TCREUR_Public/050215.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, February 15, 2005, Vol. 6, No. 32

                            Headlines

F R A N C E

BULL SA: Declares Recapitalization Complete


G E R M A N Y

DER MONTAGEWOLF: Provisional Administrator Takes over Operations
DOMBRINK FENSTER: Bielefeld Court Accepts Bankruptcy Petition
ELEKTRO B-E-C-K: Gives Creditors Until Next Week to file Claims
ESO RECYCLING: Creditors Claims Due April
KAMPS AG: B2 Ratings Affirmed; Outlook Remains Negative

METTLE DEUTSCHLAND: Under Bankruptcy Administration
ROTTGEN & MEYER: Falls into Bankruptcy
WHITE LAB: Cedes Control to Court-appointed Administrator
WILHELM SCHLUTER: First Creditors Meeting Set April


H U N G A R Y

MALEV HUNGARIAN: Govt Stake Attracts Four Bidders so far


I T A L Y

ALITALIA SPA: Cabin Crew Threaten to Strike Anew
PARMALAT FINANZIARIA: New Decree to Expedite Re-listing
PARMALAT SA: Finlatte Bids for Majority Stake in Milk Plants
PARMALAT U.S.A.: Secures US$55 Mln Exit Loan from Wachovia Corp.
PARMALAT U.S.A.: Tuscan Wants Claim Allowed for Voting Purposes


K A Z A K H S T A N

BANK CENTERCREDIT: Medium-term Notes Get 'B+' Rating


N E T H E R L A N D S

LAURUS N.V.: To Re-format 15 More Stores in First Quarter


R U S S I A

BUILDING TRANSPORT: Names V. Onosovskiy Insolvency Manager
KHOLMOGORSKAYA: Declared Insolvent
KHOTYNETSKAYA NIVA: Bankruptcy Hearing Set Next Month
KURAGINSKOYE AUTO-TRANSPORT: Proofs of Claim Deadline March 29
OAO SEVERSTAL: 'B' Short-term Rating Affirmed

OAO SEVERSTAL: Moody's Sees Lucchini A Good Buy
OTDELOCHNIK: Undergoes Bankruptcy Supervision Procedure
ROSH VOLGA: Creditors Have Until March to File Claims
SK PREMIER: Bankruptcy Hearing Resumes Next Month
SVIS-KOND: Smolensk Court Appoints Insolvency Manager

SYLVINSKAYA: Perm Court Hires N. Davydova as Insolvency Manager
TEKSTILSHIK POVOLZHYA: Deadline for Proofs of Claim March
YUKOS OIL: Files US$20 Bln Suit Against Parties to Yugansk Sale
YUKOS OIL: Judge Clark Approves Stipulation with U.S. Trustee
YUKOS OIL: India Eyes Yugansk Stake


S W I T Z E R L A N D

CONVERIUM HOLDING: To Release Year-end Results Thursday


U K R A I N E

AGRONAFTOPRODUKT-NOSIVKA: Declared Insolvent
ALFA-UKRAINA: Court Brings in Liquidator
BUDIVELNIK: Bankruptcy Supervision Begins
GONORIVSKE: Urges Creditors to File Claims
NVK PROMHIMINVEST: Liquidator Takes over Helm

OBRIJ: Bankruptcy Proceedings Start
PTAHOPROM: Insolvency Manager Enters Firm
RKS-WEST: Lviv Court Opens Bankruptcy Proceedings
SERPNEVE: Court Appoints Temporary Insolvency Manager
UKRAGROPROMSERVICE: Succumbs to Bankruptcy


U N I T E D   K I N G D O M

AORTECH INTERNATIONAL: Inventor Reclaims Shelved Heart Device
A.S.A SECURITY: Liquidator's Final Report out Later this Month
AUTOMOTIVE MANAGEMENT: Members Pass Winding-up Resolutions
BAE SYSTEMS: Denies Observer Report on Destroyer Overruns
BA RIDGWELL: Members General Meeting Set Next Month

BAR RED: Calls in Liquidator from Campbell Crossley and Davis
BOWE GARMENT: Names K. Goldfarb Liquidator
BRADWELLS LIMITED: Members Decide to Wind up Firm
B. & S. SWINDELLS: Members Pass Extraordinary Resolutions
CANTILEVER GARAGES: Appoints Begbies Traynor Liquidator

CHEERS BAR: Holds First Creditors Meeting Today
CLARK SCOTT-HARDEN: Names BWC Business Solutions Administrator
CLASSIC CHOICE: Names Liquidator from Stones & Co.
COMTRALIS LIMITED: Hires Abbey Taylor Ltd. as Administrator
CRANE FRUEHAUF: Calls in Joint Administrators from PwC

DENTMAIN LTD: Members Decide to Wind up Company
EAST RIDING: Appoints PricewaterhouseCoopers Liquidator
E W CREASER: Members Call in Liquidator from David Horner & Co.
F1 AND MORE: Calls in Liquidator from Begbies Traynor
F3 LEISURE: Appoints Administrator from Marshall Peters

FIDDAMAN & CO: Names Liquidator from Richard Long & Co.
GLOBAL LOGISTICAL: Calls in Tenon Recovery Administrator
G R BARNETT: Sets General Members Meeting End of Month
HAMBLE PROPELLERS: General Members Meeting Set Next Month
HUME TRADING: Final Members Meeting Set March

INTEGRA BIOSCIENCES: Final Meeting Set Next Month
KAY CONSTRUCTION: Joint Administrators from Kroll Move in
KELLOGG BROWN: Nigg Yard Up For Sale
KEY CARRIERS: Winding-up Report Out March
PBI-BCE LIMITED: General Meeting Set Next Month

QUAKER CHEMICAL: Members General Meeting Set March
SKY FIVE: Members Final Meeting Set Next Month
SMSM LIMITED: Members Final Meeting Set Next Month
UNIQ PLC: Pension Problems Scare off Suitors

* Large Companies with Insolvent Balance Sheets


                            *********


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


BULL SA: Declares Recapitalization Complete
-------------------------------------------
On February 10, the Board of Directors of Bull S.A. met with
Didier Lamouche, Chairman and Chief Executive Officer, in the
presence of Gervais Pellissier, Vice-President of the Board of
Directors.  The Board examined the financial statements for the
full year 2004, which confirm the success of the turnaround and
recapitalization plan of the Company.

The Board members paid homage to Pierre Bonelli, extending their
recognition to his tremendous professionalism and reminding the
success of the three steps turnaround plan that he had initiated
in 2002 [restructuration (sic), operational turnaround and
recapitalization] and praised what Gervais Pellissier and his
team achieved until January 31, 2005.

2004 Results

The revenue, in line with expectations, reached EUR1,139 million
against EUR1,265 million in 2003, showing a stabilization of the
turnover during the second year half compared to the first half
of 2004.  The gross margin[1] amounted to EUR315 million,
representing 27.6% of revenues against 26.9% in 2003.

SG&A expenses reached EUR220 million against EUR238.8 million in
2003, representing 19.3% of the revenues, R&D expenses having
been maintained at 4.7% of the turnover.

Earnings before tax, financial expenses, goodwill amortization
and exceptional items, (EBIT[2]) amount to EUR41.1 million, i.e.
3.6% of the revenue.  Bull confirms its profitability during five
consecutive semesters.

Financial expenses amount to EUR30.8 million, of which EUR25.9
million are related to capitalized interest expenses on the
French State loan.

The Group net result (excluding exceptional items related to the
recapitalization) is a profit of EUR10.8 million to be compared
to EUR4.1 million in 2003.

Once taken into account the items related to the financial
restructuring of the Group, the net profit is EUR554.5 million.
After the completion of the recapitalization process, Bull's net
cash position amounts to EUR237 million while the consolidated
net equity reached EUR58.4 million.

The free cash flow[3] generated by Bull in 2004 amounts to
EUR67.8 million against 55.2 million in 2003.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Gross margin is the difference between the revenue and cost
    of products and services sold.

[2] EBIT is the operating profit +/- gain or loss on foreign
    exchange.

[3] The free cash flow is the operating cash flow +/-
    exceptional items, excluding the financial restructuring
    impact.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Operations

In 2004, Bull continued the implementation of its strategy and
consolidated its sales presence in several areas.

In the server field, Bull strengthened its GCOS installed base
through the renewal of its GCOS7 and GCOS8 ranges and focused its
developments on the design and production of high range servers
for networked infrastructures and high performance computing.  In
2004, Bull was chosen by the CEA to supply Europe's most powerful
supercomputer intended for simulation of the French nuclear
program.  In the same way, NovaScale servers were at the heart of
the world first cryptography with the SHA-0 code breaking.  In
Spain, the Castilla La Mancha University and the European
Parallelism Centre selected NovaScale servers to host their high
performance computing applications.

During 2004, Bull also reinforced its commercial dynamics through
technological and commercial partnerships representing a strong
development potential.  After the agreement signed with Kraftway
in Russia, OEM agreements were signed in China and Brazil for
sale of the NovaScale range.

In 2004, Bull also announced the Bull NovaScale 6000 and 9000
models, reference platforms for Microsoft Windows(R) and Linux(R)
applications infrastructures.  These new servers also run GCOS8,
Bull's operating system, reflecting Bull's strategy aiming at the
deployment of its GCOS systems on standard and open servers in
order to offer its customers a sure economic evolution.

In the commercial field, Bull enriched its Intel(R) Itanium(R)
applications portfolio with large software vendors.

On the UNIX market, Bull boosted its Escala range (Power/AIX)
with the announcement of high-end servers based on Power5
technology and also significantly increased sales in this field.
Bull continued to actively take part in the Open Source movement
in particular through it commitment in the ObjectWeb consortium,
which welcomed new members amongst which, large industrial
companies.

In the security arena, with a renewed offer, in particular in the
area of Identity and Access Management, Bull won significant
commercial success in 2004: Globecast, the worldwide leader in
satellite services chose OpenMaster to manage the quality of
service of its high availability network.  In Germany, T-Com, one
of the leading landline telephone operators in Europe, chose Bull
for its SSO infrastructure and management of identities and
access of 100,000 users.  Lastly, Bull administers and supervises
the quality of service of the French inter-banking network and
secures the virtual platform used by Dassault-Aviation to design
the Falcon 7X aircraft.

On the geographical level, Bull marked good performance from the
U.S., Spain, Benelux and Eastern Europe counties.

In services, Bull's activities were marked by an 8% growth in
orders when compared to 2003. In addition, Bull has gained new
outsourcing contracts, among them the hosting of a help desk at
Atlantica, Credit Agricole Group or the outsourcing of scientific
servers and workstations at Onera.  Bull also reinforced its
presence in infrastructure services through important new
contracts for the deployment of IT infrastructure projects within
large French groups, amongst which EDF.

2004 was also the year with boosting integration projects in
decisional and deployment of large telecommunications billing
projects deployment abroad.  Outside France, Bull ensured the
refurbishment of the IT systems of six of the ten new entrants to
the European Union.  Bull also furthered its development in
Eastern Europe, as shown by the modernization contract of the
Bulgarian tax system.

Recapitalization Completed

In 2004, the last and essential steps of the recapitalization
process were completed.  The market operations launched in June
2004 (capital increase, and Oceane bonds public exchange offer)
were successfully carried out allowing Bull to raise EUR61
million.

