TCREUR_Public/050211.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

            Friday, February 11, 2005, Vol. 6, No. 30

                            Headlines

A U S T R I A

VA TECHNOLOGIE: Goldman Sachs Sells 8.5% Shares to Siemens


C Z E C H   R E P U B L I C

MORAVAN-AEROPLANES: Declares 'Work Holiday'


F I N L A N D

FINNAIR OYJ: Traffic, Load Factor Continue to Rise


G E R M A N Y

AIG VERWALTUNGS: Creditors Meeting Set Mid-March
FUCHS & HAUCKE: Under Bankruptcy Administration
FUSSBODENLEGERFACHBETRIEB BETH: Insolvency Manager Enters Firm
GARTEN- U. LANDSCHAFTSBAU: Verification of Claims Set March
GEPA ABBRUCH: Court Sets Creditors Meeting April

GLOBALE RUCKVERSICHERUNGS-AG: Rating Withdrawn for Lack of Data
MAGIC SYSTEMHAUS: Muhlhausen Court Stays All Pending Lawsuits
MIBS CONSULTING: Darmstadt Court Accepts Bankruptcy Application
MK INDUSTRIEVERTRETUNGEN: Administrator Takes over Operations
SKANWORT VERWALTUNGSGESELLSCHAFT: Succumbs to Bankruptcy

TCR GMBH: Claims Filing Period Ends First Week of March
WAH ANTON: Creditors Claims Due February 23
WALTER BAU: Bidders Line up for Mining Operations 'Down Under'


H U N G A R Y

MAV RT: State to Implement Radical Reforms


I T A L Y

PARMALAT FINANZIARIA: Sells Streglio to Borsci Liquori
PARMALAT FINANZIARIA: Judges Consolidate Securities Fraud Suits
PARMALAT GROUP: Joint Status Report on Italian Proceedings Filed


L U X E M B O U R G

SANITEC INTERNATIONAL: Ratings on Watch Negative After Buyout


N E T H E R L A N D S

LYCOS EUROPE: Appoints Chief Financial Officer
ROYAL AHOLD: Argentine Antitrust Body Issues Status Quo Order


R U S S I A

BEZVODNINSKIY HARDWARE: Deadline for Proofs of Claim Nears
FLAX-1: Undergoes Bankruptcy Supervision Procedure
FLAX COMBINE: To Hold Public Auction in Two Weeks
LALSKIY CREAMERY: Hires V. Shabalin as Insolvency Manager
METROMEDIA INTERNATIONAL: To Hold Board Election Deal or No Deal

PROTEKINO: Moscow Court Appoints Insolvency Manager
PZ CUSSONS: Russian Operation Racks up GBP3 Million Loss
ROSNEFT: Yugansk Acquisition a Boon or Bane?
ROZHDESTVENSKOYE: Assets Worth RUB17 Million up for Auction
SERVICE: Gives Creditors Until March to File Claims

SIB-GAS-STROY: Bankruptcy Hearing Resumes February 28
TALOSKAYA MOVABALE: Declared Insolvent
UNIVERSAL: Claims Filing Deadline Expires Next Month


S P A I N

URBAS SA: Wins Temporary Tax Reprieve


T U R K E Y

VESTEL ELEKTRONIK: 'BB-' Currency Ratings Affirmed


U K R A I N E

KERCHRIBPROM: Declared Insolvent
KOLODYANSKIJ BEKON: Creditors Have Until Tomorrow to File Claims
KRASNOPAVLIVSKIJ BREAD: Bankruptcy Proceedings Ongoing
PROLETARSKIJ: Insolvency Manager to Temporarily Oversee Business


U N I T E D   K I N G D O M

5 STAR: Members Decide to Wind up Firm
ABBEY NATIONAL: Gives 50 Glasgow Staff the Boot
ABDULLAH'S RESTAURANT: Calls in Liquidator
ADAM WILLIAMSON: Liquidator from Poppleton & Appleby Moves in
AIR STORES: Members Pass Winding-up Resolutions

A.K. EUROPLASTICS: Liquidator from Tenon Recovery Moves in
ALLDERS PLC: Primark Primes up for Hull Outlet Takeover
ATLANTIS PERFORMANCE: Members Final Meeting Next Month
AURORA MARKETING: Liquidator Takes Over Operations
BIG FOOD: Court Sanctions Scheme of Disposal to Giant Bidco

BOSCHENDAL PROPERTY: Appoints Liquidator from Mazars
BROADGATE: Restructuring GBP860 Million Debt
BYO RESTAURANTS: Hires Mazars as Liquidator
CHATWOOD FIFE: Calls Final Members Meeting
CHESTER PROPERTY: Hires Jeffreys Henry Jacobs as Administrator

COMPANHIA CONTINENTAL: Members Final Meeting Set March
COREDEALMTS LIMITED: Liquidator's Final Report Out March 10
DEVONSHIRE SQUARE: Hires Valentine & Co. to Liquidate Business
EXCEPTADD LIMITED: Appoints Ian Franses Associates Administrator
FEDERAL-MOGUL: Creditors Tap Deloitte's Actuarial Services

KEY DESIGN: Calls in Administrators from KPMG
LAURA ASHLEY: Denies Takeover Report
LEWAR LIMITED: Final Meeting Next Month
LOCKSTORE ENGINEERING: Names Parkin S. Booth & Co. Liquidator
LONDON RADIOSURGICAL: Hires Smith & Williamson as Administrator

M.F.P. SALES: Calls in Liquidator from Ideal Corporate Solutions
M & M HOWDON: Hires DTE Leonard Curtis as Administrator
OAK LODGE: Smoked Salmon Producer Up for Sale
OPTIMAX HOLDINGS: Members Final Meeting Set Next Month
OXFORD BIOMEDICA: Calls off Merger Talks

RAW TRADING: Hires Administrator from Berley
RENTOKIL INITIAL: Lured New Chief with GBP5 Million Package
RWS SHERBURN: Winding-up Report Out Last Day of Month
SPQR FUNDING: Calls in Liquidator from Tenon Recovery
STERLING BUILDING: Administrators from CBA Step in

TRICELL INTERNATIONAL: Names Bond Partners Administrator
TRIPLEX COMPONENTS: Hires Liquidator from Kroll
VEGEM LIMITED: Business for Sale


                            *********


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


VA TECHNOLOGIE: Goldman Sachs Sells 8.5% Shares to Siemens
----------------------------------------------------------
The Goldman Sachs Asset Management has informed VA Tech that it
has tendered 1,307,444 shares in VA Tech to Siemens.  On the
basis of a total number of 15,341,860 VA Tech-shares, this
corresponds to a participation of 8.5%.

About VA Tech

VA Technologie AG is a focused Technology and Service Company,
which provides value to customers over the entire plant life
cycle.  Leading international positions are held in Metallurgy,
Power Generation, Transmission and Distribution and
Infrastructure.  In 2003, VA TECH achieved sales of EUR3.8
billion, according to IFRS with a work force of 17,478
employees.

CONTACT:  VA TECHNOLOGIE AG
          Lunzerstrasse 64
          A-4031 Linz, Austria
          Phone: +43-732-6986-9222
          Fax: +43-732-6980-3416
          Web site: http://www.vatech.co.at

          Bettina Pepek
          Press Officer
          Phone: +43 1/89100-3400
          Fax: +43 1/89100-4103
          E-mail: bettina.pepek@vatech.at

          Wolfgang Schwaiger
          Communications and Investor Relations
          Phone: +43 70/6986-9222
          Fax: +43 70/6980-3416
          E-mail: wolfgang.schwaiger@vatech.at


===========================
C Z E C H   R E P U B L I C
===========================


MORAVAN-AEROPLANES: Declares 'Work Holiday'
-------------------------------------------
Bankrupt aircraft manufacturer Moravan-Aeroplanes sent home
Thursday around half of its workforce due to problems in getting
orders from the Indian government, Czech News Agency says.

Bankruptcy administrator Petr Hajtmar revealed the employees
would still receive 70% of their salaries.  Works in the
company, which includes spare parts production and plane repair,
would keep on with the remaining 110 employees.  Affected
employees will return upon notice.

Moravan-Aeroplanes was heavily favored to win a CZK37 million
contract in India, which entails building six Z-242L aircraft
for a training academy in the country.  The firm considers the
contract as vital for the group's survival.

The Regional Court in Brno declared Moravan bankrupt on June 18,
2004 at the request of its management and employees.  The
company has debt of CZK12 million in wages, CZK11 million in
taxes, and over CZK60 million in social security payments.
Moravan-Aeroplanes produces small civilian aircraft and training
planes.

CONTACT:  MORAVAN-AEROPLANES a.s.
          Letiste 1578
          765 81 Otrokovice
          Phone: +420 576 083 901
          Fax: +420 576 083 929
          E-mail: m.aeroplanes@moravan.cz


=============
F I N L A N D
=============


FINNAIR OYJ: Traffic, Load Factor Continue to Rise
--------------------------------------------------
Finnair Oyj scheduled traffic increased by 12.3% compared to
January last year.  Passenger load factor was 65.0%, up 4.1
percentage points.  Number of passengers carried was 517,200, up
7.8%.  During January, Stockholm-based flynordic continued to
gain market share and carried 68,500 passengers (+62.9%) on its
Scandinavian routes.

Finnair traffic, measured in passenger kilometers, increased by
6.3% in January, while the capacity was up by 4.1%, resulting in
a passenger load factor of 73.1%, 1.5 points higher than last
year.  All Finnair Group airlines altogether transported 621,200
passengers, which is 6.6% more than a year ago.

Demand in leisure flights was down 2.7% and passenger load
factor down by 3.9% compare to previous year, because of the
tsunami in Southeast Asia.  Alternative destinations were
offered in order to minimize negative changes in demand.

Departure punctuality of scheduled flights was 79.7% (based on a
fifteen minute standard), 6.2 points lower than in January 2004.
Including leisure flights departure punctuality was 78.0% (-6.0
p.p.).  Arrival punctuality of scheduled flights was 78.8% and
that of all operations was 76.8%.  According to the punctuality
data of the Association of European Airlines (AEA), in 2004
Finnair was the most punctual airline and one of the airlines
with least cancellations.

Finnair's Tallinn-based subsidiary Aero A.S., carried 58,700
passengers (+420.1%) on routes between Helsinki and the Baltic
capitals and within Southern Finland.  Aero and flynordic
figures are respectively included in Finnair Group total
figures.

Scheduled Traffic

(a) In scheduled traffic (international + domestic) revenue
    passenger kilometers increased by 12.3%.  The change in
    capacity was +5.3%.  Passenger load factor was 65.0%, 4.1
    percentage points higher than last year;

(b) In scheduled international traffic, total number of
    passengers was up by 14.2%, partly affected by adding
    flynordic figures.  Capacity in ASKs was +7.0%, while RPKs
    increased by 13.9%;

(c) In European scheduled traffic, ASKs increased by 2.3%, and
    as RPKs increased by 11.5%, the passenger load factor was
    54.3%, up 4.4 points from previous year;

(d) In North Atlantic scheduled traffic, capacity increased by
    17.9% due to added frequencies to JFK and MIA.  Change in
    RPKs was +19.1%, and passenger load factor for January was
    77.2%, 0.8 points higher than previous year;

(e) In Asian scheduled traffic, capacity increase was 10.1%
    mainly due to adding frequencies to Shanghai and Osaka since
    beginning of June.  The passenger traffic was up by 14.5%.
    Passenger load factor was 80.0%, 3.0 percentage points up;
    and

(f) Domestic scheduled traffic increased by 0.5% on a capacity
    decrease of 5.1%.  Passenger load factor increased by 3.0
    percentage points to 53.3%.

Leisure traffic

ASKs for leisure traffic increased in January by 1.4%, and RPKs
decreased by 2.7%, resulting in a passenger load factor of
92.8%, 3.9 points lower than last year.

Cargo

Cargo traffic increased by 5.5% in terms of cargo tons carried.
Growth in scheduled traffic was -2.2%.  Increase in Asian
traffic was 2.4%.  Volume in European traffic decreased by 8.2%.
In North-Atlantic traffic cargo volume increased by 0.9%.  Cargo
traffic carried on chartered cargo flights increased by 86.3%.
The cargo load factor was 50.8%.  The cargo load factor in the
Asian traffic was 69.6% and in the North Atlantic traffic 54.1%.

