004 liquidity was provided by the company's cash balance of
Euro 31 million as well as limited availability under its senior
credit facility revolver.  Given the sharp seasonal swings in
working capital investment requirements, this availability may
fall short of requirements.  It should also be noted that
continuing availability under the senior credit facilities will
be impacted by the extent to which the company remains compliant
with its financial covenants.  Tight covenant headroom may also
limit amounts that may be drawn.

Mitigating factors include:

(a) a strong niche market position in the lights systems
    segments and leading market shares in the rear vision
    segment;

(b) solid contracted order books covering the majority of
    projected sales for 2005, 2006 and 2007;

(c) strong customer relationships, offset by a high degree of
    concentration particularly regarding exposure to
    DaimlerChrysler, Ford, GM and Hyundai/Kia;

(d) an established reputation as a strong product innovator and
    a recognized technological leader;

(e) diversified geographic sales;

(f) good progress to date in reducing inventory levels;

(g) continued management focus on purchasing costs improvements
    and product cost optimization.  Costs of goods sold as a
    percentage of sales have remained flat despite rising raw
    materials prices.  This reflects management's moderate
    success in achieving purchasing synergies during 2004, which
    has largely offset higher raw materials costs to date.

The negative outlook reflects the agency's concern with regard
to the funding of working capital needs and the fact that
failure in the future to deliver sustainable margin
improvements, improved internal cash flow generation and further
annual cost savings combined with rises in absolute debt and
increased deterioration in financial covenant compliance
capability, would likely put further downward pressure on the
group's ratings.

Conversely, a substantial and sustainable decrease in absolute
debt, sustainable improved operating margins and cash flow
generation, a reduction in adjusted debt leverage to around 3.0x
and increased visibility in the funding arrangements would put
upward pressure on the current ratings.

Based in Esslingen am Neckar, Germany, Schefenacker is a leading
private Tier 1 automotive supplier of rear vision systems,
lighting systems and sound systems.  For the twelve months ended
30 September 2004, Schefenacker generated revenues of EUR959.5
million.

CONTACT:  SCHEFENACKER AG
          Eckenerstrasse 2
          D- 73730 Esslingen
          Phone: +49 (0) 711 31 54 0
          Fax: +49 (0) 711 31 54 102
          E-mail: info@schefenacker.com
          Web site: http://www.schefenacker.com


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


ALITALIA SPA: Berlusconi Offering Air France 20% Stake
------------------------------------------------------
Air France may acquire a stake in troubled national carrier
Alitalia at the end of the year, Reuters says.

Italian Prime Minister Silvio Berlusconi and his French
counterpart Jean-Pierre Raffarin talked about the deal during a
meeting last week, according to a government source.

"Berlusconi and Raffarin have studied the possibility that Air
France enter Alitalia with the purchase of a 20 percent stake by
the end of 2005," the source said.  "It is a serious
possibility; no other options are being studied."

The acquisition could either take the form of a capital increase
or a convertible bond purchase from the treasury, daily Finanza
& Mercati said in a separate report Friday.  If a deal
materializes, it would help Alitalia avert a possible
bankruptcy.

Meanwhile, the government has passed a decree allowing
Alitalia's privatization that will reduce the state's stake in
the troubled carrier from 62% to less than 50%.  Currently under
an in-depth probe by the European Commission, the carrier
expects 2004 net loss to reach EUR850 million and total debt to
balloon to EUR1.76 billion.

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it


ALITALIA SPA: Parliament Okays Privatization
--------------------------------------------
Italy's parliament officially sanctioned Alitalia's
privatization Thursday by passing a decree allowing the
reduction of the government's stake in the airline.

According to Il Sole 24 Ore, the decree would trim down the
government's stake from 62.4% to less than 50%.  The government
had promised to reduce its stake in Alitalia in exchange for the
approval by the European Commission of a EUR400 million
government-guaranteed bridging loan to Alitalia.  The regulator
gave Italy until October 8 to complete the privatization.

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it


PARMALAT FINANAZIARIA: Prosecutors Grill Founder Anew
-----------------------------------------------------
Parma prosecutors grilled Saturday Calisto Tanzi, founder and
former CEO of collapsed food group Parmalat Finanziaria, The
Associated Press says.

Prior to Saturday's six-hour interrogation, Parma prosecutors,
led by Vito Zincano, had questioned Mr. Tanzi twice -- first in
December 2004 and lately on January 15, 2005.  According to the
report, Mr. Tanzi voluntarily provided vital information on
Parmalat's dealings before its collapse in December 2003.

His testimony could prove vital in the current case against 89
former Parmalat managers, bankers and auditors, all indicted for
false accounting, criminal association, and fraudulent
bankruptcy.  Mr. Tanzi's statement could further shed light on
the roles played by Parmalat's bankers and financial advisers in
its collapse.  Mr. Zincani refused to reveal the details of the
interrogation, saying all information gathered Saturday were
placed under the protection of a local law that makes their
release a crime.

Giampiero Biancolella, one of Mr. Tanzi's lawyers, briefly
commented that the prosecutors should try to include as many
defendants as possible in the trial.

Mr. Biancolella said, "The trial should be as clear and as wide
as possible, and it must not be a steeplechase.  I don't think
the prosecutor's office could be criticized if it took a year
and four months to carry out the investigation instead of a
year."

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

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


PARMALAT U.S.A.: Intends to Put up Insurance Programs
-----------------------------------------------------
Parmalat U.S.A Corporation and its U.S. debtor-affiliates ask
Judge Drain of the U.S. Bankruptcy Court for the Southern
District of New York for authority to (1) enter into certain
workers' compensation policies, automobile insurance policies,
general liability insurance policies, umbrella excess liability
policies, excess liability coverage, property insurance policies
and certain additional documentation and related agreements with
certain entities affiliated with American International Group,
Inc., and other insurance carriers, and (2) pay when due in the
ordinary course, as an administrative expense of the Debtors'
estates, all postpetition charges, administrative fees and other
obligations to the Insurance Carriers.

The Debtors also want to effectuate the exchange of the
Collateral currently securing the Debtors' obligations to AIG
under their Insurance Program in return for a letter of credit.

In addition, the U.S. Debtors seek approval of all prior
payments made under the AIG Insurance Program with respect to
the workers' compensation and automobile liability insurance
policies, which were entered into on June 14, 2004.

                      The Insurance Programs

On February 26, 2004, the Court approved the continuation of the
U.S. Debtors' various prepetition insurance programs maintained
through several different insurance carriers in effect as of the
bankruptcy petition date.  Subsequently, certain insurance
policies expired by their own terms on June 1, 2004.
Specifically, the Debtors' workers' compensation and automobile
liability policies, both of which were provided by Zurich
Insurance Company, terminated in accordance with their related
contracts.

The U.S. Debtors negotiated with various insurance carriers to
replace the insurance policies provided by Zurich prior to the
termination of those insurance policies.  However, many
insurance companies were unwilling to provide the necessary
insurance coverage due to the Debtors' Chapter 11 cases.  After
Zurich granted extensions so as to allow the Debtors to canvass
the market further for prospective insurance carriers, and after
they reviewed proposals from several insurance carriers for the
type of insurance covered by the Insurance Program, the Debtors
determined that AIG provided the best proposal.

A. Workers' Compensation and Automobile Liability

Marcia L. Goldstein, Esq., at Weil, Gotshal & Manges, LLP, in
New York, relates that under the laws of the various states in
which they operate, the U.S. Debtors are required to maintain
workers' compensation policies and programs to provide their
employees with workers' compensation coverage for claims arising
from or related to their employment.  Furthermore, the Debtors'
maintenance of workers' compensation policies, as well as
certain types of insurance, is required under the Operating
Guidelines issued by the Office of the United States Trustee for
the Southern District of New York for all cases under Chapter
11.  The Debtors also maintain automobile insurance on vehicles
owned or leased by the Debtors on behalf of certain employees
whose responsibilities require a company vehicle.

Effective June 14, 2004, the Debtors and AIG executed a contract
for combined coverage of workers' compensation and automobile
liability insurance.  The combined workers' compensation and
automobile liability program required the Debtors to pay to AIG
in advance the "ultimate expected loss" under the combined
program for all losses within the program's $250,000 deductible
for each worker's compensation claim and $500,000 deductible for
each automobile liability claim, as well as an additional 15%
surcharge in light of the Debtors' financial condition.  The
"ultimate expected loss" and 15% surcharge totaled $4,432,438.
The Debtors were required to pay that amount to AIG, which AIG
holds as non-depleting cash collateral for the Debtors' retained
losses.

The Debtors are also responsible for the payment of various fees
and premiums charged in connection with the combined workers'
compensation and automobile liability coverage, which total
$2,925,309.

Furthermore, the U.S. Debtors' obligation to pay any deductible
amounts under the workers' compensation or automobile liability
policies, among other obligations under the Insurance Program,
is secured by the Collateral.

B. Increased Automobile Coverage

Parmalat U.S.A. and Farmland have increased their automobile
insurance coverage from its $1 million limit to a $2 million
limit as required by the marketplace.  The premium owed to AIG
for the Increased Automobile Coverage is $109,463.  The amount
has been determined on a pro-rata basis for a six-month term to
coincide with the automobile liability policy term -- June 14,
2004, to June 14, 2005.

C. General Liability Policies

The U.S. Debtors maintain general liability insurance, which
covers a wide range of potential claims not covered by the
workers' compensation or automobile insurance policies.  Because
Parmalat U.S.A.'s and Farmland's general liability insurance
expired as of January 1, 2005, they negotiated new general
liability coverage with AIG after soliciting interested
insurance carriers.

In accordance with the terms of a General Liability Policy,
Parmalat U.S.A. and Farmland have $25,000 of self-insured
retention for each claim, with limits of $1 million per
occurrence and $2 million in the general aggregate, and a $2
million "Products-Completed Operations" aggregate, which
provides coverage for anything that causes bodily injury from
use and consumption of the Debtors' products.  The annual
premium that Parmalat U.S.A. and Farmland are required to pay
for the general liability policy is $194,250.

