TCREUR_Public/050210.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

           Thursday, February 10, 2005, Vol. 6, No. 29

                            Headlines

F R A N C E

WAVECOM SA: Announces 2005 Financial Reporting Schedule


G E R M A N Y

BERLINER FENSTER: Cedes Control to Administrator
BIELINSKY HAUSGERATE: Creditors Claims Due this Month
B.M. BAUBETREUUNG: Court Accepts Bankruptcy Application
ECG-EURO: Cedes Control to Court-appointed Administrator
HERBERT ECKEL: Creditors Meeting Set March

ISS INTERNATIONAL: Falls into Bankruptcy
KESSNER & ARZBERGER: Administrator from Wolff, Rapp Moves in
NEO PERSONAL: Under Bankruptcy Administration
PFLEIDERER AG: Considering Acquisition of Kunz Group
PFLEIDERER AG: On Watch Negative Over Planned Acquisition

RBW-ELEKTRONIK: Court Sets Creditors Meeting March
ROLYN STEEL: Augsburg Court Appoints Administrator
SCHEFENACKER AG: To Reduce Local Workforce
WALTER BAU: Lenz Family Has Different Plans for Ed. Zublin
WESTLB AG: Unit Attracts Offer from Terra Firma


I R E L A N D

ELAN CORPORATION: Reduces Losses by 33% in Fourth Quarter
ELAN CORPORATION: Close to Settling U.S. Regulatory Probe


I T A L Y

IMPREGILO SPA: Needs Over EUR800 Million to Survive, Says Report


N E T H E R L A N D S

AHOLD LEASE: Moody's Lifts Low-B Ratings on Certificate Classes
NEW SKIES: Wants to Amend Credit Facilities Under Planned IPO


R O M A N I A

CFR MARFA: Corporate Credit Rating Affirmed; Outlook Positive
CFR SA: Rating Affirmed at 'BB-'; Outlook Positive


R U S S I A

BEDNODEMYANOVSK-AGRO-PROM-KHIMIYA: Declared Insolvent
CHISTOPOLSKIY DOCKYARD: Holds Public Auction
FRUIT PROCESSING: Bankruptcy Hearing Resumes Next Month
KRYLOVSKOYE: Hires N. Kozyrev as Insolvency Manager
LAKOND: Undergoes Bankruptcy Supervision Procedure

LOKHNOVSKOYE: Gives Creditors Until March 21 to File Claims
METROMEDIA INTERNATIONAL: Unit Eyes Kaliningrad Phone Company
PECHORSKIY PLANT: Sets Public Auction February 25
SKIP: Creditors Have Until Next Month to File Claims
VOLGOTANKER: May Default on US$120 Million Loan

YUGRANEFT: Moscow Court Appoints Insolvency Manager
YUKOS OIL: Intends to File Reorganization Plan this Week
YUKOS OIL: Deutsche Bank's Dismissal Motion Flawed
YUKOS OIL: Main Shareholder Sues Moscow
ZUBR: Bankruptcy Hearing Set Friday


U K R A I N E

ATLANTIDA: Proofs of Claim Deadline Expires Weekend
AZOVSKA AGRO: Court Grants Debt Moratorium Request
DOVIRA: Kyiv Court Opens Bankruptcy Proceedings
FOODTRADE LTD.: Gives Creditors Until Saturday to File Claims
GERMES: Court Steps in, Appoints Insolvency Manager

INNOVATIONAL PRODUCTION: Declared Insolvent
INSERVICE: Last Day for Filing of Claims Friday
KELMENETSKIJ SUGAR: Insolvency Manager Takes over Operations
NDM: Undergoes Bankruptcy Supervision Procedure
TERMEKS: Succumbs to Insolvency


U N I T E D   K I N G D O M

ABENGOA LIMITED: Liquidator Takes over Operations
ALBA AGENCIES: Court Brings in Liquidator
ALLDERS PLC: Administrators Vow to Close Sale this Week
APEX ENGINEERING: Liquidator's Final Report Out February 24
APPLEY LIMITED: Hires Tenon Recovery as Administrator

BLADESHARP LIMITED: Members Pass Winding-up Resolutions
BOWLES ASSOCIATES: Hires PricewaterhouseCoopers as Liquidator
BRONZE AGE: Final Creditors Meeting Set Last Week of Month
CB INTERMEDIATE: Calls in Joint Liquidators from PwC
CHILDREN'S SURVIVAL: Hires PwC to Liquidate Company

CHOICE JEWELLERS: Calls in Liquidator from Berley
CYBRIUM LIMITED: Members Decide to Wind up Firm
DAVENPORT INC.: Joint Liquidators from Rothman Pantall Move in
DEICHER & SON: Hires Begbies Traynor as Liquidator
D. GEAR: Members Call in Liquidator from Piper Thompson

DI-COLE: Claims Filing Period Expires Third Week of April
FIRSTLINE SECURITY: Appoints P. Nottingham Liquidator
FULLCOVER ASSISTANCE: Applies for Liquidation
GARDNER SOLUTIONS: Hires Liquidator from Begbies Traynor
GIIT GUARANTEE: Joint Liquidators from Ernst & Young Move in

GLOW COMMUNICATIONS: Opts for Voluntary Liquidation
GONEGARDENING LIMITED: Names Citroen Wells Administrator
HAIDER LIMITED: Appoints Berley Liquidator
HEART OF MIDLOTHIAN: Drops Planned Sale of Tynecastle Stadium
HEART OF MIDLOTHIAN: Names New Non-executive Directors

LIGHTESTATE LIMITED: Joint Liquidators Move in
MAGIC CAR: Hires Liquidator from A. Segal & Co.
MARCONI CORPORATION: Reports GBP10 Mln Operating Profit
MICHAEL GREEN: Appoints Administrator from Valentine & Co.
NATURAL OPTIONS: Calls in Administrators from Numerica

PASHMINA RESTAURANT: Calls in Joint Administrators
PILOT CLOTHING: Creditors Meeting Set Next Week
RENT-IT-ALL LIMITED: Appoints Robson Rhodes Administrator
SUSSEX PHARMACEUTICAL: Hires Numerica as Administrator
T.E.A.M ENGINEERING: Names Milner Boardman Administrator

* FSCS Declares Five Companies in Default


                            *********


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


WAVECOM SA: Announces 2005 Financial Reporting Schedule
-------------------------------------------------------
Wavecom S.A.'s financial reporting schedule for 2005:

Year-end: December 31
                                                      Date
2004

4th quarter and year-end 2004 results         February 10, 2005

2005

1st quarter 2005 revenues and results            April 28, 2005

2nd quarter and first semester 2005               July 26, 2004
revenues and results

3rd quarter 2005 revenues and results          October 27, 2004

Press releases are issued before the opening of the Nasdaq and
Nouveau Marche.

Annual Shareholders Meeting                      May 26, 2004

Wavecom S.A. (Nasdaq:WVCM) (Euronext Nouveau Marche: AVM) is a
leading worldwide leader in pre-packaged wireless communication
solutions for automotive, industrial and mobile professional
applications.  Wavecom's solutions include all the software and
hardware elements that are necessary to develop truly innovative
wireless devices, as well as the development tools and services
needed to bring them to market quickly and easily.

Founded in 1993 and headquartered near Paris in Issy-les-
Moulineaux, Wavecom has subsidiaries in Hong Kong (PRC), San
Diego (U.S.A.) and Darmstadt (Germany).  Wavecom is publicly
traded on Euronext Paris in France and on the NASDAQ exchange in
the U.S.  Web site: http://www.wavecom.com

                            *   *   *

The company posted an operating loss for the third quarter 2004
of EUR18.4 million as compared to EUR26.4 million the previous
quarter.  It plans to return to breakeven within the second half
of 2005.

CONTACT:  WAVECOM SA
          Lisa Ann Sanders
          Phone: + 33 1 46 29 41 81
          E-mail: lisaann.sanders@wavecom.com
          Web site: http://www.wavecom.com

          or

          OGILVY PUBLIC RELATIONS WORLDWIDE
          John D. Lovallo
          Phone: 212-880-5216 (U.S.A. (financial)
          E-mail: john.lovallo@ogilvypr.com


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


BERLINER FENSTER: Cedes Control to Administrator
------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Berliner Fenster- und Turenfabrik GmbH on
Jan. 18.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
April 4, 2005 to register their claims with court-appointed
provisional administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 22, 2005, 9:50 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on June 21, 2005, 9:30 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  BERLINER FENSTER- UND TsRENFABRIK GMBH
          Funk, Wagner, Drathschmidt
          Kopenicker Strasse 154a-157,10997 Berlin

          Rolf Nacke, Insolvency Manager
          Gross-Berliner Damm 73 c, 12487 Berlin


BIELINSKY HAUSGERATE: Creditors Claims Due this Month
-----------------------------------------------------
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


B.M. BAUBETREUUNG: Court Accepts Bankruptcy Application
-------------------------------------------------------
The district court of Buckeburg opened bankruptcy proceedings
against B.M. Baubetreuung GmbH on Jan. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 23, 2005 to register their
claims with court-appointed provisional administrator Robert
Pinter.

Creditors and other interested parties are encouraged to attend
the meeting on March 23, 2005, 10:00 a.m. at Saal 504,
Amtsgericht, Schulstr. 2, 31675 Buckeburg 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:  B.M. BAUBETREUUNG GMBH
          Rothe Breite 39, 31867 Lauenau
          Contact:
          Barbel Meyer, Manager
          Rothe Breite 39, 31867 Lauenau

          Robert Pinter, Insolvency Manager
          Suntelstr. 44c, 31848 Bad Munder
          Phone: 05042/93770
          Fax: 05042/937719


ECG-EURO: Cedes Control to Court-appointed Administrator
--------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against ECG-Euro Cash GmbH on Jan. 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 7, 2005 to register their
claims with court-appointed provisional administrator Dr. Martin
Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting on March 29, 2005, 12:00 noon at the district court
of Aachen, Nebenstelle Augustastrasse 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:  ECG-EURO CASH GMBH
          Hauptstr. 15 a, 52538 Gangelt

          Dr. Martin Dreschers, Insolvency Manager
          Julicher Strasse 116, 52070 Aachen
          Phone: 0241/94618-0
          Fax: 0241/533562


HERBERT ECKEL: Creditors Meeting Set March
------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Herbert Eckel GmbH on Jan. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 3, 2005 to register their
claims with court-appointed provisional administrator Thomas
Schaefer.

Creditors and other interested parties are encouraged to attend
the meeting on April 6, 2005, 8:40 a.m. at Justizgebaude,
Sitzungssaal 162, Am Alten Einlass 1, 86150 Augsburg 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:  HERBERT ECKEL GMBH
          Burgermeister-Widmeier-Str. 54-56, 86179 Augsburg
          Contact:
          Herbert Eckel, Manager

          Thomas Schaefer, Insolvency Manager
          Fuggerstr. 16, 86150 Augsburg


ISS INTERNATIONAL: Falls into Bankruptcy
----------------------------------------
The district court of Essen opened bankruptcy proceedings
against ISS International Sport Service GmbH on Jan. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 2, 2005
to register their claims with court-appointed provisional
administrator Uwe Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005, 1:30 p.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  ISS INTERNATIONAL SPORT SERVICE GMBH
          Weidkamp 178, 45356 Essen
          Contact:
          Manfred Burgsmuller, Manager
          Geilinghausweg 24, 45239 Essen

          Uwe Kuhmann, Insolvency Manager
          Friedrich-List-Str. 20, 45128 Essen
          Phone: 0201/4381050
          Fax: 0201/4381000


KESSNER & ARZBERGER: Administrator from Wolff, Rapp Moves in
------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Kessner & Arzberger GmbH & Co. KG on Jan. 7.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 14, 2005
to register their claims with court-appointed provisional
administrator Albert Wolff of Wolff, Rapp, and Kollegen.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005, 8:35 a.m. at Saal D131,
Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  KESSNER & ARZBERGER GMBH & CO. KG
          Jaspisstrasse 1 in 01662 Meissen

          WOLFF, RAPP & KOLLEGEN
          Albert Wolff, Insolvency Manager
          Weisseritzstrasse 3, 01067 Dresden
          Web site: http://www.WORAKO.de


NEO PERSONAL: Under Bankruptcy Administration
---------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against NEO Personal Light Clothing GmbH on Jan. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 14, 2005
to register their claims with court-appointed provisional
administrator Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting on March 14, 2005, 10:00 a.m. at the district court
of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, IV. Etage, Saal 407 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:  NEO PERSONAL LIGHT CLOTHING GMBH
          Worthstrasse 175, 47053 Duisburg
          Contact:
          Jurgen Schulze, Manager
          Jahnstrasse 109, 41464 Neuss

          Dirk Hammes, Insolvency Manager
          Wilhelmshofallee 75, 47800 Krefeld


PFLEIDERER AG: Considering Acquisition of Kunz Group
----------------------------------------------------
SDAX-listed Pfleiderer AG is currently using an exclusivity
period in which to perform a due diligence on the Kunz Group.
This follows a Letter of Intent signed by Pfleiderer AG and Kunz
Holding GmbH & Co. KG, Gschwend, Germany, on December 6, 2004
for the possible acquisition of the Kunz Group by Pfleiderer.

The Kunz Group manufactures engineered wood products and employs
around 1,900 people with production sites in Germany, Canada and
the U.S.A.  The Kunz Group reported corporate sales in 2004 of
around EUR650 million from its particleboard, MDF, HDF and
surface-finished operations.  The Pfleiderer Group posted sales
at around EUR950 million in 2004.

