TCREUR_Public/050209.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

           Wednesday, February 9, 2005, Vol. 6, No. 28

                            Headlines

F R A N C E

RHODIA SA: Issues New Notes to Refinance Maturing Debt


G E R M A N Y

BIELINSKY HAUSGERATE: Applies for Bankruptcy Proceedings
DRESDNER BANK: Loan Participation Notes Rated 'BB-'
FKB FRAUENKLINIK: Court Appoints Provisional Administrator
HORSE DIVISION: Creditors Meeting Set Next Month
ITALIAN STEP: Bankruptcy Court Stays All Pending Lawsuits

MAC PRO: Cedes Control to Court-appointed Administrator
STEINEBRONN SPORTCOUTURE: Creditors Claims Due Next Week
WALTER BAU: Eleven Subsidiaries Follow Suit, Declare Insolvency


H U N G A R Y

MALEV HUNGARIAN: Strike by Pilots Looms


I T A L Y

FINPART SPA: Creditors Drag Group to Bankruptcy Court
IMPREGILO SPA: Main Shareholders Hold Talks with Gavio
PARMALAT FINANZIARIA: Bondi Allows Citibank to Sue Units
PARMALAT FINANZIARIA: Fourth-quarter Revenues Down
PARMALAT FINANZIARIA: Members of New Management Team Named


L U X E M B O U R G

SANITEC INTERNATIONAL: EQT to Acquire Sanitec Corporation
SANITEC INTERNATIONAL: Moody's Wary of Disposal Plan


N E T H E R L A N D S

ROYAL SHELL: Moody's Affirms Ratings; Retains Negative Outlook


P O L A N D

NETIA SA: Sets Ordinary Shareholders Meeting March 17


R U S S I A

AKSUBAEVSKIY RSU: Declared Insolvent
ALFA BANK: Notes Get Final Long-term Rating of 'B+'
BEL-CERAMIC: Belgorod Court Names V. Nemtsev Insolvency Manager
CHERDAKLINSKIY TINNED: Undergoes External Management Procedure
CHISTAY: Files for Bankruptcy

DAIRY KRYLOVSKOY: Undergoes Bankruptcy Supervision Procedure
DIAL-COMPANY: Proofs of Claim Deadline Nears
HOT BREAD: Creditors Have Until March to File Claims
KIMRY-DOR-STROY: Claims Filing Period Expires February 21
PETROVSKOYE: Arkhangelsk Court Appoints Insolvency Manager

STROY-DETAIL TAPS: Declared Bankruptcy
VIMPEL-COMMUNICATION: Moody's Rates Proposed Notes (P)B1
VIMPEL-COMMUNICATIONS: Proposed US$300 Mln Notes Rated 'BB-'
YUKOS OIL: Drops Lawsuit Versus Five Banks


S W E D E N

CONCORDIA BUS: Fails to Fully Pay Interest on Secured Notes


T U R K E Y

YAPI VE KREDI: 'B+' Currency Ratings on Watch Positive


U K R A I N E

ATP-2105: Temporary Insolvency Manager Takes over Operations
INFORMATION SYSTEMS: Bankruptcy Supervision Starts
KIROVSKA AUTOBASE: Gives Creditors Until Friday to File Claims
KORNER-A: Under Bankruptcy Supervision Procedure
MULTIPLIKATOR LTD.: Court Steps in, Appoints Insolvency Manager

ORLOVETSKE: Insolvency Manager Takes over Helm
PANI TUR: Kyiv Court Opens Bankruptcy Proceedings
SANATORIUM LISOVI: Declared Insolvent
UNION-EAST: Claims Filing Period Expires this Week
VALAN: Court Names D. Salatyuk Liquidator


U N I T E D   K I N G D O M

ANOTHER WAY: Hires Liquidator from Ideal Corporate Solutions
ARDMILLAN HEARTS: Final Meeting Set February 22
ARENA (NORTH): Hires Joint Administrators from Milner Boardman
AVECIA GROUP: Sale of NeoResins Biz to Royal DSM Cleared
AVONLINE GROUP: Hires Tenon Recovery to Liquidate Assets

CALLGUIDE LIMITED: Members Decide to Wind up Firm
CAN LIMITED: Names Barrington Limited Administrator
CARRIER (CABINET MAKERS): Hires Tenon Recovery as Liquidator
CERAMIC CITY: Creditors Meeting Next Week
COMMUNICORE HOLDINGS: Names Stewart Trevor Bennett Administrator

COX PLANT: Ernst & Young Prefers Selling Firm as One Block
CWD HAULAGE: Names Royce Peeling Green Liquidator
DAYAT GROUP: Members Pass Winding-up Resolutions
DREAMBERN SOLUTIONS: Opts for Liquidation
EDWARDS HARVEY: Berg Karpow Administrator Steps in

EMI GROUP: Revises Expectations for Current Financial Year
EMI GROUP: Ratings on CreditWatch Negative After Profit Warning
ESS RAIL: Manpower Group Succumbs to Administration
FORT WAYNE: Hires PricewaterhouseCoopers as Liquidator
FRANCAVILLA LIMITED: Names David Rubin & Partners Liquidator

GREENLIT PRODUCTIONS: Members Decide to Wind up Firm
HHG PLC: Resolution Life Withdraws Bid
HV REALISATIONS: Creditors Meeting Next Week
IN2CONNECT LIMITED: Receiver Favor Sale as 'Going Concern'
INTERNET MUSIC: Posts Details of Timestrip Acquisition

KELLOGG BROWN: Wins Role in MoD's Aircraft Carrier Program
LINK ICA: Hires Administrator from Berg Kaprow Lewis
LUX COLOR: Hires Ernst & Young to Liquidate Business
MG ROVER: Promises Minimal Job Losses After SAIC Takeover
MM WAREHOUSE: Names Taylor Rowlands Administrator

PLASTIC FOR INDUSTRY: Hires RSM Robson Rhodes as Administrator
RED MC: Administrators from Berg Kaprow Lewis Move in
SCOTLAND SCHEME: Calls Final Creditors Meeting
SVL REALISATIONS: Meeting of Unsecured Creditors Next Week
TECH ASSEMBLIES: Joint Administrators from KPMG Enter Firm

THE GUIDANCE: Calls in Joint Liquidators from Begbies Traynor
THE INDEPENDENT: Creditors Meeting Slated Next Week
THREE WISE: Winding-up Report Out February 17

* New Rules May Make Thousands of U.K. Firms Appear Insolvent


                            *********


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


RHODIA SA: Issues New Notes to Refinance Maturing Debt
------------------------------------------------------
Rhodia S.A. confirms that it has successfully priced an offering
of EUR500 million principal amount of 8% Senior Notes due 2010.
The notes will be issued at a price of 103.5% of their principal
amount, resulting in a yield to maturity of 7.19%.  The offering
is expected to close on February 14, 2005.

This offering will allow the Company to refinance most of its
outstanding 2005 and 2006 maturities and to lengthen the average
maturity of its debt.

"Rhodia took advantage of excellent conditions in the bond
market.  The yield to maturity of the notes also reflects
Rhodia's improving financial situation," said Jean-Pierre
Clamadieu, CEO of Rhodia.

"This offering will allow the company to meet all of its
significant debt maturities through 2010 and increases its
flexibility to pursue its operational turn-around," he said.

CSFB acted as book-runner and lead manager of the offering, BNP
Paribas and Calyon acted as joint lead managers.

The Notes will not be and have not been registered under the
Securities Act of 1933 and may not be offered or sold in the
United States absent registration or an applicable exemption
from the registration requirements of such Act.

This press release is not an offer of securities for sale in the
United States or any other jurisdiction.  Securities may not be
sold in the United States absent registration or an exemption
from registration.  Any public offering of securities to be made
in the United States or elsewhere will be made only by means of
a prospectus that may be obtained from Rhodia and that will
contain detailed information about Rhodia and its management, as
well as financial statements.  Copies of this announcement are
not being, and should not be, distributed in or sent into the
United States.

This announcement does not, and shall not in any circumstances,
constitute a public offering in neither France nor an invitation
to the public in France in connection with any offering.  Offers
and sales of Notes in France will be made in the context of a
private placement to a limited number of investors acting for
their own accounts and/or qualified investors acting for their
own accounts, in each case in accordance with Article L.411-2 of
the French Code Monetaire et Financier and Decree no. 98-880
dated 1 October 1998.  No offering documentation has been
submitted, nor will be submitted, to the clearance procedures of
the French Autorite des marches financiers, nor has been used or
may be used in connection with any offer to the public to
purchase or sell any Notes in France.

This communication is for distribution only to persons who (i)
are outside the United Kingdom or (ii) have professional
experience in matters relating to investments or (iii) are
persons falling within Article 49(2)(a) to (d) ("high net worth
companies, unincorporated associations etc.") of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2001,
as amended (all such persons together being referred to as
"relevant persons").  This communication is only directed at
relevant persons and must not be acted on or relied on by
persons other than relevant persons.  Any investment or
investment activity to which this communication relates is
available only to relevant persons and will be engaged in only
with relevant persons.

Rhodia is a global specialty chemicals company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals.  Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs.  Rhodia generated net sales of EUR5.4 billion
in 2003 and employs 23,000 people worldwide.  Rhodia is listed
on the Paris and New York stock exchanges.

                            *   *   *

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA OR JAPAN.

CONTACT:  RHODIA S.A.
          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


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


BIELINSKY HAUSGERATE: Applies for Bankruptcy Proceedings
--------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Bielinsky Hausgerate und Leuchten GmbH on Jan. 17.
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 Markus Lehmkuhler.

Creditors and other interested parties are encouraged to attend
the meeting on April 14, 2005, 9:30 a.m. at the district court
of Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 1.
Stock, Saal W126 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:  BIELINSKY HAUSGERATE UND LEUCHTEN GMBH
          Am Dickobskreuz 12 - 14, 53121 Bonn
          Contact:
          Monika Bielinsky, Manager
          Kirchweingarten 6, 53177 Bonn

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


DRESDNER BANK: Loan Participation Notes Rated 'BB-'
---------------------------------------------------
Fitch Ratings assigned Dresdner Bank AG's US$100 million 7.75%
limited recourse loan participation notes due September 2009 a
Long-term 'BB-' rating.  The notes are to be used solely for
financing a loan to The State Export-Import Bank of Ukraine
(Ukreximbank, rated Long-term foreign currency 'BB-', Short-term
'B', Support '3', Individual 'D/E').

At the same time, the agency has affirmed Dresdner Bank AG's
7.75% limited recourse loan participation notes due September
2009, which were issued in September 2004, at 'BB-'.  The latest
issue will be consolidated and form a single series with the
US$150 million notes.

Further details on the structure of the US$150 million
transaction can be found in Fitch's announcement dated 6
September 2004 at http://www.fitchratings.com.

Ukreximbank was founded in 1992 and was the sixth largest
Ukrainian bank by assets at end-2004, with a network of 83
branches and outlets across Ukraine.  It is 100%-owned by the
Ukrainian state (represented by the Cabinet of Ministers of
Ukraine).  In addition to its commercial banking activities,
Ukreximbank is the only Ukrainian bank that acts as a financial
agent of the Ukrainian government in attracting and servicing
international loans to Ukrainian corporates, which are extended
under state guarantee.

CONTACT:  FITCH RATINGS
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

          James Watson
          Phone: +7 095 956 9901

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


FKB FRAUENKLINIK: Court Appoints Provisional Administrator
----------------------------------------------------------
The district court of Munich opened bankruptcy proceedings
against FKB Frauenklinik Bogenhausen 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 Dr. Wolfgang Ott.

Creditors and other interested parties are encouraged to attend
the meeting on March 22, 2005, 10:00 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:  FKB FRAUENKLINIK BOGENHAUSEN GMBH
          Rontgenstr. 15 in 81679 Munchen

          Dr. Wolfgang Ott, Insolvency Manager
          Nymphenburger Str. 139, 80636 Munchen
          Phone: 089/120260
          Fax: 089/12026127


HORSE DIVISION: Creditors Meeting Set Next Month
------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Horse Division GmbH on Jan. 18.  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 Siegfried
Muller.

Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2005, 11:20 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  HORSE DIVISION GMBH
          Ahrhaus 1, 53945 Blankenheim
          Contact:
          Alfred Lieberherr-Kekereshi, Manager
          Gassackerstrasse 9, CH-8953 Dietikon

          Siegfried Muller, Insolvency Manager
          Zum Markt 10, 53888 Mechernich
          Phone: 02443/9812-0
          Fax: 02443/9812-19


ITALIAN STEP: Bankruptcy Court Stays All Pending Lawsuits
---------------------------------------------------------
The district court of Munich opened bankruptcy proceedings
against Italian Step Reisen GmbH on Jan. 10.  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 Alfred
Korbitz.

Creditors and other interested parties are encouraged to attend
the meeting on April 1, 2005, 9:00 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:  ITALIAN STEP REISEN GMBH
          Hermann-Lingg-Str. 7 in 80336 Munchen

          Alfred Korbitz, Insolvency Manager
          Promenadeplatz 9, 80333 Munchen
          Phone: 089/24216730
          Fax: 089/24216745


MAC PRO: Cedes Control to Court-appointed Administrator
-------------------------------------------------------
The district court of Aalen has opened bankruptcy proceedings
against MAC PRO 2 Medien-Produktion GmbH.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 15, 2005 to register their
claims with court-appointed provisional administrator Reinhard
Th. Schmid.

Creditors and other interested parties are encouraged to attend
the meeting on April 15, 2005, 8:00 a.m. at Stuttgarter Str. 7,
73430 Aalen, Raum 0.08 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:  MAC PRO 2 MEDIEN-PRODUKTION GMBH
          Klarenbergstr. 33, 73525 Schwabisch Gmund
          Contact:
          Sabine Wentz, Manager
          Amselweg 6, 73457 Essingen

          Reinhard Th. Schmid, Insolvency Manager
          Hasenbergsteige 5, 70178 Stuttgart


STEINEBRONN SPORTCOUTURE: Creditors Claims Due Next Week
--------------------------------------------------------
The district court of Munich opened bankruptcy proceedings
against Steinebronn Sportcouture GmbH & Co. KG on Jan. 5.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 15, 2005
to register their claims with court-appointed provisional
administrator Barbara Beutler.