On December 1, 2004 the European Commission approved the
restructuring aid amounting to Bull.  On January 14, 2004 the
French State paid to Bull a restructuring aid amounting to EUR517
million.  This aid is combined to a profit sharing agreement
under the terms of which Bull will pay the French State 23.5% of
the consolidated profit before tax exceeding EUR10 million for an
8-year period.

The payment of this aid was subject to Bull's prior reimbursement
of a shareholder advance of the same amount (capital &
interests), which had been granted by the French State in 2001
and 2002, and converted in March 2004 into a subordinated loan.
This reimbursement took place in January 2005.  The
recapitalization of Bull is now completed.  Bull has definitely
restored its financial structure and net equity.

Perspectives

For the 1st semester of 2005, Bull's ambition is to maintain its
operational profitability, as achieved over the past 2 years.
Bull targets an EBIT objective similar to the one of 2004 2nd
half, i.e. EUR18 million.

In a context of moderate growth and in conjunction with the
evolution of its management team, the revenues of the first
semester of 2005 are expected to reach an amount of approximately
EUR560 million.

Didier Lamouche added: "During the 1st semester, we will
implement an action plan clearly dedicated to growth.  The
foundations of this plan will be the identification of strategic
market opportunities as applied to the Group's strengths and the
implementation of a renewed operational structure fully dedicated
to a strong execution."

Didier Lamouche also underlined his confidence in Bull, in its
great talents in numerous areas as well as in its unique
competence network to regain the rank it deserves in the
information technology market.

A full copy of the report is available free of charge at
http://bankrupt.com/misc/Bull_2004.pdf

CONTACT:  BULL S.A.
          Press
          Marie-Claude Bessis
          Phone: + 33 (0)1 30 80 35 89
          Phone: + 33 (0)6 80 64 18 81
          E-mail: marie-claude.bessis@bull.net


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


DER MONTAGEWOLF: Provisional Administrator Takes over Operations
----------------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against MontageWolf GmbH on Jan. 25.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 18, 2005 to register their claims with
court-appointed provisional administrator Dr. Sabine Aldermann.

Creditors and other interested parties are encouraged to attend
the meeting on April 25, 2005, 9:00 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201 at which time the administrator will present
his first report of the insolvency proceedings.  The court will a
lso 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:  DER MONTAGEWOLF GMBH
          Groppenbrucher Str. 108, 44359 Dortmund
          Contact:
          Elfriede Monkeberg, Manager
          Dortmund und Wolfgang Goerke, Manager

          Dr. Sabine Aldermann, Insolvency Manager
          Landgrafenstr. 2 a, 44139 Dortmund
          Phone: 0231-8808390
          Fax: 0231-88083922


DOMBRINK FENSTER: Bielefeld Court Accepts Bankruptcy Petition
-------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Dombrink Fenster + Turen GmbH & Co. KG on Jan 25, 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 Dr. Norbert Kupper.

Creditors and other interested parties are encouraged to attend
the meeting on April 19, 2005, 9:30 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal 4065
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:  DOMBRINK FENSTER + TUREN GMBH & CO. KG
          Ringstr. 120, 33378 Rheda-Wiedenbruck

          DOMBRINK FENSTER + TUREN BETEILIGUNGS-GMBH
          Ringstr. 127, 33378 Rheda-Wiedenbruck

          Dr. Norbert Kupper, Insolvency Manager
          Paderborner Str. 11, 33415 Verl


ELEKTRO B-E-C-K: Gives Creditors Until Next Week to file Claims
---------------------------------------------------------------
The district court of Kaiserslautern opened bankruptcy
proceedings against Elektro B-E-C-K GmbH on Jan. 10.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 25, 2005 to
register their claims with court-appointed provisional
administrator Paul Wieschemann.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 28, 2005 3:45 p.m. at Saal 15, Justizzentrum,
Bahnhofstrasse 24, 67655 Kaiserslautern at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on April 7, 2005, 10:00 a.m. at Saal 13,
Justizzentrum, Bahnhofstrasse 24, 67655 Kaiserslautern.

CONTACT:  ELEKTRO B-E-C-K GMBH
          Mainzer Str. 76, 67657 Kaiserslautern
          Contact:
          Katja Tries, Manager

          Paul Wieschemann, Insolvency Manager
          Flickerstal 2, 67657 Kaiserslautern
          Phone: 0631/341950
          Fax: 0631/470269


ESO RECYCLING: Creditors Claims Due April
-----------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against ESO Recycling GmbH on Jan. 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until April 16, 2005 to
register their claims with court-appointed provisional
administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2005, 10:15 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on June 16, 2005, 10:00 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  ESO RECYCLING GMBH
          Wandlitzer Str. 7, 10318 Berlin

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


KAMPS AG: B2 Ratings Affirmed; Outlook Remains Negative
-------------------------------------------------------
Moody's Investors Service confirmed the B2 senior implied rating
of Kamps AG, but maintains a negative outlook for the ratings.
The confirmation concludes Moody's review for downgrade initiated
on 10 September 2004 to assess:

     (i) the severe decline in operating performance reported in
         2004 in the German bakery market;

    (ii) the company's material short-term refinancing risk in
         view of its EUR240.0 million senior notes due in
         September 2005; and

   (iii) the operational and financial support, which Barilla
         may lend to the company over the short to medium term.

The ratings affected by Friday's rating action are:

(a) Senior implied rating confirmed at B2,

(b) Senior unsecured issuer rating confirmed at B2,

(c) EUR240.0 million 8% senior notes due 2005 confirmed at B2,

(d) EUR320.0 million 8.5% senior notes due 2009 confirmed at B2

Since the end of 2003, Kamps has suffered from intensified and
aggressive competitiveness in the German bakery market,
reflecting declining market prices at retail level, unfavorable
product mix changes in light of continued expansion in sales
volumes of cheaper private label products and volatility in the
price of raw materials.  In Moody's opinion, Kamps' has limited
ability to react to market dynamics due to its inefficient
fixed-cost structure and successfully pass raw material price
increases on to its customers.  Despite the company's announced
intention to prevent further price erosion from retailers,
Moody's believes that Kamps' potential recovery in profitability
will largely depend on the successful and timely improvements of
its costs structure with a particular focus on purchasing,
production and distribution costs.

In this respect, Moody's notes that Kamps has recently announced
a number of restructuring initiatives, including an overall
reorganization of the company's supply chain through:

     (i) closures of production plants;

    (ii) improved plants and related efficiency gains in raw
         materials utilization;

   (iii) the centralization of purchasing activities and re-
         negotiation of supplying contracts (with main focus on
         flour and packaging materials); and

    (iv) the re-design of the organization of depots within a
         new logistics system.

Moody's also expects the construction of a new production plant
in Ludersdorf (production to start during Q1 2006) to drive the
company's potential recovery in profitability going forward.
Moody's acknowledges that the plant's construction will be mainly
funded by around EUR74.6 million of capital leases in order to
reduce the level of pressure on the company's liquidity profile
in 2005.

Kamps expects to achieve cost savings of approximately EUR37
million in 2005 (although partly off-set by inflationary costs
and raw material price increases) with a full impact of around
EUR113 million of savings by 2007.  While recognizing that the
cost savings will largely depend on measurable actions (i.e.
plant closures and headcount reduction), Moody's is concerned
that the complexity and length of the proposed plan, coupled with
a material degree of execution risk, may effectively limit the
cost benefits to the company.  In addition, Moody's cautions that
Kamps' ability to retain the expected profitability improvements
may be constrained by intensified pricing pressure from the large
food retailers.

Although Kamps is likely to report an improvement in operating
profitability for the current year, mainly reflecting the initial
flow-through of benefits from its cost-cutting measures, Moody's
anticipates a difficult competitive environment in Germany with
prices remaining in line with 2004 levels overall and customer
demand still shifting towards lower-margin products.

Moody's also expects the company's cash flow to be significantly
impacted by cash restructuring costs in the range of EUR20-25
million and capital expenditures of around EUR120.0 million
(including approximately EUR50.0 million for the Ludersdorf plant
construction).

Moreover, expectations of significant operating cash absorption
for the period will add to the refinancing need of EUR240.0
million senior notes, which will mature on 26 September 2005.
Moody's acknowledges that Kamps intends to close this funding gap
with a combination of:

     (i) EUR74.6 million capital leases used to finance the
         Ludersdorf plant construction;

    (ii) EUR75.0 million in proceeds from a new receivables
         securitization program; and

   (iii) EUR75.0 million in proceeds from the existing inter-
         company loan to Barilla related to the Harry's disposal
         in 2003.

The residual financing will be provided through the announced
disposal of some of Kamps' assets to a newly created entity
within the Barilla group, the company's majority shareholder, to
raise sufficient cash to fully meet Kamps' financing requirements
in 2005.

Although the ratings do not factor any equity support or debt
guarantee by Barilla to the company, Moody's recognizes that the
Italian holding has so far provided enough liquidity to Kamps to
allow it to meet its financial obligations.  However, Moody's
also cautions that Barilla's ability to provide additional
funding to the company is restricted by certain covenants under
Barilla's EUR250.0 million five-year revolving credit facility
and US$350.0 million private placement, which Moody's currently
estimates to amount to approximately EUR300.0 million of
potential additional funding.

Kamps' B2 senior implied rating takes account of support from
Barilla and its financial partner for Kamps' announced
refinancing plan as described to Moody's -- indeed, the rating
agency cautions that failure to execute the plan is likely to
lead to a rating downgrade.  The negative rating outlook reflects
Moody's concerns about the material execution risks that Kamps
will face over the next 12 to 18 months as a result of the
implementation of its cost restructuring initiatives and the
company's ability to retain most of their benefits in light of
the current difficult trading environment.  Failure to execute
the company's cost cutting measures in line with Moody's
expectations would also lead to a rating downgrade.

While, in Moody's view, Kamps is currently considered weakly
positioned within the B2 rating category, the support that
Barilla may lend to the company reduces Moody's concerns on the
execution of Kamps' restructuring initiatives.  In addition,
Moody's notes that the proposed refinancing of the company's 2005
senior notes may lead to potential notching implications
reflecting the increased level of subordination of Kamps'
EUR320.0 million senior notes due 2009 to priority debt
instruments within the new capital structure.

Kamps, headquartered in Dusseldorf, is the leading European
company in the bakery industry.  The company, which holds leading
positions in Germany and the Netherlands operates in both the
retail and craft bakery market with retail sales accounting for
approximately 84% of Kamps' consolidated sales.  For the first
nine months of 2004, the company reported net sales and EBITDA of
approximately EUR1.04 billion and EUR72.8 million, respectively.

CONTACT:  Kamps AG
          Prinzenallee 11
          40549 Dusseldorf, Germany
          Phone: +49-211-530-6340
          Fax: +49-211-530-63434
          Web site: http://www.kamps.de


METTLE DEUTSCHLAND: Under Bankruptcy Administration
---------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against METTLE Deutschland GmbH on Jan. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 8, 2005 to register their
claims with court-appointed provisional administrator Walter
Spotter.

Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2005, 10:30 a.m. Saal 115, Gerichtshaus
(Neubau), Ostertorstr. 25-31, 28195 Bremen at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on March 31, 2005, 9:10 a.m. at the same
venue.