Full traffic performance data available at
http://www.finnairgroup.com/linked/en/sijoittaja/Monthly_traffic
_data_Jan_2005.pdf

Finnair Plc
Communications

CONTACT:  FINNAIR OYJ
          Mr. Christer Haglund, SVP Corporate Communications
          Phone: +358 9 818 4007
          Mr. Taneli Hassinen, Communications Officer, IR
          Phone: +358 9 818 4976
          Mr. Tuomas Kanninen, Manager, Cargo
          Phone: +358 9 818 5472


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


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

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005, 2:00 p.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  AIG VERWALTUNGS GMBH
          Howeg 2
          45896 Gelsenkirchen

          Wilfried Armbruster, Manager
          Seppenraderstrasse 24
          45892 Gelsenkirchen

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


FUCHS & HAUCKE: Under Bankruptcy Administration
-----------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Transport- und Fahrschulbetrieb Fuchs &
Haucke GmbH on Jan. 3, 2005.  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 Herbert Feigl.

Creditors and other interested parties are encouraged to attend
the meeting on March 31, 2005, 11:30 a.m. at the district court
of Halle-Saalkreis- Justizzentrum Halle-, Thuringer Strasse 16
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:  TRANSPORT- UND FAHRSCHULBETRIEB FUCHS & HAUCKE GMBH
          Zeitzer Str. 74
          06667 Weissenfels
          Contact:
          Volkhard Weissenborn
          Leipziger Str. 70
          06712 Zeitz

          Herbert Feigl, Insolvency Manager
          Hansering 1
          D-06108 Halle
          Phone: 0345/212220
          Fax: 0345/2122222


FUSSBODENLEGERFACHBETRIEB BETH: Insolvency Manager Enters Firm
--------------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Fussbodenlegerfachbetrieb Beth & Behrens GmbH on Jan.
13, 2005.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 29, 2005 to register their claims with court-appointed
provisional administrator Heiko Kratz.

Creditors and other interested parties are encouraged to attend
the meeting on March 29, 2005, 1:30 a.m. at the district court
of Leipzig 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:  FUSSBODENLEGERFACHBETRIEB BETH & BEHRENS GMBH
          Schenkweg 10
          04860 Welsau
          Contact:
          Reinhard Behrens, Manager

          Heiko Kratz, Insolvency Manager
          Fregestrasse 29
          04105 Leipzig


GARTEN- U. LANDSCHAFTSBAU: Verification of Claims Set March
-----------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Garten- u. Landschaftsbau Neugebauer GmbH on Jan. 1,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors had until Feb. 9,
2005 to register their claims with court-appointed provisional
administrator Hans-Gerd Jauch.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2005, 10:05 a.m. at the district court
of Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne
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:  GARTEN- U. LANDSCHAFTSBAU NEUGEBAUER GMBH
          Dieselstrasse 14 a
          50859 Cologne
          Contact:
          Hildegard Pingsmann-Neugebauer, Manager

          Hans-Gerd Jauch, Insolvency Manager
          Sachsenring 81
          50677 Cologne
          Phone: 33660130
          Fax: +492213366085


GEPA ABBRUCH: Court Sets Creditors Meeting April
------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against GEPA Abbruch & Erdbau GmbH on Jan. 6.
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 Dr. Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting on April 13, 2005, 10:20 a.m. at Saal 1, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt. 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:  GEPA ABBRUCH & ERDBAU GMBH
          Rheinstr. 3-11, 65795 Hattersheim

          Dr. Jan Markus Plathner, Insolvency Manager
          Lyoner Strasse 14, 60528 Frankfurt am Main
          Phone: 069/9623340
          Fax: 069/96233422


GLOBALE RUCKVERSICHERUNGS-AG: Rating Withdrawn for Lack of Data
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B' long-term
counterparty credit rating on Cologne-based non-life reinsurer
GLOBALE Ruckversicherungs-AG, owing to the company's lack of
transparency.  At the same time, Standard & Poor's withdrew its
'D' rating on the EUR220 million subordinated notes issued by
Gerling Global Finance Alpha B.V. (not rated) and subguaranteed
by GLOBALE.

The rating withdrawals are due to the limited confidential
information currently being supplied to Standard & Poor's by
GLOBALE.  In order to maintain surveillance on its ratings,
Standard & Poor's requires the prompt provision of all relevant
information by issuers.

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
          InsuranceInteractive_Europe@standardandpoors.com


MAGIC SYSTEMHAUS: Muhlhausen Court Stays All Pending Lawsuits
-------------------------------------------------------------
The district court of Muhlhausen opened bankruptcy proceedings
against Magic Systemhaus GmbH on Jan. 12, 2005.  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 Frank Kreuznacht.

Creditors and other interested parties are encouraged to attend
the meeting on March 21, 2005, 11:00 a.m. at the district court
of Muhlhausen, Untermarkt 17, Raum 35 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:  MAGIC SYSTEMHAUS GMBH
          Motorenstrasse 5
          99734 Nordhausen
          Contact:
          Michael Plath, Manager

          Frank Kreuznacht, Insolvency Manager
          Untermarkt 23
          99974 Muhlhausen


MIBS CONSULTING: Darmstadt Court Accepts Bankruptcy Application
---------------------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against MIBS Consulting Aktiengesellschaft on Jan. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 17, 2005
to register their claims with court-appointed provisional
administrator Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting on March 17, 2005, 11:00 a.m. at the district court
of Saal U2, Gebaude E, Landwehrstrasse 48, 64293 Darmstadt at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  MIBS CONSULTING AKTIENGESELLSCHAFT
          Schlossplatz 6, 64732 Bad Konig
          Contact:
          Dietmar Ziegler, Executive Committee Member
          Bad Konig

          Dieter Ebert, Executive Committee Member
          Tippelstrasse 97, 45529 Hattingen

          Dirk Lukaschik
          Essen

          Tobias Hoefer, Insolvency Manager
          Soldnerstr. 2, 68219 Mannheim
          Phone: 0621/87708-0
          Fax: 0621/8770820


MK INDUSTRIEVERTRETUNGEN: Administrator Takes over Operations
-------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against MK Industrievertretungen Bau-Consulting GmbH on Jan. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 11, 2005
to register their claims with court-appointed provisional
administrator Peter-Alexander Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting on April 11, 2005, 9:05 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) 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:  MK INDUSTRIEVERTRETUNGEN BAU-CONSULTING GMBH
          Burgerweide 10A, 20535 Hamburg
          Contact:
          Folker Kleist, Manager
          Wolfgang Sobolewski, Manager

          Peter-Alexander Borchardt, Administrator
          Deichstrasse 1, 20459 Hamburg
          Phone: 040/3760100


SKANWORT VERWALTUNGSGESELLSCHAFT: Succumbs to Bankruptcy
--------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against SkanWort Verwaltungsgesellschaft mbH on Jan. 10, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 7, 2005
to register their claims with court-appointed provisional
administrator Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting on April 4, 2005, 9:50 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg 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:  SKANWORT VERWALTUNGSGESELLSCHAFT MBH
          Richeystrasse 44
          22309 Hamburg
          Contact:
          Norbert Ney, Manager

          Stefan Hinrichs, Insolvency Manager
          Osterbekstrasse 90a
          22083 Hamburg
          Phone: 040/41004040
          Fax: 040/41004059


TCR GMBH: Claims Filing Period Ends First Week of March
-------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Transport, Container, Recycling (TCR) GmbH
on Jan. 10, 2005.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until March 2, 2005 to register their claims with court-
appointed provisional administrator Jorg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting on March 30, 2005, 10:15 a.m. at the district court
of Halle-Saalkreis- Justizzentrum Halle-, Thuringer Strasse 16
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:  TRANSPORT, CONTAINER, RECYCLING (TCR) GMBH
          Thomas-Muntzer-Str. 130
          06313 Hergisdorf
          Contact:
          Klaus Dieter Gellrich, Manager
          Nordhalde 12
          06313 Hergisdorf

          Jorg Riedemann, Insolvency Manager
          Muhlweg 47
          D-06114 Halle
          Phone: 0345/293900
          Fax: 0345/2939029


WAH ANTON: Creditors Claims Due February 23
-------------------------------------------
The district court of Gera opened bankruptcy proceedings against
WAH Anton & Co. Bau GmbH on Jan. 12, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 23, 2005 to register their
claims with court-appointed provisional administrator Hanns
Pollmann.

Creditors and other interested parties are encouraged to attend
the meeting on March 22, 2005, 11:30 a.m. at the district court
of Gera, Rudolf-Diener-Str. 1, Zimmer 317 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  WAH ANTON & CO. BAU GMBH
          Carl-Zeiss-Str. 1
          07743 Jena

          Hanns Pollmann, Insolvency Manager
          Blankenburger Strasse 3
          07318 Saalfeld


WALTER BAU: Bidders Line up for Mining Operations 'Down Under'
--------------------------------------------------------------
Around six investors are reportedly eyeing the Australian mining
operations of insolvent construction group Walter Bau,
Suddeutsche Zeitung says.

Walter Construction's mining activities have reportedly
attracted six potential bidders, which include John Holland,
indirectly owned by construction group Hochtief; Baulderstone
Hornibrook, Australian arm of Bilfinger-Berger group; Clough
Ltd., Continental Conveyors, and Roche and McMahon Construction.

Walter Construction's insolvency administrators expect to
receive bids soon, a source close to the group says.  Walter
Construction, which mining operations employ around 350 people,
expects to post a loss of AU$245 million for 2004.

Walter Bau filed for insolvency at the start of the month after
failing to secure a new EUR1.65 billion credit line from banks,
which halted its proposed restructuring plan. Walter
Construction and 11 other subsidiaries followed suit days after.
Walter Bau, which has around 50 subsidiaries, did not rule out
the possibility that more of its units will declare insolvency.

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

          JOHN HOLLAND GROUP
          70 Trenerry Crescent
          Abbotsford, Victoria 3067
          Phone: 61 3 9934 5209
          Fax: 61 3 9934 5275
          Web site: http://www.johnholland.com.au

          BAULDERSTONE HORNIBROOK ENGINEERING PTY. LTD.
          Level 10, 40 Miller Street,
          North Sydney, New South Wales 2060
          Phone: (02) 9935 7100
          Fax: (02) 9935 7080
          E-mail: bh@bh.com.au
          Web site: http://www.bh.com.au

          CLOUGH LIMITED
          Level 6, 251 St Georges Terrace
          Perth, Western Australia 6000
          Phone: +618 9281 9281
          Fax: +618 9481 6699
          E-mail: clough@clough.com.au
          Web site: http://www.clough.com.au

          CONTINENTAL CONVEYOR & EQUIPMENT PTY LTD.
          10 Somersby Falls Road,
          Somersby NSW 2250 Australia
          Phone: (+612) 4340 1488
          Fax: (+612) 4340 2695
          Web site: http://www.continentalconveyor.com.au


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


MAV RT: State to Implement Radical Reforms
------------------------------------------
MAV Rt president and Economics and Transport minister Janos Koka
confirmed there are plans to overhaul the railway company in the
coming years, Budapest Sun reports.

Mr. Koka told the press: "I seriously believe that if the
[ministry] can not prevent a company from going bankrupt, then
the least we can do is to is to ease its burdens."  But
according to him, major reforms will come only after the general
elections of 2006.

"Nevertheless preparations must be made before then," he said.
"Unless something is done quickly the risk of bankruptcy will
become a reality," he added.

MAV continues to rack up losses and accumulate debt while facing
a complicated array of problems, from petty thefts, to labor
pressures, to too much politics.  Its former president Laszlo
Udvari, who was sacked in December, had admitted the firm's
precarious situation.  It expects the company to close the
fiscal year 2004 with record losses.  According to the report,
the ministry can no longer support the drain on its finances
even with an annual budget of HUF350 billion.

Mr. Udvari said as far as he knew, in 2005 MAV was receiving
HUF51 billion ($271.29 million) less than needed for passenger
transport operations.  It is likely there will be significant
job cuts on many routes this year.

Earlier reports say MAV plans to approach international
financial institutes, including Citibank, HVB, ImmoRent,
Kreditanstalt, MKBand VR Leasing, for a EUR450 million (US$586.9
million) loan.

Despite its cash problems, the firm still plans to order 60 new
railway carriages worth about HUF40 billion (US$212.78 million).
It is also upgrading its IT systems for HUF750 million (US$3.98
million) within the next six years.

CONTACT:  MAV RT
          Andrassy ut 73-75
          Budapest H-1940 Hungary
          Phone: 36 1 342 9500
          Fax: 36 1 342 8596
          Web site: http://www.mav.hu


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


PARMALAT FINANZIARIA: Sells Streglio to Borsci Liquori
------------------------------------------------------
The board of auditors of collapsed dairy giant Parmalat
Finanziaria approved Tuesday the sale of Streglio, its chocolate
and sweets arm, Il Sole 24 Ore says.