D. Umbrella Liability Policies

The U.S. Debtors maintain an umbrella liability policy, which
insures losses in excess of amounts covered by other liability
insurance policies.  Moreover, the umbrella liability coverage
protects the Debtors in many situations not covered by usual
liability policies.  Parmalat U.S.A. and Farmland have
negotiated new umbrella liability coverage with AIG.  The
Umbrella Liability Policy is for limits of $25 million, and
requires Parmalat U.S.A. and Farmland to pay a $585,000 annual
premium.

E. Excess Liability Policies

In addition to coverage under the Umbrella Liability Policy,
Parmalat U.S.A. and Farmland have negotiated excess liability
coverage with XL American Insurance Co.  The Excess Policy
enhances Parmalat U.S.A.'s and Farmland's insurance coverage by
providing coverage in excess of the limits under the Umbrella
Liability Policy.  The Excess Policy provides an additional
coverage limit of $25 million annually and requires a $225,000
annual premium.

F. Property Insurance Policies

Parmalat U.S.A. and Farmland have also secured property
insurance coverage through the Allianz Group.  The Property
Policy covers all real property, plant, and equipment.  The
Property Policy has a one-year term commencing January 1, 2005,
which includes a total annual premium of $322,941 to be paid
upon inception.  The Property Policy includes a $100,000
deductible for each claim, with a coverage limit of $160 million
per occurrence and in the annual aggregate.

       Conditions to Coverage Under the Insurance Programs

While the Insurance Carriers agreed to bind the Insurance
Programs effective January 1, 2005, AIG has conditioned its
provision of coverage on the U.S. Debtors' seeking a Court order
providing that:

   (a) the Insurance Program is effective as of June 14, 2004,
       with respect to workers' compensation and automobile
       liability insurance, and January 1, 2005, with respect to
       increased automobile liability coverage, general
       liability coverage, umbrella liability coverage, excess
       liability coverage, and property insurance coverage, and
       the Debtors are authorized to execute all agreements
       under the Insurance Program and any amendments or
       schedules;

   (b) the U.S. Debtors are authorized to execute further
       renewals of the Insurance Program without further Court
       order;

   (c) the Debtors are authorized to pay their obligations under
       the Insurance Program, including premiums and
       deductibles, in the ordinary course of business, without
       further Court order;

   (d) all prior payments under the Insurance Program are
       approved;

   (e) the Insurance Carriers may adjust, settle and pay insured
       claims, utilize funds provided for that purpose, and
       otherwise carry out the terms and conditions of the
       Insurance Program, without further Court order; and

   (f) in the event of a default due to any failure by the
       Debtors to AIG under the Insurance Program, AIG may
       exercise all contractual rights in accordance with the
       terms of the Insurance Program without further Court
       order, including, without limitation, its rights to:

       -- cancel the Insurance Program;

       -- foreclose on the Collateral; and

       -- receive and apply the unearned or returned premiums to
          the Debtors' outstanding obligations under the
          Insurance Program.

Farmland is in discussions with General Electric Capital
Corporation regarding effectuating the Collateral Swap, wherein
Farmland will post a letter of credit for $4,432,438 in exchange
for the Collateral.  Subject to the terms of the AIG Insurance
Program and the Letters of Credit Facility, the Letter of Credit
would be posted on terms amenable to AIG and General Electric,
and by a bank approved by AIG.  AIG wants the Collateral Swap
sanctioned by the Court.

                 Insurance Programs Are Essential

Ms. Goldstein states that failure to maintain the Insurance
Programs would expose the U.S. Debtors to significant liability
for damages resulting to persons, property and others.
Moreover, the maintenance of the workers' compensation policies
is mandated by state laws in the various states in which the
Debtors operate.

Criminal and civil penalties may be levied against the Debtors
for noncompliance with the statutory workers' compensation laws.
Furthermore, pursuant to the guidelines established by the
United States Trustee, the Debtors are obligated to maintain
those primary insurance policies.

Authorization of the Collateral Swap is equally important.  It
provides Farmland with the opportunity to replace the Collateral
with the Letter of Credit and obtain the immediate use of the
$4,432,438 in Cash Collateral for its day-to-day business needs.
Should Farmland find itself in a position to post the Letter of
Credit, the Collateral Swap will benefit Farmland, its estate,
and all parties-in-interest.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debt. (Parmalat Bankruptcy News, Issue No. 42; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

CONTACT:  PARMALAT U.S.A. CORPORATION
          520 Main Ave.
          Wallington, NJ 07057
          Phone: 973 777 2500
          Fax:   973 777 7648
          Toll Free: 888 727 6252
          Web site: http://www.parmalatusa.com


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


KONINKLIJKE AHOLD: Terminates Credit Facility to Reduce Cost
------------------------------------------------------------
Koninklijke Ahold on Friday announced its intention to terminate
its EUR300 million and US$1.45 billion secured back-up credit
facility in the course of this month.  This three-year facility
was signed with a syndicate of banks on December 17, 2003.

With the high cash balances resulting from the success of its
asset divestment program, Ahold's liquidity position is strong
and the company is able to reduce financing cost by terminating
the facility.  Ahold will be cash collateralizing up to US$700
million worth of letters of credit that are currently issued
under this facility.  The company is in discussion with
financial institutions to establish a new credit facility later
this year at more favorable conditions.

"[Fri]day's announcement shows that we are delivering on our
commitment to restore the company's financial health, which is a
key element of our 'Road to Recovery' strategy," said Hannu
Ryopponen, Ahold's Chief Financial Officer.  "We are ahead of
schedule in executing our divestment program and are nearing
completion of this process.  We feel we are now well positioned
to move into a new financing phase on better terms."

CONTACT:  ROYAL AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


KONINKLIJKE AHOLD: Unsecured Debt Ratings Raised
------------------------------------------------
Moody's Investors Service upgraded the senior unsecured bond
rating of Ahold (and its guaranteed subsidiaries) and the issuer
rating to Ba2 from Ba3.  The subordinated debt rating has also
been raised to Ba3 from B1.  The senior implied rating remains
at Ba2.  The rating outlook remains positive.

The ratings affected by this announcement are:

(a) Ahold Finance U.S.A. Inc: Guaranteed Senior Unsecured Notes
    issued under the Euro Medium-Term Note program;

(b) Ahold U.S.A. Holdings Inc: Guaranteed Eurobonds;

(c) Albert Heijn: Guaranteed Eurobonds; and

(d) Koninklijke Ahold N.V.: Euro Medium-Term Notes, Subordinated
    Eurobonds.

[The] upgrade follows Ahold's announcement that it will cancel
its senior secured revolving credit facility and rely upon its
significant cash balances to meet its liquidity needs pending
the negotiation of a replacement credit facility.  Moody's
understands that the company is currently in discussions with
financial institutions to establish the new credit facility.

The upgrade factors in the agency's view that the cancellation
of the credit facility will remove the priority claims of bank
lenders on certain group assets and as a consequence improve the
implied recovery rates for unsecured creditors.

Following the cancellation of the credit facility Moody's
considers Ahold's liquidity profile will be adequate.  With Q3
2004 freely available cash balances of EUR2.4 billion bolstered
by the proceeds from the disposals of its Spanish operations and
of Bi Lo/Brunos Moody's considers Ahold's liquidity profile to
be sufficiently robust to: (a) repay debt maturities falling due
within the next 12 months; (b) cash collateralize up to USD700
mm of outstanding L/C exposure; and (c) meet other moderate
sized potential contingencies over the next 12 months.

At the operating level Moody's notes that the 9-month results of
Ahold for 2004 were a little weaker than expectations with the
operating performance of its U.S. Food retail business being the
key driver.  Moody's recognizes that in 2004 the U.S. food
retail segment faced some significant challenges including
integrating Stop and Shop with Giant Landover and Giant Carlise
with Tops in addition to a tougher competitive environment.
With the integration of these businesses now essentially
complete and the sale of Bi-Lo/Bruno's now concluded Moody's
considers this business segment better positioned to meet the
challenges of the highly competitive U.S. food retail segment.

The Ba2 rating continues to factor in our expectation that
within the next 12 months RCF (post working capital)/Net pension
adjusted debt will reach the mid ten percent (15-17%), total
coverage will have migrated towards 2 times and that there will
be a significant improvement in net leverage.

Moody's positive outlook continues to reflect these elements:

(a) the progress the company is making in executing disposals
    with the agency estimating that proceeds now exceed EUR2
    billion.  Moody's expects the company will meet its targeted
    EUR2.5 billion of proceeds;

(b) the progress that the company has made in resolving the
    investigations in which it has been involved will continue.
    Moody's notes that the investigation with the S.E.C. was
    concluded without a fine.  However, the investigation
    initiated by the U.S. Department of Justice in connection
    with supplier allowances in the U.S. is continuing and the
    company is still subject to a class action law suit; and

(c) our expectation of the progressive improvement in the
    operating performance of the group and its U.S. Foodservice
    division over intermediate term.

The ratings affected by the announcement are:

(a) Ahold Finance U.S.A. Inc: Guaranteed Senior Unsecured Notes
    issued under the Euro Medium-Term Note program, comprising
    EUR1,500 million due June 2005, USD500 million due May 2009,
    EUR600 million due March 2012, GBP500 million due March
    2017, USD500 million due May 2029;

(b) Ahold U.S.A. Holdings Inc: Guaranteed Eurobonds NLG500
    million due November 2006;

(c) Albert Heijn: Guaranteed Eurobonds; NLG300 million due
    December 2007;

Koninklijke Ahold N.V.

Euro Medium-Term Notes: CZK3 billion due September 2005, EUR66
million due October 2007, EUR200 million due November 2007,
EUR1,500 million due May 2008, EUR95 million due December 2008.

Subordinated Eurobonds: NLG200 million due December 2005.

Based in Zaandam, the Netherlands, Koninklijke Ahold N.V. is a
leading international food provider, with operations in Europe
and the United States.  In 2003, the company reported revenues
in excess of EUR56 billion.

CONTACT:  ROYAL AHOLD
          Albert Heijnweg 1
          1507 EH Zaandam, The Netherlands
          Phone: +31 (0)75 659 9111
          Web site: http://www.ahold.com

          Investor Relations:
          E-mail: investor.relations@ahold.com
          Phone: +31 (0)75 659 58 28


LAURUS N.V.: Supervisory Board Chairman to Step down May 12
-----------------------------------------------------------
Laurus N.V. announces that Mr. K. J. Storm will stand down as
member and chairman of the Supervisory Board at the General
Meeting of Shareholders on May 12, 2005, having served the
maximum term set by the Corporate Governance Code.  Mr. Storm
has been a member of the Supervisory Board of Laurus and its
predecessors for twelve years and its chairman for the past four
years.  The Supervisory Board proposes to appoint Mr. J.A.N. van
Dijk, who has been a member since May 2003, to succeed him as
chairman.