CONTACT:  METTLE DEUTSCHLAND GMBH
          Am Wall 169/170, 28195 Bremen
          Contact:
          Christina Maria Prieser, Manager
          Posener Strasse 40, 28237 Bremen

          Walter Spotter, Insolvency Manager
          Martinistr. 3, 28195 Bremen
          Phone: 0421/360800
          Fax: 0421/321050


ROTTGEN & MEYER: Falls into Bankruptcy
--------------------------------------
The district court of Koln opened bankruptcy proceedings against
real estate firm Rottgen & Meyer GmbH on Jan. 18.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 25, 2005 to
register their claims with court-appointed provisional
administrator Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 11:00 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13.
Etage, Saal 1311 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:  ROTTGEN & MEYER GMBH
          Spurkerau 25, 50374 Erfttadt
          Contact:
          Peter Rottgen, Manager
          Hans Josef Rottgen, Manager
          Erftstadt und Guido Meyer, Manager

          Jana Dettmer, Insolvency Manager
          Weyerstr. 54, 50676 Koln
          Phone: 0221/92 12 17 - 0
          Fax: +4922192121720


WHITE LAB: Cedes Control to Court-appointed Administrator
---------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against events organizer White Lab Services GmbH on Jan. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 28, 2005 to
register their claims with court-appointed provisional
administrator Hendrik Gittermann.

Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2005, 9:40 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:  WHITE LAB SERVICES GMBH
          Lagerstrasse 17, Tor 1, 20357 Hamburg

          Hendrik Gittermann, Insolvency Manager
          Palmaille 63, 22767 Hamburg
          Phone: 040/306969-10


WILHELM SCHLUTER: First Creditors Meeting Set April
---------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Wilhelm Schluter GmbH & Co. Kommanditgesellschaft on Jan.
25, 2005, 2:05 p.m.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until March 22, 2005 to register their claims with
court-appointed provisional administrator Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 9:20 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal 4065
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:  WILHELM SCHLUTER GMBH & CO. KOMMANDITGESELLSCHAFT
          Pr.-Stroher-Allee 33, 32369 Rahden

          Schluter Beteiligung GmbH
          Pr.-Stroher-Allee 33, 32369 Rahden
          Contact:
          Horst Schluter, Manager
          Bahnhofstr. 7, 32312 Lubbecke

          Stefan Meyer, Insolvency Manager
          Ostertorstr. 7, 32312 Lubbecke


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


MALEV HUNGARIAN: Govt Stake Attracts Four Bidders so far
--------------------------------------------------------
Italian carrier Air One is among the potential bidders for
troubled national carrier Malev Hungarian Airlines, Il Sole 24
Ore says.

The Italian airline is up against local pilots association
Hunalpa, Kyrgyz Air, and Aviation Solution International (ASI), a
consortium made up of former Malev executives.  Incidentally, ASI
was the only bidder in last year's failed tender for the
government's stake.

If successful, Air One would be the second Italian carrier to
invest in Malev after Alitalia.  The Italian flag carrier,
similarly struggling right now, brought a 30% stake in Malev in
1993 for EUR59.38 million.  It sold the stake in 1997.

The government has been trying to dispose of its 99.5% stake
since last year with little success.  In December, it improved
its terms and set February 28, 2:00 p.m. as the deadline for
bids.

                            *   *   *

An Italian partner of Lufthansa, Air One has a fleet of 29 Boeing
737, which carried 4,951,774 passengers in 2003.  All Air One
flights are code-shared with Lufthansa (except those for Trapani,
Albenga, Alghero and Cagliari), whereas all Lufthansa flights to
and from Rome, from Naples to Munich and from Milan Linate to
Frankfurt and vice-versa are code-shared with Air One. The
carrier is also involved in the Lufthansa Miles & More
programme -- one of the most popular Frequent Flyer Programmes
worldwide.

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

          ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.)
          H-1133 Budapest, Pozsonyi ut 56
          H-1399 Budapest, P.O. Box 708
          Phone:(36 1) 237 4400
          Fax:(36 1) 237 4100
          E-mail: apvrt@apvrt.hu
          Web site: http://www.apvrt.hu/english/m3.html

          AIR ONE
          Via Cesare Giulio Viola, 27 - 00148 ROMA
          Phone: +39 06 656811
          Fax: +39 06 65681401/4
          Web site: http://www.flyairone.it/en/


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


ALITALIA SPA: Cabin Crew Threaten to Strike Anew
------------------------------------------------
Another strike looms at troubled national carrier Alitalia,
Agencia Giornalistica Italia says.

The Sindicato Unitario Lavoratori Transporti (SULT) union, which
represents Alitalia's flight attendants, will hold another strike
on February 21 if negotiations with Alitalia, aviation authority
Ente Nazionale per l'Aviazione Civile (ENAC) and the Ministry of
Transports fail.  The cabin crew are protesting the increased
working hours, which accordingly compromises safety.  Unlike the
first strike, which lasted for only four hours, next week's
strike would be for 24 hours.

SULT also criticized the carrier's comments on the strike's
effects, saying the move was "provocative" and was intended to
put the blame on the union.  SULT added Alitalia only cancelled
its flights after being convinced that the mass protest would
eventually hamper its operations and cause excessive and
unexpected inconvenience.

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

          SINDICATO UNITARIO LAVORATORI TRANSPORTI
          Via Giovanni Lanza, 111
          00184 Rome
          Phone: +39-06 65 06 958
          Fax: +39-06 65 05 659
          E-mail: sult@sult.it
          Web site: http://www.sult.it


PARMALAT FINANZIARIA: New Decree to Expedite Re-listing
-------------------------------------------------------
Checking creditor claims in bankruptcy proceedings will no longer
take years after the government passed an emergency decree that
speeds up the process, the Associated Press reports.

Approved Friday, the decree is expected to accelerate the listing
of a slimmed-down Parmalat on Milan's stock exchange.  It also
amends a bankruptcy law passed after Parmalat was declared
insolvent with EUR14 billion (US$17.9 billion) in debt in
December 2003.  The measure, which must be converted into law by
parliament, will also allow Parmalat prosecutors to not only pay
back creditors with money, as the current legislation states, but
also with shares in the new company.

Parma's bankruptcy court has so far admitted EUR20 billion
(US$25.55 billion) in creditors claims and excluded about EUR5
billion (US$6.39 billion), mostly from banks like Bank of
America.

Parmalat administrator Enrico Bondi is working on a swap ratio to
convert Parmalat debt into new shares to be floated again in
Milan sometime this year.  Trading of the company's shares have
been suspended since December 2003.

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

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


PARMALAT SA: Finlatte Bids for Majority Stake in Milk Plants
------------------------------------------------------------
A group of cattle farmers and milk producers has submitted
takeover plans for "Centrale del Latte" milk plants, majority
owned by a Parmalat group company.

Under the plan, Finlatte, which already holds a 16% stake in the
firm, will acquire Eurolat's 35% share, bringing its shareholding
to 51%.  Finlatte envisions converting the plant's power supply
to biomass energy, and add cheeses to its list of current milk
products, Agenzia Giornalistica Italia reports.

According to Finlatte Chairman Nicolo' Carandini, the project
"was overseen by minister Alemanno who approves and deems it
viable."

Rome's Municipal Council holds 6.6% of "Centrale del Latte" the
Regional Council owns 1.6%.  Mr. Carandini said should Eurolat
opt to relinquish its entire 75% share, it would need the
contribution of Italy's Development Bank or a merchant bank.

Finlatte brings together 250 cattle farmers under cooperatives
LattePiu' and Zootecnica Viterbese.  They produce 60 million
liters of milk every year.

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

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


PARMALAT U.S.A.: Secures US$55 Mln Exit Loan from Wachovia Corp.
----------------------------------------------------------------
The U.S. unit of collapsed dairy giant Parmalat Finanziaria has
taken out a US$55 million loan to prove it can finance its
reorganization plan once it exits Chapter 11 bankruptcy.

According to Charlotte Observer, the loan came from Wachovia
Corporation, the fourth largest bank in the U.S.  Parmalat U.S.A.
Corporation is also in talks with the financing arm of General
Electric Corporation for a second loan.

Parmalat U.S.A. aims to raise US$100 million to US$110 million to
finance its reorganization plan, which entails liquidation of all
but one asset.  The group plans to retain Farmland Dairies LLC,
which produces and markets milk to New York, New Jersey and
Michigan.  Parmalat U.S.A. needs the approval of two-thirds of
its shareholders before the plan can be submitted to the court
for approval.

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

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


PARMALAT U.S.A.: Tuscan Wants Claim Allowed for Voting Purposes
---------------------------------------------------------------
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom,
LLP in New York, relates that Parmalat U.S.A. Corp. and Farmland
Dairies, LLC had previously sought to preclude Tuscan/Lehigh
Dairies, Inc., from voting over US$57.5 million in claims on
their Plans of Liquidation and Reorganization, in the hope of
obtaining sufficient acceptances to confirm those plans.

Tuscan's claims, evidenced by timely filed proofs of claim in
both Parmalat U.S.A.'s and Farmland's cases, are substantial, Mr.
Milmoe asserts.  Mostly, those claims reflect damages arising
from the U.S. Debtors' rejection of a long-term supply contract,
and represent over 7% of the total liquidated claims filed
against Parmalat U.S.A. and Farmland, and, if allowed, those
claims would triple the Debtors' estimate of total allowed claims
in each case.

Farmland has objected to Tuscan's claims, therefore, preventing
them from being deemed allowed and automatically entitled to vote
on Farmland's Plan under Sections 502(a) and 1126(a) of the
Bankruptcy Code.  Parmalat U.S.A. has not objected to Tuscan's
claims, but, together with Farmland, has:

    (i) filed an adversary complaint to avoid Tuscan's rejection
        damage claims; and

   (ii) invoked Section 502(d) in an attempt to disallow
        Tuscan's claims pending resolution of the novel theories
        propounded in the complaint, even though there has been
        no determination whatsoever that Tuscan is an entity
        from which property is recoverable under Section 550 or
        is a transferee of a transfer avoidable under Section
        544 or 548.

Mr. Milmoe argues that Parmalat U.S.A. and Farmland should not be
permitted to disenfranchise a major creditor like Tuscan based on
unproven allegations and legal theories.

Accordingly, Tuscan asks Judge Drain of the U.S. Bankruptcy Court
for the Southern District of New York to:

   * clarify that Section 502(d) does not preclude it from
     voting on Parmalat U.S.A.'s Plan of Liquidation; and

   * temporarily allow its claims for voting purposes pursuant
     to Rule 3018(a) of the Federal Rules of Bankruptcy
     Procedure on Farmland's Plan of Reorganization, and, if
     necessary, the Parmalat U.S.A. Plan.

Mr. Milmoe tells the Court that Tuscan's Rejection Claims --
$57,052,568 against each of Parmalat U.S.A. and Farmland -- were
calculated using the well-established contract principles of
"cover," pursuant to which it computed the difference between
what it likely will pay for Processing Services on the open
market and what it would have paid under, and using the terms and
volumes set forth in, the Supply Agreement.  Those damages were
then discounted to present value at a rate of 7%.  The two
Rejection Claims also seek $4 million for consequential damages
arising from Tuscan's need to obtain alternative office and
parking space and $250,000, which had been paid to Parmalat
U.S.A. for future capital improvements to Farmland's Sunnydale
milk processing plant in Brooklyn, New York.  Tuscan believes
that the Debtors never made improvements.

Since Tuscan's claims are based on well-established methods of
calculating damages, Mr. Milmoe asserts that the Court should
determine that Tuscan will succeed on the merits of its claims,
and allow it to vote their full amount.

In addition, Tuscan timely filed Claim No. 656 against Farmland
and Claim No. 658 against Parmalat U.S.A., each for $469,985 for
goods sold under the Supply Agreement.