Spirit maker Borsci Liquori offered to buy Streglio's assets for
EUR2.25 million.  Parmalat will retain the debt of the
subsidiary, which fell into administration in August 2004.

Meanwhile, Parmalat's board will meet on February 25 to approve
the prospectus of a debt-for-equity swap with creditors and to
discuss the group's re-listing on the Milan stock exchange in
April.  The board will also approve the group's 2004 pro forma
results and name an auditor.  The board is also expected to
unveil new participation ratios for its units, following the
release by the bankruptcy court of the official list of Parmalat
creditors.

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

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

          BORSCI INDUSTRIA LIQUORI S.p.A
          Via Per Martina Franca, 7000
          Taranto, TA 74100
          Phone: +39/099.473.0333
          Fax: +39/099.473.0334
          E-mail: borsci@borsci.com
          Web site: http://www.borsci.com


PARMALAT FINANZIARIA: Judges Consolidate Securities Fraud Suits
---------------------------------------------------------------
In December 2004, the Judicial Panel on Multidistrict Litigation
consolidated the Class Action Complaint initiated by Hermes
Focus Asset Management Europe, Ltd., and certain other investors
with three other securities litigation relating to Parmalat's
collapse:

     * Dr. Enrico Bondi v. Grant Thornton International, et al.
       C.A. No. 1:04-6031;

     * Robert McQueen v. Parmalat Finanziaria, S.p.A., et al.,
       C.A. No. 1:04-47; and

     * Ferri Giampolo v. Parmalat Finanziaria, S.p.A., et al.,
       C.A. No. 1:04-367.

A copy of the JPMDL's Transfer Order (Docket No. 1653) is
available at no charge at:

http://www.jpml.uscourts.gov/Pending_MDLs/Securities/MDL-
1653/MDL-1653-TransferOrder.pdf

                            *   *   *

Investors, led by Hermes Focus Asset Management Europe, Ltd., in
October commenced a class action lawsuit before the U.S.
District Court for the Southern District of New York against
Parmalat's former management, banks and auditors, alleging
violations of the Securities Exchange Act of 1934.

These investors purchased or otherwise acquired securities of
Parmalat Finanziaria S.p.A. and its subsidiaries and affiliates
between and including January 5, 1999, and December 18, 2003, in
reliance on the company's materially false and misleading
financial statements and other public statements.  The investors
seek more than $8,000,000,000 in damages after they lost their
money when Parmalat collapsed in December 2003 due to
substantial operating losses that had been concealed for over a
decade.

The actions were centralized for coordinated or consolidated
pretrial proceedings before Judge Lewis A. Kaplan of the U.S.
District Court for the Southern District of New York.

The Panel acted upon the request of Deloitte Touche Tohmatsu, a
defendant in the securities litigation.  The Panel found that
the actions involve common questions of fact and that
centralization before the New York District Court will serve the
convenience of the parties and witnesses and promote the just
and efficient conduct of the litigation.  All actions, the Panel
noted, share factual questions arising from alleged
misrepresentations or omissions concerning Parmalat's financial
condition and its 2003 insolvency.  Centralization eliminates
duplicative discovery, prevent inconsistent pretrial rulings and
conserve the resources of parties-in-interest, their counsel and
the judiciary.

Defendants Grant Thornton and Citigroup supported the request.

Dr. Bondi objected to Deloitte's proposition.  Should his
Illinois Action be consolidated with the other securities
litigation, Dr. Bondi insisted that the other actions should be
brought to Illinois.

The Panel found the New York District Court an appropriate
transferee district since three of the four actions were already
pending before the New York District Court.

The Panel consisted of WM. Terrell Hodges, as Chairman, John F.
Keenan, D. Lowell Jensen, J. Frederick Motz, Robert L. Miller,
Jr., Kathryn H. Vratil and David R. Hansen.

Judges Hodges, Keenan and Motz took no part in the decision.

Other related actions, Judge Jensen says, will be treated as
potential tag-along actions.

               Defendants Want Complaint Dismissed

Defendants to the Consolidated Securities Fraud Action ask Judge
Kaplan to dismiss the Complaint against them:

     * Bank of America Corporation,
     * Bank of America, N.A.,
     * Banc of America Securities Limited,
     * Credit Suisse First Boston,
     * Grant Thornton International,
     * Deloitte & Touche USA, LLP,
     * Deloitte & Touche, LLP,
     * Grant Thornton, LLP,
     * Citigroup, Inc.,
     * Citibank, N.A.,
     * Vialattea, LLC,
     * Buconero, LLC,
     * Eureka Securitisation plc, and
     * Banca Nazionale del Lavoro S.p.A.

The Defendants tell Judge Kaplan that the Complaint suffers from
numerous pleading deficiencies.  The Complaint fails to state a
viable claim on which relief can be granted.  The Pleadings fall
short of the mandates of the Private Securities Litigation
Reform Act and the requirements of the Federal Rules of Civil
Procedure.

Moreover, the Plaintiffs fail to allege any fact from which the
District Court could draw a reasonable inference of causation.

Deloitte U.S.A. argues that the Complaint offers no factual
support for its "one-firm," agency and "alter ego" allegations
against it.

The Plaintiffs do not allege any facts to show that Deloitte
U.S.A. controlled Deloitte & Touche-Italy's audit activities or
that Deloitte U.S.A. engaged in any wrongdoing.  The Plaintiffs
do not allege that anyone was misled into believing that
Parmalat's financial statements had been audited by Deloitte
U.S.A.

BofA insists that it made no material misstatements to the
Plaintiffs and owed them no duty to disclose.  BofA performed
only two functions for Parmalat and none of these services
involved the Plaintiffs.

Grant Thornton International is not, and has never been an
auditor and is not licensed anywhere in the world to perform
audit work.  To circumvent this reality, the Plaintiffs simply
pile up conclusory allegations of Grant Thornton International's
control over, and unspecified involvement with, Grant Thornton
S.p.A., now known as Italaudit -- the Italian licensed
accounting firm that performed audit work for Parmalat.  These
conclusory allegations are not sufficient to sustain liability
against Grant Thornton International as a matter of law, thus,
all causes of action against Grant Thornton International should
therefore be dismissed.

Grant Thornton, LLP avers that the Plaintiffs are attempting to
shift their investment losses into the U.S. auditing firms that
had no involvement whatever in the alleged fraud that occurred
in Parmalat.  Despite the Complaint's extraordinary length and
level of detail, the claims against Grant Thornton fail to meet
even the most minimal standards of pleading, much less the
heightened standards that apply in fraud cases under the federal
securities laws.  The Complaint does not attribute a single act,
statement, or omission concerning Parmalat to Grant Thornton.
The Complaint is supported by nothing more than bare legal
conclusions.

Citigroup tells Judge Kaplan that its alleged participation
consists of three legitimate business transactions and some
routine wire transfers, which Parmalat allegedly misrepresented
in its financial statements.  Therefore, the Plaintiffs do not,
and cannot, allege that Citigroup made any actionable
misrepresentation to Parmalat investors.  Under Central Bank,
allegations that one entity structured, arranged, or otherwise
participated in a business transaction that another entity
misrepresented or improperly disclosed fail to state a claim.
Citigroup also reasons that the Complaint does not allege facts
sufficient to plead fraud-on-the-market reliance

BASL is confident that the Plaintiffs have failed to allege that
it has minimum contacts with the United States, and therefore,
asserting personal jurisdiction over it would violate due
process.

The Plaintiffs, furthermore, do not allege that Banca Nazionale
engaged in any wrongful conduct in connection with the sale of
Parmalat securities, or that it participated in the preparation
or issuance of any prospectus or financial statement by
Parmalat, or acted as a significant investment or commercial
banker for Parmalat.

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

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

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


PARMALAT GROUP: Joint Status Report on Italian Proceedings Filed
----------------------------------------------------------------
Pursuant to the instruction of the U.S. District Court for the
Southern District of New York, on January 18, 2005, Dr. Enrico
Bondi, Deloitte & Touche S.p.A., Deloitte Touche Tohmatsu,
Deloitte & Touche U.S.A., LLP, Deloitte & Touche, LLP, Grant
Thornton International, Grant Thornton, LLP, and Bank of
America, N.A. submitted to Judge Kaplan a Joint Report on the
status of proceedings in Italy.

         Extraordinary Administration in the Parma Court

On December 24, 2003, Parmalat S.p.A. was admitted to
Extraordinary Administration by the Ministry of Productive
Activities.  On the same day, Dr. Enrico Bondi was appointed as
Parmalat's Extraordinary Commissioner and was authorized to have
other companies of the Parmalat group, including Parmalat
Finanziaria S.p.A., included in the Extraordinary
Administration.

Parmalat and Finanziaria were declared insolvent by the Court of
Parma on December 27, 2003, and January 7, 2004.  Additional
Parmalat Group companies were declared insolvent shortly
thereafter.

On June 21, 2004, Dr. Bondi filed a proposed restructuring plan.
On July 23, 2004, an amended plan was approved by the Minister
of Productive Activities.  On December 28, 2004, by order of the
Parma Court, notice of the creditors' list was published in the
Gazzetta Ufficiale of Italy.  With this notice, creditors will
have a final opportunity to exercise certain rights, including
the right to object to the admission or exclusion of claims.
Accepted unsecured creditors will have the right to vote on the
Proposed Restructuring Plan.  The Proposed Restructuring Plan
must be approved by the majority of the accepted unsecured
claims.  Non-voting allowed claims are counted as voting in
favor of the Proposed Restructuring Plan.

After it is approved by the Parma Court and when it becomes
effective, the Proposed Restructuring Plan will immediately be
enforceable as to all creditors in Italy, and the Extraordinary
Administration will be terminated, provided no appeals are
filed.

The new company -- tentatively named "Assumptor" -- will assume
the assets and liabilities of certain entities subject to the
Extraordinary Administration, and will also assume control of
all litigation, including the actions filed in the United
States.

                Proceedings Before the Milan Court

There are pending proceedings before the Court in Milan, which
encompass criminal, administrative and civil actions.

A. Criminal Defendants

Twenty-nine individuals have been named by the Milan prosecutor
in a proposed indictment.  The charges sought by the prosecutor
are stock market rigging, false audits and obstruction of CONSOB
-- a quasi-public entity that is similar to the U.S. Securities
and Exchange Commission.  These proceedings are at the
preliminary hearing stage in which the individuals named by the
prosecutors have the opportunity to review the charges, examine
evidence and formulate motions to dismiss the charges as to
them.

At the conclusion of the preliminary hearing, the Milan Court
will rule on which individuals will stand trial on the charges.
The individuals include:

   (a) former officers, directors, statutory auditors and
       advisors of Parmalat and Finanziaria;

   (b) two of Grant Thornton S.p.A.'s former partners --
       Maurizio Bianchi and Lorenzo Penca;

   (c) Deloitte & Touche S.p.A.'s present and former partners
       -- Guisseppe Rovelli and Adolofo Mamoli; and

   (d) three of BofA's former employees -- Antonio Luzi, Luis
       Moncada, and Luca Sala, who worked at BofA's Italian
       branch until he left in the summer of 2003, after which
       he joined Parmalat as a consultant.

The charges against the former BofA employees are limited solely
to stock market rigging.

The Milan prosecutors are also investigating other individuals
who are current or former employees of banking and financial
institutions.  Richard A. Martin, Esq., at Heller Ehrman White &
McAuliffe, LLP, in New York, attorney for Deloitte & Touche
S.p.A., tells Judge Kaplan that they do not know when that
investigation will be concluded, or if it will be consolidated
with the pending proceedings.  Press reports indicate that the
prosecutors intend to do so.

B. Administrative Proceedings

Four corporations are named as parties in the Milan proceedings
and are subject to potential administrative liability under Law
231 of 2001 -- Law 231:

   -- Deloitte & Touche S.p.A. (the new entity resulting from
      the business combination with the Italian member firm of
      the Arthur Andersen membership association);

   -- DT S.p.A. (the previous member firm of the DTT verein);

   -- Italaudit S.p.A. (formerly Grant Thornton S.p.A.); and

   -- BofA's Italian branch.

C. Civil Claims

Under the Italian Code of Criminal Procedure, persons claiming
to be victims of charged offenses can apply to the court to
intervene as parte civile or "civil parties" in pending criminal
proceedings to seek a civil judgment for damages.  The
responding parties to the civil part of the criminal action
include those criminal defendants named in a civil party's
complaint, and any individuals or entities named by the civil
party as potentially liable for the payment of damages stemming
from the offense of the named criminal defendant -- the latter
of whom are referred to as responsabile civile, or "civil
responsible."