                            *   *   *

In October, Fitch Ratings changed Pfleiderer AG's Outlook to
Stable from Negative.  At the same time, the agency has affirmed
the group's ratings at Senior Unsecured 'BB' and Short-term 'B'.

The change in Outlook reflects Pfleiderer's successful disposals
of non-core assets and new issuance of equity.  The proceeds
have improved the group's financial profile and should ensure
prudent financing of planned capital expenditure projects in the
engineered wood division.  Nevertheless, execution risks remain
in these plans.

CONTACT:  PFLEIDERER AG
          Ingolstadter Strasse 51
          93218 Neumarkt
          Deutschland
          Alexandra Klemme, Corporate Communication
          Phone: +49(0)9181/28-8044
          Fax: +49(0)9181/28-606
          E-mail: alexandra.klemme@pfleiderer.com


PFLEIDERER AG: On Watch Negative Over Planned Acquisition
---------------------------------------------------------
Fitch Ratings placed Germany-based Pfleiderer AG's Senior
Unsecured 'BB' rating on Rating Watch Negative.  At the same
time, the agency affirmed the company's Short-term rating at
'B'.

The rating action follows Pfleiderer's announcement that the
group is currently using an exclusivity period to carry out a
due diligence on the Kunz Group.  Pfleiderer AG and Kunz Holding
GmbH & Co. KG, Germany, signed a letter of intent on 6 December
2004 for the possible acquisition of the Kunz Group by
Pfleiderer.  Kunz Group is an important supplier of
particleboard and fibreboard in Europe and North America and a
major supplier to the furniture industry and the only completely
integrated manufacturer of laminate flooring in North America.
The group reported sales of around EUR650 million in FY2004 and
employs around 1,900 people, two-thirds of whom based in North
America.

Fitch plans to resolve the Rating Watch in the next three to six
months, following discussion with management regarding the
transaction.  This will include discussion of the strategic fit,
the level of operational synergies, and the financial
parameters, including the intended means of funding the
transaction, and the schedule for completion of the acquisition.

Fitch assumes that the planned acquisition will have a major
impact on the group's financial profile, which had gradually
recovered over the past two years following a recovery in
operational cash generation, as well as de-leveraging, which has
been driven by disposal proceeds following the exit of non-core
operations.

In terms of transaction funding, Fitch believes that a debt-
financed acquisition would have a significant negative impact on
the leverage of Pfleiderer's balance sheet.  In contrast to
this, a prudently balanced debt-equity-mix would be considered
less severe. Fitch will also take into account any significant
changes in the business profile of the group.

Pfleiderer Group, founded in 1894 in Germany, is an
internationally active and leading supplier of engineered wood,
surface finished panels and infrastructure technology such as
rail sleeper technology.  After refocusing its business
activities, the group's growth strategy has focused on the
expansion into Central and Eastern Europe.

CONTACT:  FITCH RATINGS
          Markus Leitner, Frankfurt
          Phone: +49 (0) 69 7680 76 241

          Wolfgang Wiehe, London
          Phone: +44 (0) 20 7417 4233

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

          PFLEIDERER AG
          Ingolstadter Strasse 51
          93218 Neumarkt
          Deutschland
          Phone: + 49 / 91 81 / 28 - 80 44
          Corporate Communication
          Fax: + 49 / 91 81 / 28 - 606
          Alexandra Klemme
          E-mail: alexandra.klemme@pfleiderer.com


RBW-ELEKTRONIK: Court Sets Creditors Meeting March
--------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against RBW-Elektronik GmbH on Jan. 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 10, 2005 to register their
claims with court-appointed provisional administrator Dr.
Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2005, 10:55 a.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201 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:  RBW-ELEKTRONIK GMBH
          Schleefstr. 8, 44287 Dortmund
          Contact:
          Erich Richwin, Manager
          Bodieckstr. 49, 44289
          Dortmund und Wolfgang Witteck
          Sonnenstrasse 29 a, 58239 Schwerte

          Dr. Winfrid Andres, Insolvency Manager
          Neuer Zollhof 3, 40221 Dusseldorf
          Phone: 0211/69076969
          Fax: 69 07 69-70


ROLYN STEEL: Augsburg Court Appoints Administrator
--------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Rolyn Steel GmbH Bewehrungstechnik on Jan. 13.
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 Rainer U. Muller.

Creditors and other interested parties are encouraged to attend
the meeting on March 14, 2005, 9:45 a.m. at Justizgebaude,
Sitzungssaal 162, Am Alten Einlass 1, 86150 Augsburg 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:  ROLYN STEEL GMBH
          Bewehrungstechnik, Elmer-Fryar-Ring 49, 86391
          Stadtbergen
          Contact:
          Valeria Jaromi-Blonski, Manager

          Rainer U. Muller, Insolvency Manager
          Schiessstattenstr. 15, 86159 Augsburg


SCHEFENACKER AG: To Reduce Local Workforce
------------------------------------------
Car mirror manufacturer Schefenacker will reduce its 1,600
strong workforce by 580 employees, Suddeutsche Zeitung.

Schefenacker revealed the cuts would affect employees in its
Geislingen plant, which it plans to close down in 2006 to
transfer production activities abroad.  The group will also
reduce the number of its employees in Oberrot and Schwaikheim, a
trade union source said.

The group expects trade unions to protest the move.

                            *   *   *

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

Ratings affected by the action are:

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

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

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

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

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


WALTER BAU: Lenz Family Has Different Plans for Ed. Zublin
----------------------------------------------------------
Walter Bau's insolvency administrator Werner Schneider may sell
any of the group's profitable subsidiaries save for Ed. Zublin.

According to Financial Times Deutschland, the Lenz family's 43%
stake in the subsidiary is enough to block a sale.  Add to this
the long-running battle between the family and Walter Bau
founder, Ignaz Walter, for control of the unit and it becomes
clear that a sale is out of the question.

Rumors also abound that the family has been holding talks with
anonymous financial investors regarding Ed. Zublin, suggesting
that a plan outside the context of Walter Bau's insolvency
proceedings may be in the works.

The dispute between Mr. Walter and the Lenz family came close to
being settled last year when the family agreed to give up its
stake.  The acquisition, however, was abruptly abandoned when
one member of Walter Bau's banking syndicate opposed the
takeover.  The banks eventually refused to extend the group
EUR1.65 billion in new credits, precipitating its fall into
bankruptcy.

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

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


WESTLB AG: Unit Attracts Offer from Terra Firma
-----------------------------------------------
Boullioun Aviation Services, the aircraft-leasing business of
German bank WestLB AG, has attracted another bidder in private
equity firm Terra Firma, says Reuters, citing a Financial Times
report.

Debis AirFinance, RBS Aviation Capital, and Aviation Capital
Group are among the companies believed to have submitted bids
for Boullioun, which owns or manages 119 aircraft and serves 50
airline carriers.

The Financial Times, citing sources, also reported that during
the next two weeks, WestLB will choose a preferred bidder for
the aircraft-leasing unit from a shortlist of four, and that a
deal, which could value the company at up to EUR600 million, may
be announced before the end of the month.

The state-owned bank is divesting large industrial holdings to
protect its credit rating when state guarantees for its debt end
in July.

CONTACT:  WESTLB AG
          Dusseldorf Head Office
          Herzogstrabe 15
          40217 Dusseldorf
          Phone: (0211) 826-01
          Fax: (0211) 826-6119
          E-mail: info@westlb.de

          Munster Head Office
          Friedrichstrabe 1
          48145 Munster
          Phone: (02 51) 412-01
          Fax: (02 51) 412 2921
          E-mail: info@westlb.de
          Web site: http://www.westlb.de.


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ELAN CORPORATION: Reduces Losses by 33% in Fourth Quarter
---------------------------------------------------------
Elan Corporation Plc announced on Feb. 8 its fourth quarter and
full-year 2004 financial results and provided an update on its
outlook for 2005.

Commenting on Elan's business, Kelly Martin, Elan's president
and chief executive officer, said: "2004 was an extraordinary
year for Elan, with two Elan innovations, Tysabri for multiple
sclerosis and Prialt for severe chronic pain, approved in the
U.S., with both therapies advancing in the regulatory process in
Europe.  For 2005, we look forward to continued growth across
the Tysabri franchise, working with our collaborator Biogen
Idec; continued clinical progress in the Alzheimer's
immunotherapy program in collaboration with Wyeth; ongoing
advancements in our strategic pipeline; and disciplined
investment aligned to our core therapeutic areas of autoimmune
diseases and neurodegenerative diseases.

"Our company and our people remain steadfastly focused on our
commitment to discover and deliver novel therapeutic approaches
for patients with significant unmet medical needs -- and to
bring sustainable growth and value creation to our
shareholders."

Commenting on Elan's fourth quarter and year-end 2004 financial
results, Shane Cooke, executive vice president and chief
financial officer, said: "2004 has proven to be a transitional
year for Elan; we reduced losses by 33% to US$0.96 per share;
experienced double digit growth in revenues from our remaining
business; completed the repositioning of our business and
balance sheet with continued disciplined and focused investment
in our core therapeutic areas; expanded our organization in
targeted areas by recruitment of key talent to execute the
successful launch of Tysabri and Prialt; and we significantly
strengthened our financial position completing a US$1 billion
plus bond offering.  While it is early days, the initial take-up
since launch of Tysabri is exceeding all our expectations and we
remain optimistic that we will return to profitability by the
end of 2006."

To supplement our consolidated financial statements presented on
a U.S. GAAP basis, Elan provides readers with EBITDA (Earnings
Before Interest, Taxes, Depreciation and Amortization), a non-
GAAP measure of operating results.  EBITDA is defined as net
loss from continuing operations plus or minus depreciation and
amortization of costs and revenues, provisions for income tax,
net interest expense, investment gains and losses, and
milestones received and deferred.  EBITDA is not presented as an
alternative measure of operating results or cash flow from
operations, as determined in accordance with U.S. GAAP.  Elan's
management uses EBITDA to evaluate the operating performance of
Elan and its business and is among the factors considered as a
basis for Elan's planning and forecasting for future periods.

Elan believes EBITDA is a measure of performance used by some
investors, equity analysts and others to make informed
investment decisions.  EBITDA is used as an analytical indicator
of income generated to service debt and to fund capital
expenditures.  EBITDA does not give effect to cash used for
interest payments related to debt service requirements and does
not reflect funds available for investment in the business of
Elan or for other discretionary purposes.  EBITDA, as defined by
Elan and presented in this press release, may not be comparable
to similarly titled measures reported by other companies.  A
reconciliation of EBITDA to net loss from continuing operations
is set out in the tables above titled "Non-GAAP Financial
Information Reconciliation Schedule."

Revenue

Total revenue decreased 10% to US$123.8 million in the fourth
quarter of 2004 from US$138.2 million in the same quarter of
2003 and decreased by 30% from US$685.6 million for the full-
year 2003 to US$481.7 million for the full-year 2004.  Revenue
is analyzed below between revenue generated from retained
products and revenue arising from products that have been
divested.

Product Revenue

Total product revenue for the fourth quarter of 2004 of US$102.3
million decreased 19% from US$126.2 million recorded in the same
quarter of 2003 primarily due to the divestment of a number of
products and businesses in 2004, principally the European
business and Zonegran.  Total product revenue for the full-year
2004 was US$404.4 million compared to US$586.7 million for the
same period of 2003, a decrease of 31%.  The decline in product
revenue in 2004 was primarily due to the divestment of a number
of products and businesses during 2003 and 2004, principally
Skelaxin, Sonata, the European business and Zonegran.

Revenue from retained products

Revenue from retained products and contract manufacturing and
royalties of US$91.8 million in the fourth quarter of 2004
increased by 29% over the US$70.9 million recorded in the same
period of 2003.  For the full-year 2004, revenue from retained
products increased by 11% from US$274.2 million to US$305.4
million.  The increase primarily reflected the growth in
prescriptions and demand for Azactam and Maxipime, growth in the
drug delivery business including contract manufacturing, and
initial sales of Tysabri.

The U.S. Food and Drug Administration (FDA) granted accelerated
approval of Tysabri in late November 2004.  Tysabri is indicated
for the treatment of patients in the U.S. with all forms of
relapsing remitting multiple sclerosis (MS).  Revenue from sales
of Tysabri amounted to US$6.4 million in the fourth quarter and
full-year 2004.

Maxipime prescription demand for the fourth quarter of 2004
increased by 16% compared to the same period in 2003 while
revenues for the quarter decreased from US$31.5 million to
US$29.9 million, or 5%.  Maxipime prescription demand for the
full-year 2004 increased by 14% over the same period in 2003,
while revenues increased from US$109.1 million to US$117.5
million, or 8%.  Azactam prescription demand for the fourth
quarter of 2004 increased by 14% compared to the same period of
2003 while revenues for the quarter increased from US$10.8
million to US$15.3 million, or 42%.  Azactam prescription demand
for the full-year 2004 increased by 12% over the same period in
2003, while revenues also increased by 12% from US$45.1 million
to US$50.6 million.  Changing wholesaler inventory levels
primarily explains the difference between prescription and
revenue growth rates.