The Parmalat U.S.A. Rejection Claim and the Parmalat U.S.A. Trade
Claim are not the subject of an objection and are, therefore,
entitled to vote.  The Farmland Rejection Claim and the Farmland
Trade Claim should be temporarily allowed for voting purposes
under Bankruptcy Rule 3018, Mr. Milmoe asserts.

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

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

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


===================
K A Z A K H S T A N
===================


BANK CENTERCREDIT: Medium-term Notes Get 'B+' Rating
----------------------------------------------------
Fitch Ratings assigned Kazakhstan-based Bank Centercredit's
US$200 million 8.00% issue of medium term notes due February 2008
a final Long-term 'B+' rating.  BCC is rated Long-term 'B+' with
a Stable Outlook, Short-term 'B', Individual 'D', and Support
'4'.

BCC is one of the five largest banks in Kazakhstan with assets of
KZT141 billion (US$1,048 million) as of Sept. 30, 2004, focusing
primarily on business with SMEs and retail customers. Full
details of the notes can be found in the statement issued on Jan.
18 and available at http://www.fitchratings.com.

CONTACT:  FITCH RATINGS
          Alexei Kechko
          James Watson
          Natasha Page, Moscow
          Phone: +7 095 956 9901

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


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


LAURUS N.V.: To Re-format 15 More Stores in First Quarter
---------------------------------------------------------
On 19 January 2005, Laurus N.V. announced disappointing sales
figures for 2004, attributing the problem chiefly to the
performance of the 'old-style' Edah stores -- those which had not
been converted to the Edah Lekker & Laag format.

Although the sales figures for the 46 stores converted to the
Edah Lekker & Laag format in 2004 showed an improvement on the
existing Edah stores, the new format requires some refinement.  A
further 15 stores will be converted to Edah Lekker & Laag outlets
in the first quarter of 2005.  In the interests of more effective
allocation of management responsibilities within Edah, Gilles
Mollard has agreed to devote his full attention to the further
development of the Edah Lekker & Laag format and take up the
position of its general manager, transferring ultimate
responsibility for Edah to Harry Bruijniks, the chairman of the
Group Management Board.

Wil Brugman, a former general manager of Edah, will be
responsible for the management of the 'old-style' stores, where
he will apply his knowledge and experience to reversing the
downward sales trend.  He has been working until recently as
interim manager of Laurus' operations in Belgium.  The
appointments of Gilles Mollard and Wil Brugman, as general
manager of Edah Lekker & Laag and general manager of 'old-style'
Edah, respectively, will take immediate effect and both will
report direct to Harry Bruijniks.

Laurus and the Road to Recovery

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

CONTACT:  LAURUS N.V.
          Parallelweg 64
          5201 AD 's-Hertogenbosch
          The Netherlands
          Phone: +31 73 622 3622
          Fax: +31 73 622 3636
          Web site: http://www.laurus.nl


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


BUILDING TRANSPORT: Names V. Onosovskiy Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings against Building Transport Corporation-1 after
finding the close joint stock company insolvent.  The case is
docketed as A1189/14-B.  Mr. V. Onosovskiy has been appointed
insolvency manager.  Creditors have until March 29, 2005 to
submit their proofs of claim to 153035, Russia, Ivanovo,
Lezhnevskaya Str. 157, Apartment 17.

CONTACT:  BUILDING TRANSPORT CORPORATION-1
          153000, Russia, Ivanovo, Sarmentovoy Str. 9

          Mr. V. Onosovskiy
          Insolvency Manager
          153035, Russia, Ivanovo,
          Lezhnevskaya Str. 157, Apartment 17


KHOLMOGORSKAYA: Declared Insolvent
----------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against Fleet Kholmogorskaya after finding the open
joint stock company insolvent.  The case is docketed as
A05-3107/04-6.  Mr. O. Savin has been appointed insolvency
manager.
Creditors may submit their proofs of claim to 163061, Russia,
Arkhangelsk, K. Marksa Str. 31, room 1, Office 56.

CONTACT:  KHOLMOGORSKAYA
          164530, Russia, Arkhangelsk region,
          Kholmogorskiy region, Kholmogory, Naberezhnaya Str. 48

          Mr. O. Savin
          Insolvency Manager
          163061, Russia, Arkhangelsk,
          K. Marksa Str. 31, Room 1, Office 56


KHOTYNETSKAYA NIVA: Bankruptcy Hearing Set Next Month
-----------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision procedure on open joint stock company Khotynetskaya
Niva.  The case is docketed as A48-8388/04-20b.  Mr. Y. Vnukov
has been appointed temporary insolvency manager.  Creditors have
until March 1, 2005 to submit their proofs of claim to 302040,
Russia, Orel, Gorkogo Str. 45, Office 59A.  A hearing will take
place on March 4, 2005, 9:30 a.m.

CONTACT:  KHOTYNETSKAYA NIVA
          303930, Russia, Orel region,
          Khotynetskiy region, Khotynets

          Mr. Y. Vnukov
          Temporary Insolvency Manager
          302040, Russia, Orel,
          Gorkogo Str. 45, Office 59A


KURAGINSKOYE AUTO-TRANSPORT: Proofs of Claim Deadline March 29
--------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Kuraginskoye Auto-Transport Enterprise after
finding the open joint stock company insolvent.  The case is
docketed as A33-12174/04-s4.  Mr. A. Kirichenko has been
appointed insolvency manager.  Creditors have until March 29,
2005 to submit their proofs of claim to 660020, Russia,
Krasnoyarsk, Diksona Str. 1.

CONTACT:  KURAGINSKOYE AUTO-TRANSPORT ENTERPRISE
          Russia, Krasnoyarsk,
          Kurahino, Traktovyj Per. 24

          Mr. A. Kirichenko
          Insolvency Manager
          660020, Russia,
          Krasnoyarsk, Diksona Str. 1


OAO SEVERSTAL: 'B' Short-term Rating Affirmed
---------------------------------------------
Fitch Ratings placed the Russia-based steel manufacturer OAO
Severstal's National senior unsecured rating 'A(rus)' on Rating
Watch Negative.  At the same time, the agency affirmed
Severstal's 'B' Short-term rating.  The Senior Unsecured rating
of 'B+' remains on Rating Watch Negative.

The agency also commented that the acquisition of Italy-based
Lucchini S.p.A. would have limited financial impact on Severstal.
Severstal plans together with its affiliated companies to
purchase a 62% stake in the Italy-based steel manufacturer via a
EUR450 million capital increase by Lucchini, to which Severstal
and its affiliated companies will subscribe EUR430 million and
the Lucchini family EUR20 million.

While EUR430 million in cash will be paid by Severstal itself,
out of a total cash balance of about US$1.3 billion at FYE04, net
leverage should remain low at about 0.3x compared to 0.1x at
FYE04.  However, the agency notes that Severstal itself will only
acquire 20% less one share in Lucchini.  Severstal will provide
loans to affiliated companies, which will acquire the remaining
42% ownership stake.  This is also likely to limit benefits
accruing to Severstal.  The repayment terms of the loans to
affiliated companies is unknown.  Fitch views this purchase of
the stake in Lucchini to be in line with Severstal's existing
aggressive acquisition policy.

Fitch understands that Severstal has the option to consolidate
Lucchini after FY05 should the latter reduce its net leverage to
1.0x or below.  This would require Lucchini to significantly
reduce its leverage from about 5.4x at FYE04.  Should this occur
and based on current debt levels at Severstal, Fitch would expect
Severstal's net leverage to remain low around 0.3x. If all of
Lucchini's net debt (about US$1.5 billion as at December 2004)
was to be consolidated into Severstal now, net leverage would
still be comfortable below 1.0x.

The Rating Watch Negative on the Senior Unsecured rating was
assigned in November 2004 to reflect the potential negative
financial impact on Severstal's credit profile of a possible
acquisition of Canada-based steel manufacturer Stelco.  The
Rating Watch will be resolved upon completion of the bidding
process, which is expected to be finalized on April 29. 2005.
Should the bid not proceed, Fitch expects to remove the Rating
Watch Negative and affirm the ratings.

Severstal is the second largest Russia-based steel manufacturer
in terms of output, with 12.8 million tons of crude steel in
FY04.

CONTACT:  OAO Severstal
          Mira St. 30
          162600 Cherepovets, Vologda, Russia
          Phone: +7-8202-568-009
          Fax: +7-8202-571-276
          Web site: http://www.severstal.ru/english/default.htm

          FITCH RATINGS
          Sonya Dilova, London
          Phone: +44 20 7417 3485

          Jeffrey Woodruff, Moscow
          Phone: +7 095 956 9986

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


OAO SEVERSTAL: Moody's Sees Lucchini A Good Buy
-----------------------------------------------
Moody's Investors Service has affirmed the senior implied ratings
of OAO Severstal at B1 following the announcement that Severstal
has reached an agreement to acquire a 62% stake in Lucchini
S.p.A. for a EUR430 million consideration used to subscribe to
Lucchini's contemplated capital increase.  The outlook for the
ratings remains stable.

Ratings affected by the action include:

(a) The senior implied rating of OAO Severstal affirmed at B1,

(b) The senior unsecured issuer rating for OAO Severstal
    affirmed at B2,

(c) The senior unsecured rating on the US$700 million loan
    participation notes of OAO Severstal affirmed at B2

Moody's rating affirmation reflects:

(a) the fact that Severstal will benefit from a broader
    geographical, product portfolio and customer diversification
    as Lucchini is the second largest steel manufacturing group
    in Italy producing mainly engineering steel long products
    whilst Severstal is mainly a flat steel producer with a
    significant share of revenues generated within its domestic
    Russian market;

(b) the increase in tonnage for the group and its ability to
    benefit from economies of scale with the group's output
    increasing to about 16.5 million tons pro-forma for the
    acquisition (year-end 2004);

(c) the group's strong profitability improvement during 2004
    reflected by an EBITDA margin of 37% vs. 31.3% in 2003 and
    its low leverage at year-end 2004 of about 0.2x.  This
    performance is mitigated by significant cash outflows
    related to capex, dividend payments and working capital
    during 2004; and

(d) the improvement in Lucchini's financial profile as a result
    of the application of the 450 million cash inflow
    contributed by Severstal and the Lucchini family towards the
    reduction in Lucchini's debt burden to about EUR800 million
    on a net debt basis.

However, Moody's cautions that Severstal is acquiring a highly
indebted company with EUR800 million in net debt (pro forma for
the capital increase) and EUR280 million in EBITDA for 2004, a
very strong year for steel companies.  This is likely to lead to
a dilution of the group's operating margins.  The rating agency
also cautions that whilst the integration of the Rouge
Industries' acquisition completed earlier in 2004 has been
progressing well, acquisitions such as Lucchini, which has been
through a sizeable capex program and has also completed a
financial restructuring, always carry significant integration
risks.

Moody's understands that the Lucchini acquisition by Severstal
will be made in two steps as Severstal will first acquire a 20%
stake (minus one stock) in the group whilst the remaining 42%
will be owned by Severstal's shareholders who will then sell
their 42% stake back to the group once Lucchini's debt burden has
been further reduced.  Moody's notes that while the group does
not have to consolidate Lucchini's debt for financial reporting
purposes, Moody's will, going forward, be considering Lucchini as
if it were fully consolidated as part of its credit assessment as
Lucchini will be a strategic asset for the group and would likely
be supported by its shareholders.  Moody's also believes that
Severstal is likely to seek to acquire the minority interests in
Lucchini some time in the future, which would also have negative
cash flow implications for the group.