Deloitte & Touche S.p.A., DT S.p.A., Italaudit S.p.A. and BofA's
Italian branch have been named as responsabile civile in certain
civil party complaints filed in the Milan proceedings.
Thousands of bondholders and shareholders claiming to have been
economically injured by the alleged criminal offenses have filed
motions with the Milan Court to appear as parti civili to seek
redress of their claimed damages.  The court is expected to rule
before the end of February 2005 on their applications to appear
as civil parties.

Dr. Bondi has also filed an application to appear as a civil
party against the individuals who are potential defendants in
the criminal case, but not against the companies facing
administrative claims.  Applications to intervene as a civil
party to the criminal proceeding can be filed at any time before
the criminal trial begins.  More claimants may seek to join the
proceedings as civil parties by then.  The Milan Court will rule
on these applications before trial.

                 Criminal Investigation in Parma

The public prosecutors in Parma are conducting a separate
criminal investigation of the former Parmalat directors and
officers, as well as other individuals and companies, in
connection with charges that include criminal conspiracy and
fraud leading to Parmalat's bankruptcy.

No further formal information is available on the status of that
investigation.  Italian newspapers recently reported that the
Parma public prosecutors are close to the end of their inquiry
with respect to the Parmalat insiders, and will soon file their
request for indictments against those insiders.

                    Civil Proceedings in Parma

During 2004, Dr. Bondi instituted two civil claims in the Court
of Parma against 27 individuals, including some of Parmalat's
former directors, officers, statutory auditors and advisors,
seeking damages as a result of their complicity in Parmalat's
financial collapse.

The civil suit also sought and obtained a preliminary
sequestration order, providing for pre-trial seizure of assets,
against those individuals, allowing Dr. Bondi to attach their
assets up to a total value of EUR11.903 billion.

In November 2004, Gian Paolo Zini and Giovanni Tanzi asserted
two separate impleader claims in one of the Parma civil actions
against certain individuals (including Dr. Bondi, Umberto
Tracanella and Guido Angiolini), certain entities (including
Italaudit S.p.A., Deloitte & Touche S.p.A., DT S.p.A., Capitalia
S.p.A., Banca Intesa BCI S.p.A., Nextra Investment Management
s.g.r., Banca Popolare di Lodi, San Paolo IMI S.p.A., UniCredit
S.p.A., Mediobanca S.p.A., Citibank, Archimede and Eureka) and
the Italian regulators (Banca d'Italia and CONSOB).  The
defendants will have the opportunity to file motions addressing
those claims.

                "Claw Back" or Revocatory Actions

Under Article 67 of the Italian Bankruptcy Law, Dr. Bondi has
also instituted "claw-back" actions -- similar to actions to set
aside preferential transfers under U.S. bankruptcy law --
against various financial institutions to recover payments made
to them during the one year period prior to Parmalat's
declaration of insolvency.  Those actions include claims against
UBS Limited for EUR290 million, Deutsche Bank S.p.A. for EUR17
million, and Credit Suisse First Boston International for EUR284
million.  Those suits remain pending.

Banca Intesa has agreed to pay EUR160 million to settle
potential "claw-back" claims against Nextra, its investment
management arm, related to a September 2003 bond issuance.  The
payment is subject to administrative and judicial approval.

                     Other Civil Proceedings

A small number of individual bondholders and shareholders have
filed four civil claims in Milan against DT S.p.A., Italaudit
and, in two of those cases, also against these entities' present
and former partners individually.  Another claim has been filed
in Parma against DT S.p.A. and others asserting claims of
negligence.  These proceedings are in their early stages.

Moreover, Citibank filed an administrative law petition with the
Administrative Court in Lazio, Italy, on October 24, 2004,
challenging the Proposed Restructuring Plan and related decrees,
deeds and other documents.  The court ordered the Ministry of
Productive Activities to produce certain documents on
Nov. 9, 2004.  On January 9, 2005, the Attorney General filed
documents in compliance with the court order.  The
administrative proceeding is still pending.  An analogous
petition challenging the Proposed Restructuring Plan was filed
by UBS in December 2004, and is believed to be pending.

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

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

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


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


SANITEC INTERNATIONAL: Ratings on Watch Negative After Buyout
-------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications the 'B+' long-term corporate credit rating
on Sanitec International S.A., the holding company of the
Sanitec group (Sanitec) and Sanitec Oy, a subsidiary of Sanitec
International, following the announcement that it will be
acquired by Private Equity Funds EQT IV (EQT).  At the same
time, the 'B-' subordinated debt rating on Sanitec
International's EUR260 million bond and the 'B+' senior secured
rating on Sanitec Oy's EUR555 million bank loan were also placed
on CreditWatch with negative implications.

"The CreditWatch placement reflects Standard & Poor's concerns
that Sanitec's financial profile might no longer be adequate for
the 'B+' rating following Feb. 4, 2005 announcement that EQT
will purchase the company from BC Partners through a secondary
buyout," said Standard & Poor's credit analyst Eve Greb.  The
transaction is subject to final approval by the relevant
competition authorities.

"We will meet with management in the near future to discuss the
effect of this change in ownership on Sanitec's business
strategy and financial profile, with a view to resolving the
CreditWatch status," said Ms. Greb.

The ratings on Sanitec International reflect the Sanitec group's
high financial leverage following the LBO in 2001, lower
operating profitability in the bath-and-shower segment than in
the company's other businesses, and the high level of
competition in its bath-and-shower product segment.  The ratings
are supported by the group's strong market positions in the
bathroom ceramics market, good diversification across Europe,
exposure to the renovation market, and the ceramics industry's
high barriers to entry.

With sales of EUR951 million in 2003, Sanitec is the largest
manufacturer of bathroom ceramics and bath-and-shower products
in Europe.

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

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

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


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


LYCOS EUROPE: Appoints Chief Financial Officer
----------------------------------------------
The Management Board of LYCOS Europe N.V. appointed Lydia Lux-
Schmitt as the new Chief Financial Officer of LYCOS Europe with
effect from February 10, 2005.  Lydia Lux-Schmitt will succeed
Dr. Ralf Struthoff as CFO on that date.  As announced earlier,
Dr. Struthoff left the company after four and a half years at
the end of January 2005.

Lydia Lux-Schmitt, born in Pruem/Germany in 1965, began her
career as bank consultant at Volksbank and completed her studies
of economics in Koblenz/Germany.  From 1988 to 1991, she worked
for the PR agency PR Bonn.

Having worked for the law firm Westrick as consultant for two
and a half years, she then joined the German subsidiary of
Johnson & Johnson Group, a worldwide health care company
publicly listed at the NYSE.  From 1993 to 1997, she has held
various positions in Finance with increasing responsibility.
Lydia Lux-Schmitt became Chief Financial Officer Johnson &
Johnson Consumer in 1998 with responsibility for Finance,
General Administration and Supply Chain for Germany, Austria and
Switzerland. In 2003, she moved to the Johnson & Johnson Medical
Devices sector and was appointed General Manager Business
Services (Shared Services) Germany with responsibility for all
administrative functions and later to European Commercial
Finance Director.

                            *   *   *

Based on net results, Lycos Europe assumes to achieve breakeven
for the full year 2006.  Hereby the Executive Board of LYCOS
Europe N.V. concretizes the date to break even.  Accelerated
growth in the main revenue drivers of paid services & shopping
as well as Internet access coming along with a cost optimization
program starting in 2005 forms the basis of this objective
target.

CONTACT:  LYCOS EUROPE N.V.
          Richard Holkade 36
          2033 PZ Haarlem
          Niederlande

          Sandra Steltenkamp
          Manager Investor Relations
          Phone: +49-(0) 5241-80-71053
          Fax: +49-(0) 5241-80-671101
          E-mail: sandra.steltenkamp@lycos-europe.com


ROYAL AHOLD: Argentine Antitrust Body Issues Status Quo Order
-------------------------------------------------------------
Argentine supermarket chains Disco and Jumbo will have to
operate separately pending the resolution of a legal scuffle
over their merger, Dow Jones Newswires says.

Argentina's antitrust authority, National Commission for Defense
of Competition, reiterated in January the ruling of the federal
court in Mendoza, which originally blocked the sale of Disco to
Jumbo's Chilean parent Cenconsud S.A. [CENCOSUD.SN] in November.
At the time of the ruling, Cenconsud had already acquired an
84.75% stake in Disco.  It promised to complete the takeover by
buying the remaining stake "as soon as it is legally possible."
Cenconsud's appeal of the ruling remains pending.

An Ahold representative said the ruling by the antitrust
authority does not change anything between Disco and Jumbo,
which have been operating separately since the Mendoza ruling.

Cencosud was joined by three other investors in its Disco
purchase: Capital International, AIG Capital Partners; and the
World Bank's private equity arm, the International Finance Corp.
Once completed, Cenconsud will own 62% of Disco.  It will also
make Jumbo the second-largest player in Argentina's supermarket
sector with a 22% market share.

CONTACT:  ROYAL AHOLD N.V.
          Albert Heijnweg 1
          1507 EH Zaandam
          Phone: +31-75-659-9111
          Fax: +31-75-659-8350
          Web site: http://www.ahold.com


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


BEZVODNINSKIY HARDWARE: Deadline for Proofs of Claim Nears
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Bezvodninskiy Hardware Plant
after finding the open joint stock company insolvent.  The case
is docketed as A43-8092/04-33-213.  Mr. S. Slepov has been
appointed insolvency manager.  Creditors have until Feb. 21,
2005 to submit their proofs of claim to 603001, Russia, Nizhniy
Novgorod, Pochainskaya Str. 20.

CONTACT:  BEZVODNINSKIY HARDWARE PLANT
          Russia, Nizhniy Novgorod region,
          Kstovskiy region, Bezvodnoye

          Mr. S. Slepov
          Insolvency Manager
          603001, Russia, Nizhniy Novgorod,
          Pochainskaya Str. 20
          Phone: 8-920-5-37-48


FLAX-1: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Flax-1.  The case is docketed as A43-30618/04-24-542.  Ms. S.
Martovskaya has been appointed temporary insolvency manager.
Creditors have until Feb. 21, 2005 to submit their proofs of
claim to 603005, Russia, Nizhniy Novgorod, Piskunova Str. 3/1-2.
A hearing will take place on April 5, 2005, 9:15 a.m.

CONTACT:  FLAX-1
          Russia, Nizhniy Novgorod region,
          Semenovskiy region, Perelaz

          Ms. S. Martovskaya
          Temporary Insolvency Manager
          603005, Russia, Nizhniy Novgorod,
          Piskunova Str. 3/1-2
          Phone/Fax: (8312) 39-12-29


FLAX COMBINE: To Hold Public Auction in Two Weeks
-------------------------------------------------
Financial Analytic Centre, the bidding organizer of Flax Combine
Tech-Fabric, will sell its property on Feb. 24, 2005, 10:00 a.m.
The public auction will take place at Russia, Nizhniy Novgorod,
Pochainskaya Str. 20.  Up for sale are assorted machines like
compressor.  Starting price: RUB1,000,800.

Preliminary examination and reception of bids are done until
Feb. 22, 2005.  To participate, bidders must deposit an amount
equivalent to 10% of the starting price to OJSC FLAX COMBINE
TECH-FABRIC's (TIN 5258000195, KPP 525801001) settlement account
40702810307890000662 or correspondent account
3101810800000000789 BIC 042253789 at CJSC "Nizhegorod-Prom-
Stroy-Bank", Leningradskiy branch on or before Feb. 22, 2005.

CONTACT:  FLAX COMBINE TECH-FABRIC
          Russia, Nizhniy Novgorod, Motalnyj Per. 6

          FINANCIAL ANALYTIC CENTRE
          Bidding Organizer
          Russia, Nizhniy Novgorod,
          Pochainskaya Str. 20


LALSKIY CREAMERY: Hires V. Shabalin as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Kirov region commenced bankruptcy
proceedings against Lalskiy Creamery after finding the open
joint stock company insolvent.  The case is docketed as A28-
82/04-96/6.  Mr. V. Shabalin has been appointed insolvency
manager.  Creditors have until March 21, 2005 to submit their
proofs of claim to 610014, Russia, Kirov, Proizvodstvennaya Str.
28a.

CONTACT:  LALSKIY CREAMERY
          613970, Russia, Kirov region,
          Luzskiy region, Lalsk, Lenina Str. 125

          Mr. V. Shabalin
          Insolvency Manager
          610014, Russia, Kirov,
          Proizvodstvennaya Str. 28a


METROMEDIA INTERNATIONAL: To Hold Board Election Deal or No Deal
----------------------------------------------------------------
Metromedia International Group, Inc. announces with respect to
its intention to hold a special meeting for, among other things,
the election of directors that:

(a) if the Company enters into a definitive transaction
    agreement on or prior to March 7, 2005 in respect of a sale
    transaction that requires stockholder approval, then it will
    also provide for the election of directors at the meeting of
    stockholders held to vote on such sale transaction;

(b) if the Company does not enter into a definitive agreement in
    respect of such a sale transaction on or prior to March 7,
    2005, then the Company's Board of Directors will promptly
    meet for the purpose of calling a meeting of stockholders
    for the election of directors.