The Supervisory Board has decided to reduce the number of
members from seven to five.  On the basis of the current
situation, in which Casino holds 45% of the Laurus shares, two
members of the Supervisory Board will be nominated by Casino and
three, including the chairman, will be independent, taking into
account the works council's enhanced right of recommendation.

Laurus and the Road to Recovery

With distinctive retail formats, each with its individual
identity and commercial policy and each independently addressing
its specific market segment, Laurus aims in the coming years to
strengthen significantly its position as the second-largest
player in the Dutch food retailing sector.  The company is
resolutely pursuing its step-by-step recovery plan, which runs
until the end of 2007, while closely monitoring its operating
costs and back-office processes on a continuous basis.  The
priority for Laurus in 2005, in addition to further efficiency
improvements, will be to upgrade its retail formats.

CONTACT:  LAURUS N.V.
          Parallelweg 64 5223
          AL Hertogenbosch
          Web site: http://www.laurus.nl


ROYAL SHELL: Relaunches Buyback Program
---------------------------------------
The "Shell" Transport and Trading Company, p.l.c. (ST&T) and
Royal Dutch Petroleum Company (N.V. Koninklijke Nederlandsche
Petroleum Maatschappij) (RD) are pleased to announce that,
effective immediately, they will relaunch the share buyback
program.  Share buybacks have been suspended since 28 October
2004.

Background

On 3 February 2005, it was announced in the Royal Dutch/Shell
Group of Companies' 4th Quarter and Full Year 2004 Results that,
given strong cash and debt position from 2004, the buyback
program would be re-launched on 3 February 2005, with return of
surplus cash to shareholders for the year 2005 in the range of
$3 billion to $5 billion, assuming continued high oil prices.
Any purchases will be made in accordance with applicable
regulations and consistent with an exemption received from the
U.S. Securities and Exchange Commission as described below.

The 2004 US$2.0 billion share buyback program announced on 29
April 2004 was suspended on 28 October 2004.  By the time of the
suspension RD, ST&T and other Royal Dutch/Shell Group companies
had completed approximately US$1.7 billion of buybacks under the
2004 program.

The suspension was announced due to U.S. securities laws,
applicable as a result of the announcement of the proposed
unification of the Royal Dutch/Shell Group of Companies under
Royal Dutch Shell plc.

RD and its affiliates have been granted exemptive relief by the
S.E.C. to make purchases of RD shares outside the offer that
Royal Dutch Shell plc intends to make for all the outstanding RD
shares in connection with the Transaction.  Any such purchases
of RD shares will be made outside the United States.  Further,
any such purchases will comply with applicable Dutch law and the
rules of Euronext Amsterdam and will be subject to price
limitations based on the market price of RD shares on Euronext
Amsterdam.

Effect of buybacks

The funds used to purchase the shares as part of the buyback
program will be distributable cash reserves held by ST&T and RD
respectively.  The buybacks will not affect RD and ST&T's
"60:40" ownership of the Group.

As a result of any changes in the issued ordinary share capital
of ST&T and RD, which may result from the buybacks, the number
of Royal Dutch Shell plc shares offered to ST&T shareholders, in
exchange for their existing holdings, to implement the
Transaction, may differ from the expected exchange ratio
indicated on 28 October 2004.  Notwithstanding any change in the
expected exchange ratio, RD shareholders will be offered 60% of
the ordinary shares of Royal Dutch Shell plc and ST&T
shareholders will be offered 40 per cent.

The definitive exchange ratio will be set out in the documents
to be issued to RD and ST&T shareholders containing further
details of the Transaction.

                            *   *   *

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
INTO CANADA OR JAPAN

CONTACT:  ROYAL SHELL
          Investor Relations:
          U.K.
          David Lawrence
          Phone: +44 20 7934 3855
          Gerard Paulides
          Phone: +44 20 7394 6287
          Europe Bart van der Steenstraten
          Phone: +31 70 377 3996
          U.S.A.
          Harold Hatchett
          Phone: +1 212 218 3112


ROYAL SHELL: Senior Unsecured Rating Affirmed at 'AA+'
------------------------------------------------------
Fitch Ratings affirmed Royal Dutch/Shell Group's (RDS) Senior
Unsecured 'AA+' and Short-term 'F1+' ratings.  The rating
Outlook remains Stable.

The affirmation of the group's rating considers the near term
production profile, increased replacement costs and low levels
of reserve replacement against the expectation of continuing
prudent financial management, higher pricing and further
financial flexibility availed through asset divestment.

"Fitch anticipates significantly improved reserve replacement
levels next year and further improvement thereafter.  Fitch also
considers the short to medium term objective of 100% reserve
replacement and low cost production both achievable and
affordable under both anticipated and low case near term pricing
scenarios," said Isaac Xenitides, Senior Director in Fitch's
European Corporates Group.  "However, the desire to control unit
costs of finding and development, within an environment of
industry wide cost inflation, could affect the rate of
replacement over this period."

Following completion of an internal audit of its reserve
bookings for compliance with S.E.C. rules, the group has reduced
its FYE 03 reserves by a further 9.7% or 1.4 billion barrels.
The review process has made use of external consultancy and
represents the culmination of improvements effected in the
internal controls of the organization for reserve bookings.  RDS
anticipates that production is expected to fall by approximately
5% over the short term.  Despite this drop, production levels
will nevertheless be expected to remain high compared to its
international peer group and unit profitability in line with
historic levels.

Basic reserve replacement during FY04, inclusive of divestments
and pricing adjustments, is forecast in the range 15-25% and as
such finding and development costs will be high for FY04.  This
represents a relative underperformance although significantly
lower average reserve replacement is expected across its peer
group for FY04 SEC filings.  This is in part due to year-end
pricing effects, which have reduced reserve replacement by 14%.
As part of a strategy to improve replacement performance, the
group is increasing upstream headcount and is raising investment
levels by approximately 10%.  It has forecast average reserve
replacement of 100% through to 2008.

The current financial profile of the group remains conservative
with gross and net debt reductions to historically low levels.
RDS's calculated gearing ratio at FYE04 stands at 16%, well
below the group's relatively conservative targeted gearing level
of 20-25%.  Adequate financial flexibility required to maintain
this gearing level is expected as a result of a continuing
robust pricing environment and planned divestments, which may
raise up to US$8 billion during FY 05 and 06.  Excess cash will
be distributed through higher dividends and a reinstated share
buyback program although this is expected to take into account
short and medium term funding requirements.

Preliminary results for FY04 show operating cash flow of US$25.6
billion, a rise of 20% on FY03, and flat capital expenditure of
US$12.7 billion.  FYE04 net debt of US$5.9 billion was down 67%
on FYE03 after dividends of US$8.7 billion.  The group's
upstream production for FY04 was 3.77 mmboe/d, 3% less than
FY03.

CONTACT:  FITCH RATINGS
          Isaac Xenitides, London
          Phone: +44 (0) 207 417 4300

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

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


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


S.C. HIDROELECTRICA: Takes EUR66 Mln Loan to Upgrade Power Plant
----------------------------------------------------------------
On 27 January 2005, the IBRD Board of Directors has approved the
loan agreement in the amount of EUR66 million, a loan contracted
by Hidroelectrica for the Refurbishment of the equipment in the
Lotru-Ciunget hydro power plant located in Valcea county and for
technical assistance for its institutional development and
project implementation.

The refurbishment of Lotru hydropower plant will ensure reliable
services to the national power grid for another 20 years,
representing around 85% from the ancillary services as supplied
by Hidroelectrica and over 60% of the national power grid
ancillary services, maintaining the power supply at the level of
the plant installed power of 510 MW.

Hidroelectrica S.A. will consequently benefit of a very
advantageous loan, payable in 17 years with a grace period of 5
years.

Negotiations and any loan approval formalities were discussed
within an exceptional period of time, the first discussions
being initiated in February 2004.  The bidding process for
selection of the general contractor will take place during April
2005 the latest.

According to the statement of the project manager from IBRD,
mister Kari Nymans: "In view of Romania's progress with its
energy sector reforms and its active participation and important
role in the Energy Community's development, it is appropriate
for Romania to be the first beneficiary of the ECSEE APL
facility."

                            *   *   *

In October 2004, Standard & Poor's Ratings Services assigned its
'BB-' long-term corporate credit rating to Romania-based
electricity generation company S.C. Hidroelectrica S.A.  The
outlook is stable.

The rating reflects the company's exposure to the remaining
transition economy features of the Republic of Romania (foreign
currency rating BB+/Stable/B; local currency BBB-/Stable/A-3)
where it operates; the requirement to sell a large share of
generation (currently 40%) at low regulated prices; poor
historical financial performance; significant partly debt-funded
medium-term capital expenditure plans that are expected to
weaken debt protection metrics; and limited financial
flexibility.  This is mitigated by access to competitive low-
cost hydro-generation assets; a strong competitive position in
the region; the prospects of regulatory pricing constraints
decreasing as the market gradually opens and tariffs increase;
and implicit support from the 100% owner, the Romanian
government.

CONTACT:  S.C. HIDROELECTRICA S.A.
          3, Constantin Nacu Street
          Sect. 2, Bucharest
          Phone: 021-311 2231
          Fax: 021-311 1174
          E- mail: generala@hidroelectrica.ro
          Web site: http://www.hidroelectrica.ro


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


GELNOS: Proofs of Claim Deadline Expires Next Month
---------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region of
Tyumen region commenced bankruptcy proceedings against Gelnos
after finding the close joint stock company insolvent.  The case
is docketed as A75-203-B/04.  Mr. R. Shafikov has been appointed
insolvency manager.  Creditors have until March 21, 2005 to
submit their proofs of claim to 628624, Russia, Khanty-
Mansiyskiy autonomous region, Nizhnevartovsk, Druzhby Narodov,
Str. 31, apartment 93.