Contract manufacturing and royalty revenue was US$40.2 million
in the fourth quarter of 2004, an increase of 41% over the
US$28.6 million recorded in the fourth quarter of 2003.  For the
full-year 2004, contract manufacturing and royalty revenue was
US$130.9 million, an increase of 9% over US$120.0 million
recorded in the full-year 2003.  The increase in royalty revenue
reflects an increase in the in-market sales by third parties of
a number of products which incorporate Elan technologies,
including Avinza(TM), Verelan(TM), Ritalin(TM), together with
the initial launch sales of Tricor(TM), which was approved for
Fournier Pharma Corp. (Fournier) in December 2004.

Amortized Product Revenue

The results for the fourth quarters of 2004 and 2003 include
US$8.5 million of amortized revenue related to the licensing of
rights to Elan's generic form of Adalat CC and the restructuring
of Elan's Avinza license agreement with Ligand Pharmaceuticals,
Inc., which occurred in 2002.  The remaining unamortized revenue
on these products of US$69.2 million, which is included in
deferred income, will be recognized as revenue through June
2007, reflecting Elan's ongoing involvement in the manufacturing
of these products.

Revenue from Divested Products

During 2003 and 2004 Elan sold a number of products and
businesses as part of the recovery plan and the subsequent
strategic repositioning of the Company as a biotechnology
company.  Revenue from divested products and businesses was
US$2.0 million in the fourth quarter of 2004 compared to US$46.8
million in the same quarter of 2003, a decrease of 96%.  Full-
year revenue from divested products and businesses decreased by
77% in 2004 to US$65.0 million, compared to US$278.5 million in
2003.

Contract Revenue

Contract revenue in the fourth quarter of 2004 was US$21.5
million, an increase of 79% over the US$12.0 million recorded in
the fourth quarter of 2003.  This increase primarily reflects
milestones received in connection with the application of Elan's
proprietary NanoCrystal(TM) technology, principally in relation
to the approval of Tricor for Fournier.

Included in contract revenue for the full-year 2003 is amortized
revenue of US$35.2 million related to the business ventures,
which were restructured and/or terminated as part of the
recovery plan.  There are no revenues related to the business
ventures in 2004 and consequently amortized revenue for the
full-year 2004 decreased by 65% to US$17.6 million, compared to
the US$49.6 million recorded in the full-year 2003.

Gross Profit

The gross profit margin on product revenue was 53% in the fourth
quarter of 2004 compared to 57% in the same period of 2003.  The
decline is due to a change in product mix attributed to the
divestment of a number of products and businesses with higher
gross margin.

The full-year gross profit margin on product revenue was 58% for
both 2004 and 2003.  The gross margin remained consistent with
2003 due to the change in the mix of product revenues because of
the divestment of a number of products and businesses with
higher gross margins, offset by the payment of royalties of
US$43.3 million to Pharma Marketing Ltd.  (Pharma Marketing)
which were included in cost of sales during 2003 (2004: US$nil).

Operating Expenses

Selling, general and administrative (SG&A) expenses increased
41% to US$109.8 million in the fourth quarter of 2004 from
US$77.9 million in the same quarter of 2003.  The increase is
due principally to additional spending to launch Tysabri and
Prialt(TM), both of which were granted approval by the FDA in
the fourth quarter of 2004.  Included in SG&A expenses in the
fourth quarter of 2004 is US$35.0 million in respect of Tysabri,
bringing the SG&A spend for the full-year 2004 to over US$50.0
million.  Excluding Tysabri related expenditures, full-year SG&A
expenses were approximately US$295 million in 2004 compared to
US$386.9 million in 2003, a decrease of 24% reflecting the
successful implementation of the recovery plan, related cost
reduction initiatives and ongoing financial discipline.

Research and development (R&D) expenses were US$71.4 million in
the fourth quarter of 2004 compared to US$59.3 million in the
same period of 2003 and US$55.5 million in the third quarter of
2004.  The increase was primarily due to the timing of
expenditures related to the clinical development and other
related costs of Tysabri and Prialt, and research and
development efforts on the Alzheimer's programs.  Full-year R&D
expenses were US$257.3 million in 2004 compared to US$277.6
million in 2003, a decrease of 7%.  The reduction in full-year
expenses reflects the refocusing of research and development
efforts on key programs: Tysabri, Prialt and Alzheimer's.

Net Gains on Divestment of Businesses

With respect to Zonegran (zonisamide), Elan expects to receive
additional deferred consideration of up to US$110.0 million from
Eisai Co., Ltd. in the period through January 1, 2006.  The
deferred consideration will be recorded as a gain if and when it
is received.  These payments are contingent on Zonegran
receiving marketing approval in Europe (US$25.0 million) and no
generic zonisamide being introduced in the U.S. market before
January 1, 2006 (US$85.0 million).

Recovery Plan and Other Significant Items

As previously announced, Elan has included in its financial
statements a reserve of US$55.0 million, net of insurance
coverage, to cover the Company's estimated liability related to
the shareholder class action and the Securities and Exchange
Commission (SEC) investigation.  A hearing is scheduled for
February 18, 2005 on the final approval of the previously
announced agreement to settle the class action pending in the
U.S. District Court for the Southern District of New York.  In
addition, Elan expects the Commissioners of the SEC to meet in
the near future to rule on the previously disclosed provisional
agreement the Company reached with the Staff of the SEC to
settle the investigation that the Division of Enforcement of the
SEC commenced in 2002.

During the fourth quarter of 2004, Elan re-organized its
insurance arrangements resulting in Elan self insuring certain
limited historical risks.  As a result, Elan recorded a gain of
US$21.0 million net of related provisions.

Net Interest and Investment Gains and Losses

Net interest and investment losses were US$5.7 million for the
fourth quarter of 2004, compared to a loss of US$125.2 million
for the same period of 2003.  Full-year net interest and
investment losses were US$112.1 million for 2004, compared to a
loss of US$136.8 million for 2003.

In the fourth quarter of 2004, net interest expense amounted to
US$37.5 million compared to US$30.7 million in the same period
of 2003.  Net interest expense increased in the fourth quarter
and full-year 2004 over the corresponding periods in 2003
primarily as a result of the issuance of US$1.15 billion in
senior fixed and floating notes in November 2004 and the
repurchase of US$351.1 million of EPIL III Series B and C
Guaranteed Notes, partially offset by interest income on higher
cash balances.

Consistent with the strategy outlined at the beginning of 2004
to monetize the investment portfolio, during the fourth quarter
2004, US$162.1 million in net cash proceeds were raised from the
disposal of investments resulting in net investment gains of
US$55.6 million, including US$43.6 million in relation to the
disposal of the Company's investment in Warner Chilcott Plc.
For the full-year 2004, US$401.8 million in net cash proceeds
were raised from the disposal of investments resulting in net
investment gains for the full-year of US$114.6 million.

During the fourth quarter of 2004 an impairment charge of
US$23.8 million was taken to reflect other than temporary
impairments to the value of a number of investments, mainly in
privately held biotech companies.  This brings the impairment
charge for the full-year 2004 to US$71.8 million.  In June 2004,
EPIL II disposed of its investment portfolio generating net
proceeds of US$79.7 million.  The disposal of the EPIL II
investment portfolio and the subsequent repayment of the
US$450.0 million in debt together with accrued interest resulted
in a charge of US$47.1 million in 2004.

Of the remaining portfolio of investments, which have a total
book value of US$104.5 million, down from US$542.3 million at
January 1, 2004, approximately 62% is held in public companies
and includes unrealized gains of US$20.9 million.  Unrealized
gains are included as a component of shareholders' equity and
arise from the mark-to-market of certain publicly quoted
investments.

EBITDA

Negative EBITDA, excluding net gains on divestment of businesses
and other significant items for the fourth quarter of 2004,
amounted to US$82.5 million compared to a negative EBITDA of
US$31.7 million in the same period of 2003, excluding net gains
on divestment of businesses, recovery plan and other significant
items.  The increase in negative EBITDA primarily resulted from
the reduction in revenues and related costs associated with
products and businesses divested during 2003 and 2004 and the
increase in costs associated with the launch of Tysabri,
partially offset by increased contract manufacturing and royalty
revenue.

Full-year 2004 negative EBITDA, excluding net gains on
divestment of businesses, recovery plan and other significant
items, amounted to US$205.4 million compared to a negative
EBITDA of US$179.3 million for full-year 2003, excluding net
gains on divestment of businesses, recovery plan and other
significant items.  The increase in full-year negative EBITDA
primarily resulted from the reduction in revenues and related
costs associated with products and businesses divested during
2003 and 2004, together with the increase in costs associated
with the launch of Tysabri.

Debt Refinancing

During the fourth quarter of 2004, the Company refinanced, at a
lower average interest rate, a significant proportion of its
debt.  At December 31, 2004, the Company had no debt maturities
until 2008, other than US$39.0 million, which is due in March
2005.

In November 2004, Elan, through its wholly-owned subsidiaries,
Elan Finance Plc and Elan Finance Corp., completed the offering
of US$1.15 billion aggregate principal amount of Senior Notes,
consisting of US$850.0 million of 7.75% senior fixed rate notes
and US$300.0 million of senior floating rate notes both due
2011.  A portion of the proceeds from the offering was used to
complete the repurchase of approximately US$351.1 million of
EPIL III Series B and C Guaranteed Notes.

Elan had guaranteed loan notes issued by EPIL II to the extent
that the investments held by EPIL II were insufficient to repay
the loan notes and related accrued interest.  EPIL II was a
Qualifying Special Purpose Entity and was not consolidated under
U.S. GAAP.  On June 28, 2004, the guaranteed notes of US$450.0
million, together with accrued interest for the period from
December 31, 2003 to June 28, 2004 of US$21.5 million, were
repaid.  Of the aggregate payment of US$471.5 million, US$79.7
million was funded from the cash resources in EPIL II and
through the sale of EPIL II's entire investment portfolio.  The
balance of US$391.8 million was funded by Elan under its
guarantee arrangement.

                           2005 Outlook

Financial

Elan is providing guidance as to the potential financial outcome
for 2005, excluding the impact of potential revenues from
Tysabri and the impact of expensing stock options.  Tysabri was
approved in the U.S. as a treatment for all forms of relapsing
remitting MS in late November 2004.  While Elan expects Tysabri
to become the market leader in this indication it is too early
in the launch to give revenue guidance for this product.
However, on the basis of the initial take-up, Elan is optimistic
of a return to profitability by the end of 2006.

In relation to the remaining business Elan expects revenues to
grow at a rate of 15% to 20% to US$460.0 million to US$490.0
million and intends to hold SG&A (excluding SG&A related to
Tysabri) and R&D costs, on a cash basis, at their 2004 levels.
While Elan aims to hold these costs constant in 2005, the
allocation of costs between projects will change to reflect
primarily the launch of Prialt and the progress of the
Alzheimer's research programs through the clinic.

The gross profit on product revenue, excluding revenue and
related cost of sales for Tysabri and stock option compensation,
is expected to be in the range of 53% to 57%.  Elan will record
all of the U.S. sales of Tysabri in revenue and will share the
gross profit with Biogen Idec.  Elan's gross profit on Tysabri
revenue is expected to be in the range of 30% to 35%.

Elan's investment in SG&A expenses for Tysabri for 2005 in
respect of all indications, and including pre-launch costs
associated with Tysabri for Crohn's disease in both Europe and
U.S. and for MS in Europe, are anticipated to be in the US$160.0
million to US$180.0 million range.

Negative EBITDA for 2005, excluding revenues and SG&A costs
related to Tysabri, is expected to be in the range of US$160.0
million to US$180.0 million, broadly in-line with that recorded
in 2004.

Research and Development

Tysabri (Natalizumab)

Tysabri is an Elan innovation.  It is the first humanised
monoclonal antibody approved for the treatment of MS.  Tysabri
is an alpha 4 antagonist designed to inhibit immune cells from
leaving the bloodstream and to prevent these cells from
migrating into chronically inflamed tissue where they may cause
or maintain inflammation.  Tysabri is being developed and
marketed by Elan in collaboration with Biogen Idec.

Alzheimer's and other Neurodegenerative Diseases

Elan is focused on building upon its breakthrough research and
extensive experience in Alzheimer's disease (AD) and is also
studying other neurodegenerative diseases, such as Parkinson's
disease.

In collaboration with Wyeth, Elan is currently conducting
clinical trials with an experimental monoclonal antibody, AAB-
001, designed and engineered to neutralise the neurotoxic beta-
amyloid peptide that accumulates in the brains of patients with
AD.  Elan also has research programs focused on small molecule
inhibitors of beta secretase and gamma secretase, enzymes whose
actions are thought to affect the accumulation of amyloid
plaques in the brains of patients with Alzheimer's disease.

About Elan

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

Full copy of Elan Corporation's 2004 financial results can
viewed free of charge at http://bankrupt.com/misc/elan_2004.htm.

CONTACT:  ELAN CORPORATION PLC
          Lincoln House, Lincoln Place
          Dublin, 2, Ireland
          Phone: +353-1-709-4000
          Fax: +353-1-662-4949
          Web site: http://www.elan.com


ELAN CORPORATION: Close to Settling U.S. Regulatory Probe
---------------------------------------------------------
Elan Corporation announced that the Commissioners of the U.S.
Securities and Exchange Commission have given final approval to
the previously announced provisional agreement between Elan and
the Staff of the S.E.C. to settle the investigation by the
S.E.C.'s Division of Enforcement that commenced in February
2002.  The approved settlement concludes all aspects of the
investigation with respect to Elan and its current and former
Directors and Officers.