The stable outlook reflects our expectation of sustained strong
demand for Russian steel with the assumption that Russian real
domestic GDP growth will continue to remain in line or above the
5-6% rate experienced in the last few years.

The ratings affirmation and stable outlook also reflect the fact
that Moody's had factored the potential for moderate acquisitions
and sizeable capex in its original ratings creating flexibility
within the rating category to accommodate a certain level of
acquisition activity.  Given the two large acquisitions made by
the group to date (Rouge Industries Inc. and Lucchini S.p.A.)
Moody's believes that there is now limited flexibility remaining
within the ratings category for further acquisitions at this time
and that any further acquisitions during 2005 would have a
negative impact on the group's existing ratings.

Nevertheless, the rating agency believes that Severstal will
continue to play a major role in the consolidating global steel
sector in the future under the assumption that investment
activity would be moderated should steel prices start to fall.

The consummation of the transaction is subject to approval by the
relevant antitrust authorities and is expected to close by mid
April 2005.

Headquartered in Cherepovets, Russia, Severstal is one of the
largest Russian integrated steel manufacturers with year-end 2004
sales of US$6.4 billion.

CONTACT:  JSC Severstal
          Mira St. 30
          162600 Cherepovets, Vologda, Russia
          Phone: +7-8202-568-009
          Fax: +7-8202-571-276
          Web site: http://www.severstal.ru/english/default.htm


OTDELOCHNIK: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on open joint stock company Otdelochnik.
The case is docketed as A57-969b/02-31-23.  Mr. M. Murnin has
been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to 410076, Russia, Saratov, Post
User Box 2493.

CONTACT:  OTDELOCHNIK
          Russia, Saratov region,
          Balkovo, Sadovaya Str. 119

          Mr. M. Murnin
          Temporary Insolvency Manager
          410076, Russia, Saratov,
          Post User Box 2493


ROSH VOLGA: Creditors Have Until March to File Claims
-----------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Rosh Volga after finding the close joint
stock company insolvent.  The case is docketed as A57-232B/04-31.
Mr. A. Varygin has been appointed insolvency manager.  Creditors
have until March 1, 2005 to submit their proofs of claim to
410004, Russia, Saratov, Chernyshevskogo Str. 88.

CONTACT:  ROSH VOLGA
          410033, Russia, Saratov,
          50 Let Oktyabrya Pr. 110A

          Mr. A. Varygin
          Insolvency Manager
          410004, Russia, Saratov,
          Chernyshevskogo Str. 88


SK PREMIER: Bankruptcy Hearing Resumes Next Month
-------------------------------------------------
The Arbitration Court of Yaroslavl region has commenced
bankruptcy supervision procedure on SK Premier.  The case is
docketed as A82-14025/04-30-B/3b.  Mr. V. Akimov has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 111250, Russia, Moscow,
Krasnokazarmennaya Str. 9.  A hearing will take place on March
30, 2005 at 10:00 a.m.

CONTACT:  Mr. V. Akimov
          Temporary Insolvency Manager
          111250, Russia, Moscow,
          Krasnokazarmennaya Str. 9
          Phone/Fax: (095) 258-93-20

          The Arbitration Court Of Yaroslavl Region:
          Russia, Yaroslavl, Lenina Pr. 28


SVIS-KOND: Smolensk Court Appoints Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Smolensk region has commenced bankruptcy
supervision procedure on limited liability company Svis-Kond.
The case is docketed as A62-615-N/04.  Mr. S. Balan has been
appointed temporary insolvency manager.  Creditors have until
March 1, 2005 to submit their proofs of claim to 214000, Russia,
Smolensk, Gagarina Pr. 10/2.

CONTACT:  SVIS-KOND
          215111, Russia, Smolensk region,
          Vyazma, Lenina Str. 60/1

          Mr. S. Balan
          Temporary Insolvency Manager
          214000, Russia, Smolensk, Gagarina Pr. 10/2
          Phone: 08-12-38-08-94
          Fax: 08-12-38-08-94


SYLVINSKAYA: Perm Court Hires N. Davydova as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on poultry farm Sylvinskaya.  The case is
docketed as A50-47828/2004-B.  Ms. N. Davydova has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 614007, Russia,
Perm, Post User Box 7670.  A hearing will take place on April 20,
2005, 10:30 a.m.

CONTACT:  SYLVINSKAYA
          Russia, Perm region, Sylva

          Ms. N. Davydova
          Temporary Insolvency Manager
          614007, Russia, Perm,
          Post User Box 7670


TEKSTILSHIK POVOLZHYA: Deadline for Proofs of Claim March
---------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
proceedings against Tekstilshik Povolzhya after finding the open
joint stock company insolvent.  The case is docketed as
A72-8232/02-Sk526-B.  Mr. V. Nyukhtillin has been appointed
insolvency manager.  Creditors have until March 1, 2005 to submit
their proofs of claim to Russia, Ulyanovsk region, Yazykovo,
Tsvetkova Str. 1.

CONTACT:  TEKSTILSHIK POVOLZHYA
          Russia, Ulyanovsk region,
          Yazykovo, Tsvetkova Str. 1

          Mr. V. Nyukhtillin
          Insolvency Manager
          Russia, Ulyanovsk region,
          Yazykovo, Tsvetkova Str. 1
          Phone: (8422) 41-64-51


YUKOS OIL: Files US$20 Bln Suit Against Parties to Yugansk Sale
---------------------------------------------------------------
Yukos Oil Company on Friday sued Gazprom, Gazpromneft, Baikal
Finance Group and Rosneft for their role in expropriating
Yuganskneftgaz in December.

Arguing that the sale violates the automatic stay in the Yukos
Chapter 11 bankruptcy case, Yukos is asking damages in excess of
US$20 billion.  Yukos also continued to sue Deutsche Bank to
enjoin it from similarly violating the automatic stay.  Yukos did
not sue Deutsche Bank for damages [Fri]day, as it did the other
defendants.

CONTACT:  YUKOS OIL COMPANY
          Alexander Shadrin
          Phone: +7-095-785-08-55
          E-mail: pr@yukos.ru

          United States
          Mike Lake
          Phone: +1-214-714-2004
          E-mail: mike_lake@dal.bm.com

          London - Claire Davidson
          Phone: +44-7767-351-433
          E-mail: cdavidson@policypartnership.com


YUKOS OIL: Judge Clark Approves Stipulation with U.S. Trustee
-------------------------------------------------------------
Under the Cash Management System in place for the Debtor in
Russia, as of January 12, 2005, a substantial amount of the
proceeds from the sale of oil and gas produced both inside and
outside Russia by the Debtor and its subsidiaries and affiliates
flow through the Debtor's bank accounts located in the Russian
Federation.

The Debtor borrowed certain amounts from certain entities:

Lender/Date Borrowed     Amount           Purpose
- - - - - - - - - -      ------           -------
Yukos Hydrocarbons     $1,000,000     to fund legal fees and
Investments, Ltd.                     expenses of Fulbright &
12/09/04                              Jaworski, its counsel

Brittany Assets
Limited
12/13/04                5,000,000     to fund legal fees and
                                       expenses of Fulbright &
                                       Jaworski

12/14/04                1,500,000     to purchase, on behalf of
                                       Yukos International U.K.
                                       B.V., the sum of $1,000
                                       to buy 1,000 shares of
                                       the common stock of
                                       Yukos, USA, Inc., with
                                       the remainder to
                                       he held by Yukos USA for
                                       the Debtor's benefit

12/21/04               20,000,000     to be held by Yukos USA,
                                       for the Debtor's benefit

Currently, US$5 million of the Debtor's cash is located in a
Fulbright & Jaworski IOLTA Trust Account at Wells Fargo Bank.
Another $22 million of the Debtor's cash -- the DIP Operating
Cash -- is located at Southwest Bank of Texas in the name of
Yukos U.S.A.

The Debtor seeks to use its cash in order to continue its
operations and the management of its properties as it established
its new headquarters in the United States.

The Debtor has decided not to seek, at this time, to use any cash
located in its Existing Russian Bank Accounts, but to seek
appropriate damages at a later date from the Russian Government
concerning its various violations of the automatic stay.

The U.S. Trustee has asked the Debtor to place the Fulbright
Client Trust Fund Retainer Cash and the DIP Operating Cash into
investments that are backed by the Full Faith and Credit of the
United States Government.

The Debtor agreed.

Accordingly, the Debtor asks the Court to approve its proposed
stipulation with the U.S. Trustee with respect to its existing
bank accounts and the continued use of its cash management
system.

The Stipulation provides that the Debtor:

    (a) is authorized to maintain its Existing Russian Cash
        Management System and Existing Russian Bank Accounts in
        the names and account numbers existing immediately prior
        to the Petition Date;

    (b) will immediately place all of the DIP Operating Cash and
        the Fulbright Client Trust Fund Retainer Cash into
        investments that are backed by the Full Faith and Credit
        of the United States Government in compliance with
        U.S. Trustee Guidelines; and

    (c) may use the DIP Operating Cash pursuant to Section 363
        of the Bankruptcy Code for transactions:

        -- in the ordinary course of business without Court
           approval; and

        -- outside the ordinary course of business after Court
           approval;

        provided that the Debtor may, at its discretion, seek a
        comfort order from the Court to approve any particular
        proposed Ordinary Course Transaction.

                            *   *   *

Judge Clark approves the Debtor's stipulation with the U.S.
Trustee with respect to the Debtor's continued use of its
existing bank accounts and cash management system, effective
through March 3, 2005.  The Debtor will place all of its
operating cash and the Fulbright Client Trust Fund into
investments that are backed by the Full Faith and Credit of the
United States Government in compliance with U.S. Trustee
Guidelines.

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

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Press Service:
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


YUKOS OIL: India Eyes Yugansk Stake
-----------------------------------
Despite threats by Yukos Oil to sue anyone who purchases oil from
its former main production unit Yuganskneftegaz, India is still
angling for a supply deal and even a stake in the unit now owned
by state oil firm Rosneft.

According to the Telegraph, Indian petroleum minister Mani
Shankar Aiyar is set to arrive in Russia February 21 for
discussions on the possibility of its acquiring a 15 to 20
percent stake in Yugansk.

India's move has put it on a collision course with China, which
reportedly offered US$6 billion to fund the purchase of Yugansk,
in return for a guaranteed 360 million barrels of oil over the
next five years. A similar quota has been offered to India, but
the country also wants a slice of equity for the ONGC, its
national oil company.

Yukos had filed for damages concerning the sale of Yugansk, which
was snapped up by Rosneft in December for US$9 billion.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Press Service:
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


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


CONVERIUM HOLDING: To Release Year-end Results Thursday
-------------------------------------------------------
Converium Holding Ltd. will release its January renewals 2005
results on Thursday, Feb. 17, 2005 and its year-end 2004 results
on Tuesday, March 1, 2005 before the markets open in Europe.

A live Web cast for the investment community will be held on
Thursday, Feb. 17, 2005 at 9:00 a.m. Central European Time (CET)
for the January renewals 2005.

The year-end 2004 results will be Web cast on Tuesday, March 1,
2005 at 9:30 a.m. CET.

Both Web casts can be accessed via http://www.converium.com.
They will be archived on our Web site at about noontime the
respective day.