CONTACT:  GELNOS
          Russia, Khanty-Mansiyskiy autonomous region,
          Nizhnevartovsk, Pobedy Pr. 3-40

          Mr. R. Shafikov
          Insolvency Manager
          628624, Russia, Khanty-Mansiyskiy autonomous region,
          Nizhnevartovsk, Druzhby Narodov, Str. 31, Apartment 93
          Phone/Fax: 8 (3466) 129-791


IRKUTSK-FISH: Creditors Have Until Next Month to File Claims
------------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Irkutsk-Fish (TIN 3807001209) after finding
the close joint stock company insolvent.  The case is docketed
as A19-7766/04-34.  Mr. L. Firyulin has been appointed
insolvency manager.

Creditors have until March 1, 2005 to submit their proofs of
claim to 664081, Russia, Irkutsk, Post User Box 54.  A hearing
will take place on Nov. 16, 2005, 9:50 a.m. (local time).

CONTACT:  IRKUTSK-FISH
          665813, Russia, Irkutsk region,
          Angarsk, Chaykovskogo Str. 2A

          Mr. L. Firyulin
          Insolvency Manager
          664081, Russia,
          Irkutsk, Post User Box 54

          The Arbitration Court Of Irkutsk Region
          664081, Russia, Irkutsk,
          Post User Box 54


LES-TORG-TRANS: Moscow Court Appoints Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Les-Torg-Trans (TIN 7708139563, OGRN
1037739602890) after finding the timber company insolvent.  The
case is docketed as A40-37830/04-36-17B.  Mr. V. Pristupa has
been appointed insolvency manager.  Creditors have until March
21, 2005 to submit their proofs of claim to 125222, Russia,
Moscow, Post User Box 13.

CONTACT:  LES-TORG-TRANS
          107066, Russia, Moscow,
          Olkhovskaya Str. 45, Building 1

          Mr. V. Pristupa
          Insolvency Manager
          125222, Russia, Moscow,
          Post User Box 13


NIVA: Deadline for Proofs of Claim March 21
-------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Niva after finding the close joint stock
company insolvent.  The case is docketed as A57-246B/04-23.  Mr.
A. Gudkov has been appointed insolvency manager.

Creditors have until March 21, 2005 to submit their proofs of
claim to:

(a) Insolvency Manager
    413118, Russia, Saratov region,
    Engels, Vokzalnaya Str. 37, Post User Box 1

(b) The Arbitration Court Of Saratov Region
    410600, Russia,
    Babushkin vzvoz, 1, department 32

(c) Niva
    Russia, Saratov region,
    Piterskiy region, Niva


NOVO-KURILOVSKOYE: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on open joint stock company
Novo-Kurilovskoye.  The case is docketed as A45-20485/04-SB/171.
Mr. V. Ivanov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 630099, Russia,
Novosibirsk, Potaninskaya Str. 3a, Apartment 50.  A hearing will
take place at Russia, Novosibirsk, Kirova Str. 3-915 on March
23, 2005, 9:30 a.m.

CONTACT:  NOVO-KURILOVSKOYE
          633556, Russia, Novosibirsk region,
          Cherepanovskiy region, Kurilovka

          Mr. V. Ivanov
          Temporary Insolvency Manager
          630099, Russia, Novosibirsk,
          Potaninskaya Str. 3a, Apartment 50
          Phone: (383-2) 22-51-25


OB-NEFTE-MONTAZH: Hires R. Shafikov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region of
Tyumen region commenced bankruptcy proceedings against Ob-Nefte-
Montazh after finding the close joint stock company insolvent.
The case is docketed as A75-234-B/04.  Mr. R. Shafikov has been
appointed insolvency manager.  Creditors have until March 21,
2005 to submit their proofs of claim to 628624, Russia, Khanty-
Mansiyskiy autonomous region, Nizhnevartovsk, Druzhby Narodov,
Str. 31, apartment 93.

CONTACT:  OB-NEFTE-MONTAZH
          Russia, Khanty-Mansiyskiy autonomous region,
          Nizhnevartovsk, ZPU, Panel 9, 11 P Str. 18a,
          Building 2

          Mr. R. Shafikov
          Insolvency Manager
          628624, Russia, Khanty-Mansiyskiy autonomous region,
          Nizhnevartovsk, Druzhby Narodov, Str. 31, Apartment 93
          Phone/Fax: 8 (3466) 129-791


PRIMOR-ZOLOTO: Appoints N. Dutova Insolvency Manager
----------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Primor-Zoloto (TIN 2700000063) after finding
the gold mining production insolvent.  The case is docketed as
A73-9420/2002-17/36.  Ms. N. Dutova has been appointed
insolvency manager.  Creditors have until March 21, 2005 to
submit their proofs of claim to 680000, Russia, Khabarovsk,
Dzerzhinskogo Str. 61-1.

CONTACT:  PRIMOR-ZOLOTO:
          680007, Russia, Khabarovsk,
          Shevchuka Str. 28A

          Ms. N. Dutova
          Insolvency Manager
          680000, Russia, Khabarovsk,
          Dzerzhinskogo Str. 61-1


STROY-MODUL: Gives Creditors Until March to File Claims
-------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Stroy-Modul after
finding the limited liability company insolvent.  The case is
docketed as 75-322-B/04-1536/2005.  Ms. N. Bondarenko has been
appointed insolvency manager.  Creditors have until March 21,
2005 to submit their proofs of claim to 628400, Russia, Tyumen
region, Khanty-Mansiyskiy autonomous region, Surgut, 50 Let
VLKSM Str. 2/1, apartment 8.

CONTACT:  STROY-MODUL
          628400, Russia, Khanty-Mansiyskiy autonomous region,
          Nefteyugansk, 16A, Location, 56, Apartment 6

          Ms. N. Bondarenko
          Insolvency Manager
          628400, Russia, Tyumen region, Khanty-Mansiyskiy
          autonomous region, Surgut, 50 Let VLKSM Str. 2/1,
          Apartment 8


TERMINAL SOLNECHNOGORSKIY: Declared Insolvent
---------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Terminal Solnechnogorskiy (TIN 5044017931)
after finding the close joint stock company insolvent.  The case
is docketed as A41-K2-10575/04.  Ms. O. Barysh has been
appointed insolvency manager.  Creditors have until March 21,
2005 to submit their proofs of claim to 141400, Russia, Moscow
region, Khimki, Leningradskaya Str. 1, Building A, Post User Box
10.

CONTACT:  TERMINAL SOLNECHNOGORSKIY
          141500, Russia, Moscow region, Solnechnogorsk,
          Krasnaya Str. 161, Building 1-EG

          Ms. O. Barysh
          Insolvency Manager
          141400, Russia, Moscow region, Khimki,
          Leningradskaya Str. 1, Building A, Post User Box 10


UST-LABINSK-AGRO-PROM-SNAB: Court Appoints Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Ust-Labinsk-Agro-Prom-Snab after finding the
open joint stock company insolvent.  The case is docketed as A-
32-12613/2004-1/95 B.  Ms. Y. Chernenko has been appointed
insolvency manager.  Creditors have until March 21, 2005 to
submit their proofs of claim to 350030, Russia, Krasnodar, 9th
Tikhaya Str. 7/25.

CONTACT:  UST-LABINSK-AGRO-PROM-SNAB
          325330, Russia, Ust-Labinsk,
          Zapolotnyanaya Str. 21

          Ms. Y. Chernenko
          Insolvency Manager
          350030, Russia, Krasnodar,
          9th Tikhaya Str. 7/25

          The Arbitration Court of Orenburg region
          460046, Russia, Orenburg,
          9go Yanvarya Str. 64


YUKOS OIL: Rosneft Not Paying Yugansk's Tax Arrears
---------------------------------------------------
Yukos shareholders absorbed another blow, as Rosneft announced
last week it will pass off to them nearly US$5 billion in tax
debt owed by Yuganskneftegaz, The Associated Press reports.

"As a result of a specific policy, which Yukos conducted in
relation to Yuganskneftegaz, the company has suffered damages,"
Interfax quoted Rosneft President Sergei Bogdanchikov.  "And so,
we must now turn back this (debt) to the shareholders of Yukos,
which mismanaged the company."

Tim Osbourne, a director of the Group Menatep holding company
that controls 60 percent of Yukos, said Rosneft's plan is
"totally ludicrous."

"Even as a matter for Russian law ... you buy the company you
buy.  They knew about the tax claims against Yuganskneftegaz,"
Mr. Osbourne said. "Now they are reneging on the debt. I think
it's a farce."

Yuganskneftegaz, once Yukos' main production unit, was forcibly
auctioned off in December as part of the government's drive to
collect a US$28 billion back-tax bill. Yugansk was eventually
purchased by Rosneft for US$9.3 billion.

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


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


IZAR: Liquidation Process Takes off
-----------------------------------
Troubled shipbuilder Izar's liquidation to repay around EUR1.1
billion in illegal state aid has started, El Pais says.

The group's board of directors is expected to call a
shareholders' meeting within two months to approve the
liquidation process.  Izar's restructuring entails splitting the
shipbuilder's military and civilian units as well as liquidating
its EUR240 million assets.  After the liquidation process,
Sociedad Estatal de Participaciones Industriales (SEPI) will
sell four of its civilian yards to private investors and retain
control of its profitable military division under the New Izar.

SEPI recently received offers to acquire its civilian yards from
shipping firm Boluda, shipbuilder Astilleros de Huelva and
defense firm General Dynamics.  SEPI is currently holding talks
with wind farm manufacturer Gamesa, which offered to acquire
Izar's civilian yard in Manises.

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

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


=====================
S W I T Z E R L A N D
=====================


AVIREAL AG: Sold for CHF262 Million to Burgring-led Group
---------------------------------------------------------
Avireal AG, a wholly owned subsidiary of SAirLines, which is in
liquidation, has been sold.  The agreed purchase price is CHF262
million, subject to potential closing balance sheet adjustments.

Avireal provides facility management services at the airports of
Zurich and Geneva and owns real estate in the Zurich airport
region.  The purchasers are a group of Swiss private investors
associated with Dr. H Hereth and Burgring AG.

Subject to the approval by the creditors' committees of
SAirLines and SAirGroup, the liquidators and the purchasers
signed a sale and purchase agreement for all Avireal shares on
20 January 2005.  The transaction is expected to close by the
end of March 2005.