Creditors and other interested parties are encouraged to attend
the meeting on March 15, 2005, 9:45 a.m. at Infanteriestr. 5, SS
101 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  STEINEBRONN SPORTCOUTURE GMBH & CO. KG
          Rotwandweg 5 A in 82024 Taufkirchen

          Barbara Beutler, Insolvency Manager
          Schwanthalerstr. 32, 80336 Munchen
          Phone: 089/54511-0
          Fax: 089/54511-444


WALTER BAU: Eleven Subsidiaries Follow Suit, Declare Insolvency
---------------------------------------------------------------
Less than a week after declaring insolvency, 11 Walter Bau
subsidiaries also trooped to the courts to apply for bankruptcy
proceedings, German News says.

The throng included Walter Dywidag Engineering [WDE] GmbH in
Aschheim, near Munich; and the Ausbau Grossenhain GmbH, two of
the biggest units to follow Walter Bau into bankruptcy.  The two
employ 400 of the 500 employees displaced by the application.

Considered the fourth-largest construction group in Germany,
Walter Bau has around 50 subsidiaries.  It is not clear which
and how many subsidiaries will file next, if any.  Walter Bau
declared insolvency on February 1 after failing to secure a new
EUR1.65 billion credit line from banks, which spurned its
proposed restructuring plan.

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


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


MALEV HUNGARIAN: Strike by Pilots Looms
---------------------------------------
Pilots of troubled national carrier Malev Hungarian Airlines are
threatening to go on strike if management refuses to increase
their pay by 8%, Magyar Nemzet says.

Apparently, both camps had agreed to a hike by January in
exchange for the forfeiture of the pilots' overtime pay in
December.  Management, however, reneged on its promise last
month, citing financial constraints.

A strike at this time could put Malev's future in doubt.  State
privatization agency Allami Privatizacios es Vagyonkezelo Rt.
(APV) is in the process of selling the carrier and a bad news
like this could lower Malev's value.

CONTACT:  MALEV HUNGARIAN AIRLINES
          Hotline: 06-40-212121
          Web site: http://www.malev.hu

          ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT.
          H-1133 Budapest, Pozsonyi ut 56
          Phone: (36 1) 237 4400
          Fax: (36 1) 237 4100
          E-mail: apvrt@apvrt.hu
          Web site: http://www.apvrt.hu/english/m3.html


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


FINPART SPA: Creditors Drag Group to Bankruptcy Court
-----------------------------------------------------
Two creditors filed separate bankruptcy petitions against loss-
making fashion and textile group Finpart last week, Reuters
says.

One petition, filed by a bondholders' representative, is seeking
the repayment of EUR11.5 million.  The other petition relates to
consultancy fees worth EUR0.3 million that Finpart owes Bain &
Company Italy.

Finpart says the claims raised by the bondholders group were not
legitimate.  As for the obligation to Bain, the company has
opted not to pay the bill at this time because it does not
relate to its industrial activities.

According to Finpart, it is currently finalizing a restructuring
plan, which will be presented to creditors shortly.  The plan
includes taking out an EUR80 million loan to kick-start the
restructuring.  The group, which owns the labels Andrea Pfister,
Cerruti, Maska and Henry Cotton's, also seeks a EUR300 million
capital increase and a rescheduling of a EUR200 billion bond
that it defaulted in July.

Finpart booked a loss of EUR59.5 million for the first nine
months of 2004, up from a loss of EUR49.7 million in the same
period in 2003.  The textile group saw its revenue fall
significantly by EUR58.4 million in 2003 to EUR245.8 million in
2004, but it managed to reduce net financial debt from EUR357
million in November 2004 to EUR347.5 million in December 2004.
The group was also able to cut its short-term bank debt by
EUR10.8 million in the same period.

CONTACT:  FIN.PART S.p.A.
          Foro Buonaparte, 51
          20121 Milan
          Phone: +39-02-72-55-01
          Fax: +39-02-86-46-32-42
          Web site: http://www.finpart.com

          BAIN & COMPANY ITALY, INC.
          Via Crocefisso n. 10
          20122 Milan
          Phone: 390 2 58288 1
          Web site: http://www.bain.com


IMPREGILO SPA: Main Shareholders Hold Talks with Gavio
------------------------------------------------------
The Romiti family, majority owner of Impregilo, reportedly met
with managers of motorway operator Gavio over plans to inject
capital into the troubled building group, Il Sole 24 Ore says.

Gavio is part of a local consortium reportedly bidding for a 20%
to 25% stake in Impregilo via a capital increase.  Gavio's offer
appears in line with the plan creditor banks want to pursue in
restructuring the company.  The banks are openly against the
offer of Generale Mobiliare Interessenze Azionarie (Gemina) to
inject EUR250 million into Impregilo, claiming this would only
saddle the company with more debt.  Controlled by the Romiti
family, Gemina is the main shareholder of Impregilo.

Impregilo needs to raise EUR800 million to repay EUR550 million
in bonds due May and June, and maintain its operations.

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

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


PARMALAT FINANZIARIA: Bondi Allows Citibank to Sue Units
--------------------------------------------------------
Citibank, N.A., and Citibank, N.A. International Banking
Facility have asked the U.S. Bankruptcy Court for the Southern
District of New York to vacate the Preliminary Injunction
entered in the Section 304 proceeding of Parmalat Finanziaria
S.p.A. and its affiliates.  Citibank intends to commence
proceedings against Parmalat Paraguay S.A. and Parmalat Del
Ecuador S.A., non-debtor units of Finanziaria.

Parmalat Paraguay has defaulted on various promissory note
obligations to Citibank totaling approximately $4.8 million.  By
letter dated March 17, 2004, Citibank declared the entire unpaid
principal amount of these obligations, together with all accrued
and unpaid interest and other amounts payable, to be due and
payable.

Citibank wants to initiate proceedings against Parmalat Paraguay
in the Commercial Court of the City of Asuncion, Paraguay, to
collect on Parmalat Paraguay's obligations.  If Citibank
succeeds in obtaining a judgment, Parmalat Paraguay's assets
will be impressed with a lien in Citibank's favor.  If Parmalat
Paraguay fails to satisfy that judgment, the Paraguay Court may
order that its assets be sold at auction to satisfy that
judgment.

Parmalat Ecuador also has defaulted on various promissory note
obligations to Citibank aggregating approximately $6.05 million.
On January 21, 2004, Citibank declared the entire unpaid
principal amount of the obligations, together with all accrued
and unpaid interest and other amounts payable under it, to be
due and payable.  These amounts have not been paid.

Citibank wants to commence proceedings against Parmalat Ecuador
in the Civil Court of Quito, Ecuador, to collect on the
obligations.  Citibank intends to seek a "juicio de providencia
preventives" -- a pre-judgment attachment of the assets of
Parmalat Ecuador under the Ecuador Civil Procedure Code.  Within
15 days of the granting of the relief, Citibank would be
required to -- and intends to -- commence in the Ecuador Court a
"juicio verbal sumario" -- an action to collect the debt.  If
Citibank succeeds in obtaining judgment, it would seek payment
from Parmalat Ecuador.  If the judgment is not satisfied, the
Ecuador Court may order that Parmalat Ecuador's assets be sold
at auction.

While neither Parmalat Paraguay nor Parmalat Ecuador is a debtor
in any insolvency proceeding, Citibank has argued that the
Preliminary Injunction on its face appears to bar commencement
of the proceedings Citibank wants to initiate against them.
Absent Preliminary Injunction, Citibank would not be stayed
under Italian law or otherwise from commencing proceedings
against Parmalat Paraguay and Parmalat Ecuador.  The Preliminary
Injunction, as currently in effect, provides Parmalat S.p.A. and
its affiliates with more relief with respect to Parmalat
Paraguay and Parmalat Ecuador than they are entitled to under
Italian law.

Citibank also asserted that the Preliminary Injunction operates,
inappropriately, as an anti-foreign suit injunction against it.
The Preliminary Injunction unfairly discriminates against
creditors that are subject to the jurisdiction of the Court,
because similarly situated creditors not subject to the Court's
jurisdiction are free to take action against Parmalat Paraguay
and Parmalat Ecuador outside of the United States.  This
discrimination against U.S. creditors contravenes the purpose
and policies underlying Section 304 of the Bankruptcy Code,
including the policy of equal treatment of all creditors.

The Foreign Debtors have admitted that it is not their intention
to include affiliated entities that are conducting business
outside of the Italian Proceedings within the scope of the
Preliminary Injunction.  The Foreign Debtors disclosed not only
that non-debtor entities like Parmalat Paraguay and Parmalat
Ecuador are not intended to be covered by the Preliminary
Injunction, but also that under Italian law those non-debtor
entities are not entitled to the benefit of any stay.

Subsequently, in a Court-approved Stipulation, Citibank and Dr.
Bondi agree that:

   (1) At 5:00 p.m. (New York time) on March 31, 2005, the
       Preliminary Injunction Order will automatically, and
       without the necessity of any other or further notice to
       any party, be deemed modified to permit Citibank to take
       any action of any kind or nature to enforce its rights
       against Parmalat Paraguay, Parmalat Ecuador or otherwise
       with respect to their obligations.  The period between
       the execution of the Stipulation by the parties and March
       31, 2005, is the "Standstill Period," which may be
       extended for an additional period of time upon a written
       agreement of all parties.

   (2) During the Standstill Period, the Foreign Debtors will
       provide Citibank with, regarding Parmalat Paraguay and
       Parmalat Ecuador:

       * access to company management;

       * access to their Paraguayan and Ecuadorian advisers;

       * access to their books and records;

       * copies of any of these documents:

         -- forecasts;

         -- budgets;

         -- restructuring plans;

         -- term sheets relating to a sale or other disposition
            of the assets;

         -- purchase and sale agreements; and

         -- correspondence of any kind or nature relating in any
            way to a sale or other disposition of the assets or
            the restructuring of the indebtedness; and

   (3) During the Standstill Period, the Foreign Debtors will
       not sell, transfer, encumber or incur new debt on any of
       the assets or shares of any of the Parmalat Paraguay
       Entities or the Parmalat Ecuador Entities without
       Citibank's prior written consent, which will not be
       unreasonably withheld.

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. 41; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

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

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


PARMALAT FINANZIARIA: Fourth-quarter Revenues Down
--------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
presents the operating and financial results of the Parmalat
Group as at December 31, 2004.

Since this announcement refers to the fourth quarter of 2004, it
provides information in a manner consistent with the quarterly
reporting guidelines provided in Annex 3D to the Consob
regulation set out in Resolution No.  11971/99.

Scope of Consolidation

The scope of consolidation has been defined applying principles
consistent with those adopted in preparing the income statement
and balance sheet as at June 30, 2004.  Non-Italian operations
of the Group classified as non-core that were consolidated line
by line at December 31, 2003 and which are currently subject to
certain restrictions on their management as a result of local
bankruptcy proceedings that have effectively placed them outside
the control of Parmalat Finanziaria S.p.A. in Extraordinary
Administration, and companies in voluntary liquidation, are no
longer consolidated on a line-by-line basis.

Consequently, pro forma data for the previous year have been
restated to reflect the new scope of the line-by-line
consolidation.  In the tables contained in this press release,
the restated data are compared with those for the current fiscal
year.

The results for 2004 do not include the contribution of
companies that were divested during 2004 (Parmalat Chile,
Parmalat Dominicana, Parmalat Argentina, and their subsidiaries)
and of companies that comprised the U.S.A. Bakery Division
(Mother's Cake & Cookies, Archway Cookies and three production
units in Canada), which were divested in January 2005.

Financial Highlights

Cumulative Through December

                                 Revenues
Values in
millions
of Euro            Previous      Previous        Current
                     year          year            year
                                 Pro-Forma

Core Businesses [*] 3,800.9      3,800.9         3,681.9

Non-Core
Businesses [**]     1,853.9        783.6           243.8

Total               5,654.8      4,584.5         3,925.8

                                  EBITDA

                   Previous      Previous        Current
                     year          year            year
                                 Pro-Forma

Core Businesses [*]   210.0        210.0           273.2

Non-Core
Businesses [**]       (82.8)       (45.2)           21.4

Subtotal              127.2        164.8           294.6

Proceedings Costs                                  (90.0)

Writedowns of
current assets and
other provisions [***]                             (18.2)

Total                 127.2         164.8          186.4

                            EBITDA % of Revenues

                    Previous      Previous         Current
                      year          year             year
                                  Pro-Forma

Core Activities [*]     5.5          5.5              7.4

Non-Core
Activities [**]        (4.5)        (5.8)             8.8

Total                   2.2          3.6              4.7

- - - - - - - -
Fourth Quarter

                                 Revenues
Values in
millions
of Euro             Previous      Previous        Current
                      year          year            year
                                  Pro-Forma

Core Businesses [*] 1,024.5      1,024.5          959.7

Non-Core
Businesses [**]       474.4        202.3            57.7

Total               1,498.7      1,226.8         1,017.5

                                  EBITDA

                    Previous      Previous        Current
                      year          year            year
                                  Pro-Forma

Core Businesses [*]    47.9         47.9            80.3

Non-Core
Businesses [**]       (16.9)        (9.9)           (3.4)

Total                  31.0         38.0            76.9

                            EBITDA % of Revenues

                    Previous      Previous         Current
                      year          year             year
                                  Pro-Forma

Core Activities [*]     4.7          4.7              8.4

Non-Core
Activities [**]        (3.6)        (4.9)            (5.8)

Total                   2.1          3.1              7.6

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] The Core Businesses include the following product
categories: beverages (milk and fruit juices) and functional
dairy products, focused on approximately 30 brands (both global
and strong local brands) primarily in high-potential countries
in which there is sustained demand for wellness products,
consumers are willing to pay a premium price for Parmalat brands
and where there is access to leading-edge technologies.

[**] The Non-core Businesses are those that are located in
countries or engaged in activities that are not strategically
significant and have been earmarked for divestiture.

[***] Writedowns of current assets and other provisions include
only adjustments made to items recognized after the start of the
Extraordinary Administration.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Core Businesses

The Group's Core Businesses reported revenues of EUR3,681.9
million at December 31, 2004, down slightly (-3.1%) from the
EUR3,800.9 million booked last year.  However, EBITDA increased
to EUR273.2 million, 30.0% higher than the EUR210.0 million
reported at December 31, 2003.

The combined impact of successful marketing initiatives and
efforts to reduce operating costs and overheads, which more than
offset the impact of lower unit sales, explains the markedly
improved operating performance.