An Analyst and Media Conference will take place for the year-end
2004 results at Converium in Zurich, General Guisan-Quai 26, on
Tuesday, March 1, 2005 from 11:30 a.m. to 1:00 p.m.  A second
Analyst Conference will be held at the London Underwriting
Centre, Greenwich Room, 3 Minster Court, Mincing Lane, London,
EC3R 7DD, on Wednesday, March 2, 2005 from 9:30 to 11:00 a.m.

                            *   *   *

Converium AG reports a third quarter 2004 loss of US$116.3
million.  This result reflects the continuing satisfactory
underlying performance of its in-force book and a number of
previously announced extraordinary charges.

The main items are an additional reserve strengthening of US$96.4
million net based on an in-depth analysis of Tillinghast's
actuarial review, losses of US$95.8 million from an unusual
cumulation of hurricanes and typhoons and a US$20.0 million
expense for a retrospective stop-loss retrocession cover
purchased from National Indemnity Company.

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

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


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


AGRONAFTOPRODUKT-NOSIVKA: Declared Insolvent
--------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Agronaftoprodukt-Nosivka (code EDRPOU
31369529) on October 19, 2004 after finding the limited liability
company insolvent.  The case is docketed as 5/161 B.  Mrs.
Valentina Kratko has been appointed liquidator/insolvency
manager.

Creditors may submit their proofs of claim to:

(a) AGRONAFTOPRODUKT-NOSIVKA
    17100, Ukraine, Chernigiv region,
    Nosivka, Kotsubinskij Str. 1

(b) Mrs. Valentina Kratko
    Liquidator/Insolvency Manager
    17100, Ukraine, Chernigiv region,
    Nosivka, Korolenko lane, 24

(c) ECONOMIC COURT OF CHERNIGIV REGION
    14000, Ukraine, Chernigiv, Miru Avenue, 20


ALFA-UKRAINA: Court Brings in Liquidator
----------------------------------------
The Economic Court of Sevastopol commenced bankruptcy proceedings
against Alfa-Ukraina (code EDRPOU 30804082) on December 20, 2004
after finding the limited liability company insolvent.  The case
is docketed as 20-8/116.  Mr. Korsakov V. has been appointed
liquidator/insolvency.

Creditors may submit their proofs of claim to:

(a) ALFA-UKRAINA
    99038, Ukraine, AR Krym region,
    Sevastopol, Kesayev Str. 5/4-29

(b) Mr. V. Korsakov
    Liquidator/Insolvency Manager
    99002, Ukraine, AR Krym region,
    Sevastopol, Buryak Str. 9/37

(c) ECONOMIC COURT OF SEVASTOPOL
    99011, AR Krym region,
    Sevastopol, Pavlyuchenko Str. 5


BUDIVELNIK: Bankruptcy Supervision Begins
-----------------------------------------
The Economic Court of Ivano-Frankivsk region commenced bankruptcy
supervision procedure on Budivelnik (code EDRPOU 30984463) on
November 9, 2004.  The case is docketed as B-7/156.  Mr. Miron
Ilkiv (License Number AA 779257) has been appointed temporary
insolvency manager.  The company holds account number 2909296 at
JSB Energobank, MFO 300272.

Creditors may submit their proofs of claim to:

(a) BUDIVELNIK
    76000, Ukraine, Ivano-Frankivsk region,
    Maksimovich Str. 15

(b) Mr. Miron Ilkiv
    Temporary Insolvency Manager
    Ukraine, Ivano-Frankivsk region,
    Bolehiv, D. Galitskij Str. 120/1

(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76000, Ukraine, Ivano-Frankivsk region,
    Grunvaldska Str. 11


GONORIVSKE: Urges Creditors to File Claims
------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on Agricultural OJSC Gonorivske (code
EDRPOU 00385307).  The case is docketed as 10/176-04.  Mr. Vasil
Glebov (License Number AA 630087) has been appointed temporary
insolvency manager.  The company holds account number 2600112562
at JSPPB Aval, Vinnitsya regional branch, MFO 302247.

Creditors may submit their proofs of claim to:

(a) GONORIVSKE
    24700, Ukraine, Vinnitsya region,
    Pishanskij district, Gonorivka, Pushkin Str. 2

(b) Mr. Vasil Glebov
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Hmelnitske Shose Str. 23/13

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


NVK PROMHIMINVEST: Liquidator Takes over Helm
---------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against NVK Promhiminvest (code EDRPOU 31943873) on
December 16, 2004 after finding the limited liability company ins
olvent.  The case is docketed as B 24/175/04.  Mr. Yurij Losyev
has been appointed liquidator/insolvency manager.  The company
holds account number 26001051100000 at JSCIB UkrSibBank,
Dnipropetrovsk branch, MFO 306856.

Creditors may submit their proofs of claim to:

(a) NVK PROMHIMINVEST
    49050, Ukraine, Dnipropetrovsk region,
    General Pushkin Str. 1

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

OBRIJ: Bankruptcy Proceedings Start
-----------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Agro-Industrial Enterprise Obrij (code EDRPOU
30487402) on December 29, 2004 after finding the closed joint
stock company insolvent.  The case is docketed as B 26/33/04.
Mrs. Nataliya Chesnova (License Number AA 047981) has been
appointed liquidator/insolvency manager.  The company holds
account number 26009024210101 at JSPPB Aval, Petropavlivske
branch, MFO 306726.

Creditors may submit their proofs of claim to:

(a) OBRIJ
    51400, Ukraine, Dnipropetrovsk region,
    Petropavlivskij district, Vasilkivske

(b) Mrs. Nataliya Chesnova
    Liquidator/Insolvency Manager
    49101, Ukraine, Dnipropetrovsk region,
    Kirov Avenue, 28-a, Office 201

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


PTAHOPROM: Insolvency Manager Enters Firm
-----------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Ptahoprom (code EDRPOU 02889006) on December
23, 2004 after finding the limited liability company insolvent.
The case is docketed as 6/93-04.  Arbitral manager Mr. Vadim
Zakorko (License Number AA 719836) has been appointed
liquidator/insolvency manager.

CONTACT:  PTAHOPROM
          Ukraine, Sumi region,
          Trostyanets, Lenin Str. 117

          Mr. Vadim Zakorko
          Liquidator/Insolvency Manager
          40030, Ukraine, Sumi region,
          Proletarska Str. 69, 2nd floor

          ECONOMIC COURT OF SUMI REGION
          40477, Ukraine, Sumi region,
          Ribalko Str. 2


RKS-WEST: Lviv Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against RKS-West (code EDRPOU 19334079) on November
24, 2004 after finding the limited liability company insolvent.
Arbitral manager Mrs. Oksana Gentash (License Number AA 419466)
has been appointed liquidator/insolvency manager.  The company
holds account number 260084320 at JSPPB Aval, Lviv regional
branch, MFO 325570.

CONTACT:  RKS-WEST
          Ukraine, Lviv region,
          Chervonograd, Soborna Str. 5

          Mrs. Oksana Gentash
          Liquidator/Insolvency Manager
          80000, Ukraine, Lviv region,
          Sokal, Sheptitskij Str. 39/1

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


SERPNEVE: Court Appoints Temporary Insolvency Manager
-----------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on Agricultural LLC Serpneve (code EDRPOU
31254589) on November 5, 2004.  The case is docketed as 17/298-B.
Arbitral manager Mr. Sergij Yevtushenko (License Number AA
783178) has been appointed temporary insolvency manager.  The
company holds account number 260024829 at JSPPB Aval, Hmelnitskij
regional branch, MFO 315966.

Creditors may submit their proofs of claim to:

(a) SERPNEVE
    30400, Ukraine, Hmelnitskij region,
    Shepetivka district, Velika Reshnivka

(b) Mr. Sergij Yevtushenko
    Temporary Insolvency Manager
    Ukraine, Hmelnitskij region,
    Shepetivka, Gorbatyuk Str. 12/102a

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


UKRAGROPROMSERVICE: Succumbs to Bankruptcy
------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on Ukragropromservice (code EDRPOU
21804903).  The case is docketed as 22/129 b.  Mr. Oleksandr
Sedlyar (License Number AA 047874) has been appointed temporary
insolvency manager.  The company holds account number
26009585056981 at JSCB Ukrsocbank, Lugansk regional branch, MFO
304018.

Creditors may submit their proofs of claim to:

(a) UKRAGROPROMSERVICE
    Ukraine, Lugansk region,
    Antratsit district,
    Koshari, Shevchenko str.

(b) Mr. Oleksandr Sedlyar
    Temporary Insolvency Manager
    Ukraine, Lugansk region,
    Krasnodonskij district, Vlasovka,
    Zhovtnevij Quarter, 4

(c) ECONOMIC COURT OF LUGANSK REGION
    91000, Ukraine, Lugansk region,
    Geroiv VVV Square, 3a


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


AORTECH INTERNATIONAL: Inventor Reclaims Shelved Heart Device
-------------------------------------------------------------
The shelved revolutionary heart monitoring system pioneered by
failed medical device maker AorTech has been given a new lease on
life by the system's inventor, according to The Scotsman.

AorTech's former chief scientist, Dr. Aws Nashef, has launched
Omega Critical Care to restart production of the TruCCOMS device.
The system, production of which was halted two years ago, was
sold to dozens of hospitals worldwide before AorTech shut its
Bellshill factory down.

Dr. Nashef, who set up Omega Critical Care with the help of a
GBP500,000 Regional Selective Assistance grant from the Scottish
Executive, has also managed to raise GBP1.4 million from Middle
Eastern investors to outfit a factory in East Kilbride, Scotland
for the production of the heart monitors later this year.

The scientist has also expressed confidence that he can make a
profit on a turnover of GBP10 million and employ 74 scientists
and other staff within three years. For starters, Dr. Nashef has
taken on 16 staff, mostly former employees of AorTech.

AorTech, which was worth GBP400 million in 2000, got into trouble
because it pinned its hopes on a marketing agreement, which
eventually failed, with U.S. healthcare giant Becton Dickinson.
Dr. Nashef said he would succeed where AorTech had failed by
selling TruCCOMS through distributors.

"I have no diversions. We are focused on the product. The
clinical papers showed the product was very good, and the old
customers still want the product", he said.

TruCCOMS, a continuous cardiac output monitoring system, gives
doctors real-time information on patients' heartbeat patterns. It
already has regulatory approval in the U.S. and is used by
hospitals, including Glasgow's Royal Infirmary.

CONTACT:  AorTech International plc
          Strathclyde Business Park
          Bellshill
          North Lanarkshire ML4 3NJ, United Kingdom
          Phone: +44-1698-746-699
          Fax: +44-1698-748-474
          Web site: http://www.aortech.com


A.S.A SECURITY: Liquidator's Final Report out Later this Month
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF A.S.A (Security) Limited

                   First Fire & Safety Limited

                Grampian Fire Protection Limited

                       MSS Security Limited

                               and

                     Scotguard Alarms Limited

Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that the Final Meeting of Members of A.S.A (Security)
Limited, Fire & Safety Limited, Grampian Fire Protection Limited,
Security Limited and Scotguard Alarms Limited will be held at the
offices of PricewaterhouseCoopers LLP, 12 Plumtree Court, London
EC4A 4HT, on February 28, 2005, commencing at 4:00 p.m. and
thereafter at 10 minute intervals, for the purpose of having
accounts laid before the Members showing how each winding-up has
been conducted and the property of each 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.