CONTACT:  BURGRING AG
          Glattbrugg
          Phone: +41 (0)44 829 80 00

          Konrad Schwitter
          Rene Schmid

          WENGER PLATTNER
          Filippo Th. Beck,
          Phone: 043 222 38 00
          Fax: 043 222 38 01

          Web site: http://www.liquidator-swissair.ch


CONVERIUM AG: Expects US$132 Million Pre-tax Net Loss
-----------------------------------------------------
Converium AG announces estimates of losses from the South Asia
tsunami and European winter storm Erwin as well as revised
estimates of losses from 2004 hurricanes and typhoons.

Following a diligent review of loss reports so far, Converium
expects pre-tax net losses from the devastating tsunami that hit
South and South East Asia on Dec. 26, 2004 of approximately
US$15 million.  Expected losses are concentrated in property and
non-life personal accident lines of business.

Severe winter storm Erwin that swept across Northern Europe from
Jan. 7 to 9, 2005 is expected to result in pre-tax net losses
for Converium of between US$25 million and US$40 million, which
is reflective of the Company's market position in the region.
Total estimated industry losses from Erwin range from US$1.3 to
US$1.8 billion.

In addition, Converium has increased its estimate of expected
net losses arising from third quarter Atlantic hurricane
activity and Japan typhoons by US$23 million and US$13 million,
respectively.  Converium therefore expects total pre-tax net
losses of US$132 million related to these hurricanes and
typhoons.  The majority of the development for the hurricanes
stems from Ivan, where total industry claims (including
Caribbean losses) are now believed to reach US$9 billion, up
from earlier estimates of between US$4 and 6 billion.  This
unusual string of natural catastrophes is, however, not expected
to materially weaken Converium's strong capitalization.

About Converium

Converium is an independent international multi-line reinsurer
known for its innovation, professionalism and service.  Today
Converium employs more than 700 people in 20 offices around the
globe and is organized into three business segments: Standard
Property & Casualty Reinsurance, Specialty Lines and Life &
Health Reinsurance.  Converium has a "BBB+" rating (outlook
stable) from Standard & Poor's and a "B++" rating (outlook
stable) from A.M. Best Company.

CONTACT:  CONVERIUM HOLDING
          Michael Schiendorfer
          Media Relations Manager
          Phone: +41 (0) 1 639 96 57
          Fax: +41 (0) 1 639 76 57
          E-mail: michael.schiendorfer@converium.com

          Zuzana Drozd
          Head of Investor Relations
          Phone: +41 (0) 1 639 91 20
          Fax: +41 (0) 1 639 71 20
          E-mail: zuzana.drozd@converium.com


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


APOSTOLIVAGROMASH: Applies for Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Apostolivagromash (code EDRPOU 30871179) on
December 21, 2004 after finding the limited liability company
insolvent.  The case is docketed as B 15/44/04.  Arbitral
manager Mr. Sergij Sidko (License Number AA 419257) has been
appointed liquidator/insolvency manager.  The company holds
account number 26002315309001 at CB Privatbank, Krivij Rig
branch, MFO 305750.

CONTACT:  APOSTOLIVAGROMASH
          53801, Ukraine, Dnipropetrovsk region,
          Apostolove, Kamanin Str. 1a

          Mr. Sergij Sidko
          Liquidator/Insolvency Manager
          49600, Ukraine, Dnipropetrovsk region,
          Dzerzhinskij Str. 29, Room 40
          Phone: (056) 744-21-37
                       770-22-92
          Fax: (056) 744-21-37
                     770-22-92

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


AVTOTRANS: Temporary Insolvency Manager Steps in
------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Avtotrans (code EDRPOU 03115117)
on December 17, 2004.  The case is docketed as B-31/59-04.
Arbitral manager Mr. O. Tryaskunov (License Number AA 779297)
has been appointed temporary insolvency manager.  The company
holds account number 26009301750059 at JSCB National credit, MFO
350705.

Creditors may submit their proofs of claim to:

(a) AVTOTRANS
    64200, Ukraine, Harkiv region,
    Balakliya, Zavgorodnya Str. 1

(b) Mr. O. Tryaskunov
    Temporary Insolvency Manager
    61002, Ukraine, Harkiv region,
    Petrovskij Str. 6/8-15
    Phone: (057) 700-55-97

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square, 5, Derzhprom, 8th entrance


CONSULTANT-PLUS: Succumbs to Bankruptcy
---------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Consultant-Plus (code EDRPOU
31658329).  The case is docketed as 6/398-29/330.  Arbitral
manager Mr. O. Vinyarskij (License Number AA 487814) has been
appointed temporary insolvency manager.  The company holds
account number 260087271 at JSCB Lviv region, Lviv branch, MFO
325268.

Creditors may submit their proofs of claim to:

(a) CONSULTANT-PLUS
    79003, Ukraine, Lviv region,
    Chornovol Avenue, 63

(b) Mr. O. Vinyarskij
    Temporary Insolvency Manager
    79020, Ukraine, Lviv region,
    Varshavska Str. 66/21

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


GEKA LTD.: Kyiv Court Appoints Insolvency Manager
-------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Geka Ltd. (code EDRPOU 21628926) on December
24, 2004 after finding the limited liability company insolvent.
The case is docketed as 43/1049.  Mrs. Svitlana Babich has been
appointed liquidator/insolvency manager.  The company holds
account number 26000301330305 at Prominvestabank, Shevchenkivske
branch in Kyiv region, MFO 322216.

Creditors had until February 5, 2005 to submit their proofs of
claim to:

(a) GEKA LTD.
    03057, Ukraine, Kyiv region,
    Ezhena Potye Str. 10A

(b) Mrs. Svitlana Babich
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Melnikov Str. 2/10

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


GUTYANSKIJ ELEVATOR: Applies for Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Gutyanskij Elevator (code EDRPOU 00956402)
on December 22, 2004 after finding the open joint stock company
insolvent.  The case is docketed as B-19/69-04.  Arbitral
manager Mrs. T. Chekshturina (License Number AA 630039) has been
appointed liquidator/insolvency manager.  The company holds
account number 2600030187 at Oshadbank, Harkiv regional branch,
MFO 350051.

CONTACT:  GUTYANSKIJ ELEVATOR
          62132, Ukraine, Harkiv region,
          Bogoduhivskij district,
          Gubarivka, Gutyanska Str. 91-a

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square, 5, Derzhprom, 8th entrance


PROMSTANDART: Declared Insolvent
--------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Promstandart (code EDRPOU 23880618) on
November 30, 2004 after finding the limited liability company
insolvent.  The case is docketed as 19/205(04).  Mr. Petro
Chulakov (License Number AA 719815) has been appointed
liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) PROMSTANDART
    69000, Ukraine, Zaporizhya region,
    Yatsenko Str. 4

(b) Mr. Petro Chulakov
    Liquidator/Insolvency Manager
    69050, Ukraine, Zaporizhya region, a/b 7683

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


SLAVUTSKO-POLYANSKA: Bankruptcy Supervision Begins
--------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on OJSC Slavutsko-Polyanska Paper Factory
(code EDRPOU 14149444).  The case is docketed as 4/327-B.  Mr.
Leonid Gritsaj (License Number AB 116057) has been appointed
temporary insolvency manager.  The company holds account number
26001301260298 at Prominvestbank, Slavutske branch, MFO 315472.

Creditors may submit their proofs of claim to:

(a) SLAVUTSKO-POLYANSKA PAPER FACTORY
    30036, Ukraine, Hmelnitskij region,
    Slavutskij district, Polyan,

(b) Mr. Leonid Gritsaj
    Temporary Insolvency Manager
    Ukraine, Hmelnitskij region, Starokostyantiniv,
    Kotsyubinskij Str. 12

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


TEST TECHNICS: Insolvency Manager Takes over Helm
-------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Test Technics Centre (code EDRPOU 22700554)
on December 6, 2004 after finding the joint stock company
insolvent.  The case is docketed as B-48/96-04.  Arbitral
manager Mr. S. Orobinskij (License Number AA 668297) has been
appointed liquidator/insolvency manager.  The company holds
account number 260003013758 at JSCB Zoloti vorota, MFO 351931.

CONTACT:  Mr. S. Orobinskij
          Liquidator/Insolvency Manager
          61125, Ukraine, Harkiv region,
          Chervonoshkilna Naberezhna, 18/129

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square, 5, Derzhprom, 8th entrance


YAROSLAV: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Yaroslav (code EDRPOU 25661524) on
October 25, 2004.  The case is docketed as 23/724-b.  Arbitral
manager Mr. S. Donkov (License Number AA 485220) has been
appointed temporary insolvency manager.  The company holds
account number 26004012813567 at OJSC Ukreksimbank, Kyiv region
branch, MFO 322313.

Creditors may submit their proofs of claim to:

(a) YAROSLAV
    01001, Ukraine, Kyiv region,
    B. Grinchenko Str. 3

(b) Mr. S. Donkov
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Gorkij Str. 10/6

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


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


AB2 LTD: Hires O'Hara & Co. as Liquidator
-----------------------------------------
At the extraordinary general meeting of the members of Ab2 Ltd.
on Jan. 28, 2005 held at O'Hara & Co, Wesley House, Huddersfield
Road, Birstall, Batley, West Yorkshire WF17 9EJ, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Peter O'Hara of O'Hara & Co, Wesley House,
Huddersfield Road, Birstall, Batley, West Yorkshire WF17 9EJ has
been appointed liquidator of the company.

CONTACT:  O'HARA & CO.
          Wesley House, Huddersfield Road,
          Birstall, Batley,
          West Yorkshire WF17 9EJ


ACTION CLEANING: Appoints Liquidator from Harris Lipman
-------------------------------------------------------
At the extraordinary general meeting of the members of Action
Cleaning Co. Limited on Jan. 11, 2005 held at SPW Poppleton &
Appleby, Gable House, 239 Regents Park Road, Finchley, London N3
3LF, the extraordinary resolution to wind up the company was
passed.  Martin J. Atkins of Harris Lipman, 2 Mountview Court,
310 Friern Barnet Lane, Whetstone, London N20 0YZ has been
appointed liquidator of the company.