"I am pleased to announce the final settlement of the S.E.C.
investigation," said Kelly Martin, Elan's president and chief
executive officer.  "This is an important step forward for Elan,
its shareholders and patients.  Closure on the S.E.C.
investigation removes uncertainty and allows us to focus all of
our energies on bringing innovative science to patients in our
core areas of neurodegenerative and autoimmune diseases and, in
particular, executing on the successful launches of Tysabri and
Prialt."

Terms of Settlement with S.E.C.

Under the agreement reached with the S.E.C. the Company neither
admits nor denies the allegations contained in the S.E.C.'s
civil complaint, which includes allegations of violations of
some provisions of the federal securities laws, including
Section 10(b) of the Securities Exchange Act of 1934 and Rule
10b-5 thereunder.  The settlement contains a final judgment
restraining and enjoining the Company from future violations of
these provisions.  In addition, the Company will pay a civil
penalty of US$15 million.  In connection with the settlement,
the Company will not be required to restate or adjust any of its
historical financial results or information.

On Oct. 4, 2004, the Company announced that it had included in
its financial statements a reserve of US$55 million, net of
insurance coverage, to cover the Company's estimated liability
related to the S.E.C. investigation and the shareholder class
action pending in the U.S. District Court for the Southern
District of New York.  The terms of the class action settlement
are subject to final Court approval.  A hearing is scheduled for
February 18, 2005, at which the Court will consider final
approval of the settlement.

About Elan

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

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

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


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IMPREGILO SPA: Needs Over EUR800 Million to Survive, Says Report
----------------------------------------------------------------
Troubled construction group Impregilo S.p.A. needs more than
EUR800 million to continue operating, La Republicca says.

The newspaper cited an estimate by consulting firm Bain & Co.,
which says Impregilo has to hold between EUR820 million to
EUR950 million in cash to stay afloat.  Impregilo's creditor has
been demanding a revamp of its management.  Banks has also been
pressuring the Romiti family, Impregilo's majority shareholder,
to inject EUR300 million into the group in exchange for
supporting a EUR460 million capital increase and a convertible
issue.

Impregilo's advisor, corporate restructuring specialist Lazard
Freres & Co. LLC, has been urging the group to sell its stakes
in units Fisia Italimpianti and Sudamericana Costanera Disposal.

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


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AHOLD LEASE: Moody's Lifts Low-B Ratings on Certificate Classes
---------------------------------------------------------------
Moody's Investors Service upgraded the ratings of two classes of
Ahold Lease Series 2001-A Pass-Through Trust to Ba2 from Ba3.
The Certificates were upgraded to Ba2 based on the support of
the triple net leases guaranteed by Koninklijke Ahold N.V.,
which was upgraded to Ba2 by Moody's on February 4, 2005.

Moody's stated that the Koninklijke Ahold upgrade follows
Ahold's announcement that it will cancel its senior secured
revolving credit facility and rely upon its significant cash
balances to meet its liquidity needs pending the negotiation of
a replacement credit facility.  The rating outlook is positive.

The ratings upgraded include:

   -- Class A-1, $292,274,834, Fixed, upgraded to Ba2 from Ba3
   -- Class A-2, $250,720,000, Fixed, upgraded to Ba2 from Ba3

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

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

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


NEW SKIES: Wants to Amend Credit Facilities Under Planned IPO
-------------------------------------------------------------
New Skies Satellites B.V. (NYSE:NSK) (AEX:NSK), the global
satellite communications company, announced that it is seeking
an amendment to its existing credit facilities via Deutsche
Bank.  The amendment is being sought in connection with the
proposed initial public offering of New Skies Satellites
Holdings Ltd., its indirect parent company, and will seek, among
other changes, an increase in the size of the revolving credit
facility, new financial covenant levels and a reduction in
pricing on the facilities.

A registration statement relating to the initial public offering
of New Skies Satellites Holdings Ltd.'s securities has been
filed with the U.S. Securities and Exchange Commission but has
not yet become effective.  These securities may not be sold nor
may offers to buy be accepted prior to the time the registration
statement becomes effective.  This communication shall not
constitute an offer to sell or the solicitation of an offer to
buy nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.

About New Skies Satellites

New Skies Satellites is one of only four fixed satellite
communications companies with truly global satellite coverage,
offering data, video, Internet and voice communications services
to a range of telecommunications carriers, broadcasters, large
corporations, Internet service providers and government entities
around the world.  New Skies has five satellites in orbit and
ground facilities around the world.  The company also has
secured certain rights to make use of additional orbital
positions for future growth.  New Skies is headquartered in The
Hague, The Netherlands, and has offices in Hong Kong, New Delhi,
Sao Paulo, Singapore, Sydney and Washington, D.C.

CONTACT:  NEW SKIES SATELLITES B.V.
          Corporate Communications
          Jeff Bothwell
          Phone: +31 70 306 4239
                 +31 6 1131 0183
          E-mail: Jbothwell@newskies.com


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CFR MARFA: Corporate Credit Rating Affirmed; Outlook Positive
-------------------------------------------------------------
Standard & Poor's Ratings affirmed its 'B+' corporate credit
rating on Romania-based state-owned freight railway company CFR
Marfa S.A.  The outlook is positive.

"The rating on Marfa reflects strong competition from road and
river transport, the very low cost flexibility of its
operations, high investment needs, and a weak financial profile.
This weakness is demonstrated by high refinancing risk in 2007,"
said Standard & Poor's credit analyst Eugene Korovin.  "These
risks are somewhat mitigated by Marfa's strategic importance to
and support from the government of Romania, its strong position
in the national freight market, and improving regulation."

The upgrade of the foreign-currency sovereign rating on the
Republic of Romania to 'BB+' from 'BB' on Sept. 14, 2004 (see
"Republic of Romania Long-Term FC Ratings Raised to 'BB+' on
Structural Reforms; Outlook Stable" on RatingsDirect, Standard &
Poor's Web-based credit analysis system), did not affect the
rating on Marfa because Standard & Poor's does not expect
increased support for the company.

The positive outlook reflects that on the Republic of Romania.
The outlook also incorporates Standard & Poor's expectation that
governmental support will remain strong at least until Romania's
E.U. accession and that Marfa and the government will develop an
adequate strategy in the near future to reduce the high
refinancing risk in 2007.  A failure to do so is likely to lead
to a revision of the outlook and will put downward pressure on
the rating.

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
          InfrastructureEurope@standardandpoors.com

          CFR MARFA
          Bd.Dinicu Golescu no. 38
          77111 Bucuresti 1
          Phone: +40-1-6385588
          Fax: +40-1-3214700
          Web site: http://www.cfrmarfa.cfr.co


CFR SA: Rating Affirmed at 'BB-'; Outlook Positive
--------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB-'
corporate credit rating on Romania-based CFR S.A., the
government-owned company responsible for the management of the
national rail infrastructure network.  The outlook is positive.

"The credit rating on CFR is predominantly based on governmental
financial support for its obligations, such as high-level debt
guarantees," said Standard & Poor's credit analyst Eugene
Korovin.

"CFR is 100% state owned, highly integrated with the government,
and the risk of privatization is very low.  The company's
financial strength is extremely weak, and therefore it relies
heavily on government subsidies for its operations and capital
investments.  These have been insufficient, however, to cover
high operational expenditure and an ambitious investment
program."

The upgrade of the foreign-currency rating on the Republic of
Romania to 'BB+' from 'BB' on Sept. 14, 2004 (see "Republic of
Romania Long-Term FC Ratings Raised to 'BB+' on Structural
Reforms; Outlook Stable" on RatingsDirect, Standard & Poor's
Web-based credit analysis system) did not affect the rating on
CFR because Standard & Poor's does not expect increased support
for the company.

The positive outlook reflects that on the sovereign.  A change
in the sovereign rating might have an impact on the government's
ability to support CFR's operational and financial obligations.
Standard & Poor's expects the Ministry of Public Finance, which
constantly monitors CFR's ability to repay its debt, to continue
assisting the company to pay interest and principal as far as
government financial flexibility allows.

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
          InfrastructureEurope@standardandpoors.com

          CFR S.A.
          1, Gara de Nord Street, Bucuresti, 78123
          E-mail: admin@cfr.ro
          Web site: http://www.cfr.ro


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


BEDNODEMYANOVSK-AGRO-PROM-KHIMIYA: Declared Insolvent
-----------------------------------------------------
The Arbitration Court of Penza region commenced bankruptcy
proceedings against Bednodemyanovsk-Agro-Prom-Khimiya after
finding the state-owned enterprise insolvent.  The case is
docketed as A49-110/04-16B/26.  Mr. A. Presnyakov has been
appointed insolvency manager.

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

(a) Insolvency Manager
    Russia, Penza, Voroshilova Str. 5-42

(b) The Arbitration Court of Penza Region
    Russia, Penza, Belinskogo Str. 2

(c) Bednodemyanovsk-Agro-Prom-Khimiya
    Russia, Penza region,
    Bednodemyanovsk, Kommunalnaya Str. 76


CHISTOPOLSKIY DOCKYARD: Holds Public Auction
--------------------------------------------
The bidding organizer and insolvency manager of open joint stock
company Chistopolskiy Dockyard will sell its property on Feb.
21, 2005, 12:00 noon.  The public auction will take place at
Russia, Tatarstan republic, Chistopol, Pionerskaya Str. 1.  Up
for sale are immovable properties, construction, transmission
devices and vehicles.  Starting price: RUB37,102,000.

Preliminary examination and reception of bids are done until
Feb. 16, 2005, 12:00 noon.  The list of documentary requirements
is available at Russia, Tatarstan republic, Chistopol,
Pionerskaya Str. 1.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to OJSC CHISTOPOLSKIY DOCKYARD settlement
account 40702810923000002851 at OJSC AICB "Tatfondbank", Kazan
or correspondent account 3101810100000000815 at KRKTs NB RT, BIC
049205815, TIN 1652004546, KPP 165201001.

CONTACT:  CHISTOPOLSKIY DOCKYARD
          Russia, Tatarstan republic,
          Chistopol, Pionerskaya Str. 1

          Mr. S. Kondratyev
          Bidding Organizer
          Russia, Tatarstan republic,
          Chistopol, Pionerskaya Str. 1
          Phone: 8-9173-91-20-16


FRUIT PROCESSING: Bankruptcy Hearing Resumes Next Month
-------------------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision procedure on close joint stock company
Fruit Processing Combine.  The case is docketed as A14-
14662/2004/77/16b.  Mr. V. Dorokhov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 394077, Russia,
Voronezh, Post User Box 88.  A hearing will take place at
Russia, Voronezh, Srednemoskovskaya Str. 77, Room 302 on March
10, 2005, 10:30 a.m.

CONTACT:   FRUIT PROCESSING COMBINE
           Russia, Voronezh region,
           Novousmanskiy region, Krylovka, Lenina Str

           Mr. V. Dorokhov
           Temporary Insolvency Manager
           394077, Russia, Voronezh,
           Post User Box 88


KRYLOVSKOYE: Hires N. Kozyrev as Insolvency Manager
---------------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision procedure on open joint stock company
Krylovskoye.  The case is docketed as A14-14663/76/16b.  Mr. N.
Kozyrev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 394052, Russia,
Voronezh, Krasnokazarmennaya Str. 57.  A hearing will take place
at Russia, Voronezh, Srednemoskovskaya Str. 77, Room 302 on
March 10, 2005, 10:30 a.m.

CONTACT:  KRYLOVSKOYE
          Russia, Voronezh region,
          Novousmanskiy region, Krylovka

          Mr. N. Kozyrev
          Temporary Insolvency Manager
          394052, Russia, Voronezh,
          Krasnokazarmennaya Str. 57


LAKOND: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has commenced bankruptcy supervision procedure on open
joint stock company Lakond.  The case is docketed as A56-
46927/2004.  Mr. S. Subbotin has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 195253, Russia,
Saint-Petersburg, Marshala Blyukhera Str. 61, Building 1,
Apartment 53.  A hearing will take place on April 26, 2005.

CONTACT:  LAKOND
          187450, Russia, Leningrad region, Volkhovskiy region,
          Novaya Ladoga, Suvorova Str. 47

          Mr. S. Subbotin
          Temporary Insolvency Manager
          195253, Russia, Saint-Petersburg,
          Marshala Blyukhera Str. 61, Building 1, Apartment 53


LOKHNOVSKOYE: Gives Creditors Until March 21 to File Claims
-----------------------------------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against Lokhnovskoye after finding the close joint
stock company insolvent.  The case is docketed as A05-4706/04-8.
Mr. F. Varzumov has been appointed insolvency manager.
Creditors have until March 21, 2005 to submit their proofs of
claim to 164600, Russia, Arkhangelsk region, Pinezhskiy region,
Karpogory, Oktyabrskaya Str. 42a-1.

CONTACT:  LOKHNOVSKOYE
          Russia, Arkhangelsk region,
          Pinezhskiy region, Kobelevo, Lokhnovo

          Mr. F. Varzumov
          Insolvency Manager
          164600, Russia, Arkhangelsk region, Pinezhskiy region,
          Karpogory, Oktyabrskaya Str. 42a-1


METROMEDIA INTERNATIONAL: Unit Eyes Kaliningrad Phone Company
-------------------------------------------------------------
Metromedia International Group, Inc. announced that its Russian
telephony subsidiary, PeterStar, has entered into a binding
share purchase agreement to acquire 100% of the outstanding
shares of Telecom Zapadnoye Parokhodstvo, an alternative
telephone operator in the Kaliningrad region of Northwest
Russia.  PeterStar has already received Russian regulatory
approvals in respect of the transaction.  The consideration for
the transaction is not significant and will be directly financed
by PeterStar.