Jonathan Sisson, Joint Liquidator
January 24, 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


AUTOMOTIVE MANAGEMENT: Members Pass Winding-up Resolutions
----------------------------------------------------------
At the extraordinary general meeting of the members of Automotive
Management Services Ltd. on Jan. 27, 2005 held at The Holiday Inn
Rugby/Northampton, M1 Junction 18, Crick, Northampton NN6 7XR,
the extraordinary and ordinary resolutions to wind up the company
were passed.  Philip Simons has been appointed liquidator of the
company.


BAE SYSTEMS: Denies Observer Report on Destroyer Overruns
---------------------------------------------------------
BAE Systems has denied a report by The Observer newspaper Sunday
that it was headed for a row with the Ministry of Defence (MoD)
over gargantuan cost overruns for existing Royal Navy destroyer
contracts, Reuters relates.

"There are no delivery or technical issues on the first three
ships we are building and we haven't asked for a penny more, and
that's what cost overruns mean," said a BAE Systems spokesman.
"The contracts for the systems and integration for the next lot
of ships -- because we are building three and it's now going to
be four to six -- are being negotiated and are commercially
sensitive", he said.

The Observer reported that the cost overruns in building the
Royal Navy's Type 45 destroyers could reach GBP500 million.

"This (report) isn't about overruns, it's just that the class
which was originally going to be 12 is going to be fewer, so not
surprisingly the unit costs are higher," the BAE spokesman said.

The government has said Britain would require eight type 45
destroyers to meet future air-defence requirements, cutting its
previous estimate by a third. It ordered six in 2002, splitting
the contract between BAE Systems and Vosper Thornycroft (now
known as VT Group), to save shipyard jobs at both firms.

CONTACT:  BAE SYSTEMS plc (OTC: BAESY [ADR])
          Warwick House, Farnborough Aerospace Center
          Farnborough
          Hampshire GU14 6YU, United Kingdom
          Phone: +44-1252-373-232
          Fax: +44-1252-383-000
          Web site: http://www.baesystems.com


BA RIDGWELL: Members General Meeting Set Next Month
---------------------------------------------------
The general meeting of the members of BA Ridgwell (Mechanical
Handling Engineers) Limited will be on March 11, 2005 at 10:30
a.m.  It will be held at the offices of Baker Tilly, Marlborough
House, Victoria Road South, Chelmsford, Essex CM1 1LN.

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
Baker Tilly, Marlborough House, Victoria Road South, Chelmsford,
Essex CM1 1LN not later than 12:00 noon, March 10, 2005.

CONTACT:  BAKER TILLY
          Marlborough House, Victoria Road South,
          Chelmsford, Essex CM1 1LN
          Phone: 01245 354 402
          Fax: 01245 490 243
          Web site: http://www.bakertilly.co.uk


BAR RED: Calls in Liquidator from Campbell Crossley and Davis
-------------------------------------------------------------
At the extraordinary general meeting of Bar Red Bars Limited on
Feb. 4, 2005 held at The Hilton Hotel, North Promenade,
Blackpool, Lancashire, the subjoined resolutions to wind up the
company were passed.  Richard Ian Williamson of Campbell Crossley
and Davis, 348-350 Lytham Road, Blackpool FY4 1DW has been
appointed liquidator of the company.

CONTACT:  CAMPBELL CROSSLEY AND DAVIS
          348-350 Lytham Road,
          Blackpool FY4 1DW


BOWE GARMENT: Names K. Goldfarb Liquidator
------------------------------------------
At the extraordinary general meeting of the members of Bowe
Garment Care Systems (UK) Ltd. on Jan. 31, 2005 held at
Werner-von-Siemens-Strasse 1, 86159, Augsburg, Germany, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Kevin Goldfarb has been appointed liquidator of the
company.


BRADWELLS LIMITED: Members Decide to Wind up Firm
-------------------------------------------------
At the general meeting of the members of Bradwells Limited on
Jan. 20, 2005, the special resolutions to wind up the company
were passed.  Stephen Rout of Stephen M Rout & Company, 12 Signet
Court, Swanns Road, Cambridge CB5 8LA has been appointed
liquidator of the company.

CONTACT:  STEPHEN M. ROUT & COMPANY
          12 Signet Court, Swanns Road,
          Cambridge CB5 8LA


B. & S. SWINDELLS: Members Pass Extraordinary Resolutions
---------------------------------------------------------
At the extraordinary general meeting of the members of B. & S.
Swindells (Print Finishers) Limited on Jan. 31, 2005 held at
Simmonds & Company, Crown House, 217 Higher Hillgate, Stockport,
Cheshire SK1 3RB, the extraordinary resolution to wind up the
company was passed.  Gordon Allan Mart Simmonds of Simmonds &
Company, Crown House, 217 Higher Hillgate, Stockport, Cheshire
SK1 3RB has been nominated liquidator of the company.

CONTACT:  SIMMONDS & COMPANY
          Crown House, 217 Higher Hillgate,
          Stockport, Cheshire SK1 3RB


CANTILEVER GARAGES: Appoints Begbies Traynor Liquidator
-------------------------------------------------------
At the extraordinary general meeting of the members of Cantilever
Garages Limited on Feb. 4, 2005 held at Elliot House, 151
Deansgate, Manchester M3 3BP, the extraordinary and ordinary
resolutions to wind up the company were passed.  D. Bailey of
Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP
has been appointed liquidator of the company.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


CHEERS BAR: Holds First Creditors Meeting Today
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Cheers Bar (FR) Limited
                         (In Liquidation)

Notice is hereby given that by Interlocutor of Peterhead Sheriff
Court on January 7, 2005 we, Neil A Armour, CA, and Blair C
Nimmo, CA, KPMG, 37 Albyn Place, Aberdeen AB10 1JB were appointed
Joint Interim Liquidators of Cheers Bar (FR) Limited having its
registered office at 10B Broad Street, Fraserburgh, Aberdeenshire
AB43 9AH.

Pursuant to section 138(3) of the Insolvency Act 1986 and Rule
4.12 of the Insolvency (Scotland) Rules 1986, the First Meeting
of Creditors will be held at KPMG Offices, 37 Albyn Place,
Aberdeen AB10 1JB, on Tuesday, February 15, 2005 at 11:30 a.m.
for the purposes of choosing a person to be Liquidator of the
Company, determining whether to establish a Liquidation Committee
and considering any other Resolution specified in Rule 4.12(3).
Creditors' claims should be made up to December 8, 2004.

A Creditor is entitled to vote only if a claim has been submitted
to the Interim Liquidator and his claim has been accepted for
voting purposes in whole or in part.  Proxies may be lodged at or
before the Meeting at the offices of the Interim Liquidator.  A
Resolution of the Meeting is passed if a majority of those voting
vote in favor of it.

The provision of Rules 4.15-4.17 and of Part 7 of the Insolvency
(Scotland) Rules 1986 apply.

Blair C. Nimmo, Joint Interim Liquidator
January 24, 2005

CONTACT:  KPMG LLP
          37 Albyn Place
          Aberdeen AB10 1JB
          Phone: (01224) 591000
          Fax: (01224) 590909
          Web site: http://www.kpmg.co.uk


CLARK SCOTT-HARDEN: Names BWC Business Solutions Administrator
--------------------------------------------------------------
Paul Andrew Whitwam and David Leighton Cockshott (IP Nos 8346,
8974) have been appointed joint administrators for Clark
Scott-Harden Limited.  The appointment was made Feb. 4, 2005.

The company handles consultancy about architectural technical
matters.  Its registered office is located at BWC Business
Solutions, 8 Park Place, Leeds LS1 2RU.

CONTACT:  BWC BUSINESS SOLUTIONS
          8 Park Place,
          Leeds LS1 2RU


CLASSIC CHOICE: Names Liquidator from Stones & Co.
--------------------------------------------------
At the extraordinary general meeting of the members of Classic
Choice Direct Limited on Jan. 31, 2005 held at 63 Walter Road,
Swansea SA1 4PT, the extraordinary and ordinary resolutions to
wind up the company were passed.  Gary Stones of Stones & Co., 63
Walter Road, Swansea SA1 4PT has been nominated liquidator of the
company.

CONTACT:  STONES & CO.
          63 Walter Road,
          Swansea SA1 4PT


COMTRALIS LIMITED: Hires Abbey Taylor Ltd. as Administrator
-----------------------------------------------------------
Tracy A. Taylor (IP No 008899) has been appointed administrator
for Comtralis Limited.  The appointment was made Feb. 2, 2005.

The company is into other computer related activities.  Its
registered office is located at The Technical Institute, Fordham
Road, Newmarket CB8 7XN.

CONTACT:  ABBEY TAYLOR LTD.
          Blades Enterprise Centre,
          John Street, Sheffield S2 4SU


CRANE FRUEHAUF: Calls in Joint Administrators from PwC
------------------------------------------------------
Stephen Mark Oldfield and Stephen Andrew Ellis (IP Nos 9010,
8843) have been appointed joint administrators for Crane Fruehauf
Limited.  The appointment was made Feb. 1, 2005.

The company manufactures semi-trailers.  Its registered office is
located at Rash's Green, Toftwood, Dereham, Norfolk NR19 1JF.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Abacus House
          Castle Park
          Cambridge CB3 0AN
          United Kingdom
          Phone: [44] (1223) 460055
          Fax: [44] (1223) 552336, 552300
          Web site: http://www.pwc.com


DENTMAIN LTD: Members Decide to Wind up Company
-----------------------------------------------
At the extraordinary general meeting of the members of Dentmain
Ltd. (t/a Universal Hose & Couplings) on Jan. 26, 2005 held at
Langley House, Park Road, London N2 8EX, the extraordinary and
ordinary resolutions to wind up the company were passed.  Philip
E. Simons has been appointed liquidator of the company.


EAST RIDING: Appoints PricewaterhouseCoopers Liquidator
-------------------------------------------------------
At the extraordinary general meeting of East Riding Gazette
Limited on Feb. 3, 2005 held at 83-93 George Street, Hull HU1
3BN, the extraordinary and ordinary resolutions to wind up the
company were passed.  Mark David Arthur Loftus and Stephen Andrew
Ellis, of PricewaterhouseCoopers LLP, Queen Victoria House,
Guildhall Road, Hull HU1 1HH has been appointed joint liquidators
of the company.

CONTACT:  PRICEWATERHOUSECOOPERS
          Queen Victoria House
          PO Box 88
          Guildhall Road
          Hull HU1 1HH
          United Kingdom
          Phone: [44] (1482) 224 111
          Fax: [44] (1482) 584 120
          Web site: http://www.pwc.com


E W CREASER: Members Call in Liquidator from David Horner & Co.
---------------------------------------------------------------
At the extraordinary general meeting of the members of E. W.
Creaser & Co. Limited on Jan. 26, 2005 held at 11 Clifton Moor
Business Village, James Nicolson Link, Clifton Moor, York YO30
4XG, the special resolution to wind up the company was passed.
David Horner of David Horner & Co., 11 Clifton Moor Business
Village, James Nicolson Link, Clifton Moor, York YO30 4XG has
been appointed liquidator of the company.

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


F1 AND MORE: Calls in Liquidator from Begbies Traynor
-----------------------------------------------------
At the extraordinary general meeting of the members of F1 and
More (Chester) Limited on Feb. 3, 2005 held at Elliot House, 151
Deansgate, Manchester M3 3BP, the extraordinary and ordinary
resolutions to wind up the company were passed.  Gary Bell of
Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP
has been appointed liquidator of the company.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


F3 LEISURE: Appoints Administrator from Marshall Peters
-------------------------------------------------------
Clive Morris (IP No 8820) has been appointed joint administrator
for F3 Leisure Limited.  The appointment was made Feb. 2, 2005.
The company manages a bar.