Revenues for the fourth quarter of 2004 were EUR959.7 million,
6.3% lower than in the same period last year (EUR1,024.5
million).  However, EBITDA increased 67.6%, rising from EUR47.9
million to EUR80.3 million.

Italy

Cumulative 2004 revenues decreased to EUR1,367.1 million, 7.9%
less than the EUR1,484.3 million reported at December 31, 2003.
The revenue decrease was, however, accompanied by an increase in
EBITDA, which grew to EUR90.3 million (6.6% of net revenues),
compared with EUR69.8 million (4.7% of net revenues) at
December 31, 2003.

In the fourth quarter of 2004, net revenues totaled EUR337.9
million and EBITDA came to EUR23.7 million (7.0% of revenues),
compared with EUR357.7 million and EUR4.1 million (1.1% of
revenues), respectively, in the last quarter of 2003.  A strong
performance by the Milk and Fresh Dairy Products Divisions
(particularly in the yogurt segment) was the main reason for the
improvement in cumulative results.

Despite lower unit sales of UHT and fresh milk, the Milk
Division reported increased EBITDA thanks to a more favorable
sales mix, higher sales of functional milks (Omega 3 and Zymil,
which has become the fourth brand in its segment in Italy) and
lower spending on promotions and advertising for conventional
products.  The strongly positive unit sales and operating
results achieved in the yogurt segment were made possible by
strong demand for Parmalat-branded products (whole milk and
0.1%), which continued in 2004 thanks to their excellent market
position and successful promotional programs.  The cumulative
data for the fruit juice operations reflect the negative impact
of weather conditions that were less favorable than in 2003.

Demand should improve following the recent launch of a corporate
advertising campaign, which is expected to produce benefits
similar to those generated by the Kyr and Zymil campaigns.

Spain
At December 31, 2004, revenues totaled EUR222.6 million, or 2.4%
less than the EUR228.0 million reported a year earlier.  EBITDA
was also lower, down both in absolute terms (from EUR20.2
million to EUR14.8 million) and as a percentage of revenues
(from 8.9% to 6.7%).

Revenues and EBITDA for the fourth quarter of 2004 were down
year on year, decreasing to EUR49.7 million (EUR50.6 million in
2003) and EUR2.5 million (EUR2.6 million in 2003), respectively.
The main reasons for the contraction in operating results
compared with the data at December 31, 2003 were a rise in the
cost of packaging plastics, higher prices paid for milk
(although the upward trend was less pronounced in December than
it was during the rest of the year) and aggressive promotions
and price competition from competitors with a global reach in
the yogurt (specifically in smoothies) and dessert segments.

Intensive advertising campaigns by Parmalat's competitors in the
flavored milk segment also had a negative impact on the
performance of the Group's Spanish operations.  Moreover, unit
sales of seasonal products (Royne-branded ice creams, shakes and
almond-flavored beverages) were down sharply due to the less
favorable weather that characterized the summer of 2004 compared
with 2003.

However, increased production of generic-brand yogurt and the
4.0% increase in retail milk prices that came into effect in
October, coupled with a reduction in advertising expenses, has
begun to reverse the trend that characterized operating results
in the earlier part of the year.

South Africa

Annual revenues grew to EUR252.7 million this year, up 22.9%
compared with the EUR205.6 million reported in 2003.

EBITDA showed the same positive trend, rising from EUR20.1
million to EUR22.8 million (+13.4%).  The improvement in
cumulative revenues and EBITDA over 2003 was made possible by
the appreciation of the South African rand versus the euro
compared with December 2003 (the average exchange rate was up
6.0% compared with 2003) and by a sharp rise in unit sales of
low-margin products (bulk cheese in particular), which provided
better coverage for fixed production costs and helped reduce the
excess inventory that had existed in South Africa.  At the same
time, increased shipments of products such as fruit juices,
desserts, yogurt and premium cheeses (the recent Simonsberg and
Melrose acquisitions were a factor here) helped boost EBITDA.

The principal negative factors that affected the Group's
operations in South Africa included higher transportation and
distribution costs and the inability to raise the retail prices
of dairy products.

Fourth quarter revenues totaled EUR74.4 million (EUR68.2 million
in 2003).  At EUR8.6 million, EBITDA were slightly higher than
the EUR8.2 million earned in the last three months of 2003.

Venezuela

In December, the Bolivar continued to lose value against the
euro (-27.6% compared with the average exchange rate for the
same month in 2003).  Against this backdrop cumulative revenues
decreased to EUR145.0 million in 2004, 26.9% lower than the
EUR198.3 million booked in 2003.  The same was true for EBITDA,
which fell both in absolute terms (down from EUR20.9 million to
EUR6.8 million) and as a percentage of net revenues (from 10.6%
to 4.7%).

The financial difficulties experienced by the Group's Venezuelan
operations, which resulted in a halt in the importation of
numerous raw materials, the decision by the Venezuelan
Government to regulate the markets for "basic" powdered milk,
increases in the price paid for raw materials (especially milk)
and packaging plastics were the principal negative factors
underlying the deterioration in operating performance.

On a more positive note, the sales data for the closing months
of the year point to the beginnings of a recovery for the
Venezuelan companies, made possible by the implementation of
reorganization and refocusing programs.  The product categories
that enjoyed unit sales increases include pasteurized milk,
fruit juices, yogurt and fermented milk.

In the fourth quarter of 2004, revenues totaled EUR34.2 million
(EUR48.6 million in 2003) and EBITDA amounted to EUR3.0 million
(EUR2.7 million in 2003).

Canada

Revenues totaled EUR1,187.2 million in 2004, up from EUR1,172.1
million in 2003.  The increase in net revenues produced a
significant gain in EBITDA, which rose both in absolute terms
(EUR86.8 million, up 29.0% from EUR67.3 million at December 31,
2003) and as a percentage of net revenues (from 5.7% to 7.3%).

These improvements were largely the result of a strong
performance in the core ingredients, cheese and yogurt segments.
All three posted higher sales than in 2003.  In the fruit juice
segment, unit sales were relatively flat, but margins increased.

Additional factors that contributed to the positive operating
results described above include reduced marketing expenses and
lower overheads and the rapid implementation of some of the
initiatives outlined in the Group's industrial plan.  These
initiatives include: renegotiation of contracts with certain
suppliers, expansion of the contract with Canada's largest
retail chain, a reduction in distribution costs, reorganization
of manufacturing processes and a streamlining of the product
portfolio.  These positive factors more than offset the negative
impact of a slight decrease in the value of the Canadian dollar
versus the euro (-2.2% compared with the average exchange rate
in December 2003).

In the fourth quarter of 2004, revenues totaled EUR337.9 million
(EUR330.4 million in 2003) and EBITDA increased to EUR30.9
million (EUR18.8 million in 2003).

Australia

Helped in part by the appreciation of the Australian dollar
versus the euro (+2.8% compared with the average rate through
December 2003), revenues for 2004 grew to EUR384.7 million, up
from EUR381.2 million in 2003.

EBITDA totaled EUR33.0 million, or 0.6% less than the EUR33.2
million earned last year.  Higher unit sales of pasteurized milk
made possible by increased production for private labels, the
start of a supply contract with a large local distributor and
rising shipments of yogurt account for most of the revenue gain.
Additional positive factors include the containment of overhead
and promotional and transportation expenses, a more effective
raw materials procurement policy, and the streamlining of
production facilities.

In the fourth quarter of 2004, revenues totaled EUR107.1 million
(EUR111.7 million in 2003).  EBITDA amounted to EUR10.4 million,
compared with EUR14.0 million in the last three months of 2003.

Non-core Businesses

In 2004, the Group's Non-core Businesses reported revenues of
EUR243.8 million, down 68.9% on the EUR783.6 million booked in
2003.

The favorable trend that started the year continued in December
with EBITDA remaining positive despite the decrease in net
revenues.  EBITDA totaled EUR21.4 million (negative EBITDA of
EUR45.2 million in 2003), due mainly to a change in the
treatment of certain items attributed to Parma F.C. that relate
to the sale of some of the team's players.

Revenues for the fourth quarter of 2004 decreased to EUR57.7
million (EUR202.3 million in 2003), but EBITDA improved to a
negative EUR3.4 million (-EUR9.9 million in 2003).  Foreign
companies that were divested in 2004 and are no longer
consolidated line by line had revenues of EUR439.0 million and
negative EBITDA of EUR20.8 million in 2003.

In addition to the above-mentioned item, the year-on-year
improvement in cumulative EBITDA is attributable primarily to
the success of programs implemented by certain Italian
businesses.

Italy

The operations of Parmalat S.p.A. designated as Non-core
Businesses had lower revenues than at December 31, 2003.
Nevertheless, EBITDA improved, rising from a negative EUR16.5
million to a negative EUR3.0 million.  The decision to
discontinue the water business and the implementation of deep
cuts in promotional and advertising spends for bakery goods and
fruit juices mainly explain the improved results.

Divestitures

During 2004, the Group divested its investments in MCC S.p.A.,
Capitalia S.p.A., Fondo di Investimento Alfieri, Parmalat
Thailand Ltd., Parmalat Trading Thailand Ltd., Parmalat Chile
SA, Parmalat Dominicana S.A. and Parmalat Argentina S.A.
(99.99%), and their subsidiaries; it sold the assets of Parmalat
de Mexico S.A. and, in January 2005, the companies that
comprised the U.S.A. Bakery Division (Mother's Cake & Cookies,
Archway Cookies and three production units in Canada).  It also
disposed of certain real estate assets and sold the Coca-Cola
bottling franchise owned by Parmalat Australia Ltd.  These
divestitures enabled the Group to generate proceeds amounting to
EUR53.0 million and to deconsolidate indebtedness totaling about
EUR121.0 million.

The Group is currently in the process of divesting the following
assets: the Italy Bakery Division, Streglio S.p.A. in
Extraordinary Administration, Parma F.C. S.p.A., companies in
Uruguay and China, a building owned by Eurolat, and an equity
investment in NOM AG.

Full copy of Parmalat Finanziaria's 2004 interim results can be
viewed at: http://bankrupt.com/misc/parmalat_int2004.pdf.

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

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


PARMALAT FINANZIARIA: Members of New Management Team Named
----------------------------------------------------------
Enrico Bondi has formed a new management team to oversee the
group's relaunch and relisting on the Milan bourse, Il Sole 24
Ore says.

Mr. Bondi bared Sunday the names of the people composing the
team.  They are Guido Angiolini, who as finance director will
oversee the liquidation of Parmalat's non-operating subsidiaries
and shell companies; Carlo Prevedini, general manager; Paolo
Aceto, who will oversee relations with institutional investors;
Carlo Frau, head of strategy and development; and Luigi Longo,
director of human resources.

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


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


SANITEC INTERNATIONAL: EQT to Acquire Sanitec Corporation
---------------------------------------------------------
The private equity fund EQT IV on Friday signed an agreement
with Sanitec International S.A., a company controlled by BC
Partners advised private equity funds, to acquire all shares in
Sanitec Corporation, the Finnish parent company of the Sanitec
Group.  The transaction is subject to the customary approvals of
relevant competition authorities.

The BC Partners advised funds acquired Sanitec in a public to
private transaction in spring 2001.  Since then Sanitec has
implemented a comprehensive restructuring and integration
program, further improving its profitability and operational
cash flow.

"We are convinced that with EQT we will have a strong support
for the continuation and further development of our integration
and growth strategy.  Sanitec remains as one entity and this
enables us to continue capitalizing on our strong brands and
further strengthen our position as a leading pan-European
bathroom solutions provider", says Rainer S. Simon, President
and CEO of Sanitec Corporation.

About Sanitec

Sanitec is a European multi-brand group that designs,
manufactures and markets bathroom ceramics and bath and shower
products.  The Group is based around locally well-known brands,
which have strong positions and deep roots in the bathroom
business.  Sanitec operates through two divisions: Ceramics,
Acrylics & Enclosures (CA&E) and Wellness.

In 2003, Sanitec's net sales amounted EUR951.1 million.  The
Group employs around 7,100 people, mainly in Europe.  The 27
production plants are located in Europe whereas the sales and
marketing network operates worldwide.  Sanitec's headquarters
are located in Finland and in Germany.

About EQT Private Equity Funds

EQT is a leading private equity group in Northern Europe with an
industrial strategy and a strong track record.  Managing almost
EUR6 billion in capital, and with experience from more than 30
investments, EQT offers its portfolio companies financial
support, strategic guidance and a significant network of
contacts.  Recent investments by EQT include Sirona Dental
(2004) and Com Hem AB (2003).

About BC Partners

BC Partners is a leading pan-European private equity firm,
operating through integrated teams based in Geneva, Hamburg,
London, Milan and Paris.  The BC European Capital VII funds have
total commitments of EUR4.3 billion, one of the largest buyout
funds in Europe to date.  Over 17 years the firm has developed a
long track record of successfully acquiring and developing
European businesses in partnership with management, investing in
57 acquisitions with a combined enterprise value of EUR33.4
billion.

CONTACT:  SANITEC CORPORATION
          Timo Lehto
          E-mail: timo.lehto@sanitec.com
          Phone: +358 9 709 5402

          EQT PARTNERS
          Juha Lindfors
          E-mail: juha.lindfors@eqt.fi
          Phone: +358 40 519 45 13

          BC PARTNERS
          Hermann Zimmermann
          Engel & Zimmermann
          Phone: +49 89 8935633


SANITEC INTERNATIONAL: Moody's Wary of Disposal Plan
----------------------------------------------------
Moody's Investors Service placed the ratings of Sanitec
International S.A. (Sanitec) and its subsidiaries on review for
possible downgrade.  The review follows the announced
acquisition of Sanitec Corporation, a subsidiary of Sanitec
International S.A., by private equity funds advised by EQT.  The
sale is conditional on clearance from the European competition
authorities.

Affected ratings are:

(a) Senior implied rating at B1,

(b) Senior Unsecured issuer rating at B3,

(c) EUR260.0 million 9% senior notes due 2012 at B3

(d) EUR555.0 million senior secured credit facilities (EUR441.2
    million outstanding as of September 30, 2004) at B1

The review for possible downgrade is prompted by the announced
sale by Sanitec International S.A. of all its operating
activities to the private funds managed and advised by EQT and
Moody's expectation that levels of indebtedness at Sanitec
Corporation will materially increase as a result of the
aforementioned acquisition.