CONTACT:  HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Phone: (020) 8446 9000
          Fax:   (020) 8446 9537
          Web site: http://www.harris-lipman.co.uk


AGENCY SOLUTIONS: Names William Antony Batty Administrator
----------------------------------------------------------
William Antony Batty (IP No 1049) has been appointed
administrator for insurance company Agency Solutions Limited.
The appointment was made Jan. 26, 2005.

CONTACT:  ANTONY BATTY & COMPANY
          New House, Suite 24,
          67-68 Hatton Garden,
          London EC1N 8JY


AIMERS MCLEAN: Sets Final Creditors, Members Meeting March
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Aimers McLean (Engineers) Limited
                        (In Liquidation)

Notice is hereby given pursuant to section 106 of the Insolvency
Act 1986, that the Final Meeting of Members and Creditors of
Aimers McLean (Engineers) Limited will be held within the
offices of Thomson Cooper, Castle Court, Carnegie Campus,
Dunfermline, Fife KY11 8PB, on March 4, 2005, at 10:00 a.m. and
10:30 a.m. respectively for the purpose of receiving the
Liquidator's final report showing how the winding-up has been
conducted and of hearing any explanations that may be given by
the Liquidator.

Creditors are entitled to attend in person or alternatively by
proxy.  A Creditor may vote only if his claim has been submitted
to the Liquidator and that claim has been accepted in whole or
in part.  A Resolution will be passed only if a majority of
those voting in person or by proxy vote in favor.  Proxies must
be lodged with the Liquidator at or before the Meeting.

Alan C. Thomson, CA, Liquidator
January 14, 2005

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


ALLDERS PLC: Joint Administrators Ditch Bulk Sale
-------------------------------------------------
The man who originally led the buyout of Allders from the Hanson
conglomerate in 1989 is now among the bidders for the insolvent
retail group's department stores.

According to The Times, former chief executive Harvey Lipsith,
backed by U.S. private equity group Sun Capital Partners, has
offered GBP50 million for 12 of Allders' department stores.  He
is up against Bhs, Debenhams, and Primark, which are eyeing 35
of the 45 stores up for grabs.

The chain's interim administrator Kroll had originally wanted to
sell the entire business to a single buyer, but scrapped the
plan last week after nobody came forward.  Since then, Kroll has
entertained 36 separate offers and talks are reportedly fast
approaching a conclusion.

In backing Mr. Lipsith's bid, Sun Capital Partners cited his
previous stint with Allders.  "Harvey is a good manager and
knows the business very well," a Sun insider told The Times.

Mr. Lipsith oversaw the group's flotation in 1989, but was
forced out in 2003 when Allders was acquired for GBP162 million
by Scarlett Retail, the investment vehicle backed by Minerva,
Lehman Brothers and recently resigned CEO Terry Green.

While negotiations are ongoing, the chain will remain open,
according to joint administrators Andrew Pepper and Alastair
Beveridge.  Staff working in stores that are eventually sold
will be transferred to the new owners as well.  As for the ten
stores that have not attracted interest, "closing down sales"
began Saturday, according to Kroll.  These stores include the
Oxford Street flagship and stores in Reading and Leeds.

"We are still willing to consider offers for these ten stores
and would encourage parties interested in these particular
outlets to come forward and make their interest known
immediately," the administrators said.

"We are not making any redundancies at any of the stores at this
time," they added.

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

          KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com

          KROLL GLASGOW
          Afton House 26 West Nile Street
          Glasgow, Scotland G1 2PF
          United Kingdom
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com

          Bhs Ltd.
          Marylebone House, 129/137 Marylebone Road
          London NW1 5QD, United Kingdom
          Phone: +44-20-7262-32-88
          Fax: +44-20-7723-11-15
          Web site: http://www.bhs.co.uk

          Debenhams plc
          1 Welbeck St.
          London W1G 0AA,
          United Kingdom
          Phone: +44-20-7408-4444
          Fax: +44-20-7408-3366
          Web site: http://www.debenhams.com

          Primark Stores Ltd.
          Primark House, 41 West St.
          Reading RG1 1TT, United Kingdom
          Phone: +44-118-960-6300
          Web site: http://www.primark.co.uk

          Lehman Brothers U.K. Holdings Ltd.
          25 Bank St.
          London E145LE,
          United Kingdom
          Phone: +44-20-7102-1000

          Minerva plc
          10 Gloucester Place
          London W1U 8EZ,
          United Kingdom
          Phone: +44-20-7535-1000
          Fax: +44-20-7535-1001


AMBER U.P.V.C.: Members Decide to Dissolve Firm
-----------------------------------------------
At the extraordinary general meeting of the members of Amber
U.P.V.C. Roofline Limited on Jan. 25, 2005 held at 181-183
Summer Road, Erdington, Birmingham B23 6DX, the extraordinary
and ordinary resolutions to wind up the company were passed.
Gerald Irwin has been appointed liquidator of the company.


APOLLO INSULATION: Applies for Liquidation
------------------------------------------
At the extraordinary general meeting of the members of Apollo
Insulation (U.K.) Limited on Jan. 28, 2005 held at 43 Pall Mall,
London SW1, the extraordinary and ordinary resolutions to wind
up the company were passed.  Peter Robin Bacon and Carl Derek
Faulds of Portland Business & Financial Solutions Ltd, 1640
Parkway, Solent Business Park, Whiteley, Fareham, Hampshire have
been appointed joint liquidators of the company.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway, Solent Business Park,
          Whiteley, Fareham, Hampshire


APPLEBY & MATTY: Names David Rubin & Partners Liquidator
--------------------------------------------------------
At the extraordinary meeting of the members of Appleby & Matty
Limited on Jan. 27, 2005 held at the offices of David Rubin &
Partners, Pearl Assurance House, 319 Ballards Lane, London N12
8LY, the extraordinary resolution to wind up the company was
passed.  Lane Bednash of David Rubin & Partners, Pearl Assurance
House, 319 Ballards Lane, London N12 8LY has been nominated
liquidator of the company.

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


ASA TRAINING: Calls in Liquidators from CBA
-------------------------------------------
At the extraordinary general meeting of ASA Training Limited on
Jan. 28, 2005 held at Holiday Inn Nottingham-Castle Marina,
Castle Marina Park, Nottingham NG7 1GX, the extraordinary and
ordinary resolutions to wind up the company were passed.  Neil
Charles Money and Neil Richard Gibson of CBA, 39 Castle Street,
Leicester LE1 5WN have been appointed joint liquidators of the
company.

CONTACT:  CBA (Leicester)
          39 Castle Street
          Leicester
          LE1 5WN
          Phone: (0116) 262 6804
          Fax: (0116) 217 1404
          E-mail: leics@cba-insolvency.co.uk
          Web site: http://www.cba-insolvency.co.uk/


BMI BRITISH: 'Winter' Stats Defy Glum Forecast
----------------------------------------------
Despite a gloomy outlook aired by rival Ryanair, BMI British
Midland said Thursday its low cost arm would report increases in
yields, passenger volumes and load factors for 2004.

David Byron, managing director of BMIbaby, the group's low cost
arm, told The Financial Times the "improving trend" has even
spilled over to 2005, with yields rising by 5.2 percent in
January.

BMI CEO Nigel Turner says BMIbaby passenger volumes rose 18
percent last year from 2.8 million to 3.3 million.  He forecasts
a further increase this year by more than 20 percent to 4
million.  He did not say whether the low cost operation is still
loss-making.

Ryanair CEO Michael O'Leary, who issued the gloomy forecast last
year, backtracked last week from his early warnings of a
bloodbath this winter in the short-haul airline market.  As a
matter of fact, Ryanair, which originally warned of a steep fall
of between 10% and 20% in average fares, said its yields had
actually risen by one percent in the three months to December
31.

BMIbaby started operating in March 2002 and since then its fleet
has increased to 16, which include 11 148-seat Boeing 737-300s
and five smaller 737-500s.  It has also expanded its operations
from the Nottingham East Midlands airport to five other bases in
Cardiff, Durham Tees Valley, Manchester and Birmingham.

"The Birmingham base was launched last month with five aircraft
and is at the forefront of BMIbaby's effort to make itself one
of the leading low cost carriers in the Midlands and northern
England," The Financial Times says.

CONTACT:  BMIbaby Ltd.
          Phone: 0870 264 2229
          Web site: http://www.bmibaby.com


BOURNEHILL SERVICES: Sets General Members Meeting March
-------------------------------------------------------
Name of companies:
Bournehill Services Limited
Townlink Associates Limited
Wheelbase 3000 Limited

The general meeting of the members of these companies will be on
March 11, 2005 at 11:00 a.m.  It will be held at the offices of
Portland Business & Financial Solutions, 1640 Parkway, Solent
Business Park, Whiteley, Fareham, Hampshire PO15 7AH.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Portland Business & Financial Solutions, 1640 Parkway,
Solent Business Park, Whiteley, Fareham, Hampshire PO15 7AH not
later than 12:00 noon, March 10, 2005.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS
          1640 Parkway, Solent Business Park,
          Whiteley, Fareham, Hampshire PO15 7AH


COX PLANT: Calls in Administrator from Ernst & Young
----------------------------------------------------
Ian Best and Simon Allport (IP Nos 8631 and 8763) have been
appointed administrators for Cox Plant Limited.  The appointment
was made Jan. 28, 2005.  Its registered office is located at
Broad Lanes, Bilston, West Midlands WV14 0RH.

CONTACT:  ERNST & YOUNG LLP
          No.1 Colmore Square
          Birmingham B4 6HQ
          Phone: +44 [0] 121 535 2000
          Fax:   +44 [0] 121 535 2001
          Web site: http://www.ey.com


EDENBALLYMORE LODGE: PwC Expects Sale Within Weeks
--------------------------------------------------
Talks to save Derry's Edenballymore Lodge nursing home are
underway, PricewaterhouseCoopers receiver Paul Rooney told The
Derry Journal last week.

"We are now in negotiations with a potential purchaser to sell
Edenballymore Lodge nursing home as a going concern and hope to
make an announcement in a matter of weeks," Mr. Rooney said.

The nursing home went into receivership on December 7, but
continued operating through the holidays, thanks to its staff
and bankers, the paper says.

"That avoided the distress and disruption that a closure would
have caused to the mainly elderly patients and their relatives,"
Mr. Rooney said.  "In the intervening period we sought potential
buyers for the nursing home and have received a number of
offers."