Mark Hauf, Chairman and Chief Executive Officer of the Company,
stated: "Although the Company remains optimistic that it will
enter into a definitive merger agreement in connection with the
previously announced proposal to acquire the Company by merger,
there can be no assurances that any transaction will take place
or the timing of any such transaction.  However, in the event
that a definitive transaction agreement in respect of a sale
transaction requiring stockholder approval is entered into in
the very near future, the approach outlined above will enable
the Company to avoid the significant expense and distraction
associated with holding two meeting of stockholders.

"Alternatively, if a definitive transaction agreement is not
entered into in the very near future, the Company will move
expeditiously to assure that its stockholders are able to
exercise their right to elect directors."

                            *   *   *

Latest development on the proposed merger as of January 7, 2005:

(a) The investor group comprised of Emergent Telecom Ventures
    S.A., First National Holdings S.A. and Baring Vostok Capital
    Partners (Cyprus) Limited has confirmed to the Company that
    it has completed in all material respects its due diligence
    investigation of the Company's core telephony businesses in
    Russia and Georgia.  Remaining due diligence work will focus
    principally on MIG itself;

(b) The Company has granted the Investor Group an extension of
    the exclusivity period to complete its due diligence review
    of MIG from January 17, 2005 to February 14, 2005;

(c) The Investor Group has further confirmed that, following its
    due diligence with respect to the Company's core businesses,
    it continues to assign an aggregate enterprise value to the
    Company of US$300 million in respect of the proposed merger;

(d) Capital International Private Equity Fund IV, L.P. has
    notified the Company that it is no longer part of the
    Investor Group.  Baring Vostok has informed the Company that
    it expects to fund the entire portion of the purchase price
    that was previously expected to be funded by Capital
    International; and

(e) Should a definitive merger agreement be executed with the
    Investor Group, the Company anticipates that a meeting of
    its common shareholders to vote on the approval of the
    transaction would occur during the second quarter of 2005.

As previously announced, the Investor Group's preliminary
proposal contains a number of conditions, including without
limitation, the Investor Group's successful completion of due
diligence, the Investor Group obtaining commitments for all
financing contemplated in its acquisition proposal, MIG meeting
currently projected corporate cash balance and liability levels.

There can be no assurances that any transaction with the
Investor Group or any other party will take place nor can any
assurance be given with respect to the timing or terms of any
such transaction.  Details of the terms of a final agreement, if
any, reached between the parties will be disclosed upon signing
of definitive agreements.  The preliminary proposal made by the
Investor Group is non-binding and MIG has agreed, under certain
circumstances, to reimburse the Investor Group for a limited
amount of its out-of-pocket expenses incurred in connection with
its due diligence review and negotiation of definitive
agreements.

                            *   *   *

Through its wholly owned subsidiaries, the Company (OTCBB: MTRM)
(Pink Sheets: MTRMP), 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., Charlotte
          Ernie Pyle
          Phone: 704-321-7383
          E-mail: investorrelations@mmgroup.com
          Web site: http://www.metromedia-group.com


PROTEKINO: Moscow Court Appoints Insolvency Manager
---------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Protekino after finding the close joint
stock company insolvent.  The case is docketed as A41-K-2-
16433/03.  Mr. A. Zhigalin has been appointed insolvency
manager.  Creditors have until March 21, 2005 to submit their
proofs of claim to 141143, Russia, Moscow region, Shelkovskiy
region, Medvezhyi Ozera, Post User Box 209.

CONTACT:  PROTEKINO
          140613, Russia, Moscow region,
          Zarayskiy region, Protekino

          Mr. A. Zhigalin
          Insolvency Manager
          141143, Russia, Moscow region, Shelkovskiy region,
          Medvezhyi Ozera, Post User Box 209


PZ CUSSONS: Russian Operation Racks up GBP3 Million Loss
--------------------------------------------------------
British hygiene and household goods firm PZ Cussons is mulling
major decisions to limit losses at its troubled operations.
According to The Guardian, the firm has decided to halt sales of
its Imperial Leather soap in Russia, while mulling the sale of
its interests in China.

"Action is now being taken to reduce the focus on Russia and
concentrate our ambitions in eastern Europe, mainly on Poland,"
the company said.

It warned that troubles in Russia had cut 4% of its pre-tax
profits to GBP26.2 million, bringing losses to GBP3 million.
The firm faces unexpected currency and distribution difficulties
in the country.  PZ Cussons also made big losses in China.  The
operation has failed to return to profit despite continued
attempts to turn it around.  According to the report, it would
retain a presence in that market with its local partner Haier to
assist with group purchasing and to feed a growing Nigerian
white goods business.

PZ Cussons plans to offset exceptional costs anticipated in
disposing of the China business using exceptional property
disposal gains in Britain.  It is planning to close its
Nottingham factory to shift production to the Far East.

CONTACT:  PZ Cussons
          PZ Cussons House
          Bird Hall Lane
          Stockport Cheshire SK3 0XN
          Phone: (+44) 0161 491 8000
          Fax: (+44) 0161 491 8191
          E-mail: pzweb.general@pzcussons.com
          Web site: http://www.pzcussons.co.uk


ROSNEFT: Yugansk Acquisition a Boon or Bane?
--------------------------------------------
Moody's Investors Service affirmed the Ba3 issuer rating of OJSC
Oil Company Rosneft following the emergence of details of its
acquisition of Yuganskneftegaz from Yukos.  The developing
outlook remains unchanged.  Moody's also affirmed the Baa3
rating on Rosneft's US$150 million Eurobond with a positive
outlook, reflecting the rating of the Russian sovereign.

Moody's stated that the US$9.35 billion acquisition of
Yuganskneftegaz had put considerable strain on Rosneft's
financial profile, given that the transaction was largely
purchased by taking on new debt from domestic Russian banks.
This is further exacerbated by additional obligations acquired
via Yuganskneftegaz, including some US$1.4 billion in potential
guarantee obligations to former Yukos creditors and up to US$5.2
billion in back-dated tax claims associated with the former
Yukos subsidiary.  Moody's ratings assume that Rosneft will be
able to negotiate a restructuring of these tax obligations with
the tax authorities to minimize their impact on Rosneft's
financial position.

Moody's also notes that Rosneft's merger with Gazprom (rated
Baa3, positive) has been delayed as a result of the acquisition.
Details as to whether Rosneft will continue to be merged with
Gazprom, and whether any such transaction will include
Yuganskneftegaz, are likely to emerge over the course of
February and are likely to depend on the outcome of a Houston
court hearing scheduled for February 16.

While the above mentioned factors attach some uncertainty to
Rosneft's ratings, Moody's also notes that the purchase of
Yuganskneftegaz has transformed Rosneft into a significantly
enlarged group with growing strategic importance to the Russian
state, now making it the second-largest Russian oil company by
production and reserves.  Rosneft's ability to attract rapid
funding of the Yuganskneftegaz transaction through a network of
undisclosed domestic Russian banks also endorses Moody's view
that Rosneft is benefiting from its state ownership and should
continue to be able to access domestic funds for short and
medium term liquidity.

The developing outlook of Rosneft's Ba3 issuer rating reflects
ongoing uncertainty surrounding the future of Rosneft as a legal
entity, given that the merger with Gazprom is due to go ahead.
It also reflects uncertainty related to Yuganskneftegaz, which
may be separated from Rosneft in any future merger, particularly
in the event that the Houston court ruling remains in place.
The Baa3 rating and positive outlook on Rosneft's debt rating
continues to mirror Russia's sovereign rating, given Moody's
view that the bonds will be refinanced by Gazprom in the event
of a merger.  Regardless, Moody's believes that Rosneft's
enlarged position and its 100% state-ownership provide a similar
credit risk profile to bondholders.

OJSC Oil Company Rosneft, headquartered in Moscow, is a major
integrated Russian oil and gas company.  It is 100% state-owned.
In 2003 Rosneft produced 19.6 million tons of oil and 7.0
billion cubic meters of gas.  Through its acquisition of
Yuganskneftegaz, Rosneft has added approximately 11.2 billion
barrels of proven reserves to its existing 2.9 billion barrels.

CONTACT:  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


ROZHDESTVENSKOYE: Assets Worth RUB17 Million up for Auction
-----------------------------------------------------------
The bidding organizer and insolvency manager of open joint stock
company Rozhdestvenskoye will sell its property on Feb. 26,
2005, 12:00 noon.  The public auction will take place at Russia,
Kursk, K. Marksa Str. 51, Room 314.  Up for sale are 28
immovable properties and 169 kinds of equipment.  Starting
price: RUB17,560,333 inclusive of VAT.

Preliminary examination and reception of bids are done from
10:00 a.m. to 4:00 p.m. on or before Feb. 21, 2005.  The list of
documentary requirements is available at Russia, Kursk, K.
Marksa Str. 51, Room 314.  To participate, bidders must deposit
an amount equivalent to RUB300,000 to the settlement account
40702810810700060010064, branch LLC CB "Raznefteprombank" in
Kursk, Kursk, BIC 043807772, correspondent account
30101810700000000772, TIN 4623000172 on or before Feb. 21, 2005.

CONTACT:  ROZHDESTVENSKOYE
          Russia, Kursk region,
          Sudzhanskiy region, Guevo

          Mr. D. Mazurovskiy
          Insolvency Manager/Bidding Organizer
          Russia, Kursk, K. Marksa Str. 51, Room 314
          Phone: 50-09-83.0


SERVICE: Gives Creditors Until March to File Claims
---------------------------------------------------
The Arbitration Court of Mordoviya republic commenced bankruptcy
proceedings against Service after finding the open joint stock
company insolvent.  The case is docketed as A39-2614/04-114/7.
Mr. N. Smekalkin has been appointed insolvency manager.
Creditors have until March 21, 2005 to submit their proofs of
claim to 431017, Russia, Mordoviya republic, Chamzinskiy region,
Chamzinka, Pochtovaya Str. 8.

CONTACT:  SERVICE
          431700, Russia, Mordoviya republic, Chamzinskiy
          region, Chamzinka, Pochtovaya Str. 8

          Mr. N. Smekalkin
          Insolvency Manager
          431017, Russia, Mordoviya republic, Chamzinskiy
          region, Chamzinka, Pochtovaya Str. 8
          Phone: (834-37) 2-14-51, 2-13-61


SIB-GAS-STROY: Bankruptcy Hearing Resumes February 28
-----------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on limited liability company Sib-Gas-
Stroy.  The case is docketed as A70-8828/3-04.  Mr. Y. Kostylev
has been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to 625001, Russia, Tyumen,
Proletarskaya Str. 89.  A hearing will take place on Feb. 28,
2005.

CONTACT:  SIB-GAS-STROY
          Russia, Tyumen,
          Proletarskaya Str. 89

          Mr. Y. Kostylev
          Temporary Insolvency Manager
          625001, Russia, Tyumen,
          Proletarskaya Str. 89


TALOSKAYA MOVABALE: Declared Insolvent
--------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Taloskaya Movabale Mechanized Column-5
Voronezhdorstroy after finding the open joint stock company
insolvent.  The case is docketed as A14-8747/2004/59/7b.  Mr. E.
Schur has been appointed insolvency manager.

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

(a) Insolvency Manager
    397450, Russia, Voronezh region,
    Talovaya, Povyshennyj Put

(b) The Arbitration Court Of Voronezh Region
    394030, Russia, Voronezh,
    Srednemoskovskaya Str. 77

(c) Taloskaya Movabale Mechanized Column-5 Voronezhdorstroy
    Russia, Voronezh region,
    Talovaya, Povyshennyj Put


UNIVERSAL: Claims Filing Deadline Expires Next Month
----------------------------------------------------
The Arbitration Court of Mordoviya republic commenced bankruptcy
proceedings against Universal after finding the open joint stock
company insolvent.  The case is docketed as A39-6339/04-236/12.
Mr. F. Velmakin has been appointed insolvency manager.
Creditors have until March 21, 2005 to submit their proofs of
claim to 431440, Russia, Mordoviya republic, Ruzaevka,
Kuybysheva Str. 87a.