Moody's notes that while the sale of Sanitec Corporation would
not trigger the change of control put in the bond documentation,
the bond indenture allows the company to use the proceeds from
the asset sale for other purposes (i.e. acquisition of other
operating assets) within 360 days after such receipt rather than
repaying the bond.  However, Moody's would expect the company to
use the net proceeds from the asset disposal to repurchase the
senior notes; in that case, should the bond be repaid at or
above par, Moody's would confirm and withdraw the rating for the
bond.

Moody's review will focus on the likely business and financial
strategies of EQT for the acquired assets going forward,
including the proposed debt leverage profile and relative
ranking of Sanitec Corporation's different creditors following
its expected re-capitalization.  Moody's believes that there is
a strong possibility that the acquisition will result in a
refinancing of Sanitec Corporation's existing debt as the senior
secured creditors benefit from a put option in the event of a
change of control.  A refinancing of the rated bank loans (at or
above par) would also result in a confirmation and rating
withdrawal for the existing credit facilities.

Domiciled in Luxembourg, Sanitec is a leading European
manufacturer and supplier of sanitary ceramics and bath and
shower products.  For the twelve months ended 30 September 2004,
Sanitec reported revenues of EUR930.0 million and restructuring
charges-adjusted EBITDA of EUR166.1 million.

CONTACT:  SANITEC CORPORATION
          Corrado Giovannetti
          Executive Vice President, Bath and Shower Products
          Phone: +39 0427 587 400
          Mobile: +39 335 241 116
          E-mail: corrado.giovannetti@dominospa.com

          Lars Hohmann
          Corporate Vice President
          Corporate Development & Communications
          Phone: +49 40 3410 2980
          Mobile: +49 173 962 3232
          E-mail: lars.hoehmann@sanitec.com


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


ROYAL SHELL: Moody's Affirms Ratings; Retains Negative Outlook
--------------------------------------------------------------
Moody's Investors Service affirmed the Aa1 long-term ratings of
guaranteed subsidiaries of the Royal Dutch/Shell Group (RDS, or
the Group) and is maintaining a negative outlook, following the
Group's announced de-booking of an additional 1.4 billion
barrel-of-oil equivalent reserves (BOEs) against its year-end
2003 proved reserves, as well as indications of poor reserve
replacement results in 2004.  The affirmed guaranteed
subsidiaries include Shell Finance (Netherlands) B.V. and Shell
Finance (U.K.) P.L.C. This information was released in tandem
with the Group's 2004 financial results.

The reserve de-bookings follow on the completion of a full
review of virtually all of RDS's proved global reserves,
undertaken internally and with the participation of independent
petroleum engineers, to ensure that the Group's proved reserves
are in full compliance with SEC guidelines for reserve booking.
The most recent de-booking of 1.4 billion BOEs significantly
exceeds the 900 million BOE reserves indicated to be at risk in
October 2004, when the audit was about 55% complete.  Unlike
some of the earlier de-bookings, the latest is the result of
technical reporting factors affecting a large number of fields
with fairly small individual reserve adjustments, rather than
earlier large field de-bookings from proven to unproven due to
early stages of commercial and technical maturity.  The de-
booking reduced RDS's total proved reserve life index in 2003 to
about 9.3 years, down from the 10.2 years previously indicated.

RDS also reported, in accordance with previous guidance, that
organic reserve replacement for 2004 will be in the range of
45%-55%, and divestments and year-end pricing impacts will
reduce total replacement in 2004 to the range of 15%-25%.  The
results reflect poor exploration results, timing issues and the
long development cycles for many of its largest projects and, in
the case of the downward revisions, price-related and reserve
sale impacts.  A mid-point replacement range suggests year-end
2004 proved reserves of about 12.1 B BOE, down from the restated
12.95 billion BOE proved reserves at year-end 2003.  RDS also
has on a pro-forma basis the shortest reserve life among its
large integrated peer group, with a total proved reserve life of
about 8.8 years at year-end 2004 and a short proved developed
reserve life in the area of 5.6 years.  The reserve life index
is indicative of the challenge RDS faces in replacing reserves
and growing production in the years ahead.

Despite these negative factors, Moody's does not view RDS's
reserve position as sufficiently worse to warrant a rating
downgrade at this time.  RDS has substantially re-vamped its
booking and control processes.  The de-bookings have not
affected the Group's upstream development program or expected
spending levels, its production profile, or its exploration
plans for the next four to five years.  A large part of the de-
booked reserves appear to have a reasonable likelihood of
returning to proved status on an S.E.C. basis and achieving
production in the years to come.

While Moody's recognizes the Group's organic replacement and
production growth challenge, it believes RDS remains among the
most geographically diversified of the majors, with a roster of
large identified projects, including leadership in high growth
liquefied natural gas markets, all of which will play a role in
real production growth by 2008 from the downsized reserve base.

In addition, RDS generated record earnings and cash flow in
2004, reflecting both a strong commodity price and refining
margin environment, and a robust operating performance,
particularly in the downstream business.  The Group is likely to
raise substantial cash from further asset rationalization and
continues to demonstrate ample financial flexibility to support
future investment opportunities, reduce debt, or return capital
to shareholders.  Financial leverage is at a cyclical low with
debt to total capitalization at year-end 2004 of about 18%, or
5% on a cash-adjusted basis, due to stronger earnings and over
$4.8 billion of debt reduction in 2004.  Liquidity is bolstered
by some $8.5 billion of cash.

Moody's is maintaining a negative rating outlook to reflect
potential rating pressure if a more in-depth review of 2004
audited financial statements reveals that RDS's relative
position among its strongly rated peer group has weakened.  The
negative outlook also reflects the company's challenges in
implementing its proposed corporate restructuring, which is
expected to be concluded in June 2005.  While the rating agency
does not expect near-term answers to longer term reserve and
production issues, there is little room at its Aa1 rating level
for further material negative developments or slow erosion in
petroleum reserve and production metrics.

The Royal Dutch/Shell Group of companies, one of the world's
largest integrated petroleum entities, has dual headquarters in
London and The Hague.

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


===========
P O L A N D
===========


NETIA SA: Sets Ordinary Shareholders Meeting March 17
-----------------------------------------------------
Netia S.A. (WSE: NET), Poland's largest alternative provider of
fixed-line telecommunications services, announced that its
Management Board resolved to convene an Ordinary General Meeting
of the Shareholders of the Company for March 17, 2005 (Thursday)
at 13.00 hours CET at the Company's headquarters in Warsaw at
Poleczki 13 St..

For this reason the Company hereby presents:

(a) The proposed agenda for the Meeting:

     (i) opening the Meeting;

    (ii) Election of the Chairman of the Meeting;

   (iii) Statement that the Meeting has been properly convened
         and is able to adopt resolutions;

    (iv) Review of the Management Board's reports on Company's
         and Netia Group's activities for 2004, the stand-alone
         financial statements of the Company for 2004 and
         consolidated financial statements of the Netia Group
         for 2004 and the Supervisory Board's report for 2004;

     (v) Adoption of resolutions concerning approval of the
         Management Board's reports on Company's and Netia
         Group's activities for 2004, the stand-alone financial
         statements of the Company for 2004 and consolidated
         financial statements of the Netia Group for 2004;

    (vi) Adoption of resolutions concerning the granting of
         approval of the performance of duties by individual
         members of the Management Board and the Supervisory
         Board in 2004;

   (vii) Adoption of resolutions concerning continuation of the
         merger process of the Company and Regionalne Sieci
         Telekomunikacyjne El-Net S.A. with its registered seat
         in Warsaw, Netia Swiat S.A with its registered seat in
         Warsaw, Polbox sp.z  o.o. with its registered seat in
         Warsaw;

  (viii) Adoption of resolutions concerning preparing of the
         Company's financial statements according to
         International Accounting Standards, International
         Standards of Financial Reporting and interpretations
         connected with the above announced in a form of
         European Commission regulations (IAS);

    (ix) Adoption of resolutions concerning amendment to the
         Company's Statute;

     (x) Adoption of resolutions concerning granting
         authorization to the Supervisory Board to adopt the
         unified text of the Company's Statute;

    (xi) Adoption of resolutions concerning the allocation of
         the Company's profit for 2004 and the allocation of the
         Company's spare capital;

   (xii) Adoption of resolutions concerning approval of the
         program of Company's shares buy-back and redemption and
         subscription warrants buy-back as well as concerning
         determination of the conditions and mode of their
         buyback and redemption;

  (xiii) Closing the Meeting.

(b) Additional information regarding registration of the
    Shareholders participating in the Meeting on March 17, 2005:

Shareholders who are owners of bearer and registered shares
admitted to public trading shall have the right to participate
in the Meeting, provided that at least by March 10, 2005, 17.00
hours CET, i.e. one week prior to the Meeting, they deliver to
the Company depository certificates issued by the brokerage
house keeping such Shareholder's securities account (or by
Centralny Dom Maklerski PEKAO S.A.).

Shareholders who own non-publicly traded bearer shares shall
have the right to participate in the Meeting provided that their
shares are deposited with the Company at least by 10 March,
2005, 17.00 CET, i.e. one week prior to the Meeting.

Shareholders may participate in the Meeting and exercise their
voting right personally or by proxy.  The proxy shall be in
writing on pain of being invalid.

The list of Shareholders authorized to participate in the
Meeting shall be displayed at the Company's offices from March
14, 2005, i.e. three working days prior to the Meeting.

(c) In connection with the proposed changes to the Company's
    Statute, the Company's Management Board presents the
    proposed amendments:

    Proposed wording of the S 5 C of the Company Statute:

    "Shares of the Company may be redeemed based on a
    resolution of the General Shareholders' Meeting.

    "The Company may redeem its shares only upon the consent of
    the shareholder (voluntary redemption).

    The General Shareholders' Meeting may authorize the
    Management Board to purchase the Company's shares from
    the shareholders for the sake of their future redemption."

(d) Furthermore the Company's Management Board hereby informs
    that the meeting of the Company's Supervisory Board will be
    held on March 1, 2005 with the agenda including, among
    others, these issues:

     (i) opinion on the report on the Management Board's
         activities for 2004,

    (ii) opinion on  the Company's financial statements for
         2004,

   (iii) the Supervisory Board's opinion on the draft
         resolutions of the Ordinary General Shareholders'
         Meeting convened for March 17, 2005,

    (iv) opinion on the Management Board's proposal as to the
         distribution of profit for 2004,

     (v) opinion on the Management Board's proposal concerning
         the adoption of the Company's shares buy-back and
         redemption and warrants buy-back program.  The
         Supervisory Board's report, the draft resolutions of
         the Ordinary General Shareholders' Meeting and the
         Management Board's proposals, including, among others,
         a detailed recommendation regarding dividend payment
         and the planned program of the Company's shares and
         warrants buy-back by the Company, will be made
         available in the terms required by the law.

CONTACT:  NETIA S.A.
          02-822 Warszawa
          ul. Poleczki 13
          Phone: [48] (22) 330 2000
          Fax: [48] (22) 330 2323

          Investor Relations Manager
          Anna Kuchnio
          Phone: [48] (22) 330 2061
          E-mail: anna_kuchnio@netia.pl

          Netia Public Relations
          Jolanta Ciesielska
          Phone: [48] (22) 330 2407
          E-mail: jolanta_ciesielska@netia.pl


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


AKSUBAEVSKIY RSU: Declared Insolvent
------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Aksubaevskiy RSU after finding the open
joint stock company insolvent.  The case is docketed as A65-
14633/2004-SG4-16.  Mr. S. Guskov has been appointed insolvency
manager.  Creditors have until March 21, 2005 to submit their
proofs of claim to 420100, Russia, Tatarstan republic, Kazan,
Post User Box 197.

CONTACT:  AKSUBAEVSKIY RSU
          Russia, Tatarstan republic, Aksubaevo

          Mr. S. Guskov
          Insolvency Manager
          420100, Russia, Tatarstan republic,
          Kazan, Post User Box 197


ALFA BANK: Notes Get Final Long-term Rating of 'B+'
---------------------------------------------------
Fitch Ratings assigned Alfa MTN Markets Limited's US$150 million
7.75% issue of medium term notes due February 2007 a final Long-
term 'B+' rating.  The proceeds from the issue will be on-lent
to Alfa Bank (rated Long-term foreign currency 'B+', Short-term
'B', Support '4', Individual 'D') or ABH Financial Limited.

Alfa Bank is the 100%-owned principal subsidiary of ABH
Financial Limited.  Alfa Bank's principal activity is commercial
and retail banking.  It is also active in investment banking,
trade finance, insurance and asset management.  ABH Financial
Limited also owns Alfa Capital Holdings Limited, which provides
a wide range of investment banking services, such as corporate
finance, securities (mainly equity) brokerage, asset management,
private equity, research and proprietary trading.

CONTACT:  FITCH RATINGS
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

          James Watson
          Phone: +7 095 956 9901

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

          ALFA BANK
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901


BEL-CERAMIC: Belgorod Court Names V. Nemtsev Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Bel-Ceramic after finding the limited
liability company insolvent.  The case is docketed as A08-
15638/04-2B.  Mr. V. Nemtsev has been appointed insolvency
manager.  Creditors have until March 21, 2005 to submit their
proofs of claim to 308000, Russia, Belgorod, Post Office, Post
User Box 132.

CONTACT:  BEL-CERAMIC
          Russia, Belgorod region, Belgorod,
          Khmelnitskogo Str. 131

          Mr. V. Nemtsev
          Insolvency Manager
          308000, Russia, Belgorod,
          Post Office, Post User Box 132


CHERDAKLINSKIY TINNED: Undergoes External Management Procedure
--------------------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced external
management bankruptcy procedure on open joint stock company
Cherdaklinskiy Tinned Food Factory.  The case is docketed as
A72-5339/04-19/24-B.  Mr. O. Tyugaev has been appointed external
insolvency manager.

CONTACT:  CHERDAKLINSKIY TINNED FOOD FACTORY
          Russia, Ulyanovsk region,
          Cherdakly, Pionerskaya Str. 1

          Mr. O. Tyugaev
          External Insolvency Manager
          432063, Russia, Ulyanovsk,
          Post User Box 5108


CHISTAY: Files for Bankruptcy
-----------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Chistay after finding the close joint stock
company insolvent.  The case is docketed as A65-9739/2004-SG4-
16.  Mr. V. Osipov has been appointed insolvency manager.
Creditors have until March 21, 2005 to submit their proofs of
claim to 420029, Russia, Tatarstan republic, Kazan, Post User
Box 117.