Through its telephony network, utilizing fiber-optic links and
copper cable network of approximately 60 km. and using a
numbering capacity of over 4,000 numbers, TZP is the third
largest alternative telephone operator in the city of
Kaliningrad and possesses the licenses for local and inter-zone
telephony, data and Internet, project and construction works.
TZP services approximately 1,300 corporate and residential
customers, concentrating mainly on voice telephony in the City
of Kaliningrad (population of 400,000) in a region of
approximately 1 million people, and employs about 30 people.  In
2004, TZP had revenues of approximately $0.2 million.

The Kaliningrad region is one of the most attractive regional
markets in Northwest Russia in terms of its economic development
and infrastructure, and is Russia's smallest region in an
enclave that is located 200 miles away from the border of Russia
proper.  The land boarders of Poland and Lithuania and the
Baltic Sea separate the Kaliningrad region from the rest or
Russia.  Due to its strategic geographical position and ice-free
seaport, the Kaliningrad region attracts large volumes of
tourists and businesses.

In making this announcement, Victor Koresh, General Director of
PeterStar and MIG's Vice President of Russian Operations,
commented: "The acquisition of TZP is a demonstration of our
continued commitment to develop PeterStar as a fixed-line
provider of choice for corporate customers having presence in
Northwest Russia.  Several customers of our recently acquired
Murmansk regional telephone operation, ADM - Murmansk, also have
significant shipping operations in the Kaliningrad seaport.  In
addition, TZP's technical platform combined with our expertise
will allow us to actively develop data and Internet services and
gain a bigger market share in this attractive market."

Mr. Koresh further commented: "Kaliningrad is the seventh region
outside St Petersburg where PeterStar started its operations.
In 2003 PeterStar launched its branch in Moscow, Russia and
during 2004, with the help of certain acquisitions or 'green-
field' project development, PeterStar established presence in
the following regional markets within Russia: Pskov, Veliky
Novgorod, Petrozavodsk, Murmansk and Vyborg.  Furthermore,
PeterStar's capital expenditure program for 2005 is anticipated
to be approximately $15 million, which will be principally used
for the further development of its enterprise-wide network
infrastructure."

About Metromedia International Group

Through its wholly owned subsidiaries, the Company (the
"Company" or "MIG") currently traded as: (OTCBB: MTRM) - Common
Stock and (PINK SHEETS: MTRMP) - Preferred Stock owns interests
in communications businesses in Russia and the Republic of
Georgia.  Since the first quarter of 2003, the Company has
focused its principal attentions on the continued development of
its core telephony businesses, and has substantially completed a
program of gradual divestiture of its non-core cable television
and radio broadcast businesses.  The Company's core telephony
businesses include PeterStar, the leading competitive local
exchange carrier in St. Petersburg, Russia, and Magticom, the
leading mobile telephony operator in the Republic of Georgia.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Ernie Pyle
          Phone: 704-321-7383
          E-mail: investorrelations@mmgroup.com
          Web site: http://www.metromedia-group.com


PECHORSKIY PLANT: Sets Public Auction February 25
-------------------------------------------------
The bidding organizer and insolvency manager of open joint stock
company Pechorskiy Plant KPD will sell its property on Feb. 25,
2005, 10:00 a.m.  The public auction will take place at Russia,
Komi republic, Pechora, Rusanova Str. 12.

The assets for sale are:

Lot 1: Administrative building.  Starting price: RUB1,376,231;

Lot 2: Household premises.  Starting price: RUB82,447;

Lot 3. Roads.  Starting price: RUB1,011,310.

Preliminary examination and reception of bids are done daily on
or before Feb. 21, 2005.  The list of documentary requirements
is available at 167016, Russia, Komi republic, Syktyvkar,
Parkovaya Str. 36.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to OJSC PECHORSKIY PLANT KPD (TIN
1105000842, KPP 110501001) settlement account
40702810909000000904 at Syktyvkarskiy FCB-RTs, Syktyvkar, or the
correspondent account 3101810100000000746, at BIC 048702746 on
or before Feb. 21, 2005.  For information call: 8 (8212) 24-66-
75 (Syktyvkar), 8 (82142) 5-13-16 (Pechora).

CONTACT:  PECHORSKIY PLANT KPD
          Russia, Komi republic,
          Pechora, building area GRES

          Mr. S. Kondratyev
          Bidding Organizer
          Russia, Komi republic


SKIP: Creditors Have Until Next Month to File Claims
----------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Skip after finding the close joint stock
company insolvent.  The case is docketed as A14-3075-00/47/3b.
Mr. A. Goloshapov has been appointed insolvency manager.
Creditors have until March 21, 2005 to submit their proofs of
claim to 394018, Russia, Voronezh, Kirova Str. 9, Office 30.

CONTACT:  SKIP
          Russia, Voronezh region, Liski

          Mr. A. Goloshapov
          Insolvency Manager
          394018, Russia, Voronezh,
          Kirova Str. 9, Office 30


VOLGOTANKER: May Default on US$120 Million Loan
-----------------------------------------------
Russia's largest oil-shipping firm warned Monday it may default
on a US$120 million loan from foreign investors, the Moscow
Times reports.

A former Yukos unit, Volgotanker said it may not make good on
the three-year credit-linked notes released in July because tax
authorities froze its accounts.  Samara tax authorities served
the company with a US$25 million back tax bill in December and
froze its assets.  The firm successfully appealed the seizure in
January, but the decision was overturned last week.
Volgotanker, which transports 10 percent of Russia's oil
products exports, aired the warning on the first day of its
appeal in the Samara Arbitration Court.

"Company management ha[s] begun talks with representatives of
foreign creditors on how to resolve the crisis," a Volgotanker
statement reads.

Analysts believe Volgotanker's troubles may have something to do
with its ties to Yukos.  Although Yukos gave up its controlling
stake in the shipper four years ago, it has not totally severed
its ties with the company by remaining a major client.
Volgotanker is 75%-owned by offshore companies, while the
government controls a 20% stake.

CONTACT:  VOLGOTANKER
          Russia, 105062,
          5/16, Str. 1B, Makarenko, Street, Moscow
          Phone: (095) 7775747, 7775748
          Fax: (095) 7775749, 7775750
          E-mail: sekr@vams.ru
          Web site: http://www.volgotanker.com

          VOLGOTANKER
          Russia, 443099,
          105 M. Gorky Street, Samara
          Phone: (8462) 398310
          Fax: (8462) 333291
          E-mail: vtsovet@volgotanker.ru
          Web site: http://www.volgotanker.com


YUGRANEFT: Moscow Court Appoints Insolvency Manager
---------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on joint-stock oil company Yugraneft (TIN
8601001927).  The case is docketed as A40-66543/04-95-67B.  Mr.
M. Kotov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 123557, Russia,
Moscow, 557, Post User Box 11.  A hearing will take place at
107996, Russia, Moscow, N. Basmannaya Str. 10, hall 709, floor 7
on April 19, 2005, 2:00 p.m.

CONTACT:  YUGRANEFT
          115409, Russia, Moscow,
          Mokvorechye Str. 43

          Mr. M. Kotov
          Temporary Insolvency Manager
          123557, Russia, Moscow,
          557, Post User Box 11
          Phone/Fax: (095) 254-02-00


YUKOS OIL: Intends to File Reorganization Plan this Week
--------------------------------------------------------
Yukos Oil Company anticipates filing a Chapter 11 plan of
reorganization before February 11, 2005, the company disclosed
in papers filed with the United States Bankruptcy Court for the
Southern District of Texas.

According to Zack A. Clement, Esq., at Fulbright & Jaworski,
L.L.P. in Houston, Texas, the Plan will establish a priority
scheme to distribute value from the Debtor's Chapter 11 estate,
including the equitable subordination of the Russian Government
tax claim to the Debtor's legitimate lenders and trade
creditors.

If confirmed, the Plan will significantly benefit the Debtor's
real creditors, including:

   -- trade creditors owed over $190 million; and

   -- lenders, including Societe Generale S.A., Citibank N.A.,
      Commerzbank Aktiengesellschaft, Calyon S.A., Deutsche Bank
      AG, ING Bank N.V., BNP Paribas, KBC Bank N.V., UFJ Bank
      Netherland N.V., HSBC Bank PLC, and Moravel Investments
      Limited, who are owed approximately $1.3 billion.

To implement the Plan, the Debtor will create a Litigation
Trust, which will own all of its causes of action and pursue
those rights in at least three ways:

   (a) By filing actions in the Bankruptcy Court for (i)
       violation of the automatic stay for any dismemberment of
       the Debtor that has already occurred during its
       bankruptcy case, or that may occur during the rest of the
       bankruptcy case; (ii) improper postpetition transfers and
       fraudulent conveyances; and (iii) any violations of the
       Section 524 discharge injunction that may occur in the
       future;

   (b) By continuing the Debtor's existing application in the
       European Court of Human Rights; and

   (c) By the instituting of various legal actions in other
       legal fora, seeking to recover damages caused to the
       Debtor.

The Litigation Trust will continue for the benefit of the
Debtor's creditors and shareholders, even if as a result of
continued persecution by the Russian Government, the Debtor, as
it currently exists, comes to an end.

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection
on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., Fulbright & Jaworski, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $12,276,000,000 in total assets
and $30,790,000,000 in total debt.  (Yukos Bankruptcy News,
Issue No. 8; Bankruptcy Creditors' Service, Inc., 215/945-7000)


YUKOS OIL: Deutsche Bank's Dismissal Motion Flawed
--------------------------------------------------
Yukos Oil Company refutes Deutsche Bank AG's assertion that its
bankruptcy case is a "two-party dispute" with the Russian
Government and thus, should be resolved in a forum other than
the Bankruptcy Court.

Zack A. Clement, Esq., at Fulbright & Jaworski, L.L.P. in
Houston, Texas, asserts that the Debtor's Chapter 11 case is a
mass bankruptcy proceeding concerning:

   -- the Debtor;

   -- all the parties affected by its bankruptcy, including the
      claims of over $1.5 billion by legitimate trade creditors
      and lenders and the interests of over 50,000 shareholders;
      and

   -- all of the Debtor's property wherever located.

                  Yukos is Eligible as a "Debtor"

Mr. Clement asserts that the Debtor has both property and a
place of business in the United States.  Bruce Misamore's role
as the Debtor's chief financial officer has been conducted in
his home in Houston, Texas.  The Debtor has also accumulated $22
million in the account of Yukos U.S.A., Inc., since the Petition
Date.  Thus, Yukos is eligible to be a "debtor" under Section
109 of the Bankruptcy Code.

                  Yukos' Actions Not in Bad Faith

Mr. Clement also contends that the issue is not whether a debtor
took action to ensure its eligibility.  Rather, the question is
whether the filing had an improper purpose, "such as to
frustrate legitimate creditor rights or to favor one group of
creditors or shareholders and management over other creditors."

Mr. Clement explains that the Debtor is:

   (i) asking the Court to take the claims of all its creditors
       and shareholders;

  (ii) using the claims allowance process to properly distribute
       the assets to protect all of those interests; and

(iii) allow the Debtor to emerge as a strong, on-going
       business.

With regard to the Russian tax and investment claims, the Debtor
seeks only to have its objections to and counterclaims against
those claims be determined by an arbitral tribunal that the
Russian Government has already agreed to under its own Foreign
Investment Law.

Deutsche Bank's allegation of bad faith is based on several
arguments, including the existence of a two-party dispute,
filing on the eve of foreclosure, lack of a proper
reorganization purpose, improper litigation tactics and "new
debtor syndrome."

Mr. Clement argues that Deutsche Bank's "bad faith" allegations
are false, and contends that:

   -- the Court may take judicial notice that "filing on the eve
      of foreclosure" typifies probably 98% of the cases in the
      Court dockets.  This factor should carry no weight in any
      meaningful analysis of "totality of the circumstances;"

   -- the Debtor has a valid and proper reorganization plan;

   -- due to the existence of numerous creditors and
      shareholders of the Debtor, Chapter 11 provides an
      appropriate set of procedures and substantive laws to
      protect the rights of those creditors and shareholders and
      to deal equitably with claims against the Debtor's assets;

   -- the utter failure of the Russian courts to apply any type
      of acceptable due process to any phase of the tax
      litigation makes resort to that forum clearly inadequate
      to protect other creditors or equity holders; and

   -- the "new debtor" syndrome does not apply to the facts of
      the Debtor's case.  Yukos did not transfer all of its
      substantial remaining assets to another entity on the eve
      of bankruptcy.  Yukos USA was created to provide a non-
      Russian Yukos entity, which had the ability to open a
      United States checking account without fear of
      consequences in Russia for having done so.

                 The Russian Government Tax Claims
                        Bankrupted Yukos

Recognizing the importance of the rule of law to investors,
Russia adopted the Russian Foreign Investment Law which provides
in its preamble that it is "aimed at . . . ensuring stable terms
for operations of foreign investors and compliance of the legal
order of foreign investments with the standards of the
international law."

Mr. Clement contends that the Russian Government tax claim is
not in keeping with international norms because it was imposed
without substantive due process and without procedural due
process.  At $27.5 billion, the Russian tax claim was so
grotesquely large as to be confiscatory.  The Debtor was served
with collection orders requiring immediate payment of new and
massive tax assessments and other orders freezing all the
Debtor's assets that could have been used to pay those taxes.