CONTACT:  UNIVERSAL
          430300, Russia, Mordoviya republic,
          Kovylkino, Zhelyabova Str. 12

          Mr. F. Velmakin
          Insolvency Manager
          431440, Russia, Mordoviya republic,
          Ruzaevka, Kuybysheva Str. 87a


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


URBAS SA: Wins Temporary Tax Reprieve
-------------------------------------
The Finance Ministry cut Urbas some slack Tuesday, deferring a
EUR15 million tax payment until the end of the year, Reuters
says.

The ministry, which recently seized a property in southern
Spain, allowed Urbas to delay payment in exchange for executing
a mortgage on the property.  Reuters says Urbas needed the debt
rescheduling in order for its plan to rebalance its assets to
work.  Urbas recently announced that the value of its assets had
fallen to less than half of its capital in December.  Under
existing laws, this put the company on the brink of liquidation.

The tax deferral pushed Urbas' stocks more than 30% higher
Wednesday at EUR1.05, the sharpest gain in Madrid that day.

                            *   *   *

Urbanizaciones y Transportes S.A., doing business as Urbas,
develops housing subdivisions and manages parks, according to
http://www.hoovers.com. It also provides air control services
for the military, manufactures medical equipment, and makes cork
products.

CONTACT:  Calle Princesa, 61
          28008 Madrid, Spain
          Phone: +34-9-15-59-00-00
          Fax: +34-9-15-48-44-87


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


VESTEL ELEKTRONIK: 'BB-' Currency Ratings Affirmed
--------------------------------------------------
Fitch Ratings affirmed Vestel Elektronik Sanayi Ve Ticaret
A.S.'s Senior Unsecured foreign and local currency ratings, both
at 'BB-'.  The Outlooks for ratings are Stable.

Vestel's ratings reflect a series of factors, including its
healthy position in the European B-branded color television
market, growing revenues from A-branded products, a solid track
record with European retailers/wholesalers, the entry into
relatively higher margin white goods segment, growing economies
of scale, a quality product range and increasing geographical
diversification.

Counterbalancing this, the company has to contend with pricing
pressure in its core product segments of conventional color
televisions and digital convergence devices, increasing funding
needs (capex and working capital requirements), an appreciating
Turkish lira, high financial expenses, industry consolidation,
limited cooperation with technology leaders in high-end product
segments, competition from Far Eastern manufacturers and Zorlu
Holding's, Vestel's main shareholder's, aggressive growth
strategies.

Conventional televisions have become low-margin products and
retail prices, in nominal terms, are in decline.  Vestel's gross
and operating margins fluctuated significantly during FY04 due
to unfavorable component prices, volatility in cathode ray tube
and plastic prices and due to real increase in Turkish lira-
based costs.  While the company's efforts to increase economies
of scale are expected to partially help it to defend its margins
in the future, Fitch expects the margins to be suppressed by the
continuing softening prices and appreciating local currency.

Competition in Europe's television market is heating up as low-
cost Chinese manufacturers are penetrating the market via
acquisitions of European names such as Schneider Electronics AG,
or via joint ventures like TCL International of China and
Thomson of France.  In commenting on these developments, Kaan
Kiziroglu, an Associate Director within Fitch's corporate group,
said: "Fitch expects these developments to take its toll in
Vestel's high end product segment but its stronger area, the low
and middle end product segment, is not expected to be overly
affected."  Kiziroglu added that "it will be difficult for
competitors to manufacture in Europe in line with Vestel's cost
base and expensive to ship products from abroad at competing
prices."

Free cash flow was negative in FY04 as a result of increased
working capital needed to support growth and financing of
additional production capacity.  Free cash flow is also expected
to be slightly negative in 2005.  Vestel's gross debt to EBITDA
multiple is expected to remain manageable at below 3.0x in 2005
despite the above mentioned adverse factors.

Vestel, based in Turkey, is a leading manufacturer of television
sets, white durable goods, PC monitors, digital convergence
devices (DVDs, DVBs) and other information appliances that it
sells both in the domestic market and overseas.  Listed on the
Istanbul and London stock exchanges, Vestel is 51.6% owned by
Collar Holding B.V., which is itself wholly owned by Ahmet Nazif
Zorlu, chairman of Zorlu Holding, which has interests in
textiles, energy, tourism and banking/financial services.  The
remaining shares are free-float.

A detailed credit analysis of Vestel will be available on
Fitch's subscription Web site: http://www.fitchresearch.com.

CONTACT:  FITCH RATINGS
          Kaan Kiziroglu, Istanbul
          Phone: +90 (0) 212 279 10 65

          Elisabetta Zorzi, Milan
          Phone: +39 02 87 90 87 213

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

          VESTEL ELEKTRONIK SANAYI VE TICARET A.S.
          Organize Sanayi Bolgesi
          Manisa, Turkey
          Phone: +90 236 233 01 31
          Fax: +90 236 233 25 85


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


KERCHRIBPROM: Declared Insolvent
--------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Kerchribprom (code EDRPOU 00463071) on
November 9, 2004 after finding the open joint stock company
insolvent.  The case is docketed as 2-20/6410-2004.  Arbitral
manager Mr. Oleksij Sherbina (License Number AA 719799) has been
appointed liquidator/insolvency manager.

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

(a) KERCHRIBPROM
    Ukraine, AR Krym region,
    Kerch, Sverdlova, 49

(b) Mr. Oleksij Sherbina
    Liquidator/Insolvency Manager
    Ukraine, AR Krym region,
    Simferopol, Alushtinska, 21

(c) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


KOLODYANSKIJ BEKON: Creditors Have Until Tomorrow to File Claims
----------------------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on OJSC Kolodyanskij Bekon (code EDRPOU
05437701).  The case is docketed as 7/189 B.  Arbitral manager
Mrs. Oksana Krotus (License Number AA) has been appointed
temporary insolvency manager.  The company holds account number
2600955 at JSPPB Aval, Novograd-Volinskij branch, MFO 311614.

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

(a) KOLODYANSKIJ BEKON
    01790, Ukraine, Zhitomir region,
    Novograd-Volinskij district, Kolodyanka

(b) Mrs. Oksana Krotus
    Temporary Insolvency Manager
    Ukraine, Zhitomir region,
    Shidna Str. 81/35
    Phone: 8 (0412) 37-20-31

(c) ECONOMIC COURT OF ZHITOMIR REGION
    10024, Ukraine, Zhitomir region,
    Putyatinski Square, 3/65


KRASNOPAVLIVSKIJ BREAD: Bankruptcy Proceedings Ongoing
------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Krasnopavlivskij Bread Products Plant (code
EDRPOU 00952232) on December 22, 2004 after finding the open
joint stock company insolvent.  The case is docketed as 19/70-
04.  Arbitral manager Mrs. Tetyana Chekshturina (License Number
AA 630039) has been appointed liquidator/insolvency manager.
The company holds account number 260035945 at JSPPB Aval, Harkiv
regional branch, MFO 350589.

CONTACT:  KRASNOPAVLIVSKIJ BREAD PRODUCTS PLANT
          64620, Ukraine, Harkiv region,
          Lozova district, Krasnopavlivka, Kalinin Str. 2

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


PROLETARSKIJ: Insolvency Manager to Temporarily Oversee Business
----------------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Trade House Proletarskij (code EDRPOU
23350033) after finding the limited liability company insolvent.
The case is docketed as 15/237 B.  Arbitral manager Mr. Sergij
Slavgorodskij (License Number AA 783066) has been appointed
liquidator/insolvency manager.

CONTACT:  TRADE HOUSE PROLETARSKIJ
          Ukraine, Donetsk region,
          Komunistichna Str. 20

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


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


5 STAR: Members Decide to Wind up Firm
--------------------------------------
At the extraordinary general meeting of the members of 5 Star
Logistics Ltd. on Feb. 4, 2005 held at 43 Blackstock Road,
London N4 2JF, the extraordinary resolution to wind up the
company was passed.  Andreas Georgiou Kakouris of 43 Blackstock
Road, London N4 2JF has been nominated liquidator of the
company.


ABBEY NATIONAL: Gives 50 Glasgow Staff the Boot
-----------------------------------------------
Abbey National is axing around 50 information technology jobs in
Glasgow out of a total 400 positions in Scotland, reports say.
The job-cuts are part of the 500 slated across U.K. and the
result of its takeover by Spain's Banco Santander.

A spokesman for Abbey said: "We agreed with the staff union last
summer that a total of 3,000 jobs would go."  The heaviest IT
cuts will come in Milton Keynes.  Abbey employs 25,000 people in
the U.K.

"As part of that, we are now going through the process of
identifying teams and roles, with the aim of making Abbey more
efficient," he added.

According to The Herald, an e-mail from a Glasgow staff warned
on Wednesday the job losses will ultimately lead either to
closure or the asset-stripping of the Abbey Glasgow HQ.  The
office houses Scottish Provident and Scottish Mutual, Abbey's
insurance arms.  An Abbey spokesman denied the report.

The news came as Banco Santander admitted plans to transfer some
life and pensions jobs to India.  More than a year ago, Abbey
also said it would move about 100 data-input processing jobs at
its Scottish Provident operations to India.

CONTACT:  ABBEY NATIONAL PLC
          Abbey National House
          2 Triton Square
          Regent's Place
          London NW1 3AN
          Phone: +44-870 607 6000
          Web site: http://www.abbeynational.com


ABDULLAH'S RESTAURANT: Calls in Liquidator
------------------------------------------
At the extraordinary general meeting of Abdullah's Restaurant
Limited on Jan. 28, 2005 held at Bryn-Y-Mor The, 17 Bryn-Y-Mor
Road, Swansea SA1 4ZH, the subjoined extraordinary resolution to
wind up the company was passed.  Martin Henry Linton of
Brentmead House, Britannia Road, London N12 9RU has been
appointed liquidator of the company.


ADAM WILLIAMSON: Liquidator from Poppleton & Appleby Moves in
-------------------------------------------------------------
An the extraordinary general meeting of Adam Williamson Limited
on Feb. 2, 2005 held at 35 Ludgate Hill, Birmingham B3 1EH, the
resolution to wind up the company was passed.  A. Turpin of
Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH has been
appointed liquidator of the company.

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


AIR STORES: Members Pass Winding-up Resolutions
-----------------------------------------------
At the extraordinary general meeting of Air Stores (UK) Limited
on Feb. 2, 2005 held at The Holiday Inn, Ashford Central,
Canterbury Road, Ashford, Kent TN24 8QQ, the extraordinary and
ordinary resolutions to wind up the company were passed.
Stephen John Tancock of Smith & Williamson Ltd, First Floor,
Holbrook House, 72 Bank Street, Maidstone, Kent ME14 1SN has
been appointed liquidator of the company.

CONTACT:  SMITH & WILLIAMSON LTD.
          First Floor,
          Holbrook House, 72 Bank Street,
          Maidstone, Kent ME14 1SN
          Web site: http://www.smith.williamson.co.uk


A.K. EUROPLASTICS: Liquidator from Tenon Recovery Moves in
----------------------------------------------------------
At the extraordinary general meeting of A.K. Europlastics
Limited on Jan. 31, 2005 held at Salisbury House, 31 Finsbury
Circus, London EC2M 5SQ, the subjoined extraordinary resolution
to wind up the company was passed.  Duncan Beat of Tenon
Recovery, Salisbury House, 31 Finsbury Circus, London EC2M 5SQ
has been appointed liquidator of the company.

CONTACT:  TENON RECOVERY
          Salisbury House
          31 Finsbury Circus
          London EC2M 5SQ
          Phone: 020 7628 2040
          Fax: 020 7638 0217
          Web site: http://www.tenongroup.com


ALLDERS PLC: Primark Primes up for Hull Outlet Takeover
-------------------------------------------------------
Troubled department store group Allders is reportedly holding
talks with clothes retailer Primark over the sale of its Hull
outlet, Hull Daily Mail says.

Primark, which operates 115 stores across Europe, has been
eyeing Allders' landmark three-storey shopping center in Hull, a
representative of industry journal Retail Week said.  She said,
"It is an ideal opportunity for Primark to set up a foothold in
Hull, a city it is understood to have been targeting for some
time."

Ian Kitts, spokesman for Allders' administrators Kroll Inc.,
expressed optimism a deal would be struck soon.  Allders Hull,
which has a workforce of around 300 people, is one of 35 outlets
that Kroll is trying to sell.  The joint administrators recently
revealed 35 bids were made for selected Allders stores while one
offered to acquire the whole business.  Kroll is looking for
bids of EUR120 million to EUR130 million for the whole group.