CONTACT:  CHISTAY
          422980, Russia, Tatarstan republic,
          Chistopol, Kurchenko Str. 71

          Mr. V. Osipov
          Insolvency Manager
          420029, Russia, Tatarstan republic,
          Kazan, Post User Box 117


DAIRY KRYLOVSKOY: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Dairy Krylovskoy.  The case is docketed as A-32-39184/04-
S44/231-B.  Mr. M. Orlov has been appointed temporary insolvency
manager.

Creditors have until Feb. 21, 2005 to submit their proofs of
claim to the Arbitration Court of Krasnodar region.  A hearing
will take place on June 20, 2005, 11:00 a.m.

CONTACT:  DAIRY KRYLOVSKOY
          352080, Russia, Krasnodar region,
          Krylovskaya St. Naberezhnaya Str. 53


DIAL-COMPANY: Proofs of Claim Deadline Nears
--------------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Dial-Company (TIN 6321052322) after finding
the close joint stock company insolvent.  The case is docketed
as A55-5318/04-33.  Mr. I. Madzhuta has been appointed
insolvency manager.  Creditors have until Feb. 21, 2005 to
submit their proofs of claim to 443001, Russia, Samara, Br.
Korostelevykh Str. 268, Office 40.

CONTACT:  DIAL-COMPANY
          445843, Russia, Samara region,
          Tolyatti, Borkovskaya Str. 48

          Mr. I. Madzhuta
          Insolvency Manager
          443001, Russia, Samara,
          Br. Korostelevykh Str. 268, Office 40


HOT BREAD: Creditors Have Until March to File Claims
----------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region
commenced bankruptcy proceedings against Hot Bread after finding
the open joint stock company insolvent.  The case is docketed as
A81-810/1405 B-01.  Ms. G. Dubacheva has been appointed
insolvency manager.  Creditors have until March 21, 2005 to
submit their proofs of claim to 629001, Russia, Salekhard,
Igarskaya Str. 8.

CONTACT:  HOT BREAD
          629001, Russia, Tyumen region,
          Salekhard, Gubkina Str. 5A

          Ms. G. Dubacheva
          Insolvency Manager
          629001, Russia, Salekhard,
          Igarskaya Str. 8
          Phone/Fax: (34922) 4-43-77


KIMRY-DOR-STROY: Claims Filing Period Expires February 21
---------------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on close joint stock company Kimry-Dor-
Stroy.  The case is docketed as A6613424/2004.  Ms. A.
Chetverkina has been appointed temporary insolvency manager.
Creditors have until Feb. 21, 2005 to submit their proofs of
claim to 170034, Russia, Tver, Erofeeva Str., 5.  A hearing will
take place on March 30, 2005.

CONTACT:  KIMRY-DOR-STROY
          171510, Russia, Tver region,
          Kimry, Ilyinskoye Shosse, 6

          Ms. A. Chetverkina
          Temporary Insolvency Manager
          170034, Russia,
          Tver, Erofeeva Str. 5


PETROVSKOYE: Arkhangelsk Court Appoints Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy supervision procedure on close joint stock company
Petrovskoye.  The case is docketed as A05-3229/04-28.  Mr. A.
Setov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 164500, Russia,
Arkhangelsk region, Severodvinsk, Kirilkina Str. 13, Apartment
155.

CONTACT:  PETROVSKOYE
          164264, Russia, Arkhangelsk region,
          Plesetskiy region, Podvolochye, Tarasovo

          Mr. A. Setov
          Temporary Insolvency Manager
          164500, Russia, Arkhangelsk region, Severodvinsk,
          Kirilkina Str. 13, Apartment 155


STROY-DETAIL TAPS: Declared Bankruptcy
--------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Stroy-Detail Taps after finding the company
insolvent.  The case is docketed as A65-9737/2004-SG4-21.  Mr.
A. Suspitsyn has been appointed insolvency manager.  Creditors
have until March 21, 2005 to submit their proofs of claim to
423850, Russia, Naberezhnye Chelny, Post User Box 73.

CONTACT:  STROY-DETAIL TAPS
          Russia, Tatarstan republic, Tukaevskiy

          Mr. A. Suspitsyn
          Insolvency Manager
          423850, Russia, Naberezhnye Chelny,
          Post User Box 73


VIMPEL-COMMUNICATION: Moody's Rates Proposed Notes (P)B1
--------------------------------------------------------
Moody's has affirmed the ratings of Open Joint Stock Company
Vimpel-Communication: the company's senior implied rating was
affirmed at Ba3 and the ratings on the company's loan
participation notes were affirmed as listed below.
Concurrently, Moody's assigned a (P)B1 rating to the company's
proposed $300.0 million in new loan participation notes.  The
ratings outlook is stable.

Ratings affected are:

(a) Senior implied rating affirmed at Ba3,

(b) Unsecured issuer rating affirmed at B1,

(c) $250.0 million in 10.45% senior unsecured loan participation
    notes due 2005 affirmed at B1,

(d) $450.0 million in 10% senior unsecured loan participation
    notes due 2009 affirmed at B1,

(e) $300.0 million in 8.375% senior unsecured loan participation
    notes due 2011 at B1,

(f) Up to $300.0 million in proposed new senior unsecured loan
    participation notes due 2010 at (P)B1

Net proceeds from the new notes offering will be used partly to
repay indebtedness including, at maturity, a portion of the $250
million notes due in April 2005 and partly to continue
development and expansion of the networks including possible
acquisitions or investments in existing wireless operators
within Russia and/or the CIS or by establishing new wireless
operators or entering into local partnerships or joint ventures
within Russia and/or the CIS.

The ratings continue to reflect the highly competitive operating
environment, risks related to the company's rapid expansion both
through internal and external growth, and country-related risk
factors, in particular lack of regulatory and legal transparency
which recently manifested itself in the postponement of the re-
issuance of VimpelCom-Region's licenses to VimpelCom after
VimpelCom-Region merged with VimpelCom due to the absence of the
relevant regulatory framework and the tax claims against the
company in late 2004.  The company is yet to finalize a similar
merger process with KB-Impuls once the regulatory platform is in
place.

The rating agency, however, notes that the delays with license
issuance also affect other mobile operators in Russia and are
not specific to the company.  Moody's also notes the uncertainty
associated with a possible resolution towards a recent "order to
pay" in the amount of approximately $5.5 billion received by the
company's subsidiary KaR-Tel from The Savings Deposit Insurance
Fund, a Turkish state agency, although without any material
impact on the ratings at present as the nature of the claim is
still in question.

At the same time the ratings are supported by VimpelCom's strong
market position (the nationwide market share increased from
30.6% as of 30 September 2003 to 33.7% as of 30 September 2004),
continued operating cash flow generation, albeit largely used
for material capital expenditure program, and low debt levels
relative to the company's operating cash flow.  The rating
relies on the expectation that the consolidated leverage will
remain less then 2.0x debt to EBITDA going forward.

The assigned ratings assume that 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.

Headquartered in Moscow, Russia, VimpelCom is one of the
country's leading providers of mobile telecommunications
services, under the "Bee Line GSM" brand, with revenues of
approximately $1.5 billion in the first nine months of 2004.

CONTACT:  OJSC VIMPEL-COMMUNICATIONS
          Valery Goldin
          Phone: 7(095) 974-5888
          E-mail: vgoldin@vimpelcom.com


VIMPEL-COMMUNICATIONS: Proposed US$300 Mln Notes Rated 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured debt rating to JSC Vimpel-Communications' (VimpelCom;
BB-/Positive/--) proposed loan participation notes of up to
US$300 million to be issued by -- but without recourse to -- UBS
(Luxembourg) S.A., for the sole purpose of funding an intended
loan of a similar amount to VimpelCom.

The proposed bond issue should assist VimpelCom to fund its
significant investment program and increase its liquidity in
anticipation of its maturing US$250 million loan from JPMorgan
AG.

"The ratings on VimpelCom remain constrained by an aggressive
investment policy, which aims to keep up with the rapid growth
of the Russian mobile telecommunications market," said Standard
& Poor's credit analyst Lorenzo Sliusarev.

Intense industry competition and increased uncertainty in the
domestic regulatory and business environment are also
constraining factors.

These risks are, however, moderated by the company's successful
regional expansion of operations -- despite management having to
address various material regulatory issues in the recent past --
and its demonstrated ability to improve financial performance in
a dynamic and challenging environment.

"Despite speculation surrounding the company's near-term future
brought about by recent tax claims against VimpelCom and
financial claims against VimpelCom's Kazakh subsidiary, Standard
& Poor's considers the probability of significant negative
implications as a result of these claims as very low," added Mr.
Sliusarev.

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

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

          OJSC VIMPEL-COMMUNICATIONS
          Valery Goldin
          Phone: 7(095) 974-5888
          E-mail: vgoldin@vimpelcom.com


YUKOS OIL: Drops Lawsuit Versus Five Banks
------------------------------------------
Yukos Oil Company on Monday filed notice with the U.S.
Bankruptcy Court, Southern District of Texas, that it is
dismissing without prejudice ABN AMRO Bank N.V., BNP Paribas,
Calyon, JP Morgan Chase Bank, N.A., and Dresdner Kleinwort
Wasserstein (collectively, the Bank Defendants) in the adversary
proceedings before the Court.

In Court documents filed January 2005, the Bank Defendants
agreed to answer two specific questions:

     (a) Did you provide financing for a sale of the stock of
         Yuganskneftegas that occurred in connection with the
         Auction and was consummated on or before December 31,
         2004?

     (b) Do you currently have a written or otherwise binding
         agreement to finance a transaction concerning the
         Yuganskneftegas stock by any buyer?

The Banks submitted their responses and Yukos is satisfied that
they did not participate in financing the Auction.  In addition,
the Banks have stated that they have no current plans to fund
any acquisition, or participate in the acquisition in any
manner, of Yukos assets that were illegally sold, in clear
violation of the Automatic Stay and the restraining order issued
by the U.S. Bankruptcy Court, at the Auction.  Therefore, YUKOS
is dismissing them from the adversary proceeding.

The management team of Yukos Oil Company has always been focused
on finding out the truth and therefore sees no need to continue
legal action against the banks, which have denied any
participation in the illegal sale of Yukos Oil Company assets.
Yukos continues to believe that the U.S. Bankruptcy Court is the
best venue for its case and is pleased to be in a court room
where the legal system is respected and decisions can be made in
a fair and impartial manner.

Yukos will continue to pursue damages against parties that
participated in the illegal Auction of Yuganskneftegas stock.
[Mon]day's notice does not prohibit future actions if new
information illustrates that an organization violated the
Automatic Stay and participated in the unlawful transfer of
Yukos assets.

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


CONCORDIA BUS: Fails to Fully Pay Interest on Secured Notes
-----------------------------------------------------------
Concordia Bus Nordic AB (publ) paid 83.9% of the interest due on
its 9.125% Senior Secured Notes due 2009, on the due date (1
February 2005).

The Company is taking advantage of the 30-day grace period under
the Senior Secured Notes in order to consider its position
regarding the payment of the balance of the interest amount.
The operating business will continue to provide full bus
services to passengers and customers.  Meanwhile, the Company
and its advisers have commenced discussions with advisers to the
Senior Notes and the Subordinated Notes and with its
Shareholders regarding recapitalization options.

CONTACT:  CONCORDIA BUS
          Frode Larsen, Chief Executive Officer
          Phone:+ 47 67 83 29 33
          Mobile: + 47 92 80 00 02


===========
T U R K E Y
===========


YAPI VE KREDI: 'B+' Currency Ratings on Watch Positive
------------------------------------------------------
Fitch Ratings placed Yapi ve Kredi Bankasi's Long-term foreign
and local currency ratings of 'B+' and Individual rating of 'E'
on Rating Watch Positive.  The agency has also affirmed the
bank's National Long-term rating at 'BBB+(tur)', Short-term
foreign and local currency ratings at 'B' and Support rating at
'4'.

At the same time, Kocbank's ratings are affirmed at Long-term
foreign currency 'BB-', Long-term local currency rating 'BB+',
Short-term foreign and local currency 'B', Individual 'D',
Support '3' and National Long-term at 'AA-(tur)'.  The Outlook
on Kocbank's long-term ratings is Stable.  UniCredito Italiano's
(UCI) ratings are affirmed at Long-term 'AA-', Short-term 'F1+',
Individual 'B', Support '2'.  The Outlook on UCI's Long-term
rating remains Positive.

The rating action follows the announcement of Jan. 31, 2005
concerning the 'Share Transfer Agreement' between the owner of
Kocbank, Koc Financial Services "KFS" (50% owned by UCI and 50%
owned by Koc Holding) and Cukurova Holding that holds 44.53% of
YKB shares.  Under the agreement KFS will acquire the YKB shares
owned by Cukurova as well as the 12.89% of shares owned by the
Savings Deposit Insurance Fund "SDIF" (total shareholding
acquired 57.42%).  Completion of the transaction is subject to
due diligence reviews and regulatory approval.

In Fitch's opinion, the proposed transaction is positive for YKB
as both KFS and UCI clearly stated that a substantial part of
the purchase price that will be paid to Cukurova will be used
for repaying a substantial portion of the latter's debt to YKB.
This will substantially reduce the related party lending at YKB
(currently approximately US$2 billion or 106% equity at end-
2003), which is one of the main drivers of the Individual rating
of 'E'.

UCI is expected to provide to YKB the same strong risk
management systems that it used after its purchase of 50% of
KFS.  Loan loss provisions taken in KFS were more than required
by the Turkish bank regulators.  When the transaction is
finalized, Fitch will determine the amount of Cukurova debt
remaining at YKB, its level of capital and whether the high
level of non-core assets will be addressed.  Completion of the
transaction as proposed should result in an improved Individual
rating.  Should management eventually decide to merge Kocbank
and YKB, the merged entity's financial profile may be weaker
than Kocbank in its current form, potentially effecting the
current 'D' individual of Kocbank.  The Long-term ratings have
been placed on Rating Watch Positive due to the support we
anticipate the YKB will receive from UCI.

Kocbank's ratings are affirmed as the agreement is between its
parent and Cukurova and it is not known if YKB and Kocbank will
be merged.  Kocbank has been majority owned by the Koc Group,
Turkey's largest conglomerate since 1986.  The Koc Group and UCI
entered into a 50-50 partnership in KFS in 2002 and KFS wholly
owns the banking, leasing, factoring, asset management and
brokerage activities of the Koc Group.