CONTACT:  MARSHALL PETERS
          Heskin Hall Farm, Wood Lane,
          Heskin, Lancashire PR7 5PA


FIDDAMAN & CO: Names Liquidator from Richard Long & Co.
-------------------------------------------------------
At the extraordinary general meeting of Fiddaman & Co (Insurance
Services) Limited on Feb. 4, 2005 held at Cecil House, 52 St
Andrew Street, Hertford, Hertfordshire SG14 1JA, the special and
extraordinary resolutions to wind up the company were passed.
Richard William James Long of Richard Long & Co, Castlegate
House, 36 Castle Street, Hertford, Hertfordshire SG14 1HH has
been appointed liquidator of the company.

CONTACT:  RICHARD LONG & CO.
          Castlegate House,
          36 Castle Street, Hertford,
          Hertfordshire SG14 1HH


GLOBAL LOGISTICAL: Calls in Tenon Recovery Administrator
--------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox (IP Nos 8860, 8891) have
been appointed joint administrators for Global Logistical
Solutions UK Ltd.  The appointment was made Jan. 31, 2005.

The company manages freight transport.  Its registered office is
located at Unit 6, IO Centre, 7 Fingle Drive, Stonebridge, Milton
Keynes, Buckinghamshire MK13 0AT.

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


G R BARNETT: Sets General Members Meeting End of Month
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF G R Barnett (Opticians) Limited
                        (In Liquidation)

Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a General Meeting of the Members of G R Barnett
(Opticians) Limited will be held within the offices of BDO Stoy
Hayward, Chartered Accountants, Ballantine House, 168 West George
Street, Glasgow G2 2PT, on February 28, 2005, at 11:00 a.m. for
the purpose of having an account laid before them showing the
manner in which the winding-up has been conducted and the
property of the Company disposed of and of hearing any
explanation that may be given by the Liquidator.

D. J. Hill, CA, Liquidator
January 20, 2005

CONTACT:  BDO STOY HAYWARD
          Ballantine House
          168 West George Street
          Glasgow, G2 2PT
          Phone: 0141 248 3761
          Fax: 0141 332 5467
          E-mail: glasgow@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


HAMBLE PROPELLERS: General Members Meeting Set Next Month
---------------------------------------------------------
Name of companies:
Hamble Propellers Limited
New Age Propulsion Limited
New Marine Limited
New Marine 2 Limited
Shearwater Marine Products Limited
Teignbridge Propellers (Services) Limited

The general meeting of the members of these companies will be on
March 14, 2005 at 11:30 a.m.  It will be held at KPMG, Arlington
Business Park, Theale, Reading RG7 4SD.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged with
KPMG Corporate Recovery, Arlington Business Park, Theale, Reading
RG7 4SD not later than 11:30 a.m., March 10, 2005.

CONTACT:  KPMG
          Corporate Recovery, Arlington Business Park,
          Theale, Reading RG7 4SD
          Phone: (0118) 9642000
          Fax: (0118) 9642222
            Or +44 (0) 118 373 1420
          Web site: http://www.kpmg.co.uk


HUME TRADING: Final Members Meeting Set March
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Hume Trading Limited
                         (In Liquidation)

Notice is hereby given, pursuant to section 106 of the Insolvency
Act 1986, that a Final Meeting of the Members of Hume Trading
Limited will be held at Sherwood House, 7 Glasgow Road, Paisley
PA1 3QS, on March 1, 2005, at 10:00 a.m. to be followed at 10.30
am by a Final Meeting of Creditors, for the purpose of having an
account laid before them by the Liquidator showing the manner in
which the winding-up has been conducted and the property of the
Company disposed of, and of hearing any explanation that may be
given by the Liquidator, and also of determining the manner in
which the books, accounts and documents of the Company and of the
Liquidator shall be disposed of and for the Liquidator to seek
sanction for his release from office.

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

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

Robert M. Dallas, Liquidator
January 20, 2005

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


INTEGRA BIOSCIENCES: Final Meeting Set Next Month
-------------------------------------------------
The final meeting of Integra Biosciences Limited will be on March
16, 2005 at 10:00 a.m.  It will be held at the offices of
Vantis Redhead French, 67 Butts Green Road, Hornchurch, Essex
RM11 2JS.

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 form must be lodged with
43-45 Butts Green Road, Hornchurch, Essex RM11 2JX not later than
12:00 noon, March 15, 2005.

CONTACT:  VANTIS REDHEAD FRENCH LIMITED
          43-45 Butts Green Road,
          Hornchurch, Essex RM11 2JX


KAY CONSTRUCTION: Joint Administrators from Kroll Move in
---------------------------------------------------------
David John Whitehouse and Simon Wilson (IP Nos 8699, 8963) have
been appointed joint administrators for Kay Construction (Marple)
Limited.  The appointment was made Feb. 7, 2005.  The company is
into general construction and civil engineering.

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


KELLOGG BROWN: Nigg Yard Up For Sale
------------------------------------
Kellogg Brown & Root (KBR) has confirmed that the mothballed
offshore facility owned by its parent, U.S. defense contractor
Halliburton, in the north of Scotland is now up for sale, reveals
The Scotsman.

According to KBR, it had already received an undisclosed offer
for the 220-acre site at Nigg in the Highlands. The offer, it
said, was from a consortium of local property developers, backed
by Highlands and Islands Enterprise and Highland Council.

A KBR spokesman, however, said the company wouldn't just accept
the first offer. "There is very little in the way of new
installations being built for the North Sea, but KBR thinks the
site will be of international interest - there are a number of
uses it could be put to", he said.

Last week, the Ministry of Defence announced that KBR had been
chosen as "physical integrator" for the project to build two
Royal Navy aircraft carriers. However, threats from BAE Systems,
Britain's largest defense contractor, to quit the project forced
the Ministry to scale back KBR's role.

Among the concerns raised by BAE is that KBR could lobby for the
assembly of the aircraft carriers at Nigg, thereby threatening
more than 1,000 jobs at Babcock's Rosyth shipyard, which had
always been expected to undertake the work. The KBR spokesman,
however, said that the Nigg sale was unconnected to the company's
redefined role in the project.

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


KEY CARRIERS: Winding-up Report Out March
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Key Carriers (Ecosse) Limited
                         (In Liquidation)

Company Number: SC221420Notice is hereby given, pursuant to
section 106 of the Insolvency Act 1986, that a Final Meeting of
the Members of Key Carriers (Ecosse) Limited will be held at
Sherwood House, 7 Glasgow Road, Paisley PA1 3QS, on March 1,
2005, at 2:00 p.m. to be followed at 2:15 p.m. by a Final Meeting
of Creditors, for the purpose of having an account laid before
them by the Liquidator showing the manner in which the winding-up
has been conducted and the property of the Company disposed of,
and of hearing any explanation that may be given by the
Liquidator, and also of determining the manner in which the
books, accounts and documents of the Company and of the
Liquidator shall be disposed of and for the Liquidator to seek
sanction for his release from office.

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

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

David K. Hunter, Liquidator
January 20, 2005

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


PBI-BCE LIMITED: General Meeting Set Next Month
-----------------------------------------------
The general meeting of the PBI-BCE Limited will be on March 15,
2005 at 11:00 a.m.  It will be held at Enterprise House, 21
Buckle Street, London E1 8NN.

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
Carter Backer Winter, Enterprise House, 21 Buckle Street, London
E1 8NN not later than 12:00 noon, March 14, 2005.

CONTACT:  CARTER BACKER WINTER
          Enterprise House, 21 Buckle Street,
          London E1 8NN
          Phone: + 44 (0) 20 7309 3800
          Fax:   + 44 (0) 20 7309 3801
          E-mail: info@cbw.co.uk
          Web site: http://www.cbw.co.uk


QUAKER CHEMICAL: Members General Meeting Set March
--------------------------------------------------
The general meeting of the members of Quaker Chemical Holdings UK
Limited will be on March 14, 2005 at 10:30 a.m.  It will be held
at KPMG, Arlington Business Park, Theale, Reading RG7 4SD.

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 submitted
together with written debt claims to KPMG Corporate Recovery,
Arlington Business Park, Theale, Reading RG7 4SD not later than
10:30 a.m., March 10, 2005.

CONTACT:  KPMG
          Corporate Recovery, Arlington Business Park,
          Theale, Reading RG7 4SD
          Phone: (0118) 9642000
          Fax: (0118) 9642222
          Or +44 (0) 118 373 1420
          Web site: http://www.kpmg.co.uk


SKY FIVE: Members Final Meeting Set Next Month
----------------------------------------------
The final meeting of the members of Sky Five Text Limited will be
on March 11, 2005 at 10:30 a.m.  It will be held at Moore
Stephens, 1 Snow Hill, London EC1A 2EN.

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
Moore Stephens, 1 Snow Hill, London EC1A 2EN not later than 12:00
noon, March 10, 2005.

CONTACT:  MOORE STEPHENS
          1 Snow Hill,
          London EC1A 2EN
          Phone: 020 7334 9191
          Fax:   020 7248 3408
          Web site: http://www.moorestephens.co.uk


SMSM LIMITED: Members Final Meeting Set Next Month
--------------------------------------------------
The final meeting of the members of SMSM Limited will be on March
14, 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, 24 Bevis Marks, London EC3A 7NR not later than 12:00
noon, March 11, 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


UNIQ PLC: Pension Problems Scare off Suitors
--------------------------------------------
Offer

In October 2004, Uniq plc announced that it had received
unsolicited approaches from parties potentially interested in
making an offer for the Company.

In December 2004, Uniq further disclosed that it was facilitating
discussions between these parties and the Pension Trustee, but
that the funding covenants presented to the Pension Trustee had
impeded progress.  Uniq also announced that, as a result of the
lack of progress in these discussions, negotiations had not moved
to the stage of any detailed discussion of offer price or to any
buyer due diligence.

Discussions with one of these parties on pensions are continuing
although it has not yet been possible to resolve the issues
surrounding the leveraged nature of the potential bidder's
proposed capital structure in the context of the pension scheme
liabilities.  Discussions between the Company and all other
parties have terminated.

Pension Funding

In its announcement in December 2004, the Company explained that
it would be appropriate to move towards a more conservative
stance to the management of the pension fund exposure.
Discussions with the Pension Trustee within this framework have
continued and the Board has concluded that the additional cash
contribution should be increased with effect from 1 April 2005
from its current level of GBP8.4 million per annum to GBP15
million per annum.  This would be expected to continue for
approximately 12 years.

Trading Statement

During the offer period the Board has continued to implement its
strategy to enhance shareholder value by focusing on chosen
categories.  Its expectations for the current financial year have
not changed since the announcement made on 13 January 2005.

For 2005/2006 continental European business is anticipated to
continue to perform in line with the Board's expectation.
However in the U.K. trading is now expected to be adversely
affected by an increasingly tough marketplace which would impact
materially on group profit expectation for 2005/2006.

Management is carrying out a review of costs and structure with
the objective of alleviating the impact on profitability next
year.

A further announcement will be made in relation to the above as
soon as appropriate.

A recording of a conference call for analysts, hosted by Bill
Ronald, is available for seven days from Friday 11 February 2005.

     Dial in number: +44 (0)20 7031 4064
     Pin Code: 646345

CONTACT:  GAINSBOROUGH
          Julian Walker
          Phone: (0)20 7190 1705


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


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