Owned and operated by McGilloway Care Homes (NI) Ltd., the 44-
bed nursing home in Northland Road in Derry provides specialist
and long-term care for elderly and infirm patients in the North
West.

CONTACT:  PricewaterhouseCoopers LLP
          Web site: http://www.pwcglobal.com/uk/


ESOUK.COM LIMITED: Members Final Meeting Set Next Month
-------------------------------------------------------
The final meeting of Esouk.Com Limited will be on March 11, 2005
at 11:00 a.m.  It will be held at Mazars LLP, The Atrium, Park
Street West, Luton, Bedfordshire LU1 3BE.

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

CONTACT:  MAZARS
          The Atrium
          Park Street West,
          Luton, Bedfordshire LU1 3BE
          Phone: 01582 700700
          Fax:   01582 700701
          Web site: http://www.mazars.co.uk


ESSEX ELECTRICAL: Hires Begbies Traynor as Liquidator
-----------------------------------------------------
At the extraordinary general meeting of Essex Electrical
(Contracts) Limited on Jan. 20, 2005 held at The Old Exchange,
234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG, the
subjoined special resolution to wind up the company was passed.
Mark Robert Fry of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG has been
appointed liquidator of the company.

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


FLS REAL: Liquidator's Final Report Out Next Month
--------------------------------------------------
The final general meeting of the members of FLS Real Estate No.4
Limited will be on March 11, 2005 at 10:30 a.m.  It will be held
at KPMG, 8 Salisbury Square, London EC4Y 8BB.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with KPMG Corporate Recovery, 8 Salisbury Square, London EC4Y
8BB not later than 12:00 noon, March 10, 2005.

CONTACT:  KPMG LLP
          P.O. Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
            Or +44 (0) 20 7694 3533
          Web site: http://www.kpmg.co.uk


GARDINER BROS: Members Decide to Wind up Firm
---------------------------------------------
At the extraordinary general meeting of the members of Gardiner
Bros (Commercial Vehicles) Limited on Jan. 27, 2005 held at The
Old Rectory, Church Street, Weybridge, Surrey KT13 8BE, the
special resolution to wind up the company was passed.  Michael
Sutcliffe of Sutcliffe & Co., 288 High Street, Dorking, Surrey
RH4 1QT has been appointed liquidator of the company.

CONTACT:  SUTCLIFFE & CO.
          288 High Street,
          Dorking, Surrey RH4 1QT


GRANT JAMES: Hires Liquidator from Tenon Recovery
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

   IN THE MATTER OF Grant James Food Specialists & Co. Limited
                         (In Liquidation)

I, Kenneth Robert Craig, of Tenon Recovery, 2 Blythswood Square,
Glasgow G2 4AD, hereby give notice that on January 13, 2005, I
was appointed Liquidator of Grant James Food Specialists & Co
Limited by a Resolution of the First Meeting of the Creditors
held in terms of section 138(3) of the Insolvency Act 1986.  No
Liquidation Committee was established.

Accordingly, I hereby give notice that I do not intend to summon
a further Meeting for the purpose of establishing a Liquidation
Committee unless one-tenth in value of the Creditors require it
in terms of section 142(3) of the Insolvency Act 1986.

K. R. Craig, Liquidator

CONTACT:  TENON RECOVERY
          2-4 Blythswood Square
          Glasgow G2 4AD
          Phone: 0141 272 8000
          Fax: 0141 272 8001
          E-mail: glasgow@tenongroup.com
          Web site: http://www.tenongroup.com


HOLSWORTHY BIOGAS: Appoints BDO Stoy Hayward Administrator
----------------------------------------------------------
Simon James Michaels and David Harry Gilbert (IP Nos 8824/01 and
2376/01) have been appointed joint administrators for biogas
plant Holsworthy Biogas Plc.  The appointment was made Jan. 26,
2005.

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


KELLOGG BROWN: Nets US$146 Million in December
----------------------------------------------

                      Kellogg Brown & Root, Inc.
                       Unaudited Balance Sheet
                       As of December 31, 2004
                            (in thousands)


Assets
Current Assets:
Cash and equivalents                                  ($598,979)
Escrow - prepetition payments                                 -
Trade receivables                                       102,796
Unbilled work on uncompleted contracts                   17,576
Other receivables                                        29,721
Inventories                                              11,800
Other current assets                                     43,494
                                                      ---------
Total current assets                                   (393,592)

Net property, plant and equipment                        33,696
Investments in consolidated subsidiaries                248,679
Equity in related companies                              55,741
Intercompany with related companies                     344,755
Intercompany with Parent                                115,194
Goodwill, net                                           171,213
Non-current deferred income taxes                       255,000
Insurance for asbestos & silica-related PI claims             -
Right to Halliburton shares                                   -
Other assets                                             56,152
                                                      ---------
Total assets                                           $886,838
                                                      =========


Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable                                      -
Current maturities of long-term debt                          -
Accounts payable                                        $70,664
Accrued employee compensation and benefits               46,082
Accrued interest payable                                    452
Advanced billings on uncompleted contracts               51,183
Asbestos and silica-related PI claims                    74,337
Other current liabilities                              (465,507)
                                                      ---------
Total current liabilities                              (222,789)

Long-term debt                                                -
Employee compensation and benefits                       52,837
Asbestos and silica-related PI claims                         -
Minority interest in consolidated subsidiaries                -
Other liabilities                                        83,959
                                                      ---------
Total liabilities                                       (85,993)

Total shareholder's equity                              972,831
                                                      ---------
Total liabilities and shareholder's equity             $886,838
                                                      =========


                      Kellogg Brown & Root, Inc.
                      Unaudited Income Statement
                    Month ended December 31, 2004
                            (in thousands)


Revenues                                               $105,476
Operating costs and expenses                             86,984
                                                      ---------
Operating income                                         18,492

Interest expense                                         (6,869)
Interest income                                           1,555
Foreign currency gains (losses)                          (4,228)
Other non-operating income - net                              -
                                                      ---------
Income before taxes and minority interest                 8,950
Income tax benefit/(provision)                          137,205
                                                      ---------
Income from continuing operations                       146,155
Loss from discontinued operations                             -
                                                      ---------
Net Income                                             $146,155
                                                      =========

Headquartered in Houston, Texas, DII Industries, LLC is the
direct or indirect parent of BPM Minerals, LLC, Kellogg Brown &
Root, Inc., Mid-Valley, Inc., KBR Technical Services, Inc.,
Kellogg Brown & Root Engineering Corporation, Kellogg Brown &
Root International, Inc., (Delaware), and Kellogg Brown & Root
International, Inc., (Panama).  KBR and its subsidiaries provide
a wide range of services to energy and industrial customers and
government entities in over 100 countries.  DII has no business
operations.  DII and its debtor-affiliates filed a prepackaged
chapter 11 petition on December 16, 2003 (Bankr. W.D. Pa. Case
No. 02-12152).  Jeffrey N. Rich, Esq., Michael G. Zanic, Esq.,
and Eric T. Moser, Esq., at Kirkpatrick & Lockhart LLP,
represent the Debtors in their restructuring efforts.  On June
30, 2004, the Debtors listed US$6.255 billion in total assets
and US$5.295 billion in total liabilities.

The Bankruptcy Court's July 17, 2004 confirmation of the
Debtors' Prepackaged Plan and the District Court's affirmation
order on July 26, 2004 allowed the Debtors to emerge from
bankruptcy protection on Jan. 3, 2005.  (DII & KBR Bankruptcy
News, Issue No. 25; Bankruptcy Creditors' Service, Inc.,
215/945-7000)

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


LONDON AND HALIFAX: Calls Final General Meeting
-----------------------------------------------
The final general meeting of London and Halifax Investments
Limited will be on March 15, 2005 at 9:00 a.m.  It will be held
at Anson Court, La Route des Camps, St Martin, Guernsey.

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


LOXA FINANCE: Hires Deloitte & Touche as Liquidator
---------------------------------------------------
At the extraordinary general meeting of Loxa Finance Limited on
Jan. 27, 2005 held at Haden Cross, Halesowen Road, Cradley
Heath, West Midlands B64 7JB, the special and ordinary
resolutions to wind up the company were passed.  Andrew Philip
Peters and Christopher James Farrington of Deloitte & Touche,
Four Brindleyplace, Birmingham B1 2HZ have been appointed joint
liquidators of the company.

CONTACT:  DELOITTE & TOUCHE LLP
          Four Brindleyplace
          Birmingham B1 2HZ, UNITED KINGDOM
          Phone: +44 (0) 121 632 6000
          Fax: +44 (0) 121 695 5678
          Web site: http://www.deloitte.com


M A HOLDINGS: Hires Joint Liquidators from Baker Tilly
------------------------------------------------------
At the extraordinary general meeting of the members of M A
Holdings Limited on Jan. 31, 2005 held at the offices of Baker
Tilly, 27 Osborne Street, Grimsby, North East Lincolnshire DN31
1NU, the special resolutions to wind up the company were passed.
Alec David Pillmoor and Robert Henry Barker of Baker Tilly, 27
Osborne Street, Grimsby, North East Lincolnshire DN31 1NU have
been appointed joint liquidators of the company.

CONTACT:  BAKER TILLY
          27 Osborne Street, Grimsby,
          North East Lincolnshire DN31 1NU
          Phone: 01472 351171
          Fax: 01472 240458
          Web site: http://www.bakertilly.co.uk


MASTER DISTRIBUTORS: Liquidator to Give Final Report Next Month
---------------------------------------------------------------
The final meeting of the members of Master Distributors Holdings
Ltd. will be on March 10, 2005 at 11:00 a.m.  It will be held at
the offices of Wilkins Kennedy, Gladstone House, 77-79 High
Street, Egham, Surrey TW20 9HY.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Wilkins Kennedy, Gladstone House, 77-79 High Street, Egham,
Surrey TW20 9HY not later than 12:00 noon, March 9, 2005.