YKB is the fourth largest private sector bank in Turkey.  It is
a domestic market leader in retail banking.  Its other
activities include wholesale, international and investment
banking and fund management.  Cukurova's ownership in YKB
declined to 45% from 58% when Pamukbank, YKB's sister bank, was
taken over by SDIF.  Currently, 42% of shares are publicly
traded while 13% are held by SDIF.

With regard to UCI, Fitch considers that the acquisition adds to
the credit and execution risks of the bank and will diminish its
capital adequacy.  The agency noted that there is potential for
UCI to generate good levels of income from YKB, but it is likely
that the flow will be volatile, potentially adding a manageable
fluctuation to UCI's operating results.  Overall Fitch considers
that while mildly negative, the acquisition is not sufficient
alone to affect adversely its ratings.

Fitch considers that UCI will be able to restore its capital
adequacy ratios in the short-term thanks to its strong internal
capital generation and presents a good opportunity for UCI to
apply its hitherto successful business model for acquiring and
modernizing banks in transitional economies.  The purchase of
YKB is also consistent with management's strategy to expand its
new Europe division and diversify further risks and revenues in
Central and Eastern Europe.  On the other hand Fitch notes that
YKB is increasing the bank's exposure to a relatively volatile
operating environment.  While the risk will be 50% shared with
Koc Holding, Turkey remains a sub-investment grade economy and
represents a greater risk than most of its exposure in Central
Europe.

CONTACT:  FITCH RATINGS
          Banu Cartmell, London
          Phone: +44 207 417 4373

          Ed Thompson, New York
          Phone: +1 212 908 0364

          Gulcin Orgun, Istanbul
          Phone: +90 212 279 10 65

          Matthew Hegarty, London
          Phone: +44 207 417 6319

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


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


ATP-2105: Temporary Insolvency Manager Takes over Operations
------------------------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on OJSC Auto Transport Enterprise Atp-2105
(code EDRPOU 00858355) on December 24, 2004.  The case is
docketed as 12/197-B.  Arbitral manager Mr. Volodimir Yablonskij
(License Number AA 249580) has been appointed temporary
insolvency manager.

CONTACT:  ATP-2105
          Ukraine, Herson region,
          Kamishani, Pushkin Str. 10-A

          Mr. Volodimir Yablonskij
          Temporary Insolvency Manager
          04213, Ukraine, Kyiv region,
          Pririchna Str. 27/227
          Phone: (044) 201-31-86
                 (050) 178-78-51

          ECONOMIC COURT OF HERSON REGION
          73000, Ukraine, Herson region,
          Gorkij Str. 18


INFORMATION SYSTEMS: Bankruptcy Supervision Starts
--------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Information Systems (code EDRPOU
30675736).  The case is docketed as 23/808.  Arbitral manager
Mr. I. Mihno (License Number AA 668303) has been appointed
temporary insolvency manager.  The company holds account number
26003301231521/980 at Prominvestbank, Zhovtneve branch in Kyiv
region, MFO 322067.

CONTACT:  INFORMATION SYSTEMS
          01014, Ukraine, Kyiv region,
          Strutinskij Str. 6

          Mr. I. Mihno
          Temporary Insolvency Manager
          Phone: 243-32-58

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


KIROVSKA AUTOBASE: Gives Creditors Until Friday to File Claims
--------------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on JSCCT Kirovska Autobase (code EDRPOU
01236058) on December 6, 2004.  The case is docketed as 5/207 B.
Arbitral manager Mr. Y. Geza (License Number AA 779261) has been
appointed temporary insolvency manager.  The company holds
account number 260099801056 at JSCB Ukrsocbank, Makiyivka
branch, MFO 334174; and 26044309525684, 26008301525684 and
26006303525684 at Prominvestbank, Central City Branch of
Makiyivka, MFO 334516.

Creditors have until February 11, 2005 to submit their proofs of
claim to:

(a) KIROVSKA AUTOBASE
    86105, Ukraine, Donetsk region,
    Makiyivka, Kirov str.

(b) Mr. Y. Geza
    Temporary Insolvency Manager
    Ukraine, Donetsk region,
    50-Richya SRSR Str. 108/225

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


KORNER-A: Under Bankruptcy Supervision Procedure
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Korner-A (code EDRPOU 30306363).
The case is docketed as 43/988.  Arbitral manager Mr. I. Mihno
(License Number AA 668303) has been appointed temporary
insolvency manager.  The company holds account numbers
26001303161450/840 and 26005303161401/980 at JSCB Tas-
Komertsbank, MFO 300164.

CONTACT:  KORNER-A
          01133, Ukraine, Kyiv region,
          Lesya Ukrainka Boulevard, 15/A

          Mr. I. Mihno
          Temporary Insolvency Manager
          Phone: 243-32-58

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


MULTIPLIKATOR LTD.: Court Steps in, Appoints Insolvency Manager
---------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Multiplikator Ltd. (code EDRPOU 21497849)
after finding the limited liability company insolvent.  The case
is docketed as 15/625.  Arbitral manager Mr. D. Salatyuk
(License Number AA 485234) has been appointed
liquidator/insolvency manager.  The company holds account number
260051986-980 at JSCB Legbank, MFO 300056.

CONTACT:  MULTIPLIKATOR LTD.
          01023, Ukraine, Kyiv region,
          Shota Rustaveli Str. 21

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


ORLOVETSKE: Insolvency Manager Takes over Helm
----------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Orlovetske (code EDRPOU 03790623) after
finding the limited liability company insolvent.  The case is
docketed as 01/1683.  Arbitral manager Mr. Oleg Krivoshej
(License Number AA 630145) has been appointed
liquidator/insolvency manager.  The company holds account number
26004060002636 at CB Privatbank, Gorodishe branch, MFO 354347.

CONTACT:  ORLOVETSKE
          19515, Ukraine, Cherkassy region,
          Gorodishe district, Orlovetske,
          Tsvitkovska Str. 3

          Mr. Oleg Krivoshej
          Liquidator/Insolvency Manager
          Ukraine, Cherkassy region,
          Engels Str. 243/1-510
          Phone: 8 (0472) 64-84-88

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


PANI TUR: Kyiv Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Pani Tur (code EDRPOU 32045643) after
finding the limited liability company insolvent.  The case is
docketed as 23/809.  Arbitral manager Mr. I. Mihno (License
Number AA 668303) has been appointed liquidator/insolvency
manager.  The company holds account number 26003020940/980 at
OJSC Bank Ukrainian capital, MFO 320371.

CONTACT:  PANI TUR
          01133, Ukraine, Kyiv region,
          Lesya Ukrainka Boulevard, 15/A

          Mr. I. Mihno
          Temporary Insolvency Manager
          Phone: 243-32-58

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


SANATORIUM LISOVI: Declared Insolvent
-------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Sanatorium Lisovi Polyani (code EDRPOU
05385111) on November 17, 2004 after finding the limited
liability company insolvent.  The case is docketed as 10/53.
Arbitral manager Mr. Pivnenko L. (License Number AA 250329) has
been appointed liquidator/insolvency manager.

CONTACT:  SANATORIUM LISOVI POLYANI
          38702, Ukraine, Poltava region,
          Poltava district, Terentivka,
          Kotelevska Str. 6

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


UNION-EAST: Claims Filing Period Expires this Week
--------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Joint Ukrainian-Russian Enterprise
Union-East (code EDRPOU 23602055) on December 14, 2004.  The
case is docketed as 15/199 B.  Arbitral manager Mrs. Svitlana
Sherbina-Gorfinkel (License Number AA 250442) has been appointed
temporary insolvency manager.  The company holds account number
26002001030804 at OJSC JSCB Avtokrazbank, Donetsk branch,
MFO 335764.

Creditors have until February 11, 2005 to submit their proofs of
claim to:

(a) UNION-EAST
    83086, Ukraine, Donetsk region,
    Artema Str. 1a

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


VALAN: Court Names D. Salatyuk Liquidator
-----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Valan (code EDRPOU 14281250) after finding
the limited liability company insolvent.  The case is docketed
as 15/626.  Arbitral manager Mr. D. Salatyuk (License Number AA
485234) has been appointed liquidator/insolvency manager.  The
company holds account number 26004200000024/980 at JSCB
Ukrsocbank, Poodilska branch in Kyiv region, MFO 322078.

CONTACT:  VALAN
          Ukraine, Kyiv region,
          Chervonoarmijska Str. 57/3

          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
===========================


ANOTHER WAY: Hires Liquidator from Ideal Corporate Solutions
------------------------------------------------------------
At the extraordinary general meeting of Another Way Limited on
Jan. 28, 2005 held at Ideal Corporate Solutions Limited,
Tarleton House, 112A-116 Chorley New Road, Bolton BL1 4DH, the
extraordinary resolution to wind up the company was passed.
Andrew Rosler of Ideal Corporate Solutions Limited, Tarleton
House, 112A-116 Chorley New Road, Bolton BL1 4DH has been
appointed liquidator of the company.

CONTACT:  IDEAL CORPORATE SOLUTIONS LIMITED
          Tarleton House,
          112A-116 Chorley New Road,
          Bolton BL1 4DH


ARDMILLAN HEARTS: Final Meeting Set February 22
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

     IN THE MATTER OF Ardmillan Hearts Supporters Social Club
                      and Institute Limited
                         (In Liquidation)

Notice is hereby given, pursuant to Section 146 of the
Insolvency Act 1986, that the Final Meeting of Members and
Creditors of Ardmillan Hearts Supporters Social Club and
Institute Limited will be held on February 22, 2005 at 10:00
a.m. within the offices of Cowan & Partners, 60 Constitution
Street, Leith, Edinburgh EH6 6RR, 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.

All Creditors are entitled to attend in person or by proxy, and
a Resolution will be passed when the majority of those voting
have voted in favor of it.  Creditors may vote where claims and
proxies have been submitted and accepted at the Meeting or
lodged beforehand at the above offices.

David F. Rutherford, CA MABRP, Liquidator

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


ARENA (NORTH): Hires Joint Administrators from Milner Boardman
--------------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed joint administrators for Arena (North) Limited.  The
appointment was made Jan. 31, 2005.  The company sells alcoholic
and other beverages.  Its registered office is located at The
Coach House, 75 Eleanor Road, Bidston, Wirral CH43 7QW.

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


AVECIA GROUP: Sale of NeoResins Biz to Royal DSM Cleared
--------------------------------------------------------
Avecia Group announced that it has completed the sale of its
NeoResins business to Royal DSM N.V., having obtained all
necessary approvals.  This successfully concludes a sale
agreement previously announced on 14 December 2004.

DSM has paid Avecia EUR515 million in cash for the entire
NeoResins business on a cash and debt-free basis.  NeoResins
sales in 2004 were around EUR270 million with an EBITDA of
approximately EUR52 million.

NeoResins is a worldwide technology leader in specialty water-
based acrylic and polyurethane resins for use in paints,
coatings adhesives and inks.  It is headquartered in Waalwijk,
in the Netherlands.  The business employs 635 people and has
manufacturing sites in Waalwijk (Netherlands), Parets des Valles
(Spain), Wilmington, MA and Frankfort IN (United States).

Net proceeds from the sale will be used to de-leverage the
Avecia Group through repayment of senior bank debt and a tender
offer to purchase for cash up to 77% of its 11% senior notes
(under the terms of the amended tender offer dated January 21,
2005).

CONTACT:  AVECIA GROUP
          Media Enquiries
          Phone: +44 (0)161 721 2441

          Investor Enquiries
          Phone: +44 (0)161 721 1228
          E-mail: enquiries@avecia.com


AVONLINE GROUP: Hires Tenon Recovery to Liquidate Assets
--------------------------------------------------------
At the extraordinary general meeting of Avonline Group Limited
on Jan. 25, 2005 held at 73 Baker Street, London W1U 6RD, the
subjoined extraordinary resolution to wind up the company was
passed.  S. R. Thomas and S. J. Parker of Tenon Recovery, 73
Baker Street, London W1U 6RD have been appointed joint
liquidators of the company.

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


CALLGUIDE LIMITED: Members Decide to Wind up Firm
-------------------------------------------------
At the extraordinary general meeting of the members of Callguide
Limited on Jan. 31, 2005 held at Shackleton House, Falcon Court,
Preston Farm Industrial Estate, Stockton on Tees TS18 3TS, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Malcolm Edward Fergusson has been appointed
liquidator of the company.


CAN LIMITED: Names Barrington Limited Administrator
---------------------------------------------------
Philip Barrington Wood (IP No 005396) has been appointed
administrators for Can Limited.  The appointment was made Jan.
27, 2005.  The company's registered office is located at
Smeckley Wood Close, Chesterfield Trading Estate, Chesterfield,
Derbyshire.

CONTACT:  BARRINGTONS LIMITED
          Richmond House, 570-572 Etruria Road,
          Basford, Newcastle, Staffordshire ST5 0SU
          Phone: 01782 713700
          Mobile: 07831 817905


CARRIER (CABINET MAKERS): Hires Tenon Recovery as Liquidator
------------------------------------------------------------
At the extraordinary general meeting of the members of Carrier
(Cabinet Makers) Limited on Jan. 24, 2005 held at Highfield
Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ,
the extraordinary and ordinary resolutions to wind up the
company were passed.  Tina Yearsley and Carl Stuart Jackson of
Tenon Recovery, Highfield Court, Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ have been appointed joint
liquidators of the company.

CONTACT:  TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax: 023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


CERAMIC CITY: Creditors Meeting Next Week
-----------------------------------------
The creditors of Ceramic City Management Limited will meet on
Feb. 16, 2005 at 10:30 a.m.  It will be held at Walletts
Insolvency Services, Adventure Place, Hanley, Stoke on Trent,
Staffordshire ST1 3AF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Walletts Insolvency Services, Adventure Place,
Hanley, Stoke on Trent, Staffordshire ST1 3AF not later than
12:00 noon, Feb. 15, 2005.

CONTACT:  WALLETTS INSOLVENCY SERVICES
          Adventure Place, Hanley,
          Stoke on Trent, Staffordshire ST1 3AF
          Phone: (01782) 212326
          Fax: (01782) 212326


COMMUNICORE HOLDINGS: Names Stewart Trevor Bennett Administrator
----------------------------------------------------------------
Stewart Trevor Bennett (IP No 1205) has been appointed
administrator for Communicore Holdings Group Limited.  The
appointment was made Jan. 31, 2005.  Its registered office is
located at Lakeview House, 4 Wood Brook Crescent, Billericay,
Essex CM12 0EQ.