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

          PRIMARK STORES LTD.
          Primark House, 41 West St.
          Reading RG1 1TT
          Phone: +44-118-960-6300
          Web site: http://www.primark.co.uk


ATLANTIS PERFORMANCE: Members Final Meeting Next Month
------------------------------------------------------
The final meeting of the members of Atlantis Performance will be
on March 14, 2005 at 10:30 a.m.  It will be held at 186 City
Road, London EC1V 2NU.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU not
later than 12:00 noon, March 13, 2005.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


AURORA MARKETING: Liquidator Takes Over Operations
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Aurora Marketing Partners Limited
                        (In Liquidation)

I, Eileen Blackburn, French Duncan, 275 West George Street,
Glasgow G2 4LW, hereby give notice, pursuant to Rule 4.19 of the
Insolvency (Scotland) Rules 1986, that on January 21, 2005, I
was appointed Liquidator of Aurora Marketing Partners Limited by
Resolution of the First Meeting of Creditors.

A Liquidation Committee was not established at this meeting.

Eileen Blackburn, Liquidator
January 21, 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


BIG FOOD: Court Sanctions Scheme of Disposal to Giant Bidco
-----------------------------------------------------------
The Big Food Group PLC announces that the Scheme of Arrangement
in connection with the recommended acquisition by Giant Bidco
Limited of the Company was sanctioned on Tuesday by the Court.

Expected timetable of principal outstanding events:

Last day of dealings in,
and for registration
of transfers of, BFG Shares                  10 February 2005

Court confirmation of the Capital Reduction  10 February 2005

Scheme Record Time              6:00 p.m. on 10 February 2005

Effective Date of the Scheme                 11 February 2005

Cancellation of listing of BFG Shares        11 February 2005

Latest date for dispatch of cheques
and settlement through CREST                14 days from the
                                             Effective Date

                            *   *   *

In December, Fitch Ratings placed Big Food Group's Senior
Unsecured rating 'BB-' and Short-term 'B' ratings on Rating
Watch Negative.  It has also placed the 'B' rating on BFG's
GBP150 million 9.75% senior subordinated notes due 2012 on
Rating Watch Negative following BFG's recommendation to its
shareholders of the offer made by Baugur via an investment
vehicle.

CONTACT:  THE BIG FOOD GROUP PLC
          Second Ave.,
          Deeside Industrial Park
          Deeside
          Flintshire CH5 2NW
          Phone: +44-1244-830-100
          Fax: +44-1244-814-531
          Web site: http://www.thebigfoodgroup.co.uk


BOSCHENDAL PROPERTY: Appoints Liquidator from Mazars
----------------------------------------------------
At the extraordinary general meeting of the members of
Boschendal Property Group Limited on Jan. 31, 2005 held at
Taylor Wessing, Carmelite, 50 Victoria Embankment, Blackfriars,
London EC4Y 0DX, the special and ordinary resolutions to wind up
the company were passed.  Martin Dominic Pickard of Mazars LLP,
The Atrium, Park Street West, Luton, Bedfordshire LU1 3BE has
been appointed liquidator of the company.

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


BROADGATE: Restructuring GBP860 Million Debt
--------------------------------------------
Morgan Stanley Mortgage Finance (Broadgate) PLC (incorporated
with limited liability in England and Wales with registered
number 3727042) is soliciting consents to amend the terms and
conditions of the outstanding:

(a) GBP310,000,000 Class A2 5.927% Bonds due 2031 (ISIN:
    XS0097503550);

(b) GBP150,000,000 Class A3 5.912% Bonds due 2033 (ISIN:
    XS0097504012);

(c) GBP225,000,000 Class B 6.287% Bonds due 2033 (ISIN:
    XS0097504285); and

(d) GBP175,000,000 Class C2 6.651% Bonds due 2038 (ISIN:
    XS0097505415).

Following the consent solicitation made to Existing Fixed Rate
Bondholders in connection with the refinancing of the
securitization of properties in the Broadgate Estate on the
terms set out in the consent solicitation document of Morgan
Stanley Mortgage Finance (Broadgate) PLC (MSMF) dated 21 January
2005 (the Consent Solicitation Document), as at 7 February 2005
(being the Early Solicitation Deadline), MSMF has received the
requisite number of irrevocable positive votes from each of the
Class A2, A3, B and C2 Existing Fixed Rate Bondholders necessary
to pass the relevant Extraordinary Resolutions for each Class to
be proposed at the Meeting for each Class of Bondholders
scheduled to take place on 14 February 2005.

Defined terms used in this announcement have the same meaning as
given to them in the Consent Solicitation Document.

Should you have any questions regarding this notice you may
contact Morgan Stanley & Co. International Limited, as sole
Solicitation Agent in connection with the Solicitation, as:

Morgan Stanley & Co. International
Limited 25 Cabot Square Canary Wharf London
E14 4QA
Call Collect: +44 20 7677 5076
E-mail: liabilitymanagementeurope@morganstanley.com

This notice has been approved by, and is the sole responsibility
of, Morgan Stanley Mortgage Finance (Broadgate) PLC, and has
been approved by Morgan Stanley & Co. International Limited
('Morgan Stanley') solely for the purposes of section 21 of the
Financial Services and Markets Act 2000 of the United Kingdom.
Morgan Stanley is acting for The British Land Company PLC and
Morgan Stanley Mortgage Finance (Broadgate) PLC and no-one else
and will not be responsible for providing to any other person
the protections afforded to clients of Morgan Stanley or for
providing advice in relation to the Proposals.

Under no circumstances shall this notice constitute an offer to
sell or the solicitation of an offer to buy or subscribe for
Bonds.


BYO RESTAURANTS: Hires Mazars as Liquidator
-------------------------------------------
At the extraordinary general meeting of BYO Restaurants Plc on
Jan. 27, 2005 held at The Avon Gorge Hotel, Sion Hill, Clifton,
Bristol BS8 4LD, the extraordinary and ordinary resolutions to
wind up the company were passed.  Timothy Colin Hamilton Ball of
Mazars LLP has been appointed liquidator of the company.

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


CHATWOOD FIFE: Calls Final Members Meeting
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Chatwood (Fife) Ltd.

Notice is hereby given pursuant to section 94 of the Insolvency
Act 1986 that a Final Meeting of the Members of Chatwood (Fife)
Ltd. will be held at 1, Royal Terrace, Edinburgh EH7 5AD, on
February 24, 2005, at 10:00 a.m. for the purpose of receiving
the Liquidators account of the winding-up and hearing any
explanations which may be given by the Liquidator.

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


CHESTER PROPERTY: Hires Jeffreys Henry Jacobs as Administrator
--------------------------------------------------------------
Christakis Michael Iacovides (IP No 005428) has been appointed
administrator for Chester Property Investments Limited.  The
appointment was made Jan. 26, 2005.  Its registered office is
located at Fergusson House, 124-128 City Road, London EC1V 2NJ.

CONTACT:  JEFFREYS HENRY JACOBS
          124-128 City Road, London EC1V 2NJ
          Phone: 020 7670 9010
          Fax: 020 7670 9011
          Web site: http://www.jhj.co.uk


COMPANHIA CONTINENTAL: Members Final Meeting Set March
------------------------------------------------------
The final meeting of the members of Companhia Continental De
Cigarros Limited will be on March 11, 2005 at 10:30 a.m.  It
will be held at the offices of PricewaterhouseCoopers LLP,
Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the Liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, March 10, 2005.

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


COREDEALMTS LIMITED: Liquidator's Final Report Out March 10
-----------------------------------------------------------
The final meeting of Coredealmts Limited will be on March 10,
2005 at 11:00 a.m.  It will be held at Athene Place, 66 Shoe
Lane, London EC4A 3WA.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Deloitte & Touche LLP, Athene Place, 66 Shoe Lane, London
EC4A 3WA not later than 12:00 noon, March 9, 2005.

CONTACT:  DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


DEVONSHIRE SQUARE: Hires Valentine & Co. to Liquidate Business
--------------------------------------------------------------
At the extraordinary general meeting of Devonshire Square
Developments Limited on Feb. 1, 2005 held at the offices of
Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3
2HS, the extraordinary and ordinary resolutions to wind up the
company were passed.  Robert Valentine of 4 Dancastle Court, 14
Arcadia Avenue, London N3 2HS has been appointed liquidator of
the company.

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


EXCEPTADD LIMITED: Appoints Ian Franses Associates Administrator
----------------------------------------------------------------
Ian Franses (IP No 2294) has been appointed administrator for
Exceptadd Limited (t/a King & Country Builders of Distinction).
The appointment was made Feb. 2, 2005.  Its registered office is
located at Hampton House, High Street, East Grinstead, West
Sussex RH19 3AW.

CONTACT:  IAN FRANSES ASSOCIATES
          24 Conduit Place,
          London W2 1EP


FEDERAL-MOGUL: Creditors Tap Deloitte's Actuarial Services
----------------------------------------------------------
The Official Committee of Equity Security Holders appointed in
the chapter 11 cases of Federal-Mogul Corporation and its
debtor-affiliates seeks to modify the terms of Deloitte &
Touche, LLP's retention as their consultant and financial
advisor.

Deloitte will perform actuarial analyses of the pension plan
relating to the Debtor' United Kingdom entities.

Garvan F. McDaniel, Esq., at Bifferato, Gentilotti & Biden, in
Wilmington, Delaware, tells the Court that the actuarial
analyses will entail assisting the Equity Committee in:

    -- analyzing pension liabilities, including the analysis and
       estimation of claims related to the 1989 T&N Retirement
       Benefits Scheme;

    -- analyzing the financial ramifications of any proposed
       restructuring or funding of pension plans, including the
       T&N Pension Scheme; and

    -- assisting in any litigation, whether in the United States
       or United Kingdom, relating to the amount of the T&N
       Pension Scheme's Claim.

To the extent that the Equity Committee provides Deloitte's work
product to any of the Plan Proponents, it will be subjected to
joint prosecution and defense privileges and other provisions
regarding conflict between the Plan Proponents.  Mr. McDaniel
notes that the relationship between the Equity Committee and the
other Plan Proponents may change if the Plan is not confirmed.
They may become adversarial with respect to some other plan that
may be proposed, Mr. McDaniel says.

Mr. McDaniel assures the Court that Deloitte's services with
respect to the actuarial analyses will not affect or limit
Deloitte's ability to act as financial advisor to the Equity
Committee in the future.

The extent of the work to be performed associated with the
actuarial analyses, according to Mr. McDaniel, was not
contemplated within the scope of Deloitte's duties under the
initial retention agreement.  Thus, the Equity Committee asks
Judge Lyons not to subject or count against Deloitte's fee cap
any fees earned by the firm in connection with the actuarial
services.

For its Actuarial Services, Deloitte will charge the Debtors
based on its standard hourly billing rates:

           Partner or Principal    $550 - $650
           Senior Manager          $475 - $550
           Manager                 $425 - $475
           Senior Consultant       $325 - $375
           Consultant              $250 - $300
           Paraprofessional        $100 - $150

Mr. McDaniel says that Deloitte is in the process of
reorganizing some of its business units.  As a result, some
services, including the Actuarial Analyses, incidental to the
overall services to be performed by Deloitte & Touche for the
Equity Committee may be performed by personnel now employed by
or associated with Deloitte affiliates like Deloitte Consulting
LLP and Deloitte Tax LLP.

                       PD Committee Responds

Theodore J. Tacconelli, Esq., at Ferry, Joseph & Pearce, P.A.,
in Wilmington, Delaware, informs Judge Lyons that the Official
Committee of Property Damage Claimants does not object to the
concept of expanding Deloitte's retention.  The PD Committee
asks Deloitte to provide an estimate of the aggregate amount of
fees it believes will be incurred as a result of its expanded
role.

The PD Committee wants the Court to cap Deloitte's allowable
fees at that amount, or, if the estimated amount is
unreasonable, at an amount as the Court deems proper.

                           *     *     *

Judge Lyons grants the Debtors' application, nunc pro tunc to
October 4, 2004.  Deloitte's retention will continue in
accordance with the Initial Application, except that Deloitte's
actuarial services will be compensated on an hourly basis
provided that the fees will not exceed $200,000 and will not be
subject to or count against the firm's Fee Cap.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some $6 billion.  The Company filed for chapter 11 protection on
October 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan, Esq., James F. Conlan, Esq., and Kevin T. Lantry, Esq.,
at Sidley Austin Brown & Wood, and Laura Davis Jones, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from their creditors, they listed $10.15 billion
in assets and $8.86 billion in liabilities.  (Federal-Mogul
Bankruptcy News, Issue No. 72; Bankruptcy Creditors' Service,
Inc., 215/945-7000)

CONTACT:  Federal-Mogul Corporation (OTC: FDMLQ)
          26555 Northwestern Hwy.
          Southfield, MI 48034
          Phone: 248-354-7700
          Fax: 248-354-8950
          Web site: http://www.Federal-Mogul.com


KEY DESIGN: Calls in Administrators from KPMG
---------------------------------------------
James Douglas Ernle Money (IP No 1317) and Allan Watson Graham
(IP No 8719) have been appointed administrators for Key Design
Limited.  The appointment was made Feb. 3, 2005.  The company
sells promotional clothing.