CONTACT:  WILKINS KENNEDY
          Gladstone House, 77-79 High Street,
          Egham, Surrey TW20 9HY
          Phone: +44 (0) 1784 435561
          Fax:   +44 (0) 1784 430584
          E-mail: egham@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


OSPREY KITCHENS: First Creditors Meeting Next Week
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF OSPREY KITCHENS AND BEDROOMS LIMITED
                         (In Liquidation)

I, Fraser J Gray, of Kroll Limited, Afton House, 26 West Nile
Street, Glasgow G1 2PF, hereby give notice that I was appointed
Interim Liquidator of Osprey Kitchens and Bedrooms Limited on
January 6, 2005 by Interlocutor of the Sheriff at Kirkcaldy.

Notice is hereby given, pursuant to section 138 of the
Insolvency Act 1986, that the First Meeting of Creditors of the
above Company will be held within Afton House, 26 West Nile
Street, Glasgow G1 2PF, on February 16, 2005, at 3:00 p.m. for
the purpose of choosing a Liquidator and determining whether to
establish a Liquidation Committee.

A Resolution at the Meeting will be passed if a majority of
those voting have voted in favor of it.  A Creditor will be
entitled to 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.  For the purpose of
formulating claims, Creditors should note that the date of
commencement of the Liquidation is November 11, 2004.  Proxies
may also be lodged with me at the Meeting or before the Meeting
at my office.

Fraser J. Gray, Interim Liquidator
January 14, 2005

CONTACT:  KROLL GLASGOW
          Afton House
          26 West Nile Street
          Glasgow G1 2PF
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com


PARKER GRAPHICS: Creditors to Meet Next Week
--------------------------------------------
The creditors of Parker Graphics Limited will meet on Feb. 15,
2005 at 10:30 a.m.  It will be held at Trinity House, Heather
Park Drive, Wembley, Middlesex HA0 1SU.  Creditors who want to
be represented at the meeting may appoint proxies.  Proxy forms
must be submitted together with written debt claims to Trinity
House, Heather Park Drive, Wembley, Middlesex HA0 1SU not later
than 12:00 noon, Feb. 14, 2005.


RENTOKIL INITIAL: Drafts Veteran Aegis Executive Doug Flynn
-----------------------------------------------------------
Rentokil Initial plc appointed Sunday Doug Flynn, 55, as Chief
Executive.  Mr. Flynn is currently Chief Executive of the global
marketing services company Aegis Group PLC and will join
Rentokil Initial with effect from 4 April 2005.

He joined the Aegis board in 1998 as a non-executive director
and was appointed Chief Executive in 1999. Prior to this he
spent 13 years with the News Corporation Ltd in the UK and
Australia, latterly as Managing Director of News International
Plc. Before joining the News Corporation Ltd he was with ICI for
10 years working in Australia and Hong Kong in various
management roles.

Doug Flynn's five year tenure at Aegis has seen the business
double in size, transforming it from a European media buying
business to a marketing services group with global coverage
employing approximately 10,500 staff in over 60 countries.  As
Chief Executive he has been responsible for re-thinking the
strategy to meet the challenges posed by increased competition
in the market and global consolidation.

Aegis, which is listed on the London Stock Exchange, currently
has annualized turnover of over GBP7 billion, revenues of GBP650
million and a market capitalization of circa GBP1.2 billion.
Over the last two years the company has delivered record profits
that have been achieved by a mix of strong organic growth and
acquisitions.

Prior to joining Aegis, Mr. Flynn was responsible for major
structural and management changes at News International,
improving operations and achieving a more commercial focus and
more aggressive pursuit of market opportunities.

Chairman Brian McGowan said: "Doug Flynn's extensive
international experience at driving through structural change,
building strong management teams and growing businesses to meet
challenging and competitive markets are exactly the qualities we
believe are required at Rentokil Initial. He has strong
experience of running a diversified global services business
made up of multiple operating units and has a proven track
record of developing businesses operating in diverse
geographies.

"The Board was very impressed by Doug's energy, enthusiasm and
obvious leadership qualities.  We are delighted to welcome him
to Rentokil Initial."

Doug Flynn commented: "Rentokil Initial is a world class
business with strong brands and a committed workforce. I am very
much looking forward to working with the Board and management
team to meet the competitive challenges in the market place and
maximize the opportunities for growth in the business."

CONTACT:  RENTOKIL INITIAL PLC
          Felcourt
          East Grinstead
          West Sussex RH19 2JY
          Phone: +44-1342-833-022
          Fax: +44-1342-326-229
          E-mail: pr@rentokil-initial.co.uk
          Web site: http://www.rentokil-initial.com


RUTLAND PRESS: Creditors Meeting Set Next Week
----------------------------------------------
The creditors of Rutland Press Litho Limited will meet on Feb.
15, 2005 at 12:00 noon.  It will be held at Rothman Pantall &
Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Rothman Pantall & Co, Clareville House, 26-27
Oxendon Street, London SW1Y 4EP not later than 12:00 noon, Feb.
14, 2005.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


SERIF SOFTWARE: Claims Filing Period Expires June
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Serif Software Limited
                        (In Liquidation)

I, I Scott McGregor, of Begbies Traynor, 4th Floor, 78 St
Vincent Street, Glasgow G2 5UB, hereby give notice, pursuant to
Rule 4.19 of the Insolvency (Scotland) Rules 1986, that on
January 12, 2005, I was appointed Liquidator of Serif Software
Limited by a Resolution of the First Meeting of Creditors held
in terms of section 138(3) of the Insolvency Act 1986. No
Liquidation Committee was established.

Any creditors, who have not already done so, are required to
lodge their claims with me on or before June 30, 2005.

I. Scott McGregor, Liquidator
January 12, 2005

CONTACT:  BEGBIES TRAYNOR
          4th Floor
          78 St. Vincent Street
          Glasgow G2 5UB
          Phone: 0141 222 2230
          Fax: 0141 222 2330
          E-mail: glasgow@begbies-traynor.com
          Web site: http://www.begbies.com


SOUTHAMPTON AND SOLENT: Calls in Liquidators from Buchanans
-----------------------------------------------------------
At the extraordinary general meeting of Southampton And Solent
Building Preservation Trust Company Limited on Jan. 27, 2005
held at Latimer House, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Peter Whalley
and Peter Hall of Buchanans plc have been appointed liquidators
of the company.

CONTACT:  BUCHANANS PLC
          Latimer House
          5 Cumberland Place
          Southampton SO15 2BH
          Phone: 023 8022 1222


STEEL FRAME: Joint Administrators Take over Operations
------------------------------------------------------
Kenneth W. Touhey (IP No 8369) and Richard Toone (IP No 9146)
have been appointed joint administrators for Steel Frame
Services Limited.  The appointment was made Jan. 21, 2005.

CONTACT:  CHANTREY VELLACOTT DFK
          16-17 Boundary Road,
          Hove, East Sussex BN3 4AN
          Phone: 01273 421200
          E-mail: info_hove@chantrey-vellacott.com
          Web site: http://www.cvdfk.com

          CHANTREY VELLACOTT DFK
          Russell Square House,
          10-12 Russell Square,
          London WC1B 5LF
          Phone: 020 7509 9000
          Fax: 020 7436 8884
          Web site: http://www.cvdfk.com


TEC TRADING: Calls in Receivers
-------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                  IN THE MATTER OF Tec Trading Ltd.
                         (In Receivership)

I, Alexander Iain Fraser, of Tenon Recovery, 10 Ardross Street,
Inverness IV3 5NS, give notice that on January 7, 2005, Thomas
Campbell MacLennan and I were appointed as Joint Receivers of
the whole property and assets of Tec Trading Ltd. in terms of
section 51 of the Insolvency Act 1986.

In terms of section 59 of the said Act, preferential Creditors
are required to intimate their claims to me within six months of
the date of this notice.

A. I. Fraser, Joint Receiver
January 7, 2005

CONTACT:  TENON RECOVERY
          10 Ardross Street
          Inverness IV3 5NS
          Phone: 01463 235321
          Fax: 01463 231040
          E-mail: inverness@tenongroup.com
          Web site: http://www.tenongroup.com


WIRRAL RE-HAB: Creditors Meeting Wednesday
------------------------------------------
The creditors of Wirral Re-Hab (Mental Health) Limited will meet
on Feb. 9, 2005 at 10:30 a.m.  It will be held at Begbies
Traynor, No. 1 Old Hall Street.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Begbies Traynor, No 1 Old Hall Street, Liverpool
L3 9HF not later than 12:00 noon, Feb. 8, 2005.

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


* Fourth-quarter Company Liquidations Slightly Down
---------------------------------------------------
Statistics showing insolvencies in the fourth quarter 2004 was
published Friday by the Department of Trade and Industry.

Company Liquidations

There were 2,938 liquidations in England and Wales in the fourth
quarter of 2004 on a seasonally adjusted basis.  This was a
decrease of 0.9% on the previous quarter and a decrease of 11.1%
on the same period a year ago.

This was made up of 1,136 compulsory liquidations, an increase
of 0.8% on the previous quarter and an increase of 0.3% on the
corresponding quarter of last year, and 1,802 creditors
voluntary liquidations, a decrease of 2.0% on the previous
quarter and a decrease of 17.1% on the corresponding quarter of
last year.

About 0.7% of active companies went into liquidation in the
twelve months ended Q4 2004, the same as the previous quarter
and a decrease on the corresponding quarter of 2003.

Individual Insolvencies

There were 13,013 individual insolvencies in England and Wales
in the fourth quarter of 2004 on a seasonally adjusted basis.
This was an increase of 8.0% on the previous quarter and an
increase of 34.6% on the same period a year ago.  This was made
up of 9,803 bankruptcies, an increase of 6.3% on the previous
quarter and 28.9% on the corresponding quarter of last year, and
3,210 Individual Voluntary Arrangements (IVA's), an increase of
13.3% on the previous quarter and an increase of 55.8% on the
corresponding quarter of the previous year.

CONTACT:  DEPARTMENT OF TRADE AND INDUSTRY
          1 Victoria Street
          London SW1H 0ET
          Phone: 020-7215-5000
          Web site: http://www.dti.gov.uk


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

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

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


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


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


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


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


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


GREECE
------
Delta Ice Cream                       (3)         183      (14)
DryShips Inc.             DRYS        (4)         184      (29)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                       (31)         793     (248)
Gruppo Coin S.p.A.        GC        (111)         974      (97)
Lazio S.p.A.              LAZI       (27)         426     (175)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (16,510)       5,285     (332)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


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