The inequitable and illegal actions surrounding the
extraordinary tax claims substantially impaired the Debtor's
ability to pay its more than $1.5 billion debt to over 150
legitimate lenders and trade creditors and caused the value of
the Debtor's common stock to plummet from over $40 billion to
less than $2 billion.

               Yukos' Bankruptcy Filing is Adequate

Having been bankrupted, the Debtor sought the protection of the
Court in order to reorganize as a going concern retaining and
operating its remaining assets, including its subsidiaries
Samaraneftegas, Tomskneft and its refineries.  The automatic
stay provides a tool to enjoin creditors, and people acting in
concert with them, from taking the Debtor's assets.

                 Alternative Fora are Inadequate

The Bankruptcy Court is the only adequate forum where the rights
and interests of all parties can be resolved, Mr. Clement
emphasizes.  The protections of the Bankruptcy Code will enable
the Debtor to reorganize and the remedies available in the
Chapter 11 case are not available in any other forum.

The European Court of Human Rights, the various arbitrations
that might be initiated under the auspices of the World Bank or
UNCITRAL and the Russian tax courts can only resolve two-party
disputes between the Debtor and the Russian Government.

Mr. Clement points out that none of the alternative fora
proposed by Deutsche:

   -- provide a comprehensive system for the Debtor's
      reorganization;

   -- provide an automatic stay to stop dismemberment of a
      debtor that is trying to reorganize;

   -- have a damage remedy to enforce violations of the
      automatic stay;

   -- have a claims allowance process in which all claimants
      must submit claims against the debtor for adjudication
      under equitable principles;

   -- have a plan of reorganization process that permits the
      classification and fair prioritization of creditor and
      shareholder classes; and

   -- can provide a Section 524 discharge injunction to prohibit
      or sanction efforts to collect claims that have been
      discharged during the Debtor's Chapter 11 case.

                Comity or the Act of State Doctrine
                     does not Warrant Dismissal

Mr. Clement tells Judge Clark that comity does not apply to the
Debtor's case because U.S. Congress has decided, and the courts
have recognized, that the Bankruptcy Code does, and should, have
international effect.  Furthermore, the Federal Arbitration Act
specifically states that the Act of State Doctrine may not be
used to deny arbitration.  The Russian Government has agreed to
resolve through arbitration disputes concerning the investment
protections and guarantees in its investment laws and
international treaties.

The Debtor asks the Court to deny Deutsche Bank's request to
dismiss the bankruptcy case.

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation. Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets. The Company filed for chapter 11 protection on
Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742). Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., Fulbright & Jaworski, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $12,276,000,000 in total assets
and $30,790,000,000 in total debt.  (Yukos Bankruptcy News,
Issue No. 8; Bankruptcy Creditors' Service, Inc., 215/945-7000)

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


YUKOS OIL: Main Shareholder Sues Moscow
---------------------------------------
Menatep, the original investment vehicle of former Yukos CEO
Mikhail Khodorkovsky, has sued the government for illegal
expropriation of its investment, The Financial Times says.

The embattled oil's main shareholder anchored the US$28.3
billion suit on the 1994 Energy Charter Treaty, of which Russia
is a signatory.

"The time for warning is over and actions to recover the value
of our losses begin in earnest today [February 8]," said Menatep
director Tim Osborne.  He also said the group is planning
additional claims on top of its claims under the Treaty, which
was designed to enforce international law in energy investments.

Menatep notified the Russian government in November of its
demand for a settlement, and is now exercising its right under
Article 26 of the Treaty to refer the dispute to international
arbitration.  It says the treaty entitles it to compensation if
Russia breaches its obligations.

Menatep, which controls 51 percent of Yukos through two other
vehicles, has promised a "lifetime of litigation" to any buyer
of Yuganskneftegaz, its main production asset, which was
forcibly sold off in December to Russian state-owned oil company
Rosneft.

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

          OAO ROSNEFT OIL COMPANY
          26/1 Sofiyskaya Embankment
          1, GSP-8 115998 Moscow
          Phone: +7-95-777-4422
          Fax: +7-95-777-4444
          Web site: http://www.rosneft.ru


ZUBR: Bankruptcy Hearing Set Friday
-----------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy supervision procedure on close joint stock company
Zubr.  The case is docketed as A08-11400/04-2 "B".  Mr. A.
Kovalevskiy has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 308000, Russia,
Belgorod, Krasina Str., 38, office 307.  A hearing will take
place on Feb. 11, 2005, 11:00 a.m.

CONTACT:  ZUBR
          Russia, Belgorod region,
          Krasnenskiy region

          Mr. A. Kovalevskiy
          Temporary Insolvency Manager
          308000, Russia, Belgorod,
          Krasina Str. 38, Office 307
          Phone/Fax: (0722) 27-05-90


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


ATLANTIDA: Proofs of Claim Deadline Expires Weekend
---------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Atlantida (code EDRPOU 22153425) on December
22, 2004 after finding the limited liability company insolvent.
The case is docketed as 19/217 (04).  Mr. Vasil Ishenko (License
Number AA 719771) has been appointed liquidator/insolvency
manager.  The company holds account number 26002067001 at CB
AvtoZAZbank, Melitopol branch, MFO 313281.

Creditors have until February 12, 2005 to submit their proofs of
claim to:

(a) ATLANTIDA
    72313, Ukraine, Zaporizhya region,
    Melitopol, 50-Richya Peremogi Avenue, 31

(b) Mr. Vasil Ishenko
    Liquidator/Insolvency Manager
    72311, Ukraine, Zaporizhya region,
    Melitopol, a/b 21

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


AZOVSKA AGRO: Court Grants Debt Moratorium Request
--------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Azovska Agro-Industrial Company
(code EDRPOU 24808089) and ordered a moratorium on satisfaction
of creditors' claims on December 10, 2004.  The case is docketed
as 5/512 B.  Arbitral manager Mr. I. Mironov (License Number AA
719804) has been appointed temporary insolvency manager.  The
company holds account number 260023015270075 at Prominvestbank,
Makiyivka branch, MFO 334516.

Creditors have until February 12, 2005 to submit their proofs of
claim to:

(a) AZOVSKA AGRO-INDUSTRIAL COMPANY
    86152, Ukraine, Donetsk region,
    Makiyivka, Avtotrasportna Str. 1

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


DOVIRA: Kyiv Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Dovira (code EDRPOU 21651500) after finding
the state-owned company insolvent.  The case is docketed as
15/629.  Arbitral manager Mr. D. Salatyuk (License Number AA
485234) has been appointed liquidator/insolvency manager.  The
company holds account number 26048122/980 at JSPPB Aval, Kyiv
branch, MFO 300335.

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


FOODTRADE LTD.: Gives Creditors Until Saturday to File Claims
-------------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Foodtrade Ltd. (code EDRPOU
25333010) on November 15, 2004 and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as
42/175 B.  Arbitral manager Mr. Vyacheslav Solovyov (License
Number AA 249689) has been appointed temporary insolvency
manager.  The company holds account number 26000301511152 at
Prominvestbank, Kramatorsk branch, MFO 334141.

Creditors have until February 12, 2005 to submit their proofs of
claim to:

(a) Vyacheslav Solovyov
    Temporary Insolvency Manager
    84333, Ukraine, Donetsk region,
    Kramatorsk, Lenin Str. 19-A
    Phone: (06264) 3-55-56
                   3-23-15

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


GERMES: Court Steps in, Appoints Insolvency Manager
---------------------------------------------------
The Economic Court of Sevastopol commenced bankruptcy proceeding
against Germes (code EDRPOU 22239865) after finding the limited
liability company insolvent.  The case is docketed as 20-8/028.
Mr. Sergij Simonenko (License Number AA 487827) has been
appointed liquidator/insolvency manager.  The company holds
account number 260061749 at JSPPB Aval, Sevastopol branch, MFO
324504.

CONTACT:  GERMES
          Ukraine, AR Krym region,
          Sevastopol, P. Korchagin Str.

          Mr. Sergij Simonenko
          Liquidator/Insolvency Manager
          Ukraine, AR Krym region,
          Sevastopol, Vasil Kuchera Str. 13/6

          ECONOMIC COURT OF SEVASTOPOL
          99011, AR Krym region,
          Sevastopol, Pavlichenko Str. 5


INNOVATIONAL PRODUCTION: Declared Insolvent
-------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Innovational Production-Commercial Profit
(code EDRPOU 19152706) on December 21, 2004 after finding the
limited liability company insolvent.  The case is docketed as
B24/180/04.  Mrs. Nelli Korpacheva (License Number AA 630084)
has been appointed liquidator/insolvency manager.  The company
holds account number 26004211930100 at JSPPB Aval,
Dnipropetrovsk regional branch, MFO 305653.

CONTACT:  INNOVATIONAL PRODUCTION-COMMERCIAL ENTERPRISE PROFIT
          49010, Ukraine, Dnipropetrovsk region,
          Pogrebnyak Str. 27

          Mrs. Nelli Korpacheva
          Liquidator/Insolvency Manager
          83112, Ukraine, Donetsk region,
          Samojlov Str. 9/8
          Phone: (0622) 63-89-12

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


INSERVICE: Last Day for Filing of Claims Friday
-----------------------------------------------
The Economic Court of Odesa region commended bankruptcy
proceedings against Inservice on December 28, 2004 after finding
the company insolvent.  The case is docketed as 2/266-04-11491.
Arbitral manager Mr. Ivanov Vladislav (License Number AA 250152)
has been appointed liquidator/insolvency manager.  The company
holds account number 26002310624401 at JSB Pivdennij, Odesa
branch, MFO 328209.

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

(a) INSERVICE
    Ukraine, Odesa region,
    Illichivsk, Shevchenko Str. 2/1

(b) Mr. Ivanov Vladislav
    Liquidator/Insolvency Manager
    Phone: 8 (0482) 39-03-08

(c) ECONOMIC COURT OF ODESA REGION
    65032, Ukraine, Odesa region,
    Shevchenko Avenue, 4


KELMENETSKIJ SUGAR: Insolvency Manager Takes over Operations
------------------------------------------------------------
The Economic Court of Chernivtsi region commenced bankruptcy
proceedings against Kelmenetskij Sugar Plant (code EDRPOU
00373149) on December 14, 2004 after finding the open joint
stock company insolvent.  The case is docketed as 6/189-121/B.
Mr. Volodimir Zavalnyuk (License Number AA 668291) has been
appointed liquidator/insolvency manager.  The company holds
account number 260093463 at OJSC JSB Ukrgazbank, Kamyanets-
Podilskij branch, MFO 315320.

CONTACT:  KELMENETSKIJ SUGAR PLANT
          60152, Ukraine, Chernivtsi region,
          Kelmenetskij district, Nelipivtsi

          Mr. Volodimir Zavalnyuk,
          Liquidator/Insolvency Manager
          21100, Ukraine, Vinnitsya region,
          Soborna Str. 52, room 13
          Phone: (0432) 52-08-79

          ECONOMIC COURT OF CHERNIVTSI REGION
          58000, Ukraine, Chernivtsi region,
          O. Kobilyanska Str. 14


NDM: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Joint Ukrainian-American Enterprise NDM
(code EDRPOU 14306582).  The case is docketed as B 40/128/04.
Arbitral manager Mr. O. Shikilo (License Number AA 250336) has
been appointed temporary insolvency manager.  The company holds
account number 26006302143279 at Prominvestbank, central city
branch of Krivij Rig, MFO 305493.

CONTACT:  NDM
          500099, Ukraine, Dnipropetrovsk region,
          Krivij Rig, Kalinichenko Str. 4

          Mr. O. Shikilo
          Temporary Insolvency Manager
          50029, Ukraine, Dnipropetrovsk region,
          Krivij Rig, a/b 1325

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


TERMEKS: Succumbs to Insolvency
-------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Termeks (code EDRPOU 25494701) on December
23, 2004 after finding the limited liability company insolvent.
The case is docketed as 5/420-04.  Mr. Vitalij Bolhovitin
(License Number AA 630030) has been appointed
liquidator/insolvency manager.

CONTACT:  TERMEKS
          Ukraine, Vinnitsya region,
          Soborna Str. 50

          Mr. Vitalij Bolhovitin
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya region,
          Ostrozkij Str. 25/77
          Phone: (0432) 52-03-41

          ECONOMIC COURT OF VINNITSYA REGION
          21100, Ukraine, Vinnitsya region,
          Hmelnitske Shose, 7


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


ABENGOA LIMITED: Liquidator Takes over Operations
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Abengoa Limited
                        (In Liquidation)

I, F. J. Gray, hereby give notice, pursuant to Rule 4.19 of the
Insolvency (Scotland) Rules 1986 that I was appointed Liquidator
of Abengoa Limited, by an order of the court under S138 (5) of
the Insolvency Act 1986 on January 5, 2005.

A Liquidation Committee was not formed.  I do not intend to
summon another Meeting to establish a Liquidation Committee
unless requested to do so by one-tenth, in value, of the
Company's Creditors.

F. J. Gray, Liquidator
January 18, 2005

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


ALBA AGENCIES: Court Brings in Liquidator
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Alba Agencies Limited
                        (In Liquidation)

I, F. J. Gray, hereby give notice, pursuant to Rule 4.19 of the
Insolvency (Scotland) Rules 1986 that I was appointed Liquidator
of Alba Agencies Limited, by an order of the court under S138
(5) of the Insolvency Act 1986 on January 12, 2005.