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


COX PLANT: Ernst & Young Prefers Selling Firm as One Block
----------------------------------------------------------
The Joint Administrators, Simon Allport and Ian Best of Ernst &
Young LLP, offer for sale as a going concern, the business and
assets of Cox Plant Limited.

Key Features:

(a) Established in 1941, with an extensive customer base across
    the construction, utilities, engineering and event
    industries;

(b) Annual turnover of around GBP8 million;

(c) Employs 143 staff and operates from 11 depots, located
    principally across Scotland and South East England, with the
    head office in Bilston, West Midlands; and

(d) Hire fleet consist of around 5,000 units of equipment,
    dumpers, mini-excavators, forklifts, generators and a wide
    selection of other smaller tools.

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

          Dan Paterson
          Phone: (0121) 535 2773
          Fax: (0121) 535 2448
          E-mail: dpaterson@uk.ey.com


CWD HAULAGE: Names Royce Peeling Green Liquidator
-------------------------------------------------
At the extraordinary general meeting of CWD Haulage Limited on
Feb. 1, 2005 held at The Copper Room, Deva Centre, Trinity Way,
Manchester M3 7BG, the extraordinary and ordinary resolutions to
wind up the company were passed.  Peter Jones and Roderick
Michael Withinshaw of Royce Peeling Green Limited, The Copper
Room, Deva Centre, Trinity Way, Manchester M3 7BG have been
appointed joint liquidators of the company.

CONTACT:  ROYCE PEELING GREEN
          The Copper Room
          Deva Center, Trinity Way,
          Manchester M3 7BG
          Phone: 0161 6080000
          Fax:   0161 608 0001
          E-mail: info@rpg.co.uk
          Web site: http://www.rpg.co.uk


DAYAT GROUP: Members Pass Winding-up Resolutions
------------------------------------------------
At the extraordinary general meeting of Dayat Group Plc on Jan.
21, 2005 held at Klaco House, 28-30 St John's Square, London
EC1M 4DN, the extraordinary and ordinary resolutions to wind up
the company were passed.  Ashvinkumar Meghji Karman Shah of KLSA
has been appointed liquidator of the company.


DREAMBERN SOLUTIONS: Opts for Liquidation
-----------------------------------------
At the extraordinary general meeting of the members of Dreambern
Solutions Limited on Jan. 26, 2005 held at Langley House, Park
Road, London N2 8EX, the extraordinary and ordinary resolutions
to wind up the company were passed.  Alan Simon has been
appointed liquidator of the company.


EDWARDS HARVEY: Berg Karpow Administrator Steps in
--------------------------------------------------
Stewart Trevor Bennett (IP No 1205) has been appointed
administrator for advertising company Edwards Harvey Associates
Limited.  The appointment was made Jan. 31, 2005.  The company's
registered office is located at Lakeview House, 4 Woodbrook
Crescent, Billericay, Essex CM12 0EQ.

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


EMI GROUP: Revises Expectations for Current Financial Year
----------------------------------------------------------
EMI Group announces a revision in the outlook for its recorded
music divisions sales for the financial year ending 31 March
2005.  Two major albums, one by Coldplay and one by Gorillaz,
originally scheduled for this financial year will now be
released in the first half of the next financial year.  EMI
Music's sales, particularly re-orders, in January have also been
lower than anticipated and this is expected to continue through
February and March.  Therefore, for the full year, at constant
currency, EMI Music's sales are now expected to be 8% to 9%
lower than the prior year.

EMI Music Publishing continues to perform well and in line with
expectations.

Given the expectation that EMI Musics operating profit margin
pre allocation of central costs for this financial year will be
maintained at the prior years level, EMI Groups profit before
tax, amortization and exceptional items (Adjusted PBT") for the
year ending 31 March 2005 will be approximately GBP138 million.

Alain Levy, Chairman and CEO of EMI Music, said: "We generated
good initial sales from our second half major releases, but
given recent re-order levels and the revised timing of these two
major albums, we will now not maintain market share for the full
financial year.  While progression in profitable market share is
always our aim, creating and marketing music is not an exact
science and cannot always coincide with our reporting periods.

"In EMI Music, we expect to maintain our operating profit margin
for this financial year, driven by effective cost management and
the efficient implementation of our outsourcing and label
restructuring.  Our savings from restructuring are running ahead
of schedule and we now expect to deliver GBP35 million in this
financial year, GBP10 million ahead of plan.  The remaining
GBP15 million of savings will be realized in the next financial
year.

"While this rescheduling and recent softness is disappointing,
it does not change my views of the improving health of the
global recorded music industry.  The physical music market is
showing signs of stabilization in many parts of the world and
digital music, in all its forms, continues to develop at a rapid
pace."

Eric Nicoli, Chairman, EMI Group, said: "EMI Musics constant
currency sales for the third quarter were ahead of last year.
Recently, however, we have seen softness in our re-orders, which
we believe is likely to persist over the next two months.  We
have also rescheduled two important albums into our next
financial year.  These two factors combined have taken us
outside our previously indicated sales range for EMI Music.

"We remain positive about the overall industry trends and EMIs
prospects.  Global music market conditions today are
significantly stronger than in recent years and digital music is
presenting a very attractive growth opportunity.  Despite recent
weakness, we are aggressively managing both of our businesses to
maximize performance in today's market and that of the future."

CONTACT:  EMI GROUP PLC
          Amanda Conroy, Corporate Communications
          Phone: +44 20 7795 7529
          Claudia Palmer, Investor Relations
          Phone: +44 20 7795 7635
          Susie Bell
          Phone: +44 20 7795 7971

          BRUNSWICK GROUP LLP
          Patrick Handley
          Phone: +44 20 7404 5959


EMI GROUP: Ratings on CreditWatch Negative After Profit Warning
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BBB-/A-3'
corporate credit ratings on U.K.-based music producer and
distributor EMI Group PLC on CreditWatch with negative
implications, following the group's warning that profits and
sales for its recorded music division in the year to March 31,
2005, will be lower than previously expected.

"The CreditWatch placement reflects Standard & Poor's concern
that EMI's financial profile will remain weak due to loss of
market share, despite improvements in several major music
markets," said Standard & Poor's credit analyst Trevor
Pritchard.

The global music market stabilized somewhat in 2004 after
several years of decline.  EMI's recorded music division,
however, has suffered recently from a relatively thin release
schedule.  Reorders have been lower than anticipated during
early 2005 and sales for the financial year to March will also
reflect the deferral of key releases into the first half of the
next financial year.

Standard & Poor's will review the ratings in light of revised
estimates of EMI's current performance and reevaluate the
prospects for improvements in credit ratios.  We will assess key
indicators of the vigor of EMI's business such as the pipeline
of planned releases and strength of the artist roster.  The
level of EMI's physical reorders might be influenced by the lack
of fresh products combined with the strong growth seen in
digital downloads.  If warranted by the CreditWatch review, an
adjustment in the ratings is unlikely to exceed one notch.

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

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

          EMI GROUP PLC
          Amanda Conroy, Corporate Communications
          Phone: +44 20 7795 7529
          Claudia Palmer, Investor Relations
          Phone: +44 20 7795 7635
          Susie Bell
          Phone: +44 20 7795 7971

          BRUNSWICK GROUP LLP
          Patrick Handley
          Phone: +44 20 7404 5959


ESS RAIL: Manpower Group Succumbs to Administration
---------------------------------------------------
The Joint Administrators Robert Horton and Anthony Murphy offer
for sale the businesses and assets of ESS Rail Limited, ESS
Engineering Limited, Acumen Technical Services Limited and
Skilled & Technical Services Limited.

The companies provide temporary and permanent skilled personnel
in the engineering and industrial sectors.

Key features:

(a) Annual turnover of around GBP15 million;

(b) Quality customer base;

(c) Head office in Twickenham;

(d) Offices in Birmingham, Manchester, Sunderland and St.
    Albans;

(e) ISO 9002 Accreditation; and

(f) Specialist skilled staff

CONTACT:  SMITH & WILLIAMSON
          No 1 Riding House Street
          London W1A 3AS
          Phone: 020 7637 5377
          Fax: 020 7631 0741
          E-mail: gdp@smith.williamson.co.uk
          Web site: http://www.smith.williamson.co.uk

          Robyn Clayton
          E-mail: rmc@smith.williamson.co.uk


FORT WAYNE: Hires PricewaterhouseCoopers as Liquidator
------------------------------------------------------
At the meeting of the members of Fort Wayne Underwriting
Services Limited on Jan. 28, 2005, the special and ordinary
resolutions to wind up the company were passed.  Jonathan Sisson
and Richard Setchim of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT have been appointed joint liquidators of
the company.

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


FRANCAVILLA LIMITED: Names David Rubin & Partners Liquidator
------------------------------------------------------------
At the extraordinary meeting of the members of Francavilla
Limited on Jan. 27, 2005 held at the offices of David Rubin &
Partners, 1st Floor, 26-28 Bedford Row, London WC1R 4HE, the
extraordinary resolution to wind up the company was passed.
Asher Miller of David Rubin & Partners, 1st Floor, 26-28 Bedford
Row, London WC1R 4HE has been appointed liquidator of the
company.

CONTACT:  DAVID RUBIN & PARTNERS
          26-28 Bedford Row, London WC1R 4HE
          E-mail: info@davidhornerandco.co.uk
          Web site: http://www.davidhornerandco.co.uk


GREENLIT PRODUCTIONS: Members Decide to Wind up Firm
----------------------------------------------------
At the extraordinary general meeting of the members of Greenlit
Productions Limited on Jan. 28, 2005 held at Sovereign House,
212-224 Shaftsbury Avenue, London WC2H 8HQ, the special
resolution to wind up the company was passed.  John Michael Munn
and Richard John Elwell of Elwell Watchorn & Saxton, 41 Welbeck
Street, London W1G 8EA have been appointed joint liquidators of
the company.

CONTACT:  ELWELL WATCHORN & SAXTON
          41 Welbeck Street,
          London W1G 8EA
          Phone: (+44) 020 7846 3048
          Fax: (+44) 020 7846 3074
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


HHG PLC: Resolution Life Withdraws Bid
--------------------------------------
HHG plc has been informed by Resolution Life Group that they
will not be making an offer for the entire issued share capital
of HHG.  Accordingly, HHG is no longer in an offer period (as
defined by the Rules of The City Code on Takeovers and Mergers)
and the provisions of Rule 8 therein regarding share dealings,
as stated in HHG's announcement dated 3 February 2005, no longer
apply.  The Board of HHG indicated that it is continuing to
explore the approach made by RLG for the Life Services business.

On 10 December 2004, HHG announced that it had entered into a
definitive agreement (subject to shareholder and regulatory
approval) with Life Company Investor Group Limited to sell its
Life Services business and the Circular and Notice of Meeting
for shareholders was released on 23 December 2004.  The
Extraordinary General Meeting of shareholders will be held on 21
February 2005.

                            *   *   *

On Feb. 3, Resolution Life said that in accordance with its
business strategy, Resolution Life Group continues to review a
number of acquisition opportunities in the closed life sector.

The Board of RLG notes the announcement made by HHG plc and
confirms that it is analyzing a potential cash offer for HHG or,
as an alternative, the acquisition of HHG's Life Services
businesses.  RLG's considerations are at a preliminary stage
only and there can be no certainty that they will lead to a
transaction of any kind.

In conducting its analysis, the Board of RLG will focus on the
value created for its shareholders.

CONTACT:  HHG PLC
          4 Broadgate
          London EC2M 2DA
          Registered in England

          Investor enquiries
          Gail Williamson
          Phone: +44 (0)20 7818 5310
          E-mail: investor.relations@hhg.com


HV REALISATIONS: Creditors Meeting Next Week
--------------------------------------------
The creditors of HV Realisations Limited will meet on Feb. 16,
2005 at 2:00 p.m.  It will be held at Menzies Corporate
Restructuring, 17-19 Foley Street, London W1W 6DW.  Creditors
who want to be represented at the meeting may appoint proxies.
Proxy forms must be submitted together with written debt claims
to Menzies Corporate Restructuring, 17-19 Foley Street, London
W1W 6DW not later than 12:00 noon, Feb. 15, 2005.

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


IN2CONNECT LIMITED: Receiver Favor Sale as 'Going Concern'
----------------------------------------------------------
Ernst & Young is looking to sell In-2-Connect as a going
concern, Auto Industry reported on February 3.  The company,
which filed for receivership on January 31, has remained
operating and has not implemented redundancies.

"We are already in discussions with an interested party and are
hopeful about the prospects of achieving a 'going concern' sale
of the business," Garry Wilson, joint administrative receiver
and partner at Ernst & Young said. "There have been no
redundancies and there are no plans for any at the moment."

In-2-Connect manufactures flexible circuits, side view mirror
heaters and other electrical components and supply European and
North American manufacturers.

CONTACT:  ERNST & YOUNG
          P.O. Box 61, Cloth Hall Court
          14 King Street, Leeds LS1 2JN
          Phone: +44 [0] 113 298 2200
          Fax:   +44 [0] 113 298 2201
          Web site: http://www.ey.com


INTERNET MUSIC: Posts Details of Timestrip Acquisition
------------------------------------------------------
Internet Music & Media plc announces that further to the
announcement of 28 January 2005, the Circular comprising an
Admission Document in respect of the Acquisition of Timestrip
has been posted to shareholders.  IMM therefore requested [on
Thursday] that AIM restore the trading in the Company's existing
Ordinary Shares with immediate effect.

The Admission Document contains a Notice of Extraordinary
General Meeting which will be held at Finsgate, 5-7 Cranwood
Street, London EC1V 9EE on 25 February 2005 at 11:00 a.m. for
the purpose of voting on these resolutions:

Ordinary Resolutions:

(a) to subdivide the Existing Ordinary Shares of 0.2p each into
    Ordinary Shares of 0.02p each;

(b) to authorize the Directors to conclude the acquisition of
    Timestrip Limited and to approve the waiter of Rule 9 of the
    City Code in respect of the Acquisition;

(c) to approve the B, C, D and Placing Warrants; and

(d) to change the Company's name to Timestrip plc (Special
    Resolution).