CONTACT:  KPMG
          Peat House
          1 Waterloo Way,
          Leicester LE1 6LP
          Phone: (0116) 256 6000
          Fax:   (0116) 256 6050
          Web site: http://www.kpmg.co.uk

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


LAURA ASHLEY: Denies Takeover Report
------------------------------------
Struggling fashion and home furnishings retailer Laura Ashley
denied Tuesday a Mail report that it is in sale talks with an
unnamed "retail entrepreneur", The Financial Times says.

Citing a source close to the company, the Mail report claimed
Dr. Khoo Kay Peng, chairman of the Malaysian conglomerate MUI
that holds a 34.3% stake in the company, was considering his
options following the approach from an unnamed businessman.

Laura Ashley, which has just lost two chief executives in quick
succession, posted disappointing results in January, especially
from its fashion unit where like-for-like sales plunged 28
percent for the 24 weeks to mid-January.

CONTACT:  Laura Ashley Holdings plc (London: ALY)
          27 Bagleys Lane, Fulham
          London SW6 2QA, United Kingdom
          Phone: +44-20-7880-5100
          Fax: +44-20-7880-5200
          Web site: http://www.lauraashley.com


LEWAR LIMITED: Final Meeting Next Month
---------------------------------------
The final meeting of the members of Lewar Limited will be on
March 11, 2005 at 11:00 a.m.  It will be held at the offices of
Mazars LLP, 24 Bevis Marks, London EC3A 7NR.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Mazars LLP, 24 Bevis Marks, London EC3A 7NR not later than
12:00 noon, March 10, 2005.

CONTACT:  MAZARS
          24 Bevis Marks,
          London EC3A 7NR
          Phone: (44) 20 73 77 10 00
          Fax:   (44) 20 73 77 89 31
          Web site: http://www.mazars.com


LOCKSTORE ENGINEERING: Names Parkin S. Booth & Co. Liquidator
-------------------------------------------------------------
At the extraordinary general meeting of Lockstore Engineering
Company Limited on Feb. 2, 2005 held at the offices of Parkin S.
Booth & Co., 44 Old Hall Street, Liverpool L3 9EB, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Jonathan R. Booth of Parkin S. Booth & Co., 44 Old
Hall Street, Liverpool L3 9EB has been appointed liquidator of
the company.

CONTACT:  PARKIN S. BOOTH & CO.
          44 Old Hall Street,
          Liverpool L3 9EB
          Phone: 0151 236 4331
          Fax:   0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk


LONDON RADIOSURGICAL: Hires Smith & Williamson as Administrator
---------------------------------------------------------------
Stephen Cork (IP No 8627) has been appointed administrator for
London Radiosurgical Centre Limited.  The appointed was made
Feb. 1, 2005.  The company is engaged in medical practice
activities.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Bartlett House
          9-12 Basinghall Street, London EC2V 5NS
          Web site: http://www.smith.williamson.co.uk


M.F.P. SALES: Calls in Liquidator from Ideal Corporate Solutions
----------------------------------------------------------------
At the extraordinary general meeting of M.F.P. Sales (Bolton)
Limited in Jan. 31, 2005 held at Ideal Corporate Solutions
Limited, Tarleton House, 112A-116 Chorley New Road, Bolton BL1
4DH, the extraordinary resolution to wind up the company was
passed.  Andrew David Rosler of Ideal Corporate Solutions
Limited, Tarleton House, 112A-116 Chorley New Road, Bolton BL1
4DH has been appointed liquidator of the company.

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


M & M HOWDON: Hires DTE Leonard Curtis as Administrator
-------------------------------------------------------
A. Poxon and J. M. Titley (IP Nos 8620, 8617) have been
appointed administrators for M & M Howdon Haulage Limited.  The
appointment was made Jan. 19, 2005.  The company manages freight
transport by road.

CONTACT:  DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


OAK LODGE: Smoked Salmon Producer Up for Sale
---------------------------------------------
The joint administrators, David Ingram and David Oprey, offer
for sale as a going concern the business and assets of Oak Lodge
Salmon Limited, which produces smoked salmon and similar
products for the retail and catering trades.

Key features:

(a) Annual turnover of around GBP3 million;

(b) Leasehold unit of 21,500 sq. ft. in East London providing
    production, packing, storage and distribution facilities;

(c) Established over 20 years with prestigious customer base;

(d) Kosher license property and products;

(e) Experienced workforce of 50;

(f) IIP accredited; and

(g) CMI-BRC accredited.

CONTACT:  CHANTREY VELLACOT DFK
          16/17 Boundary Road
          Hove
          East Sussex BN3 4AN
          Phone: 01273 421200
          Fax: 01273 417330
          E-mail: doprey@cvdtk.com


OPTIMAX HOLDINGS: Members Final Meeting Set Next Month
------------------------------------------------------
The final meeting of the members of Optimax Holdings Plc will be
on March 3, 2005 at 12:00 noon.  It will be held at 48 Langham
Street, London W1W 7AY.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Meddleton Partners, 48 Langham Street, London W1W 7AY not
later than 12:00 noon, March 2, 2005.

CONTACT:  MEDDLETON PARTNERS
          48 Langham Street
          London W1W 7AY
          Phone:  0845 061 6000
                  020 7908 6190
          Fax: 020 7908 6111
          E-mail: enquiries@middletonpartners.co.uk
          Web site: http://www.middletonpartners.co.uk


OXFORD BIOMEDICA: Calls off Merger Talks
----------------------------------------
Biotechnology firm Oxford Biomedica has ended talks with a
potential merger partner on disagreement over price and
structure of deal, The Guardian reports.

Chief executive Alan Kingsman said: "There were a number of
features that made it worth a further look.  We couldn't come to
an agreement... on aspects of the whole consideration."

Last month Oxford Biomedica said it had been approached by a
third party to discuss a merger, but refused to identify the
party.  It said the new investor is willing to finance its
project to develop potential blockbuster drugs like TroVax.

According to the recent report, the bidder, believed to be as
big as Oxford Biomedia, would have offered shares -- a
potentially complex arrangement.

The mystery firm first approached Oxford Biomedica in November,
but the latter only considered the offer seriously after
Christmas.  Mr. Kingsman said they did not ask for a deal since
the firm had enough cash to last it until the middle of 2006.
He admitted the company incurs losses just like other
biotechnology firms, and spends GBP10 million a year on
research, but assured it has about GBP20 million cash in the
bank.

Oxford BioMedica has failed to become a profitable company since
its spin-off from Oxford University in 1995.  It under-
performed the rest of the biotechnology sector last year,
according to The Scotsman.

CONTACT:  OXFORD BIOMEDICA PLC
          Medawar Centre
          Robert Robinson Avenue
          The Oxford Science Park
          Oxford OX4 4GA
          United Kingdom
          Phone: +44 (0) 1865 783000
          Fax: +44 (0) 1865 783 001
          E-mail: enquiries@oxfordbiomedica.co.uk
          Web site: http://www.oxfordbiomedica.co.uk


RAW TRADING: Hires Administrator from Berley
--------------------------------------------
Jeremy Berman (IP No 5303) has been appointed administrator for
Raw Trading Limited.  The appointment was made Jan. 31, 2005.

The company sells giftware.  Its registered office is located at
76 New Cavendish Street, London W1G 9TB.

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


RENTOKIL INITIAL: Lured New Chief with GBP5 Million Package
-----------------------------------------------------------
The newly appointed chief executive of support services group
Rentokil Initial stands to receive a compensation package worth
nearly GBP5 million in the first year, The Financial Times says.

The appointment of Doug Flynn, currently chief executive of
media services group Aegis, as Rentokil CEO has ended the
company's long search for a leader of the caliber deemed
sufficient to tackle the company's woes.

Apart from an annual salary of GBP800,000, a performance bonus
capped at the same amount and GBP800,000 of share options every
year, Mr. Flynn will also get GBP2.4 million as compensation for
share options forfeited at Aegis, where he has served as chief
executive since 1999.

Rentokil chairman Brian McGowan, who extended the offer to Mr.
Flynn, said the new chief executive possesses the skill base and
the essential international experience to lead Rentokil, which
has been struggling with falling margins and has seen its
diverse collection of businesses, which include pest control and
security, losing market share to more focused competitors.

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


RWS SHERBURN: Winding-up Report Out Last Day of Month
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF RWS Sherburn Limited

Notice is hereby given pursuant to section 94 of the Insolvency
Act 1986, that the Final Meeting of Members of RWS Sherburn
Limited will be held at the offices of PricewaterhouseCoopers
LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP, on
February 28, 2005, 11:15 a.m. for the purpose of having accounts
laid before the Members showing how the winding-up has been
conducted and the property of the Company disposed of, and
hearing any explanation that may be given by the Liquidator.

A Member entitled to attend and vote at the Meeting may appoint
a proxy, who need not be a Member, to attend and vote instead of
him/her.

Tim Walsh, Joint Liquidator
January 21, 2005

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          Web site: http://www.pwcglobal.com


SPQR FUNDING: Calls in Liquidator from Tenon Recovery
-----------------------------------------------------
At the extraordinary general meeting of the members of SPQR
Funding Plc on Jan. 27, 2005 held at the offices of SPV
Management Limited, Level 11, Tower 42, International Financial
Centre, 25 Old Broad Street, London EC2N 1HQ, the special
resolution to wind up the company was passed.  Ian Cadlock of
Tenon Recovery, 43-46 Queens Road, Brighton, East Sussex BN1 3XB
has been appointed liquidator of the company.

CONTACT:  TENON RECOVERY
          Lyndean House, 43-46 Queens Road,
          Brighton, East Sussex BN1 3XB
          Phone: 01273 725566
          Fax: 01273 724502
          Web site: http://www.tenongroup.com


STERLING BUILDING: Administrators from CBA Step in
--------------------------------------------------
Neil Charles Money and Neil Richard Gibson (IP Nos 8900, 9213)
have been appointed administrators for Sterling Building
Solutions Limited.  The appointment was made Jan. 31, 2005.  Its
registered office is located at 435 Lichfield Road, Aston,
Birmingham B6 7SS.

CONTACT:  CBA
          435 Lichfield Road
          Aston Birmingham B6 7SS
          Phone: (0121) 326 0880
          Fax: (0121) 328 6456
          E-mail: bham@cba-insolvency.co.uk
          Web site: http://www.cba-insolvency.co.uk


TRICELL INTERNATIONAL: Names Bond Partners Administrator
--------------------------------------------------------
T. Papanicola (IP No 005496) has been appointed administrator
for Tricell International Limited.  The appointment was made
Jan. 20, 2005.  Its registered office is located at The Grange,
100 High Street, London N14 6TG.

CONTACT:  BOND PARTNERS LLP
          The Grange,
          100 High Street,
          London N14 6TG


TRIPLEX COMPONENTS: Hires Liquidator from Kroll
-----------------------------------------------
At the extraordinary general meeting of Triplex Components Group
Limited on Jan. 26, 2005 held at Kroll, Aspect Court, 4 Temple
Row, Birmingham B2 5HG, the special and ordinary resolutions tp
wind up the company were passed.  D. J. Whitehouse of Kroll, 1
Oxford Court, Bishopsgate, Manchester M2 3WR has been appointed
liquidator of the company.

CONTACT:  KROLL MANCHESTER
          1 Oxford Court Bishopsgate Place
          Manchester M2 3WR
          United Kingdom
          Phone: 44 (0) 161 228 6622
          Fax: 44 (0) 161 228 1199
          Web site: http://www.krollworldwide.com


VEGEM LIMITED: Business for Sale
--------------------------------
Robert Hunter Kelly and Gary Wilson, Joint Administrators, offer
for sale the business and assets of Vegem Limited (in
administration).

Vegem, trading as Autogenn and Veco, is a leading national
aftermarket distributor of hard parts and accessories to the
automotive industry.

Key features:

(a) Annual turnover of more than GBP8 million;

(b) Wide ranging stocks covering a "one stop shop" for
    automotive consumables and spares;

(c) Leasehold premises;

(d) 6,000 customer accounts including blue chip nationals; and

(e) 80 highly motivated employees.

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

          John Sumpton
          Phone: +44 [0] 113 298 2411
          Fax: +44 [0] 113 298 2206
          E-mail: jsumpton@uk.ey.com


                            *********


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.

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