A Liquidation Committee was not formed.  I do not intend to
summon another Meeting to establish a Liquidation Committee
unless requested to do so by one-tenth, in value, of the
Company's Creditors.

F. J. Gray, Liquidator
January 18, 2005

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


ALLDERS PLC: Administrators Vow to Close Sale this Week
-------------------------------------------------------
Kroll Inc., administrators of bankrupt department store group
Allders Plc, expects to complete the sale of the troubled
retailer this week, Reuters says.

Kroll revealed it has received around 36 offers for Allder's 35
outlets.  Alastair Beveridge, joint administrator and a Kroll
partner, said 35 bids are for selected Allder stores while one
offered to acquire the whole business.  Kroll is looking for
bids of EUR120 million to EUR130 million for the whole group.
It recently rejected a EUR70 million offer from turnaround
private equity group Alchemy.

"It would be nice to complete this week -- if not, next week,"
Mr. Beveridge said Monday.  He said the aim is to get the best
deal for Allder' creditors, since Allder's survival is "no
longer achievable."

Allders has around GBP180 million in bank debt, GBP50 million in
trade debt and another GBP50 million in pension liabilities, a
source revealed.  Allder's biggest creditor is Epsilon
Investments Ltd., a consortium led by turnaround specialist
Hilco.  Hilco bought Lehman Brothers' GBP90 million debt stake
in January, thus temporarily disrupting the sale process.  Aside
from Hilco, Allders also owes a number of creditors: GBP50
million to Barclays; GBP10 million to Minerva; and around GBP1.5
million to Alexon.

Allder's 474 pensioners, however, are wary about the sale, since
they stand last in line among claimants.  Clive Gilchrist, the
pensioners' independent trustee, said, "The pensioners involved
are clearly not happy."  He added future funding into the
pensioners scheme depends on the company being sold whole as a
going concern.

Scarlett Retail, a holding group composed of property firm
Minerva, investment bank Lehman Brothers, Mr. Cox and Mr. Green,
bought Allders as a going concern in 2003 in a bid to turn
around the ailing retailer.  Allders operates in the U.K.
through 45 strategically located department stores.  The group,
which was set up in 1862 by Joshua Allders, employs around 5,700
people.

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

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

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

          LEHMAN BROTHERS U.K. HOLDINGS LTD.
          25 Bank St.
          London E14 5LE
          Phone: +44-20-7102-1000

          MINERVA PLC
          10 Gloucester Place
          London W1U 8EZ
          Phone: +44-20-7535-1000
          Fax: +44-20-7535-1001

          ALEXON GROUP PLC
          40-48 Guildford St.
          Luton LU1 2PB
          Phone: +44-158-272-3131
          Fax: +44-158-224-148


APEX ENGINEERING: Liquidator's Final Report Out February 24
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Apex Engineering Services Limited
                        (In Liquidation)

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Final Meeting of the Creditors of
Apex Engineering Services Limited will be held at the offices of
French Duncan, 375 West George Street, Glasgow G2 4LW, on
February 24, 2005, 12:00 noon, for the purpose of receiving the
Liquidator's report on the winding-up and to determine whether
the Liquidator be given her release.

Annette Menzies, Liquidator
January 19, 2005

CONTACT:  FRENCH DUNCAN
          375 West George Street
          Glasgow G2 4LH
          Phone: 0141 221 2984
          Fax: 0141 221 2980
          E-mail: enquiries@frenchduncan.co.uk
          Web site: http://www.frenchduncan.co.uk


APPLEY LIMITED: Hires Tenon Recovery as Administrator
-----------------------------------------------------
Carl Stuart Jackson and Tina Yearsley (IP Nos 8860, 9298) have
been appointed administrators for Appley Limited.  The
appointment was made Jan. 26, 2005.

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


BLADESHARP LIMITED: Members Pass Winding-up Resolutions
-------------------------------------------------------
At the extraordinary general meeting of the members of
Bladesharp Limited (t/a Bowness Reproductions) on Jan. 28, 2005
held at the offices of David Horner & Co., 11 Clifton Moor
Business Village, James Nicolson Link, York YO30 4XG, the
extraordinary and ordinary resolutions to wind up the company
were passed.  David Anthony Horner of David Horner & Co, 11
Clifton Moor Business Village, James Nicolson Link, Clifton
Moor, York YO30 4XG has been appointed liquidator of the
company.

CONTACT:  DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk


BOWLES ASSOCIATES: Hires PricewaterhouseCoopers as Liquidator
-------------------------------------------------------------
At the meeting of Bowles Associates Limited on Jan. 28, 2005,
the special and ordinary resolutions to wind up the company were
passed.  Richard Setchim and Tim Walsh 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


BRONZE AGE: Final Creditors Meeting Set Last Week of Month
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Bronze Age Ltd.
                         (In Liquidation)

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Final Meeting of the Creditors of
Bronze Age Ltd. will be held at 1 Royal Terrace, Edinburgh EH7
5AD, on February 25, 2005, 10:00 a.m. for the purposes of
receiving the Liquidator's report on the winding-up and to
determine whether the Liquidator should be released.

T. C. MacLennan, Liquidator

CONTACT:  TENON RECOVERY
          One Royal Terrace
          Edinburgh EH7 5AD
          Phone: 0131 557 4455
          Fax: 0131 556 0662
          E-mail: edinburgh@tenongroup.com
          Web site: http://www.tenongroup.com


CB INTERMEDIATE: Calls in Joint Liquidators from PwC
----------------------------------------------------
Name of companies:
CB Intermediate Limited
CBRE Stewardship Company
CB Richard Ellis Commercial Limited

At the extraordinary general meeting of these companies on Jan.
31, 2005, the special and ordinary resolutions to wind up the
company were passed.  Richard Setchim and Jonathan Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of the companies.

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


CHILDREN'S SURVIVAL: Hires PwC to Liquidate Company
---------------------------------------------------
At the extraordinary general meeting of Children's Survival Fund
International on Jan. 27, 2005 held at Plumtree Court, London
EC4A 4HT, the extraordinary and ordinary resolutions to wind up
the company were passed.  Ian Christopher Oakley Smith and
Adrian Richard Stanway of PricewaterhouseCoopers LLP 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


CHOICE JEWELLERS: Calls in Liquidator from Berley
-------------------------------------------------
At the extraordinary general meeting of Choice Jewellers Limited
on Jan. 31, 2005 held at 76 New Cavendish Street, London W1G
9TB, the subjoined extraordinary resolution to wind up the
company was passed.  Jeremy Berman of Berley, 76 New Cavendish
Street, London W1G 9TB has been appointed liquidator of the
company.

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


CYBRIUM LIMITED: Members Decide to Wind up Firm
-----------------------------------------------
At the extraordinary general meeting of the members of Cybrium
Limited on Jan. 27, 2005 held at 239 London Road, Twickenham,
Middlesex TW1 1ES, the special resolution to wind up the company
was passed.  Andrew John Whelan of Marks Bloom, 60-62 Old London
Road, Kingston upon Thames KT2 6QZ has been appointed liquidator
of the company.

CONTACT:  MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames, Surrey KT2 6QZ
          Phone: +44 (0) 20 85499951
          Fax:   +44 (0) 20 85496218
          Web site: http://www.marksbloom.co.uk


DAVENPORT INC.: Joint Liquidators from Rothman Pantall Move in
--------------------------------------------------------------
At the extraordinary general meeting of Davenport Inc. Limited
pm Jan. 31, 2005 held at the offices of Rothman Pantall & Co,
Clareville House, 26-27 Oxendon Street, London SW1Y 4EP, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Robert Derek Smailes and Stephen Blandford Ryman
of Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street,
London SW1Y 4EP have been appointed joint liquidators of the
company.

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


DEICHER & SON: Hires Begbies Traynor as Liquidator
--------------------------------------------------
At the extraordinary general meeting of Deicher & Son Limited on
Jan. 27, 2005 held at Prospect House, Footscray High Street,
Footscray, Sidcup, Kent DA14 5HN, the subjoined extraordinary
resolution to wind up the company was passed.  Nedim Patrick
Ailyan of Begbies Traynor, Prospect House, Footscray High
Street, Footscray, Sidcup, Kent DA14 5HN and David Paul Hudson
of Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG have been appointed joint
liquidators of the company.

CONTACT:  BEGBIES TRAYNOR
          Prospect House, Footscray High Street,
          Footscray, Sidcup,
          Kent DA14 5HN
          Phone: 020 8300 5764
          Fax: 020 8300 5749
          Web site: http://www.begbies.com

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


D. GEAR: Members Call in Liquidator from Piper Thompson
-------------------------------------------------------
At the extraordinary general meeting of the members of D. Gear
Brickwork Limited on Jan. 31, 2005 held at The offices of Piper
Thompson, Mulberry House, 53 Church Street, Weybridge, Surrey
KT13 8DJ, the extraordinary resolution to wind up the company
was passed.  Tony James Thompson of Piper Thompson, Mulberry
House, 53 Church Street, Weybridge, Surrey KT13 8DJ has been
nominated liquidator of the company.

CONTACT:  PIPER THOMPSON
          Mulberry House,
          53 Church Street, Weybridge,
          Surrey KT13 8DJ
          Phone: 01932855515


DI-COLE: Claims Filing Period Expires Third Week of April
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Di-Cole Clothing Limited
                        (In Liquidation)

I, Graham H Martin, PricewaterhouseCoopers LLP, Kintyre House,
209 West George Street, Glasgow G2 2LW, hereby give notice that
I was appointed Liquidator of Di-Cole Clothing Limited on
January 19, 2005 by Resolution of the First Meeting of
Creditors, convened in terms of section 138 of the Insolvency
Act 1986.  The Meeting declined to establish a Liquidation
Committee.

It is not my intention to summon a further meeting of the
creditors to establish a liquidation committee unless requested
to do so by one-tenth in value of the company's creditors.

All creditors who have not already done so are required, on or
before 19 April 2005, to lodge their claims with me.

Graham H. Martin, Interim Liquidator

January 19, 2005

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Kintyre House
          209 West George Street
          Glasgow G2 2LW
          Phone: [44] (0) 131 5242233
          Fax: [44] (0) 131 2604008
          Web site: http://www.pwc.com


FIRSTLINE SECURITY: Appoints P. Nottingham Liquidator
-----------------------------------------------------
At the extraordinary general meeting of Firstline Security
Solutions Limited on Feb. 1, 2005 held at 12 St Paul's Square,
Birmingham B3 1RB, the extraordinary and ordinary resolutions to
wind up the company were passed.  P. Nottingham of Nottingham
Watson, of 12 St Paul's Square, Birmingham B3 1RB has been
appointed liquidator of the company.


FULLCOVER ASSISTANCE: Applies for Liquidation
---------------------------------------------
At the extraordinary general meeting of Fullcover Assistance
Limited on Jan. 26, 2005 held at Days Hotel, Station Approach,
South Ruislip, Middlesex HA4 0HG, the extraordinary resolution
to wind up the company was passed.  Solomon Cohen has been
appointed liquidator of the company.


GARDNER SOLUTIONS: Hires Liquidator from Begbies Traynor
--------------------------------------------------------
At the extraordinary general meeting of Gardner Solutions
Limited (t/a Rainbow International) on Jan. 27, 2005 held at The
Bonnington Hotel, 92 Southampt on Row, London WC1B 4BH, the
subjoined extraordinary resolution to wind up the company was
passed.  Lloyd Biscoe of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG has been
appointed liquidator of the company.

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


GIIT GUARANTEE: Joint Liquidators from Ernst & Young Move in
------------------------------------------------------------
At the extraordinary general meeting of GIIT Guarantee Limited
on Jan. 31, 2005 held at 1 More London Place, London SE1 2AF,
the special resolution to wind up the company was passed.
Patrick Joseph Brazzill and Margaret Elizabeth Mills of Ernst &
Young LLP, 1 More London Place, London SE1 2AF have been
appointed joint liquidators of the company.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


GLOW COMMUNICATIONS: Opts for Voluntary Liquidation
---------------------------------------------------
At the meeting of creditors held on 3 February 2005, creditors
rejected the proposal of the administrator Antony Batty that
company voluntary arrangement proposals should be made to
creditors and shareholders.

Creditors resolved that the company proceed into creditor's
voluntary liquidation on or after 24 February 2005, in
accordance with Paragraph 83 of Schedule B1 of the Insolvency
Act 1986 and that Mr. Stephen Mark Quinn of Baker Tilly be
appointed Liquidator.

Creditors also resolved that these proposals shall be subject to
any modifications or conditions that the Court may approve or
impose.  The Company is expected to apply for the cancellation
of its AIM admission with effect from 10 March 2005.  A further
announcement will be made in due course.

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


GONEGARDENING LIMITED: Names Citroen Wells Administrator
--------------------------------------------------------
Mark Richard Phillips and Murzban Khurshed Mehta (IP Nos 9320,
6224) have been appointed administrators for Gonegardening
Limited.  The appointment was made Jan. 31, 2005.  The company
operates specialized stores.  Its registered office is located
at Devonshire House, 1 Devonshire Street, London W1N 2DR.