The Company has also posted a Notice of Annual General Meeting
to shareholders, which will be held at Finsgate, 5-7 Cranwood
Street, London EC1V 9EE on 25 February 2005 at 10.30 a.m.

Copies of the Admission Document and Notice of Annual General
Meeting are available, free of charge, from Internet Music &
Media PLC, Finsgate, 5-7 Cranwood Street, London EC1V 9EE for
one month from Feb. 3.

                            *   *   *

Background to and Reasons for the Acquisition

At the meeting of Shareholders and creditors held on 3 November
2004, the proposal to effect a Company Voluntary Arrangement of
the Company pursuant to the Insolvency Act 1986 was approved,
and the ordinary share capital was re-structured.  Leo Knifton,
Nigel Weller and Stephen Oakes were then appointed to the Board
to review suitable businesses.  Trading in the Ordinary Shares
of the Company re-commenced on 9 November 2004 at the time of
publication of the Company's interim results for the six-month
period ended 30 June 2004.

Arrangements for the proposed acquisition of Timestrip have now
been concluded.

The Directors believe that the Acquisition presents an
opportunity to acquire a business with significant upside
potential that would, if this potential could be realized, well
justify the price being paid and therefore the dilution to
existing shareholders, as is more fully explained below.

CONTACT:  INTERNET MUSIC & MEDIA PLC
          Leo Knifton, Chairman
          Phone: 07887 877877

          TIMESTRIP
          Paul Freedman, Joint CEO and founding Director
          Phone: 07786 391868

          FALCON SECURITIES
          Stephen Oakes
          Phone: 07867 528108

          BIDDICKS
          Shane Dolan
          Phone: 07947 118383

          BEAUMONT CORNISH LIMITED
          Roland Cornish
          Phone: 020 7628 3396


KELLOGG BROWN: Wins Role in MoD's Aircraft Carrier Program
----------------------------------------------------------
Kellogg Brown & Root in the U.K. has been appointed by the
Ministry of Defense to be the preferred Physical Integrator for
the Future Aircraft Carrier Program (CVF), under which two new
aircraft carriers are required to be delivered to the MoD with
target in-service dates of 2012 and 2015.

KBR will join the existing CVF Alliance between the MoD, BAE
Systems and Thales U.K., and will work with all potential U.K.
shipyard manufacturing facilities and Alliance participants to
formulate and deliver a cost-effective strategy for the
manufacturing element of the ship build program.  KBR is a
subsidiary of Halliburton (NYSE:HAL).

"KBR is proud to have been selected for this important project,"
said Andy Lane, chief operating officer, Halliburton.  "This
award underscores KBR's long-term commitment to the U.K. defense
industry and acknowledges our position as a leading U.K. defense
contractor."

Tony Pryor, vice president for KBR's Maritime business, said:
"This award combines KBR's unique experience in the offshore oil
and gas industry, naval ship building and commissioning, and
alliance contracting.  We have committed to this project a
world-class team from KBR, which has successfully delivered many
U.K.-based offshore oil and gas construction projects on
schedule, as well as refitting and commissioning warships to
time and budget.  We look forward to working with all members of
the Alliance to deliver a successful outcome for this important
program."

The new aircraft carriers will be the most powerful and complex
warships ever built in the U.K.  As preferred Physical
Integrator, KBR will be responsible for developing and proposing
the optimum build strategy for approval by the Alliance
participants, creating and maintaining the program Master
Schedule and providing support to the MoD on drawing up and
negotiating the Alliance contracts.

KBR has a wide range of experience in managing large complex
projects and has pioneered the alliance approach to offshore
project contracting.  In the last 10-years, KBR has played a
leading role in the building of seven vessels for the offshore
oil and gas industry of similar size and complexity to the
aircraft carriers.  Through its majority-owned subsidiary, DML,
which owns and operates Devonport Royal Dockyard, KBR has also
played a major role in supporting the Royal Navy's newest
amphibious warships.

KBR is a global engineering, construction, technology and
services company.  Whether designing an LNG facility, serving as
a defense industry contractor or providing capital construction,
KBR delivers world-class service and performance.  KBR employs
60,000 people in 43 countries around the world.

Halliburton, founded in 1919, is one of the world's largest
providers of products and services to the petroleum and energy
industries.  The company serves its customers with a broad range
of products and services through its Energy Services and
Engineering and Construction Groups.  For more information,
visit http://www.halliburton.com.

CONTACT:  KELLOG BROWN & ROOT
          Ken Beedle
          Phone: 01372-866622
          E-mail: ken.beedle@halliburton.com


LINK ICA: Hires Administrator from Berg Kaprow Lewis
----------------------------------------------------
Stewart Trevor Bennett (IP No 1205) has been appointed
administrator for advertising company Link ICA Limited.  The
appointment was made Jan. 31, 2005.  Its registered office is
located at Lakeview House, 4 Woodbrook Crescent, Billericay,
Essex CM12 0EQ.

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


LUX COLOR: Hires Ernst & Young to Liquidate Business
----------------------------------------------------
At the meeting of the members of Lux Color Limited on Jan. 10,
2005, the resolution to wind up the company was passed.  Simon
Allport and Garry Wilson of Ernst & Young LLP, 100 Barbirolli
Square, Manchester M2 3EY have been appointed joint liquidators
of the company.

CONTACT:  ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Phone: +44 [0] 161 333 3000
          Fax:   +44 [0] 161 333 3001
          Web site: http://www.ey.com


MG ROVER: Promises Minimal Job Losses After SAIC Takeover
---------------------------------------------------------
MG Rover and Shanghai Automotive Industry Corp. deny plans to
cut thousands of jobs at the British carmaker's Longbridge
factory, according to Times Online.

Rumors swirled over the weekend that MG Rover's workforce could
be halved under a planned takeover by the Chinese company.
About 3,000 of the firm's 6,500 workers will allegedly lose
their jobs if the transaction goes ahead, threatening production
at the plant.

A SAIC spokesman said: "We are in the advanced stages of
detailed negotiations on a joint venture that will safeguard and
secure car manufacturing at Longbridge."  A Whitehall source
confirmed the government, MG Rover and SAIC are in talks to
limit the redundancies, as this might affect the chances of the
incumbent party in the next general election.

Both parties last year predicted a deal could be reached by
January; but to date no deal has been finalized.  They are now
refusing to point another date.  SAIC on Monday insisted a deal
is still forthcoming, adding the Chinese government is
supportive of the plan.  Under the proposal, MG Rover will be
taken over in a 70-30% joint venture.

Some observers believe MG Rover will have to cut jobs to counter
the decline in sales over the past 18 months.  The firm has cut
its target output from 200,000 to 130,000 a year.  Uncertainty
over its future is further discouraging customers from
purchasing its car.

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


MM WAREHOUSE: Names Taylor Rowlands Administrator
-------------------------------------------------
J. Harvey Madden (IP No 7858) has been appointed administrator
for MM Warehouse Limited.  The appointment was made Jan. 26,
2005.  The company supplies household goods and novelties.

CONTACT:  TAYLOR ROWLANDS
          8 High Street, Yarm,
          Stockton on Tees TS15 9AE


PLASTIC FOR INDUSTRY: Hires RSM Robson Rhodes as Administrator
--------------------------------------------------------------
Matthew Dunham and Charles William Anthony Escott (IP Nos 8376,
8913) have been appointed joint administrators for Plastic For
Industry Limited.  The appointment was made Jan. 27, 2005.  The
company manufactures plastics.  Its registered office is located
at RSM Robson Rhodes LLP, Colwyn Chambers, 19 York Street,
Manchester M2 3BA.

CONTACT:  RSM ROBSON RHODES LLP
          Colwyn Chambers,
          19 York Street,
          Manchester M2 3BA
          Phone: +44 (0) 161 236 3777
          Fax:   +44 (0) 161 455 3444
          Web site: http://www.robsonrhodes.co.uk


RED MC: Administrators from Berg Kaprow Lewis Move in
-----------------------------------------------------
Stewart Trevor Bennett (IP No 1205) has been appointed
administrators for advertising company Red MC Ltd.  The
appointment was made Jan. 31, 2005.  Its registered office is
located at Lakeview House, 4 Woodbrook Crescent, Billericay,
Essex CM12 0EQ.

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


SCOTLAND SCHEME: Calls Final Creditors Meeting
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Taste of Scotland Scheme Limited
                        (In Liquidation)

Notice is hereby given, in terms of Section 146 of the
Insolvency Act 1986, that the Final Meeting of Creditors of
Taste of Scotland Scheme Limited will be held at Allan House, 25
Bothwell Street, Glasgow G2 6NL, on February 24, 2005, 10:00
a.m. for the purposes of receiving the Liquidator's report on
the conduct of the winding-up and determining whether the
Liquidator should be released in terms of Section 174 of the
Insolvency Act 1986.

Douglas B. Jackson, Liquidator
January 19, 2005

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


SVL REALISATIONS: Meeting of Unsecured Creditors Next Week
----------------------------------------------------------
Name of companies:
SVL Realisations (2004) Limited (formerly Somers Vehicles Ltd)
PL Realisations Limited (formerly Prolift Limited)
TK Realisations (2004) Limited (formerly TotalKare Limited)
Triapt Holdings Limited

The unsecured creditors of these companies will meet on Feb. 17,
2005 at 10:00 a.m.  It will be held at KPMG, 2 Cornwall Street,
Birmingham B3 2DL.  Creditors who want to be represented at the
meeting may appoint proxies.  Proxy forms must be submitted
together with written debt claims to KPMG, 2 Cornwall Street,
Birmingham B3 2DL not later than 12:00 noon, Feb. 16, 2005.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


TECH ASSEMBLIES: Joint Administrators from KPMG Enter Firm
----------------------------------------------------------
Richard John Hill and Jonathan Scott Pope (IP Nos 8027, 9334)
have been appointed joint administrators for Tech Assemblies
Limited.  The appointment was made Jan. 27, 2005.  The company
is into engineering and allied industries.

CONTACT:  KPMG LLP
          100 Temple Street
          Bristol BS1 6AG
          Phone: (0117) 905 4000
          Fax: (0117) 905 4001
          Web site: http://www.kpmg.co.uk


THE GUIDANCE: Calls in Joint Liquidators from Begbies Traynor
-------------------------------------------------------------
At the extraordinary general meeting of the members of The
Guidance Accreditation Board Limited on Jan. 24, 2005 held at 4
Lombard Street, London EC3V 9HD, the special and ordinary
resolutions to wind up the company were passed.  W. J. Kelly and
J. P. N. Martin of Begbies Traynor have been appointed joint
liquidators of the company.

CONTACT:  BEGBIES TRAYNOR
          Newater House
          11 Newhall Street
          Birmingham B3 3NY
          E-mail: birmingham@begbies-traynor.com
          Web site: http://www.begbies.com


THE INDEPENDENT: Creditors Meeting Slated Next Week
---------------------------------------------------
The creditors of The Independent Financial Partnership Limited
will meet on Feb. 17, 2005 at 10:00 a.m.  It will be held at The
Hotel Metropole, King Street, Leeds LS1 2HQ.  Creditors who want
to be represented at the meeting may appoint proxies.  Proxy
forms must be submitted together with written debt claims to
Jacksons Jolliffe Cork, 33 George Street, Wakefield WF1 1L not
later than 12:00 noon, Feb. 16, 2005.

CONTACT:  JACKSON JOLLIFFE CORK
          33 George Street,
          Wakefield WF1 1LX
          Phone: 01904 652100
          Fax:   01904 635349
          Web site: http://www.jjcork.co.uk


THREE WISE: Winding-up Report Out February 17
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Three Wise Monkeys Limited
                         (In Liquidation)

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Final Meeting of the Creditors of
Three Wise Monkeys Limited will be held at 33 Albyn Place,
Aberdeen AB10 1YL, on February 17, 2005, 11:00 a.m. for the
purposes of receiving the Liquidator's report on the winding-up
and to determine whether the Liquidator should be released.

A. I. Fraser, Liquidator

CONTACT:  TENON RECOVERY
          33 Albyn Place
          Aberdeen AB10 1YL
          Phone: 01224 584900
          Fax: 01224 584902
          E-mail: aberdeen@tenongroup.com
          Web site: http://www.tenongroup.com


* New Rules May Make Thousands of U.K. Firms Appear Insolvent
-------------------------------------------------------------
U.K. businesses must take action now to avoid potentially dire
consequences of accounting standard FRS17, warn PKF accountants
and business advisers.

FRS17 'Retirement benefits' forces U.K. businesses within its
scope to account for any surplus or deficit in a defined benefit
pension scheme.  Until now, these have merely had to be
disclosed in the notes to the accounts but for periods beginning
on or after 1 January 2005 they will have to be included in the
balance sheet.  This could result in a solvent business suddenly
appearing insolvent when it has to include its pension scheme
deficit -- which may be huge -- in its accounts.

Whilst accounting for a surplus or deficit does not, of itself,
improve or worsen the employer's financial position, it may have
consequences such as:

(a) causing breaches of borrowing covenants,

(b) affecting management remuneration schemes that are based on
    results,

(c) precluding a company from paying dividend

Philip Long, head of corporate recovery at PKF, said: "FRS17
surpluses or deficits should be included in balance sheets for
accounting periods beginning on or after 1 January 2005, and
while the majority of businesses have included these figures in
the notes to previous accounts, they haven't yet affected the
bottom line.  Many business owners may be surprised to find they
are insolvent on paper when they do and by this time it may be
too late.  If enough businesses fail to act it could spell
disaster for U.K. insolvency rates.

Vicky Summers, employee benefits consultant at PKF Financial
Planning Ltd., said: "Businesses need to seek advice now to
minimize the impact of a likely pension scheme deficit.  In many
cases there may be ways of capping the deficit."

The surplus or deficit calculated under FRS17 is based on the
estimated cost of providing the benefits earned to date by
employees.  The volatility of such estimates, along with the
lack of understanding about the rule, is leading to nervousness
across the business community.

One business which has disclosed FRS17 figures in its accounts
for the last three years has seen the pension scheme deficit
almost double over this period, even though it has experienced
good investment returns on the scheme assets and has increased
contributions into the scheme.

CONTACT:  PKF
          Imelda Michalczyk, PR Manager
          Phone: 0207 065 0141

          Frances Dukeson, PR Assistant
          Phone: 0207 065 0376


                            *********


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
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Information contained herein is obtained from sources believed
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The TCR Europe subscription rate is US$575 per half-year,
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                 * * * End of Transmission * * *