CONTACT:  CITROEN WELLS
          Devonshire House,
          1 Devonshire Street, London W1W 5DR
          Phone: +44 (0) 20 7304 2000
          Fax: +44 (0) 20 7304 2020
          Web site: http://www.citroenwells.co.uk


HAIDER LIMITED: Appoints Berley Liquidator
------------------------------------------
At the extraordinary general meeting of Haider Limited on Jan.
31, 2005 held at 76 New Cavendish Street, London W1G 9TB, the
subjoined extraordinary resolution to wind up the company was
passed.  Jeremy Berman of Berley, 76 New Cavendish Street,
London W1G 9TB has been appointed liquidator of the company.

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


HEART OF MIDLOTHIAN: Drops Planned Sale of Tynecastle Stadium
-------------------------------------------------------------
The Board of Hearts announces that it has on Tuesday exercised
its right to withdraw from the agreement for the sale of
Tynecastle Stadium to Cala Management Limited, in accordance
with the terms of the missives constituting the agreement for
sale.

The withdrawal follows the Extraordinary General Meeting of the
Company on 10 January 2005 that voted by a significant majority
in favor of cancellation of the agreement for sale.  Following
the shareholder vote, the Board of Hearts has now received the
comfort it has been seeking as to the financial position of the
Company going forward allowing it to determine to withdraw from
the agreement.

More particularly, the withdrawal follows agreement between The
Bank of Scotland and UKIO Bankas whereby UKIO Bankas has become
the principal banker to Hearts.

The exercise of the right of withdrawal triggers Cala's
entitlement to reimbursement of its reasonably incurred costs in
connection with the sale agreement, as described in the circular
to shareholders dated 19 August, 2004.

CONTACT:  HEART OF MIDLOTHIAN
          Niall Scott
          Phone: 07711 223062

          Charlie Mann
          Phone: 07813 096862


HEART OF MIDLOTHIAN: Names New Non-executive Directors
------------------------------------------------------
The Board of Heart of Midlothian plc announces the resignation
of Brian Duffin as a non-executive director of the Company and
the appointment of Sergejus Fedotovas, an executive director of
Ukio Bankas; Roman Romanov, a member of the board of UKIO Banko
Investicine Grupe; and Liutauras Varanavicus, the chairman of
the Supervisory Committee of Ukio Bankas and the president of
the Lithuanian Football Federation, all with effect from 1
February 2005.

In addition, Chris Robinson has resigned as chief executive of
Hearts, but remains on the Board as a non-executive director.
Mr. Fedotovas has been appointed as acting chief executive
pending the recruitment of a permanent replacement for Chris
Robinson.

Messrs Romanov and Varanavicus will be non-executive directors
of the Company.

The further information required under paragraph 16.4 of the
Listing Rules in respect of the new directors will follow in a
separate announcement.

Brian Duffin has been a director of Hearts since the flotation
of the Company in 1997.  Commenting on his decision to resign,
Brian Duffin said:

"I have greatly enjoyed my time on the Board of Hearts which
includes highlights such as the winning of the Scottish Cup in
1998 and the opening of the Youth Academy last year.

Hearts is now entering a new age with the involvement of Mr.
Romanov and I am very pleased to have played a part in bringing
these negotiations to a successful conclusion.  I wish Hearts
every success in this new era and feel it is time for new
members of the Board to take the business forward.  Consequently
this is an appropriate time for me to stand down."

Hearts Chairman, George Foulkes added: "Brian Duffin has
provided valuable input to the Board of Hearts as an independent
non-executive director for nearly eight years.  He has made an
enormous contribution, not least in terms of his personal time
commitment through many detailed negotiations on behalf of the
club, and I am personally grateful for the advice and counsel he
has brought to the Board proceedings during my time as Chairman.
He assures me he will continue to support Hearts from the stands
so he has earned his time on the back benches.

"I am also grateful to Chris Robinson for the hard work he has
undertaken in assisting the board and ensuring that negotiations
with Mr. Romanov have reached their successful conclusion."

CONTACT:  HEART OF MIDLOTHIAN
          Sergejus Fedotovas
          Phone: 0131 200 7200


LIGHTESTATE LIMITED: Joint Liquidators Move in
----------------------------------------------
At the extraordinary general meeting of Lightestate Limited on
Feb. 2, 2005 held at 133 Barkers Lane, Bedford MK41 9RX, the
subjoined extraordinary resolution to wind up the company was
passed.  John Michael Munn and Richard John Elwell of Elwell
Watchorn & Saxton, 109 Swan Street, Sileby, Leicestershire LE12
7NN have been appointed joint liquidators of the company.

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


MAGIC CAR: Hires Liquidator from A. Segal & Co.
-----------------------------------------------
At the extraordinary general meeting of Magic Car Valet Limited
on Jan. 27, 2005 held at Albert Chambers, 221-223 Chingford
Mount Road, London E4 8LP, the subjoined extraordinary
resolution to wind up the company was passed.  Richard Andrew
Segal of A. Segal & Co, Albert Chambers, 221-223 Chingford Mount
Road, London E4 8LP has been appointed liquidator of the
company.

CONTACT:  A. SEGAL & CO.
          Albert Chambers,
          221-223 Chingford Mount Road,
          London E4 8LP


MARCONI CORPORATION: Reports GBP10 Mln Operating Profit
-------------------------------------------------------
Marconi Corporation Plc (LSE: MONI, NASDAQ: MRCIY) announced on
Feb. 8, 2005 results for the three and nine months ended
December 31, 2004.

Q3 FY05 Highlights

(a) Sales Increase to GBP330 Million

    (i) Up 8% on Q2 FY05 (GBP305 million);

   (ii) Up 5% on Q3 FY04 at constant currency (GBP314
        million) and 3% on reported basis (Q3 FY04 GBP319
        million);

  (iii) Year-on-year sales increase of 14% in Optical and Access
        Networks, driven by growth in U.K. and Germany; and

   (iv) BBRS sales decline to GBP30 million due to lower U.S.
        Federal Government spending.

(b) Continued improvement in Optical and Access Networks
    delivers group adjusted gross profit[1] of GBP109 million
    (Q2 FY05 GBP101 million; Q3 FY04 GBP100 million).

(c) GBP20 million increase in adjusted gross profit[1] in
    Optical and Access Networks offset by a decline of GBP8
    million in BBRS and GBP3 million in Network Services
    compared to Q3 FY04.

(d) Adjusted Gross Margin[1] 33.0% (Q2 FY05 33.1%; Q3 FY04
    31.3%)

    (i) Increase in adjusted gross margin[1] in Optical and
        Access Networks to 37.7%, compared to 30.6% in Q3 FY04
        (Q2 FY05 35.5%)%; and

   (ii) Overall group margin impacted by decline in BBRS sales.

(e) Continuing progress on profitability, with Group Adjusted
    Operating Profit after central costs of GBP10 million

    (i) Improvement in Optical and Access Networks adjusted
        operating profit[2] GBP11 million (Q2 FY05 GBP4 million
        loss, Q3 FY04 GBP9 million loss); and

   (ii) Tight cost control; adjusted operating expenses[2]
        maintained at GBP99 million.

(f) Major Contract Wins and Partnerships

    (i) T-Com and Bulldog represent new strategic wins for
        Optical and Access Networks;

   (ii) Energis, Tube Lines and a large Government defense
        organization in the Middle East contribute to Network
        Services orders;

  (iii) Huawei partnership agreement provides new growth
        opportunities;

   (iv) Book-to-bill 1.04[3] (Q2 FY05 1.07; Q3 FY04 1.00)

    (v) Cash balance remains strong, with operating cash inflow
        of GBP8 million and net cash of GBP311 million at
        December 31, 2004.

Revised Outlook for FY05

(a) Mid single-digit sales growth expected for the full year
    FY05 on a constant currency basis; and

(b) Adjusted gross margin for the full year FY05 towards the
    lower end of a 33-34% range.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Stated after cost reclassification and before exceptional
    items;

[2] Stated before share option costs, exceptional items and
    goodwill amortization;

[3] Book-to-bill is the ratio of order intake divided by level
    of sales in any given period.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Mike Parton, CEO of Marconi, said: "We are very pleased with the
progress that we have made in winning significant new business
and driving top line growth, especially in Optical and Access
Networks.  Pipeline opportunities give U.S. confidence that we
can continue to grow sales against a backdrop of fierce pricing
pressure in a competitive market place."

The full copy of Marconi's third quarter results can be viewed
free of charge at http://bankrupt.com/misc/marconi_3q2004.htm.

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

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

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

          Karen Keyes
          Phone: 0207 306 1345
          E-mail: karen.keyes@marconi.com


MICHAEL GREEN: Appoints Administrator from Valentine & Co.
----------------------------------------------------------
R. Valentine has been appointed administrator for Michael Green
Plant Ltd.  The appointment was made Jan. 28, 2005.

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


NATURAL OPTIONS: Calls in Administrators from Numerica
------------------------------------------------------
Maurice Moses and Simon Elliott Glyn (IP Nos 005542, 009159)
have been appointed administrators for Natural Options Health
Products Limited.  The appointment was made Jan. 31, 2005.  The
company manufactures and distributes pharmaceutical products.

CONTACT:  NUMERICA
          PO Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.numerica.biz


PASHMINA RESTAURANT: Calls in Joint Administrators
--------------------------------------------------
Nimish Patel and Devdutt Patel (IP Nos 8679, 8668) have been
appointed joint administrators for Pashmina Restaurant Riverside
Limited.  The appointment was made Jan. 21, 2005.  The company
prepares and supplies Indian food.  Its registered office is
located at RE10, Trinity House, Heather Park Drive, Wembley,
Middlesex HA0 1SU.

CONTACT:  RE10
          Trinity House, Heather Park Drive,
          Wembley, Middlesex HA0 1SU
          Helpline: 870 787 2346
          Web site: http://www.re10.co.uk


PILOT CLOTHING: Creditors Meeting Set Next Week
-----------------------------------------------
The creditors of Pilot Clothing Limited will meet on Feb. 18,
2005 at 11:00 a.m.  It will be held at The Bryanston Room, The
Mostyn Hotel, Bryanston Street, London W1H 7BY.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Leonard Curtis & Co, One Great Cumberland Place,
Marble Arch, London W1H 7LW not later than Feb. 17, 2005.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


RENT-IT-ALL LIMITED: Appoints Robson Rhodes Administrator
---------------------------------------------------------
Matthew Dunham and Geoffrey Paul Rowley (IP Nos 8376, 8919) have
been appointed joint administrators for Rent-It-All Limited.
The appointment was made Jan. 24, 2005.  Its registered office
is located at 55 Queen Street, Salford, Lancashire M3 7DQ.

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


SUSSEX PHARMACEUTICAL: Hires Numerica as Administrator
------------------------------------------------------
Maurice Moses and Simon Elliott Glyn (IP Nos 005542, 009159)
have been appointed joint administrators for Sussex
Pharmaceutical Limited.  The appointment was made Jan. 31, 2005.
The company manufactures and distributes pharmaceutical
products.

CONTACT:  NUMERICA
          PO Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.numerica.biz


T.E.A.M ENGINEERING: Names Milner Boardman Administrator
--------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed joint administrators for T.E.A.M Engineering Limited.
The appointment was made Feb. 1, 2005.

The company is engaged in other business activities.  Its
registered office is located at 116 Duke Street, Liverpool L1
5JW.

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


* FSCS Declares Five Companies in Default
-----------------------------------------
Consumers may be entitled to compensation of up to GBP48,000 if
they have lost money as a result of their dealings with any one
of five firms recently declared in default by the Financial
Services Compensation Scheme.  FSCS is the U.K.'s statutory fund
of last resort for customers of regulated financial services
firms.

"It is important that consumers know where to turn if they have
lost money and the firm can't pay," says Loretta Minghella,
Chief Executive.

"If they have had dealings with one of these firms, we may be
able to help."

Declaring a firm in default opens the way for customers who have
lost money, as a result of dealings with such a firm, to make a
claim for compensation to FSCS.  It is the final part of a
process whereby a regulated firm (for example, a financial
adviser) is deemed by FSCS to be unable to pay claims for
compensation against it.  U.K.'s independent financial watchdog,
the Financial Services Authority regulates financial services
firms.

Consumers who believe they may have a claim should contact the
Scheme on 020 7892 7300.  The service is free.  The limit for
investment compensation is GBP48,000.

FSCS covers:

(a) Investments,

(b) Deposits,

(c) Insurance,

(d) Mortgage advice and arranging (since October 31, 2004), and

(e) Advice about general insurance and the arranging of policies
    (since January 14, 2004)

                   Default Declarations by FSCS

North West

(a) Edwin Hodgson Limited (in Liquidation), Preston PR3 6AJ

(b) Crumpsall Insurance Services Limited, Manchester M8 6SF

South East

(c) Anthony Howard Easton, formerly trading as Hatton Financial
    Services, Winchester SO22 4JL

(d) York Pollard Limited, Epsom KT17 1HH

South West

Ashford Parker Limited, Cheltenham GL53 3TX

CONTACT:  FINANCIAL SERVICES COMPENSATION SCHEME
          7th Floor Lloyds Chambers
          1 Portsoken Street
          London E1 8BN
          E-mail enquiries@fscs.org.uk
          Web site: http://www.fscs.org.uk

          Phone: +44 (0) 20 7892 7300
          Fax: + 44 (0) 20 7892 7301
          Web site: http://www.fscs.org.uk

          Suzette Browne
          Phone: 020 7892 7372
          E-mail: Suzette.Browne@fscs.org.uk

          Heather Tilston
          Phone: 020 7892 7370
          E-mail: H.Tilston@fscs.org.uk


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *